INDEX Contents Page No BOARD OF DIRECTORS Mr. Tejpreet Singh Chopra Chairman Route Map of AGM Venue : 1 Mr. David Skov Notice : 2 - 5 Ms. Hina Shah Directors’ Report : 6 - 34 Mr. Jan Damgaard Sorensen (upto 29 January 2019) Management Discussion and Analysis : 35 - 40 Mr. Julian Bevis Corporate Governance Report : 41 - 53 Mr. Mukesh Kumar, IAS (from 31 October 2018) Mr. Pradeep Mallick Mr. Pravin Laheri, IAS (Retd.) Business Responsibility Report : 56 - 65 Mr. Keld Pedersen Managing Director (upto 31 May 2019) Standalone Financial Statements Director (from 1 June 2019) Auditors’ Report : 66 - 73 CHIEF FINANCIAL OFFICER Balance Sheet : 74 Mr. Santosh Breed (from 2 November 2018) ! Cash Flow Statement : 77 - 78 COMPANY SECRETARY & COMPLIANCE OFFICER Notes to Financial Statements : 79 - 110 Mr. Manish Agnihotri Consolidated Financial Statements Auditors’ Report : 111 - 117 STATUTORY AUDITORS Balance Sheet : 118 Price Waterhouse Chartered Accountants LLP ""#"$% (Firm Regn. No. 012754N/N-500016) Cash Flow Statement : 121 - 122 Mumbai Notes to Financial Statements : 123 - 156 Auditors Report and Accounts of Pipavav : 157 - 199 REGISTRAR & SHARE TRANSFER AGENTS Railway Corporation Limited Karvy Fintech Private Limited (formerly known as Karvy Computershare Private Limited) Karvy Selenium Tower B, Plot 31-32 Gachibowli, Financial District, Nanakramguda, REGISTERED OFFICE Hyderabad 500032 Pipavav Port, At Post Ramapara- 2 Via Rajula District Amreli, Gujarat 365560 CIN: L63010GJ1992PLC018106 Website: www.pipavav.com Tel: 02794 302400 Fax: 02794 302413 CORPORATE OFFICE 301, Trade Centre Bandra Kurla Complex, Bandra (East), Mumbai 400098 Tel: 022 30011300 Fax: 022 26522422 ROUTE MAP TO THE VENUE OF THE AGM ROUTE MAP TO THE VENUE OF THE AGM TO PIPAVAV TO (10 KM) (10 Annual Report 2018 - 2019 STAFF CANTEEN y a w h t a p e d i w 0 50 1 AGM SUB-STATI ON - 3 VENUE D I V I D E R D I V I D E R PIPAVAV PORT D I V I D E R Se Cab c urit S.ROOM i n y MARINE CIRCLE D I V I D E R D I V I D E R GATE NO. 1 NO. GATE 4.00 CAR PARKING 1 NOTICE is hereby given that the 27th Annual General Meeting of the Members of Gujarat Pipavav Port Limited &'*!+%"%;"##$%"<"%!=&?@Q=UXXY?XZ[\]Z@$Z^X] _@X+!!%`?Q<th[$%"#$q%%q@q?\XXU[Y ORDINARY BUSINESS "q `] q ?zXXz@\?@Q\?XQ+"st{?$%"#]X[U?? Z\?|\_?} Yq ?XXz@\?@Q\?XQ+"st{?$%"#]X[U? the Reports of the Auditors thereon. $q `XX\Zq"q<%~Q?@?@\Zq"q%~Q?XQ [?Q]\?XQ+"st{?$%"#q +q `_X\{q;X|&_'*%%"!%%%=U?YQY[X[YX]\\?@X\\ @q |Q\?|\_ For Gujarat Pipavav Port Limited Manish Agnihotri Company Secretary ACS 12045 ]Z@$Z^X _@X]^+!!% CIN: L63010GJ1992PLC018106 Mumbai 1st June 2019 a) A MEMBER ENTITLED TO ATTEND AND VOTE AT THE ANNUAL GENERAL MEETING (“AGM” or “Meeting”) IS ENTITLED TO APPOINT A PROXY TO ATTEND AND VOTE INSTEAD OF HIMSELF AND A PROXY NEED NOT BE A MEMBER OF THE COMPANY. Y\\]@YYQ?@Q]XQXX]@[]Z[\ X?<?Y\?{[q Y@Y?X\\X@@]]q]@YYQX?Q] XYX]Y?X\\?@[[q QY?X\\{@Y[\Q&%=?X[?[[[@?"%\ ?X?X\?@QQ[[[?q'QYYQ{@Y?X[ @?"%\?X?X\?@QQ[[[?]??Q?XXQ\Q other person or Member. 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"# `?{@YU???XXXQ?[[??{q`? @QUXX@Q[@?[?{q q {q@?@&{@Y?*qz""]*q+%+%=\?YXQ{q;Q?z??&{@Y?*q !+]*q$+=\{Z?][@Qz]?Y?z ?[&XXXQ?U=\@q q `?z?XXYX??\XUU?@XQ@\?@Q @zZ\?\[]\Q]\?U???@\?@Q? @Q?XXY@?z?[U?Q[??\X\?{q Annual Report 2018 - 2019 'q `?X&=UXXY@Y?XX{[Y^\?~@Y\ votes in favour of the Resolution(s). ;q `?ZXXX[U??zZ&=UXXYXYX?UY\?@QUUUqq@ QUY?[qQq@?@@UXXY?|z@?*Xz ?[\'@q $%'*+!!!%-/68:;<*%'%! +!!%=>?@K Particulars Mr. Julian Bevis Date of Birth 28thX"#% Date of Appointment $th;XQ$%" X {\@\Q \X Business Management _X\ZX?YU?_ *q ? @ { `@X { Limited _??YX@' None {@Y?\@@?X?YX@ None in India Shares held in the Company Nil `@\@ **'_[? Promoter Company. Details of remuneration sought to be paid Nil Remuneration last drawn NA Number of Meetings of the Board attended during the year ?_?]{@Y??@?\@@ UQ`@X'@_} of other Boards z``@X@_} {`@X'@_ Annual Report 2018 - 2019 DIRECTORS’ REPORT To *= Gujarat Pipavav Port Limited `? _ \ ^ @ &? @Q= ? 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In Million) Particulars For the year For the year ended ended 31 March 2019 31 March 2018 ['@ ]%"#q<% !]<#q%% `X +]"+"q" $]<q$# [ +]<<<q! +]%q" ?'@ $q+ +%q Y\']_]`X'@ ]+"q%< ]"""q"! Less: Interest +q! +q< _ "]"$<q+ "]%+q! |\` +]$%#q%< +]%$q% z?\*\@Q\[?~Q +"%q $$q Method ` "]"$q<$ "]%<q \?Q\` $]+!!q<% $]$"%q" `X@?@\?Q $]+!"q% $]$%q< # '::'' `?|\_?{[?X+"Y$%"<X'@_\Zq"q%? ?Yq`?|X@@X_\Zq"q<%??@Q[ ~Qz?Xq `?_Y^?XYQ{@Y?XX{[Y?X<[$%"#UXX Y\#[$%"#]U??X@X@XX{@YU?*@?Z[\ {@Y]\?X\Y?+";XQ$%"#q`?X\YQ?{@YUXX ?U\Zq"]%q+{XXX[?__Y`\Zq"q"{XXU??UXXYYYQ the Company. `? @Q ? _ _Y XQ]U?? XYX ? 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