Jun 30, 2015
Dear Members,
The Directors hereby present the 19th annual report along with the
audited accounts of your Company for the year ended 30 June, 2015.
FINANCIAL RESULTS
Your Company's financial performance during the financial year
2014-2015 is summarized below:-
(Rs. in Crore)
2014-15 2013-14
Gross sales 1013.43 1282.53
Total income 1043.89 1307.22
Profit before interest, depreciation 51.90 154.55
and taxation
Interest 162.77 173.87
Profit/(Loss) before depreciation (110.87) (19.32)
and taxation
Depreciation 56.00 35.69
Net profit/(loss) before taxation (183.07) (60.09)
Taxation (6.88) 16.96
Net profit/ (loss) (189.95) (77.05)
Profit/ (loss)brought forward from (115.24) (38.19)
last year
Profit available for appropriations (305.19) (115.24)
Appropriations
Dividend on equity shares 0.00 0.00
Corporate dividend tax 0.00 0.00
Balance carried to balance sheet (305.19) (115.24)
Total (305.19) (115.24)
EPS in Rs. (74.65) (30.28)
DIVIDEND
In view of the loss incurred during the year the Board regrets its
inability to declare any dividend for the year ended 30th June, 2015.
OPERATIONAL PERFORMANCE
The Turnover of the Company on a Standalone basis stood at Rs. 1013.43
crore as compared to the Turnover of Rs. 1282.53 crore for the previous
year. The annualized percentage decrease in the Turnover over the
previous year's Turnover amounted to 20.98%. The Company posted a Net
Loss of Rs. 189.95 crore for the year under review as against a Net
Loss of Rs. 77.05 crore for the previous year. The increase in the
losses was mainly attributable to lower turnover.
The infrastructure segment continued to be sluggish due to policy
inaction and liquidity constraints. Project execution continued to be
slow due to delays in funding. Interest and Finance costs continued to
be high. The backlog at stalled project sites created due to severe
liquidity crisis continued to adversely affect project execution. The
Company was affected due to resource crunch thereby widening the gap
between the planned outlay and actual spending.
The Company is under Corporate Debt Restructuring. Though we are working
towards steering the Company out of the framework of CDR, order intake
remains sluggish, since many of the stalled projects are yet to be
kick-started. Projects already awarded are generally progressing slowly
due to various continuing problems on ground, which remain unresolved
over a period of time leading to cost escalations which remain unpaid.
All these factors combined, have led to a vicious cycle culminating in a
pile up of debt and high consequential costs.
Your management has been striving hard and taking all efforts in
ensuring repayment of interest due to CDR lenders. During the period
under review the Company focused on realizing long pending receivables,
arbitration awards, retention moneys. Further also the Company will
have to continue focusing as before on sharply optimizing costs,
improving productivity and systematically monetizing its non-key assets
for overcoming the liquidity crisis. Our key priority is to deliver
projects held up due to working capital shortage and sites that need to
be expeditiously concluded. The Company is now concentrating on bidding
projects relating to its core competency as also projects with high
yielding margins.
With the Government's helping hand and positive attitude we look forward
to a phased economic revival and boosting of business confidence due to
hard policy decisions. We are hoping the government will come up with a
clear cut road-map for implementing the policies. The upturn in
sentiment means roads, ports and power projects will get on-stream. In
addition to this, there will also be expediting of stalled
infrastructure projects, revival of investment climate and sorting of
infrastructure clearances. The government is expected to provide an
environment conducive for growth investments, with major reforms in
infrastructure sector, enabling all-round growth.
Your Company has secured the following new orders during the year ended
on 30 June 2015:
a. Erection, Stringing, Testing and Commissioning of Transmission Line
Package No. 1A of UP BOOT Transmission Project
Contract value Rs. 31.10 crore
b. Civil works of Transmission Line Package No. 1A of UP BOOT
Transmission Project
Contract value Rs. 24.18 crore
c. Erection, Stringing, Testing and Commissioning of Transmission Line
Package No. 5A and 6 of UP BOOT Transmission Project
Contract value Rs. 25.45 crore
d. Civil works of Transmission Line Package No. 5A and 6 of UP BOOT
Transmission Project
Contract value Rs. 54.33 crore
The total balance value of works on hand as on June 30, 2015 is Rs.
2456 crore.
SUBSIDIARIES, JOINT VENTURES, ASSOCIATE COMPANIES AND CONSOLIDATED
FINANCIAL STATEMENTS
The Company has 6 subsidiaries and 2 associate companies within the
meaning of Section 2(87) and 2(6) of the Companies Act, 2013
respectively (hereinafter referred as "Act). There has been no material
change in nature of business of the Subsidiaries and Associates.
In accordance with the Accounting Standard AS-21 on Consolidated
Financial Statements read with Accounting Standard AS-23 on Accounting
for Investments in associates and Accounting Standard (AS) 27 on
Financial Reporting of Interest in Joint ventures, the audited
Consolidated Financial Statements for the financial year ended 30 June,
2015 form part of the Annual Report and Accounts.
Pursuant to Proviso to Section 129(3) of the Act, a statement
containing the brief details of performance and financials of the
Subsidiary, Associate Companies and Joint Venture, for the financial
year ended March 31,2015 is attached to Financial Statements of the
Company.
The Board has adopted a policy for determining material subsidiaries of
the Company, as per the provisions of corporate governance clause of
Listing agreement. The said policy is hosted at the Company's website
at the link http:// candcinfrastructure.com/?page = policy on materail
subsidiaries
SHARE CAPITAL
During the year under review, there is no change in the share capital
structure of the Company.
CASH FLOW ANALYSIS
In conformity with the provisions of the Listing Agreement, the cash
flow statement for the year ended 30 June, 2015 is included in the
annual accounts.
DIRECTORS AND KEY MANAGERIAL PERSONNEL
During the year under the review, Ms. Yogita Narhari Jadhav had been
appointed as nominee director of India Venture Trust with effect from
28th January, 2015 in place of Mr. Arun Kumar Purwar who had resigned
with effect from 23rd January, 2015 The Board places on record its
appreciation for the valuable guidance and services rendered by Mr.
Arun Kumar Purwar during his association with the Company.
Pursuant to provisions of Section 152 of the companies Act, 2013 Mr.
Rajbir Singh (DIN 00186632) and Mr. Charanbir Singh Sethi (DIN
00187032) retire by rotation at the ensuing Annual General Meeting and
being eligible, offer themselves for re- appointment.
