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Hindustan Construction Company
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Download Annual Report PDF Format 2014 | 2013 | 2012 | 2011
Directors Report Year End : Mar '14    « Mar 13
The Directors are pleased to present the 88th Annual Report together
 with the Audited Financial Statements for the year ended March 31,
 2014.
 
 2.  Financial Highlights
 
                                         Year ended          Year ended
 Particulars                              March 31, 
                                               2014           March 31,
                                                                   2013
                                            Rs. crore             Rs. crore
 
 Turnover                                  4,113.49            3,837.29
 
 Profit before Interest, 
 Depreciation, Exceptional 
 Items, Other                                643.76              378.57
 
 Income and Tax
 
 Less: Interest                  607.94               544.10
 
 Depreciation                    144.61               163.40
 
 Exceptional Items                    -      752.55   (15.58)    691.92
 
 Add: Other Income                           213.59              134.34
 
 Add/Less: Exchange 
 Gain/(Loss)                                 (13.85)             (14.57)
 
 Profit/(Loss) before Tax                     90.95             (193.58)
 
 Less: Deferred Tax 
 Charge/(Credit)                              10.31              (55.94)
 
 Profit/(Loss) after Tax                      80.64             (137.64)
 
 Add: Balance brought 
 forward from previous year                  (11.64)             126.00
 
 Balance carried to 
 Balance Sheet                                69.00              (11.64)
 
 
 3.  Dividend
 
 As the Company is under Corporate Debt Restructuring (CDR), your
 Directors have not recommended any dividend for the financial year ended
 March 31, 2014, although the Company has earned profits in the year
 under review.
 
 4.  Operations
 
 The turnover of the Company at Rs. 4,113 crore has shown an increase of
 72% as compared to Rs. 3,837 crore for the corresponding period in the
 previous year. The profit before tax is Rs. 90.9 crore (including
 exceptional item) as compared to loss of Rs. 193.6 crore for the previous
 year.
 
 Your Directors are pleased to inform that during the year under report,
 the Company has secured the following major contracts.
 
 - Vishnugad-Pipalkoti Hydroelectric Project, Uttarakhand
 
 Contract Value: Rs. 1597 crore
 
 - Railway LinkTunnel T49 A, Jammu and Kashmir Contract Value: Rs.442
 crore
 
 - Bridge across River Sone, Bihar Contract Value: Rs.432 crore
 
 - Yettinahole Project, Package IV
 
 Contract Value: Rs. 904 crore, HCC share 50%
 
 The total balance value of works on hand as on March 31, 2014 is Rs.
 14,249 crore.
 
 Decisions are awaited from various clients for tenders submitted by the
 Company for 13 packages amounting to about Rs. 7,038 crore (HCC share Rs.
 6,054 crore).  Tenders for various packages for 29 projects worth over
 Rs. 18,972 crore (HCC share Rs. 13,696 crore) are expected to be submitted
 in the near future. The Company has also submitted prequalification bids
 for 26 projects worth over Rs. 20,439 crore (HCC share Rs. 17,747 crore)
 which are under evaluation.  Operations of Subsidiaries
 
 i) Lavasa Corporation Ltd. (''Lavasa'') has kept its rationale of
 developing an inclusive city for all and is tailoring partnerships and
 tie ups with global leaders in their respective sectors. Tie-ups
 continued strongly at Lavasa through 2013-14. Partnerships are well in
 place and many of these projects are fast moving towards completion.
 
 In the hospitality space, the Accor group is successfully running its
 operation with the two brands - Mercure Lavasa and the 1500 plenary
 capacity Lavasa International Convention Centre (LICC). Another brand
 of the Accor group - Novotel is scheduled for completion by 2015.
 Projects with renowned hospitality players like Pullman, Hyatt, Formule
 One, Holiday Inn, Holiday Inn Express, Langham Place and Eaton amongst
 others are slated to follow in quick succession.
 
 As for the existing hospitality projects, Ekaant -The Retreat and
 Waterfront Shaw Apartment Hotel continue to flourish. Fortune Select
 Dasve is in its fifth year of successful operations. Dasvino Town &
 Country Club, which had a grand launch in early 2010 is growing
 steadily with growing number of membership. In the tourism space,
 Lakeshore Water sports, Neo Spark Games Arcade and Xth rill Adventure
 Sports & Academy are also functioning successfully. Agreements have
 also been signed to set up training facilities with Hockey Australia,
 Sir Nick Faldo for Golf and Sir Steve Redgrave Rowing Academy.
 
 On the retail front, a significant area has already been leased.
 
 In addition to F&B outlets, many other tie-ups have been finalized in
 the retail segment which include Bata Showroom, Charosa Wine Boutique,
 Fun Square Digital Cinema, Venkys Express and Keppys.
 
 There were other tie-ups in the tourism space. Lavasa is in advance
 stage of discussion with Paramount & Redbull to create Edutainment
 theme park in Dasve & Mugaon. Along with this stimulator Golf & Robotic
 park for edutainment is started in Family Entertainment Center (FEC).
 
 A significant progress was also made in the education space. Christel
 House Lavasa is into its fourth year of operations with 329 students.
 2013-14 also saw launch of Phase 2 of Christel House till grade 5th.
 
 Ecole Hoteliere Lavasa started its fifth batch in 2013- 14. The second
 batch will receive academic certification from Ecole hotèlierè dè
 Lausanne this year.
 
 Doon Public School has signed a MOU to operate K12 school in Knowledge
 Vistas Limited (KVL) from FY 2014-15. KVL is already running Roots to
 wings, pre primary school at Lavasa for last three years. PACE academy
 will also start IIT training program from KVL this year. GREAT (INDIA)
 in collaboration with Australian Retail College, which is a leader in
 retail training in Australia is planning to open a retail college at
 Lavasa.  Other educational partners like Symbiosis Institute (Pune) and
 Christ University (Bangalore) are also in the process of launching
 their programs. Discussions are on to establish North Hampton
 University at Lavasa by 2014-15 as well as preparation course school
 under Ideal classes from 5th to 12th standard.
 
 Lavasa continued to enjoy healthy sales in residential and commercial
 space. Positive sales trend continued throughout the year, with the
 Company giving possession to 250 plus residential units in Dasve.
 Construction activity on various properties at Dasve and the second
 town of Mugaon is progressing at a fast pace.
 
