The Board of Directors hereby submits its report on the performance of the Companyalong with the Audited Standalone as well as Consolidated Financial Statements for theFinancial Year ended March 31 2021.
Financial / operational Highlights
Your Companys financial highlights for the Financial Year ended March 31 2021are summarised below:
(in INR crore)
|particulars || |
| ||standalone ||Consolidated |
|Gross turnover (Revenue from operations) ||1843 ||2835 |
|Profit before interest tax & depreciation (EBITDA) excluding exceptional items ||170 ||219 |
|Profit before tax ||98 ||130 |
|Provision for tax ||25 ||29 |
|Profit after tax attributable to owners of the parent ||73 ||110 |
The year 2020-21 has been volatile and intense for nations globally. The COVID-19pandemic which started at the fag end of FY 2020 gripped the entire country during theyear. There were nationwide lockdowns leading to an abrupt halt of all the key economicactivities.
The Government announced several policy measures and stimulus to revive the economypost gradual opening up of economies. It announced INR 20 lakhs crore package under theAtmanirbhar Bharat Abhiyaan in May 2020 to tackle the Covid crisis. RBI also unanimouslykept an accommodative stance by keeping the repo rate unchanged at 4% and strengtheningthe bedrock of macroeconomic stability. The fiscalstimulus under Atmanirbhar Bharat 2.0and 3.0 is likely to accelerate public investments which will eventually help in boostingthe private investment climate going ahead.
(Source: IBEF IMF Blog) (Source: Fortune India Blog)
Your Company has a healthy order book of over INR 9500 crore as on March 31 2021(including framework contracts) supported by order intake of INR 1312 crore.
Total Consolidated and Standalone income comprising revenue from operations for theFY 2020 - 21 was INR 2835 crore and INR 1843 crore as against INR 2557 crore and INR1746 crore respectively in the previous year.
Consolidated & Standalone Profit After Tax attributable to owners of the parent forthe FY 2020-21 was INR 110 crore and INR 73 crore respectively.
Consolidated & Standalone EPS of the Company for the FY 2020-21 was INR 20.13 andINR 12.57 as against INR 19.30 and INR 10.96 in the previous year.
In terms of Section 134(3)(l) of the Companies Act 2013 except as disclosed elsewherein this Report no material changes or commitments affecting the financial position of theCompany have occurred between the end of the Financial Year and the date of this Report.
The revenue and profit for the year has improved compared to previous years performanceas our new projects secured in FY 2019 20 and FY 2020 - 21 are in execution phase.The revenue from these projects and new orders secured in FY 2020 21 are expected to pickup momentum in FY 2021 22.
Taking into account the present liquidity position and COVID-19 situation and the cashrequired for the business operation and capital investment in Hybrid Annuity Modelprojects your Directors have decided to conserve the funds for future and hence have notrecommended any dividend for the FY 2020 21. transfer to reserves
The Board of Directors of your Company has decided to retain the entire amount ofprofit in the profit and loss account. Accordingly the Company has not transferred anyamount to Reserves for the Financial Year ended March 31 2021.
The Shareholders of the Company by passing the special resolution at the 25thAnnual General Meeting (AGM) held on September 23 2020 approved the issue of equityshares on preferential basis. Pursuant to the Shareholders approval the Board ofDirectors of the Company on September 29 2020 allotted 7500000 equity shares of facevalue of INR 2/- each at
INR 160/- per share (including premium of INR 158/- per share) to the followinginvestors on preferential basis:
|Name of the Investors ||equity shares ||Category |
|1. Mrs. Rekha Rakesh Jhunjhunwala ||5000000 ||Individual - Public |
|2. Mrs. Sushma Anand Jain ||1000000 ||Individual - Public |
|Mr. Anand Jaikumar Jain (Joint Holding) || || |
|3. M/s. Basera Home Finance Private Limited ||1500000 ||Company - Public |
|totaL ||7500000 || |
The Company has fully utilized the sum of INR 120 crore raised through preferentialissue for the objects as specified in the Notice of 25th AGM dated August 252020. The issued subscribed and paid up share capital of the Company stood at INR124380856/- (Indian Rupees Twelve crore Forty
Three Lakhs Eighty Thousand Eight Hundred and Fifty Six
Only) as on March 31 2021 consisting of 62190428 equity shares of face value of INR2/- each.
Unpaid / Unclaimed dividend - Investor education and protection Fund (IepF)
Pursuant to the provisions of sections 124 and 125 of the Companies Act 2013 ("theact") read with the Investor Education and Protection Fund Authority (AccountingAudit Transfer and Refund) Rules 2016 ("IepF rules") any dividendwhich is unclaimed by a Member(s) for a period of 7 consecutive years have to betransferred to IEPF Authority at the expiry of 7 years within the prescribed timestipulated under the IEPF Rules along with the corresponding shares held by the saidMembers in the respective Financial Year for which the dividend is unclaimed. The Companyhas been constantly sending communication and reminder letters from time to time to therespective Shareholders whose dividends are unclaimed and due for transfer to IEPFAuthority and providing facilitation / support to Shareholders as and when required toenable them to claim their dividend entitlements before it is transferred to IEPFAuthority in accordance with IEPF Rules.
During the year under review unclaimed dividend for the FY 2012-13 amounting to INR123151/- pertaining to 381 Shareholders and 213 shares pertaining to 14 Shareholders inrespect of whom dividend had remained unclaimed for seven consecutive years have beentransferred to IEPF
Authority in September 2020.
Unclaimed dividend for the FY 2013-14 and shares in respect of which dividend hasremained unclaimed for the last seven consecutive years as on due date shall become duefor transfer to IEPF Authority in August 2021.
The details of Shareholders and their unclaimed dividend / equity shares entitlements /transferred / liable to be transferred to IEPF are uploaded on the Companys websitewww. wabag.com. The Shareholders are requested to approach the Company and / or RTA forany support to claim their entitlements if any.
The Shares of your Company are tradable in the electronic form only. Your Company hasestablished connectivity with the National Securities Depository Limited (NSDL) andCentral Depository Services (India) Limited (CDSL) through KFin Technologies PrivateLimited the Companys Registrar and Share Transfer Agent (RTA).
As on March 31 2021 the Companys total paid up capital representing 62190428equity shares wherein 99.99% of equity shares are held in dematerialised form. To protectthe interest of Members your Company approached Members through various modes ofcommunication and elucidated them about dematerialisation of shares.
During the Financial Year there was improvement in Credit Rating of the Company. OnNovember 11 2020
India Ratings & Research the Credit Rating Agency rated the Bank facilities ofthe Company as "INd a+ with stable outlook."
The said rating has been disclosed to the Stock
Exchanges and this communication is available on the Companys websitewww.wabag.com under Investor section.
Management discussion and analysis
A detailed analysis of your Companys performance is discussed in the ManagementDiscussion and Analysis Report which forms part of this Annual Report.
Your Company constantly endeavors to follow the Corporate Governance guidelines andbest practices sincerely and disclose the same transparently. Your Company has establishedsystems and procedures to ensure that its Board of Directors is well informed and wellequipped to fulfill its overall responsibilities and to provide the management with thestrategic direction needed to create long term Shareholders value. Your Company has alsoadopted certain principles / process as part of its Corporate Governance even beforemandated by law. Your Company places high emphasis on business ethics and ensures bestpractices throughout the business cycle.
Pursuant to Regulation 34 of SEBI (Listing Obligations and Disclosure Requirements)Regulations 2015 ("SEBI LODR") the Report on Corporate Governance for the yearunder review is presented in a separate section forming part of this Annual Report.
SecretaryA certificate confirming compliance of conditions of Corporate Governance asstipulated under the SEBI LODR also forms part of this Annual Report. A Compliance
Report on applicable compliances of SEBI Circular Notifications and Regulations etc.issued by Practicing Company Secretary was filed with Stock Exchanges in the prescribedformat.
Key projects Update
oNe CItY oNe operator MIssIoN CLeaN For GaNGa proJeCt INdIa
Your Company is executing INR 1477 crore worth order secured from State Mission forClean Ganga Uttar Pradesh in FY 2019-20 towards Operation Maintenance andManagement of the Sewage Treatment and network infrastructure in the cities of Agra andGhaziabad for a period of 10 years expandable for an additional period of 5 years. Thisis the first initiative across the Country on the "One City One Operator" model.Your Company will manage operate and maintain 22 Sewage Treatment Plants 70 PumpingStations and underground network of over 4200 kilometers with the objective of providinground the clock uninterrupted operations. Your Company shall also improve rehabilitateand up-grade facilities related to systems structures and equipments etc. associatedwith the Sewage Treatment Plants and underground sewage network systems.
This project will ensure treatment of over 670 MLD in both cities of Agra and Ghaziabadput together adhering to national treatment standards thus providing cleaner andhealthier eco system to the 3 million population of Agra and
Ghaziabad. Your Company is proud to play a significant part in the rejuvenation ofriver Yamuna by treating over 80% of the sewage generated in both the cities.
In Agra and Ghaziabad your Company is taking several steps to implement best practicesin operation and maintenance of STPs and pumping stations so that sustainable andtrouble free operations are achieved.
Your Company has taken several steps to eliminate direct manual intervention inunderground sewage network and this is achieved by deploying jetting machines supersucker machines for desilting and mini jetting for addressing issues in narrow streams.Through these initiatives your
Company has exhibited compassion and ensured safety of workmen. Your Company isdetermined to attain Operational
Excellence through reliability trouble free operations and cost effective solutions.