Pursuant to provisions of Section 149 of the Act, All the Independent
Directors of the company gave declarations to the Company that they
meet the criteria of independence as specified under Section 149(6) of
the Act and Clause 49 of the Listing agreement.
Brief resumes of Directors proposed to be appointed/ re-appointed and
other relevant information have been furnished in the Notice convening
the Annual General Meeting. Appropriate resolutions for their
appointment / re-appointment are proposed for approval of the members
at the Annual General Meeting.
Further during the year under review Mr. Tapash K. Majumdar, Chief
Financial Officer of the Company had resigned from the Company with
effect from 30th January, 2015.
Mr. Rajeev Dhingra has been appointed as Chief Financial Officer of the
Company with effect from 16th September, 2015.
AUDITORS AND AUDITORS' REPORT
STATUTORY AUDITORS
M/s ASG & Associates, Chartered Accountants (FRN: 000389N), New Delhi,
were appointed as Statutory Auditors of the company at the last Annual
General Meeting, to hold the office from the conclusion of that meeting
till the conclusion of the 21st Annual General Meeting to be held in
the year 2017, subject to ratification by the members at every AGM. The
Board recommends the ratification of appointment of said auditors for
the financial year 2015-16.
The Company has received a letter from the Statutory Auditors that
their appointment, if made, would be within the limits prescribed under
the provisions of the Companies Act, 2013 and that they are not
disqualified for re-appointment.
The Notes on Accounts referred to in the Auditors' Report are self
explanatory and therefore do not call for any further comments.
SECRETARIAL AUDITOR
As per provisions of Section 204 of the Act, the Board of Directors of
the company appointed M/s. Santosh Kumar Pradhan, Practicing Company
Secretaries (C.P No.: 7647), as Secretarial Auditors for the purpose of
auditing the Secretarial activities of the Company for the financial
year 2014-15. The Secretarial audit report issued by the said auditors
has been annexed to this report as 'Annexure 1'.
On the observations made in the Secretarial Audit Report, the proper
steps are being taken by the Management so as to comply with the
provisions.
COST AUDITOR
As per provisions of Section 148 of the Act read with Rules made there
under, M/s. Pradeep Sud & Co., Practicing Cost Accountants (FRN.
100626) had been appointed as Cost Auditor for the purpose of auditing
the Cost accounting records maintained by the company for the year
2014-15.
DEPOSITS
During the year, the Company did not accept any public deposits.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNING
AND OUTGO
The Company's core activity is civil construction, which is not energy
intensive. However, your Company takes every effort to conserve the
usage of power at its sites and offices.
There is no information to be furnished regarding Technology Absorption
as your Company has not undertaken any research and development
activity in any manufacturing activity nor any specific technology is
obtained from any external sources which needs to be absorbed or
adapted.
The particulars of expenditure and earnings in foreign currency are
furnished in item Nos. 34 and 36 to Notes to Financial Statements.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
A separate report on the Management discussion and analysis, pursuant
to Clause 49 of the Listing Agreement, forms a part of this annual
report. Please refer to the same for a comprehensive understanding of
the prospects of the infrastructural segments and industries catered to
by your Company.
CORPORATE GOVERNANCE
In pursuance of Clause 49 of the Listing Agreement entered into with
the stock exchanges, a separate section on Corporate Governance has
been incorporated in the annual report for the information of the
shareholders. A certificate from the Auditors of the Company regarding
compliance of the conditions of Corporate Governance as stipulated
under the said Clause 49 also forms a part of this annual report.
CORPORATE SOCIAL RESPONSIBILITY(CSR)
As per the provisions of Section 135 of the Act, the Company has
constituted the CSR committee to formulate, implement and monitor the
CSR Policy of the Company. However as the Company does not have average
net profits for the three immediately preceding financial years, the
Section 135(5) of the Act pertaining to spending of 2% of average net
profits of the company for immediately preceding three financial years
and disclosure required to be given under Section 135(5) of the Act and
Rule 8 of Companies (Corporate Social Responsibility Policy) Rules,
2014, are not applicable, to the Company, for the financial year
2014-15.
PARTICULARS OF EMPLOYEES
In terms of the provisions of Section 197(12) of the Act read with
Rules 5(2) and 5(3) of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014, none of the employees of the Company
has drawn remuneration in excess of the limits set out in the said
rules.
Disclosures pertaining to remuneration and other details as required
under Section 197(12) of the Act read with Rule 5(1) of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014 has
been annexed to this report as 'Annexure 2'.
MEETINGS OF THE BOARD
Four meetings of the Board of Directors were held during the year under
review. For details of the meetings of the Board, please refer to the
Corporate Governance Report, which forms part of this report. The
details of the familiarization Programmes for Independent Directors are
hosted on Company's website at the link
http://www.candcinfrastructure.com/ ?page=Familiarisation Programme
BOARD EVALUATION
Pursuant to provisions of Companies Act and Corporate governance clause
of Listing Agreement, the Nomination and Remuneration Committee laid
down the criteria for performance evaluation of the Individual
Directors, the Board and its Committees. Accordingly, the Board of
Directors has carried out an annual evaluation of its own performance,
its committees and individual directors.
The performance of the Board was evaluated based on powerful and
valuable feedback for improving the board effectiveness, maximizing
strengths and highlighting areas for further development. The
performance of the Committees was evaluated by the Board by considering
the effective recommendations made by the Committees, from time to
time, to the Board of the Directors of the Company and effectiveness of
Committee meetings etc.
Details of Company's policy on Directors appointment and remuneration
including criteria for determining qualifications etc. have given under
Corporate Governance Section.
The Board and the Nomination and Remuneration Committee reviewed the
performance of the individual directors by considering the contribution
of the individual directors to the Board and Committee meetings,
preparedness on the issues to be discussed, meaningful and constructive
contribution and inputs in meetings, relationship with fellow board
members, willing to devote time and effort to understand the Company
and its business etc.
As per Schedule IV of the Act, Independent Directors of the Company at
a separate meeting, evaluated the performance of non-independent
directors, the Board as a whole and the Chairman of the company taking
into account the views of executive and non-executive directors.
Independent Directors also reviewed the quality, quantity and timeliness
of flow of information between management of the Company and the Board,
for the effective performance of the board.
