Patel Eng PDF

Patel Engineering Ltd.
Regd. office: Patel Samaj, Patel Estate Road, Jogeshwari (West), Mumbai 400 102
Tel No: +91 22 2676 7500 Fax: +91 22 2678 2455
CIN:L99999MH1949PLC007039, Website: www.pateleng.com
NOTICE is hereby given that the Sixty Sixth Annual General Meeting of the Members of Patel Engineering Ltd. will
be held on Monday, September 28, 2015 at 3.30 pm at Shree Saurashtra Patel Samaj, Patel Estate Road, Jogeshwari
(West), Mumbai 400 102 to transact the following Business:
Ordinary business
1. To consider and adopt :-
a. the audited Financial Statement of the Company for the financial year ended March 31, 2015, together with the
Reports of the Board and the Auditors thereon; and
b. the audited Consolidated Financial Statement of the Company for the financial year ended March 31, 2015
together with the Report of the Auditors thereon.
2. To appoint a Director in place of Mr. Pravin Patel (DIN 00029453) who retires by rotation and, being eligible, offers
himself for re-appointment.
3. To appoint M/s Vatsaraj & Co, Chartered Accountants, (Firms Registration no. 111327W) as Auditors of the Company
to hold office from the conclusion of this meeting until the conclusion of the next Annual General Meeting at such
remuneration as may be mutually agreed upon between the Board of Directors and the Auditors.
Special business
4. Appointment of Mr. K. Ramasubramanian as an Independent Director
To consider and, if thought fit, to pass, with or without modification(s), the following resolution as an Ordinary
Resolution:
Resolved that pursuant to the provisions of Sections 149, 152, 160 and other applicable provisions, if any, of the
Companies Act, 2013 (the Act) and the Rules framed thereunder, Mr. K. Ramasubramanian (DIN 01623890), a Non-
Executive Director of the Company, who has submitted a declaration that he meets the criteria of Independence
as provided in Section 149(6) of the Act and who is eligible for appointment, be and is hereby appointed as an
Independent Director of the Company to hold office for 5 (five) consecutive years for a term upto the conclusion of the
71th Annual General Meeting of the Company to be held in the year 2020.
5. Appointment of Ms. Geetha Sitaraman as an Independent Director
Resolution:
Resolved that pursuant to the provisions of Sections 149, 152, 160 and other applicable provisions, if any, of the
Companies Act, 2013 (the Act) and the Rules framed thereunder, Ms. Geetha Sitaraman (DIN 07138206), a Non-
Executive Director of the Company, who has submitted a declaration that she meets the criteria of Independence
as provided in Section 149(6) of the Act and who is eligible for appointment, be and is hereby appointed as an
Independent Director of the Company to hold office for 5 (five) consecutive years for a term upto the conclusion of the
71th Annual General Meeting of the Company to be held in the year 2020.
6. Variation in the terms of appointment of Mr. Pravin Patel
To consider and if thought fit, to pass with or without modification the following resolution as a Special Resolution:
Resolved that in partial modification to the resolution passed at 64th Annual General Meeting of the Company and
pursuant to the provisions of Sections 196, 197, 203, Schedule V and other applicable provisions, if any, of Companies
Act, 2013 (the Act) the Rules, Regulations, Guidelines and Circular issued and subject to necessary approvals, if any,
approval of the members of the Company be and is hereby accorded for payment of following perquisites to Mr. Pravin
Patel (DIN 00029453), Chairman and Whole time Director of the Company in addition to present remuneration of
` 1 per annum, effective from April 1, 2015.
- Medical reimbursement for self and spouse on actual basis;
- Return holiday package (including accommodation) once in a year by first/business class with family or
reimbursement of expenses incurred by him on such travel/accommodation.
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Resolved further that where in any financial year during the tenure of Mr. Pravin Patel as Whole Time Director, the
Company has no profits or the profits are inadequate, the Board be authorized to determine the minimum remuneration
to be paid to Mr. Pravin Patel subject to requisite approvals, if any.
Resolved further that the Board of Directors of the Company (hereinafter referred to as the Board which term shall
be deemed to include any Committee which the Board may have constituted or hereinafter constitute to exercise the
powers conferred by this Resolution) be and is hereby authorized on behalf of the Company to do all such acts, deeds,
matters and things, as it may, in its absolute discretion, deem necessary or expedient in the interest of the Company
and to settle questions, difficulties or doubts that may arise in this regard without requiring the Board to secure any
further approval of the members of the Company
7. Ratification of remuneration payable to M/s D. Radhakrishnan & Co. as Cost Auditors of the Company for
FY 2014 -15
Resolution:
Resolved that pursuant to the provisions of Section 148 and other applicable provisions, if any, of the Companies
Act, 2013 and the Companies (Audit and Auditors) Rules, 2014, M/s. D. Radhakrishnan, Cost Accountants appointed as
Cost Auditors by the Board of Directors of the Company to audit the cost records of the Company for the financial year
2014-15, be paid a remuneration of ` 3.50 lacs per annum plus applicable service tax.
Resolved further that the Board of Directors of the Company be and is hereby authorized to do all acts and take all
such steps as may be necessary, proper or expedient to give effect to this resolution.
8. Adoption of Patel Engineering General Employee Benefits Scheme, 2015
To consider and, if thought fit, to pass, with or without modification(s), the following resolution as a Special
Resolution:
Resolved that in accordance with the SEBI (Share Based Employee Benefits) Regulations, 2014 (hereinafter referred
to as Regulations) and other applicable laws, if any, and subject to such other approvals as may be required, the
consent of the members be and is hereby accorded to the adoption of the Patel Engineering General Employee
Benefits Scheme, 2015 (the Scheme) being a general employee benefits scheme (GEBS), formulated under Part D
of the Regulations, to provide welfare benefits including but not restricted to medical, housing and education related
assistance to eligible employees as detailed in the Scheme (Welfare Benefits).
Resolved further that the brief terms of the Scheme shall be:
a. The objects of the PATEL ENGINEERING GENERAL EMPLOYEE BENEFITS SCHEME, 2015 is to acquire, hold, use the
Trust property for the welfare and benefit of the beneficiaries, to subscribe for or to purchase or to otherwise
acquire, hold and if necessary, dispose of permitted investment and apply the returns and benefits thereof for the
benefit of beneficiaries, to utilize the dividend and/or sale proceeds of the permitted investments made by the
trust for the welfare and benefit of the employees and to repay loans obtained from the Settlor.
b. A permanent employee of the Company working in India or out of India and such other employees as mentioned
in the Scheme and who has completed at least one year of service in the Company and have an annual
compensation of ` 6,00,000 or below per annum (eligible employees).
c. The eligible employees and/or their eligible dependents will be granted the following benefits:
healthcare benefits,
hospital care or benefits,
benefits in the event of sickness, accident, disability, death or scholarship funds,
education related assistance,
such other benefit as the Board of Directors or the Nomination and Remuneration Committee may
determine from time to time.
d. The Board/ Nomination and Remuneration Committee shall after approval of the application received from
eligible employees, grant benefits thereto within reasonable period.
e. The Nomination and Remuneration Committee shall, based on various criteria for selection of Eligible Employees,
at their sole discretion determine the Employees eligibility for participation in the Scheme.
f. The maximum quantum of benefits to be provided per employee under a scheme(s) will not exceed ` 10,00,000
in a financial year.
g. The Scheme will be administered through Patel Engineering Employees Welfare Trust as per the Trust Deed, Terms
of Reference of Nomination and Remuneration Committee and the terms and conditions of the Scheme and
involves new issue of shares by the Company and secondary acquisition by the Trust.
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h. The Trust can make secondary acquisition upto the maximum limits specified under the Employee Share Based
Employee benefits Regulations, 2014.
i. The Company shall conform to the accounting policies specified under Regulation 15 of the Employee Share
Based Employee benefits Regulations, 2014.
Resolved further that the Board (including the Nomination and Remuneration Committee) be and is hereby authorised
to vary or modify the terms of the Scheme in accordance with any guidelines or regulations that may be issued, from
time to time, by any appropriate authority unless such variation, modification or alteration is detrimental to the
interest of the employees and to administer and supervise the schemes and implementation thereof in accordance with
the Regulations.
Resolved further that the Board (including the Nomination and Remuneration Committee) shall at its absolute
discretion delegate such powers of administration and/or supervision of the schemes jointly to the Trustees of Patel
Engineering Employees Welfare Trust (Trust) settled by the Company vide an indenture dated May 4, 2001 as amended
by the Supplemental Deed of Amendment dated April 23, 2009 including any subsequent variations, modifications or
alterations (jointly referred to as the Deed of Trust)
Resolved further that the Board of Directors be and are hereby authorised to carry out any amendments to the Deed
of Trust to carry out such suitable amendments or changes as may be required and necessary to comply with any
statutory requirements including but not limited to requirements under the Regulations.
Resolved further that in accordance with the provisions of the Regulations, the Memorandum and Articles of
Association of the Company, the Act and other applicable laws, consent of the Members is hereby accorded to the
Board (including the Nomination and Remuneration Committee) to give such directions to the Trust in relation to the
utilization of assets, income and Trust property held by the Trust for the purposes of the GEBS Scheme in a manner so
as to effectively provide the benefits under the GEBS Scheme to the eligible employees as determined under the GEBS
Scheme.
Resolved further that the Board (including the Nomination and Remuneration Committee) be and is hereby authorised
to make modifications in the Scheme, as it may deem fit from time to time in its absolute discretion to bring it in
conformity with the provisions of the Regulations and any other applicable laws, as amended from time to time and
the said Board be and is hereby authorised, on behalf of the Company, to do all such acts, deeds, matters and things
as it may in its absolute discretion deem fit, necessary or desirable for such purpose and with power to sign any
documents, deeds, settle any issues, questions, difficulties or doubts that may arise in this regard.
Resolved further that the Board be and is hereby authorised to delegate all or any powers conferred herein, to any
Director or a Committee of Directors (including the Nomination and Remuneration Committee), with power to further
delegate to any executives / officers of the Company to do all such acts, deeds, matters and things as also to execute
such documents, writings, etc., as may be necessary in this regard.
9. Further issuance of Securities not exceeding ` 2,000 crores.
To consider and, if thought fit, to pass, with or without modification(s), the following resolution as a Special
Resolution:
Resolved that pursuant to Section 42, 62, 71 and other applicable provisions, if any, of the Companies Act, 2013,
including the rules made thereunder and any amendments, statutory modifications and / or re-enactment thereof
for the time being in force (the Act), all other applicable laws and regulations including the Foreign Exchange
Management Act,1999 (FEMA), the Foreign Exchange Management (Transferor Issue of Security by a Person
Resident outside India)Regulations, 2000 including any statutory modifications or re-enactment thereof, the Issue
of Foreign Currency Convertible Bonds and Ordinary Shares (Through Depository Receipt Mechanism) Scheme, 1993,
as amended and modified from time to time and such other statues, notifications, clarifications, circulars, rules and
regulations as may be applicable, as amended from time to time, issued by the Government of India (GOI), the
Reserve Bank of India (RBI), Stock Exchanges, the Securities and Exchange Board of India (SEBI) including the
Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009, as amended
(the SEBI Regulations) and any other appropriate authorities, as may be applicable and in accordance with the
enabling provisions in the Memorandum and Articles of Association of the Company and / or stipulated in the Listing
Agreements entered into by the Company with the Stock Exchanges where the Equity Shares of the Company are listed
and subject to such approvals, consents, permissions and sanctions, if any, of the GOI, SEBI, RBI, Stock Exchanges
and any other relevant statutory / governmental authorities (the concerned Authorities) as may be required and
applicable and further subject to such terms and conditions as may be prescribed or imposed by any of the concerned
Authorities while granting such approvals, consents, permissions and sanctions as may be necessary, which the Board
of Directors of the Company (hereinafter referred to as the Board, which term shall include any Committee(s)
constituted / to be constituted by the Board to exercise the powers conferred on the Board by this Resolution),
the consent of the Company be and is hereby accorded to the Board to create, issue, offer and allot (including with
provisions for reservation on firm and / or competitive basis, of such part of issue and for such categories of persons
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as may be permitted), Equity Shares and / or Equity Shares through depository receipts including American Depository
Receipts (ADRs), Global Depository Receipts (GDRs) and / or Foreign Currency Convertible Bonds (FCCBs), Fully
Convertible Debentures (FCDs), Partly Convertible Debentures (PCDs), Optionally Convertible Debentures (OCDs), and /
or other securities convertible into Equity Shares at a later date, at the option of the Company and / or the holder(s)
of such securities or with or without detachable warrants with a right exercisable by the warrant holders to convert or
subscribe to the Equity Shares or otherwise, in registered or bearer form, whether rupee denominated or denominated
in foreign currency (collectively referred as Securities), as the Board at its sole discretion or in consultation with
underwriters, merchant bankers, financial advisors or legal advisors may at any time decide, by way of one or more
public or private offerings in domestic and / or one or more international market(s), with or without a green shoe
option, or issued / allotted through Qualified Institutions Placement in accordance with the SEBI Regulations, or
by any one or more combinations of the above or otherwise and at such time or times and in one or more tranches,
whether rupee denominated or denominated in foreign currency, to any eligible investors, including residents and /
or non-residents and / or qualified institutional buyers and / or institutions / banks and / or incorporated bodies and
/ or individuals and / or trustees and / or stabilizing agent or otherwise, whether or not such Investors are members
of the Company, as may be deemed appropriate by the Board and as permitted under applicable laws and regulations,
for an aggregate amount not exceeding ` 2,000 crore (Rupees Two Thousand Crore Only) on such terms and
conditions and in such manner as the Board may in its sole discretion decide including the timing of the issue(s) /
offering(s), the Investors to whom the Securities are to be issued, terms of issue, issue price, number of Securities to
be issued, the Stock Exchanges on which such securities will be listed, finalization of allotment of the Securities on
the basis of the subscriptions received including details on face value, premium, rate of interest, redemption period,
manner of redemption, amount of premium on redemption, the ratio / number of Equity Shares to be allotted on
redemption / conversion, period of conversion, fixing of record date or book closure dates, etc., as the case may be
applicable, prescribe any terms or a combination of terms in respect of the Securities in accordance with local and / or
international practices including conditions in relation to offer, early redemption of Securities, debt service payments,
voting rights, variation of price and all such terms as are provided in domestic and / or international offerings and
any other matter in connection with, or incidental to the issue, in consultation with the merchant bankers or other
advisors or otherwise, together with any amendments or modifications thereto (the Issue).
Resolved further that the Securities to be created, issued, offered and allotted shall be subject to the provisions
of the Memorandum and Articles of Association of the Company and the Equity Shares to be allotted in terms of this
resolution shall rank pari passu in all respects with the existing Equity Shares of the Company.
Resolved further that if the issue or any part thereof is made for a QIP, FCDs, PCDs, OCDs or any other Securities,
which are convertible into or exchangeable with the Equity Shares of the Company (hereinafter collectively referred
as Other Specified Securities and together with Equity Shares of the Company (hereinafter referred as Specified
Securities) within the meaning of the SEBI Regulations) or any combination of Specified Securities as may be decided
by the Board, issued for such purpose shall be fully paid-up and the allotment of such Specified Securities shall be
completed within twelve months from the date of this resolution or such other time as may be allowed under the
SEBI Regulations from time to time, at such price being not less than the price determined in accordance with the
pricing formula provided under Chapter VIII of the SEBI Regulations and the Specified Securities shall not be eligible
to be sold for a period of one year from the date of allotment, except on a recognized Stock Exchange, or as may be
permitted from time to time under the SEBI Regulations. The Company may, in accordance with applicable law, also
offer a discount of not more than 5% or such percentage as permitted under applicable law on the price calculated in
accordance with the pricing formula provided under the SEBI Regulations.
Resolved further that in the event of issue of Specified Securities by way of a QIP, the Relevant Date on the basis of
which the price of the Specified Securities shall be determined as specified under SEBI Regulations, shall be the date
of the meeting in which the Board or the Committee of Directors duly authorized by the Board decides to open the
proposed issue of Specified Securities or such other time as may be decided by the Board and as permitted by the SEBI
Regulations, subject to any relevant provisions of applicable laws, rules and regulations as amended from time to time,
in relation to the proposed issue of the Specified Securities.
Resolved further that in the event the Securities are proposed to be issued as American Depository Receipts (ADRs)
or Global Depository Receipts(GDRs), pursuant to the provisions of the Issue of Foreign Currency Convertible Bonds
and Ordinary Shares (Through Depository Receipt Mechanism) Scheme, 1993 and other applicable pricing provisions
issued by the Ministry of Finance, the relevant date for the purpose of pricing the Equity Shares to be issued pursuant
to such issue shall be the date of the meeting in which the Board or duly authorised committee of directors decides to
open such issue after the date of this resolution.
Resolved further that in the event of issue of Other Specified Securities, the number of Equity Shares and / or
conversion price in relation to Equity Shares that may be issued and allotted on conversion shall be appropriately
adjusted for corporate actions such as bonus issue, rights issue, split and consolidation of share capital, merger,
demerger, transfer of undertaking, sale of division or any such capital or corporate restructuring exercise.
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Resolved further that without prejudice to the generality of the above, the aforesaid issue of Securities may have such
features and attributes or any terms or combination of terms that provide for the tradability and free transferability
thereof in accordance with the prevent market practices in the capital markets including but not limited to the terms
and conditions relating to variation of the price or period of conversion of Other Specified Securities into Equity Shares
or for issue of additional Securities and such of these Securities to be issued, if not subscribed, may be disposed of by
the Board, in such manner and / or on such terms including offering or placing them with banks / financial institutions
/ mutual funds or otherwise, as the Board may deem fit and proper in its absolute discretion, subject to applicable
laws, rules and regulations.
Resolved further that for the purpose of giving effect to the above resolution and any issue, offer and allotment
of Securities, the Board be and is hereby authorized to take all such actions, give such directions and to do all such
acts, deeds, things and matters connected therewith, as it may, in its absolute discretion deem necessary, desirable
or incidental thereto including without limitation the determination of terms and conditions for issuance of Securities
including the number of Securities that may be offered in domestic and international markets and proportion thereof,
timing for issuance of such Securities and shall be entitled to vary, modify or alter any of the terms and conditions
as it may deem expedient, the entering into and executing arrangements / agreements for managing, underwriting,
marketing, listing of Securities, trading, appointment of Merchant Banker(s), Advisor(s), Registrar(s), paying and
conversion agent(s) and any other advisors, professionals, intermediaries and all such agencies as may be involved or
concerned in such offerings of Securities and to issue and sign all deeds, documents, instruments and writings and to
pay any fees, commission, costs, charges and other outgoings in relation thereto and to settle all questions whether in
India or abroad, for the issue and executing other agreements, including any amendments or supplements thereto, as
necessary or appropriate and to finalise, approve and issue any document(s), including but not limited to prospectus
and / or letter of offer and / or circular, documents and agreements including conducting all requisite filings with
GOI, RBI, SEBI, Stock Exchanges, if required and any other concerned authority in India or outside, and to give such
directions that may be necessary in regard to or in connection with any such issue, offer and allotment of Securities
and utilization of the issue proceeds, as it may, in its absolute discretion, deem fit, without being required to seek
any further consent or approval of the members or otherwise, to the end and intent that they shall be deemed to have
given their approval thereto expressly by the authority of this resolution, and accordingly any such action, decision or
direction of the Board shall be binding on all the Members of the Company.
Resolved further that for the purpose of giving effect to any offer, issue or allotment of Equity Shares or Securities
or instruments representing the same, as described above, the Board be and is hereby authorised on behalf of the
Company to seek listing of any or all of such Securities on one or more Stock Exchanges in India or outside India and
the listing of Equity Shares underlying the ADRs and / or GDRs on the Stock Exchanges in India.
Resolved further that the Board be and is hereby authorized to delegate all or any of the powers herein conferred, to
any Committee of Directors or any one or more Directors of the Company to give effect to the aforesaid resolution and
thereby such Committee of Directors or one or more such Directors as authorized are empowered to take such steps and
to do all such acts, deeds, matters and things and accept any alterations or modifications as they may deem fit and
proper and give such directions as may be necessary to settle any question or difficulty that may arise in this regard.
10. Issue of Non-Convertible Debentures on a Private Placement basis
To consider and if thought fit, to pass with or without modification the following resolution as a Special Resolution:
Resolved that pursuant the provisions of Section 42, 71 and other applicable provisions of the Companies Act, 2013
read with the Companies (Prospectus and Allotment of securities) Rules, 2014 (including any Statutory modification(s)
or re-enactment thereof, for the time being in force) and subject to the provisions of the Articles of Association of
the Company, approval of the Members be and is hereby accorded to authorise the Board of Directors of the Company
to offer or invite subscriptions for secured / unsecured redeemable non-convertible debentures, in one or more series
/ tranches, aggregating up to ` 1,000 crore (Rupees One Thousand Crore only) outstanding at any point of time,
on private placement, on such terms and conditions as the Board of Directors of the Company may, from time to time,
determine and consider proper and most beneficial to the Company including as to when the said Debentures be issued,
the consideration for the issue, utilization of the issue proceeds and all matters connected with or incidental thereto;
Resolved further that the purposed of creating, offering, issuing and allotting the Debentures, the Board be and
is hereby authorized on behalf of the Company to do all acts and take all such steps as may be necessary, proper or
expedient to give effect to this resolution.
For and on behalf of the Board of Directors
Patel Engineering Limited
Shobha Shetty
August 14, 2015 Company Secretary
Mumbai (Membership No. A17228)
Registered Office:
Patel Estate Road,
Jogeshwari-(West),
Mumbai-400 102
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NOTES
1. The Statement pursuant to Section 102(1) of the Companies Act, 2013 in respect of the special business under item
nos. 5 to 10 above is annexed hereto.
2. A member entitled to attend and vote at the meeting is entitled to appoint a proxy to attend and
vote instead of himself and such proxy need not be a member of the Company. Proxies in order to be
effective must be received by the Company not less than 48 hours before the meeting.
A person can act as a proxy on behalf of members not exceeding 50(fifty) and holding in the aggregate not more than
10% of the total share capital of the Company carrying voting rights. A member holding more than 10% of the total
share capital of the Company carrying voting rights may appoint a single person as proxy and such person shall not act
as a proxy for any other person or shareholder.
In case of joint holders attending the Meeting, only such joint holder who is higher in the order of names will be
entitled to vote at the meeting.
3. Members / Proxies holders are requested to:-
i) bring their copy of Annual report and Attendance Slip at the venue of the meeting
ii) carry government recognize photo ID card proof for identification / verification purpose
iii) note that members present in person or through registered proxy shall be entertained at the meeting.
iv) note that the attendance slip / proxy form should be signed as per the specimen signature registered with the
Registrar & Share Transfer Agent (R&STA) / DP.
v) Quote Folio No. / DP & Client Id. No. in all correspondences with R&STA / Company.
vi) Corporate Members intending to send their authorized representative to attend the meeting are requested to
send to the Company a certified copy of the Board resolution authorizing their representative to attend and vote
on their behalf at the meeting.
4. The Register of Members and Transfer Books of the Company will remain closed from Tuesday, September 22, 2014 to
Monday, September 28, 2015 (both days inclusive).
5. Nomination facility: the members holding the shares in physical form may obtain the Nomination Form from the
Companys Registrar & Share Transfer Agent.
6. Members holding shares in physical form are requested to intimate the details to the Companys registered office or
to the Registrar & Transfer Agents of the Company, Link Intime India Pvt.Ltd.,C-13, Pannalal Silk Mills Compound, LBS
Marg, Bhandup (West), Mumbai 400 078.
i) Any change in their address / E-mail / ECS Mandate
ii) Bank Particulars in case same has not been sent earlier.
Members having shares in dematerialized form are requested to notify all changes with respect to their change in
email ID, ECS Mandate and bank details to the Depository Participant.
7. Members are requested to note that dividends not claimed or encashed within seven years from the date of transfer to
the Companys Unpaid Dividend Account, will, as per Section 205 A of the Companies Act, 1956, be transferred to the
investor Education and Protection Fund.
8. Members are requested to send their queries to the Companys registered office at least 10 days before the date of the
Annual General Meeting.
9. Kindly email your grievances to [email protected].
10. E-voting
I. In compliance with provisions of Section 108 of the Companies Act, 2013 and Rule 20 of the Companies
(Management and Administration) Rules, 2014 and Clause 35B of the Equity Listing Agreement, the Company is
pleased to provide its members facility to exercise their right to vote on resolutions proposed to be considered at
the Annual General Meeting (the AGM) by electronic means and the business may be transacted through e-Voting
services. The facility of casting votes by the members using an electronic voting system from a place other than
venue of the AGM (remote e-voting) will be provided by Central Depository Services (India) Limited (CDSL).
II. The facility for casting vote through ballot / polling paper shall be made available at the AGM and the members
attending the meeting who have not cast their vote by remote e-voting shall be able to exercise their right at
the meeting through ballot / polling paper.
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III. The members who had cast their vote by remote e-voting prior to the AGM may also attend the AGM but shall not
be entitled to cast their vote again.
IV. The remote e-voting period shall commence September 25, 2015 (9.00 a.m.) and close on September 27,
2015 (5.00 p.m). During this period members of the Company holding shares either in physical form or in
dematerialized form, as on the cut-off date i.e. September 21, 2015, may cast their vote by remote e-voting.
The e-voting module shall be disabled by CDSL for voting thereafter. Once the vote on a resolution is cast by the
members, the members shall not be allowed to change it subsequently or cast their vote again.
V. The process and manner for remote e-voting are as under:
In case of members receiving e-mail:
i) Log on to the e-voting website www.evotingindia.com during the voting period.
ii) Click on Shareholders tab.
iii) Now Enter your User ID
a. For CDSL: 16 digits beneficiary ID,
b. For NSDL: 8 Character DP ID followed by 8 Digits Client ID,
c. Members holding shares in Physical Form should enter Folio Number registered with the Company
iv) Next enter the Image Verification as displayed and Click on Login.
v) If you are holding shares in demat form and had logged on to www.evotingindia.com and casted your vote
earlier voting of any company, then your existing password is to be used.
vi) If you are a first time user follow the steps given below:
For Members holding shares in Demat Form and Physical Form