NaMaMI GaNGe proJeCt INdIa
a) BUIdCo HaM proJeCt - INdIa
Your Company a leading Pure Play Water Technology
Indian Multinational Company is executing the largest order under Namami Gange worthINR 1187 crore secured from Bihar Urban Infrastructure Development Corporation (BUIDCO)under the prestigious National Mission for Clean Ganga (NMCG) Scheme todevelop Sewage Treatment Plants (STP) of 150 MLD capacity along with sewerage network ofover 453 kilometers in Digha and Kankarbagh zones of Patna one of the most populouscities on the banks of River Ganga.
This project comprises of a Design Build and Operate (DBO) scope worth INR 940 croreand Hybrid Annuity scope worth around INR 247 crore. (40% of CAPEX for HAM portion will bepaid in form of grant during construction and 60% will be paid as Annuity over 15 years).
Your Company has completed the financial closure of its Hybrid Annuity Model (HAM)project received from BUIDCO. To meet the project debt funding requirement your Companyhas partnered with PTC India Financial Services Limited (PFS) a leading greeninfrastructure finance company which provides a vast array of services to the entities ininfrastructure sector while contributing to the sustainable development goals of thecountry.
Your Company is happy to start this long term partnership with PFS a leading FinancialInstitution in the Infrastructure space. With this your Company has successfully achievedthe financial closure of this HAM project within this Financial Year.
In Digha the scope comprises of designing and building a 100 MLD STP Interception& Diversion Work two Sewage Pumping Stations and survey redesigning & building anew sewerage network of about 300 kilometers. In Kankarbagh the scope comprises ofdesigning and building a 50 MLD
STP Flow Diversion Works & all appurtenant structures and survey redesigning& building new sewerage network of about 150 kilometers. The project is underexecution and is in an advanced stage of engineering and construction.
B) KMda HaM proJeCt INdIa
This KMDA Bally Arupara Baranagar project under execution consists of construction ofthree STPs at Arupara 65 MLD Bally 60 MLD and at Baranagar 60 MLD associated pumpingsystem and sewage transmission lines. Your Company will execute the EngineeringProcurement and Construction (`EPC) portion of this project over 24 months followedby O&M of 15 years. This project is being executed by your Companys SPV namelyGanga STP Project Private Limited. This project is implemented by National Mission forClean Ganga (NMCG) and Kolkata Metropolitan
Development Authority (KMDA) with financial assistance from World Bank.Your Company has completed the Financial Closure for this Hybrid Annuity Model(HAM) project received from KMDA. The project debt requirement will be fundedby a consortium of International Finance Corporation (IFC) and Tata CleantechCapital Limited (TCCL).
In line with the asset light principle your Company have signed an agreement withKathari Water Management Private Limited (Kathari Water) a wholly ownedsubsidiary of EverSource Capital fund manager for Green Growth Equity Fund(GGEF) who will be our investment partner in the project. GGEF is establishedwith anchor investment from National Investment and Infrastructure Fund (NIIF)anchored by Government of India and Foreign Commonwealth & Development Office(FCDO) Government of UK.
The plant is now in advanced stage of engineering and construction work at site hasalready commenced. The project with a cumulative wastewater treatment capacity of 187 MLDwhen completed will contribute to reducing the discharge of untreated sewage into the HolyGanga from the state of West Bengal by around 15 per cent.
KoYaMBedU ttro proJeCt INdIa
During the year your Company has commenced Operation & Maintenance of this 45 MLDTertiary Treatment Reverse Osmosis Plant in Koyambedu Chennai which was inaugurated bythen Honorable Chief Minister of Tamil Nadu Mr. Edappadi K Palaniswami in November2019.
This is one of the largest and technologically most advanced water reuse plants inIndia. The TTRO plant with a capacity of 45 MLD has been designed and built by aconsortium comprising your Company and IDE Technologies.
This TTRO plant is a landmark project for the city of Chennai and treats secondarytreated water from Chennai Metrowaters Koyambedu Sewage Treatment Plant into usableindustrial grade water. The treated water will cater to water requirements of theindustrial hub in South Chennai via a 60 kilometers pipeline thus releasing potable gradewater supply for the people of Chennai and will allow a larger portion of the localpotable water sources of nearly 25 MLD of freshwater from Chembarambakkam to now bediverted for domestic water supply & municipal use. It will reduce fresh water stressto the city while also ensuring industrial water security leading to economic prosperity.
This project involved supplying & laying of transmission pipe(s) for water tovarious industries situated in the SIPCOT industrial belt in IrungattukottaiSriperumbudur & Oragadam.
This Project bagged the Distinction Award under the category of "WastewaterProject of the Year" at the Global Water Awards 2020. The TTRO plant uses amulti-stage treatment scheme and is the first reuse facility in India to use Ozonation fordisinfection. The plant will help free up over 16 million m3 of freshwater eachyear and also helps Chennai becoming the first Indian City to reuse more than 20% of itstreated wastewater.
drINKING Water treatMeNt pLaNt IN CoIMBatore INdIa
This project to design and build a 178 MLD Water Treatment Plant (WTP) atCoimbatore for Tamil Nadu Water Supply And Drainage Board (TWAD) using spacesaving proprietary Plate Settler technology will treat the water from Bhavani river and besupplied to the newly added areas of Coimbatore. Your Company has also been entrusted withthe operational maintenance of the plant for over a period of 10 years. The project wouldbe funded by the Atal Mission for Rejuvenation and Urban Transformation (AMRUT) Scheme.
Construction of this plant is commenced and is expected to be completed by June 2022.
KaNpUr Cetp - INdIa
Your Company is currently executing a INR 520 crore worth order secured from JajmauTannery Effluent Treatment As -sociation (JTETA) towards engineering procurementconstruction operation & maintenance of a 20 MLD Common Effluent Treatment Plant(CETP) along with treated sewage dilution facility for Jajmau leather cluster UttarPradesh. The scope of this Design and Build contract includes design engineering supplyerection construction and commissioning of 20 MLD Common Effluent Treatment Plant over aperiod of 24 months. The CETP scheme includes pre-treatment sulphide removalde-nitrification two stage extended aeration and tertiary treatment consisting ofclarification quartz filtration and ultra-filtration. The scope also includes setting upa collection and conveyance system to collect and pump the effluent from varioustanneries up to the treatment plant setting up common chrome recovery unit to treatchrome tanning effluents by recovering the chrome so that they can be reused in thetanneries and setting up a pilot plant with a zero liquid discharge facility.
The salient features of the project are effluent from 380 Tanneries will be treated asper the revised norms of Ministry of Environment and will be released for irrigationpurpose. The proposed 20 MLD CETP project will have treatment process up to tertiarytreatment including Ultra Filtration in Phase-I and an add-on Modular RO system inPhase-II. Spent Chrome liquor collection from each Tannery unit would be transportedthrough tankers to CCRU & the recovered chrome shall be sent through drums or sold.This will ensure that the chrome liquor is uniformly treated from all tanneries. ZeroLiquid Discharge (ZLD) based field scale pilot plant with a capacity of 200 KLD isdeveloped for Research and Developmental activities to demonstrate high recovery of water(>95%) and high purity sodium chloride and sodium sulphate salts.
Post successful commissioning your Company will also
Operate & Maintain the above plants for a period of 5 years.
The construction of this plant will be funded under the prestigious Namami Gange Schemeand the operation & maintenance will be self-financed by JTETA.
MrpL MaNGaLore sWro - INdIa
Your Company is executing INR 467 crore worth order secured from Mangalore Refinery andPetrochemicals Limited (MRPL) towards engineering and construction of a 30 MLDSea Water Desalination plant expandable upto 70 MLD in Mangalore Karnataka.
This is the second consecutive desalination order by your Company after the order inTunisia stands testimony to the proven and advanced WABAG Desalination Technologies. Thescope of this Design and Build contract includes engineering supply erectionconstruction and commissioning of a 30 MLD Sea Water Desalination plant over a period of22 months. Your Company is setting up the plant using state-of-the-art technologiesincluding sea water Reverse Osmosis brackish water Reverse Osmosis and ultra-filtrationsystems. The project also includes cross-country piping of 11 Kilometers to deliver thewater to MRPLs refinery. The plant aims to minimise the fresh water dependency ofMRPL once completed.
The plant is almost 85% completed the 11 kilometers cross country pipe line and Seawater intake and out fall is totally completed rest of the plant is almost 90% completed.The plant is expected to produce desalinated water by Q3 FY 2022. Post successfulcommissioning your Company will also be awarded a contract towards Operation &Maintenance of the plant for a period of 10 years.
IpsaCH BIeL sWW - sWItZerLaNd
During the year your Company has received its biggest ever order towards design andbuild of Lake Water Treatment Plant from ENERGIE SERVICE BIEL/BIENNE towards replacingthe existing facility which is more than 50 years old thereby ensuring water security tothe city of Biel and Nidau. The plant will be built with state-of-the-art technology thatpurifies water using a multi-barrier treatment including Reverse Osmosis. The plant willbe executed over a period of 5 years and your Company will deliver the electro-mechanicalequipment for all treatment steps as well as the automation starting with the raw waterintake up to the distribution pumps to the network of the municipalities. This order wasawarded to your Company based on our technological superiority and the successfulimplementation of our pilot plant and the associated trust in WABAG Switzerland.
30 MLd Water treatMeNt pLaNt at KasseB - tUNIsIa
During the year your Company in consortium with local civil partner in Tunisiasecured an order to design and build 30 MLD Water Treatment Plant at Kasseb Dam in Tunisiafrom Societe Nationale Dexploitation Et De Distribution Des Eaux(SONEDE). The project scope includes Design Engineering ConstructionSupply Installation and Commissioning of WTP using advanced Inclined Plate Lamellaclarifier technology. The project funded by KfW will be executed over a period of 20months. The project also includes Operation & Maintenance of the plant for a period of6 months.
