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H.G. Infra Engineering Ltd

BSE Code : 541019 | NSE Symbol : HGINFRA | ISIN:INE926X01010| SECTOR : Construction |

NSE BSE
 
SMC up arrow

179.20

1.00 (0.56%) Volume 280564

20-Oct-2020 EOD

Prev. Close

178.20

Open Price

177.85

Bid Price (QTY)

179.20(54)

Offer Price (QTY)

0.00(0)

 

Today’s High/Low 181.50 - 177.55

52 wk High/Low 294.90 - 126.35

Key Stats

MARKET CAP (RS CR) 1167.21
P/E 7.97
BOOK VALUE (RS) 126.0687594
DIV (%) 0
MARKET LOT 1
EPS (TTM) 22.47
PRICE/BOOK 1.4206533073887
DIV YIELD.(%) 0
FACE VALUE (RS) 10
DELIVERABLES (%) 75.6
4

News & Announcements

14-Oct-2020

H.G. Infra Engineering Ltd - Statement Of Investor Complaints For The Quarter Ended September 2020

05-Oct-2020

H.G. Infra Engineering Ltd - H.G. Infra Engineering Limited - Disclosure under SEBI Takeover Regulations

03-Oct-2020

H.G. Infra Engineering Ltd - Disclosures under Reg. 10(6) of SEBI (SAST) Regulations, 2011

01-Oct-2020

H.G. Infra Engineering Ltd - Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011

29-Aug-2020

H.G Infra Engg. to convene AGM

25-Aug-2020

Board of H.G. Infra Engineering approves raising of funds up to Rs 200 cr

21-Aug-2020

H.G Infra Engg. to conduct board meeting

19-Aug-2020

H.G. Infra Engineering update on road project in Telangana

Corporate Actions

Bonus
Splits
Dividends
Rights
Capital Structure
Book Closure
Board Meeting
AGM
EGM
 

Financials

Income Statement

Standalone
Consolidated
 

Peers Comparsion

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Share Holding

Category No. of shares Percentage
Total Foreign 394834 0.61
Total Institutions 13443602 20.63
Total Govt Holding 0 0.00
Total Non Promoter Corporate Holding 1417463 2.18
Total Promoters 48251883 74.04
Total Public & others 1663329 2.55
Total 65171111 100
  • Total Foreign
  • Total Institutions
  • Total Govt Holding
  • Total Non Promoter Corporate Holding
  • Total Promoters
  • Total Public & others

About H.G. Infra Engineering Ltd

H.G. Infra Engineering Limited is a leading player in the roads & highways space with an execution track record of over 15 years. HG provides engineering, procurement and construction (EPC) services on a fixed-sum turnkey basis and undertakes civil construction and related infrastructure projects in the road construction space. The company has presence in Raiasthan, Uttar Pradesh, Haryana, Uttarakhand, Maharashtra and Arunachal Pradesh. The company has built a robust business model built around complete integration, large fleet of in-house equipment and skilled manpower. The Company has a track record in executing projects of different sizes particularly in the roads and highways sector. It has become an established construction developer in the roads and highways sector with strong execution capabilities and with a reputation of delivering quality projects. For instance, the company has received a letter of appreciation in the year 2012 from Larsen and Toubro Limited for being the most quality consciousness sub-contractor. The Company has also received a bonus from the Chief Engineer, National Highways, PWD Lucknow for early completion of widening and strengthening of NH-96 Faizabad-Allahabad Road (from 0.00 kilometers to 46.470 kilometers) in Uttar Pradesh. H.G. Infra Engineering Limited was incorporated as a private limited company with the name 'H.G. Infra Engineering Private Limited' on January 21, 2003 at Jodhpur. H.G. Infra Engineering was formed pursuant to the conversion of a partnership firm, M/s Hodal Singh Giriraj Singh & Co., Jodhpur (the 'Partnership Firm') into the Company, a joint stock company under Part IX of the Companies Act, 1956 on January 21, 2003. The Partnership Firm was constituted pursuant to a partnership deed dated December 10, 1980, initially entered into amongst the original partners, Mr. Giriraj Singh, Mr. Bhagwan Singh, Mr. Hodal Singh, Mr. Pokhpal Singh, Mr. Devendra Singh, Mr. Ramswaroop Singh and Mr. Narpat Singh for the purpose of carrying out the business of, among others, public works department ('PWD'), railways, irrigation department or any other government or semi-government departments in respect of roads, bridges, dams, supply of material and technical consultation. Pursuant to the changes in the constitution of the partnership, the partnership deed was subsequently amended from time to time. The business of the Partnership Firm was taken over by the Company pursuant to the conversion and Mr. Bhagwan Singh, Mr. Hodal Singh, Mr. Pokhpal Singh, Mr. Girishpal Singh, Mr. Vijendra Singh, Mr. Harendra Singh and Mr. Rajendra Singh, the erstwhile partners of the Partnership Firm were issued and allotted 53,831 Equity Shares, 452,647 Equity Shares, 25,843 Equity Shares, 324,255 Equity Shares, 408,257 Equity Shares, 442,572 Equity Shares and 31,345 Equity Shares, respectively. In 2008, the company executed its first subcontract work of construction of embankment, among other things for an amount of Rs 14.91 crore. During the year under review, the company commenced construction of a portion of the Yamuna Expressway, worth Rs 116.06 crore. In 2010, the company commenced its first major project as a subcontractor to carry out work of four laning of 49 kilometers on the Jaipur - Tonk Deoli section on National Highway 12, worth Rs 257.44 crore. During the year under review, the company commenced work on a part of the project for development of road of 20 kilometers on the six laning work being carried out on National Highway 8, on the Ajmer bypass section for an amount of Rs 56.38 crore. In 2011, the company commenced work on the project of four laning of the Warora Bamni section in Maharashtra for an amount of Rs 268.45 crore. In 2014, the company executed construction of the Jaipur - Nagaur road from kilometer 63/500 (Bhatipura) to kilometer 101/700 (Narayanpur Tiraha) for a total cost of Rs 44.27 crore. During the year under review, the company executed construction of the Jaipur-Nagaur road from kilometer 18/0 (Kalwar) to kilometer 63/500 (Bhatipura) for a total cost of Rs 56.14 crore. In 2015, the company won construction project of four laning highway of National Highway 65, on the Kaithal-Rajasthan border for a cost of Rs 401.11 crore, in the state of Haryana, awarded by Modern Road Makers Private Limited. In 2016, the company executed second renewal coat on the pavement of six lane Jaipur - Kishangarh section of National Highway 8 in the state of Rajasthan from kilometer 273.500 to kilometer 363.885 for a project cost of Rs 142.31 crore. Pursuant to the conversion of the Company to a public limited company, the name of the company was changed to 'H.G. Infra Engineering Limited' on June 8, 2017. In 2017, the company won seven construction projects in Maharashtra worth Rs 1904.59 crore by MoRTH. During the year under review, the company won two construction projects by NHAI worth Rs 414 crore. The company came out with an initial public offer (IPO) during the period from 26 February 2018 to 28 February 2018. The issue was a combination of fresh of issue of shares worth Rs 300 crore and offer for sale of 60 lakh shares by selling shareholders. The IPO was priced at Rs 270 per share. The stock debuted on BSE at Rs 270 per share on 9 March 2018.In 2017-18, the company won first Hybrid Annuity Project in Haryana worth ~Rs 606 crore.

