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Gujarat State Petronet Limited
The Directors take pleasure in presenting the 20th Annual Report and Audited Accounts of the Company for the year ended 31st March, 2018.
Your Company has excelled in most of the performance parameters.
Major Highlights of the Company are summarized below:
C in Crore)
Particulars (Standalone Accounts)
Employee Benefit Expenses
Depreciation & Amortisation
Profit Before Tax
Tax including Deferred Tax
Profit After Tax
Transfer to General Reserves
- 100% Pipeline grid availability and “accident free” year of operations.
- Development of CGD networks in Geographical Area of Amritsar and Bhatinda is commenced.
- It is expected that in FY 2018-19, PNGRB shall determine final tariffs of your Company’s Pipeline Network.
- Total Income stood at Rs, 1405.21 Crore, as compared to Rs, 1115.76 Crore and PBT was Rs, 1010.81 Crore as compared to Rs, 737.79 Crore over Previous Year.
- The Company has acquired additional 28.40% equity stake in Gujarat Gas Limited (GGL) during the year resulting in to total equity stake of 54.17% of the Company in GGL.
During the year, the Board has approved allotment of 2,45,860 Shares to the eligible employees under ESOP — 2010 Scheme of the Company upon exercise of Options by them, consequent to which the paid up Share Capital of the Company has increased to Rs, 563.83 Crore.
As per the provisions of the Regulation 43 (A) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”), the Company adopted a Dividend Policy which is broadly based on the same policy as has been followed by the Company since long. Keeping in view the various factors including the fund requirements for expansion of projects and subsidiaries as mentioned in the Policy, the Board of Directors of the Company is pleased to recommend Dividend of Rs, 1.75 (i.e. @ 17.5 %) per Equity Share of the face value of Rs, 10 each for the Financial Year 2017-18 subject to the approval of Shareholders in the ensuing Annual General Meeting. The total cash outflow on account of the proposed Dividend (including Dividend Distribution Tax after considering the credit of Dividend receivable from Subsidiary companies) for the year 2017-18 would be approx Rs, 112.82 Crore.
GAS GRID PROJECT
Government of Gujarat has always played a pro-active role in the development of the energy value chain in the State. Gujarat is the first State to plan and execute a State-wide Gas Grid on an Open Access principle.
The pipeline grid has been designed as per the highest international standards with inbuilt flexibility to cater to varying loads.
The pipeline grid map of GSPL for Gujarat is enclosed herewith as Annexure - IX.
The map showing the Cross-Country Natural Gas Transmission Pipelines being implemented through special purpose vehicles is enclosed herewith as Annexure — X.
During the year under review, the Company has successfully completed commissioning of Dabhan Thasara Pipeline and provided natural gas connectivity to various customer(s) (connectivity projects) namely Sanand GIDC ring network, Dahej — PCPIR, Dahej SEZ-II network, IRM Energy and Panchmahal Dairy.
The grid operations account for approx 2518 Kms as on 31st March, 2018. Gas is flowing from Hazira / Dahej / Vapi to various industries and City Gas Distribution (“CGD”) Networks located in various Districts of Gujarat including Surat, Bharuch, Narmada, Baroda, Anand, Ahmedabad, Dahod, Gandhinagar, Sabarkantha, Panchamahal, Patan, Bhavnagar, Mehsana, Banaskantha, Surendranagar, Botad, Rajkot, Morbi, Jamnagar, Navsari, Kutch, Kheda, Valsad, Amreli, Gir & Somnath.
Projects under execution:
Your Directors are pleased to inform that the Company continues to develop additional pipeline infrastructure in the State of Gujarat. The Company has also started laying Anjar-Mundra Pipeline connecting GSPC LNG Terminal at Mundra to GSPL’s Gas Grid Network. Additionally, the Company is also installing Gas Compressor Station at Gana which is under construction.
The Company is a co-developer in Dahej SEZ and is developing pipeline infrastructure therein. Several customers have started receiving gas in Dahej SEZ through Company’s network with more getting connected on regular basis.