PARTICULARS OF LOANS, INVESTMENTS AND GUARANTEES
The particulars of loans, investments made and guarantees issued under
Section 186 of the Act, during year under review are provided in notes
to financial statements, which forms part of this Report.
RELATED PARTY TRANSACTIONS
As per the provisions of the Act and Clause 49 of the Listing
agreement, the Company has formulated a policy on Related party
transactions to ensure the transparency in transactions between the
company and related parties. The said RTP Policy is also available at
Company's website at the link http:// www.
candcinfrastructure.com/?page = related party transcation policy
All Related Party Transactions entered by the Company during the year
under review were in ordinary course of business and on Arm's length
basis. There were no materially significant related party transactions
entered by the company during year under review.
Since all the related party transactions entered into by the Company,
were in ordinary course of business and were on Arm's length basis,
disclosure in form AOC-2 as required under Section 134(3)(h) of the Act
is not applicable.
RISK MANAGEMENT
The company has established Risk Management process to manage risks
with the objective of maximizing shareholders value. The details of
various risks that are being faced by the Company are provided in
Management Discussion and Analysis Report, which forms part of this
Report.
WHISTLE BLOWER POLICY
The Board has adopted a Whistle Blower Policy as stipulated under
Section 177(9) of the Act and Clause 49 of the Listing agreement to
report the genuine concerns of the employees and Directors. Protected
disclosures can be made by the employees of the company and can also
have access to the Chairman of Audit Committee.
The Whistle Blower Policy adopted by the Board has been hosted on
Company's website at the link http://
www.candcinfrastructure.com/?page=whistle blower policy.
EXTRACT OF ANNUAL RETURN
The Extract of Annual Return of the company as provided under section
92(3) of the Act is annexed to this Report as 'Annexure 3'.
SIGNIFICANT AND MATERIAL ORDERS PASSED BY REGULATORS
There are no significant and material orders passed by the regulators or
tribunals impacting the going concern status and Company's operations in
future.
No cases were filed pursuant to the Sexual Harassment of Women at work
Place (Prevention, Prohibition and Redressal) Act, 2013, during the
year under review.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to the provisions of Section 134(5) of the Act, the Board of
Directors hereby state that:
(a) in preparation of annual accounts, the applicable accounting
standards have been followed along with proper explanation relating to
material departures.
(b) the directors had selected such accounting policies and applied
them consistently and made judgments and estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs
of the company at the end of the financial year and of the profit and
loss of the company for that period;
(c) the directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the company and
for preventing and detecting fraud and other irregularities;
(d) the directors had prepared the annual accounts on a going concern
basis; and
(e) the directors, in the case of a listed company, had laid down
internal financial controls to be followed by the Company and that such
internal financial controls are adequate and were operating
effectively.
(f) the directors had devised proper systems to ensure compliance with
the provisions of all applicable laws and that such systems were
adequate and operating effectively.
TRANSFER TO INVESTOR EDUCATION AND PROTECTION FUND (IEPF)
The Company has, during the year under review, transferred a sum of Rs.
60,910/- to Investor Education and Protection Fund, in compliance with
the provisions of erstwhile Section 205C of the Companies Act, 1956.
The said amount represents the unpaid/ unclaimed dividend for the
financial year 2006-07.
ACKNOWLEDGEMENTS
Your Directors take this opportunity to place on record their
appreciation towards bankers, clients and all the business associates
for their continuous support to the Company and to the shareholders for
the confidence reposed in the Company management and look forward for
the same in greater measure in the coming years. The Directors also
convey their appreciation to the employees at all levels for their
enormous personal efforts as well as collective contribution.
By order of the Board
Gurjeet Singh Johar
Chairman
DIN:00070530
Date: November 14, 2015
Place: Gurgaon
Jun 30, 2014
Dear Members,
The Directors hereby present the 18th Annual Report along with the
audited accounts of your Company for the year ended 30 June, 2014.
FINANCIAL RESULTS
Your Company''s financial performance during the financial year
2013-2014 is summarized below:-
(Rs. in Crore)
2013-14 2012-13
Gross Sales 1282.53 1000.49
Total Income 1307.22 1009.61
Profit before interest, depreciation and
taxation 154.55 26.53
Interest 173.87 154.73
Profit/(Loss) Before depreciation and taxation (19.32) (128.21)
Depreciation 35.69 39.95
Net profit/(loss) Before taxation (60.09) (160.32)
taxation 16.96 33.98
Net Profit/(loss) (77.05) (194.30)
Profit brought forward from last year (38.19) 156.11
Profit available for appropriations (115.24) (38.19)
Appropriations 0.00 0.00
Balance carried to balance sheet (115.24) (38.19)
Total (115.24) (38.19)
EPS in Rs. (30.28) (76.36)
DIVIDEND
In view of the loss incurred during the year the Board regrets its
inability to declare any dividend for the year ended 30th June, 2014
OPERATIONAL PERFORMANCE
The Turnover of the Company on a Standalone basis stood at Rs.1282.53
Crores as compared to the Turnover of ''1000.49 Crores for the previous
year. The annualized percentage increase in the Turnover over the
previous year''s Turnover amounted to 28.19%. The Company posted a Net
Loss of Rs. 77.05 crores for the year under review as against a Net
Loss of Rs.194.30 crores for the previous year. The reduction in the
losses was mainly attributable to company''s focus on cutting down costs
with some notable success especially in construction cost, employees
cost and other expenditures.
Since the last two-three years the construction industry has been
facing severe recessionary trends. The severe liquidity crisis affected
project execution. The Company has been facing a severe liquidity
crunch primarily on account of non settlement of our claims with
various Government agencies and other bodies. The settlement of claims
is very essential for introducing liquidity in the Company to enable us
to increase business and also keep the banking limits within regular
levels. Your Company is making intensive efforts to recover money due
to it and is hopeful of substantive recovery during the current year.
Although there are cash losses during the year under review, management
is confident of tiding over the liquidity position with the support of
bankers. Several other options are being explored for overcoming the
liquidity crisis such as sale of non-core assets, disposal of idle
equipment, pursuing rigorous austerity measure across the Company.