H.G. Infra Engineering Ltd Chairman Speech

We continued to profit from our operating discipline in 2018-19, growing faster than the sectoral average Company last year following our In the first annual report of ourinitial public offer, we had indicated an annual revenue growth of 30%, which we later revised upward. I am pleased to report that we achieved our guidance with Rs. 2,010 crore revenue, a 44% growth in 2018-19. The Company reported profitable growth for the year with percentage growth in bottom-line of 47% being higher than the percentage increase in our topline. This was achieved through our established culture of operational discipline, our competitiveness in an exciting segment and our desire to grow into one of the most successful companies in India’s infrastructure sector. At HG Infra, we are attractively placed to carve out larger projects. In the last five years, we strengthened our project qualification eligibility from Rs. 1,120 crore to Rs. 1,750 crore (as on MarcRs. 31, 2019). Besides, our net worth strengthened from Rs.541 crore to Rs.659 crore.

To most it will appear as if our 2018-19 performance was derived from smooth sailing at a time of unprecedented sectoral growth. I must apprise our stakeholders that the reality was far more challenging than what may appear - for some good reasons.

One, the increase in concurrent multi-locational projects and larger size projects presented us with the challenge to manage this growth in a controlled manner. Two, we needed to complete projects on schedule, generate cash flows and reinvest in the business with the objective of enhancing multi-year business sustainability. Three, there was a challenge of growing our order book that would sustain our prospective growth and profitability. During the course of the year, the Company practiced what it had always professed – the need to be disciplined across market cycles, contract sizes and projects. As a result of our bidding discipline that we demonstrated during the year under review, order inflows were slow during the initial part of the financial year under review. However, we were convinced that what we were doing was absolutely right from the perspective of long-term business success and sustainability.

I am happy to communicate that our discipline was vindicated. The Company received Rs.3,891 crore orders during the year at its desired IRR, strengthening its overall order book from Rs.4,607 crore as on MarcRs. 31, 2018 to Rs.6,222 crore as on MarcRs. 31, 2019. We ended the financial year under review with the integrity of our Balance Sheet intact, our receivables cycle virtually unchanged and our gearing at 0.57 (compared witRs. 0.75 in the previous financial year), which indicate that the Company is attractively placed to generate sustainable growth from this point onwards. At HG Infra, we are engaged in building more than just roads, highways and infrastructure projects. We are engaged in building an institution across the long-term.

At the core of our commitment lies the strength of our governance process. At our company, the word ‘governance’ carries an over-riding connotation: the position and respect to be completely trusted by all stakeholders at all times. I am pleased to communicate that the Company deepened its governance commitment during the course of the year under review. This commitment was most visible in the strengthening of the Board of Directors and people competencies. The Company strengthened its Board through the appointment of a retired member of Indian Administrative Service. The execution team was also strengthened over the last few years with professionals joining across teams and functions including a new COO. Besides, the Company added over 670 employees through the year, connecting order book throughput at one level with an enhanced ground-level ability to deliver at the other. We believe that by plugging the various managerial and competence gaps, we are creating a well-rounded organization that is more attractively placed today to capitalize on sectoral opportunities than ever.

We reinforced our commitment to deliver projects on schedule through a sustained investment in cutting-edge technologies and equipment. The Company invested proactively in SAP, the benefits of which were reflected during the last financial year. The SAP investment did not just help moderate costs; it also strengthened project control across 33 operating sites in seven States. Besides, the Company continued to invest in capital equipment, making it possible to reduce the external hiring of equipment (and related rentals), enhance equipment availability, rotate our equipment faster and complete projects on schedule. Our discipline has been validated across the last number of years, making us one of the fastest growing medium-sized road building companies in India. We have grown at a CAGR of 39% over the last three years with profit growth of 52%.

Our order book has grown 4x during the last four-year period. Our order book at the close of 2018-19 provided a revenue visibility across 2-3 years. To defray the risks that could possibly arise from an excessive dependence on the road sector, the Company extended into adjacent business spaces like aviation infrastructure and water supply projects. Through this validated discipline, the Company expects to sustain its ongoing growth, enhancing respect across our business eco-system and increasing value in the hands of all those associated with our company.

Harendra Singh,

Chairman and Managing Director

   

H.G. Infra Engineering Ltd Company History

H.G. Infra Engineering Limited is a leading player in the roads & highways space with an execution track record of over 15 years. HG provides engineering, procurement and construction (EPC) services on a fixed-sum turnkey basis and undertakes civil construction and related infrastructure projects in the road construction space. The company has presence in Raiasthan, Uttar Pradesh, Haryana, Uttarakhand, Maharashtra and Arunachal Pradesh. The company has built a robust business model built around complete integration, large fleet of in-house equipment and skilled manpower. The Company has a track record in executing projects of different sizes particularly in the roads and highways sector. It has become an established construction developer in the roads and highways sector with strong execution capabilities and with a reputation of delivering quality projects. For instance, the company has received a letter of appreciation in the year 2012 from Larsen and Toubro Limited for being the most quality consciousness sub-contractor. The Company has also received a bonus from the Chief Engineer, National Highways, PWD Lucknow for early completion of widening and strengthening of NH-96 Faizabad-Allahabad Road (from 0.00 kilometers to 46.470 kilometers) in Uttar Pradesh. H.G. Infra Engineering Limited was incorporated as a private limited company with the name 'H.G. Infra Engineering Private Limited' on January 21, 2003 at Jodhpur. H.G. Infra Engineering was formed pursuant to the conversion of a partnership firm, M/s Hodal Singh Giriraj Singh & Co., Jodhpur (the 'Partnership Firm') into the Company, a joint stock company under Part IX of the Companies Act, 1956 on January 21, 2003. The Partnership Firm was constituted pursuant to a partnership deed dated December 10, 1980, initially entered into amongst the original partners, Mr. Giriraj Singh, Mr. Bhagwan Singh, Mr. Hodal Singh, Mr. Pokhpal Singh, Mr. Devendra Singh, Mr. Ramswaroop Singh and Mr. Narpat Singh for the purpose of carrying out the business of, among others, public works department ('PWD'), railways, irrigation department or any other government or semi-government departments in respect of roads, bridges, dams, supply of material and technical consultation. Pursuant to the changes in the constitution of the partnership, the partnership deed was subsequently amended from time to time. The business of the Partnership Firm was taken over by the Company pursuant to the conversion and Mr. Bhagwan Singh, Mr. Hodal Singh, Mr. Pokhpal Singh, Mr. Girishpal Singh, Mr. Vijendra Singh, Mr. Harendra Singh and Mr. Rajendra Singh, the erstwhile partners of the Partnership Firm were issued and allotted 53,831 Equity Shares, 452,647 Equity Shares, 25,843 Equity Shares, 324,255 Equity Shares, 408,257 Equity Shares, 442,572 Equity Shares and 31,345 Equity Shares, respectively. In 2008, the company executed its first subcontract work of construction of embankment, among other things for an amount of Rs 14.91 crore. During the year under review, the company commenced construction of a portion of the Yamuna Expressway, worth Rs 116.06 crore. In 2010, the company commenced its first major project as a subcontractor to carry out work of four laning of 49 kilometers on the Jaipur - Tonk Deoli section on National Highway 12, worth Rs 257.44 crore. During the year under review, the company commenced work on a part of the project for development of road of 20 kilometers on the six laning work being carried out on National Highway 8, on the Ajmer bypass section for an amount of Rs 56.38 crore. In 2011, the company commenced work on the project of four laning of the Warora Bamni section in Maharashtra for an amount of Rs 268.45 crore. In 2014, the company executed construction of the Jaipur - Nagaur road from kilometer 63/500 (Bhatipura) to kilometer 101/700 (Narayanpur Tiraha) for a total cost of Rs 44.27 crore. During the year under review, the company executed construction of the Jaipur-Nagaur road from kilometer 18/0 (Kalwar) to kilometer 63/500 (Bhatipura) for a total cost of Rs 56.14 crore. In 2015, the company won construction project of four laning highway of National Highway 65, on the Kaithal-Rajasthan border for a cost of Rs 401.11 crore, in the state of Haryana, awarded by Modern Road Makers Private Limited. In 2016, the company executed second renewal coat on the pavement of six lane Jaipur - Kishangarh section of National Highway 8 in the state of Rajasthan from kilometer 273.500 to kilometer 363.885 for a project cost of Rs 142.31 crore. Pursuant to the conversion of the Company to a public limited company, the name of the company was changed to 'H.G. Infra Engineering Limited' on June 8, 2017. In 2017, the company won seven construction projects in Maharashtra worth Rs 1904.59 crore by MoRTH. During the year under review, the company won two construction projects by NHAI worth Rs 414 crore. The company came out with an initial public offer (IPO) during the period from 26 February 2018 to 28 February 2018. The issue was a combination of fresh of issue of shares worth Rs 300 crore and offer for sale of 60 lakh shares by selling shareholders. The IPO was priced at Rs 270 per share. The stock debuted on BSE at Rs 270 per share on 9 March 2018.In 2017-18, the company won first Hybrid Annuity Project in Haryana worth ~Rs 606 crore.