 In institutional sales, L&T Infra Finance has entered into an
 understanding to buy 40 acres of land in Dasve and Mugaon. This heralds
 the entry of big time corporations into Lavasa and would surely prove
 as an impetus for others. Similarly, Hindustan Times, the premier media
 establishment is in advanced negotiations to acquire over 6 acres of
 land. The media house proposes to establish a state-of-art training
 centre for its executive staff. A proposal has also been submitted to
 The Times Group to start a premier management training institute on
 land it has acquired in Mugaon a few years ago.  The Doon Public School
 has acquired a 10 acre plot in Mugaon to start its brand of school.
 Till the project is completed the school would operate out of an
 incubation space in Dasve.
 
 Symbiosis Institute has already been granted building plan approval and
 will commence construction of its large campus post monsoon.
 
 Lavasa continued its focus on branding and communication activities in
 2013-14. Emphasis through the year was on communicating that
 development work at Lavasa has commenced with right earnest, raise
 awareness about the planned city and its advantages.
 
 The focus of the exercise was on building preference and restoring
 customer confidence in the project. To enable this, a number of site
 visits were organized for media, the primary influencers and other key
 influencers of public opinion.
 
 A new advertisement campaign was launched in September 2013 to promote
 the second town Mugaon as a residential and edutainment hub. The print
 campaign positioning Mugaon as the entertainment hub was ably supported
 by outdoor, on-site media, digital and social media. The comprehensive
 campaign helped generate awareness for the launch and resulted in a
 good number of customer enquiries.
 
 A new format of Brand Induction was implemented where all new employees
 were exposed to an interactive workshop on KNOWYOUR CITY To promote
 tourism and drive footfalls, attractive day and stay packages and
 activities were offered to visitors through the Lavasa Holidays Summer
 Special (April to June 2013), Mesmerizing Monsoon (July to September
 2013) and Lavasa Holidays Festive Fiesta (October to December 2013)
 packages. The focused campaign resulted in tourist traffic surging to
 all time high. At the onset of monsoon in June, Lavasa witnessed the
 highest footfall with nearly 1 lakh tourists enjoying the serene
 landscape. Total footfalls in the calendar year were 7,74,300.
 
 Lavasa won the ''Most promising new Destination'' and the ''Best Print
 Promotional Material'' awards at the premiere industry event, Travel and
 Tourism Fair held in Mumbai and Pune.
 
 Strategic and design support to Special Purpose Vehicles (''''SPVs'''') was
 provided on a need basis.
 
 The sixth edition of the signature brand event Lavasa Women''s Drive set
 a Guinness World Records TM for- Most Female Participants in a Motor
 Sport Event.  To achieve this global recognition 934 participants in
 467 cars drove from Mumbai and Pune to picturesque Lavasa on February
 22, 2014.
 
 Other events that were held during the year include Lavasa Hill Run
 (Positioned as first health run of the year, January 2014), Pune
 Bicycle championship (October 2013), Diwali Dhamaka (November 2013) and
 Vintage Car Show (December 2013).
 
 Digital and social media channels were leveraged primarily for
 engagement and for information dissemination. The channels were
 extensively used to promote events, respond to queries and initiate
 conversations on platforms like travel, tourism and discussion forums
 on urbanization. Innovative approaches like road block on
 www.economictimes.  com made sure the visitors to the website had to
 mandatorily view the Lavasa banner, introduction of interest - a
 virtual pinboard to share pictures and an integral application which
 allowed users to upload pictures through integral using
 #capturinglavasa were activated during the course of the year.
 
 In 2013-14, the Public Relations campaign focused on building
 preference and restoring customer confidence in the project. Meetings
 with senior editors in Mumbai and Pune and the constant engagement with
 beat reporters in Mumbai and Pune led to better appreciation of
 Company''s stand on issues. This resulted in them presenting a balanced
 perspective on most issues.
 
 Promotional initiatives of various SPVs were publicized through news
 stories, editorial feature stories and photo features.
 
 The city of Lavasa now has a new post office, a new school, a hospital
 and more than a dozen food and beverage establishments open for
 business. It also has four operating hotels with three more under
 construction, a Petrol Pump , two bank branches along with ATMs, a
 convention centre, a public safety centre with Fire engine, Police
 outpost, Tourist information center, Multilevel Car parking facilities,
 Nature trials, Citizen contact centre, State of the art Hospital with
 pharmacy, rental housing for low income groups , games arcades, water
 sports facility, adventure sports facility , a modern club with gym,
 sports and Spa facilities , public transport system for citizens ,
 Schools for local population etc.
 
 Building the infrastructure right, from the beginning, is a key
 strategy to ensuring long-term livability The drinking water at Lavasa
 is fit for consumption, straight from the tap, without the need for
 additional filtration.  The sewage is treated as per required standards
 before being reused for irrigation and other non-potable uses. Lavasa''s
 power distribution grid is nearly 99% reliable and the young city is
 already on the cutting edge of urban environmental sustainability
 initiatives.  Over 50km. of well maintained motor able roads are
 operational and more being constructed, Lavasa has already opened parks
 and play areas to the public.  The e-governance portal will play a
 major role in communicating with citizens and providing round the clock
 services.
 
 A round the clock Lavasa Citizen Contact Centre that has been set up
 this year, envisions to make the lives of the citizens and visitors
 easy and convenient.  The Lavasa Citizen Contact Centre will be a
 one-stop information source for non emergency and emergency related
 services. It will provide a single window resolution for all customer
 needs and visitor requests, be involved in proactive information
 distribution, data collection and management services, Customer
 
 Satisfaction Surveys and Customer handover and possession.
 
 The City Management Services (CMS) Department is equally dynamic in
 seeking to coordinate services in this rapidly changing setting.
 
 CMS is currently divided into seven specialist divisions including
 Customer Services, Public Safety & Security, Enterprise Utilities,
 Public Works, Administration & Finance, Community Development and
 Geographic Information Systems & Management Information Systems.
 
 The City Management Services Department will slowly evolve into a new
 governance entity that will, at some point, be the core of a new
 replicable governance model. The City Management Services Department
 meets on a monthly basis with a committee of villagers from throughout
 the project area. The Village Committee is the first of several such
 citizen advisory groups that will together form a key component of the
 Lavasa citizen and stakeholder engagement mechanisms.
 