WIND POWER PROJECT
Your Company being committed to promote clean and green energy has set up Wind Power Project of 52.5 MW in the areas of
Maliya Miyana, Rajkot and Gorsar & Adodar, Porbandar. During the year, the Company has sold 10,59,85,160 KWH of electricity generated through Windmill.
The Company is working on future expansion projects based on the demand in various regions around the gas grid. The Company is also gearing up its pipeline by developing connectivity with new terminals that are being developed in Gujarat to ensure connectivity with all sources in Gujarat. The Company is also authorised to develop the City Gas Distribution (CGD) Network in the Geographical Area (GA) of Amritsar District (Punjab) and Bhatinda GA (Punjab). Company has already started necessary activities in relation to the development of the CGD Network in both these GAs and gas supply is expected to be commenced in the coming Financial Year.
OPERATION & MAINTENANCE ACTIVITIES
The Company has transported 11511 MMSCM of gas during the Financial Year 2017 - 18 (Previous year: 9071 MMSCM).
To safeguard pipeline assets and optimize utilization of the pipeline system, the Company is giving utmost importance to efficient operations and preventive maintenance. The Company is in the process of implementing Pipeline Integrity Management System in line with PNGRB guidelines to safeguard the pipeline assets.
SUBSIDIARY, ASSOCIATE & JOINT VENTURE COMPANIES
Your Company has following three Subsidiary companies within the meaning of the Section 2(87) of The Companies Act, 2013:
1) GSPL India Gasnet Limited (GIGL) for development of Mehsana — Bhatinda (approx 1670 Kms) and Bhatinda - Jammu
- Srinagar (approx 740 Kms) Pipeline Projects;
2) GSPL India Transco Limited (GITL) for development of Mallavaram - Bhopal — Bhilwara — Vijaipur (approx. 1881 Kms) Pipeline Project.
3) Gujarat Gas Limited (GGL) - w.e.f. 28th March, 2018 Gujarat Gas Limited is India’s largest city gas distribution player with presence spread across 22 Districts in the State of Gujarat and Union Territory of Dadra Nagar Haveli and Thane GA which includes Palghar District of Maharashtra.
As on 31st March, 2018, your Company has one Associate Company viz. Sabarmati Gas Limited.
To avoid duplication between the Directors’ Report and Management Discussion and Analysis Report, the performance highlights/summary of the Subsidiary companies/Joint Venture companies /Associate companies of GSPL is given in Management Discussion and Analysis Report.
Accounts of Subsidiary, Associate & Joint Venture companies:
Pursuant to notification dated 16th February, 2015 of Ministry of Corporate Affairs notifying the Companies (Indian
Accounting Standard) Rules, 2015, the Company, its Associate, Subsidiary and Joint Venture Companies have adopted Ind AS w.e.f. 1st April, 2016.
Consequently, though as per provision of Section 2 (87) (ii) of The Companies Act 2013, GSPL India Gasnet Limited (GIGL) and GSPL India Transco Limited (GITL) fall within the meaning of Subsidiary Company, as per guidance of Indian Accounting Standards [Ind AS], GIGL and GITL fall within the criteria of Joint Venture and accordingly they have been considered as Joint Venture for the purpose of disclosures and compliances in relation to the Financial Statements of the Company for the Financial Year 2017-18.
Pursuant to provisions of Section 129 (3) of the Companies Act, 2013 read with Companies (Accounts) Rules, 2014, a separate statement in prescribed Form AOC - 1 containing salient features of the financial statement of Subsidiary, Associate & Joint Venture Companies is provided in the Annual Report.
Further, the audited annual accounts and related information of GIGL, GITL and GGL will be made available to any Member upon request. The annual accounts of GIGL, GITL and GGL will also be kept open for inspection at the Registered Office of the Company and that of the respective companies. The same are also made available on the website of the Company viz. www.gspcgroup.com.
CONSOLIDATED FINANCIAL STATEMENTS
In accordance with the Ind AS - 28 on Investment in Associates and Joint Ventures read with Ind AS — 110 on Consolidated Financial Statements and Ind AS — 111 on Joint Arrangement, the Audited Consolidated Financial Statements are provided in the Annual Report.