H.G. Infra Engineering Ltd Directors Reports

Dear Shareholders,

Your Directors have pleasure in presenting the 17th Annual Report on the business, operations and financial performance of H.G. Infra Engineering Ltd. (the Company) along with the Audited Financial Statements for the Financial Year ended MarcRs. 31st, 2019. The consolidated performance of the Company and its subsidiary has been referred to wherever required.

FINANCIAL RESULTS

The Financial Performance of the Company for the financial year ended on 31st March, 2019 is as follows-:

(Amount in H Millions)

Particulars Standalone Consolidated
31.03.2019 31.03.2018 31.03.2019 31.03.2018
Gross Revenue 20213.49 13973.91 20259.34 13973.91
Total expenses 18311.04 12786.31 18343.84 12786.31
Profit / (loss) before tax 1902.45 1187.60 1944.04 1187.60
Tax expenses
Current tax 689.26 383.74 693.06 383.74
Deferred tax (22.49) (38.78) (22.45) (38.78)
Total Tax Expense 666.77 344.96 670.61 344.96
Profit After Tax 1235.68 842.64 1273.43 842.64
Other comprehensive income Items that will not be reclassified (12.96) (0.94) (12.96) (0.94)
to profit or loss (Net of Taxes)
Total Comprehensive Income for the year 1222.72 841.70 1260.47 841.70

REVIEW OF OPERATIONS/STATE OF AFFAIRS OF THE COMPANY, ITS SUBSIDIARIES

Review of Operations /State of Affairs of the Company

There has been no change in the nature of business of your Company during the Financial Year 2018-2019.

During the year under review, your Company reported a growth of 45% over the previous year. At Standalone level, the Revenue from Operations increased amounted to 20213.49 Million as against 13973.91 Million in the previous year. The Net Profit before Tax amounted to 1902.45 Millions as against 1187.60 Million in the previous year. The Net Profit for the year amounted to 1235.68 Million against` 842.64 Million reported in the previous year and total comprehensive income for the year amounted to ` 1222.72 Million as against ` 841.70 Million in the previous year.

At Consolidate level, the Revenue from Operations increased amounted to 20259.34 Million as against 13973.91 Million in the previous year. The Net Profit before Tax amounted to 1944.04 Millions as against 1187.60 Million in the previous year. The Net Profit for the year amounted to 1273.43 Million against ` 842.64 Million reported in the previous year and total comprehensive income for the year amounted to1260.47 Million as against ` 841.70 Million in the previous year.

Review of Operations /State of Affairs of the Subsidiaries

During the Financial Year 2018-2019 Our Company has one Wholly Owned Subsidiary, viz. "Gurgaon Sohna Highway Private Limited" which is a unlisted subsidiary Mr. Onkar Singh an Independent Director of the Company has been appointed as a Director on the Board of said subsidiary. The minutes of the subsidiary Company are periodically placed before the Board and reviewed by the Board of Directors. The Policy for determining subsidiaries has been uploaded and can be accessed on the Company’s website www.hginfra.com

The Audited Consolidated Financial Statements for the Financial Year ended 31st March, 2019, based on the financial statements received from Subsidiaries, as approved by their respective Board of Directors, have been prepared in accordance with relevant Indian Accounting Standards issued by the Institute of Chartered Accountants of India and forms an integral part of this Annual Report.

BUSINESS OVERVIEW

Order Inflow and Order Book

During the Financial Year Company won multiple big-ticket size orders.

• This includesRs. 1,172 Cr project involving six laning of Hapur

Bypass to Moradabad from IRB

• We also won EPC order from NHAI in the state of Rajasthan valued at Rs. 997 cr.

• Another big-ticket project was Rs. 952 cr Narnaul Bypass

HAM project.

2 HAM projects that we received during the year have a lot of synergy benefits. Since they are adjacent to each other, these will help in efficient deployment of our machines and manpower. The common base camp will lead to cost optimization. Both the projects are under financial closure and we expect to achieve them soon.

Taking all these projects into count,the total order inflow for the year was Rs. 3648 Cr. of the total order received this year, three orders are EPC Contracts aggregating to Rs. 2359 Cr and the remaining contract to the tune of Rs. 1289 Cr are HAM Projects.

Order book as on 31st MarcRs. 2019 stood at Rs. 6,222 crore out of the total order book, 71% are government contracts and 29% are from private clients.

Major projects completed in FY19

Sitarganj:- NHAI’s EPC project of Two-laning with paved shoulders of Sitarganj-Tanakpur section of NH-125 in Rajasthan Value – Rs. 2,431 million.

Manoharpur:- NHAI’s EPC project of Two-laning with paved shoulders of Manoharpur and Dausa on NRs. 11A in Rajasthan Value – Rs. 1,982 million

Uncha–Nagla:- NHAI’s EPC project of Widening, strengthening and 2- laning of Uncha-Nagla- Khanuawa-Roppas- Dholpur section of NH-123 in Rajasthan Value – Rs. 2,611 million

Tonk-Madhopur:- NHAI’s EPC project of Two-laning with paved shoulders of Tonk –SawaiMadhopur section of NH-116 in Rajasthan Value – Rs. 2,161 million

Kaithal-IRB’s BOQ project of four – laning of Kaithal – Rajasthan border section of NH-123/ 65 in Haryana Value – Rs. 4,011 million

Company has shown sign of excellence in all financial and operational parameters which has been applauded by PWC, our Statutory Auditors, our investors and other Stakeholders. The Company has featured in many Business magazines like "Fortune 500","CEO magazine",outlook magazine" and has been honoured by CNBC for "Best Infrastructure Company" in Rajasthan Ratan Award.