 Lavasa has completed purchase of 10477 acres of land and is processing
 completion of another 2133 acres, for which agreements were signed in
 the past. Steps to reach an overall land purchase target of 18000 acres
 are in progress.
 
 Lavasa continues to regularly monitor environmental aspects such as air
 quality, water quality and soil quality are being carried out as per
 MoEF guidelines. The Environmental Compliance Report is being submitted
 to MoEF once in six months and the June 2013 and December 2013 reports
 have already been submitted.
 
 The work of Biodiversity conservation and enhancement continues at the
 required pace. In the case of flora, around 130 trees have been
 transplanted with a survival rate of 70%. The maintenance of around
 45,000 trees which were planted in Mugaon in the year 2012 has been
 rigorously carried out with full survival.  In case of aquatic fauna,
 the resultant growth of 28,000 fish seeds which were released in Dasve
 Lake in year 2012 has been found to be satisfactory and this has been
 verified in the presence of Fisheries officer, Govt.  of Maharashtra.
 
 For slope protection and enhancing the greenery within the region, soil
 bioengineering (biodegradable coir mats have been applied over the
 slopes) and plantation of stumps has been done. Hydro-seeding & manual
 seeding was also carried out for slope protection and to re-establish
 vegetation over an area covering around 70 acres in this season and the
 total area that has been so treated is more than 700 acres till date.
 Tree plantation of around 1,25,000 tree saplings was carried out in
 Mugaon and Bhoini. New Plantation in the nursery at Bhoini continues
 and there is adequate plant stock as it is a feeder for mass plantation
 and other internal landscaping requirements. Both the nursery and mass
 plantation have been organically certified.
 
 Techno-commercial evaluation of renewable sources of energy feasible at
 Lavasa has been completed by TERI (Tata Energy Resources Institute).
 Lavasa is also exploring possibilities for green certification of its
 total city development.
 
 First Town Dasve is ready with all basic infrastructure, such as access
 roads, internal roads, water treatment plant, water distribution
 network, sewage network, sewage treatment plant, telecom network and
 services is operational. As on date more than 120 contractors with a
 work force of about 4500 workers have been mobilized at site for
 different works.
 
 Till date more than 600 residential units have been handed over to CMS
 department and over 500 residential units have been handed over to
 customers.  Out of these 600 units. 319 Villas were given to the CMS
 department for hand over to customers. Of these 319 villas, 212 Villas
 have already been handed over to the customers. Work on another 284
 villas of different types, with built- up area ranging from 2000 sq.
 ft. to 4000 sq. ft. is in progress.
 
 Work on the infrastructure for the second town of Mugaon has been
 accelerated. Work on utilities like water, sewer, power, data lines and
 on the approach road is in progress. The improvement to the existing
 Mugaon-Tamhini Zilla Parishad road is complete. The portion of this
 road will also form a part of the approach road for the proposed tunnel
 between Tamhini and Mugaon. The work on the inter village road from
 Mugaon to Gadle (6 kms) is completed
 
 To facilitate the provision of water required during construction at
 Mugaon, the construction of Gadle Dam and a reservoir in Mugaon
 (Capacity – 1.00 Lakh cubic metre) is 90% complete. A bridge over the
 dam intake well and allied works are scheduled to be completed in
 2014-15.
 
 Rehabilitation work on new gaothans has commenced and by the end of the
 year, 50 units will be ready to accommodate villagers, along with other
 city infrastructure like school and community centre. This
 rehabilitation will also help augment the construction of the first
 phase of the apartments in Mugaon.
 
 Work on 29 buildings comprising of 0.9 million square feet of salable
 area at Mugaon is on. It is expected to be completed in next 18 months
 
 Lavasa has also initiated a number of development and empowerment
 programs for the local community.  Some of the key initiatives include
 provision of treated drinking water to 12 villages in the project area
 at 62 locations on a daily basis, helping villages avail benefits of
 Government drinking water scheme, Calligraphy workshops, aptitude tests
 and counseling for students of Zilla Parishad (ZP) schools, crèche for
 labor children; starting the Apollo Lavasa Primary Health Centre at
 Bhoini and provision of free health check up, medicines and ambulance
 service to villagers; monthly health and awareness camps for HIV/AIDS,
 malaria, nutrition, water borne diseases, Hepatitis B vaccination and
 de- worming medicines. Employment and self employment opportunities to
 the locals have also been provided.
 
 Status update on Environment Clearance from Ministry of Environment and
 Forests (MoEF)
 
 As you are aware that Lavasa was issued Show Cause Notice by Ministry
 of Environment & Forest (MoEF), Government of India (GOI) regarding
 violations of the Environmental Impact Assessment notifications of 1994
 as amended in 2004 and superseded in 2006 (EIA Notifications). Lavasa
 made various representations as per the directions given by the
 authorities and after complying with the conditions stipulated, MoEF
 GOI was pleased to accord the Environmental Clearance to Lavasa,
 
 Herein below given are the updates in the matter during the Financial
 Year 2013 - 2014 :-
 
 1.  On April 23, 2013, Appeals filed by Lavasa and Shedge before
 National Green Tribunal (NGT) were listed on board. The Hon''ble NGT
 (despite stay of further proceedings by Hon''ble Supreme Court) fixed
 the matter on May 14, 2013 for hearing of the application for interim
 reliefs and interim orders.
 
 2.  On May 1, 2013, Lavasa filed Civil Appeal bearing No. 4280 of 2013
 before Hon''ble Supreme Court against the order dated April 23, 2013 of
 NGT The said matter was listed on May 10, 2013.  Upon hearing the
 Counsel for Lavasa, the Hon''ble Supreme Court was pleased to issue
 Notice in the matter. Thereafter, on November 27, 2013, the said matter
 was listed before the Ld.  Registrar, Supreme Court and the Ld.
 Registrar ordered for original records in NGT Appeal No. 9 of 2012. On
 the basis of the order, the records are transferred to Supreme court
 Registry.
 
 3.  On May 2, 2013, Lavasa filed Contempt Petition being No. 203 of
 2013 before Hon''ble Supreme Court against Dyaneshwar Shedge. The said
 matter was listed before Hon''ble Supreme Court on July 2, 2013, and
 upon hearing the Counsel for Lavasa, the Hon''ble Supreme Court was
 pleased to list the said matter with main matter i.e. Transfer
 Petition.
 