Your Company is delighted to receive this prestigious order amidst the ongoing globalpandemic. This repeat order from SONEDE further consolidates your Companys positionin the market and strengthens our customer relationship.
FraMeWorK order - 30 MLd tHerMaL desaLINatIoN pLaNt at BoMBa - LIBYa
During the year your Company has signed a repeat contract with General DesalinationCompany of Libya (GDCOL) to design and build 3 Thermal seawater desalination Multi- Effect Distillation (MED) plants in Bomba Libya.
The scope of the contract includes design supply construction installationcommissioning training of the Customers operating personnel and spare parts for 24months plant operation.
The project comprises three Thermal Desalination lines and three steam boiler plantsthat will produce 30 MLD of drinking water from seawater and is an extension of theexisting MED plant complex. This plant will provide drinking water capacity for more than300000 people in the region. This order is the largest thermal desalination plant orderin the history of your Company. This contract will be activated for execution uponreceiving of L/C from the customer.
This project with a value of more than EUR 60 million will contribute significantlyto your Companys European operations. Furthermore it reaffirms the decision toremain committed to our technologies and competences for thermal desalination indeveloping geographies and thus contribute to the improvement of quality of life in theregion.
300 MLd INdepeNdeNt seWaGe treatMeNt pLaNt (Istp) at NeW JeddaH aIrport - KINGdoM oFsaUdI araBIa
Your Company a leading Pure Play Water Technology Indian Multinational Company hassecured 48 million USD (approx. INR 360 crore) order to execute the 300 MLD (MillionLitres per Day) Jeddah Airport 2 Independent Sewage Treatment Plant (ISTP) Project atJeddah Kingdom of Saudi Arabia. This is a repeat order for your Company in the Kingdom of
Saudi Arabia secured through Saudi Services for Electro Mechanical Works Company(SSEM). This plant designed to treat 300 MLD is expandable to 500 MLD ofwastewater treatment will be built by your
Company with the state-of-the-art NEREDA technology for the first time inthe region a sustainable and cost-effective wastewater treatment technology that purifieswater using the unique features of aerobic granular biomass for Saudi Services for ElectroMechanical Works Company (SSEM).
The project is progressing well amid global pandemic climate and has achieved approvalof basic engineering package. Detailed engineering and ordering is moving in full swingand construction activities by client has also commenced.
Your Company is extremely delighted to be part of the Kingdoms Vision 2030 thatencourages private sector participation in achieving its economic development goals. Inpartnership with SSEM your Company is happy to develop this sustainable wastewaterinfrastructure with the latest technology to be deployed for the first time in the region.This project will further expand your Companys growing footprint in the Middle Eastregion.
poLGaHaWeLa proJeCt srI LaNKa
Your Company is executing its second major Integrated Water Supply Project for NationalWater Supply and Drainage Board in Polgahawela Sri Lanka funded by EXIM
India under buyers credit facility. This project covers design construction andcommissioning of the water supply system.
In this project Engineering is completed and finishing works of water retainingstructures and other civil works are in progress. All major equipment have been deliveredand the transmission and distribution pipe laying have progressed well and are in fullswing with multiple contractors at site across multiple locations. At the moment theProject construction Progress is 85% completed and is expected to Commission by March2022.
JUBaIL stp proJeCt saUdI araBIa
This STP project in the Kingdom of Saudi Arabia is to design and build a large scaleSewage Treatment Plant capacity 120 MLD for Jubail Industrial City for a total contractvalue of around half a billion Saudi Riyals equivalent to approx.
USD 126 million.
This STP project in Saudi Arabia being implemented for MARAFIQ is progressing well andhas achieved engineering and ordering completion. Even in the tough ongoing environment ofpandemic globally most of the items are delivered to site and few balance are in advancestage of manufacturing. Site Civil works have progressed well with utmost focus on HSEwhere the project has achieved major milestone of 4 Mn safe man-hours. Focus now is onexpediting the Mechanical Electritical Instrumentation Control and Automation(MEICA) works to start completion activities by year end.
soUtH doHa proJeCt Qatar
This EPC project from Pubic Works Authority (ASHGAL) is for rehabilitation of SouthDoha Sewerage Treatment facility using clarification filtration and aerobic digestiontechnologies to treat additional sewage which will be generated from the football stadiumwhich is under construction for the FIFA world cup 2022. This breakthrough EPC orderincludes rehabilitation of the existing plant while simultaneously operating it till theplant is constructed for new capacity.
In this project detailed engineering is completed all long lead items have beenordered and delivered to site. Seven sections out of total Twenty-three sections arehanded over. Non-process unit rehabilitation work is completed and have been handed over.Process units rehabilitation work is progressing well and going smoothly in syncwith Clients operations team requirement. Civil works for new units Digesters SideStream Filtration unit Bulk Chemical storage completed and MEICA works also haveprogressed significantly.
Zarat proJeCt tUNIsIa
This project from SONEDE is to Design and Build a 50 MLD Sea Water Desalination plantin Tunisia expandable upto 100 MLD. The project is a DBO contract funded by KfW Germanyand will be built using State of Art Sea water Reverse Osmosis with energy recoverysystem. The project has progressed well with engineering and order nearing completioncivil works at site in full swing equipment deliveries and installation commenced MEICAitems deliveries to site commenced with majority of items are at advanced stage ofmanufacturing completion. Intake and outfall pipes delivered to site.
aMas stp proJeCt BaHraIN
Your Company was awarded the EPC scope of the 40 MLD
Sewage Treatment Plant and long sea outfall in October 2015 by Ministry of HousingKingdom of Bahrain to cater to a population of approx. 100000 (close to 16000 units).The project was funded by Abu Dhabi Fund for Development.
The EPC project cost was approx. 34.74 million Bahraini
Dinar. The project was successfully completed on 31st October 2018 postwhich your Company through its Bahrain Joint Venture entity has been operating andmaintaining this plant for Ministry of Works Bahrain (MoW).
During this year the MoW awarded a long term 5-year O&M contract towardsoperation maintenance and management of the Madinat Salman STP. This plant is a modelthat showcases an optimum solution to the wastewater treatment needs of not only Bahrainregion but also to the entire GCC region as such.
Despite the pandemic situation the plant has been operating 24x7 producing close to6500 million litres of TSE water catering to the irrigation requirements of Madinat SalmanCity.
During the year 2019 - 20 your Company received "The Distinction Award underWastewater Project of the Year" for this project from Global Water Intelligence (GWI)and "GCC winner water project of the year" "GCC winner sustainabilitymedal" and "GCC winner engineering achievement of the year" for thisproject from Middle East Economic Digest (MEED).
petroNas rapId etp proJeCt MaLaYsIa
The Malaysian Petronas Rapid Project is completely operational now including the sludgemanagement system.
This effluent treatment plant forms part of the largest grass root refinery in theworld and will provide a significant reference for your Company.
During the year your Company was bestowed with "BEST WATER TREATMENT PROJECTINDUSTRIAL" for this project.
INdoraMa FertILIZer proJeCt deMIN pLaNt at port HartCoUrt NIGerIa
During the year your Company has successfully commissioned the 250m3/hr x 2streams Demin water plant at Indorama Fertilizer in Nigeria consisting of Degassificationsystem Counter current regenerated strong acidcation exchanger followed by Counter currentregenerated strong baser Anion Exchanger followed by Mixed bed Exchanger producingultrapure quality Demin water consisting of 0.1 Microsiemens Conductivity and the silicaless than 10 ppb feeding High pressure Boilers. This is a repeat order from Indoramafertilizers. Five years back your Company also supplied a 3 stream 150 m3/hr(3x150) Demin plant which working satisfactorily till date. adB FUNded seWaGe WatertreatMeNt sYsteM IN GUHesWorI NepaL
Your Company has successfully commissioned and completed even DLP period at 36.40 MLDSTP with Power Generation system. This plant was set up on Design Build and Operate plantwith a 36.40 MLD Raw sewage Water Intake treated through advanced activated sludge Processand the treated water put back to Baghmati River. ThesludgeproducedistreatedthroughDigestorandthenwithgas generation with Power generationsystem which is self-sufficient for running the plant with Zero power intake from thegrid.
This plant is now moved for Operation and Maintenance contract and will be operated byyour Company for next ten years.
daNGote reFINerY (dorL) LaGos - NIGerIa
Your Company is executing INR 700 crore approx. worth order from Dangote Refinery andPetrochemicals Limited (DORL) towards engineering and procurement of a 4000m3/hrRaw Water Treatment which includes Sequencing Batch Reactors Duel Media
Pressurized Filters followed by Ultra-filtration and Reverse Osmosis Plant (500m3/hrx 8 units) along with effluent treatment plant followed by tertiary Reuse UFRO plant and aDemineralizing and Condensate polishing plant to feed Refinery plant in Lagos Nigeria.Plant is in Advanced stage of construction and is expected to go on stream by March 2022.
The plant treats lake water which is high in suspended solids and little BOD and CODconverting this water into suitable for cooling tower make up and for other fertilizerplant and part of the water is treated through Demin plant to meet High pressure Boilerrequirement in Refinery.
The plant is setup on Design Build (on engineer procure supervise erectionand commissioning basis) and will use technologies such as ultra-filtration and ReverseOsmosis to get industrial grade water. The treated water will cater to water requirementsof one of the largest refinery (20MMTPA) in Africa. This will be a First effluent recycleand reuse plant by your Company on a foreign soil.