DIVIDEND

The Board of Directors of your Company recommend a Final Dividend for the Financial Year 2018-19 at the rate of 5% ( Five per cent) i.e. 0.50 (Rupees Fifty Paisa Only) per Equity Share of Face Value of 10/- (Rupees Ten Only) each, subject to approval of the Members at the ensuing, 17th (Seventeenth ) Annual General Meeting.

The Dividend will be paid to the Shareholders whose names appear in the Register of Members of the Company as on Friday, August 2, 2019 and in respect of shares held in dematerialised form, it will be paid to Shareholders whose names are furnished by National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL), as the beneficial owners as on that date.

TRANSFER TO RESERVES

The Company is not proposing to transfer any amount to the General Reserves of the Company out of the profits made during the Year. The Total other Equity (including securities premium Reserves, General Reserves, Surplus in the statement of profit and Loss and and other Comprehensive income) as on MarcRs. 31st, 2019 is Rs. 5978.10 (on Consolidate Basis) million as against the Paid- up Capital of Rs. 651.71 million.

DEPOSITS

During the year ended 31st March, 2019, the Company has not accepted deposits from the public falling within the ambit of Section 73 of the Companies Act, 2013 and the Rules framed there under and hence no amount on account of principal or interest on public deposits was outstanding as on the date of the Balance Sheet.

DIRECTORS RESPONSIBILITY STATEMENT

Based on the framework of internal financial controls and compliance systems established and maintained by the Company, work performed by the internal, statutory, costand secretarial auditors including audit of internal financial controls over financial reporting by the statutory auditors and the reviews performed by the management and the relevant Board committees, including the audit committee, the Board is of the opinion that the Company’s internal financial controls were adequate and operating effectively during theFY 2018-19.

Pursuant to Section 134(5) of the Companies Act, 2013, the Board of Directors, to the best of its knowledge and ability, confirm that:

i. In the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures.

ii. They have selected such accounting policies and applied them consistently and made Judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit and loss of the Company for that period.

iii. They have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

iv. They have prepared the annual accounts on a going concern basis.

v. They have laid down internal financial controls to be followed by the Company and such internal financial controls are adequate and operating effectively.

vi. The directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

CAPITAL STRUCTURE OF THE COMPANY

The Current Capital Structure of the Company is given below:-

Authorised Capital:-

During the Financial Year 2018-19 the Authorised Capital of the Company is Rs. 80,00,00,000/- (Rupees Eighty Crore Only) divided into 8,00,00,000 (Eight Crore Equity Share) Equity Shares of Rs. 10/- (Rupees Ten Each).

Issued Capital:-

During the Financial Year 2018-19 the Issued Capital of the Company is Rs. 65,17,11,110/- (Rupees Sixty Five Crore Seventeen Lakh Eleven Thousand One Hundred Ten Only) divided into 65171111 (Six Crore Fifty One lakh Seventy One thousand one hundred Eleven Equity Shares) Equity Shares of Rs. 10/- (Rupees Ten Each).

Subscribed & Paid up Capital:-

During the Financial Year 2018-19 the Subscribed & paid up Capital of the Company is Rs. 65,17,11,110/- (Rupees Sixty Five Crore Seventeen Lakh Eleven Thousand One Hundred Ten Only) divided into 65171111 (Six Crore Fifty One lakh Seventy One thousand one hundred Eleven Equity Shares) Equity Shares of Rs. 10/- (Rupees Ten Each).

Utilization of the IPO Proceeds (2018-19)

The status of the utilisation of the Proceeds of the IPO and division thereon are as under:-

Particulars Amount in
Crores
Gross Proceeds of the Issue 300.00
Less-Issue related expenses 22.25
Net Proceeds of the Issue 277.75
(Less) Utilization of IPO Proceeds up-to 251.17
MarcRs. 31,2019
Funds to be utilized (remain invested in 26.58
Bank Fixed Deposits ) and current account)

EXTRACT OF ANNUAL RETURN

As provided under Section 92 of the Act and rules framed thereunder, the extract of annual return in Form MGT-9 is given in Annexure-I which forms part of this report.

INFORMATION ABOUT SUBSIDIARY/ JOINT VENTURE/ ASSOCIATE COMPANY:

The Company has 1(one) wholly owned subsidiary as on MarcRs. 31, 2019. (GURGAON SOHNA HIGHWAY PRIVATE LIMITED incorporated on 06.04.2018). There are 4 (four) Joint Venture and 1 (one) Associate within the meaning of Section 2(6) of the Companies Act, 2013 ("Act").

Pursuant to Section 129 (3) of the Companies Act, 2013 read with Rule 5 of the Companies (Accounts) Rules, 2014 a Statement containing salient features of the financial statements of Subsidiaries/Associate Companies/Joint Ventures is given in Form AOC-1 as Annexure-II and forms an integral part of this Annual Report.

Further, pursuant to the provisions of Section 136 of the Act, the financial statements of the Company, consolidated financial statements along with relevant documents and separate audited financial statements in respect of subsidiaries, are available on the website of the Company.

BOARD OF DIRECTORS AND MEETINGS

The members of the Company’s Board of Directors are eminent persons of proven competence and integrity. Besides experience, strong financial acumen, strategic astuteness and leadership qualities, they have a significant degree of commitment towards the Company and devote adequate time to the meetings and preparation.

The Board meets at regular intervals to discuss and decide on Company / Business policy and strategy apart from other Board business. The Board exhibits strong operational oversight with regular presentations in every quarterly meeting. The Board /Committee meetings are pre-scheduled and a tentative annual calendar of the Board and Committee meetings is circulated to the Directors well in advance to help them plan their schedule and ensure meaningful participation in the meetings. Only incase of special and urgent business, if the need arises, the Board’s/Committee’s approval is taken by passing resolutions through circulation or by calling Board/ Committee meetings at short notice, as permitted by law.

The Agenda for the Board and Committee meetings includes detailed notes on the items to be discussed to enable the Directors to take an informed decision.

The Board of Directors had held four meetings during FY 2018-19. For further details, please refer to the Corporate Governance Report, which forms part of this Annual Report. The intervening gap between the meetings was within the period prescribed under the Act and the Listing Regulations.

DETAILS IN RESPECT OF ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO THE FINANCIAL STATEMENTS

The Company has designed and implemented a process driven framework for Internal Financial Controls ("IFC") within the meaning of the explanation to Section 134(5) (e) of the Companies Act, 2013 read with Rule 8(5)(viii) of the Companies(Accounts) Rules, 2014, The Company has appropriate internal control systems for business processes with regard to its operations, financial reporting and compliance with applicable laws and regulations. It has documented policies and procedures covering financial and operating functions and processes. These policies and procedures are updated from time to time and compliance is monitored by the internal audit function as per the audit plan. The Company continues its efforts to align all its processes and controls with best practices.

The Audit Committee of the Board of Directors actively reviews the adequacy and effectiveness of the internal control system and suggests improvements to strengthen the same. The Company has robust management information system, which is an integral part of the control mechanism.

These are detailed in the Management Discussion and Analysis Report.

DECLARATION BY INDEPENDENT DIRECTOR’S UNDER SUB SECTION (6) OF SECTION 149

INDEPENDENT DIRECTOR

Company having three (3) Independent Directors which are in accordance with the requirement of Listing Regulation as well as under the Companies Act, 2013.

