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Annual Report 2016-17 - Hindustan Construction Company

Annual Report 2016 -171 ContentsCHAIRMAN S LETTER ..4 Company INFORMATION .. 6 MANAGEMENT DISCUSSION AND ANALYSIS ..13 CORPORATE GOVERNANCE ..23 SHAREHOLDER INFORMATION ..31 BOARD S Report ..41 DIVIDEND DISTRIBUTION POLICY ..87 BUSINESS RESPONSIBILITY Report ..88 STANDALONE AUDITORS Report ..95 STANDALONE FINANCIAL STATEMENTS ..104 CONSOLIDATED AUDITORS Report ..169 CONSOLIDATED FINANCIAL STATEMENTS .. 176 Highlights 2016 -17t HCC E&C business order book grows by to ` 20,390 crore, excluding L1 bids worth ` 2,804 The Company registered turnover of ` 4, crore and net profit of ` Pursuant to the recent Cabinet order on arbitration awards, HCC to receive ` 2,599 crores as 75% of the arbitration award in its favour.

4 Dear Shareholder, In more ways than one, 2016-17 has been a significant year for your Company. Let me share several reasons why this is so. As I have been writing in my last few letters to you, for the

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Transcription of Annual Report 2016-17 - Hindustan Construction Company

1 Annual Report 2016 -171 ContentsCHAIRMAN S LETTER ..4 Company INFORMATION .. 6 MANAGEMENT DISCUSSION AND ANALYSIS ..13 CORPORATE GOVERNANCE ..23 SHAREHOLDER INFORMATION ..31 BOARD S Report ..41 DIVIDEND DISTRIBUTION POLICY ..87 BUSINESS RESPONSIBILITY Report ..88 STANDALONE AUDITORS Report ..95 STANDALONE FINANCIAL STATEMENTS ..104 CONSOLIDATED AUDITORS Report ..169 CONSOLIDATED FINANCIAL STATEMENTS .. 176 Highlights 2016 -17t HCC E&C business order book grows by to ` 20,390 crore, excluding L1 bids worth ` 2,804 The Company registered turnover of ` 4, crore and net profit of ` Pursuant to the recent Cabinet order on arbitration awards, HCC to receive ` 2,599 crores as 75% of the arbitration award in its favour.

2 Of these, ` 380 crore has already been HCC Concessions has achieved commercial operations of its ` 1,720 crore Farakka Raiganj toll road (NH-34) in October Steiner AG revenue at CHF million (` 5,580 crore) and net profit at CHF million (` crore). t Steiner AG secured fresh orders worth CHF 927 million (` 5,977 crore). The order backlog is CHF billion (` 9,200 crore), excluding orders for over CHF 700 million (` 4,515 crore), where contracts are yet to be Lavasa city continues to be a popular tourist destination. The tourist footfall in FY 2016 -17 was 890, s Major ProjectsGOAGoa Barge Berth at MarmugoaGUJARATG andhinagar Cooling TowersKachchh Branch CanalKakrapar Atomic Power ProjectKalol Mehsana Gas PipelineMehsana to Palanpur HighwayPumped Water Supply Scheme from Kesaria to SonariReliance J3 Refinery at JamnagarSaurashtra Branch CanalSwarnim Gujarat Kutch Water GridTapi Road BridgeHARYANAH athnikund BarragePanipat ChimneyRoad Bridge at PalwaiHIMACHAL PRADESHC hamera Hydro Power Project, Stage IChamera Hydro Power Project.

