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111 112 INDEX 1. Board of Directors .................................................................................................... 2 2. Notice of AGM .......................................................................................................... 3 3. Chairman’s Speech .................................................................................................. 5 4. Board’s Report ......................................................................................................... 8 5. Independent Auditor’s Report ................................................................................. 61 6. Comments of the Comptroller and Auditor General of India .................................. 73 7. Balance Sheet as at 31st March, 2016 .................................................................... 75 8. Statement of Profit and Loss for the year ended 31st March, 2016 ........................ 77 9. Notes to the Financial Statements ......................................................................... 79 10. Cash Flow Statement for the year ended 31st March, 2016 ................................. 108 1 BOARD OF DIRECTORS Shri Rajiv Gauba Chairman,BMRCL & Secretary – Ministry of Urban Development, Government of India Shri Pradeep Singh Kharola Managing Director, BMRCL Shri M.K. Sinha Director, BMRCL & OSD (UT) and Ex-Officio Joint Secretary, Ministry of Urban Development, Government of India Shri H.S. Anand Director, BMRCL & Director (Rolling Stock), Delhi Metro Rail Corporation Ltd Shri K.K. Aggarwal Director, BMRCL & Executive Director-Works (Planning), Railway Board, Ministry of Railways, Government of India Dr. M. Ravi Kanth Director, BMRCL & Chairman & Managing Director, Housing & Urban Development Corporation Ltd. (HUDCO) Shri Mahendra Jain Director, BMRCL & Additional Chief Secretary to Govt., Urban Development Department, Government of Karnataka Shri I.S.N. Prasad Director, BMRCL & Additional Chief Secretary to Govt. Finance Department, Government of Karnataka Shri L.K.Atheeq Director, BMRCL & Principal Secretary to Hon’ble Chief Minister, Government of Karnataka Dr. Ekroop Caur Director, BMRCL & Managing Director, Bangalore Metropolitan Transport Corporation (BMTC) Shri Vijay Kumar Dhir Director (Project & Planning), BMRCL Shri N.M. Dhoke Director (Rolling Stock, Electrical, Signaling & Telecommunication), BMRCL COMPANY SECRETARY Shri U. Jagadish Nayak Company Secretary STATUTORY AUDITORS SECRETARIAL AUDITOR M/s. Manohar Chowdhry & Associates M/s. S. Kedarnath & Associates, No.5,Shree Balaji Enclave, Corporate Law Advisors & Company Secretaries 13th A Cross Road, # 004, Ojus Apartments, 2nd Block, Jayanagar, 4th Main Road, Malleswaram, Bengaluru – 560 011 Bengaluru-560 003. BANKERS 1. Bank of India 2. State Bank of India 3. IDBI Bank 4. ICICI Bank 5. Axis Bank REGISTERED OFFICE BANGALORE METRO RAIL CORPORATION LIMITED 3rd Floor, B.M.T.C Complex, K.H.Road, Shanthinagar, Bengaluru-560 027. 2 NOTICE NOTICE IS HEREBY GIVEN THAT the 10th Annual General Meeting of the Members of Bangalore Metro Rail Corporation Limited will be held on Wednesday, September 28, 2016 at 12.00 Noon at the Registered Office of the company at 3rd Floor, BMTC Complex, Shanthinagar, K.H. Road, Bangalore-560 027, to transact the following business: ORDINARY BUSINESS 1. To receive, consider and adopt the Audited Financial Statements of the Company for the Financial year ended March 31, 2016 and the reports of the Board of Directors, Statutory Auditors and Comments of the Comptroller and Auditor General of India thereon and to pass the following resolution as an Ordinary Resolution : “RESOLVED THAT the Audited financial Statement of the Company for the financial year ended March 31, 2016 and the reports of the Board of Directors and Statutory Auditors and Comments of the Comptroller and Auditor General of India thereon, laid before this meeting, be and hereby received, considered and adopted.” 2. To fix remuneration of the Statutory Auditors appointed by the C&AG of India for the Financial Year 2016-17 and if thought fit, to pass with or without modification (s), the following resolution as an Ordinary Resolution: “RESOLVED THAT pursuant to Section 142 (1) of the Companies Act, 2013, the Board of Directors of the Company be and are hereby authorized to fix the remuneration and out of pocket expenses, statutory taxes and other ancillary expenses of the Independent Statutory Auditors appointed by the Comptroller and Auditor General of India for the Financial Year 2016-17.” By Order of the Board For Bangalore Metro Rail Corporation Limited (U. Jagadish Nayak) Company Secretary Place: Bangalore Date: 26/9/2016 3 NOTES: 1. A member entitled to attend and vote at this Annual General Meeting