The Company has received necessary declaration from all the three Independent Directors to the effect that they meet the criteria of independence as provided under Section 149(6) of the Companies Act, 2013 and Regulation 16(b) of SEBI (LODR) Regulations, 2015. In the opinion of the Board, they fulfil the conditions specified in the Act and the Rules made there under for the appointment as Independent Directors and are Independent of the Management

WOMEN DIRECTOR

In terms of the provisions of Section 149 of the Companies Act, 2013 and Regulation 17 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and pursuant to the Amendments in Listing Regulations based on the recommendations of the Kotak Committee. Company has complied with the requirement of having at least one Woman Independent Director on the Board of the Company Ms. Pooja Hemant Goyal, Independent Director is the Women Director of the Company.

The details of meeting of Independent Director and Criteria for Evaluation of Independent Director and the Board are explained in the Corporate Governance Report.

FAMILIARIZATION PROGRAM FOR INDEPENDENT DIRECTOR

As trustees of shareholders, Independent Directors play a pivotal role in upholding Corporate Governance norms and ensuring fairness in decision making. Being experts invarious fields, they also bring Independent Judgement on matters of strategy, risk management, controls and business performance.

At the time of appointing a new Independent Director, a formal letter of appointment is given to the Director inter alia; explaining the role, duties and responsibilities of the Director. The Director is also explained in detail the Compliances required from him / her under the Act, SEBI Regulations and other relevant regulations.

By way of an introduction to the Company, presentations are also made to the newly appointed Independent Director on relevantinformationlikeoverviewoftheCompany’sbusinesses, market and business environment, growth and performance, organisational set up of the Company, governance and internal control processes.

On-going familiarisation program aims to provide insights into the Company and the business environment to enable all the Independent Directors to be updated of newer challenges, risks and opportunities relevant in the Company’s context and to lend perspective to the strategic direction of the Company.

The details for familiarisation program for the Independent Directors are put up on the website of the Company. As required under Regulation 46(2)(i) of the Listing Regulations,the details of familiarisation programmes conducted during FY2018-19 is also put on the Company’s website and the same can be accessed at the link : https://www.hginfra.com/ pdf/Details%20of%20Familiarization%20programme%20 Imparted.pdf

CRITERIA FOR DETERMINING QUALIFICATIONS, POSITIVE ATTRIBUTES AND INDEPENDENCE OF A DIRECTOR

In terms of the provisions of Section 178(3) of the Act,and Regulation 19 of the Listing Regulations, the NRC has formulated the criteria for determining qualifications, positive attributes and independence of Directors, the key features of which are as follows:? Qualifications – The Board nomination process encourages diversity of thought, experience, knowledge, age and gender. It also ensures that the Board has an appropriate blend of functional and industry expertise.? Positive Attributes - Apart from the duties of Directors as prescribed in the Act the Directors are expected to demonstrate high standards of ethical behaviour, communication skills and independent judgment. The Directors are also expected to abide by the respective Code of Conduct as applicable to them.

? Independence - A Director will be considered independent if he / she meets the criteria laid down in Section 149(6) of the Act, the Rules framed thereunder and Regulation 16(1) (b) of the Listing Regulations.

For more details, please refer to the Corporate Governance Report, which is a part of this report

ANNUAL EVALUATION OF BOARD PERFORMANCE AND PERFORMANCE OF ITS COMMITTEES AND OF DIRECTORS:

The Board of Directors has carried out an annual evaluation of its own performance, Board Committees, and individual Directors pursuant to the provisions of the Act and the Listing Regulations.

The Board evaluated its performance after seeking inputs from all the Directors on the basis of criteria such as the Board composition and structure, effectiveness of Board processes, information and functioning, etc. The performance of the Committees was evaluated by the Board after seeking inputs from the committee members on the basis of criteria such as the composition of committees, effectiveness of committee meetings, etc. The above criteria are as provided by the Guidance Note on Board Evaluation issued by the Securities and Exchange Board of India.

The Chairman of the Board had one-on-one meetings with the Independent Directors and the Chairman of NRC had one-on-one meetings with the Executive and Non-Executive,Non-Independent Directors. These meetings were intended to obtain Directors’ inputs on effectiveness of the Board/ Committee processes.

The Board and the NRC reviewed the performance of individual directors on the basis of criteria such as the contribution of the individual director to the board and committee meetings like preparedness on the issues to be discussed, meaningful and constructive contribution and inputs in meetings, etc.

In a separate meeting of Independent directors, performance of non-independent directors and the board as a whole was evaluated. The Independent Directors in the said meeting also evaluated the quality, quantity and timeliness of flow of information between the company management and the Board that is necessary for the Board to effectively and reasonably perform their duties. Additionally, the Chairman of the Board was also evaluated on key aspects of his role, taking into account the views of executive directors and non-executive directors in the aforesaid meeting. The above evaluations were then discussed in the board meeting that followed the meeting of the Independent directors and NRC, at which the performance of the board, its committees and individual directors was also discussed. Performance evaluation of Independent directors was done by the entire board, excluding the independent director being evaluated.

For details of previous year Annual Evaluation, please refer to the Annual Report for the Financial Year 2017-18, which is accessed through https://www.hginfra.com/pdf/annual-report-2017-18-latest.pdf

Details of Criteria for Evaluation of Independent Director and the Board, please refer to the Corporate Governance Report, which is a part of this report

CREDIT RATING

HGIEL financial discipline and prudence is reflected in the strong credit rating ascribed by rating agencies. The Table below depicts the Credit Rating profile:

Instrument Rating Agencies Previous Rating Current Rating
Long Term Credit ICRA ICRA A- ICRA A
Short Term Credit ICRA ICRA A2 + ICRA A1

For details of credit rating, please refer to the Corporate Governance Report, which is a part of this report

COMMITTEES OF THE BOARD

Details of all the Committees along with their terms of reference, composition and meetings held during the year is provided in the Corporate Governance Report, which is a part of this report.

VIGIL MECHANISM / WHISTLE BLOWER POLICY

The Board of Directors has formulated a Whistle Blower Policy/ Vigil Mechanism which is in Compliance with the provisions of Section 177 (10) of the Companies Act, 2013. During the Financial Year 2018-2019 the Policy was modified in the Board Meeting held on 01st Day of February, 2019.

The Company’s Whistle Blower Policy/Vigil Mechanism encourages Directors and employees to bring to the Company’s attention, instances of unethical behaviour, and actual or suspected incidents of fraud or violation of the Code of Conduct that could adversely impact the Company’s operations, business performance and / or reputation.

Company investigates such incidents, when reported, in an impartial manner and takes appropriate action to ensure that requisite standards of professional and ethical conduct are always upheld. It is the Company’s Policy to ensure that no employee is victimised or harassed for bringing such incidents to the attention of the Company. The practice of the Whistle Blower Policy/Vigil Mechanism is overseen by the Audit Committee and no employee has been denied access to the Committee. The Whistle-blower Policy is available on the Company’s corporate website www.hginfra.com

NOMINATION & REMUNERATION POLICY

As per sub-Section (1) of Section 178 of the Companies Act, 2013 as well as the Listing regulations, the Nomination & Remuneration Policy of the Company has revised on 23rd May, 2018 and 1st February 2019 as recommend by the Nomination & Remuneration Committee of the Company.

The details of the policy are explained in the Corporate Governance Report and same is also available on the Company Website www.hginfra.com.

SELECTION AND PROCEDURE FOR NOMINATION AND APPOINTMENT OF DIRECTORS

The Company has a Nomination and Remuneration Committee ("NRC") which is responsible for developing competency requirements for the Board, based on the industry and strategy of the Company. The Board composition analysis reflects an in-depth understanding of the Company, including its strategies, environment, operations, financial condition and compliance requirements.