PAN Enter your 10 digit alpha-numeric PAN issued by Income Tax Department (Applicable for
both demat shareholders as well as physical shareholders)
Members who have not updated their PAN with the Company / Depository
Participant are requested to use the sequence number which is printed on
attendence slip, indicated in the PAN field.
Dividend Bank Enter the Dividend Bank Details or Date of Birth (in dd/mm/yyyy format) as recorded in
Details OR your demat account or in the company records in order to login.
Date of Birth
If both the details are not recorded with the depository or company please enter
(DOB)
the member id / folio number in the Dividend Bank details field as mentioned in
instruction (iii).
vii) After entering these details appropriately, click on SUBMIT tab.
viii) Members holding shares in physical form will then reach directly the EVSN selection screen. However,
members holding shares in demat form will now reach Password Creation menu wherein they are required
to mandatorily enter their login password in the new password field. Kindly note that this password is to be
also used by the demat holders for voting for resolutions of any other company on which they are eligible
to vote, provided that company opts for e-voting through CDSL platform. It is strongly recommended not to
share your password with any other person and take utmost care to keep your password confidential.
ix) For Members holding shares in physical form, the above details can be used only for e-voting on the
resolutions contained in this Notice.
x) Click on the relevant EVSN along with the Company Name on which you choose to vote.
xi) On the voting page, you will see RESOLUTION DESCRIPTION and against the same the option YES/NO for
voting. Select the option YES or NO as desired. The option YES implies that you assent to the Resolution
and option NO implies that you dissent to the Resolution.
xii) Click on the RESOLUTIONS FILE LINK if you wish to view the entire Resolution details.
xiii) After selecting the resolution you have decided to vote on, click on SUBMIT. A confirmation box will be
displayed. If you wish to confirm your vote, click on OK, else to change your vote, click on CANCEL and
accordingly modify your vote.
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xiv) Once you CONFIRM your vote on the resolution, you will not be allowed to modify your vote.
xv) You can also take out print of the voting done by you by clicking on Click here to print option on the
Voting page.
xvi) If Demat account holder has forgotten the same password then enter the User ID and the image verification
code and click on Forgot Password & enter the details as prompted by the system.
xvii) Note for Non Individual Shareholders and Custodians
Non-Individual shareholders (i.e. other than Individuals, HUF, NRI etc.) and Custodian are required to
log on to www.evotingindia.com and register themselves as Corporate.
A scanned copy of the Registration Form bearing the stamp and sign of the entity should be emailed
to [email protected].
After receiving the login details a compliance user should be created using the admin login and
password. The Compliance user would be able to link the account(s) for which they wish to vote on.
The list of accounts should be mailed to [email protected] and on approval of the
accounts they would be able to cast their vote.
A scanned copy of the Board Resolution and Power of Attorney (POA) which they have issued in
favour of the Custodian, if any, should be uploaded in PDF format in the system for the scrutinizer to
verify the same.
xviii) In case you have any queries or issues regarding e-voting, you may refer the Frequently Asked Questions
(FAQs) and e-voting manual available at www.evotingindia.com under help section. You may also email to
Mr. Wenceslaus Futardo at [email protected], the official responsible to address grievances
connected with e-voting.
VI. Any person, who acquires shares of the Company and become member of the Company after dispatch of the
notice of AGM and holds shares as on the cut-off date i.e. September 21, 2015, are eligible for casting vote
electronically.
VII. A person, whose name is recorded in the register of members or in the register of beneficial owners maintained
by the depositories as on the cut off date only shall be entitled to avail the facility of remote e-voting as well
as voting at the AGM through ballot paper. A person who is not a member as on the cut off date should treat this
notice for information purpose only.
VIII. Mr. Makarand Joshi of M/s Makarand M. Joshi & Co, Practicing Company Secretary, has been appointed as the
scrutinizer for providing facility to the members of the Company to scrutinize the voting and remote e-voting
process in a fair and transparent manner.
IX. The Chairman shall, at the AGM, allow voting with the assistance of Scrutinizer, by use of Ballot/Polling Paper
for all those members who are present at the AGM but have not cast their votes by availing the remote e-voting
facility.
X. The scrutinizer shall after the conclusion of voting at the AGM, first count the votes cast at the meeting and
thereafter unlock the votes cast through remote e-voting in the presence of at least two witnesses not in
the employment of the Company and shall make, not later than three days of the conclusion of the AGM, a
consolidated scrutinizers report of the total cast in favour or against, if any, to the Chairman or a person
authorized by him in writing, who shall countersign the same and declare the result of the voting forthwith.
XI. The Results declared along with the Scrutinizers report shall be placed on the Companys website
www.pateleng.com and on the website of CDSL immediately after the declaration of result by the Chairman or a
person authorized by him in writing. The results shall also be immediately forwarded to BSE Limited and National
Stock Exchange of India Limited.
Annexure to the Notice dated August 14, 2015
Explanatory Statement pursuant to the provisions of Section 102 of the Companies Act, 2013.
Item no. 4
Mr. K. Ramasubramanian was appointed as an Additional Director (independent) by the Board of Directors of the Company
with effect from November 10, 2014. In accordance with the provisions of Section 161 of the Companies Act, 2013, Mr. K.
Ramasubramanian holds office upto the date of the forthcoming Annual General Meeting.
Mr. K. Ramasubramanian retired as General Manager, Reserve Bank of India, in May 2002. He held from time to time various
positions in Reserve Bank of India.
8
His field of specialization includes Exchange Business of Banks-Adviser on Foreign Exchange Business for Corporates-Banking
Supervision, International Faculty of Training Colleges of Banks and Management Institutes in India and abroad. He was
one of the faculty member of Reserve Bank Staff College in Chennai and was responsible for programme design, conducting
programme sessions and interfacing with other educational institutions for the college. He was a Professor in S.P Jain
Institute of Management, Mumbai for 8 years.
Mr. K. Ramasubramanian holds Masters of Science degree from University of Kerala. He also holds Post graduation diploma
Business Administration (PGDBA) from Anna University and is also a Certified Associate of Indian Institute of Bankers
(CAIIB).
Based upon his qualification, expertise, track record, integrity etc. the Board recommends the Ordinary Resolution at
Item no. 4 of the Notice for approval by the members. In the opinion of the Board, the independent director proposed to
be appointed fulfill the conditions specified in the Act and the rules made there under and that the proposed director is
independent of management.
Except for Mr. K. Ramasubramanian, being appointee, none of the Directors/Key Managerial Personnel and their relatives of
the Company, are concerned or interested in item no. 4 of the Notice.
Item no. 5
Ms. Geetha Sitaraman was appointed as an Additional Director (independent) by the Board of Directors of the Company
with effect from March 26, 2015. In accordance with the provisions of Section 161 of the Companies Act, 2013, Ms. Geetha
Sitaraman holds office upto the date of the forthcoming Annual General Meeting.
Ms. Geetha Sitaraman has a wide experience of over 40 years with 5 different banks at Senior Management level. Her
field of specialization includes all areas of Banking. She worked in State Bank group for 5 years as staff officer grade 1 in
various branches. For 27 years she worked for Vijaya Bank in senior management and executive positions both at branch &
administrative level and regional head level. She also has experience of looking into audit,vigilance and risk management
functions of branches in western and northern India branches of ING Vysya bank on short service contract basis.
Ms. Geetha Sitaraman holds Bachelors of Art (HONS) degree. She also holds Bachelors of Law degree (L.L.B) and is a Certified
Associate of Indian Institute of Bankers (CAIIB).
Based upon her qualification, expertise, track record integrity etc. the Board recommends the Ordinary Resolution at Item
no. 5 of the Notice for approval by the members. In the opinion of the Board, the independent director proposed to be
appointed fulfill the conditions specified in the Act and the rules made there under and that the proposed director is
independent of management.
Except for Ms. Geetha Sitaraman, being appointee, none of the Directors/Key Managerial Personnel and their relatives of the
Company, are concerned or interested in item no. 5 of the Notice.
Item no. 6
Mr. Pravin Patel is presently the Executive Chairman of the Company. Mr. Pravin Patel in the past has successfully led the
Company and under his leadership the Company has emerged as one of the leader in infrastructure sector. The members has
passed special resolution at the 64th Annual General Meeting of the Company for appointment of Mr. Pravin Patel as whole
time Director (Executive Chairman) for period of 3 years w.e.f. September 27, 2013 with a remuneration of ` 1 per annum.
Considering his age and the effort put in by Mr. Pravin Patel in managing the affairs of the Company on day to day basis, the
Board decided to modify the terms of appointment of Mr. Pravin Patel to the extent of including specific perquisites as stated
in the resolution in addition to his existing remuneration of ` 1 per annum, effective from April 1, 2015. Other terms of his
appointment will remain unchanged.
The members are requested to note the following disclosure of Mr. Pravin Patel in terms of the Companies Act, 2013:
Age 78
Qualification BA; graduated in Town Planning from USA; graduated in
Financial Management from London School of Economics
Experience 50 years
Last remuneration (2014-15) drawn from the Company `1
First appointment on the Board of the Company August 29, 1989
Shareholding in the Company 40,800 ( 0.05%)
Relationship with other directors/KMP Relative to Mr. Rupen Patel, Managing Director.
Number of Board meeting attended during 2014-15 Mr. Pravin Patel attended all the 9 Board meetings held
during 2014-15.
9
Other directorship/ membership/chairmanship of the Directorship: ASI - RCC India Ltd, Patel Patron Pvt. Ltd,
Committees of other Boards Michigan Engineers Pvt. Ltd, Phedra Projects Pvt. Ltd, Patel
Realty (India) Ltd, Saskang Rong Energy Pvt. Ltd, Vismaya
Constructions Pvt. Ltd, Pandora Infra Pvt. Ltd, Bhooma
Realties Pvt. Ltd, PAN Realtors Pvt. Ltd.
Variation in terms of appointment of Mr. Pravin Patel is subject to approval of members in the ensuing Annual General
Meeting of the Company, the Board recommends the Resolutions at Item no.6 of the Notice for approval by the members.
None of the Directors, Key Managerial Personnel and their relatives, except Mr. Pravin Patel and Mr. Rupen Patel are
concerned and interested in item no. 6 of the Notice.
Item no. 7
In pursuance of Section 148 of the Companies Act, 2013 and Rule 14 of the Companies (Audit and Auditors) Rules, 2014, the
Company is required to appoint a cost auditor to audit the cost records of the applicable products of the Company.
On the recommendation of the Audit Committee at its meeting held on February 13, 2015, the Board has, considered and
approved the appointment of M/s. D. Radhakrishnan, Cost Accountants as the cost auditor for the financial year 2014-15 at a
remuneration of ` 3.50 lacs per annum plus applicable service tax.
The Board recommends the Resolutions at Item no.7 of the Notice for approval by the Members.
None of the Directors/Key Managerial Personnel of the Company/their relatives are in any way, concerned or interested in
item no. 7 of the Notice.
Item no. 8
The Company has been giving stock options and other benefits to its employees pursuant to its Employee Stock Option Plan,
2007 through the Patel Engineering Employees Welfare Trust which was approved by the members vide resolution dated
September 28, 2007 and August 8, 2008. SEBI promulgated the SEBI (Share Based Employee Benefits) Regulations, 2014
(Regulations) pursuant to which companies are not explicitly required to formulate separate scheme for stock options and
general welfare of the employees. However, no scheme can be framed under these regulations except vide special resolution
passed by the members of the Company.
The Company has an employee welfare policy in place under which the income made by the Trust is utilized for the welfare of
the employees. Pursuant, to the new Regulations, the Company proposes to launch the Patel Engineering General Employee
Benefits Scheme, 2015 (Scheme) under Part D of the regulations to provide welfare benefits to the employees such as
medical, housing and education related assistance to employee as may be detailed in the Scheme.
The objects of PATEL ENGINEERING GENERAL EMPLOYEE BENEFITS SCHEME, 2015 is to acquire, hold, use the Trust property for
the welfare and benefit of the beneficiaries, to subscribe for or to purchase or to otherwise acquire, hold and if necessary,
dispose of permitted investment and apply the returns and benefits thereof for the benefit of beneficiaries, to utilize the
dividend and/or sale proceeds of the permitted investments made by the trust for the welfare and benefit of the employees
and to repay loans obtained from the Settlor. The eligible employees (as defined hereunder) will be granted healthcare
benefits, hospital care or benefits, benefits in the event of sickness, accident, disability, death or scholarship funds, or such
other benefit as the Board of Directors or the Nomination and Remuneration Committee may determine from time to time.
A permanent employee of the Company working in India or out of India and such other employees as mentioned in the
Scheme and who has completed at least one year of service in the Company and have an annual compensation of
` 6,00,000 or below per annum (eligible employees). The Nomination and Remuneration Committee shall, based on the
various criteria for selection of the Eligible Employees, at their sole discretion determine the Employees eligibility for
participation in the Scheme. The Board/ Nomination and Remuneration Committee shall after approval of the application
received from eligible employees, grant benefit/s thereto within reasonable period. The maximum quantum of benefits to be
provided per eligible employee will not exceed ` 10,00,000 in a financial year.
The Scheme will be administered through Patel Engineering Employees Welfare Trust (Trust) as per the Trust Deed, Terms
of Reference of Nomination and Remuneration Committee and the terms and conditions of the Scheme. The Trust can make
secondary acquisition upto the maximum limits specified under the Employee Share Based Employee benefits Regulations
2015. The Scheme involves new issue of shares by the Company and secondary acquisition by the trust. The Company shall
at all times confirm to the accounting policies specified Regulation 15 of the Employee Share Based Employee benefits
Regulations, 2015.
The Nomination and Remuneration Committee, appointed under Section 178 of the Companies Act, 2013 has been designated
to act as and discharge all functions of the Compensation Committee under the Regulations.
None of the directors or key managerial personnel of the Company including their relatives are, in any way, concerned or
interested, financially or otherwise, in the proposed resolutions except to the extent of any benefit which they may receive
under the Scheme.
10
The Board recommends the resolution set out under item No. 8 for approval of the members as special resolutions.
Copy of the General Employees Benefits Scheme will be available for inspection on all working days (Monday to Friday)
between 11.00 a.m. and 1.00 p.m. at the registered office of the Company.
Item no. 9
As the members are aware, a Special Resolution was passed by members vide its Postal Ballot Notice dated July 23, 2014
in terms of the provisions of Section 42, 62, 71 and other applicable provisions, if any, of the Companies Act, 2013,
authorizing raising of funds in Indian Rupees or equivalent thereof in any Foreign Currency in one or more tranches to the
tune of ` 1,000 Crore (Rupees One Thousand Crore only) through Qualified Institutions Placement (QIP)/Foreign Currency
Convertible Bonds (FCCBs) /Optionally or Compulsorily Convertible Preference Shares (OCPS/CCPS)/American Depository
Receipts (ADRs)/ Global Depository Receipts(GDRs)/ Follow-on Public Offer (FPO) for meeting the capital expenditure for
the projects of the Company, its joint ventures and the projects being implemented through the Companys subsidiaries. The
Company has so far not raised funds in terms of the said authorisation.
Keeping in view the requirement of funds, the Board decided to seek members approval /renewal of membersapproval by
way of a Special Resolution. The Special Resolution contained in the Notice under Item No.9 relates to a resolution by the
Company enabling the Board to create, issue, offer and allot Equity Shares, GDRs, ADRs, Foreign Currency Convertible Bonds,
Convertible Debentures and such other securities as stated in theresolution (the Securities) at such price as may bedeemed
appropriate by the Board at its absolute discretion including the discretion to determine the categories of Investors to
whom the issue, offer, and allotment shall bemade considering the prevalent market conditions and otherrelevant factors and
wherever necessary, in consultation with Merchant Bankers, Advisors, Underwriters, etc, inclusive of such premium, as may
be determined by the Board in one or more tranche(s), subject to SEBI (ICDR) Regulations and other applicable laws, rules
and regulations.
The resolution enables the Board to issue Securities for an aggregate amount not exceeding ` 2,000 crore or its equivalent
in any foreign currency.
The Board shall issue Securities pursuant to this special resolution to meet long term working capital and capital expenditure
requirements of the Company and its subsidiaries, joint ventures and associates, including investment in subsidiaries
(including overseas subsidiaries),joint ventures and associated besides strengthening the Balance Sheet of the Company
including repayment of debt,tap acquisition opportunities, usage for business ventures/projects and other general corporate
purposes.
The special resolution also authorizes the Board of Directorsof the Company to undertake a Qualified Institutions Placement
with Qualified Institutional Buyers (QIBs) in the manner as prescribed under Chapter VIII of the Securities and Exchange
Board of India (Issue of Capital and Disclosure Requirement) Regulations, 2009, as amended(the SEBI Regulations) for
raising capital. The pricing of the Specified Securities to be issued to QIBs pursuant to the said SEBl Regulations shall be
freely determined subject to such price not being less than the price calculated inaccordance with the relevant provisions of
the said SEBI Regulations.
The detailed terms and conditions for the offer will be determined by the Board in consultation with the Advisors,
Merchant Bankers, Underwriters and such other authority or authorities as may be required to be consulted by the Company
considering the prevalent market conditions from time to time and in accordance with the applicable provisions of law, rules
and regulations and other relevant factors.
The Equity Shares allotted or arising out of conversion of any Securities would be listed. The issue/ allotment/conversion of
Securities would be subject to the receipt of regulatory approvals, if any. Further the conversion of Securities held by foreign
investors, into Equity Shares would be subject to the permissible foreign shareholding limits/cap specified by Reserve Bank
of India from time to time.
Pursuant to the provisions of Section 42, 62 and 71 ofthe Companies Act, 2013 including any rules made thereunder and
any other provision of the said Act, as may be applicable and the relevant provisions of the listing agreement with the stock
exchanges and any other applicable laws, the issue of securities comprising equity shares, foreign currency convertible
bonds, ADRs, GDRs, non-convertible debentures and/or issue of debentures on private placement, convertible debentures,
etc, will require the prior approval of the Members by way of a Special Resolution.
The Special Resolution as set out at Resolution No.9, if passed, will have the effect of permitting the Board to issue and
allot Securities to Investors, who may or may not be existing members of the Company in the manner as set out in resolution
No. 9.
The Board recommends the Resolution at Item No. 9 of the Notice for approval of the members by a Special Resolution.
None of the Directors, Key Managerial Personnel or their relatives are in any way concerned or interested, financially or
otherwise in this resolution.
11
Item no. 10
Rule 14 of the Companies (Prospectus and Allotment of Securities) Rules, 2014 prescribed, inter alia, under Section 42 of
the Act deals with private placement of securities by a Company. Sub-rule 20 of the said Rule 14 states that in case of an
offer or invitation to subscribed for non-convertible debentures on private placement, the company shall obtain previous
approval of its Members by means of a special resolution only once in a year for all the offers or invitations for such secured/
unsecured redeemable non- convertible debentures during the year.
The members has approved the issue of Debentures on a private placement basis, for an amount not exceeding ` 1,000 crores
through a special resolution passed by the members of the Company at the Annual General Meeting held on September 26,
2014 and the same approval will remain in force for a period of 1 year.
The Company has so far not raised finance in terms of the said authorization but to meet the financial requirement, the
Company may offer or invite subscription for secured/unsecured redeemable non-convertible debentures, in one or more
series/tranches on private placement basis on terms and conditions as the Board of Directors may determine.
The Special Resolution set out in item no.10 of the Notice shall remain in force for a period of 1 year.
The Boardrecommends the Special Resolution at item no.10 for approval of members.
None of the Directors/Key Managerial Personnel/their relatives of the Company have any interest or concern in the
resolution.
For and on behalf of the Board of Directors
Patel Engineering Limited
Shobha Shetty
August 14, 2015 Company Secretary
Mumbai (Membership No. A17228)
Registered Office
Patel Estate Road
Jogeshwari-(West)
Mumbai-400102
12
Details of Directors seeking appointment/re-appointment at the Annual general Meeting (pursuant to clause 49 of
the Listing Agreement)
Name of the Director Mr. Pravin Patel Mr. K. Ramasubramanian Ms. Geetha Sitaraman
Date of Birth 03/01/1937 10/05/1942 14/09/1948
Date of Appointment 29/08/1989 10/11/2014 26/03/2015
Experience in functional Has more than 50 years of Has specialized in Foreign Has wide experience of over
area experience in infrastructural Exchange Business of banks, 40 years with 5 different
sector adviser on Foreign Exchange banks at Senior Management
Business for Corporates and level
International faculty of
training colleges of banks
and management Institutes
in India and abroad.
Qualification B.A.,Graduate in Town M.Sc., PGDBA, CAIIB(I) B.A.(HONS), LLB, CAIIB

Planning from USA, Graduate
in Financial Management
from London School of
Economics.
Directorship in other 1. ASI - RCC India Ltd. 1. Innovassynth Nil
Companies (Public Limited Investments Ltd.
2. Patel Patron Pvt. Ltd.
Companies)
2. Innovassynth
3. Michigan Engineers Pvt
Technologies (India )
Ltd.
Ltd.
4. Phedra Projects Pvt.
Ltd.
5. Patel Realty (India)
Ltd.
6. Saskang Rong Energy
Pvt. Ltd.
7. Vismaya Constructions
Pvt Ltd
8. Pandora Infra Pvt. Ltd.
9. Bhooma Realties Pvt
Ltd
10. PAN Realtors Pvt. Ltd.
Membership of Committees Nil 1. Innovassynth Nil
of other Public Companies Investments Ltd.
(Audit Committee / 2. Innovassynth
Nomination Remuneration Technologies (India )
Committee/Stakeholders Ltd.
Relationship Committee)
No. of Shares held in the 40,800 Equity Shares of 357 Equity Shares of Nil
company ` 1 each ` 1 each.
13
Tel No: +91 22 2676 7500 Fax: +91 22 2678 2455
66th Annual General Meeting

Admission Slip
Please fill and hand it over at the entrance of the Meeting Hall
I hereby record my presence at the 66th Annual General Meeting of the Companyon Monday, September 28, 2015 at 3.30
p.m., at Shree Saurashtra Patel Samaj, Patel Estate Road, Jogeshwari (West), Mumbai - 400102
Registered Folio No. /

DP ID/Client ID
Name and address of

the Member(s)
Joint Holder 1
Joint Holder 2
---------------------------------------------------------------------
Signature of Member or Proxy or Representative
*Applicable for investors holding shares in electronic form
&
EVSN (Electronic Voting Sequence Number) **Sequence Number
** Only Members who have not updated their PAN with the Company / Depository Participant shall use the above Sequence Number in
the PAN field.
Note: Please read the instructions printed under the Note No. 10 to the Notice of 66thAnnual General Meeting. The Voting period starts
from 9.00 a.m. on Friday, September 25, 2015 and ends at 5.00 p.m. on Sunday, September 27, 2015. The voting module shall be
disabled by CDSL for voting thereafter.
&
14
Tel No: +91 22 2676 7500 Fax: +91 22 2678 2455
PROXY FORM
Folio No./ Client Id / DP Id :
I/We, being the member(s) of ______________________ Equity shares of Patel Engineering Limited hereby appoint:
1.Name 2. Name 3. Name
Address Address Address
e-mail id e-mail id e-mail id
Signature, Signature , Signature ,

or failing him or failing him or failing him
as my/our proxy to attend and vote (on a poll) for me/us and on my/our behalf at the 66th Annual General Meeting of the
Company to be held on September 28, 2015 at 3.30 p.m. at Shree Saurashtra Patel Samaj, Patel Estate Road, Jogeshwari
(West) Mumbai 400102 and at any adjournment thereof in respect of such resolutions as are indicated below;
Sr. Resolutions For Against

No.
Ordinary Business
1 To consider and adopt
a. the audited Financial Statement of the Company for the financial year ended on March
31, 2015 together with the reports of the Board and the Auditors thereon; and .
b. the audited Consolidated Financial Statement of the Company for the financial year
ended on March 31, 2015 together with the reports of the Auditors thereon.
2. To appoint a Director in place of Mr. Pravin Patel, who retires by rotation and, being eligible,
offers himself for re-appointment
3. To appoint M/s Vatsaraj and Co. as Statutory Auditors of the Company.
Special Business
4. Appointment of Mr. K. Ramasubramanian as an Independent Director
5. Appointment of Ms. Geetha Sitaraman as an Independent Director
6. Variation in terms of appointment of Mr. Pravin Patel
7. Ratification of remuneration payable to M/s D. Radhakrishnan & Co. as Cost Auditors of the
Company for FY 2014 -15
8. Adoption of Patel Engineering General Employee Benefits Scheme 2015.
9. Further issue of securities
10. Issue of Non Convertible Debentures on Private Placement Basis.
Signed this ____________ day of __________ 2015. Please

affix the
Signature of Shareholder _______________________________________________________ Revenue
Stamp of
Signature of Proxy holder(s) _________________________________________________________ `1
Notes: This Form of Proxy in order to be effective should be duly completed and deposited at the Registered office of the
Company, not less than 48 hours before the commencement of the Meeting.
&
15
route map
Shree Saurashtra
Jogeshwari
Patel Samaj
MTNL
a te Road
Patel Est
ad
S. V. Ro
24 Karat
Multiplex
Venue: Shree Saurashtra Patel Samaj,

Patel Estate Road, Jogeshwari (West),
Mumbai 400 102
Tel No: +91 22 2676 7500
16
PATEL ENGINEERING LTD.
ANNUAL REPORT 2014-15
Contents
Corporate Information 01
Message from the Managing Director 02
Comparative Consolidated Financials 05
Boards Report 06
Management Discussion and Analysis 47
Report on Corporate Governance 52
Consolidated Financial Statements 66
Standalone Financial Statements 108

Corporate Overview Board and Management Reports Financial Statements
Corporate Information
BOARD OF DIRECTORS JOINT CFO
Mr. Pravin Patel, Chairman Ms. Kavita Shirvaikar
Mr. Rupen Patel, Managing Director
Mr. Khizer Ahmed, Independent Director COMPANY SECRETARY
Mr. Srinivasa Jambunathan, Independent Director Ms. Shobha Shetty
Ms. Silloo Patel, Whole Time Director & CFO
Mr. Ashwin Parmar, Whole Time Director AUDITORS
Mr. Sharad Zalawadia, Independent Director M/s. Vatsaraj & Co.
Mr. K. Ramasubramanian, Independent Director Chartered Accountants
Ms. Geetha Sitaraman, Independent Director First Floor, Fort Chambers,
CBlock,65, Tamarind Lane,
REGISTERED OFFICE Fort, Mumbai-400 023
Mumbai - 400 102 CONSORTIUM LENDERS
Tel.: +91 22 2676 7500 ICICI Bank Ltd
Fax: +91 22 2678 2455 Bank of India
Email Id: [email protected] Dena Bank
Website: www.pateleng.com Canara Bank
Bank of Baroda
REGISTRAR & TRANSFER AGENT Industrial Development Bank of India Ltd
Link Intime India Pvt. Ltd. Union Bank of India
C-13 Pannalal Silk Mills Compound, Corporation Bank
LBS Road, Bhandup (West), State Bank of Patiala
Mumbai - 400 078 Axis Bank Ltd
Tel: +91 22 25946970 Standard Chartered Bank
Fax: +91 22 85946969 Bank of Maharashtra
Email Id: [email protected] DBS Bank Ltd
Website: www.linkintime.com Societe Generale
The Ratnakar Bank Ltd
IndusInd Bank Ltd
SREI Equipment Finance Ltd
Annual Report 2014-15 1

Message from the
Managing Director
Dear Shareholders,
The woods are lovely, dark and deep. But I have promises
to keep, and miles to go before I sleep from Robert Frost's
poem are the best lines to describe our new Prime Minister
Mr. Narendra Modi. The new government led by Prime
Minister Mr. Narendra Modi is all set to create a second
revolution to build a new India. The government has already
initiated several new policies to revive the ailing economy
with Indigenous programs like Make in India and Swacch
Bharat Abhiyaan.
Moreover, several steps have been taken to simplify

the processes and attract more investments from the
Rupen Patel Indian diaspora outside the country along with other
Managing Director global companies. During the past year, the government
also focused on removing policy bottlenecks to simplify
documentation and processes to initiate business activities.
The new governments first full Union Budget saw several

measures being announced to boost infrastructure
sector and prior to that the coal blocks allocation were
completed successfully. Given the large consumer economy
and favourable demographic indicators, the country is
attractively poised to reignite its economic machinery.
Infrastructure is not a matter of choice, but of need. Good

Infrastructure fuels economic growth of a country. Here,
the Indian government has played an important role.
The Finance Minister Mr. Arun Jaitley announced a big
push for the infrastructure sector with a hefty increase in
investments of ` 7,00,000 million in the Budget for the
fiscal year 2015-16.
Our infrastructure does not match our growth ambitions.

There is a pressing need to increase public investment.
Listing infrastructure among the five major challenges, the
Finance Minister has to reckon with private investment in
infrastructure via the public private partnership (PPP) which
model is still weak and public investment needs to step in
to catalyse investment. He also stressed on the need to
revitalise the PPP mode of infrastructure development.
2 Patel Engineering Ltd.

The Construction Industry is highly dependent on During the year, the Company undertook various initiatives
government regulations and policies. The infrastructure to relook at the project costs and negotiate with the
sector has got a huge facelift in the Union Budget 2015. To vendors and subcontractors to realign the payment
augment the power generation capacity in the country, the structure. This helped reduce the dependence on working
Finance Minister has announced five new ultra mega power capital requirements from external sources to the maximum
projects each of 4,000 MW in the plug-and-play mode. extent possible. Also improving business development by
The Minister also stated that all clearances and linkages taking profitable projects which have slowly started coming
will be in place before each project is awarded through a in, being a positive fruit of standing tall and high in the
transparent auction system. toughest times that the industry has seen in the last few
decades. This has eased the competition as a lot of smaller
This will unlock investments to the tune of rupees one lakh players and new entrants are on the verge of going out of
crore and the government would also consider this plug-and- business due to non-availability of the required funding or
play mode for other infrastructure projects as roads, ports, the instability in the industry.
railway lines and airports.
The order backlog from the engineering and construction
The government has undertaken a lot of initiatives to business as on March 31, 2015 is approx. ` 1,08,790 million
bring a bright change in the country, however still a lot and the Company has also been declared lowest bidders for
needs to be done for the grass to become greener on the contracts worth ` 83,000 million approx.
ground. The GST and Land Bill are few initiatives taken by
the government which once implemented with the required The Company successfully completed the consolidation
amendments, if any, may bring a new perspective to the process of refinancing its debt whereby the short term loans
regime. The delay of implementation of various measures have been replaced by long term loans. The repayment
due to the political scenario of our country has slowed down of loans is now aligned more realistically to the expected
the expected push in the growth of our economy. The RBI collection of receivables which were getting elongated
Governor has done a great job in controlling the ever falling due to the delay in decision making by the government
rupee. The falling prices of crude in international markets authorities and also to the monetization of non-core assets.
have helped the country to maintain its balance of accounts This has given more clarity to the lenders in terms of the
which was otherwise gloom and in a state of stagnation. prospects of the Company and its subsidiaries. In the
process this helped with financial liquidity in the interim
Although the repo rate has been reduced twice by 25 basis period which allowed the existing projects to move towards
points (bps) each but still the same is standing high at becoming self-sufficient.
7.5%. Further, the rate cuts needs to be passed on further
to the people and the commercial lending rates should taper Although the growth curve has not been as steep as
down by at least 200 to 300 bps to ease out the currently expected after the change in the government, the future
high burden of interest costs and in process improving the does not look bleak. There is a lot to be done which the new
profitability of highly capital intensive industries like ours. government may not be able to do immediately and it may
take another year for the new efforts to start reflecting the
The Industry scenario has seen negative or minimal growth changes. Hence, the Company expects to remain cautious
and has been loaded with more financial burden in FY 2015. in FY 2016 with the focus on reduction of debt through
The performance of the Company also reflects the same monetization of non-core assets and steady growth through
whereby the consolidated revenue is ` 34,153.87 million bidding for selective profitable projects.
which has decreased by 7.7% as compared to the previous
year. The net profit stood at ` 84.69 million as against `
163.69 million in the previous year, as a result the EPS has
come down to ` 1.10 from ` 2.13 in the previous year. The
main reasons being increase in working capital cycle and as
a result increase in interest costs.

4
Our Global Presence
GREECE
USA
NEPAL
DOHA
SRILANKA
INDONESIA
SINGAPORE
MAURITIUS
AUSTRAILIA
CHILE
Comparative Consolidated Financials
(` in Million)
2014-15 2013-14 2012-13 2011-12 2010-11 2009-10 2008-09 2007-08 2006-07 2005-06
A. FINANCIAL POSITION
Share Capital 76.81 76.81 69.83 69.83 69.83 69.83 59.66 59.66 59.66 50.00
Reserves & Surplus 18,850.22 17,851.55 16,205.76 15,497.55 14,739.93 13,557.69 10,112.63 8,399.33 7,014.48 1,956.99
Corporate Overview
Shareholders Funds 18,927.03 17,928.36 16,275.59 15,567.38 14,809.76 13,627.52 10,172.29 8,458.99 7,074.14 2,006.99
Minority Interest 1,247.37 1,293.29 988.98 834.06 704.27 615.24 215.77 405.41 74.02 254.36
Deferred Tax Liability 139.76 171.54 113.32 216.03 131.95 114.88 148.36 150.94 118.40 167.53
Loan Funds 51,633.58 44,780.38 34,754.22 28,379.91 24,744.88 18,300.18 12,812.62 9,764.01 3,419.72 3,577.75
Total Funds Employed 71,947.74 64,173.57 52,132.11 44,997.38 40,390.86 32,657.82 28,003.34 20,957.35 12,178.13 7,982.34
Fixed Assets (Net) 16,402.35 14,606.70 12,509.61 10,532.09 8,530.20 7,591.16 5,700.97 6,702.43 2,535.80 2,430.10
Investments 1,817.81 1,338.98 1,131.07 985.88 780.35 698.17 504.65 360.81 1,714.02 283.64
Deferred Income Tax - - - - - - - - - 14.32
Net Current Assets & Non Current 53,727.58 48,227.89 38,491.43 33,679.41 30,997.87 24,301.52 21,738.32 13,871.26 7,901.26 5,222.04
Assets
Board and Management Reports
Miscellaneous Expenditure - - - - 82.44 66.97 59.40 22.85 27.05 32.26

(To the extent not written off or
adjusted)
Total Application of Funds 71,947.74 64,173.57 52,132.11 44,997.38 40,390.86 32,657.82 28,003.34 20,957.35 12,178.13 7,982.36
B. OPERATING RESULTS
Income from Operations 34,153.87 37,011.31 41,148.74 35,920.91 34,759.09 31,909.33 24,598.45 18,596.43 12,900.12 10,223.34
Other Income 1,159.22 1,067.37 817.47 910.92 229.75 630.12 144.59 36.87 97.51 59.68
Financial Statements
Total Income 35,313.09 38,078.68 41,966.21 36,831.83 34,988.84 32,539.45 24,743.04 18,633.30 12,997.63 10,283.02
Total Expenditure 34,996.21 37,618.71 40,707.37 35,532.45 33,141.67 29,489.55 22,372.74 16,778.20 11,685.50 9,475.29
Profit before Tax 316.88 459.97 1,258.84 1,299.38 1,847.17 3,049.90 2,370.30 1,855.10 1,312.13 807.73
Profit after Tax 96.73 247.18 742.30 701.87 1,307.26 2,120.57 1,934.02 1,628.12 1,171.33 741.90
Minority Interest and other 12.04 83.49 92.27 35.99 81.21 138.96 129.24 109.07 26.62 8.80
adjustments
Net Profit 84.69 163.69 650.03 665.88 1,226.05 1,981.61 1,804.78 1,519.05 1,130.11 733.10
C. EQUITY SHARE DATA
Earning per share (`) 1.10 2.13 9.31 9.54 17.56 30.96 30.25 24.74 18.90 14.80
Number of Shares 76,806,282 76,244,325 69,827,151.00 69,827,151 69,827,151 69,827,151 59,659,090 59,659,090 59,659,090 50,000,000
Dividend % - - - 30% 100% 200% 175% 150% 130% 130%
Annual Report 2014-15

5
Boards Report
To the Members of Patel Engineering Ltd.,
The Directors have pleasure in presenting their 66th Annual Report on the business and operations of the Company and the
accounts for the Financial Year ended March 31, 2015.
Standalone and Consolidated Financial Performance of Patel Engineering Ltd.
(` in Million)
Consolidated Standalone
2014-15 2013-14 2014-15 2013-14
Total Income 35,313.09 38,165.10 26,682.25 28,518.67
Profit before depreciation, prior period and 961.15 1,357.41 737.86 904.73
exceptional items
Less: Depreciation 797.78 819.77 519.18 542.29
Less : Prior Period Item* - 77.67 - -
Add : Exceptional Item# 153.31 - - -
Profit before tax 316.88 459.97 218.68 362.44
Tax & Minority Interest 232.19 296.28 99.83 112.46
Net Profit 84.69 163.69 118.85 249.98
Add: Opening Balance in Profit & Loss A/c 5,770.36 4,759.61 5,219.52 4,096.98
Add: Reversal of Prudent Provision for Tax ** 600.64 981.31 600.64 981.31
Amount available for appropriation 6,850.83 5,904.61 5,939.01 5,328.27
Appropriations:
a. Proposed Dividend - - - -
b. Tax on Dividend - - -
c. General Reserve - 25.50 - -
d. Debenture Redemption Reserve - 108.75 - 108.75
e. Depreciation impact as per schedule II 4.92 - 4.92 -
Surplus carried to the Balance sheet 6,845.91 5,770.36 5,934.09 5,219.52
Earnings per equity shares (face value ` 1)
- Basic (`) 1.10 2.15 1.55 3.28
- Diluted (`) 1.10 2.13 1.55 3.25
* for Prior Period Item, refer to note no. 39 of Notes to Consolidated Financial Statement.
# for Exceptional Item, refer to note no. 50 of Notes to Consolidated Financial Statement.
** for reversal of Prudent Provision for Tax refer to note no. 25(ii) of notes to Standalone Financial Statement.
Consolidated the previous year. The net Profit was lower by 52.46% at
The Consolidated total income which stood at ` 35,313.09 ` 118.85 million as against ` 249.98 million for the
million lower by 7.47 % as against ` 38,165.10 million previous year.
for the previous year. The profit before depreciation was Dividend
lower by 29.19% at ` 961.15 million as against ` 1,357.41
To conserve funds, the Board of Directors has not
million for the previous year. The net profit was lower by
recommended any dividend for the financial year 2014-15.
48.14% at ` 84.69 million as against ` 163.69 million for
the previous year. Information on state of affairs of the Company
Standalone Information on the operational and financial performance,
On Standalone basis, the total income was lower at among others, is given in the Management Discussion
` 26,682.25 million as against ` 28,518.67 million for the and Analysis Report which is forming part of the Annual
previous year. The profit before depreciation was lower by Report and is in accordance with Clause 49 of the Listing
18.44% at ` 737.86 million as against ` 904.73 million for Agreement.

Share Capital Neotown on 103 acres in Bangalore. The subsidiary is

During the year, 5,61,957 Optional Convertible Preference currently developing residential project (over 24 acres
Shares (OCPS) aggregating to ` 5,61,957which were of land consisting of over 2,300 apartments) and a
outstanding as on March 31, 2014 were converted on April Mall (over 12 acres of land comprising of 2 million sq
15, 2014 and the Company issued and allotted 5,61,957 feet of built up area). The subsidiary has successfully
equity shares to the promoter entities at a price of ` 57.50 handed over 1,800 apartments of the aforesaid
per share (including premium of ` 56.50 per share). development. The subsidiary got further approval for
three residential projects totalling to 2.5 million sq
Subsequent to the allotment, the Issued, Subscribed &Paid ft. to be monetized shortly in the current financial
up Equity Share Capital of the Company increased from year. The mall structure is 80% completed.
6,98,27,151 Equity Shares of ` 1 each to 7,68,06,282
Equity Shares of ` 1 each. - Development of Residential Project at Gachibowli,
Hyderabad named as Smondo Gachibowli on 4 acres of
Finance land comprising of 2 residential tower and a service
Pursuant to Section 180(1)(c) of the Companies Act, 2013, apartment being developed by PBSR Developers
members vide resolution dated September 9, 2014 passed Pvt. Ltd. (100% subsidiary of PRIL). The project is
by Postal Ballot, approved increase in the borrowing powers meticulously crafted and offers a unique blend of
of the Board of Directors of the Company from smart design and superior quality. The Project has
` 75,000 million to ` 90,000 million, to meet Companys commenced construction activity.
growing business needs. - Companys Mauritius subsidiary Les Salines
As on March 31, 2015, the Company on Standalone basis Development Ltd. has received termination notice
has ` 3,650 million outstanding NCDs repayable over period from the government of Mauritius terminating the
of 3 to 10 years. The NCDs are listed on National Stock Land lease agreement for developing integrated
Exchange of India Limited. waterfront project namely Neotown Port Louis. In
In addition, the Company from time to time has raised terms of this agreement, the Company is eligible
money through borrowings (long and short terms) and the for compensation for all improvement made on the
total amount outstanding on standalone basis as on March land. The lease of land was granted to the Mauritian
31, 2015 is ` 37,157.49 million. subsidiary in the year 2009 and the Company has
been carrying on the development of land as per the
Subsidiaries master plan approved by the Government. The details
The Company at present has 84 subsidiaries, 2 joint of compensation are being worked for submission.
ventures and 6 associate companies. ASI Constructors Inc, one of the key subsidiary based
During the year ended March 31, 2015, Patel Engineering in USA has orders in hand of approx ` 10,743.90 million
Inc, the wholly owned subsidiary of the Company in USA as on March 31, 2015. During FY 15, the revenues of this
acquired 100% stake in ASI Global LLC, USA. The Company company has increased by 35% in USD terms and 48% in
also increased its holding in Shreeanant Construction Pvt. INR terms to ` 7,466.40 million as compared to ` 5,142
Ltd from 51% to 100%. The Companys holding in Pan million in the previous year.
Realtors Private Ltd. (PAN) got reduced from 51% to Michigan Engineers Pvt. Ltd. wherein the Company
36.43 % on account of non-subscription to the Rights Issue has 51% stake, having presence in urban infrastructure
offered by PAN. Projects, have during financial year 2014-15 been awarded
In terms of Section 129(3) of the Companies Act, 2013 Microtunnelling contract for total 6,165 meter by MCGM,
read with Rule 5 of the Companies (Accounts) Rules 2014, Mumbai. Michigan has also bagged subcontract for Design,
a separate statement containing the salient features of the Planning & Construction including supply, delivery,
financial statement of the subsidiaries, associates and joint Erection, Commissioning of Mechanical Instrumentation
ventures is enclosed as Annexure I of the Boards Report. and Automation works of Storm Water Pumping station
Key Subsidiary / Associate updates at Britannia outfall, Reti Bunder Bay, Reay Road, Mumbai
from Unity-M&P-WPK Consortium and a subcontract from
The Company is developing the real estate projects through Pratibha Industries Ltd. for the work related to stabilization
a wholly owned subsidiary Patel Realty (India) Ltd (PRIL) and dredging of required area near existing plug-in location
and its subsidiaries which exclusively focus on the real at Modak Sagar Lake for increased hydraulic flow.
estate business of the company. Some of the projects which
have been launched by PRIL include: The Company through its wholly owned subsidiary Patel
Energy Resources Ltd. (PERL) intended to build a thermal
- Development of integrated township named as coastal power plant project of 1,050 MW at Nagapattinam,

Tamil Nadu. All the statutory clearances required are in place In terms of Clause 49 V D of the Equity listing Agreement,
except Consent For Establishment (CFE) that is mandatory the Company has formulated a policy for determining
for taking up Project construction works is still pending with material subsidiaries and the same has been disclosed on
Government of Tamil Nadu. Pending this, the Company has Companys website at the link: http://tinyurl.com/nqb2o56.
kept the project currently on hold. Related Party Transactions
Companys Hydro power project is through the 100% All the transactions entered by the Company with Related
subsidiary Dirang Energy Pvt. Ltd. The said subsidiary has Parties were in the ordinary course of Business and at
achieved financial closure of this project. The debt for the arms length basis. The Audit Committee granted omnibus
project amounting to ` 9.00 billion has been tied up from approval for the transactions(which are repetitive in nature)
consortium of banks led by IDBI Bank. The contract for
and the same was reviewed by the Audit Committee and the
execution of all the civil, HM, EM works has been awarded;
Board of Directors.
contractor has mobilized man & machinery and execution of
the project is in progress. There were no materially significant transactions with
related parties during the financial year 2014-15 which were
Companys wholly owned subsidiary Patel Engineering
in conflict with the interest of the Company. All the Related
Lanka Pvt. Ltd. in Srilanka has in joint venture with
Party Transactions as required under AS-18 are reported in
Squanda Prefab World Pvt. Ltd has incorporated a Company
in Colombo viz Patel Lanka Squanda Private Ltd. for the Notes to the financial statements.
executing the construction of 1500 dwelling Units at In accordance with the provisions of Clause 49 of the Listing
Colombo under the contract signed with Urban Development Agreement, the Company has formulated the Related Party
Authority, Govt. of Sri Lanka. The Client increased the Unit Transactions policy and the same is uploaded on Companys
Size from 400 Sft to 500 Sft and the No. of Units from 1500 website at the link:http://tinyurl.com/nrqnhhs
to 1672 with consequential increase in total contract price. Particulars of Loans given, Investment made,
The project work is in progress.
Guarantees given and Securities provided
Companys joint venture (JV) with Simplex Infrastructures
The members may note that the Company is engaged in
Ltd. and BS Ltd. (Raichur-Sholapur Transmission Company
providing infrastructural facilities and hence, as per Section
Pvt. Ltd.) for construction of 765kV S/C Quad Transmission
186(11) of Companies Act, 2013, nothing in Section 186
Line from Raichur to Sholapur (approximate route Length is
shall apply to the Company except sub-section (1) of
208 km) on Build, Own, Operate and Maintain (BOOM) basis
Section 186. Accordingly, a separate disclosure has not
for a period of 35 years has been successfully commissioned
in June 2014. Companys share in the JV is 33.34% with the been given in the financial statements as required under
other two JV partners share being 33.33% each. Section 186(4) with regard to particulars of loan given,
investment made or guarantee given or security provided
The Company along with other JV partners had bagged a and the purpose for which the loan or guarantee or security
BOT project from Uttar Pradesh State Highways Authority is proposed to be utilized by the recipient of the loan or
(UPSHA)in the name of ACP Tollways Pvt. Ltd. for guarantee or security.
construction of four-lane highway project in Varanasi-
Shaktinagar Road, an entire length of 117.65 km at Internal Financial Controls
a project cost of ` 17.50 billion. Financial closure for The Management continuously reviews the internal control
the project has been achieved in June 2012 and the systems and procedures for the efficient conduct of the
construction work started in February 2013. The SPV has Companys business. The Internal Auditor of the Company
so far completed around 91% of work. The balance work conducts the audit on regular basis and the Audit Committee
expected to be completed and toll collection to start in reviews internal audit reports and effectiveness of internal
December 2015. control system.
Pan Oasis - Noida, residential project of approx 3 million Directors and Key Managerial Persons
sqft) is being developed by PAN Realtors Pvt. Ltd.,
werein company holds 36.43%. The project is presently in i. Independent Director
a advanced stage of completion and expects handover of Mr. Kannan, the independent Director of the Company
possession in a phased manner, PAN started the process of passed away in December 2014. The Board placed
first phase of handover and expects completion by March on records its deep appreciation for the valuable
2016 and for Tower T, the completion by October 2017. contribution made by him during his tenure as a
Approx 87% of the area has been sold. Director of the Company.
Terra Land Developers Ltd., an associate of the Company Mr. K. Ramasubramanian and Ms. Geetha Sitaraman
has sold the development rights of a plot in Bandra Kurla were appointed as Additional Directors (independent)
Complex for ` 2272.50 million to retire its Non Convertible with effect from November 10, 2014 and March 26,
Debentures.