 4.  On October 10, 2013, Lavasa''sWrit Petitions filed against MoEF &
 Ors. and other PILs filed against State of Maharashtra (wherein Lavasa
 is one of the Respondent party) were listed before Hon''ble Bombay High
 Court for transfer of the same to NGT After hearing the parties, the
 Hon''ble Bombay High Court said that they would peruse each petition and
 accordingly decide the issue of transfer to NGT
 
 5.  Lavasa''s NGT Appeal No. 36 of 2011 was listed on board before NGT
 from time to time and the next date of hearing is May 5, 2014.
 
 Further, Lavasa is regularly filing six monthly compliance report as
 per the EC order.
 
 ii) HCC Real Estate Ltd.
 
 HREL, a wholly owned subsidiary of your Company is into the business of
 building residential & office complexes in real estate sector.
 
 - New Real Estate Projects under bidding
 
 HREL has procured the bidding documents for re development of
 Parleshwar CHS at Vile Parle (East), Mumbai.
 
 HREL is also exploring on outright purchase of various independent
 plots on L.B.S. Marg at Vikhroli (W) as well as at Bhand up (W) for
 re-development.
 
 - Other Projects
 
 Other projects of HCC Real Estate Ltd. and its subsidiaries are
 progressing well as explained in Management Discussion and Analysis
 Report.
 
 iii) HCC Infrastructure
 
 HCC Infrastructure Company Ltd., a wholly owned subsidiary of your
 Company, has six National Highways Authority of India (NHAI) road
 concessions in its portfolio totaling about Rs. 5,500 crore.
 
 The Company, through its subsidiaries HCC Concessions, HCC Power and
 HCC Operations & Maintenance, has an infrastructure development focus
 through Public Private Partnership, largely in the roads, hydro power
 and water sectors. Your Company has a strong focus on value creation
 through a stringent investment discipline. The expertise of the
 management team extends from concept innovation and evaluation of risk
 & return, to construction management and operations. Along with a focus
 on quality and timely execution, the Company is committed to provide
 reliable, safe and world class operations and maintenance services to
 the country''s end users.
 
 Current Road Portfolio:
 
 The three operational projects Nirmal Annuity, Delhi Faridabad Elevated
 Expressway and Dhule Palesner Highway have been operational for more
 than four, three and two years respectively and are running smoothly.
 The three under construction highway projects in West Bengal (NH34)
 have achieved significant progress and one of the larger projects is on
 the anvil of achieving the provisional completion date, while the other
 is expected to be operational in the first half of this year.
 
 During the year, HCC Concessions submitted 6 Request for Qualification
 (RFQs). HCC Concessions partnered with other infrastructure players for
 certain bids to diversify risk, efficiently manage equity and increase
 competitiveness. The slowdown witnessed in FY13 continued in FY14 with
 only about 370 km road projects being awarded by NHAI on BOT mode in
 the current year. The Company will continue to bid for NHAI projects in
 the next financial year, albeit conservatively, while also evaluating
 state road opportunities.
 
 Status of Operational Assets:
 
 Dhule Palesner Highway Project (NH3)
 
 The project road is section of National Highway No. 3 commonly known as
 Agra - Bombay road which starts at Agra, and ends at Bombay (now
 Mumbai). The NH 3 forms an important part in Indian National Highway
 network and passes through rich belts of Madhya Pradesh and
 Maharashtra. This road caters to the traffic of various parts of India
 as it connects financial capital (Mumbai) of India to the National
 Capital (Delhi) of India. In FY09, NHAI awarded the development of four
 lane highway of project road starting from Maharashtra/ Madhya Pradesh
 Border at Km 168.500 and ending at Dhule at Km 265.000 to an HCC led
 consortium on a BOT (toll) basis.  The concession period is 18 years,
 including a construction period of 30 months. The HCC led consortium
 completed the project 4 months ahead of schedule and the project road
 was operational on February 11, 2012.
 
 The operation of project road is running smoothly. Due to persistent
 efforts by Company we have received the tolling rights for part of
 Phase II work including Nardana bypass section two years ahead of
 schedule resulting in improved revenue in spite of a stagnant economy.
 Considering the significance of the project road in the Indian road
 network, it is expected to yield high returns for the remaining
 concession period of about 14 years.  The highway has been developed in
 partnership with Sadbhav Engineering Ltd. and John Laing Investments
 Ltd. (UK) with an investment of Rs. 1,420 crore.
 
 Delhi Faridabad Elevated Expressway (NH2) (dfskyway™)
 
 The Delhi Faridabad Elevated Expressway or dfskyway™ is a six lane 4.4
 km elevated highway connecting Delhi and Haryana at Badarpur. It
 connects National Capital of India, Delhi and fastest growing city of
 India, Faridabad. The dfskyway™ has been designed to provide
 uninterrupted travel past the four major crossings of MB Road, Jethpur,
 Sarai Bypass and Sector 37 HCC Concessions Ltd. developed this
 engineering marvel with an investment of nearly Rs. 600 crore. The
 expressway has 20 exits, 10 underpasses and is the first of its kind
 spaghetti structure in India.  HCC Concessions was awarded a 20 year
 concession in 2008 to develop, construct and operate this asset by the
 National Highways Authority of India (NHAI). The dfskyway™ contributes
 significantly to Delhi''s rapidly expanding infrastructure by reducing
 travel time by over 40 minutes through an extremely congested corridor,
 that benefits residents and inter-state traffic alike. It is one of
 Delhi''s major radial roads and caters to very high traffic volume of
 over 100,000 PCUs per day. HCC Concessions'' parent, Hindustan
 Construction Company (HCC), has designed, engineered and constructed
 the dfskyway™.
 
 The Delhi Faridabad Elevated Expressway was formally inaugurated on
 November 29, 2010 significantly ahead of its scheduled completion date,
 by the Chief Ministers of both Delhi and Haryana, along with the
 Minister of Road Transport & Highways. The asset has been awarded the
 Best Project Award by Construction Industry Development Council 2011
 and the Infrastructure Excellence Award 2011 by CNBCTV18.
 