The NRC makes recommendations to the Board in regard to appointment of new Directors and Key Managerial Personnel ("KMP") and senior management. The role of the NRC encompasses conducting a gap analysis to refresh the Board on a periodic basis, including each time a Director’s appointment or re-appointment is required. The NRC is also responsible for reviewing the profiles of potential candidates vis--vis the required competencies, undertake a reference and due diligence and meeting of potential candidates prior to making recommendations of their nomination to the Board. The appointee is also briefed about the specific requirements for the position including expert knowledge expected at the time of appointment.

CONTRACTS AND ARRANGEMENTS WITH RELATED PARTIES

All transactions entered with Related Parties for the year under review were entered on arm’s length basis and in the ordinary course of business and that the provisions of Section 188(1) ofthe Companies Act, 2013 and the Rules made there under were not attracted.

The particulars of contracts or arrangements with related parties referred to in Section 188(1) is prepared in Form AOC-2 pursuant to Section 134(3)(h) of the Act and Rule 8(2) of the Companies(Accounts) Rules, 2014 and the same is annexed to the Board’s Report as Annexure-III.

All Related Party Transactions are placed before the Audit Committee and the Board for approval. The Company has a process in place to periodically review and monitor Related Party Transactions. Omnibus approval was obtained on a yearly basis for transactions which are of repetitive nature. All the related party transactions were in the ordinary course of business and at arm’s length. The Audit Committee and the

Board have approved the Related Party Transactions Policy and the same has been uploaded on the Company’s website www.hginfra.com.

CORPORATE SOCIAL RESPONSIBILITY

As a part of its initiatives under "Corporate Social Responsibility" the Company has framed Corporate Social Responsibility Policy (CSR Policy) in terms of which, the Company has undertaken projects in the areas of environment, animal, education, health care etc. These projects are largely in accordance with Schedule VII of the Companies Act, 2013. As required under Section 134 (3)(o) and Policy Rule 9 of the Companies (Corporate Social Responsibility Policy) Rules, 2014, the Annual Report on CSR activities, forming part of the Directors’ Report, is annexed as Annexure-IV.

RISK MANAGEMENT

Risk management comprises all the organizational rules and actions for early identification of risks in the course of doing business and the management of such risks.In terms of regulation 17(9)(b) of the Listing Regulations, the Board of Directors adopted a Risk Management Policy of the Company. On the recommendation of Audit Committee, Board has revised Risk Management Policy Twice a year i.e (Board Meeting held on 30.07.2018 & 01.02.2019).

The objective of Risk Management Policy at H.G. Infra is to preserve shareholder value to the extent practically feasible and to ensure sustainable business growth with stability by identifying and mitigating major operating, and external business risk. In order to achieve the key business objectives, the policy establishes a structured and disciplined approach to Risk Management, including the development of the Risk Register, in order to guide decisions on risk related issues. The specific objectives of the Risk Management Policy are:-

1) To ensure that all the current and future material risk exposures of the Company are identified, assessed, mitigated, monitored and reported.

2) To establish a frame work for the Company’s risk management process and to ensure Company wide implementation.

3) To ensure systematic and uniform assessment of risks related with construction projects.

4) To enable compliance with appropriate regulations, wherever applicable, through the adoption of best practices.

5) To assure business growth with financial stability.

The effectiveness of Risk Mitigation plans shall be ensured through proper monitoring, evaluation of outcomes of mitigation plans and to look for the scope of its applicability in other areas in order to achieve overall objective of this policy.

ENERGY CONSERVATION, TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE EARNINGS AND OUTGO

The information required to be disclosed pursuant to Section 134(3)(m) of the Companies act, 2013 read with Rule 8 of companies (Accounts) Rules,2014, the particulars of technology absorption and foreign exchange earnings and outgo is provided as under.

CORPORATE GOVERNANCE AND MANAGEMENT DISCUSSION AND ANALYSIS

The Company has complied with the Corporate Governance requirements under the Act and Listing Regulations. A separate section on Corporate Governance along with a certificate from the practicing Company Secretary confirming compliance is annexed as Annexure-V and forms part of this report.

A detailed report on Management Discussion and Analysis forms an integral part of this report and also covers the consolidated operations reflecting the global nature of our business.

AUDITOR’S OF THE COMPANY

Statutory Auditor

At the 15th Annual General Meeting held on Friday, September 08, 2017, the Shareholders had approved the appointment of M/s. Price Waterhouse & Co Chartered Accountants LLP (FRN 304026E/E300009) as the Statutory Auditors for a period of 5 years commencing from the conclusion of the 15th Annual General Meeting until the conclusion of the 20th Annual General Meeting to be held in the year 2022, subject to ratification by the Shareholders every year, if so required under law. Pursuant to the recent amendment to Section 139 of the Act effective May 7, 2018, ratification by Shareholders every year for the appointment of the Statutory Auditors is no longer required and accordingly the Notice of ensuing Annual General Meeting does not include the proposal for seeking Shareholders approval for ratification of Statutory Auditors appointment.

M/s. Price Waterhouse & Co, Chartered Accountants LLP (FRN 304026E/E300009) has furnished a certificate of their eligibility and consent under Section 139 and 141 of the Act and the Companies (Audit and Auditors) Rules 2014 for their continuance as the Auditors of the Company for the FY 2019-20. In terms of the Listing Regulations, the Auditors have confirmed that they hold a valid certificate issued by the Peer Review Board of the ICAI.

The Statutory Auditors of the Company have submitted Auditors’ Report on the Financial Statements (standalone and consolidated) of the Company for the Financial Year ended 31st March, 2019. The Company is generally regular in depositing undisputed statutory dues in respect of provident fund, employees state insurance, income tax and goods and service tax though there has been slight delay in few cases and is regular in depositing undisputed statutory dues in respect of professional tax, as applicable with the appropriate authorities.

Further the Company is taking necessary steps to ensure the compliance/timely payment of statutory dues.

Except above all Information referred in the Auditors’ Report are self-explanatory and do not call for any further comments.

Secretarial Auditor & Secretarial Audit Report

In terms of Section 204 of the Act, read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Audit Committee recommended and the Board of Directors has re-appointed M/s. ATCS & Associates, Company Secretaries as the Secretarial Auditors of the Company to conduct Secretarial Audit for the Financial Year 2019-20.

The Secretarial Audit was carried out by M/s. ATCS & Associates, a firm of Company Secretaries in Practice for the Financial Year 2018-2019.

The Report given by the Secretarial Auditors is annexed as Annexure-VI and forms an integral part of this Board’s Report. There has been no qualification, reservation or adverse remark or disclaimer in their Report except the following:

i. The Company has submitted the Monitoring Agency Report to stock exchange(s) on which its equity shares are listed after the expiry of 45 days from the end of March, 2018 quarter as prescribed in Regulation 16(4) Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009.

Reply by Board:

The Company is taking necessary step to ensure timely compliance of monitoring agency report in future and submit to stock exchange within time.

Cost Auditor

The Company has re-appointed M/s. Rajendra Singh Bhati & Co, Cost Accountants (FRN101983), Jodhpur,(Raj.) as Cost Auditors of the Company for the Financial year 2019-2020. They have furnished a Certificate to the effect that their appointment, if made, would be in accordance with the provisions of Section 148 of the Companies Act, 2013 read with Companies (Audit and Auditors) Rules, 2014.