2015 respectively. We seek members confirmation for Companies Act, 2013. This Policy is enclosed as Annexure II
appointment of Mr. K. Ramasubramanian and to the Boards Report.
Ms. Geetha Sitaraman as independent Directors for a Evaluation of Board
term upto five consecutive years for a term up to the
conclusion of the 71st Annual General Meeting of the The Board has carried out an annual performance evaluation
Company in the calendar year 2020. of its own performance, and of the directors individually,
as well as the evaluation of all the committees i.e. Audit,
Further, the Company has received the declarations
Nomination and Remuneration, Stakeholders Relationship,
from all the Independent Directors confirming that
Committee of Directors and CSR Committee.
they meet the criterial of independence as prescribed
in terms of Section 149(6) of the Companies Act The Board adopted a formal evaluation mechanism for
2013 and that there is no change in the status of evaluating its performance and as well as that of its
independence. Committees and individual directors, including the Chairman
ii. Retirement by Rotation of the Directors of the Board the exercise was carried out by feedback survey
from each directors covering Board functioning such as
Mr. Pravin Patel retires by rotation at the ensuing composition of Board and its Committees, experience and
Annual General Meeting and, being eligible, offers competencies, governance issues etc. Separate Exercise
himself for re-appointment. ` was carried out to evaluate the performance of individual
iii. Resignation of Director directors including the Chairman of the Board who were
Mr. Nimish Patel, Whole time Director of the Company evaluated on parameters such as attendance, contribution at
has tendered his resignation w.e.f. July 16, 2015 and the meeting etc.
the Board has accepted it and placed on record its Directors Responsibility Statement
appreciation for the valuable contribution made by
him during his tenure as Director of the Company. Pursuant to Section 134 of the Companies Act, 2013, the
Directors confirm that:
iv. Key Managerial Personnel
i. in the preparation of the annual financial statements
The following persons are the Key Managerial
for the year ended March 31, 2015, the applicable
Personnel (KMPs) of the Company as per the provisions
Accounting standards had been followed along with
of the Companies Act, 2013 (the Act) and were already
proper explanation relating to material departures.
in office before the commencement of the Act.
Mr. Pravin Patel Whole time Director & Chairman ii. for the financial year ended March 31, 2015, such
accounting policies as mentioned in the Notes to the
Mr. Rupen Patel Managing Director financial statements have been applied consistently
Ms. Silloo Patel Whole time Director & CFO and judgments estimates that are reasonable and
Ms. Shobha Shetty Company Secretary prudent have been made so as to give a true and fair
view of the state of affairs of the Company and of the
Mr. Ashwin Parmar was appointed as Whole time Profit and Loss of the Company for the year ended
Director w.e.f April 1, 2014 by the members at their March 31, 2015.
Extra-ordinary General Meeting held on March 19,
2014. iii. that proper and sufficient care has been taken for
the maintenance of adequate accounting records in
Ms. Kavita Shirvaikar was appointed as Joint Chief
accordance with the provisions of the Companies Act,
Financial Officer of the Company by the Board of
2013 for safeguarding the assets of the Company
Directors at their meeting held on February 13, 2015.
and for preventing and detecting fraud and other
(Mr. Nimish Patel, Whole time Director (KMP) has irregularities.
resigned w.e.f July 16, 2015.)
iv. the annual financial statements have been prepared on
Number of Board Meetings held a going concern basis.
During the year ended March 31, 2015, the Board met 9
v. that proper internal financial controls were followed
times. The details of the Board meetings and the attendance
by the Company and that such internal financial
of the Directors at the meeting are provided in the Corporate
controls are adequate and were operating effectively.
Governance Report, which forms part of this Annual Report.
Remuneration Policy vi. that proper systems to ensure compliance with the
provisions of all applicable laws were in place and that
The Company has framed a Remuneration Policy pursuant to such systems were adequate and operating effectively.
Clause 49 of the Listing Agreement and Section 178 of the

Audit Committee the Company engaged the services of Dr. K. R. Chandratre,
The Audit Committee of the Board of Directors of the Practising Company Secretary to conduct the Secretarial
Company comprised of the following members: Audit of the Company for the financial year ended March 31,
2015.
Mr. Khizer Ahmed Independent Director & Chairman
The Secretarial Audit Report (in Form MR-3) is enclosed
Mr. Pravin Patel Executive Director as Annexure III to the Boards Report. This report contain
Mr. K. Ramasubramanian Independent Director observation on not filing the Consolidated Financial
Mr. S. Jambunathan Independent Director Statement for the Year ending March 31, 2014 within 60
days from the end of the financial year to BSE/ NSE and
Corporate Social Responsibility Committee delay in filing Annual Performance Report (APR) of few
In accordance with the provisions of Section 135 of the subsidiaries. The above delays were on account of delay
Companies Act, 2013 (the Act), the Board of Directors in receipt of audited/unaudited financials of foreign
of the Company have constituted the Corporate Social subsidiaries.
Responsibility Committee (CSR Committee) comprising of Cost Auditor
the following Directors as it members:
In terms of the provision of 148 of the Companies Act,
Mr. Pravin Patel - Executive Director 2013, read with the Companies (cost records and audit)
Mr. K. Ramasubramanian Independent Director Rules, 2014, M/s. D. Radhakrishnan & Co, a firm of Cost
Mr. Ashwin Parmar - Executive Director Accountants in practice (FRN: 000018) having their
office at 11 A, Doverlane flat B1/34 Calcutta 700029 was
The terms of reference of the CSR Committee include the appointed as Cost Auditor of the Company for the financial
matters specified in Section 135 of the Act. year 2014-15 by the Board of Directors of the Company
The CSR Policy of the Company is uploaded on the at a remuneration of ` 3,50,000(excluding service tax) as
Companys website at the link http://tinyurl.com/o6yczkx recommended by the Audit Committee and approved by
The average net profit of the company for last three financial the Board subject to ratification by the shareholders at the
years is ` 446.57 million and the prescribed CSR expenditure ensuing Annual General Meeting of the Company.
required to be spend is ` 8.93 million. During the year Sexual harassment of Women at workplace
ended March 31, 2015, the Company has not initiated any The Company has framed a Policy on Prevention of Sexual
CSR activities on account of financial constraints. However, harassment at workplace. There were no cases reported
the Company has initiated the CSR activities in the current during the year ended March 31, 2015 under this policy.
financial year 15-16.
Conservation of Energy, Technology Absorption and
The implementation and monitoring of CSR Policy, is in Foreign Exchange Earnings / Outgo
compliance with CSR objectives and Policy of the company.
The particulars prescribed under Section 134 of the
Auditors Companies Act, 2013 read with Rule 8 (3) of the Companies
M/s. Vatsaraj & Co. Chartered Accountants, Mumbai bearing (Accounts) Rules, 2014, relating to Conservation of Energy,
ICAI Registration No. 111327W who retires at the ensuing Technology Absorption, Foreign Exchange Earnings/ Outgo is
Annual General Meeting of the Company are eligible for enclosed as Annexure IV to the Boards Report.
reappointment. They have confirmed their eligibility under Extract of the Annual Return
Section 141 of the Companies Act, 2013 and the Rules
framed thereunder for reappointment as Auditors of the In accordance with the provisions of Section 92 of the
Company. Companies Act, 2013 and the Rules framed thereunder, the
extract of Annual Return in the prescribed Form MGT -9 is
As required under Section 139 of the Companies Act, 2013, enclosed as Annexure V to the Boards Report.
the Company has obtained written consent from M/s.
Vatsaraj & Co. to such appointment and also a certificate Risk Management
to the effect that their appointment, if made, would be in The Risk Management Committee of the Board of Directors
accordance with Section 139(1) of the Companies Act, 2013 of the Company has framed and implemented a Risk
and the Rules made there under, as may be applicable. Management Policy.
Secretarial Audit Report Whistle Blower Policy / Vigil Mechanism
Pursuant to provisions of Section 204 of the Companies The Company has a Vigil Mechanism Policy for the
Act, 2013 read with Rule 9 of the Companies (Appointment employee to report genuine concerns/grievances. The Policy
and Remuneration of Managerial Personnel) Rules 2014, is uploaded on the Companys website at the link

http://tinyurl.com/pvenjtk. The policy provides for adequate as medical, education related assistance and other benefits
safeguards against the victimization of the employees who out of the income derived by the Trust. The said scheme
use the vigil mechanism. The vigil mechanism is overseen by is subject to approval of members and therefore the Board
the Audit Committee. There are no complaints / grievances propose to place the Scheme for approval of members at the
received from any Directors or employees of the Company forthcoming Annual General Meeting.
under this policy. General
Particulars of Employees i) There are no material changes and commitments
Disclosures pertaining to remuneration and other details as affecting the financial position of the company which
required under Section 197(12) of the Companies Act, 2013 have occurred between the end of the financial year of
read with Rule 5 (1) and (2) of the Companies (Appointment the company to which the financial statements relate
and Remuneration of Managerial Personnel) Rules, 2014 is and the date of the Boards report.
enclosed as Annexure VI to the Boards Report ii) No orders have been passed by any Regulator or
Corporate Governance Court or Tribunal which can have impact on the going
concern status and the Companys operations in
Pursuant to Clause 49 of the Listing Agreement, the report
future.
on Corporate Governance together with the certificate issued
by M/s Vatsaraj and Co, the Auditors of the Company, on iii) The Company has not accepted or renewed any amount
compliance in this regard forms part of the Annual Report. falling within the purview of provisions of Section 73
of the Companies Act 2013 read with the Companies
Employee Stock Option Scheme (ESOP)
(Acceptance of Deposit) Rules, 2014 during the year
During the year ended March 31, 2015, the Company under review. Hence, the requirement for furnishing of
had granted 22,400 options on May 23, 2014 to eligible details relating to deposits covered under Chapter V of
employees of the Company in terms of ESOP Plan 2007 out the said Act or the details of deposits which are not
of the outstanding Stock options of 60,45,000 options with in compliance with the Chapter V of the said Act is
Patel Engineering Employee Welfare Trust. The vesting of not applicable
the Stock Options was on May 24, 2015 ie one year period
from the date of grant. The said Options was to be exercised Acknowledgements
within 2 months from the date of vesting which was further The Board of Directors wish to place on record their
extended by the Board of Directors for another 4 months ie appreciation for their continued support and co-operation
options to be exercised on or before November 24, 2015. No by Shareholders, Financial Institutions, Banks, Government
options have been exercised during the year ended March Authorities and other Stakeholders.
31, 2015. The Board of Directors also acknowledges and appreciates
The disclosure in compliance with Regulation 14 of the support extended by all the employees of the Company
SEBI (Share Based Employees Benefits) Regulation, and for their dedicated service.
2014 is available on companys website at the link:
http://tinyurl.com/nkarjsm.
On behalf of the Board of Directors,
The Patel Engineering Employee welfare Trust, (the Trust)
has provided loans and grants to eligible employees for
Pravin Patel
healthcare, education and other benefits. The total amount
Executive Chairman
spent during the year for the welfare of the employee in
(DIN:00029453)
form of loan is ` 0.55 million and grant is ` 0.15 million .
The said benefits given to the employees are now required
Registered Office:
to be covered in the form of a scheme as required by SEBI
Patel Estate Road,
(Share Based Employees Benefits) Regulation, 2014. As such
August 14, 2015 Jogeshwari (W),
Company proposes to introduce Patel Engineering General
Mumbai Mumbai 400 102
Employee Benefits Scheme, 2015 in terms of the SEBIs new
regulation to provide welfare benefits to the employees such

Statement containing the salient features of the financial statements of subsidiaries/associates companies/joint ventures
12
(pursuant to first provision of sub section (3) of Section 129 of the Companies Act, 2013, read with rule 5 of the Company (Accounts) Rules, 2014 -
AOC -1)
Part - A Subsidiaries
Sr. Name of the Subsidiary Company Exchange Issued and Reserves Total Total Investments Turnover Profit / Provision Profit / Country Invest- % of
No. rate subscribed Assets Liabilities (Loss) for (Loss) ments Share-
share before Taxation after by PEL holding
capital Taxation Taxation

DIRECT SUBSIDIARIES
1 Zeus Minerals Trading Pvt. Ltd. INR 0.60 (0.21) 85.50 85.50 - - (0.03) - (0.03) India 0.60 100
2 Patel Concrete & Quarries Pvt. Ltd. INR 1.00 (0.18) 86.63 86.63 - - (0.03) - (0.03) India 1.00 100
3 Friends Nirman Pvt. Ltd. INR 0.33 1.10 1.44 1.44 - - (0.05) (0.01) (0.03) India 0.33 100
4 Energy Design Pvt. Ltd. INR 0.50 (31.02) 37.89 37.89 - - (8.98) - (8.98) India 0.50 100
Annexure I AOC - 1
5 Shreeanant Constructions Private INR 0.10 16.00 103.04 103.04 - 961.44 19.41 4.19 15.22 India 0.10 100
Limited*
6 Patel Lands Ltd. INR 0.50 (0.09) 28.62 28.62 - - (0.03) - (0.03) India 0.50 100
7 Michigan Engineers Pvt. Ltd. INR 17.36 881.49 2,373.81 2,373.81 0.05 1,511.15 37.49 16.44 21.05 India 111.86 100
8 Patel Engineering Infrastructure INR 100.00 8.69 514.20 514.20 100.06 - - - - India 100.00 100
Ltd.
9 Patel Realty (India) Ltd. INR 1,300.00 566.00 6,928.29 6,928.29 282.20 1,019.55 103.80 35.05 68.75 India 1,000.00 100
10 Patel Energy Resources Ltd. INR 2,090.00 (176.73) 10,895.46 10,895.46 - - (6.20) - (6.20) India 2,090.00 100
11 Pandora Infra Pvt. Ltd. INR 70.00 (0.92) 352.19 352.19 - - (0.09) - (0.09) India 70.00 100
12 Patel Engineers Pvt. Ltd. INR 91.00 3.67 103.81 103.81 - - (0.35) 0.37 (0.72) India 91.00 100
13 Patel Patron Pvt. Ltd. INR 140.70 1.46 178.57 178.57 - - (0.09) - (0.09) India 140.70 100
14 Vismaya Constructions Pvt. Ltd. INR 55.10 (0.89) 102.70 102.70 - - (0.09) - (0.09) India 55.10 100
15 Bhooma Realties Pvt. Ltd. INR 72.10 (1.01) 392.65 392.65 - - (0.09) - (0.09) India 72.10 100
16 Shashvat Land Projects Pvt. Ltd. INR 78.80 (1.02) 274.81 274.81 - - (0.09) - (0.09) India 78.80 100
17 Patel Engineering (Singapore) Pte 1 USD= 147.88 460.33 1,390.00 1,390.00 76.16 16.34 (13.52) - (13.52) Singapore 94.46 100
Ltd.* 62.53
INR
18 Patel Engineering (Mauritius) Ltd.* 1 USD= 31.27 0.01 47.83 47.83 29.08 - - - - Mauritius 25.76 100
62.53
INR
19 Patel Engineering Inc.* 1 USD= 520.98 8.28 579.67 579.67 381.98 - (68.45) - (68.45) USA 391.53 100
62.53
INR
20 ASI Constructors Inc. 1 USD= 577.46 1,161.28 4,160.91 4,160.91 (9.12) 6,585.94 192.91 69.38 123.53 USA 396.52 65.20
62.53
INR
21 Patel Engineering Lanka (Pvt.) Ltd. 1 LKR = 37.85 (1.43) 53.70 53.70 14.77 - (1.34) - (1.34) Sri Lanka 26.19 100
0.4592 INR
SUBSIDIARY OF PATEL ENGINEERS
PVT. LTD.
22 Phedra Projects Pvt. Ltd. INR 27.71 1.21 43.79 43.79 - - (0.06) - (0.06) India - 100
Corporate Overview
SUBSIDIARY OF PATEL REALTY

(INDIA) LTD.
23 Apollo Buildwell Pvt. Ltd. INR 0.50 (50.21) 160.34 160.34 0.05 0.09 (26.65) - (26.65) India - 100
24 Arsen Infra Pvt. Ltd. INR 0.50 6.94 81.56 81.56 - 78.47 4.83 1.49 3.35 India - 100
25 Bellona Estate Developers Ltd. INR 2.50 (3.11) 4,288.10 4,288.10 - - (0.59) 0.29 (0.88) India - 100
26 Praval Developers Pvt. Ltd. INR 0.50 (0.20) 0.35 0.35 - - (0.04) (0.04) India - 100
27 Hebe Infracon Pvt. Ltd. INR 0.50 (0.58) 0.38 0.38 - - (0.09) (0.09) India - 100
28 Hera Realcon Pvt. Ltd. INR 0.50 (0.84) 0.39 0.39 - - (0.12) (0.12) India - 97.13
29 Lucina Realtors Pvt. Ltd. INR 0.50 0.25 0.77 0.77 - - (0.06) (0.06) India - 100
30 Nirman Constructions Pvt. Ltd. INR 172.00 (2.42) 177.78 177.78 23.12 - (0.33) (0.33) India - 100
31 Azra Land Projects Pvt. Ltd. INR 23.12 (0.41) 25.86 25.86 - 2.20 0.21 0.05 0.17 India - 100
32 PBSR Developers Pvt. Ltd. INR 0.10 (9.33) 1,426.06 1,426.06 - - (5.14) (5.14) India - 100
33 Waterfront Developers Ltd. 1 MUR = 0.16 (67.44) 628.21 628.21 0.17 - (12.87) (12.87) Mauritius - 100
1.65 INR
34 Les Salines Development Ltd. 1 MUR = 0.20 (20.48) 688.05 688.05 0.00 - (17.78) (17.78) Mauritius - 100
1.65 INR
35 La Bourgade Development Ltd. 1 MUR = 0.00 (0.78) 0.05 0.05 - - (0.21) (0.21) Mauritius - 100
1.65 INR
36 Ville Magnifique Development Ltd. 1 MUR = 0.00 (0.71) 0.05 0.05 - - (0.24) (0.24) Mauritius - 100
1.65 INR
37 Sur La Plage Development Ltd. 1 MUR = 0.00 (0.86) 0.05 0.05 - - (0.19) (0.19) Mauritius - 100
1.65 INR
SUBSIDIARY OF PATEL ENERGY
RESOURCES LTD.
38 Patel Hydro Power Pvt. Ltd. INR 362.88 (132.17) 1,424.16 1,424.16 939.49 9.90 (69.75) - (69.75) India - 100
39 Patel Thermal Energy Pvt. Ltd. INR 0.50 - 29.02 29.02 - - - - - India - 100
40 Dirang Energy Pvt. Ltd. INR 710.00 - 4,887.09 4,887.09 - - - - - India - 100
41 West Kameng Energy Pvt. Ltd. INR 0.10 - 99.50 99.50 - - - - - India - 100
42 Patel Energy Assignment Pvt. Ltd. INR 0.10 - 30.41 30.41 - - - - - India - 100
43 Patel Enery Projects Pvt. Ltd. INR 0.10 - 40.23 40.23 - - - - - India - 100
44 Patel Energy Operations Pvt. Ltd. INR 0.73 - 46.20 46.20 - - - - - India - 100
45 Meyong Hydro Power Pvt. Ltd. INR 0.73 - 98.86 98.86 - - - - - India - 100
46 Digin Hydro Power Pvt. Ltd. INR 0.10 - 108.68 108.68 - - - - - India - 100

47 Naulo Nepal Hydro Electric Pvt. Ltd. 1 NPR = 49.13 - 111.69 111.69 - - - - - Nepal - 90
0.625 INR
13
Country
14
Sr. Name of the Subsidiary Company Exchange Issued and Reserves Total Total Investments Turnover Profit / Provision Profit / Invest- % of
48 PEL Power Ltd. INR 1,380.81 - 3,726.73 3,726.73 - - - - - India - 100
49 PEL Port Pvt. Ltd. INR 89.46 - 91.08 91.08 - - - - - India - 100
50 Patel Energy Ltd. INR 186.45 (20.96) 697.45 697.45 - - - - - India - 100
51 Laksha Infra Projects Pvt. Ltd. INR 0.10 - 0.73 0.73 - - - - - India - 100
52 Jayshe Gas Power Pvt. Ltd. INR 0.10 - 28.87 28.87 - - - - - India - 100
53 Saskang Rong Energy Pvt. Ltd. INR 4.78 - 90.85 90.85 - - - - - India - 100

54 Patel Urjaa Vyapaar Pvt. Ltd. INR 0.10 - 0.20 0.20 - - - - - India - 100
SUBSIDIARY OF PATEL ENGINEERING
(SINGAPORE) PTE LTD.
55 Patel Surya (Singapore) Pte Ltd.* 1 USD= 62.53 (110.10) 204.33 204.33 - - (18.64) - (18.64) Singapore - 60
62.53 INR
56 PT Surya Geo Minerals * 1 IDR = 26.26 (113.57) 203.36 203.36 - - (9.90) - (9.90) Indonesia - 60
0.00476 INR
57 PT PEL Minerals Resources * 1 IDR = 13.13 (25.96) 23.59 23.59 - - (9.51) - (9.51) Indonesia - 100
0.00476 INR
58 PT Patel Engineering Indonesia * 1 IDR = 26.26 (7.07) 40.40 40.40 - - (2.53) - (2.53) Indonesia - 100
0.00476 INR
59 Patel Param Minerals Pte Ltd.* 1 USD= 0.63 (93.44) 227.02 227.02 - - (20.97) - (20.97) Singapore - 60
62.53 INR
60 PT Patel Surya Minerals * 1 IDR = 13.04 (98.80) 225.44 225.44 - - (26.96) (6.74) (20.22) Indonesia - 60
0.00476 INR
61 Patel Param Energy Pte Ltd.* 1 USD= 31.89 (90.91) 740.35 740.35 - - (57.84) - (57.84) Singapore - 60
62.53 INR
62 PT Patel Surya Jaya * 1 IDR = 13.06 (134.22) 72.00 72.00 - - (57.30) - (57.30) Indonesia - 60
0.00476 INR
63 Patel Param Natural Resources Pte Ltd.* 1 USD= 0.63 (2.61) 0.44 0.44 - - (0.41) - (0.41) Singapore - 60
62.53 INR
64 PT Surpat Geo Minerals * 1 IDR = 26.26 (0.42) 26.26 26.26 - - (0.06) - (0.06) Indonesia - 60
0.00476 INR
(MAURITIUS) LTD
65 Patel Mining (Mauritius) Ltd.* 1 USD= 29.08 0.00 193.46 193.46 148.99 - - - - Mauritius - 100
62.53 INR
66 Enrich Mining Vision Lda 1 MZN = 0.04 - 22.35 22.35 - - - - - Mozambique - 100
1.7369 INR
67 Patel Infrastructure, Lda 1 MZN = 0.04 - 26.40 26.40 - - - - - Mozambique - 100
1.7369 INR
68 Trend Mining Projects Lda 1 MZN = 0.04 - 16.81 16.81 - - - - - Mozambique - 100
1.7369 INR
69 Accord Mines Venture Lda 1 MZN = 0.04 - 14.72 14.72 - - - - - Mozambique - 100
1.7369 INR
70 Netcore Mining Operations Lda 1 MZN = 0.04 - 1.72 1.72 - - - - - Mozambique - 100
1.7369 INR
71 Metalline mine works Lda 1 MZN = 0.04 - 13.54 13.54 - - - - - Mozambique - 100
1.7369 INR
72 Patel Mining Assignments Lda 1 MZN = 0.04 - 13.94 13.94 - - - - - Mozambique - 100
1.7369 INR
73 Chivarro Mines Mozambique Lda 1 MZN = 0.04 - 4.28 4.28 - - - - - Mozambique - 100
1.7369 INR
74 Fortune Mines Concession Lda 1 MZN = 0.04 - 43.41 43.41 - - - - - Mozambique - 100
1.7369 INR
75 Omini Mines Enterprises Lda 1 MZN = 0.04 - 2.05 2.05 - - - - - Mozambique - 100
1.7369 INR
76 Quest Mining Activities, Lda 1 MZN = 0.04 - 2.05 2.05 - - - - - Mozambique - 100
1.7369 INR
77 Patel Mining Priviledge, Lda 1 MZN = 0.04 - 154.96 154.96 - - - - - Mozambique - 100
Corporate Overview
1.7369 INR
INC.
78 ASI Global LLC* 1 USD= 2.06 - 6.33 6.33 0.50 - (0.46) 0.10 (0.56) USA - 100
62.53 INR
79 ASI RCC Inc.* 1 USD= 168.75 51.99 327.31 327.31 0.36 - (50.12) 1.73 (51.86) USA - 100
62.53 INR
80 ASI RCC India Ltd. INR 0.56 (0.20) 0.37 0.37 - - (0.03) - (0.03) India - 100
81 Westcon Microtuneling Inc.* 1 USD= 142.66 0.91 143.57 143.57 - - (2.82) 1.48 (4.30) USA - 100
62.53 INR
SUBSIDIARY OF ASI CONSTRUCTORS
INC.
82 ASI Constructors Australia Pty Ltd. 1 USD= - 0.24 0.91 0.91 - - (0.41) - (0.41) Australia - 65.20
62.53 INR
83 HCP Constructors Inc. 1 USD= 158.83 (227.46) 57.44 57.44 - (11.95) (24.93) - (24.93) USA - 65.20
62.53 INR
84 Engineering & Construction Innovations 1 USD= 12.51 31.71 396.45 396.45 - 904.35 4.26 1.45 2.81 USA - 65.20
Inc. 62.53 INR
* Financial information is based on unaudited results.
Note: proposed dividend from any of the subsidiaries is nil.


15
16
Part B Associates and Joint Ventures
Sr. Name of the Joint Ventures Latest Shares of Joint Venture held by the Description of Reason why JV is not consolidated Networth Profit / Loss for the year
No. Audited Company on the year end how there is attributable
Balance a significant to
Sheet No. of Amount of Extend of influence shareholding Considered in Not
Date Shares investment holding as per latest consolidation considered in
in Capital % audited consolidation
(` Million) balance sheet
ASSOCIATES

1 Patel KNR Infrastructure Ltd since Shareholding
31.03.2015 15,540,000 155.40 42% 356.35 5.40
is more than 20% -
2 Patel KNR Heavy Infrastructure Ltd since Shareholding
31.03.2015 10,006,000 100.06 42% 229.68 (55.74)
is more than 20% -
3 Raichur Sholapur Transmission since Shareholding
31.03.2015 26,672,000 266.72 33.34% 785.09 (7.53)
Company Ltd is more than 20% -
4 Terra Land Developers Pvt Ltd. since Shareholding
31.08.2014 24,662 0.25 49.32% (412.74) (412.77)
is more than 20% -
5 Pan Realtors Pvt. Ltd. since Shareholding
31.03.2014 51,000 0.51 36.43% 337.86 6.30
(since Jan 11, 2015) is more than 20% -
6 ACP Tollways Pvt. Ltd. since Shareholding
31.03.2015 8,495,040 849.50 32% 3581.27 (4.55)
is more than 20% -
Joint Venture / Consortium
1 PATEL KNR J.V. 31.03.2014 - - 50% No economic activity during the year. 26.82 - (9.94)
2 KNR PATEL J.V. No economic activity during the year.
31.03.2014 - - 49%
32.78 - (0.04)
3 PATEL SOMA J.V. No separate economic activity during the year.
31.03.2014 - - 50%
115.90 - 2.77
4 PATEL MICHIGAN JV 31.03.2015 - - 10% Joint Control 137.92 1.93 -
5 PATEL SA JV 31.03.2014 - - No separate economic activity during the year. 0.53 0.53
6 Patel Sew JV 31.03.2015 - - 60% No separate economic activity during the year. 280.31 - 0.47
7 Era Patel Advance JV 31.03.2014 - - 30% No separate economic activity during the year. 0.60 - 0.04
8 Era Patel Advance Kiran JV 31.03.2014 - - 47.04% No separate economic activity during the year. 2.10 - 0.34
9 Patel Siddhivinayak JV 31.03.2015 - - 51% No separate economic activity during the year. 0.77 - 0.00
10 Patel V Arks JV 31.03.2015 - - 65% No separate economic activity during the year. 1.57 - 0.52
11 Navyuga Patel BHEL 31.03.2015 - - 42.23% No separate economic activity during the year. 497.26 - 2.05
12 Patel Avantika Deepika BHEL 31.03.2015 - - 52.83% No separate economic activity during the year. 4.37 - 0.33
13 Patel V Arks - Precision 31.03.2015 - - 60% No separate economic activity during the year. 3.74 - 0.82
14 CICO-Patel JV 31.03.2015 - - 49% Joint Control 50.55 6.19 -
15 Patel APCO JV 31.03.2015 - - 50% No separate economic activity during the year. 3.63 0.08
Annexure II Nomination and Remuneration policy

Introduction
Patel Engineering Ltd. (the Company) has adopted this Policy drafted by the Nomination and Remuneration Committee,
upon the recommendation of the Board and the said Policy is in compliance with the requirements of Section 178 of the
Companies Act, 2013 and rules thereunder(the Act) and Clause 49 of the Listing Agreement (as amended).
Objective
The key objective of the policy would be:
a) To guide the Board in relation to appointment and removal of Directors, Key Managerial Personnel and Senior
Management;
b) To formulate criteria for determining qualifications, positive attributes and independence of a director and recommend
to the Board a policy relating to the remuneration of Directors, key managerial personnel and other employees;
c) Formulation of criteria for evaluation of Independent Director and the Board;
d) To evaluate the performance of the members of the Board and provide necessary report to the Board for further
evaluation of the Board;
e) To recommend to the Board on Remuneration payable to the Directors, Key Managerial Personnel and Senior
Management;
f) To provide to Key Managerial Personnel and Senior Management reward linked directly to their effort, performance,
dedication and achievement relating to the Companys operations;
g) To retain, motivate and promote talent and to ensure long term sustainability of talented managerial persons and
create competitive advantage;
h) To devise a policy on Board diversity;
i) To develop a succession plan for the Board and to regularly review the plan.
Scope and Applicability
The policy shall apply to
a) Directors ( Executive, Non Executive and Independent);
b) Key Managerial personnel;
c) Senior management personnel.
Definitions
The following words shall have the meanings as provided in the policy, unless otherwise mentioned in the Act or the Listing
Agreement:
Board Board means the Board of Directors of the Company as defined under the Act.
Directors Directors mean Directors of the company.
Policy Policy or this Policy means Policy on Nomination and Remuneration of this company.
Senior Management As per explanation to Section 178, Senior Management means personnel of the company
who are members of its core management team excluding the Board of Directors comprising
all members of management one level below the executive directors, including functional
Heads.
Key managerial personnel Key managerial personnel means whole-time key managerial personnel of the Company
(KMP) appointed under section 203 of the Act, which include:
(i) Managing Director, or Chief Executive Officer or Manager and in their absence, a
Whole-time director;

(ii) Company Secretary;
(iii) Chief Financial Officer; and
(iv) Such other officer as may be prescribed.
Remuneration Remuneration means any money or its equivalent given or passed to any person for services
rendered by him and includes perquisites as defined under the Income-tax Act, 1961.
Independent Director means an independent director referred to in sub-section (5) of section 149
Employees stock option means the option given to the directors, officers or employees of a company or of its
holding company or subsidiary company or companies, if any, which gives such directors,
officers or employees, the benefit or right to purchase, or to subscribe for, the shares of the
company at a future date at a pre-determined price
Words and expressions used and not defined in the Policy shall have the same meanings as assigned to them in the Act and/
or the Listing Agreement.
Interpretation
Terms that have not been defined in this Policy shall have the same meaning assigned to them in the Companies Act, 2013,
Listing Agreement and/or any other SEBI Regulation(s) as amended from time to time.
Guiding Principles
The Policy ensures that
The level and composition of remuneration is reasonable and sufficient to attract, retain and motivate Directors of the
quality required to run the Company successfully
Relationship of remuneration to performance is clear and meets appropriate performance benchmarks and
Remuneration to Directors, Key Managerial Personnel and Senior Management involves a balance between fixed and
incentive pay reflecting short and long term performance objectives appropriate to the working of the Company and
its goals.
Nomination and Remuneration Committee
The Nomination and Remuneration Committee will consist of three or more non-executive directors, out of which at least
one-half shall be independent director(s), provided that chairperson of the Company may be appointed as a member of this
Committee but shall not chair such Committee. In the absence of the Chairman, the members of the Committee present at
the meeting shall choose one amongst them to act as Chairman. Chairman of the Nomination and Remuneration Committee
could be present at the Annual General Meeting or may nominate some other member to answer the shareholders queries.
Frequency of Meetings
The meeting of the committee shall be held at such intervals as may be required.
Minutes of Committee Meeting
Proceedings of all meetings must be minuted and signed by the Chairman of the said meeting or the Chairman of the next
succeeding meeting. Minutes of the Committee meeting will be tabled at the subsequent Board and Committee meeting.
Committee Members Interests
A member of the Committee is not entitled to be present when his or her own remuneration is discussed at a meeting
or when his or her performance is being evaluated.
The Committee may invite such executives, as it considers appropriate, to be present at the meetings of the
Committee.
Voting
Matters arising for determination at Committee meetings shall be decided by a majority of votes of Members present
and voting and any such decision shall for all purposes be deemed a decision of the Committee.