Your Directors are pleased to inform that your Company individually and
along with other joint venture member has secured the following new
orders during the year ended on 30 June 2014:
a. Improvement/upgradation Bagi-Barbigha Road (SH- 83) Length 37.646
Km. in the state of Bihar from Bihar State Road Development Corporation
Ltd. Contract value Rs.144.96 crores
b. Improvement/upgradation Saraiya-Motipur Road (SH-86) Length 28.181
Km. in the state of Bihar from Bihar State Road Development Corporation
Ltd. Contract value Rs.177.32 crores
c. Improvement/upgradation Runnisaidpur-Bhiswa road (SH-87) Length
67.486 Km. in the state of Bihar from Bihar State Road Development
Corporation Ltd. Contract value Rs.364.90 crores
d. Improvement/upgradation Varuna Bridge (NH-103)- Rasiyari Road
(SH-88) Length 120.354 Km. in the state of Bihar from Bihar State Road
Development Corporation Ltd. Contract value Rs.727.99 crores
e. Execution of the Balance Work of Widening & Strengthening of
Theog-Kotkhai-Kharapatthar Road existing section form Km.0 000 to Km
48 000 having total length of 43.00 km. from Himachal Road and Other
Infrastructure Development Corporation Limited. Contract value
Rs.179.44 crores
f. Execution of the Balance Work of Widening & Strengthening of
Kharapathar Hatkoti-Rohru Road from Km.48 000 to Km 80 684 having
length of 32.684 km. from Himachal Road and Other Infrastructure
Development Corporation Limited. Contract value Rs.143.32 crores
g. Construction of Flyover and Rail Under Bridge in the state of
Uttarakhand from Engineering Projects (India) Ltd. Contract value
Rs.133.57 crores
The total balance value of works on hand as on June 30, 2014 is Rs.2885
cr.
SHARE CAPITAL
During the year under review, there is no change in the share capital
structure of the Company.
SUBSIDIARY COMPANIES AND CONSOLIDATED FINANCIAL STATEMENTS
In terms of General Circular issued by Ministry of Corporate Affairs,
granting general exemption under section 212(8) for attaching
subsidiaries'' financial statements, the Board of Directors of the
Company had consented for not attaching the annual accounts of the
subsidiaries. The annual accounts of the Subsidiary Companies and other
related detailed information shall be made available to shareholders of
the holding & subsidiary companies seeking such information at any
point of time.
The annual accounts of the subsidiary companies shall also be kept for
inspection of shareholders in the head office of the holding company.
A statement pursuant to Section 212 (8) of the Companies Act, 1956,
containing the details of the subsidiaries of the Company forms part of
the Annual Report.
In accordance with the Accounting Standard AS-21 on Consolidated
Financial Statements read with Accounting Standard AS-23 on Accounting
for Investments in associates and Accounting Standard (AS) 27 on
Financial Reporting of Interest in Joint ventures, the audited
Consolidated Financial Statements for the financial year ended 30 June,
2014 form part of the Annual Report and Accounts.
CASH FLOW ANALYSIS
In conformity with the provisions of the Listing Agreement, the cash
flow statement for the year ended 30 June, 2014 is included in the
annual accounts.
DIRECTORS
There were no changes in the Directorship of the Company since last
reporting except resignation of Mr. Deepak Dasgupta with effect from
18th February, 2014. The Board places on record its appreciation for
the valuable guidance and services rendered by Mr. Deepak Dasgupta
during his association with the Company.
Mr. Gurjeet Singh Johar (DIN-00070530) and Mr. Amrit Pal Singh Chadha
(DIN-00065139) retire by rotation at the ensuing Annual General Meeting
and being eligible, offer themselves for re-appointment.
Further in terms of Section 149 and other applicable provisions read
with Schedule IV of the Companies Act, 2013 which became effective from
April 1, 2014, Independent Directors can hold office for a term upto 5
consecutive years on the Board of a company and he/ she shall not be
included in the total number of directors for determining the persons
who are liable to retire by rotation. In view of changed provisions as
detailed above, the Board of Directors has recommended the
reappointment of all the 6 Independent Directors on the Board of the
Company as Independent Directors to the Shareholders, for five
consecutive years for a term upto 31st March, 2019. They shall not be
liable to retire by rotation.
Also re-appointment of Mr. Gurjeet Singh Johar, Mr. Rajbir Singh, Mr.
Sanjay Gupta, Mr. Amrit Pal Singh Chadha, Mr. Rajendra Mohan Aggarwal
as Whole Time Directors and Mr. Charanbir Singh Sethi as Managing
Director is to be done at the ensuing General Meeting as it was made
for a period of 3 years w.e.f. 1st July, 2011 to 30th June, 2014. The
Board of Directors has recommended the reappointment of all the six
whole time directors in terms of the provisions of the schedule V and
other relevant provisions of the Companies Act, 2013.
Brief resumes of Directors proposed to be appointed/ re-appointed and
other relevant information have been furnished in the Notice convening
the Annual General Meeting. Appropriate resolutions for their
appointment / re-appointment are proposed for approval of the members
at the Annual General Meeting.
AUDITORS AND AUDITORS'' REPORT
M/s ASG & Associates, Chartered Accountants (FRN: 000389N), New Delhi,
the retiring statutory Auditors of the Company at the ensuing General
Meeting are proposed to be appointed as Auditors of the Company to hold
office from the conclusion of this Annual General Meeting until the
conclusion of the Twenty First AGM of the Company to be held in the
year 2017 (subject to ratification of their appointment at every AGM).
As required under Section 139 of the Companies Act, 2013, the Company
has obtained a written consent from M/s ASG & Associates, to such
appointment and also a certificate to the effect that their
appointment, if made, would be in accordance with Section 139(1) of the
Companies Act, 2013 and the rules made there under, as may be
applicable.
The Notes on Accounts referred to in the Auditors'' Report are self
explanatory and therefore do not call for any further comments.
DEPOSITS
During the year, the Company did not accept any public deposits.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, Foreign EXCHANGE EARNING
AND OUTGO
The Company''s core activity is civil construction, which is not power
intensive. However, your Company takes every effort to conserve the
usage of power at its sites and offices. Details regarding, foreign
exchange earnings and outgo are furnished herein below, pursuant to the
provisions of the Companies Act, 1956, read with the Companies
(Disclosure of particulars to the Report of Board of Directors) Rules,
1988.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
A separate report on the Management discussion and analysis, pursuant
to Clause 49 of the Listing Agreement, forms a part of this annual
report. Please refer to the same for a comprehensive understanding of
the prospects of the infrastructural segments and industries catered to
by your Company.