The Equipment supply for the plant is almost 85% completed and the erection work is atfull swing at site and is expected to commission by end March 2022.
The emergence of a global pandemic at the end of the FY 201920 changed the waypeople lived and did business all over the globe. The resultant lockdowns imposed byGovernments across the globe to mitigate its spread affected many countries industriesand livelihood.
Your Company committed itself to nations fight against
COVID-19 and confronted the situation by focusing on two key priorities safeguarding health and well-being of its people and ensuring business continuity tomeet consumer needs. Your Company being a Pure Play Water Technology IndianMultinational Company engaged in the water technology solutions across globe ensuredsupply of water treatment of wastewater /sewage for the society despite this Pandemicsituation.
Your Company have ensured continuous O&M activities during this pandemic situationthanks to the local government(s) / authorities for providing us support.
In addition in collaboration with the Client(s) specific permissions / relaxationsfrom the regulatory and other local authorities were obtained at certain highly criticalconstruction sites to continue the work during lock-down.
Pursuant to SEBI Circular No. SEBI/HO/CFD/CMD1/
CIR/P/2020/84 dated May 20 2020 your Company has filed necessary disclosures withStock Exchanges.
As reports of the spread of Coronavirus started coming in your Company stepped upefforts to protect the health of its employees. The following measures were put in placeto protect our employees health:
As the number of COVID-19 cases grew in the country your Company announced Workfrom Home for all office-based employees from March 24 2020
Special Work from Home guidelines were implemented
Employees were also provided computer hardware and necessary IT support to ensurebusiness as usual even during the lockdown
The Company implemented a phased and safe return-to-work plan as and when lockdownrestrictions were relaxed
Suspended the biometric attendance system across all locations & Switched to accesscard based attendance system
Periodical self-declaration by Employees with respect to their health and travel
Encouraged employees to have digital meetings wherever required instead of PhysicalMeetings
Health check-up of all Direct and Indirect Staff/ Employees were done at all locationson daily basis
High contact areas like elevator buttons door handles handrails bathroom taps etc.were sanitised at regular intervals
Employees were offered assistance with hospitalisation treatment and mediclaimfacilities in case of any COVID-19 related emergency
Several employee related initiatives were implemented including Yoga and MeditationSessions for mental health of employees and Zoom Chatter Sessions wherein employees wereencouraged to share their experiences of working from home
Wearing of masks was made mandatory Please refer our MD&A section and FinancialStatements in this Annual Report for more details on COVID-19 situation including stepstaken by your Company.
Business responsibility report
Your Company is committed to pursuing its business objectives ethically transparentlyand with accountability to all its stakeholders. Your Company is conscious of its impacton the society within which it operates and has systems to eliminate or control anyadverse impacts of its operations. Fulfilment of environmental social and governanceresponsibility is an integral part of your Company in its business.
As stipulated under the SEBI LODR the Business
Responsibility Report describing the initiatives taken by the Company fromenvironmental social and governance perspective forms part of this Annual Report. TheReport provides an overview of initiatives taken by your Company.
policies of the Company
Your Company is committed to continuously review and update statutory policies andcodes in compliance with the changes prescribed under law from time to time. During theFY 2020-21 certain statutory policies and codes were amended by the Company in line withthe changes mandated under amendment to SEBI LODR. Some of the key policies adopted byyour Company are as follows:
Name of the Policy / code and links for viewing it:
Code of conduct for Prevention of Insider Trading POSH policy etc. are available onthe Companys intranet portal.
directors & Key Managerial personnel
As on date of this report majority of the Board comprises Independent Directors.WABAG being a professionally managed Company is functioning under the overallsupervision of 4 Independent Directors including Independent Board Chairman &Independent Woman Director 1 Non-Executive Non-Independent Director and 2Executive Directors. The changes in Director & KMPs position from April 01 2020till the date of this report are as follows:
1. Ms. Vijaya Sampath (DIN:00641110) appointed as an
Independent Woman Director w.e.f. July 31 2020
2. Mr. Ranjit Singh (DIN:01651357) appointed as an Additional Director in the categoryof Independent Director w.e.f. November 11 2020
3. Mr. Amit Goela (DIN:01754804) appointed as an Additional Director in the categoryof Non Executive
Non - Independent Director w.e.f. July 19 2021
4. Mr. Anil Chandanmal Singhvi (DIN:00239589) was appointed as an Additional Directorin the category of Independent Director of the Company on July 31 2020 and he tenderedhis resignation from the said position w.e.f. August 21 2020
5. Mr. Sandeep Agrawal Chief Financial Officer & Key Managerial Personnel resignedwith effect from the closing working hours on June 07 2021
6. Mr. Skandaprasad Seetharaman appointed as Chief Financial Officer & KeyManagerial Personnel of the Company w.e.f. June 08 2021
7. Mr. Arulmozhi appointed as Chief Financial Officer India Cluster & KeyManagerial Personnel of the Company w.e.f June 01 2021.
During the year under review Mr. Bhagwan Dass Narang Independent Director and Chairmanof the Board retired from the Board consequent to completion of his two consecutive termsas an Independent Director of the Company. The Board of Directors have placed on recordits sincere appreciation for services rendered by him during his term as an IndependentDirector and Chairman.
Your Company has been benefited under his leadership with various innovative ideasdecision making strategic thinking and most valuable his tireless efforts to increasethe credibility and visibility of your Company as an Indian MNC with global recognitionoffering advanced technologies at competitive pricing and presence over 20 countries inthe Pure Play Water Sector and many more. His continuous involvement guidance and supportas a leader of our Group made us to achieve various milestones recognitions and rewardsbesides overcoming difficult times and challenges easily.
During the year under review Ms. Revathi Kasturi Independent Director of the Companyretired from the Board consequent to completion of her two consecutive terms as anIndependent Director of the Company. The Board of Directors have placed on record itssincere appreciation for the services rendered by her to the Company during her tenure asan Independent Director.
As Chairperson of Nomination and Remuneration Committee her active and timelyinvolvement in the various decision have made us to get right candidates both at themanagement and at the Board level and also helped us to bring in various initiatives andnew methods and monitoring mechanisms to improve the productivity of the employees andhelped the organisation to achieve its goals.
retirement by rotation and subsequent re-appointment
In accordance with the provisions of the Act read with the Rules made thereunder SEBILODR and the Articles of Association of the Company the Independent Directors and theManaging Director of the Company are not liable to retire by rotation.
In order to comply with the provisions of Section 152 of the Act read with rules issuedthereunder Mr. S Varadarajan (DIN:02353065) Whole-Time Director & Chief GrowthOfficer who was appointed by the Members of the Company at the 23rd AGM heldin 2018 for a period of 5 years has to be considered to retire by rotation at the ensuingAnnual General Meeting (AGM) and he being eligible offers himself for re-appointment. Abrief profile of Mr. S Varadarajan is given in the Notice dated July 19 2021 conveningthe 26th AGM of the Company. The Board of Directors of your Company recommendshis re-appointment.
Your Board at their meeting held on November 11 2020 on the recommendation of theNomination and Remuneration Committee approved the appointment of Mr. Ranjit Singh(DIN:01651357) as an Additional Director in the category of Independent Director of theCompany and also recommended his appointment as an Independent Director for the approvalof the Members of the Company at the ensuing AGM to hold office for a period of 3consecutive years from November 11 2020 up to November 11 2023. Your Company hasreceived requisite notice in writing from the Member proposing his candidature. The briefprofile of Mr. Ranjit Singh (DIN:01651357) along with other requisite information havebeen outlined in the Notice dated July 19 2021 convening the 26th AGM of theCompany.
Non executive Non Independent director
Your Board at their meeting held on July 19 2021 on the recommendation of theNomination and Remuneration Committee approved the appointment of Mr. Amit Goela(DIN:01754804) as an Additional Director in the category of Non Executive Non -Independent Director of the Company and also recommended his appointment as Non -Executive Non - Independent Director for the approval of the Members of the Company at theensuing AGM to hold office for a period of 3 years from July 19 2021 upto July 19 2024who shall be liable to retire by rotation.
Your Company has received requisite notice in writing from the Member proposingcandidature of Mr. Amit Goela.
The brief profile of Mr. Amit Goela (DIN:01754804) along with other requisiteinformation have been outlined in the Notice dated July 19 2021 convening the 26thAGM of the Company.
declaration of Independence by Independent directors
Your Company has received declaration from all Independent Directors confirming thatthey meet the "Independence criteria" laid down under the Section 149(6) of theAct and Regulation 16(1)(b) of SEBI LODR. In addition they maintain their maximum limitsof Directorships as required under SEBI LODR.
Boards opinion on integrity expertise and experience
(including the proficiency) of the Independent Directors appointed during the year
During the year under review Ms. Vijaya Sampath Independent Woman Director and Mr.Ranjit Singh Additional Director in the category of Independent Director were appointedon the Board. Ms. Vijaya Sampath is a person of high integrity and has been a lawyer forover 35 years. She is an Independent Director on the Board of listed and unlistedcompanies in IT manufacturing branded luggage power pharmaceuticals and auto componentsectors. She has been working both as in-house counsel for large Indian conglomerates andMultinational Companies and also been the corporate law partner in renowned national lawfirms J Sagar Associates and a senior partner with Lakshmikumaran & Sridharan. Ms.Vijaya Sampath holds a graduate degree in English literature and law and is a fellowmember of the Institute of Company Secretaries of India. She has attended the AdvancedManagement Program in Harvard Business School and the Strategic Alliances Programconducted by the Wharton Business School.
Ms. Vijaya Sampath is an advisor of the corporate law committee in FICCI and works withindustry on regulation and policy relating to company law. She has written articleslectured / been a speaker at various forums on women in professions governance ethicslaw and practice.