In the case of equality of votes, the Chairman of the meeting will have a casting vote.
Duties of the Committee
The duties of the Committee in relation to nomination matters include:
Ensuring that there is an appropriate induction in place for new Directors and members of Senior Management and
reviewing its effectiveness;
Ensuring that on appointment to the Board, Non-Executive Directors receive a formal letter of appointment in
accordance with the Guidelines provided under the Act;
Identifying and recommending Directors who are to be put forward for retirement by rotation;
Determining the appropriate size, diversity and composition of the Board;
Developing a succession plan for the Board and Senior Management and regularly reviewing the plan;
Evaluating the performance of the Board members and Senior Management in the context of the Companys
performance from business and compliance perspective;
Making recommendations to the Board concerning any matters relating to the continuation in office of any Director at
any time including the suspension or termination of service of an Executive Director as an employee of the Company
subject to the provision of the law and their service contract;
Delegating any of its powers to one or more of its members or the Secretary of the Committee;
Recommend any necessary changes to the Board; and
Considering any other matters, as may be requested by the Board.
The duties of the Committee in relation to remuneration matters include:
Considering and determining the Remuneration Policy, based on the performance and also bearing in mind that the
remuneration is reasonable and sufficient to attract retain and motivate members of the Board and such other factors
as the Committee shall deem appropriate;
Approving the remuneration of the Senior Management including key managerial personnel of the Company
maintaining a balance between fixed and incentive pay reflecting short and long term performance objectives
appropriate to the working of the Company;
Delegating any of its powers to one or more of its members or the Secretary of the Committee;
Considering any other matters as may be requested by the Board.
Policy for Appointment/Resignation/Retirement/Succession of Director/KMP/Senior Management
personnel
Appointment
a) The committee shall define the qualification/experience and expertise of the person for appointment as Director/KMP/
Senior management personnel;
b) The committee shall also take into consideration the provisions of Section 164 of the Companies Act 2013 relating to
disqualifications for the appointment of directors;
c) Appointment of Independent Directors is subject compliance of provisions of section 149 of the Companies Act, 2013,
read with schedule IV and rules thereunder;
d) The Committee shall identify and ascertain the integrity, qualification, expertise and experience of the person for
appointment as Director, KMP or at Senior Management level and recommend to the Board his / her appointment;
e) A person should possess adequate qualification, expertise and experience for the position he / she is considered for
appointment. The Committee has discretion to decide whether qualification, expertise and experience possessed by a
person is sufficient / satisfactory for the concerned position;

f) The Company shall not appoint or continue the employment of any person as Whole-time Director who has attained
the age of seventy years. Provided that the term of the person holding this position may be extended beyond the age
of seventy years with the approval of shareholders by passing a special resolution based on the explanatory statement
annexed to the notice for such motion indicating the justification for extension of appointment beyond seventy years.
Term/Tenure
a) Term for Managing Director/Whole time Director
The Company shall appoint or re-appoint any person as its Executive Chairman, Managing Director or Executive
Director for a term not exceeding five years at a time. No re-appointment shall be made earlier than one year before
the expiry of term.
b) Term for Independent Director
i) An Independent Director shall hold office for a term up to five consecutive years on the Board of the Company
and will be eligible for re-appointment on passing of a special resolution by the Company and disclosure of such
appointment in the Boards report.
ii) No Independent Director shall hold office for more than two consecutive terms of upto maximum of 5 years
each, but such Independent Director shall be eligible for appointment after expiry of three years of ceasing
to become an Independent Director. Provided that an Independent Director shall not, during the said period
of three years, be appointed in or be associated with the Company in any other capacity, either directly or
indirectly.
iii) At the time of appointment of Independent Director it should be ensured that number of Boards on which
such Independent Director serves is restricted to seven listed companies as an Independent Director and three
listed companies as an Independent Director in case such person is serving as a Whole-time Director of a listed
company or such other number as may be prescribed under the Act.
Evaluation
The Committee shall carry out evaluation of performance of every Director, KMP and Senior Management Personnel at regular
interval (yearly).
The Committee shall evaluate the performance of Directors taking into account the various parameters such as:
Attendance at Board Meeting
Participation in discussion
Contribution in decision making,
While evaluation is been done, the Director who is been evaluated shall not participate in the discussion. The
recommendations of the Committee will be sent to the Board for its review.
Retirement
The Director / KMP and Senior Management Personnel shall retire as per the applicable provisions of the Act and the
prevailing policy of the Company. The Board will have the discretion to retain the Director, KMP, Senior Management
Personnel in the same position / remuneration or otherwise even after attaining the retirement age, for the benefit of the
Company.
Removal
The Committee may recommend, to the Board with reasons recorded in writing, removal of Director, KMP or Senior
Management Personnel subject to the provisions of the Act and the rules made thereunder and all other applicable Acts,
Rules and Regulations, if any.
Policy on Executive Succession Plan
1. A change in executive leadership is inevitable for all organizations and can be a very challenging time. Therefore,
it is the policy of Patel Engineering Limited (hereinafter to be referred to as the Company) to be prepared for an
eventual / permanent change in leadership, either planned or unplanned, to insure the stability and accountability of
the organization until such time as new permanent leadership is identified.

2. This policy covers the guideline for identification and development of future leaders from the pool of internal talents
working within the Company or Group.
3. The Board of Directors shall be responsible for implementing this policy and its related procedures. It is also the
policy of the Board to assess the permanent leadership needs of the organization and to ensure the selection of a
qualified and capable leader who is representative of the community; a good fit for the organizations mission, vision,
values, goals, and objectives; and who has the necessary skills for the organization.
4. To ensure that the organizations operations are not interrupted while the Board of Directors assesses the leadership
needs and recruit a permanent executive officer, the Board will appoint interim executive leadership, in accordance
with the policy described below.
5. The Interim Chief Executive Officer (CEO) director shall ensure that the organization continues to operate without
disruption and that all organizational commitments previously made are adequately executed, including but not
limited to, loans approved, reports due, contracts, licenses, certifications, memberships, obligations to lenders or
investors of the Company, and others.
6. It is also the policy of the Company, to develop a diverse pool of candidates and consider at least such number
of finalist candidates for its permanent CEO position as may be determined by the Nomination and Remuneration
Committee of the Company.
7. The Company shall implement an external recruitment and selection process, while at the same time encouraging
the professional development and advancement of current employees. The interim CEO and any other interested
internal candidates are encouraged to submit their qualifications for review and consideration by the Nomination and
Remuneration Committee according to the guidelines established for the search and recruitment process.
Procedures for succession:
1. For a temporary change in executive leadership (i.e., illness or leave of absence) the immediate junior officer,
reporting to such executive, shall take charge of his senior till he joins the office or if he is not competent then such
other person who is competent to take the charge as may be decided by the Managing Director.
2. In the event the Managing Director of the Company is no longer able to serve in this position (i.e., leaves the
position permanently), the Nomination and Remuneration Committee of the Board of Directors shall fill the vacancy
for the time being, in the following manner:
a. Within 30 business days (if appointed from within the Organisation) or 120 business days (if appointed from
outside the organisation), appoint an interim CEO according to the following line of succession:
Senior Executive Director / Executive Director of the Company;
President / Vice president of the Company.
(Note:- In case there is more than one candidate eligible for the interim CEO, then Nomination and
Remuneration Committee shall select one candidate based on his experience and expertise after consulting the
Chairman of the Board and Audit Committee.)
b. Within 30 business days, the Nomination and Remuneration Committee shall take the responsibility and
implement the following preliminary transition plan:
Communicate with key stakeholders regarding appointment of interim CEO;
Establish a time frame and plan for the recruitment and selection process in consultation with the
recruitment agency from among the existing pool of talent or from outside, depending upon the
requirement of the Company.
c. The Board may authorize the Managing Director for framing an internal policy for identifying and developing
internal pool of talent for future leadership role in different department(s) / division in accordance with the
requirement of such department(s) / division.
d. The Board shall review the succession policy periodically and if required, will make suitable changes in the
policy keeping in view to the regulatory changes or changes due to business environment.

Policy for Remuneration of Director/KMP/Senior Management personnel
Remuneration for Executive and Whole time Directors
The remuneration payable to the whole time directors shall be determined by the company as per the Articles of the
company and the provisions of the Act and the rules made thereunder. The remuneration so determined shall be proposed to
the board for approval and shall be subject to the approval of the shareholders/central government as applicable, wherever
required.
Increments to the remuneration shall be recommended by the committee to the board which shall be well within the slabs
as approved by the shareholders for the whole time director.
Remuneration for Non-Executive and Independent Directors
The remuneration to Non-Executive independent directors shall be as per the provisions of the Companies Act 2013. The
amount of sitting fees shall be subject to ceiling / limits as provided under Companies Act, 2013 and rules made there
under or any other enactment for the time being in force.
Criteria for making payments to Non-Executive Directors:
Criteria of making payments to Non-Executive Directors will be decided by the Board, it can be on the basis of:
Contribution during the Meeting.
Active Participation in strategic decision making.
Heads under which payments can be made
Any fee/remuneration payable to the Non- Executive Directors of the Company shall be in following manner:
Sitting Fee
Non- Executive Director(s) may receive remuneration by way of fee for attending meetings of the Board or Committee
thereof or any other meeting as required by Companies Act, 2013, Equity Listing Agreement or other applicable law or for
any other purpose whatsoever as may be decided by the Board.
Remuneration and Commission
Under the Companies Act, 2013, Section 197 allows a company to pay remuneration to its Non- Executive Director(s) either
by way of a monthly payment or at a specified percentage of the net profits of the company.
The Company is however not obligated to remunerate its Non- Executive Director(s).
Further, the section 197 of the Act provides that the remuneration payable to directors who are neither managing directors
nor whole time directors, shall not exceed-
(i) one percent of the net profits of the Company, if there is a managing or whole time director or manager,
(ii) three percent of the net profits in any other case.
Additional commission, apart from remuneration referred above, may be paid to Non-Executive Directors as may be decided
by the Board of Directors of the company from time to time, depending on the extra time and effort as may be devoted and
contribution as may be made by the Non-Executive Directors.
Refund of excess remuneration paid
If any such director draws or receives, directly or indirectly, by way of fee/remuneration any such sums in excess of the limit
as prescribed or without the prior sanction of the Central Government, where it is required, he shall refund such sum to the
company and until such sum is refunded, hold it in trust for the company. The company shall not waive the recovery of any
sum refundable to it unless permitted by the Central Government.
Reimbursement of actual expenses incurred
Non- Executive Director(s) may also be paid/reimbursed such sums either as fixed allowance and /or actual as fair
compensation for travel, boarding and lodging and incidental and /or actual out of pocket expenses incurred by such
Directors for attending Board/Committee Meetings.

The Nomination and Remuneration Committee is entrusted with the role of reviewing the compensation of Non- Executive
Director(s).
Payment to Non- Executive Directors and Independent Directors
The Company has no stock options plans and no payment by way of bonus, pension, incentives etc to its Non- Executives.
The Independent Director shall not be entitled to any stock option and may receive remuneration only by way of fees and
reimbursement of expenses for participation in meetings of the Board or Committee thereof.
Remuneration to Key management personnel and Senior Management personnel
The remuneration of the Key management personnel and senior management personnel shall be drafted by the Human
resource team of the company and shall be presented to the committee for its perusal and approval.
Disclosures
Significant disclosures are required in the Directors report relating to the Remuneration of the Directors/Independent
Directors/Key management personnel and the senior management personnel.
Conclusion
The committee shall have authority to modify or waive any procedural requirements of this policy.
In the event of any conflict between the provisions of this Policy and provisions of the Listing Agreement or the Act and
Rules framed thereunder or any other applicable laws for the time being in force, the later shall prevail over the Policy.
This Policy or the relevant provisions of this policy shall be disseminated to all concerned employees of the Company and
shall also be uploaded on the intra-net and website of the Company.
The policy shall be amended as required from time to time in case of any changes in the Revised Listing agreement or/and
the Act and the rules made thereunder.

Annexure III Secretarial audit report for the financial year
ended March 31, 2015
[Pursuant to section 204(1) of the Companies Act, 2013 and rule 9 of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014]
To
The Members
Patel Estate, Jogeshwari West,
Mumbai- 400102.
I have conducted the secretarial audit of the compliance of applicable statutory provisions and the adherence to good
corporate practices by Patel Engineering Ltd. (hereinafter called the Company). Secretarial Audit was conducted in a manner
that provided me a reasonable basis for evaluating the corporate conducts/statutory compliances and expressing my opinion
thereon.
Based on my verification of the Companys books, papers, minute books, forms and returns filed and other records
maintained by the Company and also the information provided by the Company, its officers, agents and authorized
representatives during the conduct of secretarial audit, I hereby report that in my opinion, the Company has, during the
audit period covering the financial year ended on 31 March 2015 (Audit Period) complied with the statutory provisions
listed hereunder and also that the Company has proper Board-processes and compliance-mechanism in place to the extent,
in the manner and subject to the reporting made hereinafter:
I have examined the books, papers, minute books, forms and returns filed and other records maintained by the Company for
the financial year ended on 31 March 2015 according to the provisions of:
(i) The Companies Act, 2013 (the Act) and the rules made thereunder;
(ii) The Securities Contracts (Regulation) Act, 1956 (SCRA) and the rules made thereunder;
(iii) The Depositories Act, 1996 and the Regulations and Bye-laws framed thereunder;
(iv) Foreign Exchange Management Act, 1999 and the rules and regulations made thereunder to the extent of Overseas Direct
Investment and External Commercial Borrowings;
(v) The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act, 1992 (SEBI
Act):
a) The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011;
b) The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 1992;
c) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009;
d) The Securities and Exchange Board of India (Employee Stock Option Scheme and Employee Stock Purchase
Scheme) Guidelines, 1999 and The Securities and Exchange Board of India (Share Based Employee Benefits)
Regulations, 2014 notified on 28 October 2014;
e) The Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008
f) The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993
regarding the Companies Act and dealing with client;
g) The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009 (Not applicable to
the Company during the Audit Period); and
h) The Securities and Exchange Board of India (Buyback of Securities) Regulations, 1998 (Not applicable to the
Company during the Audit Period).

I have also examined compliance with the applicable clauses of the following:
(i) Secretarial Standards issued by The Institute of Company Secretaries of India (Not Notified during the Audit Period
and hence not applicable).
(ii) The Listing Agreements entered into by the Company with Stock Exchanges.
During the period under review the Company has complied with the provisions of the Act, Rules, Regulations, Guidelines,
Standards, etc. mentioned above.
I further report that
The Board of Directors of the Company is duly constituted with proper balance of Executive Directors, Non-Executive
Directors and Independent Directors. The changes in the composition of the Board of Directors that took place during the
period under review were carried out in compliance with the provisions of the Act.
Adequate notice is given to all directors to schedule the Board Meetings, agenda and detailed notes on agenda were
generally sent at least seven days in advance, and a system exists for seeking and obtaining further information and
clarifications on the agenda items before the meeting and for meaningful participation at the meeting.
All decisions at Board Meetings and Committee Meetings are carried out unanimously as recorded in the minutes of the
meetings of the Board of Directors or Committee of the Board, as the case may be.
I further report that there are adequate systems and processes in the Company commensurate with the size and operations
of the company to monitor and ensure compliance with applicable laws, rules, regulations and guidelines.
During the period under review the Company has complied with the provisions of the Act, Rules, Regulations, Guidelines,
Standards, etc. mentioned above subject to the following observations:
1. The Company has not filled the Consolidated Financial Statement for the Year ending 31 March 2014 within 60 Days from
the end of the Financial Year with Bombay Stock Exchange (BSE) & National Stock Exchange (NSE).
2. Form APR were filed with delay except for one subsidiary i.e. Patel Engineering (Singapore) Pte Ltd. for which APR was
filed within due date.
Place : Pune Dr. K R Chandratre

Date : July 20,2015 FCS No. 1370, C P No: 5144

Annexure IV - Conservation of Energy, Technology Absorption and
Foreign Exchange Earnings/ Outgo
Need for Conservation of Energy:
The increasing demand for power has led to considerable fossil fuels burning which has in turn had an adverse impact
on environment. In this context, efficient use of energy and its conservation is of paramount importance. It has been
estimated that nearly 25,000 MW can be saved by implementing end-use energy efficiency and demand side management
measures throughout India. Efficient use of energy and its conservation assumes even greater importance in view of the
fact that one unit of energy saved at the consumption level reduces the need for fresh capacity creation by 2.5 times to 3
times. Further, such saving through efficient use of energy can be achieved at less than one-fifth the cost of fresh capacity
creation. Energy efficiency would, therefore, significantly supplement our efforts to meet power requirement, apart from
reducing fossil fuel consumption.
Energy conservation avoids wasteful use of energy without much investment. It can be termed as a new source of energy,
which when available, can be readily used without any further loss or gestation period. It is the cheapest source of energy.
In fact, it is the easiest solution to bridge the gap between demand and supply. Some other reasons are:
Increasing energy demand in India is a drain of the national economy. Besides, it is a major factor hindering the
competitiveness of basic Indian industries in the global market. Thus, energy conservation is equally important for the
nation and industrial firms.
Electrical power is one of the scarce resources in our country. Generation of electricity is very capital intensive. 1 MW of
power generation costs approximately ` 100 to ` 120 million because of the low plant load factor and high transmission
losses prevalent in the country.
Energy saving achieved through energy efficiency and conservation also avoids capital investment in fuel, mining, transport,
water and land required for power plant, thereby mitigating environmental pollution.
Planning and management of energy are thus very important parts of energy conservation. It saves energy resources for
future, avoids wasteful utilization of energy, provides solution to energy crisis and ensures higher per capita availability
/ consumption and controls environmental degradation and pollution. Recognizing the need for energy conservation,
the company had adopted various measures in pursuit of reducing the energy consumption across its projects and other
establishments including the head office. Some of the measures are outlined below:
Steps taken on Conservation of Energy:
Construction work constitutes the primary activity of the company. Equipments and plants used in such activities consume
most part of the total energy utilized by the company. As such, besides cost, the company takes into consideration
important factors like energy efficiency and work output in the selection process prior to purchase of new machineries as
well as while deploying machineries from the existing fleet.
Company gives priority to grid power over that of DG power. This helps in reduction of CO2 emission.
Preventive maintenance of machineries is closely monitored through ERP which has helped in reducing fuel consumption.
Integration of the schedule of construction activities vis--vis machinery deployment at micro level has reduced the idle
hours of the machineries thus conserving energy.
The company has undertaken various other measures like up-gradation of machineries, modernization and introduction of
sophisticated control system for conservation of energy.
In underground works, many of our sites have encountered ground water which has been utilized in works / equipments
using low powered pumps thus reducing the use of long distance pumping with powerful pumps resulting to less
consumption of power.

Since last few years, instead of conventional method of fixing the ventilation duct at the roof, by fixing the same at the
side of the tunnel wherever the size of the underground opening permits, the ground clearance of the road inside the tunnel
has increased. Audit has revealed that this methodology has helped in better maintenance of the road thereby improving
the fuel efficiency of the dumpers.
On average, lighting represents about 20% of annual energy use. Lighting upgrades offer substantial energy savings and
can be bundled with other measures to help reduce the total payback period for a project. Understanding the fact that in
most cases lighting improvements should be the first energy conservation upgrade, Installation of energy meters in all staff
quarters at site for monitoring the consumption has been done. Float switch has been installed in pumps thereby saving
energy consumption. By far the most commonly recommended energy conservation measures were fluorescent lighting
retrofits. Implementation of energy saving lighting system has been undertaken at the Head Office, Workshops and Sites
which shows reduction in the consumption of energy. Time based operations in Head Office & Regional offices have also
resulted into reduction in unwanted energy usage.
Transparent sheets have been placed at roof of Workshops / Stores to enable use of natural sunlight instead of electric light.
Use of solar water heaters instead of electric geysers is encouraged. Used batteries that can be charged with sunlight have
been used for lighting purpose thus conserving energy.
Energy efficient appliances are used with rating labels ranging above 3 stars which consume 2 to 10 times less energy for
the same functionality and are mostly higher quality products that last longer. Using laptops instead of desktop which
consumes five times less electricity.
Enabling the power management function on computer, using more advanced speed step power management. Switching off
a computer extends its lifetime, contrary to some misconceptions.
The company encouraged the employees to communicate through e-mails and to store the required information/data in soft
form which has considerably reduced the use of papers and minimized printing. Instructions given to print on both sides of
the paper has also contributed in reducing the quantum of paper used during the period.
Increasing the efficiency of water use has reduced your water bill and electricity bill. In line with recommended audits,
installing low volume flush toilets and low-flow shower heads and faucets has helped in cutting down energy bills. Drought-
resistant grasses that only need a weekly watering are being planted at colony areas. Regular maintenance has been
resorted to as water systems are operated under pressure and a leaking hot water faucet or pipe can increase annual energy
bills.
Periodic training is being imparted to employees by our in-house team as well as industry experts from outside the company
to create awareness about the energy conservation needs and methods to be adopted for the same, which has proved to be
of immense value.
Steps taken on Conservation of Energy in Operation & Maintenance cycle:
Large investments in equipment will not produce the projected benefits if the operation and maintenance schedule is
inadequate. As such equal importance has been attached by the company for operation and maintenance of the plant &
equipment. Operation and maintenance is in fact the area in which the greatest energy and economic savings are likely
to be gained at little cost. Some common procedures offering immediate savings at little or no cost that have been
implemented across all work sites and head office include:
Turn off lights, computer monitors, and other items when they are not in use. Most modern equipment is engineered
to withstand frequent on-off cycles. The economic benefits of turning equipment off are greater than the benefits of
extending the machinerys life by leaving it on.
Keep everything clean. Lighting and heating systems lose significant amounts of their output when they are covered
with dust, dirt, or scale.
Inspect and repair your weather stripping at least once a year.
Make sure your thermostats are correctly calibrated. older types often float.

Stagger start-up times for equipment with large starting currents to minimize load peaking.
Disconnect primary power to transformers that do not serve any active loads
Graphing your utility costs is a great way to monitor energy use. Unexplained cost spikes should be probed.
Research and Development:

Research and Development is a continuous process and the company has benefited immensely though it is difficult to assess
the benefits in direct monetary terms. Various measures on Research and Development were undertaken during the period
are related to
Developing blasting pattern which requires less explosives,
Designing efficient pumping systems, use of piping networks which requires low maintenance and low frictional losses
so as to have more energy efficient system.
The construction methods have been continuously revised keeping abreast with state of art technology so that the work
can be executed in a more energy friendly manner.
Foreign exchange earnings and outgo

Foreign exchange earnings and outgo during the year under review were ` 137.93 million (previous year ` 93.62 million)
and ` 37.74 million (previous year ` 121.16 million ) respectively.

Annexure V - Extracts of Annual Return

Form No. MGT 9
As on financial year ended on March 31, 2015
[Pursuant to section 92(3) of the Companies Act, 2013 and rule 12(1) of the Companies
(management and Administration) Rules 2014]
I. Registration and Other Details :
i) CIN L99999MH1949PLC007039
ii) Registration Date: April 2, 1949
iii) Name of the Company Patel Engineering Limited
iv) Category : Public Company limited by shares
Sub-Category of the Company: India Non-Government Company
v) Address of the Registered office and Patel Estate Road, Jogehwari (west), Mumbai - 400102
contact details Tel No. +91 22 2676 7500, Fax No. +91 22 2678 2455
vi) Whether listed Company Yes, Listed on
BSE Limited
National Stock Exchange of India Ltd.
vii) Details of Registrar and Transfer Agent:
Name Link Intime India Pvt. Ltd.
Address C- 13 Pannalal Silk Mills Compound, LBS Road, Bhandup (West),
Mumbai 4000 78
Phone No. +91 22 2596 3838
Fax No. +91 22 8594 6969
Email [email protected]
Website www.linkintime.com
II. Principal Business Activities of the Company :
All the business activities contributing 10% or more of the total turnover of the company
Sr. No. Name and Description of main NIC Code of the Product/service % Total Turnover of the Company
products/services
1 Construction 452 96.57%
III. Particulars of Holding, Subsidiary and Associate Companies:

Holding/ % of
Sr Applicable
Name and Address of the Company CIN/GLN Subsidiary/ shares
No. section
Associate held
Zeus Minerals Trading Pvt. Ltd.
1 Patel Engineering Compound, Patel Estate Road, U51909MH2007PTC167522 Subsidiary 100 2(87)(ii)
Jogeswari (W), Mumbai - 400 102.
Patel Concrete & Quarries Pvt. Ltd.
Friends Nirman Pvt. Ltd.
3 S P Mukherjee road, Khalpara, Siliguri, West U70101WB2004PTC099918 Subsidiary 100 2(87)(ii)
Bengal - 734405.

Holding/ % of
Sr Applicable
No. section
Associate held
Energy Design Pvt. Ltd.
Patel Lands Ltd.
5 Patel Engineering Compound, Patel Estate Road, U70100MH2010PLC207028 Subsidiary 100 2(87)(ii)
Patel Engineering Infrastructure Ltd.
6 Patel Estate Road, Jogeswari (W), U45201MH2006PLC162858 Subsidiary 100 2(87)(ii)
Mumbai - 400 102.
Patel Realty (India) Ltd.
Patel Engineers Pvt. Ltd.
8 Patel Estate Road, Jogeswari (W), U70100MH2005PTC157559 Subsidiary 100 2(87)(ii)
Mumbai - 400 102.
Patel Patron Pvt. Ltd.
Mumbai - 400 102.
Pandora Infra Pvt. Ltd.
Mumbai - 400 102.
Vismaya Constructions Pvt. Ltd.
Bhooma Realties Pvt. Ltd.
Shashvat land Projects Pvt. Ltd.
Patel Energy Resources Ltd.
Door No.8-2-93/82/A/76, Third Floor, Road
14 U40102TG2008PLC073509 Subsidiary 100 2(87)(ii)
No.9A, Jubilee Hills,
Hyderabad 500 033, Andhra Pradesh.
Shree-anant Construction Pvt. Ltd.
Michigan Engineers Pvt. Ltd.
16 D-7 Commerce centre, 78, Javji Dadaji Road, U45300MH1973PTC016515 Subsidiary 51 2(87)(ii)
Tardeo, Mumbai - 400 034
ASI Constructors Inc., USA
17 1850 E. Platteville Blvd., Pueblo West, N.A. Subsidiary 65.20 2(87)(ii)
CO 81007
Patel Engineering Lanka (Pvt.) Ltd.
18 N.A. Subsidiary 100 2(87)(ii)
No. 30/3, Albee Crescent, Colombo 7 PV83714
Patel Engineering (Mauritius) Ltd.
19 St. James Court Suit 308, St. Denis Street, N.A. Subsidiary 100 2(87)(ii)
port Louis
Patel Engineering Inc.
20 12 Buell Mansion Pwky, N.A. Subsidiary 100 2(87)(ii)
Englewood, CO 80113, U.S.A
Patel Engineering (Singapore) Pte. Ltd.
21 79 Robinson Road, #16-01 CPF Building, N.A Subsidiary 100 2(87)(ii)
Singapore 068897

Holding/ % of
Sr Applicable
No. section
Associate held
Hebe Infracon Pvt. Ltd.
Hera Realcon Pvt. Ltd.
23 Patel Engineering Compound, Patel Estate Road, U70109MH2007PTC166825 Subsidiary 97.13 2(87)(ii)
Apollo Buildwell Pvt. Ltd.
Arsen Infra Pvt. Ltd.
Mumbai - 400 102.
Lucina Realtors Pvt. Ltd.
Bellona Estate Developers Ltd.
Praval Developers Pvt. Ltd.
Mumbai - 400 102.
Nirman Constructions Pvt. Ltd.
Azra Land Projects Pvt. Ltd.
PBSR Developers Pvt. Ltd.
31 No.8-2-293/82/A/76, First Floor, Road No.9A, U45209TG2012PTC078886 Subsidiary 100 2(87)(ii)
Jubilee Hills, Hyderabad 500 033.
Waterfront Developers Ltd.
32 Suite 308, St James Court, St Denis Street, N.A. Subsidiary 100 2(87)(ii)
Port-Louis, Mauritius
Les Salines Development Ltd.
La Bourgade Development Ltd.
Ville Magnifique Development Ltd.
Sur La Plage Development Ltd.
Phedra Projects Pvt. Ltd.
Mumbai - 400 102.
Patel Hydro Power Pvt. Ltd.
38 Ground floor, F-14, Sector 8, U40108UP2010PTC042685 Subsidiary 100 2(87)(ii)
Noida - 201301.
Dirang Energy Pvt. Ltd.
39 Ground floor, F-14, Sector 8, U40101UP2008PTC049630 Subsidiary 100 2(87)(ii)
Noida - 201301.

Holding/ % of
Sr Applicable
No. section
Associate held
West Kameng Energy Pvt. Ltd.
40 U40101UP2008PTC048287 Subsidiary 100 2(87)(ii)
Ground floor, F-14, Sector 8, Noida - 201301.
Digin Hydro Power Pvt. Ltd.
Meyong Hydro Power Pvt. Ltd.
Saskang Rong Energy Pvt. Ltd.
Patel Thermal Energy Pvt. Ltd.
44 Door No.8-2- 3/82/A/76, Ground Floor, U40102TG2011PTC072720 Subsidiary 100 2(87)(ii)
Road No.9A, Jubilee Hills, Hyderabad 500 033.
PEL Power Ltd.
45 Door No.8-2- 3/82/A/76, Ground Floor, U40108TG2006PLC067638 Subsidiary 100 2(87)(ii)
PEL Port Pvt. Ltd.
46 Door No.8-2- 3/82/A/76, Ground Floor, U74999TG2008PTC066862 Subsidiary 100 2(87)(ii)
Laksha Infra Projects Pvt. Ltd.
Jayshe Gas Power Pvt. Ltd.
48 Door No.8-2-93/82/A/76, Road No.9A, U40300TG2010PTC071867 Subsidiary 100 2(87)(ii)
Jubilee Hills, Hyderabad 500 033
Patel Energy Ltd.
49 Patel Estate Road, S V Road, Jogeshwari (west), U70100MH1996PLC102612 Subsidiary 99.99 2(87)(ii)
Mumbai - 400102
Patel Energy Projects Pvt. Ltd.
Patel Energy Assignment Pvt. Ltd.
Patel Energy Operations Pvt. Ltd.
Patel Urjaa Vyapaar Pvt. Ltd.
Naulo Nepal Hydro Electric Pvt. Ltd.
54 Lalitpur District, Lalitpur Sub-Metropolitan City, N.A. Subsidiary 90 2(87)(ii)
Ward No. 12, Prayag Pokhari, Lagankhel. Nepal
ASI Constructors Australia Pty Ltd.
55 Office L-111 Eagle Street, N.A. Subsidiary 65.20 2(87)(ii)
Brisbane - Queensland 4000, Australia
HCP Constructors Inc., USA
56 Office L-111 Eagle Street, N.A. Subsidiary 65.20 2(87)(ii)
Brisbane - Queensland 4000, Australia
Engineering & Construction Innovations Inc., USA
57 7012, 6th Street North, St. Paul, MN 55128 N.A. Subsidiary 65.20 2(87)(ii)
U.S.A
Patel Surya (Singapore) Pte Ltd.
58 79 Robinson Road, #16-01 CPF Building, N.A. Subsidiary 60 2(87)(ii)
Singapore 068897

Holding/ % of
Sr Applicable
No. section
Associate held
PT Surya Geo Minerals
Gedung Citylofts Sudirman Lantai 15 unit 1519,
JL KH Mas Mansyur No.121, Karet Tengsin, Tanah
Abang, Jakarta Pusat, DKI Jakarta Raya 10220
Patel Param Minerals Pte Ltd.
Singapore 068897
PT Patel Surya Minerals
Patel Param Energy Pte Ltd.
Singapore 068897
PT Patel Surya Jaya
63 City lofts, Lantia 10, Unit 1011, Jl. KH. Mas N.A. Subsidiary 60 2(87)(ii)
Masyur No. 121, Jakarta Pusat
Patel Param Natural Resources Pte Ltd.
Singapore 068897
PT Surpat Geo Minerals
PT PEL Mineral Resources
66 JL KH Mas Mansyur No.121, Karet Tengsin, N.A. Subsidiary 100 2(87)(ii)
Tanah Abang, Jakarta Pusat,
DKI Jakarta Raya 10220
Patel Engineering Indonesia
67 JL KH Mas Mansyur No.121, Karet Tengsin, N.A. Subsidiary 100 2(87)(ii)
Tanah Abang, Jakarta Pusat,
DKI Jakarta Raya 10220
Patel Mining (Mauritius) Ltd.
Enrich Mining Vision Lda
Av. Guerra popular, 1028 Maputo. Mozambique.
Patel Mining Privilege Lda.
Patel Infrastructure, Lda
Trend Mining Projects, Lda
Accord Mines Venture, Lda
Netcore Mining Operations, Lda
Metalline Mine Works, Lda
Patel Mining Assignments, Lda

Holding/ % of
Sr Applicable
No. section
Associate held
Chivarro Mines Mozambique, Lda
Fortune Mines Concession, Lda
Omini Mines Enterprises, Lda
Quest Mining Activities, Lda
ASI Rcc Inc
Buena Vista, Colarado, USA
ASI RCC India Ltd.
82 Readymoney Mansion 3rd Floor, Veer Nariman U45203MH1999PLC120403 Subsidiary 100 2(87)(ii)
Road, Mumbai - 400001
Westcon Microtuneling Inc
280 E 20th Ave, Denver CO, 80205 U.S.A
ASI Global LLC.
280 E 20th Ave, Denver CO, 80205, U.S.A
Patel KNR Infrastructures Ltd.
85 Patel Estate Road, Jogeswari (W), U45201MH2006PLC162856 Associates 42 2(6)
Mumbai - 400 102.
Patel KNR Heavy Infrastructure Ltd.
86 KNR House, 4th Floor, Plot No.114, Phase I, U70102TG2006PLC049949 Associates 42 2(6)
Kavuri Hills, Jubilee Hills, Hyderabad - 500 033.
Raichur Sholapur Transmission Co. Pvt. Ltd.
87 Patel Engineering Compound, Patel Estate Road, U40108MH2009GOI220024 Associates 33.34 2(6)
ACP Tollways Pvt. Ltd.
88 B-9 Vibhuti Khand,Gomti Nagar, Lucknow, U45400UP2011PTC047755 Associates 32 2(6)
U.P-226010.
Terra Land Developers Ltd.
89 19B, Anand Vihar CHS Ltd., Danda Pada, U45400MH2007PLC175486 Associates 49.33 2(6)
19th Road, Khar (West), Mumbai 400 052
PAN Realtors Private Limited
90 U70101DL2009PTC193609 Associates 36.43 2(6)
S-406 (LG), Greater Kailash-II New Delhi - 110048
IV. Share holding Pattern

i) Category-wise Share Holding
Category of No. of Shares held at the beginning of the year No. of Shares held at the end of the year % Change
Shareholders Demat Physical Total % of Total Demat Physical Total % of Total during the
shares shares year
A. Promoters
(1) Indian
a) Individual/HUF 34,73,750 - 34,73,750 4.56 34,73,750 - 34,73,750 4.52 -
b) Central Govt. - - - - - - - - -
c) State Govt. - - - - - - - - -
d) Bodies Corp. 3,48,47,724 - 3,48,47,724 45.71 3,54,09,681 - 3,54,09,681 46.10 1.61
e) Any Other - - - - - - - - -
Sub-total (A) (1):- 3,83,21,474 - 3,88,83,431 50.26 3,88,83,431 - 3,88,83,431 50.63 1.47

shares shares year
(2) Foreign
a) NRIs Individuals - - - - - - - - -
b) Other Individuals - - - - - - - - -
c) Bodies Corp. - - - - - - - - -
d) Banks/FI - - - - - - - - -
e) Any Other - - - - - - - - -
Sub-total (A) (2):- 3,83,21,474 - 3,83,21,474 50.26 3,88,83,431 - 3,88,83,431 50.63 1.47
Total shareholding of
Promoter (A) = (A) (1) 3,83,21,474 - 3,83,21,474 50.26 3,88,83,431 - 3,88,83,431 50.63 1.47
+ (A) (2)
B. Public
Shareholding
(1) Institutions
a) Mutual Funds/UTI 12,221 Nil 12,221 0.02 482 - 482 0.00 96.06
b) Banks/ Financial
13,40,016 Nil 13,40,016 1.76 13,42,486 - 13,42,486 1.75 0.18
Institutions
c) Central Govt. - - - - - - - - -
d) State Govt.(s) - - - - - - - - -
e) Venture Capital
- - - - - - - - -
Funds
f) Insurance
22,66,764 - 22,66,764 2.97 22,66,764 - 22,66,764 2.95 -
Companies
g) Foreign
Institutional 8,75,935 - 8,75,935 1.15 6,46,167 - 6,46,167 0.84 26.23
Investors
h) Foreign Venture
- - - - - - - - -
Capital Investors
i) Others (specify) - - - - - - - - -
(2) Non-Institutions
a) Bodies Corporate
i) Indian 36,94,385 3,900 36,98,285 4.85 43,03,559 3,900 43,07,459 5.61 16.47
ii) Overseas - - - - 3,72,719 - 3,72,719 0.49 100.00
b) Individuals
i) Individual
shareholders
holding nominal 1,49,81,502 7,42,490 1,57,23,992 20.62 1,54,89,937 8,02,890 1,62,92,827 21.21 3.62
share capital
upto ` 1 lakh
ii) Individual
shareholders
holding nominal
42,53,303 3,01,800 45,55,103 5.97 41,42,134 1,20,000 42,62,134 5.55 -6.43
share capital in
excess of ` 1
lakh.