CORPORATE GOVERNANCE
In pursuance of Clause 49 of the Listing Agreement entered into with
the stock exchanges, a separate section on Corporate Governance has
been incorporated in the annual report for the information of the
shareholders. A certificate from the Auditors of the Company regarding
compliance of the conditions of Corporate Governance as stipulated
under the said Clause 49 also forms a part of this annual report.
CORPORATE SOCIAL RESPONSIBILITY
An essential component to your Company''s corporate social
responsibility is to care for the community. Your Company endeavours to
make a positive contribution towards social causes by supporting a wide
range of socio-economic and educational initiatives, and is committed
to address important societal needs through philanthropic outreach
programmes.
PARTICULARS OF EMPLOYEES
Particulars of employees pursuant to the provisions of Section 217(2A)
of the Companies Act, 1956, read with Companies (Particulars of
Employees) Rules 1975, is enclosed as Annexure ÂA'' to the this
report.
TRANSFER TO INVESTOR EDUCATION AND PROTECTION FUND (IEPF)
The Company has, during the year under review, transferred a sum of Rs.
8,31,811/- to Investor Education and Protection Fund, in compliance
with the provisions of erstwhile Section 205C of the Companies Act,
1956. The said amount represents the application money received by the
Company during initial public offer which remained unclaimed by the
investors for a period exceeding 7 years from its due date of refund.
DIRECTORS'' RESPONSIBILITY STATEMENT
Pursuant to the provision of Section 217 (2AA) of the Companies Act,
1956, your Directors confirm that:
* In the preparation of the annual accounts for the year ended 30 June,
2014, the applicable accounting standards have been followed along with
proper explanations relating to material departures.
* We have selected such accounting policies and applied them
consistently and made judgements and estimates that are reasonable and
prudent so as to give a true and fair view of the state of affairs of
the Company as on 30 June 2014 and of the profit for the year ended on
that date.
* We have taken proper and sufficient care for the maintenance of
adequate accounting records in accordance with the provisions of the
Companies Act, 1956, for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities.
* The accounts for the year ended June 30, 2014 have been prepared on a
going-concern basis.
INTRODUCTION AND APPLICABILITY OF NEW COMPANIES ACT, 2013
The Ministry of Corporate affairs vide its Notification dated 26th
March, 2014 has notified the commencement of new Companies Act, 2013,
w.e.f. 1st April, 2014. In pursuance of General Circular No. 08/2014
issued by Ministry of Corporate Affairs, the present Directors'' Report
is prepared in accordance with the provisions of the Companies Act,
1956 and thus the new provisions of Companies Act, 2013 will be
complied with in the next Directors'' Report. Your Board of Directors
endeavors to comply with all other new requirements of the Companies
Act, 2013.
ACKNOWLEDGEMENTS
Your Directors take this opportunity to place on record their
appreciation towards bankers, clients and all the business associates
for their continuous support to the Company and to the shareholders for
the confidence reposed in the Company management and look forward for
the same in greater measure in the coming years. The Directors also
convey their appreciation to the employees at all levels for their
enormous personal efforts as well as collective contribution.
By order of the Board
Gurjeet Singh Johar
Chairman
DIN-00070530
Date: 13 November 2014
Place: Gurgaon
Jun 30, 2013
Dear shareholders,
The Directors hereby present the 17th annual report along with the
audited accounts of your Company for the year ended 30 June, 2013.
Financial results
Your Company''s fnancial performance during the fnancial year 2012-2013
is summarized below:-
(Rs.in Crore)
2012-13 2011-12
Gross sales 1000.49 1148.20
Total Income 1009.61 1154.46
Proft before interest,
depreciation and taxation 26.53 148.40
Interest 154.73 148.40
Proft/(Loss) Before depreciation
and taxation (128.21) (30.25)
Depreciation 39.95 35.73
sNet proft/(loss) Before taxation (160.32) (65.98)
taxation 33.98 6.00
Net Proft/(loss) (194.30) (71.98)
Proft brought forward from last year 156.11 228.75
Proft available for appropriations (38.19) 156.77
appropriations
Dividend on equity shares 0.00 0.57*
Corporate dividend tax 0.00 0.09*
Balance carried to balance sheet (38.19) 156.11
total (38.19) 156.77
ePs in (76.36) (29.00)
* Dividend paid for the fnancial year 2010-11 on conversion of
outstanding CCPS into equity shares on 20.10.2011.
diVideNd
In view of the losses incurred by the Company, your Directors have not
recommended any dividend for the fnancial year ended on June 30, 2013.
oPeratioNaL PerforMaNce
The turnover of the Company at Rs.1000.49 crore has shown a decrease of
12.86% as compared to Rs.1148.20 crore for the previous year. The loss
before tax is Rs.160.32 crore as compared to a loss of Rs.65.98 crore for
the previous year.
This lower performance than last year was mainly attributable to
subdued growth of the sector, which is facing the severe liquidity
crunch. A large portion of company''s work-in- progress and receivables
from various projects have been pushed into claims. All these factors
have added to the
liquidity problem and debt servicing ability of the Company. In order
to get through the present phase of industry- wide liquidity crunch, it
was imperative to restructure the Company''s debt.
The CDR Empowered Group of Reserve Bank of India approved the Scheme of
Corporate Debt Restructuring (CDR) on December 15, 2012 and issued
Letter of Approval (LOA) on December 31, 2012. As on June 30, 2013, CDR
package related documentation have been executed and security creation
stands completed. The salient features of the CDR package of the
Company has been mentioned in the Management Discussion and analysis
report.
The CDR gives Company critical support to overcome present business
environment. This also shows the bankers'' faith in the company''s
business model.
Your Directors are pleased to inform that during the year under report,
the Company secured the following major contracts.
- Electro-Mechanical services at Afghan Parliament Building,
Afghanistan Contract value Rs.117.97 cr.
- Design, construction, installation, commissioning of civil works for
the Border infrastructure project in Sultanate of Oman Contract value
Rs.319.71 cr.
- Construction of Indian Aviation Academy & hostel Block at Vasant
Kunj, New Delhi. Contract value Rs.93.64 cr.
- Improvement/ upgradation Siwan-Siswan road (SH-89) Length 33.065 Km.
Contract value Rs.149.90 cr.