HEALTH, SAFETY AND ENVIRONMENT
The Company, in order to fulfill its commitment towards Health, Safety and Environment, has taken active steps towards establishment of Safety Management Systems. Environment and safety features have been integrated into design, construction and O&M operations of the Company for ensuring utmost safety for the facilities, local community and the environment. The same is also being reflected in the QHSE policy of the Company. The Company is expanding and managing its operations in a manner which is safe and environmentally sustainable.
For developing effectiveness of Safety Management Systems, training of all employees across the Company is ensured through various training programs. The same is being monitored through internal audit teams and delegation of safety management up to the local level. Contractors’ adherence to Company’s QHSE policy is also assured through regular site visits and external audits. Regular site visits ensure the enhancement of safety culture which also facilitates safe commissioning of the new projects. The Company is proud to maintain its target of ‘zero accident’ year with full commitment of its employees and management.
The Company is re-certified to Integrated Management Systems (ISO 9001:2015, ISO 14001:2015 & OHSAS 18001:2007) with validity till 30th October, 2020. Effectiveness of these certifications is being assured through planned audits of the system. Continuous improvement is visible in various O&M systems. Preventive Maintenance schedules are being adhered to with updating of records. Further, Emergency Response and Disaster Management Plan (ERDMP) of GSPL was re-accredited by Disaster Management Institute, Bhopal as per the requirement of ERDMP Regulations, 2010 under PNGRB Act, 2006. ERDMP is being reviewed and updated regularly. All conditions of Accreditation are being adhered to. Effectiveness of ERDMP is verified through regular mock drills as per specified intervals as identified by respective work bases.
During the year, the Company has not accepted Deposits from the public falling within the ambit of Section 73 of the Companies Act, 2013 read with the Companies (Acceptance of Deposits) Rules, 2014.
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS
Pursuant to Section 186 (11) of the Companies Act, 2013, loans made, guarantees given or securities provided or investment made by a company providing infrastructure facilities are exempted from compliance with Section 186 of the Companies Act, 2013 except sub Section (1). Accordingly, your Company being engaged in the Gas Transportation business is exempted from aforesaid compliance. However, the details of Loans, Guarantees, Securities and Investments covered under the provisions of Section 186 of the Companies Act, 2013 are given in the notes to the Financial Statements.
PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES REFERRED TO IN SECTION 188 (1) OF THE COMPANIES ACT, 2013
All Related Party Transactions that were entered into during the Financial Year were on an arm’s length basis and were in the ordinary course of business.
Prior omnibus approval of the Audit Committee is obtained on a yearly basis for the transactions which are of a foreseeable and repetitive nature and further would be executed on arm’s length basis and in the ordinary course of business. Further, a statement giving details of all Transactions executed with Related Parties is placed before the Audit Committee on a quarterly basis for its approval/ ratification as the case may be.
The Policy on Materiality of Related Party Transactions and Dealing with Related Party Transactions as approved by the Board is uploaded on the Company’s Website.
None of the Directors has any pecuniary relationships or transactions vis-a-vis the Company.
The particulars of contracts or arrangements with Related Parties referred to in Section 188 (1) of the Companies Act, 2013, as prescribed in Form AOC — 2 of the Companies (Accounts) Rules, 2014 is enclosed as Annexure - III to this Report.
CORPORATE SOCIAL RESPONSIBILITY
The Company has constituted a Corporate Social Responsibility (CSR) Committee in accordance with Section 135 of the Companies Act, 2013 read with Companies (Corporate Social Responsibility Policy) Rules, 2014. Pursuant to provisions of
Section 135 of the Companies Act, 2013, the Company has also formulated a Corporate Social Responsibility Policy which is available on the website of the Company at http://gspcgroup. com/gspl/csr.
Your Company being committed in fulfilling its Corporate Social Responsibility has been engaged in various social initiatives through its intervention in the areas of education, promoting healthcare/ eradication of hunger, poverty & malnutrition, conservation of natural resources like water/energy, etc. in accordance with the Corporate Social Responsibility Policy of the Company.