shares shares year
c) Others (specify)
i) Clearing Member 8,00,634 - 8,00,634 1.05 6,23,277 - 6,23,277 0.81 22.15
ii) Directors and
16,72,158 - 16,72,158 2.19 9,94,263 - 9,94,263 1.29 40.54
relatives
iii) Trusts 60,46,707 - 60,46,707 7.93 60,47,107 - 60,47,107 7.87 0.01
Sub-Total (B) (2):- 3,23,57,525 10,70,390 3,34,27,915 43.84 3,27,17,962 9,48,990 3,36,66,952 43.83 0.72
Total Public Shareholding
3,68,52,461 10,70,390 3,79,22,851 49.74 3,69,73,861 9,48,990 3,79,22,851 49.37 -
(B) = (B)(1) + B(2)
Shares held by
Custodians for - - - - - - - - -
GDRs & ADRs
GRAND TOTAL
7,51,73,935 10,70,390 7,62,44,325 100.00 7,58,57,292 9,48,990 7,68,06,282 100.00 0.74
(A)+(B)+(C)
ii) Shareholding of Promoters

Sr. Shareholders Name Shareholding at the beginning of the No. of Shares held at the end of the % Change
No. year year in share
No. of Shares % of total % of Shares No. of % of total % of Shares holding
Shares Pledged/ Shares Shares Pledged/ during the
of the encumbered of the encumbered year
Company to total Company to total
shares shares
1 Patel Corporation LLP 1,81,03,300 23.74 - 1,86,65,257 24.30 15.81 0.73
2 Praham India LLP 1,67,44,424 21.96 21.80 - 1,67,44,424 21.96 21.80 - -
3 Rupen Patel 13,52,600 1.77 - 13,52,600 1.76 - -
4 Pravin Patel 40,800 0.05 - 40,800 0.05 - -
5 Sonal Patel 3,50,500 0.46 - 3,50,500 0.46 - -
6 Riana Batra 1,99,950 0.26 - 1,99,950 0.26 - -
7 Chandrika Pravin Patel 1,49,900 0.20 - 1,49,900 0.20 - -
8 Alina Rupen Patel 12,90,000 1.69 - 12,90,000 1.68 - -
9 Ryan Rupen Patel 90,000 0.12 - 90,000 0.12 - -
iii) Change in Promoters Shareholding

Sr Name of the Shareholding Date wise Increase/ No. of Reason Cumulative
No. Promoter Decrease in shares Shareholding during
Shareholder Shareholding during the year
No. of % of total the year specifying No. of shares % of total
shares shares the reasons for shares of the
at the of the increase/decrease Company
beginning of Company (e.g. allotment /
the year transfer/bonus/
sweat equity etc.):
1 Patel 1,81,03,300 23.74 April 15, 2015 6,51,957 Conversion 1,86,65,257 24.30
Corporation of optionally
LLP Convertible
Preference
shares into
Equity Shares

iv) Shareholding Pattern of top ten Shareholders (other than Directors, Promoters and Holders of GDR and
ADRs):
shares at the shares the reasons for shares of the
beginning of of the increase/decrease Company
the year Company (e.g. allotment /
transfer/bonus/
sweat equity etc.):
1 Patel 60,45,000 7.87 - - - 60,45,000 7.87
Engineering
Employees
Welfare Trust
2 Life Insurance 23,94,881 3.11 - - - 23,94,881 3.11
Corporation of
India
3 Patel Dinesh G 13,63,815 1.76 05.09.2014 19,10,915 Market purchase 32,74,730 4.26
12.09.2014 (19,10,915) Market Sell 13,63,815 1.76
4 Sanjiv K 4,45,000 0.58 18.04.2014 4,45,000 Market purchase 8,90,000 1.16
Chainani
25.04.2014 (4,45,000) Market Sell 4,45,000 0.58
09.05.2014 4,35,000 Market purchase 8,80,000 1.15
16.05.2014 35,934 Market purchase 9,15,934 1.19
30.06.2014 34,066 Market purchase 950000 1.24
25.07.2014 9,50,000 Market purchase 19,00,000 2.47
08.08.2014 (9,50,000) Market Sell 9,50,000 1.24
05.09.2014 19,00,000 Market purchase 28,50,000 3.71
12.09.2014 (19,00,000) Market Sell 9,50,000 1.24
5 India Max 1,34,463 0.18 04.04.2014 1,36,124 Market purchase 2,70,587 0.35
Investment
Fund Limited
23.05.2014 (1,78,430) Market Sell 92,157 0.12
11.07.2014 71,543 Market purchase 1,63,700 0.21
18.07.2014 59,900 Market purchase 2,23,600 0.29
08.08.2014 (100,000) Market Sell 1,23,600 0.16
22.08.2014 (98,000) Market Sell 25,600 0.03
05.09.2014 40,277 Market purchase 65,877 0.09
19.09.2014 (14,000) Market Sell 51,877 0.07
30.09.2014 72,438 Market purchase 1,24,315 0.16
10.10.2014 25,000 Market purchase 1,49,315 0.19
24.10.2014 15,000 Market purchase 1,64,315 0.21
31.10.2014 16,000 Market purchase 1,80,315 0.23
07.11.2014 (44,937) Market Sell 1,35,378 0.18
14.11.2014 7,281 Market purchase 1,42,659 0.19
21.11.2014 (9,500) Market Sell 1,33,159 0.17
28.11.2014 1,83,632 Market purchase 3,16,791 0.41
05.12.2014 (83,000) Market Sell 2,33,791 0.30

shares at the shares the reasons for shares of the
beginning of of the increase/decrease Company
the year Company (e.g. allotment /
transfer/bonus/
sweat equity etc.):
12.12.2014 75,000 Market purchase 3,08,791 0.40
19.12.2014 15,000 Market purchase 3,23,791 0.42
29.01.2015 1,00,000 Market purchase 4,23,791 0.55
23.01.2015 25,000 Market purchase 4,48,791 0.58
06.02.2015 1,00,000 Market purchase 5,48,791 0.71
13.03.2015 5,000 Market purchase 5,53,791 0.72
6 Patel Nirmala 5,12,591 0.67 05.09.2014 5,12,591 Market purchase 10,25,182 1.33
Govind
12.09.2014 (5,12,591) Market Sell 5,12,591 0.67
7 Realty Check 4,97,600 0.65 - - - 4,97,600 0.65
Properties Pvt.
Ltd.
8 IDBI Bank Ltd. 4,61,612 0.60 - - - 4,61,612 0.60
9 Grovsnor 50,000 0.07 05.12.2014 (37,281) Market Sell 12,719 0.02
Investment 12.12.2014 15,000 Market purchase 27,719 0.04
Fund Ltd. 31.12.2014 1,50,000 Market purchase 1,77,719 0.23
13.03.2015 1,95,000 Market purchase 3,72,719 0.49
10 Shanti H Patel 7,09,000 0.92 05.09.2014 14,18,000 Market purchase 21,27,000 2.77
12.09.2014 (14,18,000) Market Sell 7,09,000 0.92
21.11.2014 (9,000) Market Sell 7,00,000 0.91
09.01.2015 (10,000) Market Sell 6,90,000 0.90
16.01.2015 (20,000) Market Sell 6,70,000 0.87
23.01.2015 (13,151) Market Sell 6,56,849 0.86
30.01.2015 (83,440) Market Sell 5,73,409 0.75
06.02.2015 (65,000) Market Sell 5,08,409 0.66
20.02.2015 (20,000) Market Sell 4,88,409 0.63
27.02.2015 (1,75,762) Market Sell 3,12,647 0.40
06.03.2015 (70,000) Market Sell 2,42,647 0.32
11 Krisma 11,58,804 1.51 04.04.2014 (5,43,804) Market Sell 6,15,000 0.80
Investments
Pvt. Ltd.
18.04.2014 (1,45,407) Market Sell 4,69,593 0.61
15.08.2014 (4,54,593) Market Sell 15,000 0.02
19.09.2014 14,000 Market purchase 29,000 0.04
30.09.2014 25,000 Market purchase 54,000 0.07
10.10.2014 18,500 Market purchase 72,500 0.09
17.10.2014 1,000 Market purchase 73,500 0.10
14.11.2014 11,500 Market purchase 85,000 0.11
28.11.2014 99,000 Market purchase 1,84,000 0.24
05.12.2014 55,000 Market purchase 2,39,000 0.31
20.02.2015 (50,000) Market Sell 1,89,000 0.25
27.03.2015 (9,069) Market Sell 1,79,931 0.23

v) Shareholding of Directors and Key Managerial Personnel:

No. of % of total the year specifying No. of % of total
shares shares the reasons for shares shares
at the of the increase/decrease of the
beginning Company (e.g. allotment / Company
of the transfer/bonus/
year sweat equity etc.):
1. Mr. Pravin Patel 40,800 0.05 - - - 40,800 0.05
2. Mr. Rupen Patel 13,52,600 1.76 - - - 13,52,600 1.76
3. Mr. Ashwin 6,997 0.00 - - - 6,997 0.00
Parmar
4. Mr. Khizer 26,500 0.03 - - - 26,500 0.03
Ahmed
5. Mr. K. Kannan* 25,000 0.03 - - - 25,000 0.03
6. Mr. S. 50 0.00 - - - 50 0.00
Jambunathan
7. Ms. Silloo Patel 3,21,379 0.42 09.10.2014 3,000 Market Sell 3,18,379 0.41
29.10.2014 2,000 Market Sell 3,16,379 0.41
31.10.2014 3,000 Market Sell 3,13,379 0.41
03.11.2014 2,000 Market Sell 3,11,379 0.41
24.11.2014 2,000 Market Sell 3,09,379 0.40
27.11.2014 1,617 Market Sell 3,07,762 0.40
01.12.2014 383 Market Sell 3,07,379 0.40
03.12.2014 4,000 Market Sell 3,03,379 0.39
12.01.2015 30,000 Shares gifted 3,33,379 0.43
03.03.2015 57,100 Shares received 3,90,479 0.51
as gift
8. Mr. Nimish Patel 2,42,500 0.32 07.04.2014 30,000 Received from 2,72,500 0.35
relative
10.04.2014 3,622 Market Sell 2,68,878 0.35
11.04.2014 1,000 Market Sell 2,67,878 0.35
22.04.2014 878 Market Sell 2,67,000 0.35
23.04.2014 1,500 Market Sell 2,65,500 0.35
13.05.2014 400 Market Sell 2,65,100 0.34
14.05.2014 2,000 Market Sell 2,63,100 0.33
16.05.2014 9,000 Market Sell 2,54,100 0.33
19.05.2014 3,300 Market Sell 2,50,800 0.33
20.05.2014 500 Market Sell 2,50,300 0.33
04.06.2014 400 Market Sell 2,49,900 0.32
05.06.2014 800 Market Sell 2,49,100 0.32
10.07.2014 400 Market Sell 2,48,700 0.32
31.07.2014 100 Market Sell 2,48,600 0.32
18.08.2014 800 Market Sell 2,47,800 0.32
19.08.2014 200 Market Sell 2,47,600 0.32
25.08.2014 305 Market Sell 2,47,295 0.32
01.09.2014 500 Market Sell 2,46,795 0.32
02.09.2014 800 Market Sell 2,45,995 0.32
05.09.2014 500 Market Sell 2,45,495 0.32
08.09.2014 500 Market Sell 2,44,995 0.32
09.09.2014 1,000 Market Sell 2,43,995 0.32

No. of % of total the year specifying No. of % of total
shares shares the reasons for shares shares
at the of the increase/decrease of the
beginning Company (e.g. allotment / Company
of the transfer/bonus/
year sweat equity etc.):
15.09.2014 1,495 Market Sell 2,42,500 0.31
19.09.2014 1,000 Market Sell 2,41,500 0.31
07.10.2014 6,000 Market Sell 2,35,500 0.30
09.10.2014 2,000 Market Sell 2,33,500 0.30
10.10.2014 3,000 Market Sell 2,30,500 0.30
14.10.2014 2,000 Market Sell 2,28,500 0.29
22.10.2014 2,000 Market Sell 2,26,500 0.29
28.10.2014 4,000 Market Sell 2,22,500 0.29
29.10.2014 2,000 Market Sell 2,20,500 0.28
30.10.2014 3,000 Market Sell 2,17,500 0.27
03.11.2014 8,000 Market Sell 2,09,500 0.27
24.11.2014 1,000 Market Sell 2,08,500 0.27
25.11.2014 4,000 Market Sell 2,04,500 0.25
28.11.2014 10,000 Market Sell 1,94,500 0.24
01.12.2014 10,000 Market Sell 1,84,500 0.23
02.12.2014 5,000 Market Sell 1,79,500 0.20
03.12.2014 25,000 Market Sell 1,54,500 0.19
04.12.2014 10,000 Market Sell 1,44,500 0.18
05.12.2014 5,000 Market Sell 1,39,500 0.18
08.12.2014 5,000 Market Sell 1,34,500 0.17
11.12.2014 2,000 Market Sell 1,32,500 0.17
12.12.2014 500 Market Sell 1,32,000 0.17
16.12.2014 3,896 Market Sell 1,28,104 0.16
17.12.2014 2,800 Market Sell 1,25,304 0.15
18.12.2014 6,400 Market Sell 1,18,904 0.15
19.12.2014 5,000 Market Sell 1,13,904 0.14
22.12.2014 7,000 Market Sell 1,06,904 0.14
23.12.2014 200 Market Sell 1,06,704 0.13
26.12.2014 3,704 Market Sell 1,03,000 0.13
29.12.2014 6,376 Market Sell 96,624 0.12
30.12.2014 4,000 Market Sell 92,624 0.12
02.01.2015 4,000 Market Sell 88,624 0.11
05.01.2015 14,000 Market Sell 74,624 0.10
15.01.2015 12,000 Market Sell 62,624 0.08

A. INDEBTEDNESS
Indebtedness of the Company including interest outstanding / accrued but not due for payment
(` in Million)
Secured Loans Unsecured Loans Deposit Total Indebtedness

excluding deposits
Indebtedness at the beginning of
financial year
(i) Principal Amount 3,348.79 143.81 3,492.60
(ii) Interest due but not paid - - -
(iii) Interest accrued but not due 14.47 14.47
Total (i+ii+iii) 3,363.26 143.81 - 3,507.07
Change in Indebtedness during the
financial year
Addition 754.43 (128.72)
Reduction 625.71
Net Change 754.43 (128.72) - 625.71
Indebtedness at the end of the financial
year
(i) Principal Amount 4,103.22 15.09 - 4,118.31
(ii) Interest due but not paid 35.83 - - -
(iii) Interest accrued but not due 14 - - -
Total (i+ii+iii) 4,153.06 15.09 - 4,118.31
VI. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL

A. Remuneration to Managing Director, Whole-time Directors and / or Manager
(` in Million)
Sl. Particulars of Remuneration Name of MD/WTD/Manager Total
No. Amount
Mr. Rupen Ms. Silloo Mr. Nimish Mr. Ashwin Mr. Pravin
Patel Patel Patel Parmar Patel
1. Gross Salary
a) Salary as per provisions contained 13.73 8.25 11.53 5.29 0.00 38.80
in section 17(1) of the Income Tax
Act, 1961
b) Value of perquisites u/s 17(2) 0.04 0.03 0.03 0.03 - 0.13
Income-Tax Act, 1961
c) Profits in lieu of salary under - - - - - -
section 17(3) Income tax Act, 1961
2. Stock Option - - - - - -
3. Sweat Equity - - - - - -
4 Commission - - - - - -
- as % of profit
- others, specify..
5 Others, please specify - - - - - -
Total (A) 13.77 8.28 11.56 5.32 0.00 38.93
Ceiling as per the Act Refer Note
Note: In terms of the provisions of the Companies Act, 2013 and the Rules framed thereunder and the Circulars issued thereunder, the remuneration paid
to the Managing Directors and Executive Directors is within the ceiling prescribed.

B. Remuneration to other directors:
(` in Million)
Sr. Particulars of Name of Directors Total

No. Remuneration Mr. K. Kannan Mr. Khizer Ahmed Mr. S. Jambunathan Mr. K. Amount
Ramasubramanian
1. Independent Directors
Fee for attending board/ 0.61 0.69 0.57 0.33 2.22
committee meetings
Commission - - - - -
Others, please specify - - - - -
Total (1) 0.61 0.69 0.57 0.33 2.22
2. Other Non-Executive - - - - -
Directors
Fees for attending board / - - - - -
committee meetings
Commission - - - - -
Others, please specify - - - - -
Total (2) - - - - -
Total Managerial 0.61 0.69 0.57 0.33 2.22
Remuneration
Overall Ceiling as per the - - - - -
Act*
*Sitting fees paid to the Directors are exempted from the purview of Section 197 read with schedule V of the Companies Act, 2013
C. Remuneration to key managerial personnel other than MD/Manager/WTD
(` in Million)
Sr. Particulars of Remuneration Name of Key Managerial Personnel
No. CFO Company Secretary Total
1. Gross Salary
a) Salary as per provisions contained in section 17(1) of the 4.33 2.11 6.44
Income Tax Act, 1961
b) Value of perquisites u/s 17(2) Income-Tax Act, 1961 - 0.03 0.03
c) Profits in lieu of salary under section 17(3) Income tax Act, - -
1961
2. Stock Option - 200 200
3. Sweat Equity - - -
4. Commission
- as a % of profit -
- others, specify - - -
5. Others, please specify - - -
Total 4.33 2.14 6.47

VII. PENALTIES / PUNISHMENT / COMPOUNDING OF OFFENCES:

Type Section of the Brief Details of Authority [RD/ Appeal made
Companies Act Description Penalty / NCLT/COURT] if any (give
Punishment / details)
Compounding
fees imposed
A. COMPANY
Penalty
Punishment NONE
Compounding
B. DIRECTORS
Penalty
Punishment NONE
Compounding
C. OTHER OFFICERS IN DEFAULT
Penalty
Punishment NONE
Compounding
For and on behalf of the Board of Directors,
Pravin Patel
August 14, 2015 Executive Chairman
Mumbai (DIN:00029453)

Annexure VI - Particulars of Employees
a) Information as per Rule 5(1) of Chapter XIII, Companies(Appointment and Remuneration of Managerial Personnel) Rules,
2014
The ratio of the remuneration of each Director to the median employees remuneration and other details in terms of Sub-
section 12 of Section 197 of The Companies ACT, 2013 read with rule 5(1) of the Companies (Appointment and Remuneration
of Managerial Personnel) Rules, 2014 is as under:
Sr. Disclosure Requirement Disclosure details
No.
1 Ratio of the remuneration of Directors Title Ratio
each director to the median Mr. Rupen Patel Managing Director 24.55X
remuneration of the employees of
Ms. Silloo Patel CFO, Executive Director 14.76X
the Company for the financial year.
Mr. Nimish Patel Executive Director 20.55X
Mr. Ashwin Parmar Executive Director 9.48X
2 Percentage increase in Directors/KMPs Title % increase in
remuneration of each director, remuneration
Chief Financial Officer, Company
Secretary or Manager if any, in the
Mr. Rupen Patel Managing Director 12.74
financial year.
Ms. Silloo Patel CFO, Executive Director 13.45
Mr. Nimish Patel Executive Director 24.04
Mr. Ashwin Parmar Executive Director 19.05
Ms. Kavita Shirvaikar* Joint CFO 0.00
Ms. Shobha Shetty Company Secretary 8.00
3 Percentage increase in the median 10.84%.
remuneration of employees in the
financial year.
4 Number of permanent employees 1,340 permanent employees were on the rolls of the Company as on March 31, 2015
on the rolls of the Company at the
end of the year.
5 Explanation on the relationship The Profit Before Tax for the financial year ended March 31, 2015, decreased by 39.65%
between average increase in and median increase in the remuneration was 10.84% which is not in line with the
remuneration and Companys performance of the Company due to slow down in the market trend of the Construction
performance. Industry.
6. Comparison of the remuneration The total remuneration of the Key Managerial Personnel during the Financial year 2014-
of the key managerial personnel 15, increased by 16.36% from ` 35.42 million to ` 40.02 million.
against the performance of the
Company.
7 Variation in the market The market capitalization of the Company as on March 31, 2015 was ` 5,414.84 million
capitalisation of the Company, compared to ` 7,388.08 million as on March 31, 2014.
price earnings ratio as at the The price earnings ratio of the Company as on March 31, 2015 was 50.00 compared to
closing date of the current 29.72 as on March 31, 2014 based on diluted EPS.
financial year and previous
financial year and percentage The market quotation of the shares as on March 31, 2015 was ` 77.50 per share compared
increase over decrease in the to ` 96.90 per share as on March 31, 2014 (face value Re.1 per share) on BSE. The market
market quotations of the shares of quotation of the Company as on March 31, 2015 was ` 82.39 lower (77.98% as on March
the company in comparison to the 31, 2014) than the rate at which the Company came out with the further public offer in
rate at which the Company came 2006 which was at ` 440 Per share.
out with the last public offer.

Sr. Disclosure Requirement Disclosure details

No.
8 Average percentile increase The average increase for employees other than the managerial personnel who were in
already made in the salaries the employment during the financial year 2013-14 and 2014-15 the average increase is
of employees other than the 10.84%
managerial personnel in the last The average increase for managerial personnel is 16.36%
financial year and its comparison
with the percentile increase in
the managerial remuneration and
justification thereof and point
out if there are any exceptional
circumstances for increase in the
managerial remuneration.
9 Comparison of each remuneration (` in Million)
of the Key Managerial Personnel
against the performance of the Mr. Rupen Ms. Silloo Mr. Nimish Mr. Ashwin Ms. Kavita Ms. Shobha
Company. Patel Patel Patel Parmar Shirvaikar* Shetty
Remuneration 13.77 8.28 11.56 5.32 4.50 2.13
in the financial
year 2014-15
Revenue 24,728.08
Remuneration 0.06 0.03 0.05 0.02 0.02 0.01
as % of revenue
Profit before
218.68
tax (PBT)
Remuneration 6.30 3.79 5.29 2.43 2.06 1.00
as % of PBT
10 Key parameters for any variable Variable component of remuneration availed by the Directors is as per the terms of
component of remuneration contract with the Company.
availed by the Directors.
11 Ratio of the remuneration of the As on March 31, 2015, there was no employee who received remuneration in excess of the
highest paid directors to that highest paid Director during the year.
of the employees who are not
directors but receive remuneration
in excess of the highest paid
director during the year.
12 Affirmations that the remuneration It is affirmed that the remuneration paid is as per the Remuneration Policy of the
is as per the Remuneration Policy Company.
of the Company.
*appointed as joint CFO w.e.f. February 13, 2015

b) Information as per Rule 5(2) of Chapter XIII, Companies(Appointment and Remuneration of Managerial Personnel) Rules,
46
2014
Sr. Name Designation Remuneration Nature of Qualification Exp Date of Date of Birth Age Last % of Whether Name of
No. (` in Employment In Commencement (yrs) Employment equity such the such
miilion) Years share employee Director
held is relative
of Director

Employed throughout the financial year and in receipt of remuneration aggregating not less than ` 60,00,000 for the year
Directors
1 Mr. Rupen Patel Managing 13.77 Contractual B,Com, M.B.A 22 26-10-1995 24-08-1966 49 - 1.76 Yes Mr. Pravin
Director (Fin, USA) Patel
2 Mr. Nimish Patel* Whole Time 11.56 Contractual B.S.(USA) 15 01-02-1999 28-02-1970 45 M/s Kewit 0.06 No -
Director Construction
Co.USA
3 Ms. Silloo Patel Whole Time 8.28 Contractual B.A. 42 19-10-1992 14-05-1947 68 0.39 No -
Director & CFO
Employees
5 Mr. C. K. Singh Sr.Vice 7.73 Contractual PGDPM & IRL.L.B. 34 1/15/2008 05-11-1955 60 Botliboi Ltd. nil No -
President
6 Mr. Vanam Sr.Vice 6.85 Contractual B.Tech 34 09-01-2011 09/29/1958 57 IL&FS Water nil No -
Prabhakar Rao President Ltd.
Employed for the part of the year and in receipt of remuneration aggregating not less than ` 5,00,000 per month
1 Kavita Shirvaikar Joint CFO 4.56 Contractual B.Com,ICWA,C.A. 16 07-09-2014 04-08-1973 42 Suzlon nil No -
Energy Ltd.
* resigned as Director w.e.f. July 16, 2015.
Management Discussion and Analysis

Macro Economy (GST), and easing the process of doing business
The year 2014-15 can be termed as a euphoric year of could transform India into a common market and
contrasts. The national elections of 2014 set the tone in dramatically boost competitiveness.
terms of uprising of a single largest party in years. The Externally, the scenario is predicated on exports boost
mandate along with the bleak economic situation led from improving growth and job prospects in the US
people to believe that growth will be brisk and therefore and largely stable or declining crude prices.
various business indices reflected the optimism. However, The Government of India estimates economic growth in
the road to recovery is always steeper. The new government FY16 of 7.4%, against 6.9% in 2013-14, as India changed
initiated several new policy initiatives to revive the ailing its definition of gross domestic product (GDP) and the base
economy. year for calculating it. The new GDP data takes into account
The government is now focused on simplifying processes gross value addition in goods and services and indirect
and attracting more investments from the Indian diaspora taxes. The base year has been shifted to 2011-12 from
outside the country along with global companies. 2004-05.
The government has also focused on removing policy This reading of Indian GDP data, is however seen as being
bottlenecks to simplify documentation and processes to at odds with other indicators such as industrial production
initiate business activities. The Union Budget announced and trade data, which suggest the economy is still
measures to boost the infrastructure sector and prior suffering from slack. Focus will be on revitalizing the PPP
to that the coal blocks allocations were completed model to revive investment with strong emphasis on the
successfully. Given the large consumer economy and manufacturing and services sectors.
favourable demographic indicators, the country is
Recently, rating agency Moodys observed that, the US
attractively poised to reignite its economic machinery.
and India "are among the main beneficiaries (among G20
India is the second most economically confident nation due nations) of cheaper oil as consumers and companies spend
to the improved performance by the industry and service part of the gains in real income, while it expects India's
sectors, according to a recent report by global research economy to grow by nearly 7.0% in 2016.
company, Ipsos Economic Pulse of the World (Ipsos). India
Sustained structural reforms can help India to become the
needs to revitalize the investment cycle and fast-track
second biggest economy in the world by 2050, according to
structural reforms to speed up growth, the report says.
a report by global audit firm PwC.
The International Monetary Fund (IMF) in its annual
In 2050, the Indian economy can grow to USD 42,205
assessment of the Indian economy, raised the growth
billion, only behind China's at USD 61,079 billion, says
estimate to 7.2% for 2015-16 based on firm policy action
the report. The US could fall to third place at USD 41,384
and lower global oil prices. However, reforms in agriculture,
billion.
land acquisition, mining, power sectors and labour markets
would be crucial to enhance growth. All this has cheered global investors, marking a sharp
turnaround in Indias image as an investment destination
A World Bank report recently said the Indian economy
among analysts who had been unsparing in their criticism
appeared to be better than it was in 2012 and 2013. The
of the previous governments management of the economy,
report also said
hit by a policy standstill, corruption scandals and tax
Indias growth would catch up with that of Chinas in disputes.
2016-17, buoyed by economic reform measures taken
Infrastructure Industry - Opportunities
by the Indian government led by the Prime Minister
Mr. Narendra Modi. The Finance Minister Mr. Arun Jaitley announced a big
push for the infrastructure sector with a hefty increase in
Progress on the reform agendaparticularly
investments of ` 7,00,000 million in the Budget for the
implementation of the Goods and Services Tax
fiscal year 2015-16.

He also said the government has increased outlays on phase of growth, like others in the sector, our Company
both the roads and the gross budgetary support to the also undertook debt financing to expand and grow in all
Railways by ` 1,40,310 million and ` 1,00,500 million fields construction, roads, power and real estate. The
respectively. The capital expenditure of the public sector sudden slump in the industry, affected the operations of the
units is expected to be ` 31,78,890 million an increase of company and the revenues declined; the profits were further
approximately ` 8,08,440 million. impacted due to increased interest costs. The Company
The government also plans to establish a National undertook steps to undertake selective bidding to remain
Investment and Infrastructure Fund (NIIF), and find money cautious and avoided taking projects which it considered
to ensure an annual flow of 2,00,000 million to it. This, he may be risky and less profitable during the last year. In
said, will enable the trust to raise debt and invest in equity respect of the existing projects, the company realigned
of infrastructure finance companies such as the IRFC and its strategy and worked with plans to make most projects
NHB and the companies in turn can then leverage this extra become self-sustaining in respect of short term liquidity
equity manifold. requirements, as a result ensuring that the company is able
to generate enough cash flow to sustain its overheads and
To augment the power generation capacity in the country,
ensure non stoppage of work.
the Finance Minister has announced five new ultra mega
power projects each of 4,000 MW in the plug-and-play The company is undertaking efforts to generate cashflows by
mode. The minister stated that all clearances and linkages monetising non-core assets, realize amounts of arbitration
will be in place before each project is awarded through a awards and under various stages of claims, cost control
transparent auction system. measures across sites and lastly through influx of fresh
orders.
This will unlock investments to the tune of ` 10,00,000
million and the government would also consider this Performance overview
plug-and-play mode for other infrastructure projects as During these difficult times, the financial results reflect a
roads, ports, railway lines and airports. To augment power depiction where the operations have been optimised with
sector, he said, India will set up 5 more ultra-mega power various cost control measures and focus on working with the
projects, entailing investments of around ` 10,00,000 funds available at the site such that additional burden for
million. Pitching for corporatisation of state-run ports in funding is minimized. As a result, the revenues and profits
the country, Mr. Jaitley disclosed that the government will have reduced from the previous year.
encourage them to become companies. On consolidated basis:
For the roads sector, the Finance Minister announced Revenue from Operations decreased by 7.7% to
connecting each of the 1,78,000 km unconnected ` 34,153.87 million.
habitations by all-weather roads.This will require completing
Profit before tax stood at ` 316.88 million.
1,00,000 km of roads currently under construction plus
sanctioning and building another 1,00,000 km of roads. Net Profit is at ` 84.69 million.
Also, the government is considering a proposal for The EPS (fully diluted) stood at ` 1.10 per share.
conversion of existing excise duty on petrol and diesel to
The order backlog from the engineering and construction
the extent of 4 per litre into road cess to fund investment in
business as on March 31, 2015 is approximate ` 1,08,790
roads and railways.An additional ` 4,00,000 million will be
million. The share in the order book stood at the power
made available through this measure for these sectors.
sector at 51%, irrigation and water 34% and transportation,
Impact of Industry and Future Outlook urban infrastructure and others at 15%. Apart from the same
The economic downturn in recent years especially in the we are also lowest bidders for ` 83,000 million worth of
infrastructure sector has severely affected the performance orders, out of which ` 72,900 million is for a project in J&K
of almost all the companies in this sector including our for which there has been an unexpected delay in getting
Company, which sparing last few years was growing at a the award letter even after being declared as the lowest
steady pace in terms of revenues and profits. During the bidder. The Company is confident that in the long term,

there are vast opportunities in the industry and there will be Shimoga Shikaripura Anandpuram Road Project,
growth with new projects but some of the issues discussed Karnataka for a length of 82 km valued at ` 2,740
earlier need to be resolved at an industry level to regain the million.
growth momentum. Asset Ownership
Engineering and Construction - Update: Hydro Power Projects The Company has started
Power Due to various issues either at local or macro level, construction of one of the hydro power projects i.e. Gongri
including political and environmental concerns, there were H.E. Project. Rest of the projects is currently at preliminary
fewer orders in the power sector. Still during the year, the stage.
Company received a work order for Koteshwar H E Project in Thermal Power Projects The thermal power projects have
Uttarakhand. It is a 400 MW Project with contract value of been kept on hold as the company currently does not want
` 1,490 Million. to leverage further.
The progress in respect of existing projects is on track. Accordingly, the acquisition of coal mines which were to be
Following are some key projects under execution by the utilized for captive consumption for the thermal projects
Company have also been kept on hold.
600 MW Kameng H.E. Project (Package I, II & III), Road BOT The two annuity road BOT projects, i.e. KNT
Arunachal Pradesh 1 & AP 7 are in operation and maintenance stage. The
450 MW Shongtong HE Project, Himachal Pradesh construction of the toll BOT Project i.e.construction of
37.50 MW Parnai HE Project, Jammu and Kashmir four-lane highway project in Varanasi-Shaktinagar Road is in
progress.
60 MW Turial HE Project, Mizoram
Real Estate
144 MW Gongri HE Project, Arunachal Pradesh
The Company had started developing its historical land
Irrigation Change in the political environment in
bank through its realty arm. Further, the Company is also
states like Andhra Pradesh, Telangana and diversion of
looking to get into joint development/sale of certain parcel
views surrounding such projects in other states including
of lands to generate cashflows on an accelerated basis,
Maharashtra has adversely affected irrigation projects and
in order to reduce the debt burden. The existing projects
therefore in this year the Company has taken up only one
of the Company which were launched in Bangalore and
project in this sector, Restoration of Saran Main Canal in
Hyderabad are running in full swing. Due to the change in
Bihar which is 200 km long for a contract value of ` 2,460
business environment and a lull in demands for commercial
million.
projects in Mumbai, the Company had decided to shelve the
Following are some key projects under execution by the commercial project located in Jogeshwari and has received
Company permits for conversion of the project into a residential
Pranahita Chevalla Lift Irrigation Project Package 6 & 23, project. One of the aspect which differentiate the Company
Telangana with many other EPC companies is that we are an EPC
Company with assets & land bank, which will sooner or later
Sleemanabad Carrier Canal, Madhya Pradesh
give it abundant returns.
Urban Infrastructure & Roads The Company has
Risk Management
successfully completed over 33 micro tunneling projects in
India and the United States. Further, the Company controls Funding risk: The company is into a highly capital intensive
more than 90% of market share for micro tunneling in India. industry segment. Non-availability of funds, increased
The Company is currently working on various new urban borrowings or increased cost of funding will result in
infrastructure projects in Mumbai and Pune. During the pressurised margins.
current year the Company has received the following major Mitigation factors: Undertake more work on projects where
orders the working capital requirements is minimum and/or the
lead time of the funds required is the least and the jobs can
4 Laning of Sangrur-Punjab / Haryana Border, Punjab
be performed with internal accruals.
for a length of 30 km valued at ` 2,700 million.