3 Stage IIIK ashang Hydro Power ProjectNathpa Jhakri Hydro Power ProjectSainj Hydro Power ProjectTunnels for Sawra Kuddu Hydro Power ProjectJAMMU & KASHMIRA ccess Road Tunnel to Sawalkote Hydro Power ProjectAnjiKhad railway cable stayed bridge Chutak Hydro Power ProjectIRCON Tunnel T13 Project Kishanganga Hydro Power ProjectMughal RoadNimoo Bazgo Hydro Power ProjectPir Panjal TunnelRamban Banihal HighwaySalal Hydro Power ProjectT 48 Tunnel - Dharam-QazigundT 49 Tunnel - Dharam-QazigundUri-II Hydro Power ProjectJHARKHANDC handil DamGrand Trunk Road Improvement ProjectKARNATAKAC avern for Crude Oil Storage, PadurKadra DamKarnataka State Highways ProjectSharavati Hydro Power ProjectYettinahole ProjectKERALAB rahmapuram Diesel Power PlantDam across IdamalayarDam across Moozhiyar and VeluthoduLower Periyar Hydro Power ProjectSebarigiri DamTanker Terminal and Fertiliser Berth, CochinWellington Bridge, CochinMADHYA PRADESHB istan Lift Irrigation Scheme Road Bridge over River IndravatiSatpura Thermal Power StationTons Hydro Power ProjectMAHARASHTRAA erated Lagoons, MumbaiAmbernath/Ulhasnagar STPB andra Effluent and Influent Disposal, MumbaiBandra-Worli Sea LinkBARC - Integrated Nuclear Recycle Plant.

4 TarapurBARC - Reactor, Lab & Spent Fuel BuildingBhama Askhed PipelineBhandup PipelineBhandup Water Treatment ComplexBhorghat TunnelDGNP Dry-Dock and WharvesFactory Civil Works for Premier Automobiles LimitedGhatkopar High Level Water Tunnel Koyna Hydro Power Project Stage I to IVMiddle Vaitarna Water PipelineMumbai Metro Line 3: UGC-02 Mumbai Metro OneMumbai-Pune ExpresswayNH-3 MP/Maharashtra Border - Dhule HighwayANDHRA PRADESHC avern for Crude Oil Storage, VishakhapatnamChimney at VijayawadaGodavari Barrage at RajahmundryGodavari Railway BridgePapavinasam DamPolavaram Project Right Main CanalPula Subbaiah Veligonda TunnelTata Memorial Centre, HospitalVizag Monolith.

5 West Wall ProtectionARUNACHAL PRADESHPare Hydro Power ProjectASSAMB ogibeel Rail-cum-Road BridgeBrahmaputra BridgeIOCL Refinery at GuwahatiNH-37 - Numaligarh to Jorhat HighwayNH-54 - Maibang to Nirmbanglo HighwayBIHARB arauni Thermal Power PlantGanga Bridge at MokamehMunger Rail-cum-Road BridgeMuzaffarpur Thermal Power PlantSone BarrageSone BridgeCHATTISGARHB ailadila ProjectBhilai Steel PlantDELHID elhi Faridabad Elevated ExpresswayDMRC - Airport Metro Express LineDMRC - Dwarka to NajafgarhDMRC - Janakpuri West to Palam StationDMRC - Netaji Subhash Place to Shalimar BaghDMRC - Vishwa Vidyalaya to ISBTF lyover linking existing Munirka flyover to Army RR HospitalWater & Sewage Treatment Plants at Okhla, Tihar Jail, Wazirabad3 Major projects completed in past Projects completed in the yearProjects in progressNew projectsBOT projectsNH-4 - Satara Kolhapur HighwayNhava Sheva WTP Works, RaigadhPune Paud BOT RoadResidential towers at Anushakti NagarSurveillance Facility Project at TarapurTrombay Chimney WorksVaitarna DamWater Supply Tunnel from Bhandup to Charkop, MumbaiWater Treatment Plant, PuneWater Tunnel between E Moses Road and Ruparel College.