The Annual Report on CSR activities as required under the Companies (Corporate Social Responsibility Policy) Rules, 2014 is enclosed herewith as Annexure - IV to this Report.
DIRECTORS AND KEY MANAGERIAL PERSONNEL
Since last Directors’ Report, Shri Anil Mukim, IAS & Shri Sujit Gulati, IAS ceased to be Directors of the Company consequent to their resignation as Directors from the Board of the Company.
Your Directors wish to place on record appreciation for the services rendered by Shri Anil Mukim, IAS & Shri Sujit Gulati, IAS as Directors of the Company.
Further, Shri Manish Seth, Chief Financial Officer of the Company has resigned from the Company w.e.f. 8th August, 2018.
Shri Arvind Agarwal, IAS and Shri Raj Gopal, IAS have been appointed as Additional Directors to hold office till the ensuing Annual General Meeting. It is proposed to regularize their appointment in the 20th Annual General Meeting.
Pursuant to the provisions of Section 152 of the Companies Act, 2013, Dr. T Natarajan, IAS, Joint Managing Director of the Company shall retire by rotation at the ensuing Annual General Meeting and being eligible, offers himself for re-appointment as Director (with continuity in his position as Joint Managing Director) not liable to retire by rotation, unless the constitution of the Board requires otherwise.
A brief resume of the Directors retiring by rotation/seeking appointment at the ensuing Annual General Meeting, nature of their expertise in specific functional areas and details regarding the companies in which they hold directorship, membership/ chairmanship of committees of the Board is annexed to the Notice.
Pursuant to the provisions of Section 149 (6) of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Independent Directors of the Company have given confirmation/ declaration to the Board that they meet with the criteria of Independence and are Independent in terms of Section 149 (6) of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Pursuant to the provisions of the Companies Act, 2013 and Regulation 25 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Independent Directors have carried out an annual performance evaluation of Chairman, Non-Independent Directors and the Board as a whole. Further, the Board has carried out an annual performance evaluation of its own performance, the Directors individually as well as the evaluation of the working of the various Committees of Directors of the Company.
The performance evaluation of individual Directors was carried out based on the various parameters after taking into consideration inputs received from the Directors and also parameters set out in the Policy for Evaluation of Performance of Directors, Committees & Board such as active participation & contributions in the Meetings, balance of knowledge, expertise and experience, safeguarding the interest of the Company and its Stakeholders etc. The performance evaluation of the Board as a whole and various Committees of Directors of the Company was carried out considering various parameters such as adequacy of the composition of the Board and its Committees, discharge of key functions and responsibilities prescribed under law, corporate governance practice etc. and the overall performance assessment was discussed in detail by the Board members.
The Board meets at regular intervals to discuss and decide on Company / business policy and strategy apart from other Board business. The Board / Committee Meetings are pre-scheduled and a tentative annual calendar of the Board and Committee Meetings is circulated to the Directors in advance to facilitate them to plan their schedule and to ensure meaningful participation in the Meetings. However, in case of a special and urgent business need, the approval is taken by passing resolutions through circulation to the Directors, as permitted by law, which are noted in the subsequent Board/Committee Meetings.
During the year, six (6) Board Meetings were convened and held, the details of which are given in the Corporate Governance Report. The intervening gap between the Meetings was within the period prescribed under the Companies Act, 2013 and Regulation 17 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Statutory & C&AG Audit:
As your Company is a Government Company, the Statutory Auditors are appointed by the Comptroller & Auditor General of India (C&AG). Accordingly, the C&AG has appointed M/s V V Patel & Co., Chartered Accountants as Statutory Auditors of the Company for the Financial Year 2017 - 18.
The C&AG has given NIL Comment Report on the Standalone and Consolidated Financial Statements of the Company for the Financial Year 2017 - 18. The NIL Comment Report has been provided before the Standalone & Consolidated Financial Statements respectively.
Pursuant to the provisions of Section 204 of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Board of Directors of the Company has appointed M/s Manoj Hurkat & Associates, Practicing Company Secretaries, to conduct the Secretarial Audit of the Company for the Financial Year 2017 - 18.