The total balance value of works on hand as on June 30, 2013 is Rs.3665
cr.
sHare caPitaL
During the year under review, there is no change in the share capital
structure of the Company.
sUBsidiarY coMPaNies aNd coNsoLidated fiNaNciaL stateMeNts
In terms of General Circular issued by Ministry of Corporate Affairs,
granting general exemption under section 212(8) for attaching
subsidiaries'' fnancial statements, the Board of Directors of the
Company had consented for not attaching the annual accounts of the
subsidiaries. The annual accounts of the Subsidiary Companies and other
related detailed information shall be made available to shareholders of
the holding & subsidiary companies seeking such information at any
point of time.
The annual accounts of the subsidiary companies shall also be kept for
inspection of shareholders in the head offce of the holding company.
A statement pursuant to Section 212 (8) of the Companies Act, 1956,
containing the details of the subsidiaries of the Company forms part of
the Annual Report.
In accordance with the Accounting Standard AS-21 on Consolidated
Financial Statements read with Accounting Standard AS-23 on Accounting
for Investments in associates and Accounting Standard (AS) 27 on
Financial Reporting of Interest in Joint ventures, the audited
Consolidated Financial Statements for the fnancial year ended 30 June,
2013 form part of the Annual Report and Accounts.
casH fLoW aNaLYsis
In conformity with the provisions of Clause 32 of the Listing
Agreement, the cash fow statement for the year ended 30 June, 2013 is
included in the annual accounts.
directors
Mr. Rajendra Mohan Aggarwal, Mr. Anand Bordia, Mr. Deepak Dasgupta and
Mr. Ramesh Chandra Rekhi retire by rotation at the ensuing Annual
General Meeting and being eligible, offer themselves for
re-appointment.
Mr. Ashwini Kumar Sharma ceased to be Alternate Director to Mr. Arun
Kumar Purwar on 15.05.2013.
aUditors aNd aUditors'' rePort
M/s ASG & Associates, Chartered Accountants, New Delhi, the statutory
Auditors of the Company are retiring at the ensuing General Meeting and
being eligible, offer themselves for reappointment.
The Notes on Accounts referred to in the Auditors'' Report are self
explanatory and therefore do not call for any further comments.
sHiftiNG of reGistered office:
In order to reduce administrative and other expenses which the company
was incurring for running the offce at G-11, Hemkunt Chamber, Nehru
Place, New Delhi, the Shareholders had consented by postal ballot
process to shift the registered offce of the Company from NCT of Delhi
to its own corporate offce situated in the State of Haryana.
Shifting of registered offce from one state to another is subject to
the approval of Central Government. The Company is in the process of
fling necessary application for getting approval for that. Meanwhile
the registered offce of the Company has been shifted to 74, Hemkunt
Colony, New Delhi-110048.
dePosits
During the year, the Company did not accept any public deposits.
coNserVatioN of eNerGY, tecHNoLoGY aBsorPtioN, foreiGN eXcHaNGe earNiNG
aNd oUtGo
The Company''s core activity is civil construction, which is not power
intensive. However, your Company takes every effort to conserve the
usage of power at its sites and offces. Details regarding, foreign
exchange earnings and outgo are furnished herein below, pursuant to the
provisions of the Companies Act, 1956, read with the Companies
(Disclosure of particulars to the Report of Board of Directors) Rules,
1988.
MaNaGeMeNt discUssioN aNd aNaLYsis rePort
A separate report on the Management discussion and analysis, pursuant
to Clause 49 of the Listing Agreement, forms a part of this annual
report. Please refer to the same for a comprehensive understanding of
the prospects of the infrastructural segments and industries catered to
by your Company.
corPorate GoVerNaNce
In pursuance of Clause 49 of the Listing Agreement entered into with
the stock exchanges, a separate section on Corporate Governance has
been incorporated in the annual report for the information of the
shareholders. A certifcate from the Auditors of the Company regarding
compliance of the conditions of Corporate Governance as stipulated
under the said Clause 49 also forms a part of this annual report.
corPorate sociaL resPoNsiBiLitY
An essential component to your Company''s corporate social
responsibility is to care for the community. Your Company endeavours to
make a positive contribution towards social causes by supporting a wide
range of socio-economic and educational initiatives, and is committed
to address important societal needs through philanthropic outreach
programmes.
ParticULars of eMPLoYees
Particulars of employees pursuant to the provisions of Section 217(2A)
of the Companies Act, 1956, read with Companies (Particulars of
Employees) Rules 1975, is enclosed as Annexure ''A'' to the this report.
directors'' resPoNsiBiLitY stateMeNt
Pursuant to the provision of Section 217 (2AA) of the Companies Act,
1956, your Directors confrm that:
- In the preparation of the annual accounts for the year ended 30 June,
2013, the applicable accounting standards have been followed along with
proper explanations relating to material departures.
- We have selected such accounting policies and applied them
consistently and made
judgements and estimates that are reasonable and prudent so as to give
a true and fair view of the state of affairs of the Company as on 30
June 2013 and of the proft for the year ended on that date.
- We have taken proper and suffcient care for the maintenance of
adequate accounting records in accordance with the provisions of the
Companies Act, 1956, for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities.
- The accounts for the year ended 30 June, 2013 have been prepared on a
going concern basis.
acKNoWLedGeMeNts
Your Directors wish to place on record their sincere appreciation and
thanks for the valuable cooperation and support received from the
employees of the Company at all levels, the Company''s bankers, fnancial
institutions, Central and State Government authorities, JV partners,
clients, consultants, suppliers and members of the Company and look
forward for the same in greater measure in the coming years.
By order of the Board
Chairman
Date: 13 November 2013
Place: Gurgaon
Jun 30, 2010
We are pleased to present the 14th annual report along with the audited
accounts of your Company for the year ended 30 June, 2010, during which
your Company was able to further strengthen all its businesses to
emerge stronger than ever before.
FINANCIAL RESULTS
(Rs. in cr)
2009-10 2008-09
Gross sales 1,168.45 750.13
Total income 1,175.91 755.37
Profit before interest, depreciation
and taxation 226.00 129.15
Interest 72.94 47.41
Profit before depreciation and taxation 153.06 81.74
Depreciation 44.78 24.94
Net profit before taxation 108.28 56.80
Taxation 39.19 15.70
Net profit 69.09 41.10
Profit brought forward from last year 137.60 109.88
Profit available for appropriations 206.69 150.98
Appropriations
Transfer to General Reserve 7.50 7.50
Dividend on equity shares 6.43 5.02
Corporate dividend tax 1.07 0.85
Balance carried to balance sheet 191.69 137.60
Total 206.69 150.98
EPS (Rs.) 35.67 22.51
DIVIDEND
Subject to the shareholders and other requisite approvals, your
Directors recommend payment of a dividend of Rs 2.75 per equity share
of Rs 10 each (27.5%) for the year ended 30 June, 2010. The cash outfl
ow on account of dividend on equity capital and dividend tax works out
to Rs. 7.50 cr.