 Nirmal Annuity (NH7)
 
 The project stretch is from Kadtal (Km 175.000) to Armur (Km 308.000)
 on the Hyderabad - Nagpur section of NH7 In FY07, NHAI awarded the
 development of four lining of this 30 km long stretch on a BOT basis
 under the Annuity scheme to HCC. The concession period for the project
 is 20 years, including a construction period of 24 months. The project
 was developed with an investment by HCC of Rs. 315 crore.  This project
 became operational in July 2009, 100 days ahead of the scheduled
 completion date. The debt at Nirmal has since been refinanced through a
 structured bond at 9.38% fixed rate of interest for 17 year tenure.
 
 The SPV has received timely annuity payments over the last year and the
 operations and maintenance are being managed effciently by HCC
 Operations and Maintenance Ltd.
 
 Status of Assets under Development:
 
 West Bengal (NH34) Highway Project
 
 This project being developed by HCC Concessions Ltd. on a Design,
 Finance, Build, Operate and Transfer (DFBOT) basis, is the largest and
 among the most ambitious PPP highway projects being executed in West
 Bengal (WB). The National Highway No.34 commonly referred to as NH34 is
 an important connector to north eastern states with Kolkata in West
 Bengal. NH34 originates from Dum Dum in north Kolkata and ends at
 Dalkhola in West Bengal. It is about 443.5 km long road along
 international border and is a primary conduit for transportation of
 passenger as well as freight traffic from the South Bengal, South- East
 states and Central states of India to major towns and districts in the
 North Bengal and to all Eastern and North East states of India. The
 development of this stretch will improve connectivity to the East-West
 Corridor, which has already been four-laned. West Bengal is
 strategically located to play a pivotal and catalytic role in promoting
 economic cooperation in the sub region (Bangladesh, Bhutan, North
 Eastern states and West Bengal).
 
 The project road development is divided into three contiguous sections
 Baharampore - Farakka (101 km), Farakka - Raiganj (102 km) & Raiganj -
 Dalkhola (55 km). The concession period for the different segments
 totaling about 256 km range from 25 to 30 years, including a
 construction period of 30 months and an investment of over Rs. 3,200
 crore. The Company has achieved significant progress in the two larger
 sections and is expecting to start operations for one project very soon
 and the other one in first half of this financial year.
 
 NH34 provides nearest access to Kolkata and Haldia ports for the north
 eastern states of India and neighboring Bangladesh, Bhutan and Nepal.
 The traffic on NH34 comprises of 85~90% commercial traffic, carrying a
 diversified mix of manufacturing goods, building materials, steel, jute,
 food grains and tea.  The four-laning of two projects between Kolkata
 and Baharampore is progressing in significant pace in spite of clearance
 issues of state. This will further increase the throughput and improve
 traffc on this stretch.
 
 Baharampore Farakka Highway
 
 The project road starts from north of Kolkata at Km 191.420 near
 Baharampore and ends at Farakka (before Farakka barrage) at Km 294.680.
 The Baharampore Farakka section is about 101 km in length and traverses
 through Baharampore, Raghunathganj and Farakka towns in Murshidabad and
 Malda districts of West Bengal. It also passes through various small
 villages like Shibpur, Palsanda, Morgram, Chandermore, Basudebpur and
 Dhulian. The concession period is 25 years, including a construction
 period of 30 months.  The project is being implemented with an
 investment of Rs. 1,169 crore.
 
 The construction work has progressed significantly in the last year
 in spite of execution challenges due to delays in handover of land and
 75.45 km of project length has been completed by the end of the year.
 The Company has completed all requisite parameters for Provisional COD
 and is awaiting approval from NHAI, HO. The Company expects to start
 operation very soon.
 
 Farakka Raiganj Highway
 
 The project road starts from Farakka at Km 294.680 (before Farakka
 barrage) and ends at Raiganj at Km 398.000. The Farakka Raiganj section
 is about 102 km in length and traverses through Farakka barrage, Kalia
 Chawk Bazaar and Malda city in Malda and North Dinjapur districts of
 West Bengal. It also passes through various small villages like
 Sujapur, Gazole, Stalkuri, Itahar and ends before Raiganj town. The
 concession period is 30 years, including a construction period of 30
 months. The project is being implemented with an investment of Rs. 1,378
 crore.
 
 The Company has completed substantial stretch of roads and structures
 of 102 km in the last year.  The building and tunnel work for both toll
 plazas has also been completed. The Company expects to start operation
 by end of Q2 of this financial year.
 
 Raiganj Dalkhola Highway
 
 The project road starts from Raiganj at Km 398.000 and ends at Dalkhola
 at Km 452.730. The Raiganj Dalkhola section is about 55 km in length
 and traverses through Raiganj and Dalkhola towns in North Dinjapur
 district of West Bengal. It also passes through various small villages
 like Soharai, Karandighi, Maheshbathna and ends at the intersection of
 NH31. The concession period is 30 years and includes a construction
 period of 30 months. The project is being implemented with an
 investment of Rs. 684 crore. The project progress has been very slow due
 to the non-availability of land for over 2 years. The Company expects a
 major portion of the land for this section to be handed over by Q1 of
 this financial year.
 
 iv) Steiner AG, Switzerland
 
 Your Company holds through its wholly owned subsidiaries HCC Mauritius
 Enterprises Ltd. and HCC Mauritius Investment Ltd. 100% stake in
 Steiner AG, with the acquisition of remaining 34% of shares, as
 pre-agreed, during this year. Steiner AG is a leading total and general
 contracting Company in Switzerland, specialized in turnkey building
 construction including refurbishments and real estate development.
 
 Steiner AG had a consolidated revenue of Rs. 5380.9 crore and a
 consolidated profit of Rs. 55.0 crore in the financial year 2013-14.
 
 Steiner AG handed over part of the project House of Peace in Geneva
 to the client in the financial year 2013-14. It forms the heart of the
 Campus de la Paid at the headquarters of the University Institute of
 International and Development Studies (IHEID). Steiner has been working
 on this significant architectural project as a general contractor since
 September 2013.  The extraordinary building form made up of four petals
 and the twin-sided glazed facade make the House of Peace a real
 architectural highlight and an attraction for international visitors.
 
 Löwenbräu, a total contracting project of the Company, received the
 Leed Gold certification for its office building by the Green Building
 Council Environment Design in May 2013. This adds to the portfolio of
 environmentally sensitive buildings constructed by the Company.
 