The Report of Secretarial Auditor on Company’s Secretarial Audit for the Financial Year 2017 - 18 is enclosed herewith as Annexure
- V to this Report.
Your Company is required to get the Cost Audit carried out for “Gas Transportation” business as well as “Generation of Electricity through Windmill” business pursuant to Section 148 of the Companies Act, 2013 read with the Companies (Cost Records and Audit) Rules, 2014. The Company is maintaining the Cost Accounts and Records as specified by the Central Government under sub Section (1) of Section 148 of the Companies, Act, 2013.
Accordingly, your Company has got the Cost Audit carried out for the said business of the Company for the Financial Year 2017- 18 through the Cost Auditor M/s N D Birla & Co. The Cost Audit Report 2017-18 will be submitted to the Central Government in the prescribed format within stipulated time period.
Further, your Directors has, on the recommendation of the Audit Committee, appointed M/s N D Birla & Co., Cost Accountants as Cost Auditor to audit the cost accounts of the Company for the Financial Year 2018-19 at a remuneration of '' 1,00,000/- plus applicable taxes and reimbursement of out of pocket expenses incurred by them during the course of Audit. As required under the Companies Act, 2013, the remuneration payable to the Cost Auditor is required to be placed before the Members in a General Meeting for their ratification. Accordingly, a Resolution seeking Member’s ratification for the remuneration payable to M/s N D Birla & Co., Cost Auditors for the Financial Year 2018-19 is included in the Notice convening the Annual General Meeting.
Audit Committee of Directors of the Company at its Meeting held on 21st May, 2018 approved the Annual Accounts for the Financial Year ended on 31st March, 2018 and recommended the same for approval of the Board.
RISK MANAGEMENT AND INTERNAL CONTROL SYSTEM
The Company has a well-defined risk management framework. The Board of Directors of the Company has adopted a Risk Management Policy.
Internal Control System:
The Company has a proper and adequate system of Internal Controls commensurate with its size of operations and nature of business. These are routinely tested and certified by Statutory as well as Internal Auditors. Significant audit observations and follow up actions thereon are reported to the Audit Committee.
The details about the identification of elements of Risk and Internal Control Systems are provided in detail in the Management Discussion & Analysis Report forming part of this Directors’ Report.
The Company has established a Vigil Mechanism for Directors and Employees to report their genuine concerns, details of which have been given in the Corporate Governance Report forming part of this Directors’ Report
DIRECTORS’ RESPONSIBILITY STATEMENT
To the best of their knowledge and belief and according to the information and explanations obtained by them, your Directors make the following statements in terms of Section 134(3) (c) of the Companies Act, 2013:
a. that in the preparation of the Annual Financial Statements for the year ended 31st March, 2018, the applicable accounting standards have been followed and no material departures have been made from the same;
b. that accounting policies have been selected and applied consistently and judgment and estimates have been made that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at 31st March, 2018 and of the profit & loss of the Company for the year ended on that date;
c. that proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;
d. that the Annual Financial Statements have been prepared on a going concern basis;
e. that proper Internal Financial Controls were in place and that the financial controls were adequate and were operating effectively;
f. that systems to ensure compliance with the provisions of all applicable laws were in place and were adequate and operating effectively.
MANAGEMENT DISCUSSION & ANALYSIS
This Annual Report contains a separate section (Annexure—I) on the Management Discussion & Analysis, which forms part of this Directors’ Report.
Corporate Governance denotes the framework for companies to conduct their business in an ethical and responsible manner. It is determined primarily by the approach that a Company has towards its stakeholders as well as to the environment in which it operates. It stems from the belief and realization that corporate citizenship has a set of responsibilities, which must be fulfilled for a Company to progress and succeed over the long term.
The Company believes that good governance alone can deliver continuous good business performance. A Report on Corporate Governance as required under Regulation 34 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 is incorporated as a part of this Directors’ Report (Annexure — II). A Compliance Certificate by the Practising Company Secretary is also attached to this Directors’ Report.
COMPLIANCE OF SECRETARIAL STANDARDS
The Company has complied with Secretarial Standards issued by the Institute of Company Secretaries of India on Meetings of the Board of Directors (SS-1) and General Meetings (SS-2).