6 MumbaiWater Tunnel between Sewri and FutkaWater Tunnel from Maroshi to Ruparel College, MumbaiMANIPURI mphal Kangchup Tamenglong RoadParallel safety tunnel of T-12 Railway Tunnel between Jiribam and TupulRailway Tunnel No. 3 between Jiribam and TupulRailway Tunnel No. 10 between Jiribam and TupulRailway Tunnel No. 12 between Jiribam and TupulRailway Tunnel No. 12 between Tupul and ImphalORISSAA ditya Aluminium ProjectDam at Upper KolabNaraj Barrage, New CuttackParadip Port RoadRoad Bridge across MahanadiPUNJAB140 m High Chimney at RoparRail Coach Factory at KapurthalaRAJASTHANC hambal Bridge at DholpurEast-West Corridor ProjectRajasthan Atomic Power Project, Units 1 & 2 Rajasthan Atomic Power Project, Units 3 & 4 Rajasthan Atomic Power Project, Units 5 & 6 Rajasthan Atomic Power Project, Units 7 & 8 TAMIL NADUC hennai BypassChennai Ore Berth, Jetty.

7 WharfEnnore Port-Rock Quarrying & BreakwaterHigh rise buildings at DAE Anupuram IGCAR s Fast Reactor Fuel Cycle Facility at KalpakkamKadamparai Pumped Storage ProjectKudankulam Nuclear Power Project, Units 1 & 2 Lower Mettur Hydro Power ProjectNavamalai Irrigation Tunnel Tirupur Water Supply ProjectUpper Nirar Irrigation Tunnel TELANGANAJCR Devadula Lift Irrigation Scheme Phase IJCR Devadula Lift Irrigation Scheme Phase IIJCR Devadula Lift Irrigation Scheme Phase IIIN orth-South Corridor NHDP Phase II Package AP-8 Pranahita Chevella Lift Irrigation SchemeRajiv Dummugudem Lift Irrigation SchemeRamagundam Thermal Power ProjectUTTAR PRADESHA llahabad BypassGomti AqueductManeri Bhali Hydroelectric Power ProjectNaini Cable Stayed BridgeNarora Atomic Power ProjectNH - 233 - Indo Nepal Border to Rudhauli

8 HighwayNH - 28 - Lucknow Muzaffarpur HighwayRihand DamRihand STPPSai AqueductSharda and Ghogra BarragesVaranasi BridgeYamuna Hydro Power ProjectUTTARAKHANDT apovan Vishnugad Hydro Power ProjectDhauliganga Hydro Power ProjectTehri Pumped Storage ProjectVishnugad Pipalkoti Hydroelectric Power ProjectWEST BENGALE levated Road from Park Circus to Bypass, KolkataFarakka BarrageGolden Quadrilateral Road Project - Kolaghat to KharagpurHaldia Docks ProjectKalyani BridgeKolkata MetroMahananda BarrageNH-34 - Bahrampore - Farakka HighwayNH-34 - Farakka - Raiganj HighwayNH-34 - Raiganj - Dalkhola HighwayPurulia Pumped Storage ProjectTeesta BarrageTeesta Low Dam Hydro Power Project Stage IVBHUTAND agachhu Hydro Power ProjectKurichhu Hydro Power ProjectNikachhu Hydro Power ProjectPunatsangchhu Hydro Power Project Tala Hydro Power Project4 Dear Shareholder,In more ways than one, 2016 -17 has been a significant year for your Company .

9 Let me share several reasons why this is I have been writing in my last few letters to you, for the last four years of the UPA-2 government the major problem that faced all Construction companies was the legacy of stalled infrastructure projects. The size was immense. As an example, on February 01, 2016 , there were 304 stalled projects involving investments of ` 12,75,877 crore. Such stalled projects completely destroyed the financial viability of private infrastructure developers and Construction companies. These enterprises had used sizeable working capital to mobilise labour and deploy expensive plant and machinery at various project sites.

10 With the stalling and inordinate delays of these projects, the obvious consequences were massive cost over-runs and huge financial strains. Matters significantly worsened with government and quasi-government execution agencies holding back payments against contractor claims. Even when independent arbitrators in dispute resolution favoured Construction companies, the executing agencies invariably delayed the payment process by appealing to a higher judiciary. Thus, all Construction majors in the infrastructure sector faced a terrible situation of burgeoning receivables on their balance sheets, inadequate cash inflows and huge interest payment on large working capital exposures.


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