 Steiner AG signed many important contracts in 2013-14.  At year end,
 the order backlog was CHF 1,181 million.  This is lower than the CHF
 1,210 million order backlog as of March 31, 2013. The Company has also
 secured projects worth more than CHF 250 million, which are yet to be
 formally contracted and therefore have not yet been included in the
 order book.
 
 The Board of Directors of Steiner AG comprises six members: Mr. Ajit
 Gulabchand, who also acts as Chairman, Mr. Rajgopal Nogja, who also
 acts as Managing Director / Delegate of the Board of Directors, Mr.
 Anil Singhvi, Mr. Peter Steiner, Mr. Andreas Schmid and Dr. Peter
 Huggler.
 
 v) Highbar Technologies Ltd.
 
 Highbar Technologies Ltd. (''Highbar''), a wholly owned subsidiary of
 your Company, is an Information Technology Company formed by your
 Company, with the vision of providing end-to-end IT solutions to
 Infrastructure industry.
 
 In the financial year 2013-14, Highbar was able to serve 14 new
 customers taking the total tally of customers to 78. This is achieved
 while the key customer segment i.e.  Infrastructure industry is passing
 through challenging times. Highbar Technologies is dominating ''IT for
 Infrastructure'' market in short span.  Your Company''s group legacy has
 enabled Highbar to understand & service these industries effectively.
 Highbar is now also servicing Telecom, PEB (Pre- engineered Buildings),
 Manufacturing, Retail, Agro- chemicals, Iron & Steel, Media etc.
 Industries.
 
 Highbar has grown its IT capabilities and the expertise in various
 areas including ERP (Enterprise Resource Planning), Business
 Intelligence, cloud offerings through High bar Cloud Connect, Employee
 portal, CRM (Customer Relationship Management) from SAP & Microsoft,
 Line of business solutions, etc. High bar Rapid Start and High bar
 Rapid Start Analytics solutions are based on the templates approach
 for ERP and Business Intelligence respectively and are intellectual
 properties (IP) assets of High bar Technologies. High bar has maintained
 the strategic alliance with SAP at ''Gold partnership level'' and is
 preferred partner of SAP for infrastructure industry.
 
 High bar’s Dubai subsidiary, High bar Technologies FZ-LLC is now fully
 operational and has started increasing its presence counting six major
 customers in Middle-East. High bar has also started pursuing
 opportunities in government sector & secured the first government order.
 When the macroeconomic scenario in the country improves, High bar will
 be in a better position to leverage the situation to its advantage.
 
 High bar, the spin-off from your Company''s internal IT function, has
 succeeded, when the success rate of such experiments is just 5%
 globally & in India.  High bar Technologies has established a proper
 scalable organization structure with all the functions in place to
 facilitate and sustain future growth. It is on the course towards
 accomplishing its vision of being ''the most preferred end-to-end IT
 solution provider'' for infrastructure industry.
 
 In accordance with the Scheme of Amalgamation under Section 391 to 394
 of the Companies Act, 1956, approved by the Honorable High Court of
 Judicature at Bombay vide Order dated April 4, 2014, Hinson
 Techno consult Ltd, wholly owned subsidiary of HCC, has been amalgamated
 with High bar.
 
 5.  Subsidiary Companies
 
 At the beginning of the year, the Company had 74 Subsidiary Companies.
 
 During the year under review, the following changes have taken place.
 
 i) Your Company has incorporated a Wholly Owned
 
 Subsidiary in Mauritius i.e. HCC Mauritius Investment Limited w.e.f.
 October 4, 2013
 
 ii) Hincon Techno consult Limited, Wholly Owned
 
 Subsidiary of your Company has been amalgamated into Highbar
 Technologies Limited, Wholly Owned Subsidiary of your Company vide
 Scheme of Amalgamation under Section 391 to 394 of the Companies Act,
 1956. The said Scheme of Amalgamation has been duly approved by the
 Hon''ble High Court of judicature at Bombay vide Order dated April 4,
 2014.
 
 iii) Klemanor Investments Limited has ceased to be your subsidiary
 company w.e.f. March 12, 2014.
 
 In terms of the General Circular No. 2/2011 dated February 8, 2011 read
 together with General Circular No. 3/2011 dated February 21, 2011,
 issued by the Government of India - Ministry of Corporate Affairs under
 Section 212(8) of the Companies Act, 1956, granting general exemption
 to companies from attaching financial statements of subsidiaries,
 subject to fulfillment of conditions stated in the circular, copies of
 the Balance Sheet, Profit and Loss Account, Report of the Board of
 Directors and Auditors Report of the subsidiary companies for the
 year/period ended December 31, 2013/March 31, 2014 are not attached to
 the Balance Sheet of the Company as the Company has fulfilled/shall
 fulfill the following conditions:
 
 (i) The Board of Directors of the Company has vide resolution dated May
 2, 2014 consented for not attaching the balance sheet(s) of the
 concerned subsidiary(ies);
 
 (ii) The Company has presented in its Annual Report, the consolidated
 financial statements of holding Company and all of its subsidiaries duly
 audited by its statutory auditors;
 
 (iii) The Consolidated financial statement has been prepared in strict
 compliance with applicable Accounting Standards and where applicable,
 Listing Agreement as prescribed by the Securities and Exchange Board of
 India;
 
 (iv) The Company has disclosed in the consolidated balance sheet the
 following formation in aggregate for each subsidiary including
 subsidiaries of subsidiaries:- (a) Capital (b)reserves (c) total assets
 (d) total liabilities (e) details of investment (except in case of
 investment in subsidiaries) (f) turnover (g) profit before taxation (h)
 provision for taxation (i) profit after taxation (j) proposed dividend,
 as applicable;
 
 (v) The financial statements and other related detailed information of
 the following subsidiaries shall be made available to members of the
 holding Company and subsidiary companies seeking such information at
 any point of time:
 
