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IL&FS Engineering & Construction Co Ltd.

BSE: 532907 Sector: Infrastructure
NSE: IL&FSENGG ISIN Code: INE369I01014
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VOLUME 7084
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OPEN 42.90
CLOSE 42.80
VOLUME 7084
52-Week high 66.00
52-Week low 36.80
P/E
Mkt Cap.(Rs cr) 547
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

IL&FS Engineering & Construction Co Ltd. (IL&FSENGG) - Director Report

Company director report

The Members

IL&FS Engineering and Construction Company Limited

Your Directors take pleasure in presenting the Twenty-Seventh Annual Report along withthe Audited Financial Statements for the Financial Year Ended March 31 2016

I. FINANCIAL RESULTS :

(Rs in Crore)

Particulars

FY 2016

FY 2015

Gross Income 1983.16 2477.76
Profit/ (Loss) before Interest Depreciation Exceptional Items and Tax 159.20 314.71
Interest and Finance Charges 304.06 268.31
Depreciation 43.66 43.73
Profit/ (Loss) before Exceptional Items Tax and Prior Period Items (188.52) 2.67
Exceptional Items (net) - -
Profit/ (Loss) before Tax and Prior Period Items (188.52) 2.67
Provision for Taxes - -
Less: Prior Period Expenses ( net) - -
Profit/ (Loss) after Tax (188.52) 2.67
Paid up Equity Capital 121.16 112.12
Preference Share Capital 92.75 137.00
Reserves and Surplus (90.31) 30.35
Net Worth 123.60 279.47
Earnings per share (In Rupees)
- Basic (16.65) (0.85)
- Diluted (16.65) (0.85)

II. DIVIDEND :

During FY 2016 the Company had incurred loss of Rs. 188.52 crore. Your Directorstherefore express their inability to recommend any dividend for the year to Preference aswell as to Equity Shareholders

III. RESERVES :

Due to inadequacy of profits no amount can be transferred to Reserves of the Companyfor the Financial Year Ended March 31 2016

IV. THE STATE OF AFFAIRS OF THE COMPANY :

During the year under review your Company had bagged various orders in the RoadsBuildings & Structures Power and Oil & Gas Sectors. The Orders received duringthe year under review amounted to Rs.1691 Crore. Also the Company already had ordersworth Rs 10150 Crore at the beginning of the year. Out of the total orders in hand theunexecuted order value stands at Rs. 10000 Crore (approx.) at the end of the year.

Your Company is having operations beyond the territorial limits of India and is nowoperating from Saudi Arabia under a separate Joint Venture Subsidiary and throughCompany’s branches in Fujairah and Abu Dhabi

The Board of Directors is hopeful of securing sizeable orders in the future and isconfident of effective execution of the existing works of the order book. Also thebusiness support from the Promoter and Investor is facilitating entry into new marketsegments and in turn increasing capabilities of the Company

V. SHARE CAPITAL :

During the year under review your Company had allotted 135853 Equity shares of Rs. 10each fully paid at a price of Rs. 58.90 amounting to Rs. 80017417 upon exercising equalnumber of Employees Stock Options issued to Employees/Directors/ Directors of SubsidiaryCompanies under ESOP 2009 scheme

Additionally your Company had allotted 8900000 equity shares of Rs. 10 each at aprice of Rs. 85.50 per share on Preferential Basis to the following entities on September8 2015:

# Name of the Entity

Number of Shares

Total amount paid incl. premium (in Rs.)
1 Infrastructure Leasing and Financial Services Limited 4408045 376887847.50
2 IL&FS Financial Services Limited 4491955 384062152.50
TOTAL 8900000 760950000.00

Accordingly the movement in the Paid-up Equity Share Capital of the Company is asfollows:

Particulars

Number of Shares

Amount (in Rs.)

Opening Balance as on April 1 2015 112122818 1121228180
Add: Allotment under ESOP scheme 135853 1358530
Add: Allotment under Preferential issue 8900000 89000000
Closing Balance as on March 31 2016 121158671 1211586710

During the year under review your Company had redeemed certain preference shares andthe movement is shown below:

Particulars

No. of 6% OCCRPS*

Amount (in Rs.)

No. of 6% CRPS**

Amount (in Rs.)