The draft Annual Return of the Company for the Financial Year 2017-18 in the Form MGT — 7 is available on the website of the Company at http://gspcgroup.com/GSPL/annual-returns.
GSPL EMPLOYEES STOCK OPTION PLAN (“ESOP”)
GSPL Employees Stock Option Plan — 2010 (ESOP — 2010) was instituted as incentives to attract, retain and reward the employees, and to enable them to participate in the future growth and success of the Company.
Under the said ESOP - 2010, each such Option has conferred a right upon the employee to apply for one Equity Share of the Company.
Auditors of the Company have certified that the Scheme is being implemented in accordance with the SEBI (Share Based Employee Benefits) Regulations, 2014 and the resolution passed by the Members. The Certificate would be placed at the Annual General Meeting for inspection by Members.
Statutory disclosure regarding ESOP — 2010 is enclosed at Annexure — VI .
Further, the Disclosure regarding ESOP — 2010 pursuant to SEBI
(Share Based Employee Benefits) Regulations, 2014 has been made on the website of the Company at http:// gspcgroup.com / GSPL/disclosures.aspx.
PARTICULARS OF EMPLOYEES
Your Company being a Government Company is exempted from disclosing the information required pursuant to Section 197 of the Companies Act, 2013 read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules,
2014 in respect of the employees of the Company pursuant to Ministry of Corporate Affairs Notification dated 5 th June, 2015.
DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013
Your Company has always believed that appropriate standard of conduct should be maintained by the employees in their conduct and that there should be a safe, indiscriminatory and harassment free (including sexual harassment) work environment for every individual working in the Company. The Company has in place a Policy on Prevention of Sexual Harassment at workplace as a part of its Human Resource Policy. It aims at prevention of harassment of employees and lays down the guidelines for reporting and prevention of sexual harassment.
The Company has constituted an Internal Complaints Committee (ICC) as required under the Act which is responsible for redressal of complaints related to sexual harassment.
During the year ended 31st March, 2018, no complaint has been received by the ICC pertaining to sexual harassment.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO
Information required to be disclosed pursuant to provisions of the Companies Act, 2013 read with Rules thereto with respect to Conservation of Energy, Technology Absorption and Foreign Exchange Earnings & Outgo are furnished in Annexure - VIII to this Report.
BUSINESS RESPONSIBILITY REPORT
Your Company has always given the highest importance to the environment, health and safety. The same is also reflected in the business practices of the Company e.g. Company has implemented practices towards preservation of natural resources, Green Gas emission reduction, lowering costs, etc. over these years. The Company is also conscious of its responsibility towards its various stakeholders and is determined to increase its contribution to the society to bring positive social impact.
The Business Responsibility Report in the prescribed format describing the initiatives taken by the Company from an environmental, social and governance perspective among other things is enclosed as Annexure-VII to this Report
MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF THE COMPANY
There have been no material changes and commitments, if any, affecting the financial position of the Company which have occurred between the end of the Financial Year of the Company to which the Financial Statements relate and the date of this Report.
SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS
There are no significant material orders passed by the Regulators / Courts which would impact the going concern status of the Company and its future operations during the year.
The Directors appreciate the continued support received from the valued customers and look forward to this mutually supportive relationship in future.
The Directors place on record their deep appreciation to employees of the Company at all levels for their hard work, dedication and commitment without whose contribution the excellent performance of the Company would not have been possible.
The Directors are extremely grateful for all the support given by the Government of Gujarat at all levels. Their guidance, encouragement and moral support have enabled the Company to expand the pipeline network in a professional manner.
The Directors also wish to place on record the sincere thanks to PNGRB and other regulatory authorities at Central and State level for the continuous support extended to the Company.
The Directors place on record their sincere thanks to the Promoters, Shareholders and Lenders for their valuable support, trust and confidence reposed in the Company.
For and on behalf of the Board of Directors
Dr. J N Singh, IAS Dr. T Natarajan, IAS
Managing Director Joint Managing Director
Date: 29th August, 2018