 1.  Western Securities Ltd.
 
 2.  HCC Aviation Ltd.
 
 3.  HCC Construction Ltd.
 
 4.  Highbar Technologies Ltd.
 
 5.  Highbar Technologies FZ LLC
 
 6.  HCC Mauritius Enterprises Limited
 
 7 HCC Mauritius Investment Limited (w.e.f.  October 4, 2013)
 
 8.  Steiner AG (Formerly known as Karl Steiner AG)
 
 9.  Steiner Promotions et Participations SA
 
 10.  VM   STAG
 
 11.  Eurohotel SA
 
 12.  Steiner (Germany) GmbH
 
 13.  Steiner Leman SAS
 
 14.  SNCValleiry Route De Bloux
 
 15.  Steiner India Ltd.
 
 16.  HCC Infrastructure Company Ltd.  17 HCC Concessions Ltd.
 
 18.  Nirmal BOT Ltd.
 
 19.  Badarpur Faridabad Tollway Ltd.
 
 20.  Baharampore - Farakka Highways Ltd.
 
 21.  Farakka - Raiganj Highways Ltd.
 
 22.  Raiganj - Dalkhola Highways Ltd.
 
 23.  Dhule Palesner Operations & Maintenance Ltd.
 
 24.  HCC Power Ltd.
 
 25.  HCC Operations & Maintenance Ltd.
 
 26.  Narmada Bridge Tollway Ltd.  27 HCC Real Estate Ltd.
 
 28.  HRL Township Developers Ltd.
 
 29.  HRL (Thane) Real Estate Ltd.
 
 30.  Nashik Township Developers Ltd.
 
 31.  Maan Township Developers Ltd.
 
 32.  Charosa Wineries Ltd.
 
 33.  Powai Real Estate Developers Ltd.
 
 34.  HCC Realty Ltd.
 
 35.  Pune-PaudToll Road Company Ltd.
 
 36.  Panchkutir Developers Ltd.  37 Lavasa Corporation Ltd.
 
 38.  Lavasa Hotel Ltd.
 
 39.  Apollo Lavasa Health Corporation Ltd.
 
 40.  Lakeshore Watersports Company Ltd.
 
 41.  Dasve Convention Centre Ltd.
 
 42.  Dasve Business Hotel Ltd.
 
 43.  Dasve Hospitality Institutes Ltd.
 
 44.  Lakeview Clubs Ltd.
 
 45.  Dasve Retail Ltd.
 
 46.  Full Spectrum Adventure Ltd.  47 Spotless Laundry Services Ltd.
 
 48.  Lavasa Bamboocrafts Ltd.
 
 49.  Green Hill Residences Ltd.
 
 50.  My City Technology Ltd.
 
 51.  Reasonable Housing Ltd.
 
 52.  Future City Multiservices SEZ Ltd. (Formerly known as Minfur
 Interior Technologies Ltd.)
 
 53.  Rhapsody Commercial Space Ltd.
 
 54.  Valley View Entertainment Ltd.
 
 55.  Andromeda Hotels Ltd.
 
 56.  Sirrah Palace Hotels Ltd.  57 Warasgaon Tourism Ltd.
 
 58.  Our Home Service Apartments Ltd.
 
 59.  Warasgaon Power Supply Ltd.
 
 60.  Sahyadri City Management Ltd.
 
 61.  Hill City Service Apartments Ltd.
 
 62.  Kart Racers Ltd.
 
 63.  Warasgaon Infrastructure Providers Ltd.
 
 64.  Nature Lovers Retail Ltd.
 
 65.  Osprey Hospitality Ltd.
 
 66.  Starlit Resort Ltd.
 
 67   Warasgaon Valley Hotels Ltd.
 
 68.  Rosebay Hotels Ltd.
 
 69.  Mugaon Luxury Hotels Ltd.
 
 70.  Warasgaon Assets Maintenance Ltd.
 
 71.  Hill View Parking Services Ltd.
 
 72.  Whistling Thrush Facilities Services Ltd.
 
 73.  Verzon Hospitality Ltd.
 
 (vi) Further, the financial statements of the subsidiary companies shall
 also be kept for inspection by any member at the registered office of
 the Company and of the subsidiary companies concerned and the Company
 shall furnish a hard copy of the details of accounts of subsidiaries to
 any member on demand;
 
 (vii) The holding as well as subsidiary companies in question shall
 regularly flew such data to the various regulatory and Government
 authorities as may be required by them;
 
 (viii) The Company has given Indian rupee equivalent of the figures
 given in foreign currency appearing in the accounts of the subsidiary
 companies along with the exchange rate as on closing day of the
 financial year;
 
 6.  Share Capital
 
 During the year under review, your Company''s Authorised Share Capital
 has remain unchanged at Rs. 100,00,00,000 (Rupees One hundred Crore)
 comprising 90,00,00,000 Equity Shares of Rs. 1/- each and 1,00,00,000
 Redeemable Cumulative Preference Shares of Rs. 10/- each.
 
 During the year under review, your Company''s paid up equity share
 capital has also remained unchanged at Rs. 60,66,10,420 (Rupees Sixty
 Crore Sixty Six Lacs Ten Thousand Four Hundred Twenty) comprising
 60,66,10,420 Equity Shares of Rs. 1/- each.
 
 Share Warrants
 
 During the year under review, in accordance with the approval of the
 Members, the Company had issued and allotted 3,92,15,686 Warrants
 convertible into 3,92,15,686 Equity Shares of Rs. 1/- each at a
 conversion price of Rs. 16.32/- per equity share (including premium of Rs.
 15.32/- per equity share), on a preferential basis, convertible within
 a period of 18 months from the date of allotment of Warrants,
 aggregating Rs. 64 crore to the Promoter Companies (Hincon Holdings
 Limited and Hincon Finance Limited). The said warrants were issued and
 allotted to these companies at the price as determined through SEBI
 prescribed formula.
 
 7.  Public Deposits and Loans/Advances
 
 Your Company has not accepted any deposits from the public, or its
 employees during the year under review.
 
 Pursuant to Clause 32 of the Listing Agreement, the particulars of
 loans/advances given to subsidiaries have been disclosed in the Annual
 Accounts of the Company.
 
 8.  Employee Stock Option Scheme (ESOP)
 
 During the year under review, 1,20,180 options got vested to the
 employees of the Company.
 
 As on March 31, 2014, 46,94,800 stock options are outstanding
 (comprising vested after adjustment for lapsed and exercised options),
 in aggregate, for exercise and are exercisable at a price of Rs. 52.03
 per stock option.
 
 Each option, when exercised, would entitle the holder to subscribe for
 one equity share of the Company of face value Rs. 1 each.
 
 The particulars with regard to the Employee Stock Options as on March
 31, 2014 as required to be disclosed pursuant to the provisions of
 Clause 12 of SEBI (Employee Stock Option Scheme and Employee Stock
 Purchase Scheme) Guidelines 1999, as amended, are set out in Annexure I
 to this Report.
 