Mr. Ranjit Singh is a person of high integrity and has over 30 years of experience inIndustrial Management in Indian International and Multicultural business environment. Hiscore strengths include Corporate Growth and Turnaround Strategy and its implementation. Heworked as Managing Director Kalpataru Power Transmission (an Infrastructure Company) andGlobal COO & Board member of Polyplex Corporation Limited (4th LargestPolyester Film manufacturer in World). As a transformational leader he was significantlyresponsible for globalisation and profitable growth of the companies that he led. He isalso a member of Board of Governors of IIM Jammu. He is based in Delhi and is deeplyinvolved in the Start-up ecosystem and Strategy advisory space.
DirectorsWith regard to proficiency testascertained from the online proficiencyconducted by the institute as notified under Sub-Section (1) of Section 150 of the Actthe Board of Directors have taken on record the declarations submitted by IndependentDirectors that they have complied with the same.
Key Managerial personnel (KMp)
The KMP of your Company as on March 31 2021 as per
Section 203 of the Act are as follows: Mr. Rajiv Mittal Managing Director & GroupCEO Mr. S Varadarajan Whole - Time Director & CGO Mr. Pankaj Sachdeva CEO - IndiaCluster Mr. Sandeep Agrawal Chief Financial
Mr. R Swaminathan Company Secretary
Subsequent to the close of the financial year Mr. Sandeep Agrawal Chief FinancialOfficer & Key Managerial Personnel of the Company resigned from the closing workinghours on June 07 2021. Mr. Skandaprasad Seetharaman was appointed as Chief FinancialOfficer & Key Managerial Personnel of the Company w.e.f. June 08 2021 and
Mr. Arulmozhi was appointed as Chief Financial Officer India Cluster & KeyManagerial Personnel of the Company w.e.f June 01 2021.
The Company recognises and sets out the approach to have diversity on the Board of theCompany in terms of thought knowledge skills regional and industry experience culturaland geographical background perspective gender age ethnicity and race in the Boardbased on the laws / regulations applicable to the Company and as appropriate to therequirements of the businesses of the Company. Your Company strongly believes that a trulydiverse Board will ensure effective corporate governance responsible decision makingability sustainable business development and moreover Companys reputation. TheNomination and Remuneration Committee sets out the approach to diversity of the Board ofDirectors.
Board & performance evaluation
In accordance with the provisions of the Act and
SEBI LODR the Nomination and Remuneration Committee and the Board have laid down themanner in which formal annual evaluation of the performance of the Board CommitteesIndividual Directors and Chairman has to be made.
Pursuant to the provisions of the Act and the SEBI LODR the Board carried out anannual evaluation of its own performance and its Committees as well as performance of allthe Directors individually. The response was sought by way of an organised questionnairewhich covers various aspects of the functions of the Boards adequacy culture executionand delivery of performance of specific duties obligations and Governance and theevaluation was carried out based on responses received from the Directors.
A separate exercise was carried out by the Nomination and Remuneration Committee of theBoard to evaluate the performance of Individual Directors. The performance evaluation ofthe Executive Directors and the Board as a whole were carried out by the IndependentDirectors at their Meeting held during FY 2020-21. The performance evaluation of theChairman of the Board of Directors of the Company was also carried out by the IndependentDirectors as a whole taking into account the views of the Executive
Directors. The Report on Corporate Governance forming part of this Annual Report coversdetails of the evaluation process and other requisite information.
As part of Familiarisation Programme your Company takes many initiatives such as: Aformal letter of appointment is issued to Directors when inducting into the Companycapturing their role function duties & responsibilities and expectation of Boardgiving the Directors full opportunity to interact with Senior Management Personnel andproviding them with all the documents / information sought by them to have a goodunderstanding of the Company its business and various operations and the industry ofwhich it is a part Conducting various programmes session and seminars for the Directorsfrom time to time to update them with various aspects covering the industry including thebusiness process procedures laws rules and regulations as applicable for the businessof the Company making presentations on the business areas of the Company includingbusiness strategy risk opportunities quarterly performance of the Company etc.
Details of the Familiarisation Programme are explained in the Report on CorporateGovernance and are also available on the Companys website at linkhttps://www.wabag.com/compliances/.
appointment of directors
The Nomination and Remuneration Committee has formulated the criteria for appointmentof Director on the
Board of Directors of the Company and makes necessary recommendation to the Board.Pursuant to section 134(3)(e) and section 178(3) of the Act the Nomination Evaluation&
Remuneration Policy lays down the criteria for determining qualifications positiveattributes and independence of a Director. Also in accordance with the provisions of the
Act and SEBI LODR the Nomination and Remuneration
Committee on the basis of performance evaluation report of Directors recommends to theBoard on extension or continuation of the term of appointment of Independent Directorsfrom time to time.
Board & Committees
The Board of your Company comprises of 4 Non-Executive Independent Directors 1 Non -Executive Non - Independent Director and 2 Executive Directors. Your Company maintains thehighest standards of Corporate Governance practices and is in compliance with therequirements of the relevant provisions of applicable laws and statutes.
As on date of this report the Board has 6 Committees viz.
a) stakeholders relationship Committee inter - alia to look into variousmatters relating to the security holders of the Company
b) Nomination and remuneration Committee with wider terms of reference as perthe statutory requirements
c) Corporate social responsibility Committee inter - alia to undertakeCSR activities monitoring and reporting system for utilisation of funds for the CSRactivities
d) risk Management and Monitoring Committee inter - alia to review andmonitor the various projects of the Company from time to time and evaluate the risksexisting in the business and ensure appropriate mitigation measures in a time boundmanner
e) overseas Investment Committee inter - alia to scrutinise evaluateand approve any new / enhancement in the investment by the Company in setting up a branch/ subsidiary / joint venture entities in India or overseas and periodically monitor thatthe investments made in such group entities are used for such approved purpose so as toensure that return on investment to the Company are protected in the long run. Pleaserefer page no. 53 of this Annual Report for investment made by Company in ODI entities.
f) audit Committee which acts as an interface between the statutory and internalauditors the Management and the Board of Directors. It assists the Board in fulfillingits responsibilities of monitoring financial reporting processes reviewing theCompanys established systems governance and processes for internal financialcontrols and reviews the Companys statutory and internal audit processes.
The recommendations made by the Committee are accepted by the Board. As prescribedunder section 177(8) of the Act the Audit Committee of the Board was re-constituted onJuly 19 2021 and comprises four Independent Directors and one Executive Director viz.Mr. Milin Mehta Chairman of the Committee Mr. Malay Mukherjee Mr. Ranjit Singh Ms.Vijaya Sampath and Mr. Rajiv Mittal Members of the Committee.
A calendar of Board and Committee Meetings is circulated to the Directors well inadvance. During the year your Board met 9 times through Video Conferencing / other AudioVisual Means on July 31 2020 August 25 2020 September 15 2020 September 29 2020November 11 2020 February 11 2021 February 17 2021 March 25 2021 and March 302021. The details regarding composition attendance of the Directors and other relevantinformation are set out in the Report on Corporate Governance which forms part of thisAnnual Report. The Meetings of each of these Committees are convened by the respectiveChairperson who also apprises the Board about the summary of discussions held at theirMeetings. The Minutes of the Committee Meetings are sent to all Members of the Committeesindividually for their approval / comments as prescribed in Secretarial Standards-1. Theapproved Minutes are circulated to the Members after incorporating the comments if anythrough the software / Email and tabled the same at the subsequent Board Meetings.
directors responsibility statement
To the best of their knowledge and belief and according to the information andexplanations obtained by them your Directors make the following statement in terms ofSection 134 of the Act: that in the preparation of the annual accounts of the
Company the applicable accounting standards have been followed along with properexplanation relating to material departures if any;
that they had selected such accounting policies and applied them consistently and madejudgments and estimates that are reasonable and prudent so as to give a true and fair viewof the state of affairs of the Company at the end of the Financial Year and of the profitof the Company for that period; that they had taken proper and sufficient care towards themaintenance of adequate accounting records in accordance with the provisions of this Actfor safeguarding the assets of the Company and for preventing and detecting fraud andother irregularities;
that they had prepared the annual accounts on a going concern basis;
that they had laid down internal financial controls are adequate and operatingeffectively; and
that they had devised proper systems to ensure compliance with the provisions of allapplicable laws and such systems are adequate and operating effectively.
Your Company designed its remuneration policy with the objective to assess theeffectiveness of the Board as a whole Committees of the Board and Individual Directors onregular basis and to attract motivate and retain the Directors Key Managerial PersonnelSenior Management Personnel and other expert Individuals that the Company needs in orderto achieve its strategic and operational objectives. The Remuneration policy is based onvarious evaluation criteria determined by the Nomination and Remuneration Committee inline with the requirements of law.
In accordance with the relevant provisions of the Act and SEBI LODR the followingPolicies / Framework have been adopted by the Board upon recommendation of the Nominationand Remuneration Committee as part of Nomination Evaluation & Remuneration Policy:
Board Nomination Policy
Policy for appointment & removal of Director Key Managerial Personnel and SeniorManagement Personnel
Board Evaluation Policy
Board Diversity Policy
Policy related to Remuneration for the Executive Directors Key Managerial Personnel& Senior
Management Personnel either in physical
Policy related to Remuneration for the Non - Executive
Directors / Independent Directors
The Nomination Evaluation & Remuneration Policy of the Company is available on thewebsite of the Company www.wabag.com. The information on Directors Commissionand other matters provided in Section 178(3) of the Act has been disclosed in the Reporton Corporate Governance. The overall limit of remuneration payable to the Board Membersand Managerial Personnel are governed by provisions of Section 197 of the Act and rulesmade thereunder. executive directors
Remuneration of the Executive Directors consists of fixed component and a variableperformance incentive.