Opening Balance as on April 1 2015 12500000 1250000000 1200000 120000000
Less: Redeemed on September 30 2015 (3750000) (375000000) (675000) (67500000)
Closing Balance as on March 31 2016 8750000 875000000 525000 52500000

*OCCRPS: Optionally Convertible Cumulative Redeemable Preference Shares **CRPS:Cumulative Redeemable Preference Shares

Shares held by Directors :

Mr. Karunakaran Ramchand Non-Executive Chairman of the Company holds 40000 EquityShares of the Company. No other Non-Executive Director of the Company holds any Shares orconvertible instruments of the Company

Further Mr. Murli Dhar Khattar Managing Director of the Company holds 70000 EquityShares of the Company

Deposits :

Your Company has not accepted any Fixed Deposits during the year under review

VI. DIRECTORS AND KEY MANAGERIAL PERSONNEL :

During the year under review Mr. Ahmad Dabbous Alternate Director to Mr. El MouhtazEl Sawaf had vacated his office since Mr. Sawaf had attended the Board Meeting held onAugust 14 2015. The Board of Directors of the Company in its Meeting held on August 142015 again appointed Mr. Ahmad Dabbous as an Alternate Director to Mr. Sawaf with effectfrom August 15 2015

Mr. Dhananjay Narendra Mungale Non-Executive Independent Director has resigned fromthe Directorship of the Company with effect from July 1 2016.Your Directors placed onrecords sincere appreciation of the contribution made by him towards the Company.

None of the Directors of the Company are inter-se related to each other

During the year under review Mr. G. Venkateswar Reddy resigned from the position ofCompany Secretary and Compliance Officer of the Company with effect from November 302015. The Board of Directors of the Company in its meeting held on March 12 2016appointed Mr. Sushil Kumar Dudeja as the Company Secretary and Compliance Officer of theCompany with effect from April 4 2016 in terms of the provisions of Section 203 of theCompanies Act 2013 read with Rules made there under and Reg. 6 of SEBI (ListingObligations and Disclosure Requirements) Regulations 2015 (Listing Regulations)

Mr. Karunakaran Ramchand Chairman of Board of Directors of the Company shall retireby rotation at the ensuing Annual General Meeting in terms of the provisions of theCompanies Act 2013 and being eligible offers himself for re-appointment. The brief resumeand other details as required under the Listing Regulations are provided in the Notice ofTwenty Seventh Annual General Meeting of the Company

On the recommendation of Nomination and Remuneration Committee Mr. Debabrata Sarkarwas appointed by the Board of Directors as an Additional Director of the Company pursuantto Section 161(1) of the Companies Act 2013 with effect from August 11 2016 to holdoffice upto the date of this Annual General Meeting and further pursuant to Section 149 ofthe Companies Act 2013 read with Rules made there under and Listing Regulations theBoard subject to the approval of Members of the Company appointed Mr. Sarkar as aNon-Executive Independent Director of the Company for a period of 5 years with effect fromAugust 11 2016. The brief resume and other details as required for appointment of thedirector under the Listing Regulations are provided in the Notice of AGM of the Company

Statement on Declaration given by Independent Directors :

The Independent Directors of the Company have given their declaration of Independencein terms of sub-section (6) of Section 149 of the Companies Act 2013 read with rules madethereunder and Reg. 16 of Listing Regulations

Familiarization Programme of Independent Directors :

The Company from time to time conducts separate session on familiarization programmefor the Independent Directors wherein the Independent Directors are provided with theinformation on operations and projects of the Company. The details of familiarizationprogrammes to Independent Directors of the Company their roles rights responsibilitiesin the Company nature of the industry in which the Company operates business model ofthe Company and related matters are put up on the website of the Company at the link:http://www.ilfsengg.com/Document/FamiliarizationProgramme.pdf

Non-Executive Directors :

The Non-Executive Directors are entitled for payment of sitting fee of Rs. 20000 permeeting for attending the meetings of the Board and/or its Committees. Additionally theactual out of pocket expenses incurred by them for attending the meetings are also borneby the Company. Except as mentioned above no other payment is made by the Company to theNon-executive Directors and the Company does not have any pecuniary relationship ortransactions with the Non-Executive Directors. The details of amount paid to the Directorsof the Company towards Sitting Fee are mentioned in the Corporate Governance Section ofthis Annual Report

Further Non-executive Directors except Independent Directors are entitled toemployee stock options under the Employee Stock Option Schemes of the Company subject tocompliance of applicable laws