 9.  Status of GDSs
 
 During the financial year 2005-06, the Company had issued Global
 Depository Shares (GDSs) and the underlying shares against each of the
 GDSs were issued in the name of the Depository, Citi Bank N.A.
 
 As on March 31, 2014, 1,20,720 GDSs have remained outstanding which
 forms part of the existing paid up capital of the Company.
 
 10.  Consolidated Financial Statements
 
 The Consolidated Financial Statements of the Company prepared in
 accordance with applicable Accounting Standards forms a part of this
 Annual Report.
 
 11.  Corporate Governance
 
 As per Clause 49 of the Listing Agreement with the Stock Exchanges,
 separate Chapter on Corporate Governance practices followed by the
 Company together with a Certificate from the Company''s Auditors
 confirming compliance forms part of this Report.
 
 12.  Directors
 
 Mr. K. G. Tendulkar has resigned as a Director of the Company w.e.f.
 August 2, 2013 and Mr. Nirmal P Bhogilal has resigned as a Director of
 the Company w.e.f. October 23, 2013.
 
 Mr. ArunV. Karambelkar has resigned as Whole-time Director of the
 Company w.e.f. April 29, 2014 and Dr. Ila Patnaik has resigned as a
 Director of the Company w.e.f. April 30, 2014.
 
 The Board places on record their appreciation for the valuable guidance
 and services rendered by these Directors/ Whole-time Director of the
 Company.
 
 In accordance with the provisions of Section 149 of the Companies Act,
 2013, your Board of Directors are seeking the appointment of Mr. Ram P.
 Gandhi and Mr.  Sharad M. Kulkarni, who are retiring by rotation at the
 ensuing Annual General Meeting under the erstwhile applicable
 provisions of Companies Act, 1956, as Independent Directors for 3
 (three) consecutive years for a term up to the conclusion of the 91st
 Annual General Meeting of the Company in the calendar year 2017
 
 The Company has received Notices under Section 160 of the Companies
 Act, 2013 from members signifying their intention to propose Mr. Ram P
 Gandhi and Mr.  Sharad M. Kulkarni as a candidate for the offce of
 Independent Director at the ensuing Annual General Meeting.
 
 The Company has also received the requisite disclosures/declarations
 from Mr. Ram P Gandhi and Mr. Sharad M. Kulkarni as required under
 Section 149 and other applicable provisions of the Companies Act, 2013.
 
 As per the provisions of Section 152 of the Companies Act, 2013, Prof.
 Fred Moavenzadeh, Director of the Company retires by rotation at the
 ensuing Annual General Meeting. Prof. Fred Moavenzadeh has expressed
 his intention not to seek re-election as a Director of the Company.
 
 Profile of all these Directors has been given in the Report on the
 Corporate Governance as well as in the Explanatory Statement to the
 Notice of the ensuing Annual General Meeting of the Company.
 
 13.  Directors'' Responsibility Statement
 
 In accordance with the provisions of Section 217(2AA) of the Companies
 Act, 1956, your Directors confrm that:
 
 a) in the preparation of the annual accounts, the applicable accounting
 standards have been followed and there has been no material departure;
 
 b) the selected accounting policies were applied consistently and the
 Directors 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 as at March 31, 2014 and of the profit of the Company for the
 year ended on that date.
 
 c) proper and sufficient care has been 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 have been prepared on a going concern basis.
 
 14.  Industrial Relations
 
 The industrial relations continued to be generally peaceful and
 cordial.
 
 15.  Transfer to Investor Education and Protection Fund (IEPF)
 
 The Company has, during the year under review, transferred a sum of Rs.
 9,17,451/- to Investor Education and Protection Fund, in compliance
 with the provisions of erstwhile Section 205C of the Companies Act,
 1956. The said amount represents dividend for the financial year 2005-06
 which remained unclaimed by the members of the Company for a period
 exceeding 7 years from its due date of payment.
 
 16.  Particulars of Employees and other additional information.
 
 The information required under Section 217(2A) of the Companies Act,
 1956 and the Rules made there under is given in the Annexure to this
 Report and forms part of the Report. However, in terms of Section
 136(1) of the Companies Act, 2013, the Report and Accounts are being
 sent to the members excluding the aforesaid Annexure. Any member
 interested in obtaining copy of the same may write to the Company
 Secretary at the Registered Office of the Company.
 
 17.  Conservation of Energy, Technology Absorption and Foreign Exchange
 Earnings and Outgo.
 
 The information relating to the conservation of energy, technology
 absorption and foreign exchange earnings and outgo as required to be
 disclosed under the Companies (Disclosure of Particulars in the Report
 of the Board of Directors) Rules 1988, is given in Annexure II forming
 part of this Report.
 
 18.  Auditors
 
 M/s Walker Chandiok & Co.LLP Chartered Accountants, Mumbai bearing ICAI
 Registration No. 001076N are proposed to be appointed as Auditors of
 the Company from the conclusion of the ensuing Annual General Meeting
 till the conclusion of the sixth Annual General Meeting of the Company
 held thereafter, subject to ratification of the appointment by the
 members at every AGM held after the ensuing AGM.
 
 As required under Section 139 of the Companies Act, 2013, the Company
 has obtained a written consent from M/s Walker Chandiok & Co.LLP 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.
 
 19.  Auditors'' Report
 
 The Auditors'' Report to the members on the Accounts of the Company for
 the financial year ended March 31, 2014 does not contain any
 qualification.
 
 20.  Acknowledgements
 
 Your Directors would like to acknowledge and place on record their
 sincere appreciation to all stakeholders - Clients, Financial
 Institutions, Banks, Central and State Governments, the Company''s
 valued investors and all other business partners for their continued
 co-operation and excellent support received during the year.
 
 Your Directors recognize and appreciate the efforts and hard work of
 all the employees of the Company and their continued contribution to
 its growth.
 
 
 
                            For and on behalf of Board of Directors,
 
 
                                                     AJIT GULABCHAND
 
                                        Chairman & Managing Director
 
 
 
 Registered Office:
 
 Hincon House, 11th Floor, 
 
 247Park, Lal Bahadur Shastri Marg 
 
 Vikhroli (West) 
 
 Mumbai 400 083
 
 
 
 Place: Mumbai 
 
 Date: May 2, 2014
Source : Dion Global Solutions Limited
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