The Nomination and Remuneration Committee makes annual appraisal of the performance ofthe Executive Directors based on a detailed performance evaluation and recommends thecompensation payable to them within the which parameters approved by the Members to theBoard for their approval.
The Non-Executive Directors are paid remuneration in the form of Commission subject tooverall ceiling limits prescribed under the Act. The Board can determine differentremuneration for different Directors on the basis of their role responsibilities dutiestime involvement etc. The Company has no pecuniary relationship with Non-ExecutiveDirectors except commission being paid to them.
KMp / senior Management / other employees
The remuneration of Key Managerial Personnel (other than
Executive Directors) shall be approved by the Board and any revision thereof shall bedone as per the compensation and appraisal policy of the Company which consists of fixedand variable component including salary benefits perquisites provident fund etc. TheManaging Director & Group CEO and Whole-Time Director & CGO will apprise the Board/ Nomination and Remuneration Committee on the performance evaluation of senior management/ other employees made by them on the basis on achievement of KPI & KRA and they willbe paid remuneration / any revision thereof.
policy on preservation & archival of documents
As per Regulation 9 read with Regulation 30(8) of the SEBI LODR your Company hasframed a Policy on "Preservation & Archival of the Documents" with theintention to provide guidelines for the retention of records preservation of relevantdocuments for such duration after which the documents shall be archived and safe disposal/ destruction of the documents. The policy inter-alia aids the employees forminhandling the documents efficiently or electronic form. The Policy not only covers thevarious aspects on preservation but also archival of documents. This policy is availableon the Companys website www.wabag.com.
employees stock option scheme (esop)
Your Company do not have any existing ESOP Scheme.
particulars of employees
Disclosures with respect to the remuneration of Directors KMP and employees asrequired under section 197(12) of the Act read with Rule 5(1) of the Companies(Appointment and Remuneration of Managerial Personnel) Rules 2014 as amended from timeto time are enclosed as annexure I to the Boards Report.
Details of employee remuneration as required under provisions of section 197(12) of theAct read with Rules 5(2) & 5(3) of Companies (Appointment and Remuneration ofManagerial Personnel) Rules 2014 as amended from time to time are available to any Memberon request. Such details are also available on the Companys website www.wabag.com.
Your Company maintained healthy cordial and harmonious industrial relations at alllevels. The enthusiasm and unstinted efforts of employees have enabled your Company toremain at the leadership position in the industry. It has taken various steps to improveproductivity across organisation.
policy on prevention of sexual Harassment at Workplace
Your Company maintains a collaborative inclusive non-discriminative and safe workculture and provide equal opportunities to all employees. Your Company has a ZeroTolerance policy towards sexual harassment at the workplace. The Company has aPrevention of Sexual
Harassment policy in place in line with the requirements of the POSH.
Your Company has constituted Internal Compliant
Committee under the Sexual Harassment of Women at
Workplace (Prevention Prohibition and Redressal) Act 2013
("POSH"). It comprises 6 Members majority being Women Members including oneexternal women representative.
All permanent consultant contractual temporary trainees are covered under thisPolicy.
During the year under review no complaint for Sexual
Harassment was received by the Company. Pursuant to Section 21 of the Sexual Harassmentof Women at
Workplace (Prevention Prohibition and Redressal) Act 2013 the Internal CompliantCommittee has duly submitted the Annual Report at the end of the Calendar Year i.e.December 31 2020 comprising details of complaints received disposed off and pending.
a. statutory auditors
M/s. Sharp & Tannan Chartered Accountants Chennai (Firm Regn No: 003792S) wasappointed by the Members of the Company at the 23rd AGM held on August 10 2018as the Statutory Auditors of the
Company to hold office for a term of 5 years from the conclusion of the 23rdAGM until the conclusion of the 28th AGM of the Company to be held in thecalendar year 2023.
The Statutory Auditors of the Company have submitted their report for FY 2020-21 and isforming part of this Annual Report. The Auditors Report on Standalone andConsolidated Financial Statements of the Company for the Financial Year ended March 312021 does not contain any qualification reservation or adverse remark.
B. Cost auditor
Pursuant to the provisions of the Section 148(1) of the Act your Board of Directorshad appointed Mr. K Suryanarayanan Practicing Cost Accountant (Membership No.24946) asCost Auditor of the Company for conducting the audit of costs records for the FY 2020-21.The audit of cost records is in progress and report will be filed with the Authoritywithin the prescribed period in accordance with the Act and relevant rules madethereunder. A proposal for ratification of remuneration of the Cost Auditors for the
FY 2020-21 will be placed before the Members of the
Company at the ensuing AGM for ratification / approval.
The cost records as applicable to the Company are maintained in accordance with thesub-section (1) of Section 148 of the Act.
C. secretarial auditor
Your Board had appointed Mr. M Damodaran of M Damodaran & Associates LLPPracticing Company Secretaries (COP: 5081) to undertake the Secretarial
Audit of the Company for the FY 2020-21. The Secretarial Audit Report placed before theBoard does not contain any qualification reservation or adverse remark. The Report of theSecretarial Auditor is enclosed as annexure II to the Boards Report.
Your Board has appointed Mr. M Damodaran of
M Damodaran & Associates LLP Practicing Company Secretaries (COP: 5081) asSecretarial Auditor of the
Company for the FY 2021-22.
d. Internal auditors
Your Board had appointed M/s PKF Sridhar &
Santhanam LLP Chartered Accountants Chennai (FRN - 003990S/S200018) as InternalAuditors of the Company to conduct the Internal Audit for the FY 2020-21. The InternalAuditors reports directly to the Audit Committee and makes comprehensive presentations atthe Audit Committee meeting(s) on the Internal Audit Report covering the business areasrequired by the Audit Committee from time to time.
Your Board has appointed M/s PKF Sridhar &
Santhanam LLP Chartered Accountants Chennai as Internal Auditor of the Company forthe FY 2021-22.
The Statutory Auditors Cost Auditor Secretarial Auditor and Internal Auditors of theCompany have not reported any frauds to the Audit Committee or to the Board of Directorsunder Section 143(12) of the Act including rules made thereunder.
subsidiaries Joint Ventures & associates
DuringtheyearunderreviewyourCompanyhasincorporated one subsidiary in India i.e. KopriBio Engineering Private
Limited on November 27 2020.
During the year: a) As part of its restructuring your Company has disinvested itsentire stake of 70% in Wabag Operation
& Maintenance WLL Bahrain to local partner and the share transfer and otherformalities have been completed on August 13 2020. b) VA Tech Wabag Brazil Servicos DeAgua E Saneamento
Ltda Brazil the Companys subsidiary was liquidated. The subsidiary was not amaterial subsidiary and did not have any business activity. c) Your Company has investedINR 410000 in
Equity Shares and INR 86990000 in Compulsorily
Convertible Preference Shares (Series A CCPS) of Ganga STP Project Private Limitedwholly owned subsidiary. d) During the year 2021 - 22 your Company further invested INR10000000 in Compulsorily Convertible Preference Shares (Series A CCPS) of Ganga STPProject Private Limited wholly owned subsidiary on April 29 2021. Please refer projectupdate on page no. 42 of Boards Report for more details on same. Your Company has 18subsidiaries 3 associates and 2
Joint Venture Entities as on March 31 2021. Pursuant to
Section 129(3) of the Act a statement containing the salient features of the FinancialStatement of our subsidiaries in the prescribed format AOC - 1 is enclosed as annexureIII to the Boards Report.
The Board of Directors of your Company has approved a
Policy for "Determining Material Subsidiaries" in accordance with the SEBILODR. The Policy has been revised w.e.f. April 1 2019 in accordance with the amendmentsmade to the SEBI LODR. The policy is also made available on your Companys websitewww.wabag.com.
In accordance with the provisions of SEBI LODR and Policy for Determining MaterialSubsidiaries your Company has one Material Subsidiary i.e. VA Tech Wabag GmbH Austriaas on the date of this report.
Consolidated Financial statements
The Consolidated Financial Statements of the Company for the Financial Year ended March31 2021 are prepared in compliance with the applicable provisions of the Act including
Indian Accounting Standards specified under Section 133 of the Act. The AuditedConsolidated Financial Statements together with the Auditors Report thereon formpart of this
Pursuant to the provisions of Section 136 of the Act the Financial Statements of theSubsidiaries Associates and Joint Venture entities of the Company are available forinspection by the Members at the Registered Office of the Company. Your Company shallprovide a copy of the Financial Statements of its Subsidiary companies to the Members upontheir request. The statements are also available on the website of your Company atwww.wabag.com under Investors Section.
related party transactions
During the year under review your Company has entered into transactions with RelatedParties as defined under Section
2(76) of the Act all of which were in the ordinary course of business and at armslength basis and in accordance with the provisions of the Act and the SEBI LODR.
There were no materially significant Related Party
Transactions entered into by the Company with Promoters Directors Key ManagerialPersonnel or other designated persons which may have a potential conflict with theinterest of the Company at large. The details of the same are given in the notes toFinancial Statement.