Performance Evaluation :

In terms of the provisions of the Companies Act 2013 and Listing Regulations theBoard was required to evaluate the performance of its own its Committees and individualDirectors. The Board of Directors of the Company had at its Meeting held on November 102014 approved the policy on Performance Evaluation of the Board of Directors (the Policy)which is also available on the website of the Company at www.ilfsengg.com. As per thepolicy the Board had evaluated the performance of its own all the Committees of theBoard and individual Directors (excluding the Director being evaluated) as satisfactory

Managerial Remuneration Policy :

In terms of the provisions of the Section 178 of the Companies Act 2013 read withrules made thereunder and Regulation 19 of Listing Regulations the Board of Directors ofthe Company has framed Managerial Remuneration Policy which includes the criteria fordetermining qualifications positive attributes independence of directors and othermatters as specified under Section 178(3) of the Companies Act 2013 and Regulation 19read with Part D of Schedule II of Listing Regulations. The policy is available on thewebsite of the Company at http://www.ilfsengg.com/html/policies.php

VII. DIRECTORS RESPONSIBILITY STATEMENT :

In terms of Section 134 (5) of the Companies Act 2013 the Board of Directors wish tostate that:

a) in the preparation of the annual accounts the applicable accounting standards hadbeen followed along with proper explanation relating to material departures;

b) the directors had selected such accounting policies and applied them consistentlyand made judgments and estimates that are reasonable and prudent so as to give a true andfair view of the state of affairs of the company at the end of the financial year and ofthe profit and loss of the company for that period;

c) the directors had taken proper and sufficient care for the maintenance of adequateaccounting records in accordance with the provisions of this Act for safeguarding theassets of the Company and for preventing and detecting fraud and other irregularities;

d) the directors had prepared the annual accounts on a going concern basis; e) thedirectors had laid down internal financial controls to be followed by the Company and thatsuch internal financial controls are adequate and were operating effectively; and f) thedirectors had devised proper systems to ensure compliance with the provisions of allapplicable laws and that such systems were adequate and operating effectively

Details of conservation of energy technology absorption foreign exchange earningsand outgo :

(A) Conservation of energy
i) The steps taken or impact on conservation of energy; The conservation of energy in all the possible areas is undertaken as an important means of achieving cost reduction. Savings in electricity fuel and power consumption receive due attention of the management on a continuous basis
ii) The steps taken by the Company for utilizing alternate sources of energy; NIL
iii) The capital investment on energy conservation equipments; NIL
(B) Technology absorption
i) the efforts made towards technology absorption; Timely completion of the projects as well as meeting the budgetary requirements are the two critical areas where different techniques help to a great extent. Many innovative techniques have been developed and put to effective use in the past and the efforts to develop new techniques continue unabated.
ii) the benefits derived like product improvement cost reduction product development or import substitution; NIL
iii) in case of imported technology (imported during the last three years reckoned from the beginning of the financial year) -
a. the details of technology imported; NIL
b. the year of import;
c. whether the technology been fully absorbed
(C) FOREIGN EXCHANGE
Foreign Exchange Earnings Rs. 17.89 Crore
Foreign Exchange Outgo Rs. 7.43 Crore

VIII. BOARD AND ITS COMMITTEES :

a) Board of Directors :

During the year under review the Board of Directors of the Company met ten times on May29 2015 June 18 2015 July 02 2015 August 14 2015 September 18 2015 November 072015 January 23 2016 February 06 2016 February 13 2016 and March 12 2016. Theattendance along with such other details as required of each of the Directors ismentioned in the Corporate Governance Report section of this Annual Report

b) Audit Committee :

The Audit Committee of the Board of Directors of the Company consisted of four members.Mr. Ved Kumar Jain Independent Director of the Company is the Chairman of the AuditCommittee. Mr. Anil Kumar Agarwal Mr. Murli Dhar Khattar and Mr. Dhananjay NarendraMungale were the other members of the Audit Committee. In view of the resignation of Mr.Mungale from the Board of Directors of the Company w.e.f. July 1 2016 Mr. Mungale ceasedto be a Member of the Audit Committee. The Board of Directors of the Company had at itsMeeting held on August 11 2016 inducted Mr. Debabrata Sarkar as a Member of AuditCommittee. The attendance of Members in the Meetings of Audit Committee and other detailsare mentioned in the Corporate Governance Report section of this Annual Report