Contract risk: Selection of favourable and profitable authorized, recorded and reported to the management.
contractsby reviewing conditions especially relating The Company is following all the Accounting Standards for
to escalations, extra items, land acquisitions and properly maintaining the books of accounts and reporting
rehabilitations, other clearances, retentions etc. of financial statements. The Company has appointed
Mitigation factors: The contracts are reviewed at tendering external Internal Auditors to review various areas of the
stage to churn out unfavourable or less profitable contracts. operations of the Company. The audit reports are reviewed
Further, the same are continuously reviewed and corrective by the management and the Audit Committee of the Board
actions are taken at each stage of planning, project periodically. The Company has ERP systems functioning
management, contract management and execution. across all sites and has well documented guidelines,
Regulatory risk: The Companys business is highly procedures and policies.
dependent on government regulations and policies. Any Information Technology
adverse change or regulation can adversely impact the As a global infrastructure company, Company is experienced
companys plans. in managing large scale implementations. Because each
Mitigation factors: While this risk applies to all the project is unique, off the shelf tools are often not flexible
industry players, the mitigation lies in the economic enough to manage the complexities. With our information
progress of India. Infrastructure development is the only technology services, our in house process and technology,
catalyst that would drive the Indian growth story in the experts come together to create appropriate management
coming years. During the year 2015-16, the Government tools specific to each multifaceted program to streamline
plans to spend ` 700,000 million into the various verticals each project processes. Company is passionate about
of infrastructure sector. The ongoing investments in uncovering information; with the right blend of tools, and
infrastructure would attract greater confidence from global methodology and therefore delivers meaningful change
players and as a result, the regulations are bound to be and lasting results. Our unique offerings of real-time
more liberal and in the interest of the Indian economy. data collection to analysis have emphasized the value
Competition risk: The Company operates in various industry of appropriate technology to help bring transparency and
segments having substantial competition, both from the meaning to our data supported by personalized service
organised and the unorganised players. empowering management to have the information necessary
Mitigation factors: The Company has demonstrated track to make strategic decisions with current, accurate, and
record of not only developing large projects but also complete information so that they can make appropriate
operating them. The competition from unorganized players timely decisions. Knowledge about work processes,
or smaller players is mitigated by the company by superior connecting what people do to where they do it, and
services, project quality and strong client relationships, anticipating future needs is the best way to increase
among others. productivity now, while identifying what youll need for
Human resource risk: Quality of manpower decides the optimal performance in the future. This multi-dimensional
quality of the services. Higher attrition would affect the approach has built lasting, trusted relationships with our
companys prospects. clients.
Mitigation factors: The Companys HR department ensures Human resources
identification, development and retention of talented The Company presently employs more than 1,340 persons
professionals in the company. The Companys presence at various locations. The growth and sustained leadership
across various businesses enables it to ensure holistic of the Company is largely a function of the competence
development of its employees by adding new skill sets. The and quality of its human resource. The Company has always
Company also has ESOP scheme for the employees. aimed to create a workplace where every person can achieve
Internal Control System their optimum potential and have a very low attrition
The Company has an adequate system of internal controls especially amongst the senior employees.
to safeguard and protect from loss, unauthorized use or In the current year, the organisation structure remained
disposition of its assets. All transactions are properly

same except some additional employments in finance as estimate, expects, projects, intends, plans, believes,
majority of the current focus is to manage this function and words of similar substance in connection with any
well, apart from others. Also realignment of functional discussion of future performance. The management cannot
areas amongst executives was a key move to increase guarantee that these forward looking statements will
the productivity and keep the motivation factor running be realised, although we believe we have been prudent
amongst the personnel. Business Development team was in assumptions. The operations of the company may be
also another area which was strengthened and new recruits affected due to various reasons like changes in political
of engineers for new projects undertaken during the year and economic front of the country; fluctuations in exchange
was also a feature. rate, tax laws, litigations, labour relations, interest costs
Periodic reviews and visits were undertaken to ensure the and overall scenario of the infrastructure sector. Hence, the
costs are kept under control. Such reviews and with constant achievements of results are subject to risks, uncertainties,
interaction with external agencies, majorly appointed by and even inaccurate assumptions. Should known or
lenders brought in the required co-ordination and joint team unknown risks or uncertainties materialise, or should
efforts amongst the employees across the organisation. underlying assumptions prove inaccurate, actual results
could vary materially from those anticipated, estimated, or
Various training programmes and welfare activities were
projected. Readers should keep this in mind. We undertake
undertaken in respect of the employees including issue
no obligation to publicly update any forward-looking
of stock options to the employees at large to bring the
statements, whether as a result of new information, future
management team and the employees work closely and
events or otherwise.
jointly in such difficult times with the common objective of
coming out shining and tall from the current downturn. Reference Notes
Cautionary Statement (Endnotes)
In this Annual Report, the management has disclosed 1 http://timesofindia.indiatimes.com/business/india-

forward-looking information like objectives, estimates business/India-will-catch-up-with-Chinas-growth-rate-
and expectations to enable investors to comprehend in-2016-17-World-Bank/articleshow/45881480.cms
our prospects and take investment decisions, which may 2 http://www.business-standard.com/article/economy-
be forward looking statements within the meaning of policy/india-s-fy15-gdp-estimated-to-soar-7-4-under-
applicable laws and regulations. This report and other new-methodology-115020900697_1.html
statements - written and oral that we periodically make, 3 http://economictimes.indiatimes.com/news/economy/
contain forward looking statements that set out anticipated indicators/indias-economy-to-grow-by-nearly-7-per-
results based on the managements plans and assumptions. cent-in-2016-moodys/articleshow/46206423.cms
The management has tried wherever possible to identify
4 http://www.pwc.com/gx/en/issues/the-economy/
such statements by using words such as anticipate,
assets/world-in-2050-february-2015.pdf

Report on Corporate Governance
Companys philosophy on Code of Governance
Corporate Governance in the Company assigns responsibility and authority to the Board of Directors, its Committees, Senior
Management, and Employees etc. Good governance provides appropriate frame work for the Board, its Committee and
Management to carry out its objectives that are in the interest of the Company and its stakeholders.
The Company is in compliance with the requirement of Corporate Governance as stipulated under Clause 49 of the Listing
Agreements with the Stock Exchanges.
Board of Directors
The Board comprises of 10 Directors as on March 31, 2015. Out of the 10 Directors, 5 are Non Executive Independent
Directors. The Composition of the Board is in conformity with Clause 49 of the Listing Agreement entered with the Stock
Exchanges.
The names and categories of the Directors on the Board, their attendance at Board meetings held during the year 2014-15
and at the last Annual General Meeting (AGM), as also the number of directorships and committee positions held by them in
other public limited companies as on March 31, 2015 are as under:
Name and DIN of Category No. of Board Attendance No. of Committee
the Directors Meetings at the last directorships Position*
AGM held on in other
September Public Limited
26, 2014 Companies $
Held attended Chairman Member
Mr. Pravin Patel Chairman Promoter,
9 9 Yes 8 - -
(DIN 00029453) Executive Director
Mr. Rupen Patel Promoter,
9 8 Yes 7 - -
(DIN 00029583) Managing Director
Mr. K. Kannan^ Independent Non-
8 6 No 6 3 5
Mr. Khizer Ahmed Independent Non-
9 7 Yes 3 3 -
Mr. S. Jambunathan Independent Non-
9 6 Yes Nil - -
Ms. Silloo Patel
Executive Director 9 8 Yes 4 - -
(DIN 00029656)
Mr. Nimish Patel#
(DIN 00029353)
Mr. Ashwin Parmar
(DIN 00055591)
Mr. Sharad Zalawadia Independent Non-
9 1 Yes Nil - -
(DIN 06670506 ) Executive Director
Mr. K. Ramasubramanian** Independent Non-
2 2 - 2 1 2
(DIN01623890) Executive Director
Ms. Geetha Sitaraman*** Independent Non-
- - - Nil - -
(DIN 07138206 ) Executive Director
$ Only Directorship of public limited companies incorporated in India have been considered.
*only Audit Committee and Stakeholders Relationship Committee, in other public limited companies, have been considered for the
Committee positions.
^ceased to be director on account of death on December 18, 2014.
** appointed as an Additional Director (Independent Director) w.e.f November 10, 2014.
*** appointed as an Additional Director (Independent Director) w.e.f. March 26, 2015.
# resigned w.e.f. July 16, 2015.

No Independent Directors of the Company have any material pecuniary relationship or transactions with the Company.
Mr. Pravin Patel and Mr. Rupen Patel are related to each other. None of the other Directors is related to each other.
The Board of Directors met nine times on the following dates during the financial year 2014-15:
May 23, 2014; May 30, 2014; June 12, 2014 (adjourned and held on June 18, 2014); July 23, 2014; August 13, 2014;
September 9, 2014; September 26, 2014; November 14, 2014 (adjourned and held on November 21, 2014) and February 13,
2015 . The necessary quorum was present for all the meetings.
Meeting of Independent Directors
During the year, meeting of Independent Directors was held to review the performance of the Board and to assess the
quality and timeliness of flow of information between the management and the Board.
Committees of the Board:
A) Audit Committee
The Board of Directors at their meeting held on May 30, 2014 has changed the terms of reference of the Audit Committee
to align the same in terms with Clause 49(II)(A) of the Listing Agreement and Section 177 of the Companies Act, 2013.
Terms of reference:
i. To recommend the appointment, remuneration and terms of appointment of Statutory auditors of the Company;
ii. To approve the payment to statutory auditors for any other services rendered by the statutory auditors;
iii. To review and monitor the auditors independence, performance and effectiveness of audit process;
iv. To review with the management, performance of statutory and internal auditors, adequacy of the internal control
systems;
v. To review with the management, the annual financial statements and auditors report thereon before submission to the
board for approval, with particular reference to:
Matters required to be included in the Directors Responsibility Statement to be included in the Boards report in
terms of clause (c) of sub-section 3 of section 134 of the Companies Act, 2013;
Changes, if any, in accounting policies and practices and reasons for the same;
Major accounting entries involving estimates based on the exercise of judgment by management;
Significant adjustments made in the financial statements arising out of audit findings;
Compliance with other legal requirements relating to financial statements;
Disclosure of any related party transactions;
Qualifications in the draft audit report;
vi. To review with the management, the quarterly financial statements before submission to the Board for approval;
vii. To review the Management letters / letters of internal control weaknesses issued by the statutory auditors;
viii. To approve the related party transactions or any subsequent modification of such transactions;
ix. To scrutinize the inter-corporate loans and investments;
x. To valuation of undertakings or assets of the Company, wherever it is necessary;
xi. To evaluate internal financial controls and risk management systems;
xii. To monitor the end use of funds raised through public offers and related matters, if any;
xiii. To investigate into any of the matters specified above or any matters referred by the Board;
xiv. To oversee the Vigil mechanism and provide direct access to Audit Committee chairperson under vigil mechanism;
xv. To discuss issues with internal and statutory auditors;
xvi. To seek information from any employee and to obtain legal and professional advice as and when necessary;
xvii. To discuss the scope of internal audit with internal auditors;
xviii. To provide any clarification on matters relating to audit in the Annual General Meeting;

xix. To formulate the scope, functioning, periodicity and methodology for conducting internal audit in consultation with the
internal auditor;
xx. To call for comments from the internal auditors about internal control systems, scope of audit including the observations
of the auditors;
xxi. To review the findings of any internal investigations by the internal auditors into matters where there is suspected fraud
or irregularity or a failure of internal control systems of a material nature and reporting the matter to the board;
xxii. To look into the reasons for substantial defaults in the payment to the depositors, debenture holders, shareholders (in
case of non-payment of declared dividends) and creditors;
xxiii. To approve the appointment of CFO (i.e., the whole-time Finance Director or any other person heading the finance
function or discharging that function) after assessing the qualifications, experience and background, etc. of the
candidate;
xxiv. To review the appointment, removal and terms of remuneration of the Internal Auditor.
Composition and the details of meeting attended:
Name Category Number of meetings during the year 2014-15
Held Attended
Mr. Khizer Ahmed, Chairman Independent, Non-Executive Director 7 5
Mr. K. Kannan* Independent, Non-Executive Director 7 5
Mr. S. Jambunathan ** Independent, Non-Executive Director 6 3
Mr. K. Ramasubramanian *** Independent, Non-Executive Director 2 2
Mr. Pravin Patel Promoter, Executive Director 7 7
*ceased as member on account of death on December 18, 2014.
** inducted as a member of the Audit Committee by the Board of Directors at their meeting on May 30, 2014.
*** appointed w.e.f. November 10, 2014.
(iii) The Audit Committee met 7 times during the financial year 2014-15 i.e. on May 14, 2014; May 30, 2014; June 12, 2014;
June 18, 2014; August 13, 2014; November 14, 2014 and February 13, 2014. The necessary quorum was present for all
the meetings of the Committee.
B) Nomination and Remuneration Committee:
Pursuant to the provision of Section 178 (1) of the Companies Act, 2013, the Board of Director at their meeting held on
May 30, 2014 renamed the Remuneration Committee as Nomination and Remuneration Committee and redefined the
terms of reference.
Terms of reference:
i. To identify individuals who are qualified to become Directors and in senior management in accordance with the criteria
as per the policy approved by the Board and recommend to the Board about their appointment and removal.
ii. To carry out the evaluation of the performance of Directors;
iii. To formulate the policy to determine the qualifications, positive attributes and independence for appointment/
reappointment as Directors in the Company;
iv. To formulate the remuneration policy of Directors, key managerial personnel and other employees and recommend the
same to the Board;
v. To formulate the assessment/evaluation criteria for performance evaluation of the Directors of the Company;
vi. To devise the policy on the Board diversity;
vii. To administer Share Based Employee Benefit Schemes implemented by the company including but not restricted to
identify eligible employees, issue & allot options, determine exercise price, grant share based employee benefits, recover
loans thereto, approve/reject applications for benefits and such other powers as may be required for the functioning &
implementation of the Scheme.

Composition and the details of the meeting attended:

Held Attended
Mr. Pravin Patel Promoter, Executive Director 1 1
Mr. S. Jambunathan Independent, Non-Executive Director 1 1
Mr. K. Ramasubramanian** Independent, Non-Executive Director - -
*ceased as member on account of death on December 18, 2014.
**appointed w.e.f. November 10, 2014
The Nomination and Remuneration Committee met on May 30, 2014. The necessary quorum was present for the meeting.
The Company has framed a Remuneration Policy pursuant to Clause 49 of the Listing Agreement and Section 178 of the
Companies Act, 2013, which is annexed to the Boards Report.
Remuneration to Directors
a. Non-Executive Directors:
The Company pays sitting fees of ` 50,000 per meeting to Non Executive Directors for attending meeting of the Board
and Audit Committee and fees of ` 25, 000 for attending meeting of other Committees.
The details of sitting fees paid to the directors during the year ended March 31, 2015 are as under:
(` in Million)
Name Sitting fees
Mr. K. Kannan 0.61
Mr. Khizer Ahmed 0.69
Mr. S. Jambunathan 0.57
Mr. K. Ramasubramanian 0.33
b. Executive Directors
The details of the remuneration paid to the Managing Director and the Executive Directors during the financial year
ended March 31, 2015 are as under:
(` in Million)
Mr. Pravin Patel, Mr. Rupen Patel, Ms. Silloo Patel Mr. Nimish Patel* Mr. Ashwin Parmar
Chairman Managing Director
Salary 0 5.90 4.39 4.39 2.46
Perquisites
0 7.87 3.89 7.14 2.86
/ others
Total 0 13.77 8.28 11.56 5.32
September
Service 27, 2013 to April 1, 2014 to September 1,2014 April 1, 2014 to April 1, 2014 to
Contract September 26, March 31, 2019 to August 31, 2017 March 31, 2017 March 31, 2017
2016
*resigned as director w.e.f July 16, 2015.

The shareholding of the Directors in the Company as on March 31, 2015 is as under:
Name Number of equity shares % of the paid up capital
Mr. Pravin Patel, Chairman 40,800 0.05
Mr. Rupen Patel, Managing Director 13,52,600 1.76
Mr. Khizer Ahmed 26,500 0.03
Mr. S. Jambunathan 50 0.00
Ms. Silloo Patel 2,98,479 0.39
Mr. Nimish Patel 43,634 0.06
Mr. Ashwin Parmar 6,997 0.01
Mr. K. Ramasubramanian 357 0.00
C) Stakeholders Relationship Committee:
The Company has renamed the Shareholders & Investors Grievance Committee as Stakeholders Relationship Committee
in compliance with section 178(5) of the Companies Act, 2013 and in terms of clause 49 (VIII) (E) of the listing
agreement with Stock Exchanges.
Terms of reference:
The Stakeholders Relationship Committee looks into matters of shareholders/investors viz. transfer/credit of shares to
their demat account, non-receipt of dividend/ notices/ annual Reports etc.
The two member sub-committee comprising of Ms. Silloo Patel, Whole time Director and Ms. Shobha Shetty, Company
Secretary was formed to expedite the processing system in respect of matters relating to shares/share transfer etc. The
sub-committee places a quarterly report before the Stakeholders Relationship Committee for their approval / noting.
The Secretarial Department of the Company and the Registrar and Share Transfer Agent, Link Intime India Private
Limited attend to all grievances of the shareholders received directly or through SEBI (SCORES), Stock Exchanges, MCA.
The Minutes of the Shareholder and Investor Grievance Committee meetings are circulated to the Board and noted by
the Directors at the Board meeting.
Composition and the details of meeting attended:
Held Attended
Mr. Jambunathan Independent, Non-Executive Director 4 3
Mr. K. Ramasubramanian** Independent, Non-Executive Director 2 2
*ceased to be Director on account of death on December 18, 2014.
**appointed w.e.f. November 10, 2014.
Stakeholders Relationship Committee met 4 times on May 30, 2014; August 13, 2014; November 14, 2014 and February 13,
2015.The necessary quorum was present for all the meetings of the Committee.
Ms. Shobha Shetty is the Company Secretary & Compliance Officer of the Company.
Based on the report received from Link Intime (India) Private Limited, the Registrar & Share Transfer Agent, the Company
has received 25 complaints during the year ended March 31, 2015 which were satisfactorily resolved /replied to. As on
March 31, 2015 there were no pending requests/complaints.
Risk Management
The Risk Management Committee of the Board of Directors has designed Risk Management Policy to lay down a framework
for risk assessment and risk minimization procedures. The composition of the Committee is in compliance with Clause 49 of
the Listing Agreement.

Board Evaluation
The Board has carried out an annual performance evaluation of its own performance, and of the directors individually,
as well as the evaluation of all the committees i.e. Audit, Nomination and Remuneration, Stakeholders Relationship,
Committee of Directors and CSR Committee.
The Board adopted a formal evaluation mechanism for evaluating its performance and as well as that of its Committees
and individual directors, including the Chairman of the Board. The exercise was carried out by feedback survey from each
directors covering Board functioning such as composition of Board and its Committees, experience and competencies,
governance issues etc. Separate Exercise was carried out to evaluate the performance of individual directors including the
Chairman of the Board who were evaluated on parameters such as attendance, contribution at the meeting etc.
General Body Meetings
The date, time and venue of the last three Annual General Meetings are given below:
Details Date Time Venue
1 63rd Annual General Meeting 2011-12 October 12,2012 3.30 pm Shree Saurashtra Patel Samaj,
2 64th Annual General Meeting 2012-13 September 27, 2013 3.30 pm Patel Estate Road,
Jogeshwari (W),
3 65th Annual general Meeting 2013-14 September 26, 2014 3.30 pm
Mumbai-400102
Postal Ballot
During the year, pursuant to the provision of Section 110 of the Companies Act, 2013, read with Companies (Management
and Administration) Rules, 2014, the Company has passed Special resolutions through Postal Ballot conducted twice during
the year 2014-15.
Mr. Pramod Mehendale of M/s Pramod H. Mehendale & Co, Practicing Company Secretary was appointed by the Board of
Directors of the Company to conduct both the postal ballot process in fair and transparent manner.
a. The Company as per the postal ballot notice dated July 23, 2014, passed four special resolutions. The results of the
Postal Ballot were announced on September 9, 2014. The details of the results of Postal Ballot are as under:
Sr Business Postal Ballot forms Valid Votes casted
No. received (physical +electronic)
(physical + electronic)
Total Valid Total In favour Against
1 Special Resolution under Section 186 of the
Companies Act, 2013 for making investments /
giving loans / providing guarantees / securities
on behalf of any person(s) or body corporate 516 493 4,91,34,864 4,90,70,001 64,863
(Including subsidiary(ies) and overseas
subsidiary(ies) Company (ies)) upto an amount
not exceeding ` 3,500 crore.
2 Special Resolution under Section 180 (1) (c)
of the Companies Act, 2013 for increase in
516 488 4,91,31,959 4,91,21,655 10,304
borrowing power of the Board of Directors up
to ` 9,000 crores.
3 Special Resolution under Section 180 (1) (a) of
the Companies Act, 2013 for creation of charge
/ mortgage over the movable and immovable 516 487 4,91,31,759 4,90,89,245 42,514
properties of the Company, both present and
future, in respect of borrowings.
4 Special Resolution for further issuance of
Securities for an amount not exceeding ` 1,000 516 474 4,91,29,708 4,90,66,851 62,857
crores

b. The Company as per the postal ballot notice dated September 26, 2014, passed two Special Resolutions. The results of
the Postal Ballot were announced on November 12, 2014. The details of the results of Postal Ballot are as under:
Sr Postal Ballot forms received Valid Votes casted
Business
No. (physical + electronic) (physical +electronic)
Total Valid Total In favour Against
Special Resolution to be passed under
Section 180 (1)(a) of the Companies Act,
2013 to lease sell, transfer, convey, assign
1 507 493 5,01,43,641 5,01,41,409 2,232
or otherwise dispose of the Companys
immovable property/ies at Patel Estate Road,
Jogeshwari, Mumbai.
Special Resolution to be passed under
Section 180 (1) (a) of the Companies Act,
2 521 500 5,01,43,265 5,01,41,209 2,056
2013 to sell /transfer/disinvest the Thermal
Project at Nagapattinam, Tamil Nadu.
Resolution, if any, to be passed through Postal Ballot during the current financial year will be taken up as and when
necessary.
The procedure for Postal Ballot:
In compliance with Clause 35B of the Listing Agreement and Sections 108, 110 and other applicable provisions of the
Companies Act, 2013, read with the related Rules, the Company provides electronic voting facility to all its members, to
enable them to cast their votes electronically. The Company engages the services of CDSL for the purpose of providing
e-voting facility to all its members. The members have the option to vote either by physical ballot or e-voting.
The Company dispatches the postal ballot notices and forms along with postage prepaid business reply envelopes to its
members whose names appear on the register of members / list of beneficiaries as on a cut-off date. The postal ballot
notice is sent to members in electronic form to the email addresses registered with their depository participants (in case
of electronic shareholding) / the Companys registrar and share transfer agents (in case of physical shareholding). The
Company also publishes a notice in the newspaper declaring the details of completion of dispatch and other requirements as
mandated under the Act and applicable Rules.
Voting rights are reckoned on the paid-up value of the shares registered in the names of the members as on the cut-
off date. Members desiring to exercise their votes by physical postal ballot forms are requested to return the forms duly
completed and signed, to the scrutinizer on or before the close of voting period. Members desiring to exercise their votes
by electronic mode are requested to vote before close of business hours on the last date of e-voting. The scrutinizer submits
his report to the Chairman, after the completion of scrutiny, and the consolidated results of the voting by postal ballot are
then announced by the Chairman / authorized officer. The results are also displayed on the website of the Company, www.
pateleng.com, besides being communicated to the stock exchanges, depository and registrar and share transfer agent. The
date of declaration of the results by the Company is deemed to be the date of passing of the resolutions.
Disclosures:
i. The Company has not entered into any materially significant related party transaction that may have potential conflict
with the interest of Company at large but the Company has taken approval of its Audit Committee in terms of Section
177 and rules made thereunder of the Companies Act, 2013 and Clause 49 of the Listing agreement for its related party
transaction with its wholly owned subsidiaries during the Financial year 14-15.
ii. The financial statements have been prepared in accordance with the accounting standards and policies generally accepted
in India.
iii. The Company has paid fine of ` 25,000 each to BSE and NSE for delay in filing of its Financial Statements for the quarter
ended September 30, 2014.
iv. The Company has implemented the mandatory requirements of Corporate Governance as set out in the Listing Agreement.
v. The Company has a Whistle Blower Policy for employees to report concerns about unethical behaviour, actual or suspected
fraud or violation of our code of conduct or ethics policy and confirms that no personnel have been denied access to
Audit Committee.

vi. The CEO and the CFO have certified to the Board, the requirements of Clause 49(IX) of the Listing Agreement.
vii. Pursuant to Clause 49 of the Listing Agreement, a certificate from M/s Vatsaraj & Co, Chartered Accountant,certifying
the compliance by the Company with the provisions of the Corporate Governance of the Listing Agreement forms part of
this Report.
Means of Communication
i. The quarterly/annual financial results are regularly submitted to the Stock Exchanges in accordance with the Listing
Agreement and published in an English daily and a Marathi daily newspapers. The quarter/annual results, press releases
and the presentation made to the Institutional Investors or to the Analysts, if any, are uploaded on the website of the
Company www.pateleng.com.
ii. The Management Discussion and Analysis Report, in compliance with the requirements of Clause 49 of the Listing
Agreement forms part of this Annual Report.
iii. The Company has designated email id [email protected] exclusively for Investors servicing.
iv. General Shareholder information
i) Annual General Meeting:
Date : September 28, 2015
Time 3.30 pm
Venue Shri Saurashtra Patel Samaj,
Mumbai 400 102.
ii) Financial Calendar year ending March 31, 2015
iii) Date of Book Closure September 22, 2015 to September 28, 2015 (both days inclusive)
iv) Listing on Stock Exchanges
The Equity Shares of the Company are listed on BSE Limited (BSE) and National Stock Exchange of India Limited
(NSE). The Company has paid the listing fees, to these Stock Exchanges for the financial year 2015-16.
v) Stock codes (Equity Share)
BSE Limited 531120
National Stock Exchange Limited PATELENG
vi) Market Price Data
High, Low (based on the closing Prices) and number of Companys shares traded during each month in the
financial year 2014-2015 on BSE and NSE are under :
Month BSE NSE
High (`) Low (`) Total No. of High (`) Low (`) Total No. of
Shares Traded Shares Traded
Apr 2014 79.00 59.10 50,44,439 79.25 58.75 1,65,88,157
May 2014 107.00 65.70 45,90,983 106.80 65.65 1,41,26,973
Jun 2014 152.50 95.00 74,67,725 152.95 89.90 2,14,05,963
Jul 2014 128.05 98.10 6,34,493 129.00 98.20 18,70,796
Aug 2014 115.50 95.35 14,47,815 115.30 96.05 32,01,973
Sep 2014 111.85 91.00 23,70,178 112.00 90.80 65,00,692
Oct 2014 102.75 86.15 20,09,481 102.90 86.15 45,52,151
Nov 2014 119.20 99.60 37,57,012 119.25 99.30 1,11,89,301
Dec 2014 122.45 85.70 50,94,684 122.50 85.80 1,45,98,748
Jan - 2015 102.00 91.10 19,88,841 101.90 91.10 51,65,875
Feb - 2015 101.50 83.50 27,51,032 101.80 83.70 79,55,234
Mar -2015 94.70 80.50 17,06,313 94.80 70.20 54,81,389

vii) a) Performance of the share price of the Company in comparison to the BSE Limited Sensex:
Patel NSE
130 9,500
120 9,000
110
8,500
100
Share price
8,000
Niy
90
7,500
80
7,000
70
60 6,500
50 6,000
b) Performance of the share price of the Company in comparison to the NSE Nifty:
Patel BSE
130 30,000
120
28,000
110
100
Share Price
26,000
Sensex
90
80 24,000
70
22,000
60
50 20,000
viii) Registrar and Transfer Agents: Link Intime India Private Limited is the Registrar and Share Transfer Agent of the
Company. The Registrar and Share Transfer Agent acknowledges and executes the transfer of shares and also understands
the dematerialisation/ rematerialisation of Equity Shares. The Registrar and Share Transfer Agent also accepts, deals
with and resolve complaints of the shareholders.

ix) Share Transfer System: 98.77 % of the shares of the company are in the electronic form. Transfer of these shares is
done through the depositories with no involvement of the company. As regards transfer of shares in physical form, the
same is normally processed within 15 days by the Registrar from the date of receipt if the documents are complete
in all respects. The two member sub-committee constituted by the Board approves the transfers and report to the
Stakeholders Relationship Committee of the Board each quarter.
x) Distribution of shareholding as on March 31, 2015:
No. of shares Holdings % to Capital No. of Shareholders % to Total
1-500 51,68,388 6.73 55,606 90.89
501-1000 21,70,397 2.83 2,706 4.42
1001-2000 21,54,040 2.80 1,403 2.29
2001-3000 14,08,445 1.83 535 0.87
3001-4000 7,26,565 0.95 203 0.33
4001-5000 8,38,477 1.09 178 0.29
5001-10000 19,99,266 2.60 278 0.45
Above 10000 6,23,40,704 81.17 269 0.44
Grand Total 7,68,06,282 100.00 61,178 100.00
Shareholding Pattern as on March 31, 2015
Category No. of Shares %
Promoters 3,88,83,431 50.63
Mutual Funds / UTI 482 0.00
Financial Institution/ Banks 13,42,486 1.75
FIIs 6,46,167 0.84
Patel Engineering Employee Welfare Trust 60,45,000 7.87
NRIs 7,67,166 1.00
Indian Public & others 2,91,21,550 37.91
Grand Total 7,68,06,282 100.00
Percentage
50.63 Promoters
0.00 Mutual Funds / UTI
1.75 Financial Instuon/ Banks
0.84 FIIs
7.87 Patel Engineering Employee
Welfare Trust
1.00 NRIs/
37.91 Indian Public & Others

xi) Dematerialisation of shares and liquidity:
The Companys shares are compulsorily traded in dematerialized form and are available for trading on both the depositories
in India viz National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL). Equity
shares of the company representing 98.77 % of the Companys share capital are dematerialized as on March 31, 2015.
The Companys shares are regularly traded on the National Stock Exchange of India Limited and BSE Limited, in electronic
form.
Under the Depository System, the International Securities Identification Number (ISIN) allotted to Companys securities.
Particulars of Security ISIN

Equity Shares INE244B01030
9.8% Non-Convertible Debentures of ` 95 crores INE244B07045
INE244B07136
xii) The Company has not issued GDRs/ADRs/Warrants or any other instrument convertible into equity.
xiii) Details of shares lying in the suspense account (pursuant to Clause 5A of the Listing Agreement)
Particulars
1 Aggregate number of shareholders at the beginning of the year 57
2 Outstanding shares in the suspense account lying at the beginning of the year 1,085
3 No of shareholders who approached the company for transfer of shares from suspense account during 0
the year
4 Number of shareholders to whom shares were transferred from the suspense account during the year 0
5 Aggregate number of shareholders at the end of the year 57
6 Outstanding shares in the suspense account at the end of the year 1,085
The voting rights on the outstanding shares shall remain frozen till the rightful owner of such shares claims the shares.
xiv) Plant locations- Not Applicable
xv) Address for correspondence :For any assistance, request or instruction regarding transfer or transmission of shares and
debentures, dematerialization of shares, change of address, non- receipt of annual report, dividend warrant and any
other query relating to the shares and debentures of the Company, the investors may please write to the following
address:
Link Intime India Private Limited The Company Secretary
Unit: Patel Engineering Limited Patel Engineering Limited
C- 13 Pannalal Silk Mills Compound, Patel Estate Road, Jogeshwari (West),
LBS Road, Bhandup (West) Mumbai 4000 78. Mumbai 400 102.
Tel: +91 22 2594 6970 Tel: +91 22 26767500 / 501
Fax no. +91 22 25946969 Fax: +91 22 26782455/ 26781505
E-mail: [email protected] E-mail: [email protected]
Website: www.linkintime.co.in

Declaration by the CEO under Clause 49 of the Listing Agreement regarding adherence to the Patel Engineering Code
of Conduct.
In accordance with Clause 49 (II) (E) (2) of the Listing Agreement, I hereby declare that for the financial year ended
March 31, 2015 the Directors and Senior Management Personnel of the Company have affirmed compliance with the Patel
Engineering Code of Conduct applicable to all the Directors and Senior Management.
For Patel Engineering Limited
Rupen Patel
Managing Director
August 14, 2015

Certificate of Compliance of Conditions of
Corporate Governance
To the Board of Directors of Patel Engineering Ltd.
We have examined the compliance of conditions of Corporate Governance by Patel Engineering Limited (the Company),
for the year ended March 31, 2015, as stipulated in Clause 49 of the Listing Agreement executed by the Company with
BSE Limited (BSE) and the National Stock Exchange Limited (NSE) [ together referred to as the Stock Exchanges].The
compliance of conditions of Corporate Governance is the responsibility of the management. Our examination was limited to
procedures and implementation thereof, adopted by the Company for ensuring the compliance of conditions of Corporate
Governance. It is neither an audit nor an expression of opinion on the financial statements of the Company.
In our opinion and to the best of our information and according to the explanations given to us, we certify that the
Company has compiled with the conditions of Corporate Governance as stipulated in the above mentioned Listing
Agreements.
We further state that such compliance is neither an assurance as to future viability of the Company nor the efficiency or
effectiveness with which the management has conducted the affairs of the Company
For Vatsaraj & Co.