OPERATIONAL PERFORMANCE
You will be happy to note that your Company registered a growth in
turnover of 56% from Rs 755 cr in 2008-09 to Rs 1,176 cr in 2009-10.
Gross profit before interest, depreciation and taxation increased 75%
from Rs 129 cr in 2008-09 to Rs 226 cr in 2009-10. After deducting an
interest of Rs 73 cr, providing a depreciation of Rs 45 cr and income
tax provision of Rs 39 cr, the operations resulted in a net profit of
Rs 69 cr as against Rs 41 cr in 2008-09.
You will be glad to note that your Company, for the fi rst time,
crossed the landmark Rs 1,000 cr in turnover in 2009-10.
SHARE CAPITAL
Your Company increased its authorised share capital from Rs 20.00 cr as
on 30 June 2009 to Rs 30.00 cr as on 30 June 2010. This is in line with
growing operations necessitating the prospective need for infusion of
fresh capital in the business.
During the year under review, the Company raised Rs. 76.87 cr through
Qualifi ed Institutional Placement (QIP). The shares issued under QIP
were allotted at Rs. 243.80 per equity share. The Company also raised
Rs. 50.00 cr by preferential allotment of equity shares made to
promoters/ entities of the promoter group upon conversion of warrants.
The equity shares issued to the promoters/ entities of the promoter
group upon conversion of warrants were allotted at Rs. 253.00 per
equity share.
In July 2010, the Company also issued 5,00,00,000 compulsory
convertible preference shares of face value Rs. 10 to IL&FS Trust
Company Ltd (acting as the sole trustee for India Venture Trust)
amounting to Rs. 50.00 cr on a preferential placement basis.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
A separate report on the management discussion and analysis, pursuant
to Clause 41 of the Listing Agreement, forms a part of this annual
report. Please refer to the same for a comprehensive understanding of
the prospects of the infrastructural segments and industries catered to
by your Company.
CASH FLOW ANALYSIS
In conformity with the provisions of Clause 32 of the Listing
Agreement, the cash fl ow statement for the year ended 30 June, 2010 is
included in the annual accounts.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the provision of Section 217 (2AA) of the Companies Act,
1956, your Directors confi rm that:
- In the preparation of the annual accounts for the year ended 30 June,
2010, the applicable accounting standards have been followed along with
proper explanations relating to material departures;
- We have selected such accounting policies and applied them
consistently and made judgements and estimates that are reasonable and
prudent so as to give a true and fair view of the state of affairs of
the Company as on 30 June 2010 and of the profit for the year ended on
that date;
- We have taken proper and suffi cient care for the maintenance of
adequate accounting records in accordance with the provisions of the
Companies Act, 1956, for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities;
- The accounts for the year ended June 30, 2010 have been prepared on a
going-concern basis;
DISCLOSURES
Deposits
During the year, the Company did not accept any public deposits.
Directors
Mr. Sanjay Gupta, Mr. Rajendra Mohan Aggarwal, Mr. Anand Bordia and Mr.
Deepak Dasgupta retire by rotation at the ensuing Annual General
Meeting and being eligible, offer themselves for re-appointment.
Mr. Kanwal Monga, who was an Independent Director of the Company
resigned from the directorship of the Company from 14 July, 2010.
In terms of the Compulsory Convertible Preference Share Subscription
and Investor Rights Agreement entered into by the Company with India
Venture Trust, Mr. Arun Kumar Purwar was appointed as Additional
Director with effect from 15 July, 2010. As per the provisions of
Section 260 of the Companies Act, 1956, Mr. Arun Kumar Purwar holds
offi ce up to the date of the forthcoming Annual General Meeting of the
Company. The Company received notice in writing from a member under
Section 257 of the Act, in respect of Mr. Purwar, proposing his
appointment as a Director of the Company.
AUDITORS
M/s. ASG & Associates, Chartered Accountants, New Delhi, the Statutory
Auditors of the Company are retiring at the ensuing Annual General
Meeting and being eligible, offer themselves for reappointment.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNING
AND OUTGO
The Companys core activity is civil construction, which is not power
intensive. However, your Company takes every effort to conserve the
usage of power at its sites and offi ces. Details regarding, foreign
exchange earnings and outgo are furnished herein below, pursuant to the
provisions of the Companies Act, 1956, read with the Companies
(Disclosure of particulars to the Report of Board of Directors) Rules,
1988.
SUBSIDIARY COMPANIES
The standalone audited accounts of C and C Projects Ltd, C & C Realtors
Ltd and C & C Towers Ltd, subsidiary companies, for the year ended
31March, 2010, and consolidated audited accounts with the Company for
the year ended 30 June, 2010 are attached.
CORPORATE GOVERNANCE
In pursuance of Clause 49 of the Listing Agreement entered into with
the stock exchanges, a separate section on Corporate Governance has
been incorporated in the annual report for the information of the
shareholders. A certifi cate from the Auditors of the Company regarding
compliance of the conditions of Corporate Governance as stipulated
under the said Clause 49 also forms a part of this annual report.
CORPORATE SOCIAL RESPONSIBILITY
An essential component to your Companys corporate social
responsibility is to care for the community. Your Company endeavours to
make a positive contribution towards social causes by supporting a wide
range of socio-economic and educational initiatives, and is committed
to address important societal needs through philanthropic outreach
programmes.
PARTICULARS OF EMPLOYEES
Particulars of employees pursuant to the provisions of Section 217(2A)
of the Companies Act, 1956, read with Companies (Particulars of
Employees) Rules 1975, is enclosed as Annexure ÃA to this report.
ACKNOWLEDGEMENTS
Your Directors wish to place on record their sincere appreciation and
thanks for the valuable cooperation and support received from the
employees of the Company at all levels, the Companys bankers, fi
nancial institutions, Central and State Government authorities, JV
partners, clients, consultants, suppliers and members of the Company
and look forward for the same in greater measure in the coming years.