All the recommendations of the Audit Committee were accepted by the Board of Directorsduring the year under review. The Committee comprises with majority of IndependentDirectors

c) Corporate Social Responsibility Committee :

The Board of Directors of the Company had constituted Corporate Social ResponsibilityCommittee (CSR Committee) on March 18 2014 and had formulated a policy on CorporateSocial Responsibility which is available in the CorporateGovernanceSectionofthewebsiteoftheCompanyi.e.www.ilfsengg.com.TheCSRCommitteeoftheCompanycomprisesofMr. Anil Kumar Agarwal as the Chairman of the Committee and Mr. Murli Dhar Khattar and MsAlpa Sheth are the members of the Committee

The Company is required to spend two per cent of the average net profits for precedingthree financial years as per Section 135 (5) of the Act. However no CSR activities havebeen conducted during the year as the Company has incurred losses based on the averageprofit of last 3 years. The details of CSR policy and activities as per Rule 9 ofCompanies (Corporate Social Responsibility) Rules 2014 are enclosed as Annexure1 to thisReport

d) Other Committees :

The details of composition number of Meetings and such other information as requiredregarding Nomination and Remuneration Committee and Stakeholders Relationship Committeeare mentioned in the Corporate Governance section of this Annual Report

IX. RISK MANAGEMENT :

The Board of Directors had formulated a Risk Management Policy consisting of variouselements of Risk and mitigation measures

During the year the Board had in its Meeting held on August 14 2015 constituted theRisk Management Committee comprising of Senior Management of the Company. The RiskManagement Committee of the Company is overseeing the implementation of the Policy. In theopinion of the Board the policy on Risk Management addresses the risks associated withthe business including identification of elements of risk which may threaten the existenceof the Company. The Board of Director/Audit Committee reviews the risk assessment andmitigation procedures across the entity from time to time. As on March 31 2016 therewere no risks which may threaten the existence of the Company

X. SUBSIDIARIES :

As per Section 129 (3) of the Companies Act 2013 and Regulation 34 of the ListingRegulations the Consolidated Financial Statements of the Company forms part of thisReport. The copies of Audited Financial Statements of the Subsidiaries Joint Ventures andAssociates are available on the website of the Company www.ilfsengg.com and a copy of thesame will be provided upon written request to the Company Secretary

Angeerasa Greenfields Private Limited Ekadanta Greenfields Private Limited SaptaswaraAgro-farms Private Limited Maytas Infra Assets Limited Maytas Metro Limited MaytasVasishta Varadhi Limited and Maytas Infra Saudi Arabia Company are the subsidiaries ofyour Company. A step down subsidiary namely Maytas for Construction W.L.L. wasincorporated as Subsidiary of Maytas Infra Saudi Arabia Company and the same wasliquidated during FY 2016

ASSOCIATES & JOINT VENTURES :

During the year under review the following have been Associates and Joint Ventures ofyour Company:

Associate :

Hill County Properties Limited

Joint Ventures (Association of Persons) :

NCC-Maytas (JV)

NEC-NCC-Maytas (JV)

Maytas-NCC (JV)

NCC-Maytas (JV) (Singapore Classtownship)

Maytas-CTR (JV)

NCC-Maytas-ZVS (JV)

Maytas- KBL (JV)

Maytas KCCPL Flow More (JV)

Maytas MEIL KBL (JV)

Maytas MEIL ABB AAG (JV)

MEIL Maytas ABB AAG (JV)

MEIL Maytas KBL (JV)

MEIL Maytas WPIL (JV)

MEIL Maytas AAG (JV)

MEIL-SEW-Maytas-BHEL (JV)

L&T KBL Maytas (JV)

Maytas Ritwik (JV)

Maytas Sushee (JV)

Maytas Gayatri (JV)

IL&FS Engg-Kalindee (JV)

AMR - Maytas- KBL- WEG (JV)

ITDC - Maytas JV

Further none of the entities have been associated / disassociated as Joint Ventures ofyour Company during the year under review

The performance and financial position of the Subsidiaries Joint Venture and AssociateCompanies are enclosed as Annexure 2 to this Report

XI. AUDITORS AND AUDITORS’ REPORT :

(a) Statutory Auditors :