Chartered Accountants
FRN: 111327W
(CA Mayur Kisnadwala)

Mumbai Partner
August 14, 2015 M. No.: 33994

Chief Executive Officer (CEO) and

Chief Financial Officer (CEO) Certificate
To the Board of Directors of Patel Engineering Ltd.
Dear Sirs,
Sub: CEO/CFO Certificate (Issued in accordance with provisions of Clause 49 (IX) of the Listing Agreement)
We have reviewed the financial statements, read with the cash flow statement of Patel Engineering Limited for the year
ended March 31, 2015 and that to the best of our knowledge and belief, we state that:
a. i. These statements do not contain any materially untrue statement or omit any material fact or contain
statements that may be misleading.
ii. These statements present a true and fair view of the Companys affairs and are in Compliance with current
accounting standards, applicable laws and regulations.
b. There are, to the best of our knowledge and belief, no transactions entered into by the Company during the year which
are fraudulent, illegal or in violation of the Companys code of conduct.
c. We accept responsibility for establishing and maintaining internal controls for the financial reporting. We have evaluated
the effectiveness of internal control systems of the Company and have disclosed to the Auditors and the Audit Committee,
deficiencies in the design or operation of internal controls, if any, and the steps taken for rectifying these deficiencies.
d. We have indicated to the Auditors and the Audit Committee:
i. Significant changes in the internal control over financial reporting during the year.
ii. Significant changes in accounting policies made during the year and the same have been disclosed suitably in
the notes to the financial statements; and
iii. Instances of significant fraud of which we have become aware and the involvement therein, if any, of the
management or an employee, having a significant role in the companys internal control system over financial
reporting.
Mumbai, Kavita Shirvaikar Rupen Patel

July 20, 2015 Joint CFO Managing Director

Independent Auditors Report
To The Members of PATEL ENGINEERING LIMITED whether the consolidated financial statements are free from
material misstatement.
Report on the Consolidated Financial Statements
We have audited the accompanying consolidated financial An audit involves performing procedures to obtain audit evidence
statements (CFS) of Patel Engineering Limited (the Holding about the amounts and the disclosures in the consolidated
Company), its subsidiaries, its joint ventures and associates financial statements. The procedures selected depend on the
companies; hereinafter referred to as the Patel Group, which auditors judgment, including the assessment of the risks of
comprising of the Consolidated Balance Sheet as at March material misstatement of the consolidated financial statements,
31, 2015, the Consolidated Statement of Profit and Loss and whether due to fraud or error. In making those risk assessments,
Consolidated Cash Flow Statement for the year then ended, and a the auditor considers internal financial control relevant to the
summary of significant accounting policies and other explanatory
Holding Companys preparation of the consolidated financial
information.
statements that give a true and fair view, in order to design
audit procedures that are appropriate in the circumstances, but
Managements Responsibility for the Consolidated
not for the purpose of expressing an opinion on whether the
Holding Company has in place an adequate internal financial
The Holding Company Board of Directors is responsible for the
controls systems over financial reporting and the operating
preparation of these consolidated financial statements in terms
with the requirement of the Companies Act, 2013 (hereinafter effectiveness of such controls. An audit also includes evaluating
referred to as the Act) that give a true and fair view of the the appropriateness of accounting policies used and the
consolidated financial position, consolidated financial performance reasonableness of the accounting estimates made by the Holding
and consolidated cash flows of the Patel Group in accordance Companys Board of Director, as well as evaluating the overall
with accounting principles generally accepted in India, including presentation of the consolidated financial statements.
the Accounting Standards specified under Section 133 of the
We believe that the audit evidence obtained by us and the
Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.
audit evidence obtained by the other auditors in terms of their
The respective Board of Directors of the companies included in
the Patel Group are responsible for maintenance of adequate reports referred to in paragraph titled as Other Matters below, is
accounting records in accordance with the provisions of the Act sufficient and appropriate to provide basis for our audit opinion
for safeguarding of the assets of the respective entities and for on the consolidated financial statements.
preventing and detecting frauds and other irregularities, the
selection and application of appropriate accounting policies; Opinion
making judgments and estimates that are reasonable and prudent;
In our opinion and to the best of our information and according
and the design, implementation and maintenance of adequate
to the explanations given to us, the aforesaid consolidated
internal financial control that were operating effectively for
ensuring the accuracy and completeness of the accounting financial statements give the information required by the Act in
records, relevant to the preparation and presentation of the the manner so required and give a true and fair view in conformity
financial statements that give a true and fair view and are free with the accounting principles generally accepted in India, of the
from material misstatement, whether due to fraud or error, which consolidated state of affairs as at March 31, 2015, consolidated
have been used for the purpose of preparation of the consolidated profit and consolidated cash flows of the Patel Group for the year
financial statements by the Directors of the Holding Company, as ended on that date.
aforesaid.
Emphasis of Matter
Auditors Responsibility
a. Note no. 36 of the consolidated financial statements of
Our responsibility is to express an opinion on these consolidated the company for the year ended March 31,2015, regarding
financial statements based on our audit. While conducting the the subsidiary Patel Energy Resources Ltd (PERL), wherein
audit, we have taken into account the provisions of the Act, the their auditors without qualifying their opinion have drawn
accounting and auditing standards and matters which are required attention with respect to;
to be included in the audit report under the provisions of the Act
i. Investments made and loans and advances extended
and the Rules made thereunder.
to subsidiaries/wholly owned subsidiaries of the
We conducted our audit in accordance with the Standards on PERL. The management is of the view that no
Auditing, issued by the Institute of Chartered Accountants of provision is considered necessary at this stage in
India, as specified under section 143(10) of the Act. Those respect of these Investments/loans, considering the
Standards require that we comply with ethical requirements and long term nature of these investments/loans.
plan and perform the audit to obtain reasonable assurance about

ii. adoption of Going concern basis of accounting We did not audit of the financial statements of 5 subsidiaries
despite continuous/significant losses, based on company, whose financial statements reflect net total assets of
future and long term potential of the projects in `100.17 Crores as at 31st March 2015, total revenues of ` 96.14
which the Investments have been made. Crores, Groups share of net loss of ` 6.94 crores and net cash
iii. legal opinion obtained by the PERL, based on which flows amounting to ` (4.38) Crores for the year ended on that
management is of the view that the Company is not date, as considered in the consolidated financial statements, in
a Non-Banking Financial Company (NBFC) in terms of respect of 2 associates whose Share of Profit is ` 0.23 Crores have
the directions of Reserve Bank of India (RBI). They not been audited by us. These financial statements are unaudited
and have been furnished to us by the Management which are
have relied on such legal opinion.
subject to consequential adjustments if any, arise out of their
b. Note no. 37 and 38 of the consolidated financial statements
audit and our opinion on the consolidated financial statements,
of the company for the year ended March 31,2015, in so far as it relates to the amounts and disclosures included in
regarding the subsidiary Patel Realty India Ltd (PRIL), respect of these subsidiaries, associates and joint ventures, and
wherein their auditors without qualifying their opinion have our report in term of sub-section (3) and 11 of section 143 of the
drawn attention with respect to; Act, insofar as it relates to the aforesaid subsidiaries, associates
i. The attention drawn by the auditor of Mauritius and joint ventures is based solely on such unaudited financial
Based Subsidiary Waterfront Developers Ltd and its statements as certified the management.
Subsidiaries, thereof (Waterfront), a Subsidiary of Our opinion on the consolidated financial statements, and our
Patel Realty (India) Ltd thereof (PRIL), in respect report on Other Legal and Regulatory Requirements below, is
of the receipt of Notice dated June 4, 2015 from not modified in respect of the above matter with respect to our
Government of Mauritius for termination of Lease reliance on the work done and the reports of the other auditors
Agreement for Land entered on December 11, 2009 and the financial statements certified by the management.
with Les Salines Development Ltd (a step down
subsidiaries of Waterfront). In this case, Waterfront is Report on other Legal and Regulatory Requirements
confident of resolving the issue with the Government 1. As required by the Companies (Auditors Report) Order, 2015
of Mauritius in due course. (the Order), issued by the Central Government of India in
ii. PRIL is in process of compliance with the provision terms of sub-section (11) of Section 143 of the Act, based
of Section 203 of the Act (pertaining to appointment on the comments in the auditors report of the Holding
of Key Managerial Personnel i.e. Managing Director Company, subsidiary companies and associate companies
and Chief Financial Officer). incorporated in India, we give in the Annexure a statement
Our Opinion is not Modified in respect of above matters. on the matters specified in paragraph 3 and 4 of the Order,
to the extent applicable.
Other Matters 2. As required by Section 143(3) of the Act, we report to the
We did not audit the financial statements of 16 subsidiaries and extent applicable that:
2 Joint Ventures whose consolidated financial statements reflect a) We have sought and obtained all the information and
net total assets of `691.03 Crores as at 31st march 2015, total explanations which to the best of our knowledge and
revenues of ` 1015.62 Crores, Groups share of net profit of ` belief were necessary for the purposes of our audit of
22.55 crores and net cash flows amounting to ` (0.19) Crores the aforesaid consolidated financial statements.
and 4 Associates companies whose Share of net loss is `2.01 b) In our opinion, proper books of account as required
Crores for the year ended 31st March 2015, as considered in the by law relating to preparation of the aforesaid
consolidated financial statement. These financial statements have consolidated financial statements have been kept so
been audited by other auditors whose report have been furnished far as it appears from our examination of those books
to us by the Management and our opinion on the consolidated and reports of the other auditors;
financial statements, in so far as it relates to the amounts and c) The consolidated Balance Sheet, the Consolidated
disclosures included in respect of these subsidiaries, associates Statement of Profit and Loss and the Consolidated
and joint ventures, and our report in term of sub-section (3) and Cash Flow Statement dealt with by this Report are
11 of section 143 of the Act, insofar as it relates to the aforesaid in agreement with the books of account maintained
subsidiaries, associates and joint ventures, is based solely on the for the purpose of preparation of the consolidated
reports of the other auditors. financial statements.

d) In our opinion, the aforesaid consolidated financial Group. Refer Note No. 44 to the consolidated
statements comply with the Accounting Standards financial statements.
specified under Section 133 of the Act, read with ii. Provision has been made in the consolidated
Rule 7 of the Companies (Accounts) Rules, 2014. financial statements, as required under the
e) On the basis of written representations received applicable law or accounting standards for
from the directors of the Holding Company as on material foreseeable losses, if any, on long
31 March, 2015, taken on record by the Board of term contracts including derivative contracts.
Directors of the Holding Company and the reports of iii. There has been no delay in transferring
the statutory auditors of its subsidiary companies, amounts, required to be transferred, to the
associate companies incorporated in India, none of Investor Education and Protection fund by the
the directors of the Holding Company, its subsidiary Holding Company and its subsidiary company
company and associate companies incorporated in and associate companies incorporated in
India is disqualified as on 31st March, 2015 from India.
being appointed as a director in terms of Section
164(2) of the Act.
f) With respect to the other matters to be included in For Vatsaraj & Co.
the Auditors Report in accordance with Rule 11 of Chartered Accountants
the Companies (Audit & Auditors) Rules, 2014, in FRN: 111327W
our opinion and to the best of our information and
according to explanations given to us: CA. Nitesh K Dedhia
i. the consolidated financial statements disclose Place : Mumbai Partner
the impact of pending litigations on the Date : July 23, 2015 M. No.: 114893
consolidated financial position of the Patel

Annexure to Independent Auditors Report

on the consolidated financial statements of Patel Engineering Limited (the Holding Company) for the year ended March 31, 2015
(Referred to in paragraph 1 under Report on Other Legal and Regulatory Requirements section of our report of even date)
Our reporting on the Order includes 15 subsidiary companies and given to us and the other auditors, the respective
4 associate companies incorporated in India, to which the Order companies have maintained proper records of their
is applicable, which have been audited by other auditors and our inventories and no material discrepancies were
report in respect of these entities is based solely on the reports noticed on physical verification.
of the other auditors, to the extent considered applicable for 3 The Holding Company has granted unsecured loans to 33
reporting under the Order in the case of the consolidated financial companies and 2 firms which are covered in the register
statements. maintained under section 189 of the Companies Act, of
In respect of one subsidiary company and two associate which the net balance of ` 419.2 million of a company has
companies incorporated in India which have been included in the been written off during the year.
consolidated financial statements based on unaudited financial a) As per information and explanation given to us, the
statements of such companies provided to us by the Management, above loans are repayable on demand. There is no
whilst in our opinion, and according to the information and time stipulation for repayment of the principal and
explanations given to us, reporting under the Order is applicable interest. We are also informed that the company
in respect of these companies, since these companies are has not demanded repayment of either principal or
unaudited, the possible effects of the same on our reporting under interest during the year.
the Order in the case of the consolidated financial statements has
b) As informed to us there is no overdue amount
not been considered.
in excess of ` 1 lacs on loans granted remaining
1 In respect of the fixed assets of the Holding Company, outstanding as at the year end, as they are repayable
subsidiary companies and associate companies incorporated on demand.
in India:
In respect of Patel Realty (India) Limited, a subsidiary has
a) The respective companies have maintained given loans to its 10 subsidiaries and to Patel Engineering
proper records showing full particulars, including Limited (the Parent Company) which are covered in the
quantitative details and situation of its fixed assets. register maintained under section 189 of the Act. The sums
b) We have been informed that, the fixed assets of the involved were ` 2913.20 million and the balances of such
Holding Company including the assets purchased loans as at year end were ` 2660.15 million.
in the name of Directors and their relatives The Patel Engineering Infrastructure Limited, a subsidiary,
and employees, have been physically verified have granted interest free, at call, unsecured loan to a
at reasonable intervals by the management and company covered in the register maintained under section
no material discrepancies were noticed on such 189 of the Act, the receipt of principal is at call as mutually
verification. agreed between the parties of the contract, and there is
As explained by other auditors, fixed assets have no overdue amount in respect of the above loans in the
been physically verified by the management of the opinion of the other auditor.
respective companies at reasonable intervals and In respect of Patel Energy Resource Limited, a subsidiary
no material discrepancies were noticed on such has granted unsecured loans to 15 companies covered in
verification. the register maintained under section 189 of the Act. Since
2 In respect of the inventories of the Holding Company, there is no stipulated repayment of principal and interest,
subsidiary companies and associate companies incorporated we are unable to express our opinion on regular receipt
in India: of Principal, Interest and overdue amount as contained in
a) As explained to us and the other auditors, the Paragraph (III) (a) & (b) of the Order.
inventories were physically verified during the year With respect to the other subsidiary and associate
by the management of the respective companies at companies which have not granted any loans to the parties
reasonable intervals. covered under section 189 of the Act, hence the paragraphs
b) In our opinion and the opinion of the other auditors (iii) (a) and (b) of this Order is not applicable.
and according to the information and explanations 4 In our opinion and according to the information and
given to us and the other auditors, the procedures explanations given to us, there are adequate internal
of physical verification of inventories followed by control procedures commensurate with the size of the
the management of the respective companies were Holding Company and the nature of the business for
reasonable and adequate in relation to the size of purchase of fixed assets and for sale of goods and services.
the respective companies and the nature of their However the internal controls over purchases of inventory
business. continues to be strengthened further.
c) In our opinion and the opinion of the other auditor In respect of the other subsidiary and associate companies
and according to the information and explanations incorporated in India and in the opinion of the other

auditors, there is an adequate internal control system a) The respective companies, have been generally
commensurate with the size of the respective companies regular in depositing undisputed statutory dues
and the nature of their business for the purchase of including Provident Fund, Investor Education and
inventory and fixed assets and for the sale of goods and Protection Fund, Employees State Insurance, Income-
services and during the course of audit no continuing tax, Sales-tax, Wealth Tax, Service Tax, Custom
failure to correct major weaknesses in such internal control Duty, Excise Duty, Cess and any other statutory
system has been observed. dues as applicable to the respective companies with
5 According to the information and explanations given to us, appropriate authorities except a subsidiary company
the Holding Company, subsidiary companies and associate is not generally regular in depositing the dues with
companies incorporated in India have not accepted any appropriate authorities.
deposits during the year. Therefore, the provisions of Clause b) Dues of Sales Tax, Entry Tax, Service Tax, Municipality
(v) of paragraph 3 of the Order are not applicable. Tax, Professional Tax and Income Tax amounting to
6 According to the information and explanations given to `188.97 million and Labour welfare cess of ` 22.45
us and the other auditors, in our opinion and the opinion million was accrued but not due as on 31st March,
of the other auditors, the Holding Company, subsidiary 2015 of Holding,subsidiary and associate companies
companies and associate companies incorporated in India incorporated in India for a period of more than
have, prima facie, made and maintained the prescribed six months from the date they became due, there
cost records pursuant to the Companies (Cost Records were no other undisputed amount payable by the
and Audit) Rules, 2014, as amended, prescribed by the respective companies in respect of Provident Fund,
Central Government under sub-section (1) of Section 148 Investor Education and Protection Fund, Employees
of the Companies Act, 2013, wherever applicable. Neither State Insurance, Income-tax, Sales-tax, Wealth Tax,
we nor the other auditors have, however, made a detailed Service Tax, Custom Duty, Excise Duty, Cess and any
examination of the cost records with a view to determine other material statutory dues in arrears as at 31st
whether they are accurate or complete March 2015 for a period of more than six months
from the date they became payable. .
7 According to the information & explanations given to us
and the other auditors, in respect of statutory dues of c) According to the records of the respective companies
the Holding Company, subsidiary companies and associate the dues of Income Tax, Sales Tax, Service Tax,
companies incorporated in India; Custom Duty and Entry Tax which have not been
deposited as on 31st March 2015 on account of
dispute, are as under;
Particulars Financial Year to which Amounts in Forum where dispute

amount relates Million (`) is pending
Sales Tax 2001-2002 to 2003-2004, 2005-2006, 2006- 49.86 Appellate Tribunal
07 and 2009-2010
2007-2008 11.63 Dy Commissioner Appellate III, Mumbai
2007-2008, 2008-2009 and 2010-2011 9.61 Senior Joint Commissioner, Siliguri
Entry Tax 2010-2011 7.57 High Court
Service Tax 2007-2008 to 2012-2013 323.20 CESTAT, New Delhi
2003-2004 to 2006-2007 2.54 CESTAT, Mumbai
2008-2009 to 2009-10 108.31 CESTAT, Bangalore
November 2009 to June 2012 404.69 Customs Excise and Service Tax Appellate
Tribunal(CESTAT)
July 2012 to March 2013 203.79 Commissioner of service Tax, Mumbai VI
April 2013 to March 2014 197.58 Commissioner of Service Tax, Mumbai VI
2006-07 to 2010-11 and 2012-13 108.24 Commissioner of Service Tax
Income Tax 2007-2008 to 2009-2010 and 2011-2012 2212.95 CIT Appeal
2010-11 3.68 CIT Appeal
2009-10 to 2010-11 2.94 CIT Appeal
Custom Duty 2011-2012 9.16 Appellate Tribunal
Total 4287.64

d) The Holding Company, subsidiary companies 10 In our opinion and according to the information and
and associate companies have been regular in explanations given to us and the other auditors, the
transferring amounts to the Investor Education and Holding Company, subsidiary companies and associate
Protection Fund in accordance with the relevant companies incorporated in India inter alia, has given
provisions of the Companies Act, 1956 (1 of 1956) guarantees for loan taken by others from a banks or
and Rules made there under within time. financial institutions. The terms and conditions thereof
8 The Patel Group does not have consolidated accumulated are not prima facie prejudicial to the interest of the Patel
losses at the end of the financial year and have not incurred Group.
cash losses, on a consolidated basis during the financial
11 In our opinion and the opinion of the other auditors and
year covered by our audit and in the immediately preceding
financial year; according to the information and explanations given to us
and the other auditors, the term loans have been applied by
9 According to the information and explanations given to us,
the Holding Company, subsidiary companies and associate
the Holding Company has delayed payment of principal and
companies incorporated in India during the year for the
interest dues to banks, financial institutions and debenture
holders. During the year, the delay in interest servicing is: purposes for which they were obtained.
less than 60 days ` 1892 Million and more than 60 days 12 To the best of our knowledge and according to the
` 585 Million. Such delay in payment of principal is information and explanations given to us and the other
` 1452 Million and `959 Million respectively. The dues were auditors, no fraud by the Holding Company, its subsidiary
subsequently paid during the year. companies and associate companies incorporated in
At the balance sheet date, the delay in interest servicing is India and no material fraud on the Holding Company, its
less than 60 days ` 161.85Million and more than 60 days subsidiary companies and associate companies incorporated
` 24.05 Million. The delay in principal payment for less in India has been noticed or reported during the year.
than 60 days is ` 360 Million.
As per auditor of a subsidiary company which has defaulted
in repayment of the dues to the banks amounting to
For Vatsaraj & Co.
` 41.98 Million which had become due for payment on
various dates in February and March 2015, these dues have Chartered Accountants
been subsequently paid by the said subsidiary. FRN: 111327W
As per the opinion of the respective subsidiary and
associate companies auditors, they have not defaulted CA. Nitesh K Dedhia
in repayment of dues to financial institutions, banks and Place : Mumbai Partner
debenture holders. Date : July 23, 2015 M. No.: 114893

Consolidated Balance Sheet as at March 31, 2015
(` in Million)
Notes As at As at
March 31, 2015 March 31, 2014
I. EQUITY AND LIABILITIES
1 Shareholders funds
(a) Share capital 3 76.81 76.81
(b) Reserves and surplus 4 18,850.22 17,851.55
2 Minority Interest 1,247.37 1,293.29
3 Non-current liabilities
(a) Long-term borrowings 5 23,682.76 18,807.66
(b) Deferred Tax Liability (Net) 26 139.76 171.54
(c) Other Long term liabilities 6 5,063.75 5,434.08
(d) Long-term provisions 7 49.77 47.01
4 Current liabilities
(a) Short-term borrowings 8 24,215.25 23,048.00
(b) Trade payables 9 8,671.47 8,684.18
(c) Other current liabilities 9 10,377.28 10,647.00
(d) Short-term provisions 7 18.37 19.73
TOTAL 92,392.81 86,080.85
II. ASSETS
1 Non-current assets
(a) Fixed assets 16
i. Tangible assets 6,245.65 6,393.56
ii. Intangible assets 2.93 19.71
iii. Goodwill on Consolidation 332.84 331.39
iii. Capital work-in-progress 9,820.93 7,862.04
16,402.35 14,606.70
(b) Non-current investments 10 1,817.81 1,338.93
(c) Long-term loans and advances 11 11,192.82 8,770.66
(d) Non Current Bank Deposits 15 70.70 18.45
(e) Non Current Trade Receivables 13 8,483.06 9,000.77
(f) Other Non current asset 14 365.62 288.71
2 Current assets
(a) Investments- current 10 - 0.05
(b) Inventories 12 39,688.19 33,143.84
(c) Trade receivables 13 5,677.71 5,394.57
(d) Cash and cash equivalents 15 1,520.84 1,879.50
(e) Short-term loans and advances 11 7,167.31 11,620.17
(f) Other current assets 14 6.39 18.50
TOTAL 92,392.81 86,080.85
Summary of Significant Accounting Policies 2
The Notes referred to above form an integral part of these financial statements
As per our report of even date For and on behalf of Board
For Vatsaraj & Co (Rupen Patel) (Pravin Patel) (Kavita Shirvaikar)

Chartered Accountants Managing Director Director Chief Financial Officer
Firm Regn No:111327W (DIN:00029583) (DIN:00029453)
CA Nitesh K. Dedhia (Shobha Shetty)

Partner Company Secretary
Membership No. 114893
Place : Mumbai
Date : July 23, 2015

Consolidated Statement of Profit and Loss for the year ended March 31, 2015
(` in Million)
Notes As on As on
March 31, 2015 March 31, 2014
I. Revenue from operations 17 34,153.87 37,011.31
II. Other income 18 1,159.22 1,067.37
III. Total Revenue (I+II) 35,313.09 38,078.68
IV. Expenses:
Cost of Construction 19 25,582.89 29,184.00
Employee benefits expense 20 1,349.75 1,415.65
Finance costs 21 5,169.49 4,378.55
Depreciation and amortization expense 797.78 819.77
Other expenses 22 2,249.61 1,743.07
Total expenses 35,149.52 37,541.04
V. Profit before exceptional and extraordinary items and tax (III-IV) 163.57 537.64
VI. Prior Period Item (Refer Note no. 39) - (77.67)
VII. Exceptional Income (Net) (Refer Note no. 50) 153.31 -
VIII. Profit before tax (V-VI+VII) 316.88 459.97
IX. Tax expense:
(1) Current tax 257.98 267.41
(2) Deferred tax (31.94) 28.81
(3) Tax Adjustments for earlier years (5.89) (83.43)
X. Profit/(Loss) for the period (VIII-IX) 96.73 247.18
XI. Minority Interest 12.04 83.49
XII. Net Profit (X-XI) 84.69 163.69
XIII. Earnings per equity share:

(1) Basic 28 1.10 2.15
(2) Diluted 1.10 2.13


Place : Mumbai

Consolidated Cash Flow Statement for the year ended March 31, 2015
(` in Million)
2015 2014
A. CASH FLOW FROM OPERATING ACTIVITIES
NET PROFIT BEFORE TAX AND EXTRA-ORDINARY ITEMS 316.88 459.97
Adjustment for:
Depreciation/ Amortisation 797.78 819.77
Finance charges 5,169.49 4,378.55
Interest and Dividend received (727.76) (565.89)
Foreign Exchange Loss/ (Gain) 190.80 346.10
Consolidation Adjustment 2.09 (12.47)
Provision for Leave Salary 18.46 12.82
Provision for Gratuity 4.69 1.95
Profit on sale of Investment (22.32) (8.84)
Profit on sale of Assets (130.46) (190.31)
Excess Credit written back (144.76) (158.43)
Irrecoverable debts & advances written off 1,022.24 133.08
ESOP compensation expenses 1.91 -
OPERATING PROFIT BEFORE WORKING CAPITAL CHANGES 6,499.04 5,216.31
Adjustment for changes in:
Trade & other receivables 2,334.08 (3,492.85)
Inventories (6,544.35) (5,051.59)
Trade payable, Liabilities and Provisions
(excluding Proposed Dividend & Income tax) (1,761.50) 507.36
Cash generated from / (utilised in) operations 527.27 (2,820.78)
Direct tax paid (537.40) (796.37)
NET CASH USED IN OPERATING ACTIVITIES (10.12) (3,617.14)
B. CASH FLOW FROM INVESTING ACTIVITIES
Purchase of Fixed Assets and (Increase)/Decrease in Capital Advances & Creditors (2,848.26) (4,073.33)
Sale of Fixed Assets 445.30 717.87
Investments in JV/ Associates (789.15) (227.79)
Change in Minority Interest (57.96) 220.82
(Increase) / Decrease in Loans to JV/ Associates 19.44 (858.50)
Sale of Investment 332.63 28.77
(Increase) / Decrease in other Bank Balances (23.06) (57.65)
Change in Foreign Fluctuation Translation Reserve 94.66 252.12
Interest and Dividend received 382.42 230.38
NET CASH FLOW UTILISED IN INVESTING ACTIVITIES (2,443.98) (3,767.30)

(` in Million)
2015 2014
C. CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from Long Term Borrowings 8,711.51 7,754.96
Repayment of Long term Borrowings (2,774.72) (3,144.65)
Increase in other borrowings (Net) 1,199.00 5,745.93
Receipt from Securities premium 22.28 -
Dividend Paid (0.85) (0.39)
Interest Paid (4,865.12) (4,217.15)
NET CASH FLOW FROM FINANCING ACTIVITIES 2,292.10 6,138.70
Net Decrease in Cash and Cash Equivalent (A+B+C) (161.99) (1,245.75)
Opening Balance of Cash and Cash Equivalents 1,840.30 3,432.15
Balance of Cash and Cash Equivalents 1,678.31 2,186.40
Notes to Cash flow Statement
1. Cash and Cash Equivalents
Cash on hand & Balance with banks 1,487.51 1,840.30
Effect of exchange rate changes 190.80 346.10
Closing Cash and Cash Equivalents as restated 1,678.31 2,186.40


Place : Mumbai

Notes to Consolidated to financial statement for the year ended March 31, 2015
1 BASIS OF PREPARATION the individual financial statements, which fairly
Patel Engineering Ltd. ( the Company) has prepared present the needed disclosure.
consolidated financial statements to provide the financial b) Use of Estimates
information of its activities along with its Subsidiaries, The preparation of financial statements in conformity
Associates & Joint Ventures as a single entity. They are with Generally Accepted Accounting Principles
collectively referred as Group herein. requires estimates and assumptions to be made that
The financial statements have been prepared in accordance affect the reported amounts of assets and liabilities
with the generally accepted accounting principles in India and disclosure of contingent liabilities on the date of
(Indian GAAP), Accounting Standards notified under the the financial statements and the reported amounts of
Rule 7 of the Companies (Accounts) Rules, 2014 revenue and expenses during the reporting period.
and the provision of Section 133 of the Companies Act, Differences between actual results and estimates
2013. The financial statements have been prepared on are recognized in the period in which the results are
the accrual basis under the historical cost convention. known/materialize.
The accounting policies adopted in the preparation of the
financial statements are consistent with those followed in c) Method of Accounting
the previous year. The Group maintains its accounts on accrual basis.
2 SIGNIFICANT ACCOUNTING POLICY Subsidiaries outside India maintain its accounts based
on Generally Accepted Accounting Standards of their
a) Principles of Consolidation respective countries.
(i) The consolidated financial statements include d) Fixed Asset
the accounts of Patel Engineering Ltd. and
its subsidiaries, associates and financially Fixed Assets are stated at cost of acquisition or
controlled Integrated Joint Ventures. construction (including installation cost upto the date
put to use, net of specific credits) less accumulated
(ii) The financial statements of financially depreciation. Intangible Assets are stated at cost of
controlled Integrated Joint Ventures (i.e. acquisition net of recoverable taxes less accumulated
sharing profit) are consolidated to the extent of depreciations / amortization and impairment loss, if
the Companys or its subsidiaries share in Joint any.
Venture.
e) Depreciation
(iii) The financial statements of the Company and
its subsidiaries and Integrated Joint Ventures As per the Schedule II of the Companies Act 2013,
have been combined on a line-by-line basis by effective 1st April 2014, the management has
adding together the book values of like items internally reassessed the useful lives of assets to
of assets, liabilities, income and expenses fully compute depreciation wherever necessary, to conform
eliminating material intra group balances and to the requirements of the Companies Act, 2013 which
intra group transactions. Associate entities are is:
consolidated as per the equity method. Tangible Assets : Factory Building/ Building -
The consolidated financial statement have 28/60years, Machinery- 8 years, Motor Cars- 8
been prepared by the Company in accordance years, Motor Truck- 8 years, Furniture- 6 years, Office
with the requirements of Accounting Standard Equipments- 5 years, Electrical Equipments- 6 years,
21 Consolidated Financial Statements, Cycle- 2 years, Motor cycle- 7 years, Rails and Trolley-
Accounting Standard -23 Accounting for 7 years, Fixtures - 10 years, Generators - 15 years and
Investments in Associates in Consolidated Ship 8 years. Intangible Assets : Computer / Soft-
Financial Statements and Accounting ware- 3 years. Depreciation on additions and deletions
Standard-27 Financial Reporting of Interest to assets during the year is provided pro-rata basis
in Joint Ventures, issued by Institute of with reference to the month of addition / disposal /
Chartered Accountants of India. However, discarding.
the overseas subsidiaries are consolidated as Depreciation on Fixed Assets is provided:
per Generally Accepted Accounting Practices
a) For assets purchased on or before April 1,
applicable in their respective countries.
2014.
Notes to these consolidated financial
i) Whose remaining useful life is completed
statements are intended to serve as a means
as at 1st April 2014, the carrying value
of informative disclosure and a guide to better
of fixed assets is reduced from the
understanding. Recognizing this purpose, the
retained earnings as at the said date.
Company has disclosed only such notes from

ii) For remaining assets the carrying value i) Recognition of Income and Expenditure
of Fixed assets is depreciated equally i) Accounting for Construction Contracts :
over the balance useful life of the assets.
Revenue from contracts is recognised on the
b) For assets other than those covered under basis of percentage of completion method,
clause (a) above, on Straight Line Method at based on the stage of completion at the
the rates specified above. balance sheet date, billing schedules agreed
Michigan Engineers Pvt. Ltd. and Shreeanant with the client on a progressive completion
Constructions Pvt. Ltd. provide depreciation basis taking into account the contractual
on written down value method and based price and the revision thereto by estimating
on useful life of the assets as precribed in total revenue including claims / variations in
schedule II of the Companies Act, 2013 and terms of Accounting Standard 7 - Construction
in onsite Michigan J.V. and Michigan Savitar Contract and total cost till completion of
Consortium as specified in the Income tax Act. the contract and the profit is recognised in
The estimated useful life of Patel Michigan J.V. proportion to the value of work done when
- Motor car - 10 years, Motor Truck - 6 years, the outcome of the contract can be estimated
Office Equipments - 5 years, Container - 3 reliably. In case the estimated total cost of a
years. contract based on technical and other estimate
is expected to exceed the corresponding
For overseas subsidiaries depreciation is contract value, such excess is accounted
provided based on estimated useful lives of the for. Price/Quantity Escalation Claims and/
fixed assets as determined by the management or variations are recognized on acceptance
of such subsidiaries. In view of different sets of concerned authorities or on evidence of
of environment in which such entities operate its final acceptability. Revenue in respect of
in their respective countries, depreciation is other claims are accounted as income in the
provided based on the management experience year of receipt of award. Revenue on Project
of use of assets in respective geographies, local Development is recognized on execution of
laws and are in line with the industry practices. sale agreement. Dividend income is recognized
These entities follow straight line method of when the right to receive payment is
depreciation spread over the useful life of each established. Other revenues and expenses are
individual asset. It is practically not possible to accounted on accrual basis.
align rates of depreciation of such subsidiaries
with those of the domestic entities. ii) Revenue from building development is
recognized on the percentage completion
f) Impairment of Assets method of accounting. Revenue is recognized,
An asset is treated as impaired when the carrying in relation to the sold areas only, on the basis
cost of assets exceeds its recoverable value. An of percentage of actual cost incurred thereon
impairment loss is charged to profit and loss account including cost of land as against the total
in the year in which an asset is identified as impaired. estimated cost of project under execution
The impairment loss recognized in prior accounting subject to such actual cost being 30% or
periods is reversed if there has been a change in the more of the total construction / development
estimate of recoverable amount. cost. The estimates of saleable area and costs
are revised periodically by the management.
g) Investments
The effect of such changes to estimates is
Current Investments are carried at lower of cost and recognized in the period such changes are
quoted/ fair value. Long term Investments are stated determined. However, if and when the total
at cost. Permanent diminution, if any, is provided for. project cost is estimated to exceed the total
h) Inventories revenue from the project, the loss is recognized
in the same financial year.
Stores, embedded goods and spare parts are valued at
cost (weighted average method ) and Work in progress j) Accounting for Joint Venture Contracts
of construction contracts at contract rate as per AS-7. a) Where the Joint Venture Agreement provides
Work in Progress in respect of Project development for execution of contracts under work sharing
and Buildings held as stock-in-trade are valued at pattern, the Companys share of revenue/
cost or net realizable value, whichever is lower. expenses in the works executed by it is
accounted on percentage completion method

as per the accounting policies followed by it in tax. Current tax is calculated in accordance with
respect of contracts. the tax laws applicable to the current financial year.
b) Where the Integrated Joint Venture Agreement Deferred tax resulting from timing difference
provides for execution of contracts under between book and taxable profit is accounted for
profit sharing arrangement, Companys share in using the tax rates and tax laws that have been
the profit /loss is accounted for as and when enacted by the balance sheet date. Deferred tax
determined. The services rendered to Joint assets are recognized only to the extent there is
Ventures are accounted as income, on accrual virtual certainty of realization in future.
basis. The contribution to joint venture along
with share of profit/ loss accumulated in the n) Provisions, Contingent Liabilities & Assets
Joint Venture is reflected as investments or The Company recognizes a provision when there is
loans & advances or current liabilities as per a present obligation as a result of a past event that
the nature of the transaction. probably requires an outflow of resources and a
k) Foreign Currency Transaction/Translations reliable estimate can be made of the amount of the
Transactions in foreign currency including acquisition obligation.
of fixed assets are recorded at the prevailing exchange A disclosure for a contingent liability is made when
rates on the date of the transaction. All monetary there is a possible obligation or a present obligation
assets and monetary liabilities in foreign currencies that may, but probably will not, requires an outflow
are translated at the relevant rates of exchange of resources. Where there is a possible obligation or
prevailing at the year-end. Exchange differences
a present obligation that the likelihood of outflow
arising out of payment/restatement of long term
of resources is remote, no provision or disclosure is
liabilities relating to Fixed Assets are capitalized and
in other cases amortised over the balance period of made. Contingent Assets are neither recognized nor
such long term monetary items. The unamortized disclosed in the financial statements.
balance is carried in the Balance Sheet as Foreign o) Employees Stock Option Plan
Currency Monetary items Translation Difference
Compensation expenses under Employee Stock
Account as a separate line item under Reserve and
Surplus Account. Option Plan representing excess of market price of
the shares on the date of grant of option over the
Revenue transactions at the Foreign Branch/Projects
exercise price of option is amortized on a straight-line
are translated at average rate. Fixed Assets are
basis over the vesting period.
translated at rate prevailing on the date of purchase.
Net exchange rate difference is recognized in the p) Borrowing Cost
Profit and Loss Account. Depreciation is translated at Borrowing costs directly attributable and identifiable
rates used for respective assets
to the acquisition or construction of qualifying assets
However, Michigan Engineers Pvt. Ltd opted to are capitalized till the date such qualifying assets
recognize the exchange differences in the profit and are ready to be put to use. Other Borrowing costs are
loss account. charged to statement of profit and loss as incurred.
Revenue items of overseas Subsidiaries are translated
q) Leases
into Indian Rupees at average rate and all other
monetary/non monetary items are translated Lease rentals in respect of assets acquired under
at closing rate. Net exchange rate difference is operating lease are charged to Statement of Profit and
recognized as Foreign Exchange Translation Reserve. Loss.
l) Retirement and other Employee benefits r) Financial Derivative & Hedging transactions
Contribution to Provident/Family Pension/Gratuity In respect of Financial Derivative & Hedging
Funds are made to recognized funds and charged to Contracts, gain / loss are recognized on Mark-to-
the Profit and Loss account. Provision for incremental Market basis and charged to Profit and Loss Accounts
liability in respect of Gratuity and Leave encashment
along with underlying transactions.
is made as per independent Actuarial valuation at the
year-end. s) Preliminary and Preoprative expenses
m) Taxation In respect of certain subsidaries preliminary and
The tax expense comprises of current tax and deferred preoperative expenses are written of commencement
of operation.