As required under the Companies Act, 2013, a resolution seeking member’s approval for the remuneration payable to the Cost Auditor forms part of the Notice convening the Annual General for their ratification.

Internal Auditor

M/s. Tibrewal Chand & Co., Chartered Accountants, have been re-appointed as Internal Auditors of the Company for the Financial Year 2019-2020 and the reports of the Internal Auditors are reviewed by the Audit Committee from time to time. The observations and suggestions of the Internal Auditors are reviewed and necessary corrective/preventive actions are taken in consultation with the Audit Committee.

Reporting Of Fraud by Auditors

During the Financial year 2018-2019, the Auditors has not reported any instances of frauds committed in the Company by its Officers or Employees to the Audit Committee under section 143(12) of the Companies Act,2013.

PARTICULARS OF LOANS GIVEN, INVESTMENTS MADE, GUARANTEES GIVEN AND SECURITIES PROVIDED

Since the Company is a Construction Company, pursuant to the provisions of Section 186(11) of the Companies Act, 2013, except Section 186(1), nothing contained in section 186 of the Companies Act, 2013 shall apply to a loan made, guarantee given and security provided by a Company engaged in the business of providing infrastructure facilities. However, the details of loans, guarantees, and investments as required by the provisions of Section 186 of the Companies Act, 2013 and the rules made there under are set out in the Notes to the Standalone Financial Statements of the Company.

INVESTOR GRIEVANCE REDRESSAL

As per regulation 13 of SEBI (Listing Obligation & disclosure Requirements), Regulations 2015 the number of complaints received and resolved to the satisfaction of investors during the year under review. There were no pending complaint or share transfer cases as on 31st March, 2019, as per the certificate given by RTA.

RECONCILIATION OF SHARE CAPITAL AUDIT REPORT

Audit to reconcile the total admitted capital with National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL) and the total issued and listed capital. This audit is carried out every quarter and the report thereon is submitted to the Stock Exchanges where the Company’s shares are listed. The audit confirms that the total Listed and Paid-up Capital is in agreement with the aggregate of the total number of shares in dematerialised form (held with NSDL and CDSL) and total number of shares in physical form.

CODE OF CONDUCT

Your Company is committed to conducting its business in accordance with the applicable laws, rules and regulations and highest standards of business ethics. In recognition thereof, the Board of Directors has implemented a Code of Conduct for adherence by the Directors, Senior Management Personnel and Employees of the Company. The Code of Conduct is dealing with ethical issues and also foster a culture of accountability and integrity. The Code in accordance with the requirements of SEBI (LODR) Regulations, 2015 has been posted on the Company’s website www.hginfra.com. All the Board Members and Senior Management Personnel have confirmed compliance with the Code.

CONFLICT OF INTERESTS:

Each Director informs the Company on an annual basis about the Board and the Committee positions he occupies in other companies including Chairmanships and notifies changes during the year. The Members of the Board while discharging their duties, avoid conflict of interest in the decision making process. The Members of Board restrict themselves from any discussions and voting in transactions in which they have concern or interest.

SIGNIFICANT AND MATERIAL ORDERS PASSED BY REGULATORS OR COURTS:

During the Financial Year 2018-2019 penalty imposed on the Company of Rs. 30,000/- in a Compounding order Dated-23.10.2018(NWR)/441/Section 148 (6) /404/2018/3732 passed by Regional Director, Ahmedabad, Gujarat against an application filled by the Company U/S 441 of the Companies Act, 2013 for Compounding of offence under Section 148 of the Companies Act, 2013.

DISCLOSURE IN REFERENCE OF SUB RULE 1 CLAUSE (C) SUB CLAUSE (VIII) OF RULE 2 OF COMPANIES (ACCEPTANCE OF DEPOSITS) RULES2014

During the period under review the Company has accepted loan/borrowing from its Director and they have given declaration that the amount given from their owned funds only and does not falls under the definition of deposits.

The details of monies accepted are as under:-

Name of Director Amount Taken (H In Million)
Mr. Harendra Singh 523.13
Mr. Vijendra Singh 160.00

INTERNAL COMPLAINT COMMITTEE (ICC) AND OTHER DISCLOSURES UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORK PLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013

The Company has adopted zero tolerance for sexual harassment at workplace and has formulated a policy on prevention, prohibition and redressal of sexual harassment at workplace in line with the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the rules framed thereunder for prevention and redressal of complaints of sexual harassment at workplace. Awareness programs were conducted at various locations of the Company.

The Company has complied with provisions relating to the constitution of Internal Committee under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.

During the Financial Year ended 31st March, 2019, the Company has not received any Complaints pertaining to Sexual Harassment.

DISCLOSURE RELATING TO REMUNERATION OF DIRECTORS, KEY MANAGERIAL PERSONNEL AND PARTICULARS OF EMPLOYEES

In accordance with Section 178 and other applicable provisions of the Act read with the Rule 6 of the Companies (Meeting of Boards and its Powers) Rules, 2014 issued there under and Regulation 19 of the LODR, 2015, the Board of Director formulated the Nomination and Remuneration Policy of your Company on the recommendations of the Nomination and Remuneration Committee.

The salient aspects covered in the Nomination and Remuneration Policy, covering the policy on appointment and remuneration of Directors and other matters have been outlined in the Corporate Governance Report which forms part of this Report.

The Managing Director and Whole-time Directors of your Company do not receive remuneration from any of the subsidiaries of your Company. The information required under Section 197 of the Act read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 in respect of Directors/employees of your Company is set out in

Annexure-VII.

CHANGE IN DIRECTOR AND KEY MANAGERIAL PERSONNEL

During the Financial Year 2018-19 the Mr. Girish Pal Singh, has resigned from the post of Directorship & Mr. Dinesh Kumar has appointed as an Executive Director of the Company in the Board Meeting held on 23rd, May 2018.

Further Mr. Dinesh Kumar Goyal has resigned from the post of a Executive Director in the Board Meeting held on 01st, February 2019 and continuing as a Non- Executive Director of the Company. Company received a letter dated 24.01.2019 from Mr. Goyal and the same has intimated to the Bombay Stock Exchange and National Stock Exchange of India and also available on the Company website www.hginfra.com

Details of Change in Directors and Key Managerial Personnel

Name of Director Designation Date of Change Nature of Change
Mr.Harendra Singh Managing Director NA NA
Mr.Vijendra Singh Whole Time Director NA NA
Mr. Girish Pal Singh Non-Executive Director 23.05.2018 Resignation
Mr. Ashok Kumar Thakur Independent Director NA NA
Mr.PoojaHemant Goyal Independent Director NA NA
Mr. Onkar Singh Independent Director NA NA
Mr. Dinesh Kumar Goyal Non Executive Director 23.05.2018 & Appointment as a Executive Director Change in
01.02.2019 Designation from Executive to Non Executive Director

Retirement by Rotation-

Mr. Harendra Singh, (DIN-00402458),Managing Director of the Company whose period of office is liable to retire by rotation pursuant to provisions of Companies Act,2013 and as per the Article of Association of the Company retires by rotation at the ensuing AGM and being eligible offers himself for reappointment.

The Notice Convening the Annual General Meeting includes the proposal for the above appointments/re-appointment.

Details of Composition of the Board, Category, Attendance of Directors at Board Meetings and last Annual General Meeting, number of other directorships and other committee memberships are given in the Corporate Governance Report as Annexure and forms part of this report.

INSURANCE

All the properties including buildings, plant and machinery and stocks have been adequately insured.