The Related Party Transactions were placed before the Audit Committee for their reviewconsideration and approval / recommendation and then placed before the Board for suitablenoting / approval. Amended policy on dealing with Related Party Transactions is availableon the Companys website www.wabag.com. The details as required to be provided underSection 134(3)(h) of the Act in the prescribed format AOC-2 is enclosed as annexure Vto the Boards Report. overseas direct Investment
Your Company over the years has expanded its global reach through Overseas DirectInvestments (ODI) through
Subsidiaries Associate & Joint Venture Entities. As of March 31 2021 theaggregate financial investments in such ODIs amount to INR 156.82 crore as against INR297.51 crore as of last year. Out of such overseas investments a very substantialcomponent of investment comprises guarantees/ non-funded exposure for various projectswhich as of March 31 2021 amounted to
INR 129.73 crore (82.73% of total financial exposure). The funded exposure of theCompany in ODI for the same period consists of equity investments of INR 25.30 crore
(16.13% of total financial exposure) and loans amounting to INR 1.79 crore (1.14% oftotal financial exposure). Your
Company has not provided any loan to its ODI entities during the year.
Your Company has been benefitted from these ODIs in the form of export / otherearnings.
The benefits generated by the Company from its overseas entities are substantialconsidering its relative meagre funded investment in such ODI entities. During the FY2020-21 the Standalone revenue of the Company included revenue from overseas projectsamounting to INR 924 crore as against INR 746 crore last year. The aggregate operationalrevenue generated by the Group during the FY 2020-21 through Companys overseasentities and exports out of India aggregated to INR 1853 crore which is 65% of overallconsolidated revenue of INR 2835 crore.
Corporate social responsibility (Csr)
During the year the Ministry of Corporate Affairs amended the Companies (CorporateSocial Responsibility Policy) Rules 2014 ("Csr rule") incorporatingcertain changes in the CSR aspects.
Some of the key aspects of the amended CSR Rule are as follows:
The Board now has to consider and approve the recommended projects (by CSR committee)and also monitor the same.
The Board has to approve the annual action plan and monitor the implementation of theCSR programme in addition to the review done by CSR committee.
The Chief Financial Officer of the Company needs to certify that the money committedand used has been spent for the CSR projects and not for any other purpose.
The details of the projects committed and the amount are to be disclosed in the annualreport and the website of the Company. The said amendments have come into effect fromJanuary 22 2021. Your Company allocated a limit equivalent to 2% of the average netprofits of its three immediately preceding
Financial Years for implementation of CSR activities as per the Act. During the yearunder review your Company spent a sum of INR 140.91 lakhs towards CSR projectsimplementation.
Your Company being engaged in Water business as part of its CSR policy and guidingprinciples would always prefer to take up CSR projects relating to water waste watermanagement and sanitation which should be closer to establishment viz. offices orproject sites to help the local community. Since 2014 the Company committed for some longterm projects and based on the project progress the Company would pay on demand by theimplementing agencies. Apart from the small projects with a few implementing agencies theCompany also entered into multiyear program with NABARD and BRLF. During the year thepartnership related to Tamil Nadu Watershed project with NABARD has been terminated byNABARD as they preferred to fund the projects on its own funding as per their recentguidelines. Your Company had entered into a Memorandum of Understanding (MoU) with BharatRural Livelihoods
Foundation (BRLF) an Independent non-profit society set up by the Government of Indiaunder the Ministry of Rural
Development for implementing watershed project in six districts in West Bengal. The keyobjective behind this CSR investment by your Company is to leverage the MGNREGA fundswhich will have wider impact in terms of end beneficiaries i.e. poor farmers and tribalsin West Bengal.
Your Company committed a sum of INR 250 lakhs spread over a period of 4 years. Out ofthis your Company so far paid a sum of INR 148.64 lakhs and there are no pending paymentspayable at the year end since CSR grant liability would arise as and when the projectprogress/milestones completed. Considering the recent amendments in CSR Rules Policy andother factors the Board took a decision not to carry forward the earmarked limit and totreat BRLF as an only "ON-GOING PROJECT".
Pursuant to the provisions of section 135(6) of the Companies Act 2013 the Boarddecided to transfer unspent amount of INR 89.09 lakhs towards the On-going BRLF Project toa special account called as Unspent Corporate Social Responsibility Account (UCSRA).
Further during the year your Company implemented the following CSR projects (i)Water Conservation through Open Well Rejuvenation at Tamil Nadu (ii) Usharmukti project atWest Bengal
(iii) Online National Quiz for Ganga Quest for the year gone by
(iv) Environmental Awareness program at Chennai
(v) Decentralized Waste Water Treatment Plant and Recycling at Low Income HousingColony Warangal Telangana.
During the Financial Year 2020-21 the Company has contributed an amount of INR 140.91lakhs the details of which are given in the Annexure IV to this report and the unpsentamount of INR 89.09 lakhs pertaining to FY 2020-21 was transferred to the UnspentCorporate Social Responsibility Account in compliance with the amended CSR Rule whichhas come into effect from January 22 2021. The details of the aforesaid projects arecovered in the annual report on our CSR activities forming part of this BoardsReport.
The CSR Committee of the Board has been constantly reviewing the projects and givesdirections to expedite implementation of the projects undertaken.
Your Companys CSR Committee comprises
Ms. Vijaya Sampath (Chairperson) (DIN:00641110) Mr. Amit Goela (DIN:01754804) Mr.Rajiv Mittal (DIN:01299110) and Mr. S Varadarajan (DIN:02353065).
The Committee is responsible for formulating and monitoring the CSR policy of theCompany. This policy is available on the Companys website in the following link:https://www.wabag.com/compliances/. Pursuant to Section 135(4) of the Act the majorcontents of CSR policy include your Companys CSR approach and guiding principlescore Ideology total outlay for each
Financial Year allocation of resources & thrust areas formulation of annualaction plan Executing Agency / Partners and Impact assessment.
Core Ideology: For WABAG responsible business practices include being responsiblefor our business processes engaging in responsible relations with employees customersand the community. Hence for the Company Corporate Social Responsibility goes beyondjust adhering to statutory and legal compliances and creates social and environmentalvalue while supporting the Companys business objectives and reducing operating costsand at the same time enhancing relationships with key stakeholders and customers.
Your Companys commitment to Csr will be manifested by investing resources in oneor more of the following areas:
Eradicating hunger poverty and malnutrition promoting preventive health care &sanitation and making available safe drinking water; Promoting education includingspecial education and employment enhancing vocation skills especially among childrenwomen elderly and the differently-abled and livelihood enhancement projects; Promotinggender equality empowering women setting up homes and hostels for women and orphanssetting up old age homes day care centers and such other facilities for senior citizensand measures for reducing inequalities faced by socially and economically backward groups;
Ensuring environmental sustainability ecological balance protection of flora andfauna animal Welfare agro-forestry conservation of natural resources and maintainingquality of soil air and water; Protection of national heritage art and culture includingrestoration of buildings and sites of historical importance and works of art; Contributionto any fund set up by the Central Government for socio-economic development disasterrelief and for any other purpose for which these funds are allocated and utilized;Contribution of funds provided to technology incubators located within academicinstitutions which are approved by the Central Government for CSR purposes; Ruraldevelopment projects; Setting up facilities related to pandemic illnesses like COVID-19health infrastructure for COVID care establishment of medical oxygen generation andstorage plants manufacturing and supply of Oxygen concentrators ventilatorscylinders and other medical equipment for countering pandemics.
The annual report on our CSR activities is enclosed as annexure IV to theBoards Report. particulars of Loans Guarantees or Investments
Pursuant to provisions of Section 186 of the Act and Schedule
V of the SEBI LODR the details of loans guarantees and investments as on March 312021 are given in the notes to the Financial Statements of the Company.
Internal Control / audit & its adequacy
Your Company has built robust control system upon which the internal controls are builtto mitigate the risks. Under the control environment; Companys policies procedures& standards are developed to uphold control across the organisation. Adequate internalcontrols are in place to commensurate with business and operating dynamics. Internalcontrols are designed to provide reasonable assurance over:
1. Achieving strategic objectives
2. Efficiency and effectiveness of business operations
3. Prevention and detection of frauds and errors
4. Safeguarding its assets
5. Complying with applicable laws and regulations
6. Providing reliable financial information
Your Company has independent internal audit agency spearheaded by industry veterans& process experts.
Audit Committee of the Board periodically reviews the audit function and key issues areacted upon immediately. Key controls are periodically reviewed and improvements are madeto enhance the reliability of information. The Company through its global ERP continuesto align its processes and controls with industry best practices.
Internal Control over Financial reporting
The Act re-emphasises the need for an effective Internal Financial Control system inthe Company which should be adequate and shall operate
and material orders passed by theeffectively.
1. The internal financial controls within the Company are commensurate with the sizescale and complexity of its operations. and material orders passed by
2. Audit Committee of the Board periodically reviews theinternalauditplansandobservations/recommendations of Internal & Statutory Auditors.
3. The controls were tested during the year and no reportable material weaknesses.
4. Your Company continuously tries to automate these controls to increase itsreliability.
5. Your Company follows accounting policies which are in line with the IndianAccounting standards notified under Section 133 of the Act read with Companies (IndianAccounting Standard) Rules 2015. These are in accordance with Generally AcceptedAccounting Principles (GAAP) in India.
6. Your Companys Books of Accounts are maintained in
IFS and transactions are executed through IFS setups to ensure correctness /effectiveness of all transactions integrity and reliability of reporting.
7. Your Company has a mechanism of building budgets at an integrated cross- functionallevel. The budgets are reviewed on a monthly basis so as to analyse the performance andtake corrective action wherever required.
8. Overseas subsidiaries provide required information of consolidation of accounts inthe format prescribed by your Company along with certification from respective entityauditors.