S. R. Batliboi and Associates LLP Chartered Accountants were appointed as StatutoryAuditors of the Company to hold office from the 25th Annual General Meeting of the Companytill the conclusion of 28th Annual General Meeting of the Company. The appointment ofStatutory Auditors of the Company for FY 2017 is being placed for ratification of theMembers of the Company in their ensuing Annual General Meeting of the Company

The Board noted that there are following qualifications in the Auditor’s Reportfor the Standalone and Consolidated Financial Statements for the Year Ended March 312016:

1) Auditors’ Report on Standalone Financial Statements :

"The Company has investment amounting to Rs. 33.19 crores made in an overseassubsidiary. Based on the unaudited financial statements of the aforesaid subsidiary as onMarch 31 2016 the net worth of the subsidiary is fully eroded and the Company may havepotential obligation to share further liabilities of the said subsidiary which ispresently under negotiation and hence undeterminable. Based on the reasons fully explainedin the aforesaid note the management is of the view that no provision is required fordiminution in the value of such investment/ potential obligation as the Company isevaluating options to restore the carrying value of the investment. However in theabsence of sufficient and appropriate audit evidence we are unable to comment on thecarrying value of such investment potential obligation and other consequential impactsif any that may be required in this regard in these accompanying financial results"

2) Auditors’ Report on Consolidated Financial Statements :

"The accompanying consolidated financial statements include aggregate assets ofRs. 234.23 crores and aggregate revenues of Rs. 197.62 crores and net cash outflowsamounting to Rs. 1.94 crores of an overseas subsidiary consolidated based on itsunaudited financial statements. The accompanying Consolidated Financial Statements do notinclude adjustments if any that may have been required had the audited financialstatements of the subsidiary for the year ended March 31 2016 been available andaccordingly we are unable to comment on the same"

3) Auditors’ Report on Internal Financial Controls :

"The following material weakness has been identified in the operatingeffectiveness of the Company’s internal financial controls over financial reportingas at March 31 2016:

Standalone Financial Statements:

The Company’s internal financial controls system over estimation of diminution inthe carrying value of investments and accrual of potential obligation in case of anoverseas subsidiary was not operating effectively which could potentially result inmisstatement in the financial statements by way of Company not providing for adjustments/provisions if any that may be required

Consolidated Financial Statements :

The Holding Company’s internal financial control system over preparation ofconsolidated financial statements was not operating effectively as the consolidatedfinancial statements were prepared based on un-audited financial statements of an overseassubsidiary which could result in potential misstatements / adjustments if any in theconsolidated financial statements.

The Board of Directors explanation on the aforementioned qualification is given below:

i) Qualification on Standalone Financial Statements :

"Management is in discussion with the other shareholder of the Subsidiary onvarious options and is confident to restore the carrying value of the investment andtherefore no provision is required for diminution in the value of such investment /potential obligation. Accordingly any adverse impact on the Financials of the Company isunlikely"

ii) Qualification on Consolidated Financial Statements :

"Management is of the view that adjustment if any that may have been requiredhad the audited financial statements of the subsidiary been available would not bematerial. Accordingly any adverse impact on the Financials of the Company isunlikely"

(b) Cost Auditors :

The Board had appointed S Mahadevan and Co Cost Accountants as Cost Auditors of theCompany for FY 2016. The remuneration payable to the Cost Auditors was approved by theMembers in the 26th Annual General Meeting S Mahadevan & Co are re-appointed by theBoard of Directors as the Cost Auditors of the Company for FY 2017 and the remunerationpayable to them is recommended for the approval of the members in their ensuing AnnualGeneral Meeting

(c) Secretarial Auditor :

The Board had appointed Mr. Y. Ravi Prasada Reddy Practising Company Secretary toconduct the Secretarial Audit for FY 2016. The Secretarial Audit Report for the FinancialYear Ended March 31 2016 is enclosed herewith as Annexure 3 to this report. TheSecretarial Audit Report does not contain any qualification reservation or adverse remark

The Board of Directors of the Company had at its Meeting held on August 11 2016re-appointed Mr. Y. Ravi Prasada Reddy Practising Company Secretary as the SecreterialAuditor of the Company for FY 2017

XII. CONTRACTS AND ARRANGEMENTS WITH RELATED PARTIES :

All contracts / arrangements / transactions entered by the Company during the financialyear with related parties were in the ordinary course of business and on an arm’slength basis. During the year the Company had not entered into any contract / arrangement/ transaction with related parties which could be considered material in accordance withthe policy of the Company on materiality of related party transactions