HEALTH, SAFETY AND ENVIRONMENT PROTECTION

Company’s Health and Safety Policy commits to comply with applicable legal and other requirements connected with occupational Health, Safety and Environment matters and provide a healthy and safe work environment to all employees of the Company.

HUMAN RESOURCE DEVELOPMENT

A major part of the Company strategy is satiated towards our employees whose relentless support and devotion took our Company to great heights. With construction that binds the nation, our employees have been our core strength to deepen the roots. Therefore, as recognition of their perseverance and endeavour, HGIEL bears the responsibility of their welfare providing them with many social amenities including Medical Expense, Provident Fund, Gratuity, and Leave Travel Allowance. A dedicated and competitive talent is braced in the mould of the vision and mission of the Company. The potential of each employee is advanced and skills are honed due to the provision of right opportunities to grow. This includes regular in-house and external training along for knowledge and skill development. A value-driven work environment with satisfaction and appreciation as well as professionalism has led us build an excellent team. This year saw a lot of reforms and changes in the approach and execution of different activities relating to welfare and maintenance of our workforce with added focus on KRA’s of all employees as well as implementation of SAP Success Factor for the daily activities in Human Resources. We are having 3500+employees including employees of subsidiary companies as on 31st March, 2019.

SECRETARIAL STANDARDS

The Company has complied with Secretarial Standards issued by the Institute of Company Secretaries of India on Board and General Meetings.

MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF THE COMPANY

During the Financial Year 2018-19 Company was awarded by new Hybrid Annuity Projects ("HAM").For domiciling of the said Projects Company required to incorporate SPV and After the Closure of Financial Year 2018-2019 Company have Incorporated two new "SPV" Special Purpose Vehicle.

1. H.G. Ateli Narnaul Private Limited-Company has incorporated this "SPV" Special Purpose Vehicle for domiciling a project allotted by National Highway Authority of India for Construction of proposed Narnaul Bypass (design lengtRs. 24.0 km)-Ateli Mandi to Narnaul Section of NH-11 from km 43.445 to km 56.900 (design lengtRs. 14.0 km) as an Economic Corridor-Feeder route Pkg-II in the State of Haryana on Hybrid Annuity Mode. The Company Incorporated in the State of Rajasthan, India as Wholly Owned Subsidiary of the Company.

2. H.G. Rewari Ateli Highway Private Limited-Company has incorporated this "SPV" Special Purpose Vehicle for domiciling a project allotted by National Highway Authority of India for "Upgradation of Four Lane of Rewari- Ateli Mandi Section of NH-11 from km 11.780 at Rewari to Ex. Km 43.445 near AteliMandi (designed lengtRs. 30.45 km) as Feeder Route Pkg-III in the State of Haryana on Hybrid Annuity Mode. The Company Incorporated in the State of Rajasthan, India as Wholly Owned Subsidiary of the Company.

INSIDER TRADING CODE

As per the provisions of Securities and Exchange Board of India ("SEBI" or "the Board") vide Notification No.LADNRO/ GN/2014-15/21/85 has issued SEBI (Prohibition of Insider Trading) Regulations, 2015 the Company have revised the Code of Practices and Procedures for Fair Disclosure of Unpublished Price Sensitive Information and the same is also available at Company Website www.hginfra.com. The code is applicable to all who covered under "Legitimate purposes" and Legitimate purpose shall include sharing of unpublished price sensitive information in the ordinary course of business by an insider with partners, collaborators, lenders, customers, suppliers, merchant bankers, legal advisors, auditors, insolvency professionals or other advisors or consultants, provided that such sharing has not been carried out to evade or circumvent the prohibitions of the Regulations.

TRANSFER OF UNCLAIMED DIVIDEND AND EQUITY SHARES TO IEPF

Pursuant to applicable provisions of the Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016, all unpaid or unclaimed dividends are required to be transferred by the Company to the Investors Education & Protection Fund (IEPF) established by the Central Government, after completion of 7 (seven) years. Further, according to the aforesaid Rules, shares in respect of which dividend has not been paid or claimed by the shareholders for 7 (seven) consecutive years or more shall also be transferred to the demat account created by the IEPF Authority. This Provision is not applicable to your Company.

INDUSTRIAL RELATIONS

Our business is dependent on highway construction projects undertaken by large Indian and on infrastructure projects undertaken by government authorities funded by governments or by international and multilateral development finance institutions. We therefore must develop and maintain strategic alliances with other construction developers that undertake contracts for such infrastructure development projects and we intend to continue to explore entering into Joint ventures, consortia or sub-contract relationships for specific projects with certain of these EPC contractors. In addition, we develop and maintain relationships and pre-qualified status with certain major clients and obtaining a share of contracts from such clients.

GENERAL DISCLOSURES

The Board of Directors state that no disclosure or reporting is required in respect of the following items as there were no transactions on these items during the year under review:

1. As per rule 4(4) the Companies (Share Capital and Debentures) Rules, 2014, the Company has not issued equity shares with differential rights as to dividend, voting or otherwise.

2. As per rule 8(13) the Companies (Share Capital and Debentures) Rules, 2014, the Company has not issued shares (including sweat equity shares) to employees of the Company under any scheme.

3. As per rule 12(9) the Companies (Share Capital and Debentures) Rules, 2014, the Company has not issued equity shares under the scheme of employee stock option.

APPRECIATION

Your Directors thank the various Central and State Government Departments, Organizations and Agencies for the continued help and co-operation extended by them. The Directors also gratefully acknowledge all stakeholders of the Company viz. customers, members, dealers, vendors, banks and other business partners for the excellent support received from them during the year and look forward to their continued support in future. The Directors place on record their sincere appreciation to all employees of the Company for their unstinted commitment and continued contribution to the Company.

For and on behalf of Board
H.G. Infra Engineering Limited
Harendra Singh
Place-Jaipur Chairman & Managing Director
Date-24.05.2019 DIN-00402458

   

H.G. Infra Engineering Ltd Company Background

Harendra SinghHarendra Singh
Incorporation Year2003
Registered Office14 Panchwati Colony,Ratanada
Jodhpur,Rajasthan-342001
Telephone91-291-2000307,Managing Director
Fax91-291-2515327
Company SecretaryAnkita Mehra
AuditorPrice Waterhouse & Co Chartered Accountants LLP
Face Value10
Market Lot1
ListingBSE,NSE,
RegistrarLink Intime India Pvt Ltd
C-101 247 Park ,L B S Marg ,Vikhroli West ,Mumbai-400083
Noble Heights 1st Fl,Plot NH 2 C-1 Block ,LSC Janakpuri ,New Delhi - 110058

H.G. Infra Engineering Ltd Company Management

Director NameDirector DesignationYear
Harendra SinghChairman & Managing Director2019
Vijendra SinghWhole-time Director2019
Ashok Kumar ThakurIndependent Director2019
Pooja Hemant GoyalIndependent Director2019
Onkar SinghIndependent Director2019
Ankita MehraCompany Secretary2019
Dinesh Kumar GoyalExecutive Director2019

H.G. Infra Engineering Ltd Listing Information

Listing Information
BSESMALLCA
BSEALLCAP
INDUSTRIAL

H.G. Infra Engineering Ltd Finished Product

Product NameUnit Installed
Capacity
Production
Quantity
Sales
Quantity
Sales
Value
Contract Revenue NA 0001996.195
sale of service NA 00012.751
Sale of Products NA 0000.886
other operating income NA 0000

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