Your Board has constituted a dedicated Committee viz. "Risk
Management and Monitoring Committee" to review risks trends exposure itspotential impact analysis and mitigation plans. The Committee consists of 4 Directors outof which 2 are Independent Directors. The details on your Companys risk managementframework / strategy risk assessment risk acceptance risk avoidance risk mitigationrisk review etc. forms part of Management Discussion and Analysis Section of this AnnualReport.
awards & recognitions
During the year under review your Company received numerous awards and accoladesconferred by reputable organisations distinguished bodies and clients for achievements inCSR sustainable solutions project completion etc.
Please refer this Annual Report for the details of the rewards and recognition achievedby the Company globally during this year.
Significant or courts or tribunals impacting the going concerns status and Company`soperations in future theThere are no significant regulators or courts or tribunalsimpacting the going concern status and Companys operations in future. otherdisclosures deposits: During the year under review your Company has not accepted anydeposit within the meaning of Sections 73 and 74 of the Act read with the Companies(Acceptance of
Deposits) Rules 2014 (including any statutory modification(s) or re-enactment(s)thereof for the time being in force);
Contracts or arrangements with related parties: Particulars of contracts orarrangements with related parties referred to in Section 188(1) of the Act in theprescribed Form AOC-2 is enclosed as annexure V to the Boards Report; annualreturn: In accordance with Section 134(3)(a) read with section 92(3) of the Act anextract of the annual return in the prescribed format is available on the Companyswebsite in the following link: https://www.wabag.com/compliances; secretarialstandards: The Company has complied with Secretarial Standards issued by the Instituteof Company Secretaries of India on Board and General Meetings;
Conservation of energy: The information on conservation of energy technologyabsorption and foreign exchange earnings and outgo as stipulated under Section 134 of theAct read with the Companies (Accounts) Rules 2014 is enclosed as annexure VI tothe Boards Report;
differential rights: The Company has not issued equity shares with differentialrights as to dividend voting or otherwise;
Nature of Business: During the year under review there was no change in nature ofbusiness of the Company or any of its subsidiaries.
Health safety and environmental protection (Hse)
Your Company is committed to providing a safe healthy and conducive environment to allof its employees & associates and complied with labour related laws. The details ofquality health safety environment initiatives objectives and achievements made by theCompany are detailed in the Management Discussion and Analysis section of this AnnualReport.
Sustainability is a key mantra for your Company. Globally your Company is activelyinvolved in providing sustainable solutions for the future that are eco-friendly andrenewable in nature. Your Companys contribution towards sustainability is constantlydriving in nature as is reflected throughout this report and forms an integral part of ourbusiness.
Whistle Blower policy / Vigil Mechanism
Pursuant to the Act and SEBI LODR your Company has formulated a Whistle-Blower Policywhich serves as a mechanism for its Directors Employees Business
Associates and other Stakeholders to report genuine concerns about unethical behaviouractual or suspected fraud or violation of the Code of Conduct without fear of reprisal.The vigil mechanism consists of a dedicated email-id. Any Director Employees BusinessAssociates and other Stakeholders who becomes aware of an unethical behaviour or fraud orviolation of code shall report to the
Ethics Committee for redressal as provided in the policy.
The Audit Committee of the Board oversees the functioning of this policy. The policy isavailable on the website of the Company www.wabag.com.
WABAG stands for sustainability and has showcased its commitment to creating a greenearth for over 9 decades. WABAGs vision is aligned to the United Nations SDGs
2030 and this has been reflected in the Groups numerous initiatives ashighlighted below:
1. Green Initiatives begin at home: Over 97% of the total power requirementof our headquarters in Chennai is derived from wind energy thereby bringing down energycost by 10% as well as becoming a part of green energy compliant corporate. It is inrecognition of this initiative that our headquarters WABAG HOUSE has been certifiedas aplatinum rated green building by
IGBC. Other initiatives taken by your Company are as follows:
Paper Waste is being sent to ITC for recycling and the proceeds obtained in the form ofstationery being distributed to local panchayat schools.
Battery Oil Waste and E-Waste being disposed for recycling through Pollution ControlBoard authorized recycler.
Employee friendly initiatives like ergonomics indoor air quality and Lum level aremaintained as per standards.
Conservation on Energy and Water Management have resulted in low Energy and WaterPerformance Index.
Introduction of E Tender process for sourcing materials in our procurement function asa step towards digitization.
2. digitisation: Moving forward on its commitment towards a Greener Planet forfuture generations and in furtherance of digitisation commitment to Go-Green initiative ofthe Government the Company started using digital mechanism to conduct Board/ CommitteeMeeting(s) as per the provisions of law and as part of this step circulating the agendanotes and other supporting documents of the Board / Committee meetings through a securedelectronic platform for ease of access to Directors for their review and considerationthereby reducing usage of papers to a limited purpose.
Your Company took various initiatives to reduce the usage of physical Annual Reports bycontinuously persuading the Members to get registered their email ids with theirrespective DPs to avail the e-version of Annual Reports and providing e-voting facility toall its Members to enable them to cast their votes electronically on all resolutions setforth in the Notice.
3. Breathing life into lifelines: Clean water and rejuvenated rivers are keyto enhancing the Green cover on Planet Earth. Your Company has been playing an integralrole and ensuring this by collaborating with Governments worldwide. In India particularlyyour Company has emerged as one of the foremost partners of the Government in rejuvenatingIndias lifeline River Ganga under the worlds largest river cleaning programNamami Gange.
4. Contributing to a Circular economy: a. Your Company emerged as a pioneer inpromoting resource recovery at wastewater plants in India over 15 years ago GreenPower Generation from Kodungayur Wastewater Treatment Plant Chennai. The plant has thedistinction of completing maximum hours of gas engine run time and producing over 70000Mwh of green power till now. "IMAGINE THE SAVINGS ON GRID
POWER WHICH IS PRIMARILY DRIVEN BY HIGH POLLUTION THERMAL GENERATION!!" b. YourCompany stands true to its presence in a sunrise sector. It executed a sewage treatmentplant in Sanliurfa Turkey wherein the sludge drying component was powered by solarenergy. c. Your Company has been instrumental in making
Chennai the southern metropolis of India the first city in South India to reuse over20% of its treated wastewater. Recently your Company installed one of the largest andtechnologically most advanced water reuse plants in Chennai at Koyambedu with a potentialto prioritize over 16 million m3 of freshwater every year for domesticconsumption. Similar plants with an eye for circular economy and rejuvenating theworlds natural resources have been executed by your
Company over the last 25 years summing up to around 50 plants with a total capacity ofover 2000 million litres every day. d. Your Company believes in creating a clean greenand circular ecosystem (land air and water) around us for the wellbeing of nature andhumanity. Your Company has been focusing on resource recovery at wastewater treatmentplants and recently forayed into Zero Liquid Discharge systems (ZLD) which is evolvinginto a regulatory requirement and hence portends very high potential for the business.Primarily most of the sewage treatment plants wherein the treated sewage after meetingthe national standards is discharged to river and the sludge which is generated fromsewage is used for further digestion generating biogas thereafter producing clean power tobe used for plant operation thus ensuring minimal/nil power requirement used from Gridwhich is powered primarily by thermal power plants and the sludge is converted into manurefor Horticulture / Agriculture. Plants are in operation at JICA funded WWTP in DinapurVaranasi
Uttar Pradesh JICA funded K&C Valley WWTP in
Bangalore and Karnataka and in an ADB funded WWTP at Guheswori Nepal etc.
With respect to Industrial effluentsfor most of the plants your Company is advisingfor high quality effluent treatment followed by recycle and reuse of the effluent. Thiscontributes to first savings of limited freshwater sources which can be used for domesticand industrial sector and second ensuring water security for the industrial facilities.In some instances WABAG has helped recover up to 90% of usable water from treatedeffluents. A few of such marquee projects are set-up in:
- Reliance - JamnagarDahej and Hazira Gujarat
- IOCL Refineries - Panipat Paradip and for Nayara (formerly ESSAR Oil)
Currently your Company is executing Zero liquid discharge plant located in NMDCNagarnar which is a land locked area. In this project after recovery of 90% waterbalance water is treated through evaporators thus ensuring Zero Liquid Discharge whichcontributes a great deal environmentally. e. In water scarce areas in the coastal areasyour
Company has continued on its rich legacy of being a leader in desalination and hascontinued setting up Desalination plants (for Reliance in Jamnagar for Adani in Mundrafor MRPL in Mangalore for CMWSSB in Nemmeli Chennai Tamil Nadu for SONEDE in Tunisia.In all these projects a recovery of approx. 45% is achieved with latest energy recoverysystems and the concentrated brine is diffused and discharged consciously into the sea ata good distance from the shore without disturbing marine and fisheries requirements.
WABAG has been recognized for promoting a drinking water model for coastal India by itsexcellence of setting up desalination projects.
Your Company has a dedicated R&D team and is constantly tracking all globaldevelopments in the field of desalination with the support of a CTO for desalination. YourCompanys desalination systems factor environmental consensus with integration ofclean technology energy efficient systems with possibility of integrating renewable powerin line with the Companys vision aligned to UN SDGs 2030 and Kyoto ProtocolsClean development mechanism.
Your Board of Directors place on record their sincere gratitude and appreciation to allthe employees at all levels for their hard work solidarity cooperation and dedicationduring the year. Your Board conveys its appreciation to its Customers Members SuppliersBankers Business Associates Regulatory and Government Authorities for their continuedsupport.
| ||For and on behalf of the Board of directors |
| ||Malay Mukherjee ||rajiv Mittal |
| ||Chairman ||Managing Director & Group CEO |
| ||(DIN: 02861065) ||(DIN: 01299110) |
|July 19 2021 ||New Delhi ||Chennai |