is entitled to appoint a proxy to attend and vote on a poll instead of himself and the proxy need not be member of the Company. The instrument appointing the proxy should, however be deposited at the Registered Office of the Company not less than 48 hours before the commencement of the Meeting. To: 1. All Members of BMRCL 2. Directors of BMRCL 3. Statutory Auditors of BMRCL 4. Secretarial Auditor 5. Debenture Trustee 4 CHAIRMAN’S SPEECH Dear Shareholders, It gives me immense pleasure to welcome you all to the 10th Annual General Meeting of the Company. The Audited Financial Statement, the Reports of Directors and Auditors, along with the Comments of the Comptroller and Auditor General of India,as well as the Notice to the shareholders have already been circulated to you for the 10th Annual General Meeting and with your permission, I take them as read. It is promising to note that C&AG of India have once again issued ‘NIL’ comments certificate on the Audited Financial Statements of the Company for the year ended March 31, 2016. As you are all aware, Namma Metro commenced its maiden operation on the Reach-1 (Purple Line) from Baiyappanahalli to M.G.Road of the East-West Corridor, on 20th October, 2011. Thereafter, the Reach 3 and 3A, (Green Line) from Mantri Square Sampige Road to Peenya Industry of the North-South Corridor was commissioned on 1st March 2014 followed by Reach 3B section i.e. from Peenya Industry to Nagasandra, which was commissioned on 1st May 2015. It is heartening to note that your Company was able to open the entire East-West Corridor of the Purple Line for commercial operations, with the commissioning of the Reach-2 section i.e. the elevated line from Magadi Road to Mysore Road terminal on 18th November 2015 followed by the commissioning of the 7 Km. Underground section of this Corridor from M.G.Road to Magadi Road on 30th April 2016. With the opening of the entire purple line covering a distance of about 18.10 Kms. for commercial operations, BMRCL became the first Metro Rail Company in the Country after Delhi Metro Rail Corporation, to operate an underground section of the Metro Rail Network and was able to provide not only a mass rapid transit system for the people of Bengaluru but also a world class Metro Rail Service which has been well appreciated for its quality and efficiency. The opening of the entire East-West corridor (Purple Line) from Baiyappanahalli Metro Station to Mysore Road metro station covering 18.10 kms, BMRCL has not only increased its footfall, but has also been able to reduce the vehicular congestion by about 20% besides reduction of pollution levels which in turn has benefited the commuting public. The average daily ridership in the Purple line has shown a quantum jump after the opening of the Underground Section. Everyday about 1.30 lakhs passengers are commuting on this line. Various suggestions received from the travelling public to increase the frequency and extend the timings are being considered taking into account all technical and safety aspects of operations. It is hoped that with the opening of commercial operations of the entire Green line also later this Financial Year, the average ridership should touch Four to Five lakhs per day and gradually increase to seven to eight lakhs per day in about an year’s time. The ridership would substantially improve the Fare Box Revenue during the current financial year and help achieve operational break-even.In fact the Fare Box Revenue for the first five months of the current Financial Year upto August 2016 has already touched about Rs.40 Crore when compared with the Revenues of Rs.28.29 Crore achieved during complete previous year. Even the Non Fare Box revenue from property development, advertisement, royalty etc. is also likely to show substantial growth during the current year, there by contributing to the overall revenue growth of the Company in the Financial Year 2016-17. 5 The works of Phase I are nearing completion. The underground works between Mantri Square Sampige Road Station to K.R. Market station of the underground section of North–South Corridor are under progress with the tunneling work is in final stages of completion between Majestic Inter-change Station and Chickpet Station. The Signaling, Telecommunication, Electrical and Miscellaneous works are under progress in this section. Your Company has taken a challenge to complete the entire 42.3 Kms of Phase-1 and throw it open for commercial operations by April 2017.Both the Promoters viz., Government of India and Government of Karnataka have already contributed their share of equity to the approved revised Project Cost of Phase-1 of the Project. Your Company is proceeding with the implementation of Phase-II of the Bangalore Metro Rail Project which envisages extension of the existing