As required under the Companies Act 2013 read with Rules made there under adisclosure on Related Party Transactions is enclosed as Annexure 4 to this Report

XIII. EMPLOYEE STOCK OPTION SCHEME :

During the year under review the Company has allotted 135853 equity shares of Rs.10/-each at a price Rs. 58.90 per share (including premium) upon exercise of the same numberof ESOPs issued to Employees/Directors/Directors of Subsidiary Companies under ESOP 2009Scheme

The Company has received a certificate from the Statutory Auditors of the Company thatthe ESOP scheme has been implemented in accordance with the SEBI Guidelines and theresolution passed by the Members. The Certificate is enclosed as Annexure 5 with thisreport.

Further the disclosure as required under SEBI (Share Based Employee Benefits)Regulations 2014 relating to ESOP 2009 scheme of the Company is available on the websiteof the Company at www.ilfsengg.com

XIV. MANAGEMENT DISCUSSION AND ANALYSIS :

A separate section titled "Management Discussion and Analysis" consisting ofdetails in compliance with Regulation 34 read with Schedule V of the Listing Regulationsis covered under separate section titled "Management Discussion and AnalysisReport" in this Annual Report

XV. CORPORATE GOVERNANCE:

A separate section titled "Report on Corporate Governance" including acertificate from the Practising Company Secretary confirming compliance with theconditions of Corporate Governance as stipulated under Listing Regulations is enclosed tothe Report on Corporate Governance and forms part of this Annual Report

Further the declaration signed by the Managing Director affirming the compliance withcode of conduct for Board of Directors and Senior Management Personnel is enclosed to theReport on Corporate Governance.

DISCLOSURES :

a) Extract of Annual Return :

The extract of Annual Return as per Section 92(3) of the Companies Act 2013 and rule12 (1) of the Companies (Management and Administration) Rules 2014 is enclosed asAnnexure 6 to this Report

b) Vigil Mechanism :

The Company had established a Vigil Mechanism which incorporates Whistle Blower Policyto identify and report fraud. Please refer to the Corporate Governance section of theAnnual Report for further details.

c) Policy on Prevention of Sexual Harassment :

The Company had formulated and implemented a policy for Prevention of Sexual Harassmentof Women at workplace. During the year under review the Company has not received anycomplaints under the policy.

The Company has many systems processes and policies to ensure professional ethics andharmonious working environment. We follow Zero Tolerance towards Corruption and unethicalconduct. These are ensured through Whistle Blower Policy Sexual Harassment Policy andRedressal Guidelines.

d) Particulars of Loans guarantees or investments under Section 186 :

Your Company is into the business of providing Infrastructure Facilities. Accordinglythe provisions of Section 186 pertaining to providing Loan or Guarantee to othercorporates are exempted. All information regarding Loans Guarantees and Investments arementioned in the notes to financial statements for FY 2016 which are self-explanatory.Further your Company has made no further investments during the year 2015-16 and hencethe provisions of Section 186 are not attracted.

e) Particulars of employees and related disclosures :

The disclosures relating ratio of remuneration of each directors to the medianemployee’s remuneration and other derails as per Section 197 (12) of the CompaniesAct 2013 read with rules 5 (1) of the Companies (Appointment and remuneration ofManagerial Personnel) Rules 2014 is enclosed as Annexure 7 to this Report.

The disclosure pertaining to remuneration and other details as required under Section197 (12) of the Act read with rule 5(2) and 5(3) of the Companies (Appointment andRemuneration of Managerial Personnel) Rules 2014 is enclosed as Annexure 8 to this Report

f) Material changes and comments if any affecting the financial position of theCompany : Nil

XVI) ACKNOWLEDGMENTS :

Your Directors place on record their gratitude to the Bankers Media FinancialInstitutions various Agencies of the State and the Central Government AuthoritiesClients Consultants Suppliers Sub-Contractors Members and the Employees for theirvaluable support and co-operation and look forward to continued enriched relationships inthe years to come

By order of the Board
For IL&FS Engineering and Construction Company Ltd
Sd/-
Karunakaran Ramchand
Place: Mumbai Chairman
Date: August 11 2016 DIN: 00051769