By order of the Board
Chairman
Date: 27August, 2010
Place: Gurgaon
Jun 30, 2009
We are pleased to present the Tirteenth Annual Report on the business
and operations of the Company together with the Audited Financial
Statements for the Financial year ended 30th June, 2009
The Financial highlights for the year under review are given below:
FINANCIAL HIGHLIGHTS (RS. IN LACS)
2009 2008
Gross Revenue 75013.08 53325.83
Operating proft 15796.63 10084.23
Finance Charges 7622.35 3286.23
Depreciation 2493.80 1547.30
proft before tax (PBT) 5680.45 5250.69
provision for tax 732.45 750.00
provision for Deferred Tax 804.65 391.64
Fringe Beneft Tax 33.16 18.16
proft after tax (pAT) 4110.17 4090.88
Add: proft brought forward from
previous year 10987.62 8234.20
proft available for Appropriation 15097.80 12325.09
Appropriati ons:
Dividend 502.14 502.14
Dividend Tax 85.31 85.31
Transfer to General Reserve 750.00 750.00
Dividend
The Board, for the year ended 30th June, 2009, has recommended a
dividend @ 27.5% subject to your approval at the Annual General
Meeting.
The Year under review
The Company continues to see a proftable growth in the fnancial year
2008-09. The Gross Revenue for the Financial Year under review stood at
Rs. 750.13 crores as against Rs. 533.25 crores in the previous
Financial Year ended 2008, registering a growth of 40.67 %. Operating
profts stood at Rs. 157.96 crores as against Rs. 100.84 crores in
Financial Year ended 2008 registering a growth of 56.64 %. Proft after
Tax stood at Rs. 41.10 crores for the fnancial year under review as
against Rs. 40.90 crores in the previous fnancial year.
Your Company individually and along with other joint venture member has
secured the following projects
* Improvement / Upgadation of Hajipur-Areraj road (SH-74) awarded by
Road Construction Department, Bihar, for contract amount of Rs. 22542
Lacs.
* Improvement /Upgradation of Jahanabad-Parwatipur road (SH-71) awarded
by Road Construction Department, Bihar, for contract amount of Rs.
15957 Lacs
* Development of Bus Terminal & Commercial Complex at Mohali for
contract value of Rs. 30,000 Lacs
* Construction of Multilevel under ground Car parking in Green area at
Hauz Khas, Munirka market, Gandhinagar and Model town II in Delhi for
contract amount of Rs. 11,925 Lacs
* Construction of Rigid Pavement and Granular layers for Package C-1
for Yamuna Expressway for contract amount of Rs. 20,000 Lacs
* Construction of Rigid Pavement and Granular layers for Package C-2
for Yamuna Expressway for contract amount of Rs. 17,500 Lacs
* Design and construction of Dedicated Freight Corridor From
Mughalsarai to Sone Nagar awarded by DFCCIL, for contract amount of Rs.
78,106 Lacs
* Improvement / Upgradation of Kursela-Forbusgunj road (SH-77) awarded
by Road Construction Department, Bihar, for contract amount of Rs.
27,793 Lacs Improvement /Upgradation of Araria-Bhaptiyahi road (SH-76)
awarded by Road Construction Department, Bihar, for contract amount of
Rs.29,976 Lacs
* Construction of Afhganistan Parliament Building and Indian Chancery
Building at Kabul awarded by CPWD, Govt. of India, for contract amount
of Rs. 63,500 Lacs
Directors
Mr. Amrit Pal Singh Chadha, Mr. Rajbir Singh, Mr. Gurjeet Singh Johar
and Mr. Charanbir Singh Sethi retire by rotation at the ensuing Annual
General Meeting and being eligible, ofer themselves for re-appointment
Subsidiary Companies
The Standalone audited accounts of C and C Projects Ltd, C & C Towers
Ltd., subsidiary companies, for the year ended 31st March, 2009 and
consolidated audited accounts with the Company for the year ended 30th
June, 2009 are attached
Auditors
M/s. ASG & Associates, Chartered Accountants, New Delhi, the statutory
Auditors of the Company are retiring at the ensuing Annual General
Meeting and being eligible ofers themselves for reappointment
Particulars of Employees
Particulars of employees pursuant to the provisions of section 217(2A)
of the Companies Act, 1956 read with Companies (Particulars of
Employees) Rules 1975, is enclosed as annexure ÃA to this report
Directors Responsibility Statement
In terms of Section 217(2AA) of the Companies Act, 1956, your Directors
state that:
a) In the preparation of annual accounts under review the applicable
accounting standards have been followed
b) Appropriate accounting policies were selected and applied
consistently and reasonable and prudent judgments and estimates were
made so as to give a true and fair view of the state of afairs of the
company at the end of the fnancial year under review and of the proft
of the company for that period.
c) Proper and sufcient care was taken for the maintenance of adequate
accounting records in accordance with the provisions of the Companies
Act, 1956, for safeguarding the assets of the company and for
preventing and detecting fraud and other irregularities.
d) The annual accounts are prepared on a going concern basis.
Conservation of Energy, Research and Developm ent,Technology Absorpti
on, Foreign Exchanges Earning and Outgoes
a) conservation of energy
Since the Company is not engaged in any manufacturing activity, the
particulars are not applicable.
b) Foreign exchange earning and outgoes
The details of Foreign Exchange
Earnings are:
(RS. IN LACS)
2009 2008
Overseas projects and others 9916.18 6716.02
export of Goods - -
The details of Foreign Exchange Outgoes are:
(RS. IN LACS)
2009 2008
expenditure incurred in overseas contract 5057.14 5243.29
Traveling expenses 34.18 18.44
Fixed Deposits
Your Company has not accepted any deposits from the public under
Section 58A of the Companies Act, 1956.
Corporat e Governance and Manag ement Discussion and Analysis Report
In pursuance of Clause 49 of the Listing Agreement entered into with
the stock exchanges, a separate report on Corporate Governance along
with Auditorsà Certifcate on its compliance and Management Discussion
and Analysis Report forming part of this report are annexed hereto.
Acknowledgements
Your Directors wish to place on record their appreciation for the
wholehearted support and cooperation extended to the Company by the
Central and the State Governments, Bankers, Suppliers, Associates,
Sub-contractors and Employees and other stakeholders.
For and on behalf of the Board
Gurjeet singh Johar
Chairman
Date: 30.09.2009
Place: Gurgaon
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