NOTE : 3
SHARE CAPITAL
2015 2014
No. of Shares ` in Million No. of Shares ` in Million
a) Authorized
Equity shares of ` 1/- each 230,000,000 230.00 230,000,000 230.00
Preference shares of ` 10/- each 20,000,000 20.00 20,000,000 20.00
b) Issued, subscribed and fully paid up

Optionally Convertible Preference shares of ` 1/- each - - 561,957 0.57
76,806,282 76.81 76,806,282 76.81
c) Terms/rights attached to Equity Shares

The Company has only one class of shares referred to as equity
shares of ` 1/- each. Each holder of equity shares is entitled to
the same rights in all respects.
d) i) Reconciliation of Equity Shares outstanding at the No. of Shares ` in Million No. of Shares ` in Million
beginning and at end of the year
Outstanding at the beginning of the year 76,244,325 76.24 69,827,151 69.83
Add :- Issued during the year 561,957 0.57 6,417,174 6.41
Outstanding at the end of the year 76,806,282 76.81 76,244,325 76.24
ii) Reconciliation of Optionally Convertible Preference No. of Shares ` in Million No. of Shares ` in Million
Shares outstanding at the beginning and at end of the
year
Outstanding at the beginning of the year 561,957 0.57 - -
Add :- Issued during the year - - 6,979,131 6.98
Less:- Converted during the year 561,957 0.57 6,417,174 6.41
Outstanding at the end of the year - - 561,957 0.57
e) Share held by each shareholder more than 5%

Name of the shareholder No. of Shares % holding No. of Shares % holding
i) Patel Engineering Employees Welfare Trust 6,045,000 7.87 6,045,000 7.93
ii) Praham India LLP 16,744,424 21.80 16,744,424 21.96
iii) Patel Corporation LLP 18,665,257 24.30 18,103,300 23.74
Preference Shares
i) Patel Corporation LLP Nil Nil 561,957 100%
f) The Patel Engineering Employee Welfare Trust, (the Trust) holds 60,45,000 shares of the Company and administers Companys
Employee Stock Option Schemes 2007 on behalf of the Company. The Trust comprising of Independent Trustees have on May 23,
2014 granted 22,400 options to 159 eligible employees of the Company and the subsidiaries as well. The said options shall be
vested after completion of 1 year period from the date of grant and exercised within 2 months from the date of vesting at an
exercise price of ` 1/- per share.
g) The Allotment Committee at its meeting on March 21, 2014 allotted 69,79,131 Optional Convertible Preference shares(OCPS) to
the Promoters of the Company. On March 31, 2014, out of the said OCPS, 64,17,174 OCPS were converted into 64,17,174 Equity
shares of ` 1/- and allotted @ ` 57.5 (including premium of ` 56.5). On April 15, 2014, the balance 5,61,957 OCPS were converted
into 5,61,957 Equity shares of ` 1/- and allotted @ ` 57.5 (including premium of ` 56.5)in terms of Chapter VII of SEBI (ICDR)
Regulation 2009.

NOTE : 4
RESERVES AND SURPLUS
2015 2014
` in Million ` in Million ` in Million ` in Million
Reserves
Capital Reserve
As per the last Balance sheet 266.51 278.98
Less: Addition /(Deletion) on Consolidation 2.09 (12.47)
Closing Balance 268.60 266.51
Foreign Currency Translation Reserve
Add: During the year 159.06 190.15
General Reserve
As per the last Balance sheet 2,660.09 2,634.59
Add: Amount Transferred from the Statement of Profit and Loss - 25.50
Add: Amount Transferred from Debenture Redemption Reserve 287.50 -
2,947.59 2,660.09
Less: Amount Transferred to the Statement of Profit and Loss 395.14 -
Less: Amount Transferred to Debenture Redemption Reserve 227.50 -
Closing Balance 2,324.95 2,660.09
Securities Premium Reserve
Add: Premium on conversion of OCPs to Equity Shares 54.03 362.56
(Refer Note # 3(g))
Debenture Redemption Reserve
Add: Transfer from General Reserve 227.50 -
962.50 626.25
Less: Amount Transferred to general Reserve 287.50 -
Transfer (to) from Profit and Loss Account ( net) - 108.75
Share Options outstanding Account
As per the last Balance sheet - -
Add:- Value of Employee Stock Options Issued 2.24 -
Closing Balance 2.24 -
Foreign Currency Monetary Item Translation Difference (3.89) (104.73)
Surplus in the statement of profit and loss
Add : Reversal of Prudent Provision for Tax ( Refer Note -24 (ii)) 600.64 981.31
Add : Amount Transferred from General Reserve 395.14 -
Add : Net Profit for the year 84.69 163.69
6,850.83 5,904.61
Appropriations for :
i) Transfer to Debenture Redemption Reserve - 108.75
ii) Transfer to General Reserve - 25.50
iii) Depreciation impact as per Schedule II (Refer note 16 (10)) 4.92 -
Total Reserve & Surplus 18,850.22 17,851.55

NOTE : 5
LONG TERM BORROWINGS
(` in Million)
Non-Current Portion Current Maturities
2015 2014 2015 2014
Secured Loans
a) Debentures1 3,750.00 5,200.00 1,100.00 950.00
b) Term Loans
- From Bank2 17,911.38 13,062.71 1,868.52 1,186.78
- From Others3 2,021.38 544.95 767.05 787.94
Amount disclosed under Other Current Liabilities in Note No.9 - - (3,735.57) (2,924.72)
23,682.76 18,807.66 - -
1 Debentures These debentures will be redeemed as follows March

a) 11.30% Secured Redeemable Non Convertible 3, 2016- `100 Million. The same is secured against
Debentures were allotted on September 17, 2012 for immovable property and subservient charge on all the
a period of 10 years. These debentures have a face Fixed asset of the Company and its subsidiaries.
value of ` 1.0 Million each aggregating to e) 11.40% Secured Redeemable Non Convertible
` 1,500.00 Million (P.Y. `1,500.00 Million) and are Debentures were allotted on July 11, 2011 for a
to be redeemed in Septmeber 17, 2022. The same are period of 5 years. These debentures have a face value
secured against charge on immovable assets of the of ` 0.10 Million each aggregating to `1,000 Million
Company and its subsidiaries. (P.Y. `1,500 Million). These debentures have following
b) 9.80% Secured Redeemable Non Convertible repayment schedule: July 11, 2015- `500 Million
Debentures were allotted on July 20, 2009 for a and July 11, 2016-`500 Million. The same is secured
period of 7 years. These debentures have a face value against immovable property of the Company and its
of ` 1.0 Million each aggregating to ` 550 Million subsidiaries. Interest rates on the same has been at
(P.Y. ` 900 Million) repayable in a single installment, 13% p.a.(P.Y. 13% p.a.)
with a put / call option available and exercisable at f) 14 % Secured Redeemable Non-Convertible Debentures
par at the end of 5th year from the date of allotment. (NCD) having face value of `10,00,000 each are
The same are secured against immovable property of redeemable as under :
the Company and its subsidiaries. Interest rate has a) The Company to repay or deposit with Standard
been revised to 13.16% p.a.(P.Y. 9.80% p.a.) w.e.f. Chartered Bank(SCB) (under lien or charge) a sum
July, 2014 of INR 90 Lacs per month beginning from 1st August
c) 9.55% Secured Redeemable Non Convertible 2015 until the final maturity of the said NCD; or,
Debentures were allotted on April 26, 2010 for a b) Prepayment of the entire NCD of INR 1200 Million
period of 5 years. These debentures have a face subscribed to by SCB prior to repayment of term loan
value of ` 1.0 Million each aggregating to ` 400 obtained by the company from Syndicate Bank.
Million (P.Y. `700 Million). These debentures will be It is secured by first ranking pari passu charge over
redeemed as follows: April 26,2015 - `400 Million. the immovable properties purchased by the company
The same are secured against immovable property and PRIL at electronic city Bangalore, escrow account
and subservient charge on all the Fixed assets of and receivables, and assignment by way of security of
the Company. Interest rate on the same has been at the development right and all rights of the company
9.55% p.a.(P.Y. 9.55% p.a.) under the EPC contract. Along with above security,
company has pledged over 99.998% of the issued
d) 10.75% Secured Redeemable Non Convertible
and fully-paid up equity share capital in favour of the
Debentures were allotted on 3 March, 2011 for a
Debenture Trustees under the share pledge agreement.
period of 5 years. These debentures have a face
The ultimate holding company i.e. Patel Engineering
value of ` 0.10 Million each aggregating to ` 250
Limited has given unconditional and irrevocable
Million (P.Y. ` 250 Million). These debentures will be
corporate guarantee to secure the debenture.
redeemed as follows- March 3, 2015- `150 Million
and March 3, 2016- `100 Million. Interest rate on The above debentures are listed on The National Stock
the same has been at 13% p.a.(P.Y. 13% p.a.). Exchange of India.
Debentures have a face value of `0.10 Million each As per Section 71 of the Companies Act, 2013 the
aggregating to `100 Million (P.Y. `100 Million) and Company has created adequate Debenture Redemption
interest rate on the same is 10.75% (P.Y. 10.75%). Reserve for the above series of Secured Redeemable

Non Convertible Debenture issued during the year. The Loan from Union Bank & Vijaya Bank is repayable
Further, in terms section 71 read with Rule 18(7)(c) 87 monthly unequal installment commence from 33
of Companies Share Capital and Debentures Rules, month after the first disbursement and that from
2014, the Company had made deposit/investment Syndicate Bank is repayable in 87 monthly unequal
during the current year to secure the repayment of installment commence from August 1, 2015, if Lease
debentures maturing after September, 2014. However, Rental Discounting (LRD) proposal is materialise.
all the Debentures matured upto September, 2014 If LRD Proposal does not materialise then loan shall
have been paid. be repay in bullet payment on or before October
2 Term Loan Banks 31, 2016. For the loan of Syndicate Bank, corporate
guarantee of the Company is also given.
a) The Term loans are secured by first charge on
the specific assets acquired out of the term loan f) Includes term loans of ` Nil (PY ` 107.61 Million) are
alongwith unencumbered assets & guarantees. The secured by Hypothecation of machinery & vehicles.
rate of Interest for these loans vary between 10%- Interest rate ranging between 8.5% to 15%, and
13.75% on an average, with a repayment period of repaid in 2014 & 2015.
3-10 years respectively. Term Loan include Working g) Includes term loans secured by first charge on
Capital Term Loan secured by a First Pari-passu charge tangible and intangible assets, both existing in
on the receivables and WIP, mortgage over certain the present and to be acquired in the future. Also,
Lands owned by Subsidiary companies and pledge of Collaterally secured by 51% of the equity shares
30% & 99.998% shareholding of subsidiaries owning pledged of Dirang Energy Private Limited. The rate of
real estate lands. The Promoters Mr. Pravin Patel and interest is 13.25% and the repayment instalment shall
Mr. Rupen Patel has provided personal guarantees be due between April, 2018 to January, 2030.
for the above loan. Subsequently, the Company has 3 From Others
counter indemnified the guarantees provided by the
a) Includes funds from Financial Institutions on
Promoters.
Equipments, secured against the said Equipments.
b) Includes `929.51 Millions (USD 14,865,103) (P.Y. These loans carry an interest rate of average between
` 998.76 Millions (USD 16,713,010)) which carries 13%-14% on an average, with a repayment period of
interest which ranging between LIBOR rate plus 3% to 3-5 years respectively. This Term Loan also includes
Libor rate plus 6%.It is secured against hypothecation Inter Corporate Deposits with an average rate of
of equipment, receivables and inventories. interest of 14%-16% with maturity period of 1-3
c) Term loans also includes the loans taken from yrs. Interest outstanding on equipment loan of `17
Standard Charterered Bank in form of FCNR Loan Million as on 31/03/2015 comprises of `5.84 Million
outstanding amt out of the same is `128.97 Mln due within 0-30 days, `6.59 Million due within 30-60
which shall be payable within a period of next one days and ` 4.54 Million due within 60-90 days.
year and rate of interest on the same has been LIBOR b) Includes ` 85.57 Millions (USD 1,368,417) (P.Y.
+ 400 i.e. 4.23% p.a. ` 4.36 Million (USD 73,054)) which carries interest
d) Term loan amounting to ` 360 Million were which ranging between LIBOR rate plus 3% to Libor
outstanding as on 31/03/2015 comprises of `254 rate plus 6%.It is secured against hypothecation of
Million due within 0-30 days and `106 Million due equipment.
within 30-60 days . Interest on the term loans c) Includes ` Nil (PY ` 563.73 Million) secured by
outstanding of ` 90 Million as on 31/03/2015 hypothecation of vehicles & equipment acquired from
comprises of `2 Million due within 0-30 days, ` 88 these loans. Interest rate ranging between 8.5% to
Million due within 30-60 days. 13.5% and repaid between 2014 and 2015.
e) Term loan from Union Bank of India, Vijaya Bank and d) Includes ` 224.30 Million (P.Y. ` 361.35 Million)
Syndicate Bank was taken during the financial year which carries interest 14% p.a ( upto 07/08/2013,
2013-14 and carries interest @ Base rate plus 3.5% 13.75% p.a) The above loan is for a period of 3 years,
- 3.55% (Presently 13.75%). The loan is secured by with moratorium period of 1 year. The Loan shall be
pari passu charge on mortgage of project land and repayable in the ratio of 20% in the second year in 12
building, other fixed assets, escrow account of lease monthly installments and 80% in the third year in 12
receivable/rents, and assignment by way of securities monthly installments. Secured by corporate guarantee
of the development rights of the company under the given and immovable property of the Company.
EPC contract. Along with above security, company has
e) Includes ` 80.66 Million (P.Y. ` 243.75 Million) which
pledged over 99.998% of the issued and fully-paid
carries interest 13.75% p.a. Secured by corporate
up equity share capital in favour of the bank. Patel
guarantee given and immovable property of the
Realty (India) Limited has given unconditional and
Company.
irrevocable corporate guarantee to secure the loan.

NOTE : 6
(a) OTHER LONG TERM LIABILITY
(` in Million)
2015 2014
Trade Payables (refer Other Current Liabilities Note# 9-1) 1,897.13 1,742.08
Capital Creditors 59.63 15.88
Other
Contractee Advances 2,495.89 3,280.42
Deposits 0.32 130.57
Other Liability 610.78 265.13
5,063.75 5,434.08
NOTE : 7
PROVISIONS
(` in Million)
Long term Short term
2015 2014 2015 2014
Provision for Employee Benefits
Provision for Gratuity 12.75 16.40 5.83 10.15
Provision for Leave Salaries 37.02 30.61 12.54 9.58
49.77 47.01 18.37 19.73
NOTE : 8
SHORT TERM BORROWINGS
(` in Million)
2015 2014
Secured Loans
I Short Term Loans
- From Bank 1 6,410.14 4,961.98
- From Others - 134.89
Loans Repayable on Demand
- From Bank2 14,976.59 14,132.67
II Unsecured Loans
- From Bank3 2,823.58 3,786.71
3
- From Others 4.95 31.75
24,215.25 23,048.00

Short Term Loan
1 From Bank
a) Includes Loans by earmarking from bank Gurantee limits and short term loans from various banks against various immovable
properties of company at Interest rate of 12-13% (PY 12.25-12.75%) payable within a year. Interest outstanding on short
term loans of `79 Million as on 31/03/2015 comprises of `27 Million due within 0-30 days, `32 Million due within 30-60
days and ` 20 Million due within 60-90 days.
b) Company has availed short term loan facility from Axis bank which carries interest @ Base rate + 3 p.a (Presently 13.25%).
The Loan has been secured by hypothecation/charge of all the current assets of the one of the subsidiary company and
exclusive charge on certain parcel of land & flats of the group companies.
c) Company has availed Cash Credit facility from Bank of Maharashtra which carries interest @ Base rate + 4.5% p.a (Presently
14.75%). The Loan has been secured by hypothecation of all the present and future current assets of the company and
mortgage of certain parcel of land situated at electronic city, south Bangalore.
d) Working Capital Demand loan Includes ` 150 millions (PY ` 260 millions) secured by first pari-passu charges on the movable
& immovable assets of the company excepts the assets specially charged for project/lease based finance. Interest rate 14%
to 16% p.a.
e) Includes cash credit `290.80 Million (PY ` 243.80 Million) secured by first pari pasu charge on the movable & immovable
assets of the company except the assets specifically charged for project/lease based finance and relevant term loan. Interest
rate 14% to 16% p.a.
f) Includes cash credit `158.80 Million (PY ` 106.90 Million) and foreign currency loans of ` 37.96 Million (P.Y. ` 26.13
Million) secured by first pari passu charge on the current assets and movable fixed assets (including Plant & machinery) of
the Company except for the assets specifically charged for relevant term loan. Interest rate on cash credits 14% to 16% p.a.
and on foreign currency loan 5% to 6%.
g) Company has availed short term loan facility from STCI financial Limited which carries interest @ 16%. The Loan has been
secured by pledge of equity shares of holding company and equitable mortgage on certain parcel of land of the director.
h) Loan From Development Bank of Singapore ` 625.30 Millions (USD 10,000,000) {P.Y. ` 597.58 Millions (USD 10,000,000)}
is secured by a standby Letter of Credit issued by IDBI and Axis bank. Interest is charged at 4.41% to 5.58% (P.Y. 4.41% to
5.58%) per annum
i) Loan from IDBI Bank is secured by first charge on tangible and intangible assets, both existing in the present and to be
acquired in the future of Dirang Energy Private Limited. Also Collaterally secured by 51% of the equity shares pledged of
Dirang Energy Private Limited. The rate of interest is 13.25%.
2 Loans Repayable on Demand
Includes Cash Credit and Working Capital Demand Loan from various Banks. These loans have been given against hypothecation of
stocks, spare parts, book debts, work in progress & guarantees;
Terms of Repayment:
Cash Credit- Yearly Renewal, Rate of Interest ranges between 12.50%-15% p.a.(PY 11%-14%)
3 Unsecured Loan
- From Bank
It includes short term loans from banks and loans from related parties and includes amount of `50 Million outstanding within 0-30
days
- From others
Includes non interest bearing loan and is repayable on demand.

NOTE : 9
OTHER CURRENT LIABILITIES
(` in Million)
2015 2014
1
(a) Trade Payable
(b) Other Liabilities
Current maturities of long-term debt 3,735.57 2,924.72
Interest accrued but not due on borrowings 217.47 332.04
Interest accrued and due on borrowings 418.94 -
Unpaid Dividend 2.11 2.96
Other Payables
Deposits 100.50 425.78
Payable to Employees 221.54 195.94
Unpaid Matured Debentures 150.00 -
Other Liabilities 1,485.40 1,308.82
(b) Balance in Current Account
(i) With Subsidiaries, associates - -
(ii) With Joint Ventures 8.83 550.06
10,377.28 10,647.00
19,048.75 19,331.18
1 The Company has `5.15 Million (PY ` Nil) due to suppliers under the Micro Small and Medium Enterprise Development Act, 2006,
as at March 31, 2015. Principal amount due to suppliers under the Act is ` 3.58 Million (P.Y. `Nil). Interest Accrued and due to the
Suppliers on the above amount is ` 0.28 Million (PY ` Nil ). Payment made to the suppliers (other than Interest beyond appointed
day during the year is ` 5.41 Million (PY ` Nil). Interest paid to the suppliers under the Act ` Nil (PY ` Nil). Interest due and
payable to the Suppliers under the Act towards payments already made ` 1.3 Million (PY ` Nil). Interest accrued and remaining and
unpaid at the end of the accounting year ` 1.58 Million ( PY ` Nil ).
The above information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act 2006 and has
been determined to the extent such parties had been identified on the basis of information available with the Company and relied
upon by the auditors.
NOTE : 10
NON- CURRENT INVESTMENTS
(` in Million)
2015 2014
Investment in Equity Instruments
Trade Investments - Quoted
Nil (17,77,116 shares) of KNR Construction Ltd., Face Value `10/- per share - 310.31
Trade Investments - Un-quoted
- In Others 104.41 -
Other Investments - Quoted
66,640 shares (66,640) of Kingfisher Airlines Ltd., Face Value `10/- per share * - -
* written off in FY 2012-13
Other Investments- Unquoted
In Subsidiaries - -
In Joint Ventures 0.24 -
In Others 214.08 505.03

(` in Million)
2015 2014
In Associates
Other Investments
(Accounted Under Equity method)
26,672,000 shares (2,40,04,798) of Raichur Sholapur Transmission Company Ltd., Face Value 261.75 238.87
` 10/- per share
24,665 Shares (24,665) of Terra Land Developers Ltd., Face Value ` 10/- per share - 0.25
10,006,000 shares (10,006,000) of Patel KNR Heavy Infrastructures Ltd., F.V. `10/- per share 96.47 119.88
51,000 shares (51,000) of PAN Realtors Private Limited., F.V. `10/- per share (includes goodwill 123.10 -
of ` 122 Million)
5,000 shares (5,000) of APS Michigan Engineering Private Limited., F.V. `10/- per share 0.05 0.05
5,000 shares (5,000) of PLS Private Limited., F.V. LKR.10/- per share 14.77 14.77
8,495,040 Shares (40,31,820) of ACP Tollways Pvt. Ltd., Face Value ` 100/- per share (includes 848.02 -
goodwill of ` 2.77 Million)
1,55,40,000 shares (1,55,40,000) of Patel KNR Infrastructures Ltd., F.V. ` 10/- per share 149.67 146.11
1,493.82 519.92
Investment in Government SecuritiesIII 0.12 0.12
Investment in Partnership Firms IV 0.13 0.13
Share Application Money in PLS Private Limited 5.02 3.41
1,817.81 1,338.93
Current Investments
Other Investments- Unquoted
4,900 shares( 4,900) of Shreeanant Construction Pvt. Ltd., Face Value `10/- per share - 0.05
- 0.05
I. Aggregated amount of Unquoted Investments as at 31st March 2015 ` 1,817.81 Million (P.Y. ` 1,028.62 Million)
II. Aggregated amount of Quoted Investments as at 31st March 2015 ` Nil, Market value ` 0.11 Million (P.Y. ` 310.31 Million, Market
value ` 151.20 Million)
III. Includes Investment in National Saving Certificates, in the name of Directors, lodged with Project Authorities
IV. A firm AHCL - PEL having fixed capital of `75,000 (P.Y. ` 75,000), profit sharing has been reconstituted as follows :- the company
20% (P.Y. 5%), Ace Housing & Const. Ltd. 1% (P.Y. 78%) & Pravin Patel 79% (P.Y. 17%).
A firm Patel Advance JV having nil fixed capital, profit sharing has been as follows : the Company 27% (P.Y.27%), Advance Const.
Co. Pvt. Ltd. 26% (P.Y. 26%) Patel Realty (I) Ltd. 26% (P.Y. 26%) & Apollo Buildwell Pvt. Ltd. 21% (P.Y. 21%)
NOTE : 11
LOANS AND ADVANCES
(` in Million)
Non-Current Current
2015 2014 2015 2014
Capital Advance
Unsecured, Considered Good 493.62 638.66 - -
Security Deposit
Unsecured, Considered Good 2 1,781.31 1,355.53 1,482.17 1,620.65
Balance in Current Account with Subsidiaries/
Associates/Joint Ventures/Partnership
Unsecured, Considered Good 33.63 44.76 1,311.43 3,108.14
Advance Recoverable in cash or in Kind
Unsecured, Considered Good 1 3,956.25 3,252.79 3,414.37 5,906.55
Doubtful - - 137.50 -
3,956.25 3,252.79 3,551.87 5,906.55

(` in Million)
Non-Current Current
2015 2014 2015 2014
Less: Provision for Doubtful Debts - - 137.50 -
3,956.25 3,252.79 3,414.37 5,906.55
Other Loans & Advances
Prepaid Expenses 38.39 29.03 186.79 201.22
Balance with Stautory Authorities 49.89 - 248.58 169.99
Service Tax and Cenvat Credit - - 441.17 348.63
Works Contract Tax 8.77 - - -
Advance Tax (Net) 2,557.02 1,561.79 0.67 60.37
Accrued Interest 2,176.40 1,843.13 61.69 172.31
Advances to Employees 97.54 44.97 20.44 32.31
4,928.01 3,478.92 959.34 984.83
11,192.82 8,770.66 7,167.31 11,620.17
1 a) Advances Recoverable in Cash or in kind or for value to be received includes ` Nil (P.Y.` 13.88 Million) due from officers of
the Company and ` Nil (P.Y. `0.13 million) due from company in which Directors are Directors or members.
b) Includes secured advance to piece workers ` Nil (P.Y. ` 91.39 Million)
c) includes share application Money in Raichur Sholapur Transmission Company Ltd. ` Nil (P.Y. ` 26.67 Million) - Pending
allotment
2 Security Deposit includes FDR valued ` 0.04 Million pledged with the Sales tax Department, Arunachal Pradesh as security given on
behalf of the Company at the time of Sales tax registration. The said FDR is not yet released and further the Company is also not
booking any interest thereon in absence of exact details of interest rates etc.
NOTE : 12
INVENTORIES *
(At lower of cost or net realisable value/Contract Rates)
(` in Million)
Non-Current Current
2015 2014 2015 2014
Stores, Embedded Goods and Spare Parts etc. - - 1,608.59 1,758.75
(Includes Stores in Transit ` 35.13 Million (P.Y. `40.47
Million)
Work in Progress - - 38,079.60 31,385.09
- - 39,688.19 33,143.84
*(As technically valued & certified by the Management)

NOTE : 13
TRADE RECEIVABLES
(` in Million)
Non-Current Current
2015 2014 2015 2014
Unsecured, Considered Good unless otherwise stated
Receivables outstanding for a period exceeding six months
Considered good 7,061.39 8,879.22 1,703.94 256.87
Doubtful - - 43.78 -
7,061.39 8,879.22 1,747.72 256.87
(A) 7,061.39 8,879.22 1,703.94 256.87
Other Receivables
Considered good (B) 1,421.67 121.55 3,973.78 5,137.70
(A+B) 8,483.06 9,000.77 5,677.71 5,394.57
(refer Note no. 44 (g))
NOTE : 14
OTHER CURRENT ASSETS
(` in Million)
Non-Current Current
2015 2014 2015 2014
Preoperative & Preliminary Expenses 365.62 288.71 0.01 15.84
Other Current Assets * - - 6.38 2.66
365.62 288.71 6.39 18.50
NOTE : 15
CASH AND BANK BALANCES
(` in Million)
Non-Current Current
2015 2014 2015 2014
Cash & Cash Equivalents
- Balances with Banks - 1,220.90 1,741.09
1
- On Fixed Deposits accounts with Scheduled Banks 70.70 18.45 6.12 65.67
- Cheques in hand - - 243.65 17.62
- Cash on Hand - - 16.84 15.92
Other Bank Balances
- Deposits with maturity more than 3 months but less - 36.26 31.25 36.26
than 12 months*
Balances with Bank for Unpaid Dividend - - 2.08 2.94
70.70 18.45 1,520.84 1,879.50
1 Includes fixed deposit given towards margin money and Earnest money deposit.

FIXED ASSETS SCHEDULE 16 Forming part of Consolidated Balance Sheet as at March 31, 2015
(` in Million)
Particulars Gross Block DEPRECIATION Net Block
As at April Addition Deduction/ Sub Total Foreign As at March As at For the Deduction Foreign As at As at March As at
8 9
1, 2014 Retirement Currency 31, 2015 April 1, year Currency March 31, 31, 2015 March 31,
7
Fluctuation 2014 Fluctuation 2015 2014
TANGIBLE ASSETS
Land1 2,330.88 117.22 0.86 2,447.24 2.96 2,450.20 - - - - - 2,450.20 2,330.88
Corporate Overview
Building2 573.55 111.75 58.70 626.60 4.12 630.72 119.10 16.31 26.53 2.45 111.33 519.39 454.45
Plant & Equipment 6,430.25 507.41 284.24 6,653.42 80.70 6,734.12 3,496.45 606.26 167.36 31.65 3,967.00 2,767.12 2,933.80
Furniture & Fixtures 108.12 2.69 12.24 98.57 (0.27) 98.30 70.92 6.47 1.32 (0.37) 75.70 22.60 37.20
Vehicles3 1,288.66 35.71 58.58 1,265.79 (1.15) 1,264.64 700.52 140.10 30.19 (0.79) 809.64 455.00 588.14
Office Equipments 60.35 2.27 1.53 61.09 (0.05) 61.04 45.59 8.63 0.52 (0.10) 53.60 7.44 14.76
Others4 28.76 - - 28.76 - 28.76 24.28 3.15 - - 27.43 1.33 4.46
Electric equipment 53.25 0.58 1.21 52.62 - 52.62 38.96 3.42 0.20 - 42.18 10.44 14.29
Computer Equipments 88.44 6.63 2.06 93.01 0.30 93.31 77.01 7.02 0.05 0.16 84.14 9.17 11.43
Container 10.66 - - 10.66 - 10.66 6.51 1.19 - - 7.70 2.96 4.15
Establishment Cost - 126.47 - 126.47 - 126.47 - - (126.47) - 126.47 - -
Total 10,972.92 910.73 419.42 11,464.23 86.61 11,550.84 4,579.34 792.55 99.70 33.00 5,305.19 6,245.65 6,393.56
INTANGIBLE ASSETS
Computer Software 58.45 0.35 1.41 57.39 - 57.39 38.73 17.10 1.37 - 54.46 2.93 19.71
Goodwill 331.39 0.94 - 332.33 0.51 332.84 - - - - - 332.84 331.39
Total 389.84 1.29 1.41 389.72 0.51 390.23 38.73 17.10 1.37 - 54.46 335.77 351.10
Less : Trfd to Capital WIP 11.87

GROSS TOTAL 11,362.76 912.02 420.83 11,853.95 87.12 11,941.07 4,618.07 797.78 101.07 33.00 5,359.65 6,581.42 6,744.66
Previous Year 11,379.83 985.63 967.49 11,397.97 (35.22) 11,362.75 4,233.46 819.77 439.93 (12.61) 4,618.09 6,744.66 7,146.31
Capital Work-In-Progress 7,862.04 1,957.35 8.69 9,810.69 10.23 9,820.93 - - - - - 9,820.93 7,862.04
Previous Year 5,363.26 2,481.31 - 7,844.57 17.47 7,862.04 - - - - - 7,862.04 5,363.26
Notes
1 Land includes `8.29 Million ( `9.04 Million) held in the name of Directors,relatives of Directors and employees for and on behalf of the Company.
2 a) Building includes Building [ Gross Block -`468.74 Million ( P.Y. `411.54 Million),Accumulated Depreciation `72.83 Million ( P.Y. `88.77 Million)] and Factory Building [ Gross Block -
`162.01 Million ( P.Y. ` 162.01 Million), Accumulated Depreciation `36.10 Million ( P.Y. `30.33 Million)]
b) Includes `0.0098 Million (P.Y. `0.02 Million) being the value of 195 shares and share deposits in Co - operative Societies
3 Vehicles includes Gross Block Gross Block Acc Dep. Acc Dep.
2014-15 2013-14 2014-15 2013-14
Motor Car 272.73 278.35 162.71 136.80
Motor Truck 989.61 1,008.02 645.68 562.61
Motor Cycle 2.29 2.28 1.25 1.11
4 Others Include
Ship 2.81 2.81 2.77 2.77
Rails and Trolley 25.95 25.95 24.66 21.52
5 Includes Assets costing `96.26 Million (P.Y. `30.21 Million) yet to commissioned/erected/put to use, ` Nil (P.Y. `22.38 Million) towards exchange rate difference and ` Nil (P.Y. ` 31.98
Million) reversal of excise duty claimed in earlier year as CENVAT credit
6 Deductions to Land and Building includes ` Nil (P.Y. `84.14 Million) transferred to Project Development Expenses
7 Includes of ` 111.77 Million on account of Non Consolidation of subisidiary

8 Includes of ` 136.85 Million on acquisition / consolidation of subsidiaries during the year
9 Includes cumulative depreciation of ` 133.63 Million on acquisition/ consolidation of subsidiaries during the year and ` 33.56 Million on account of non consolidation of subsidiaries
10
89
Consequent to the introduction of schedule II of the Companies Act 2013, the useful life of certain assets has been revised. Accordingly depreciation for the year is higher by `4.25 millions
net of Deferred Tax of ` 0.67 Milliion and the same is adjusted in the accumulated balance of retained earnings.
NOTE : 17
REVENUE FROM OPERATIONS
(` in Million)
2015 2014
(a) Revenue/Turnover (refer note 35 b) 28,017.12 31,548.26
Add: Increase/(Decrease) in Work in Progress 5,400.41 5,322.88
Total Turnover 33,417.53 36,871.14
(b) Other operating Income
Lease and Service Charges 1.12 1.63
Share of profit from JV /Partnership 32.41 18.85
Other Income 702.81 119.69
34,153.87 37,011.31
NOTE : 18
OTHER INCOME
(` in Million)
2015 2014
Dividend Income - 1.93
Net Gain on Sale of Assets 130.46 190.31
Net Gain on Sale of Investments 22.32 8.84
Interest Income (Gross) 727.76 563.96
Miscellaneous Income 133.92 143.90
Excess Credit written back 144.76 158.43
1,159.22 1,067.37
NOTE : 19
COST OF CONSTRUCTION
(` in Million)
2015 2014
Stores, Embedded goods and Spare Parts *
Inventories at the Beginning of the year 1,758.75 2,035.96
Add:Purchase (Net) 4,746.67 6,350.68
6,505.42 8,386.64
Inventories at the end of the year 1,608.59 1,758.75
Consumption of Stores and Spares 4,896.83 6,627.89
Piece Rate Expenses (Net) 16,494.12 17,144.51
Repairs to Machinery 19.26 20.41
Transportation, Hire etc. 1,904.96 1,891.65
Power, Electricity & Water Charges 503.51 640.73
Project Development Cost 1,438.82 2,703.03
Technical Consultancy Fees 51.77 79.11
Other Construction Costs 273.62 76.67
25,582.89 29,184.00
* Stores, embedded goods and Spares etc., consumed include materials issued to Sub Contractors. It also includes materials of ` 35.13
Million (P.Y. ` 40.47 Million) in transit.

NOTE : 20
EMPLOYEE BENEFITS EXPENSE
(` in Million)
2015 2014
Salaries, Wages, and Bonus 1,244.67 1,286.60
Contribution to Provident and Other Funds 56.27 54.27
Employee Stock Option (ESOP) 1.91 -
Staff Welfare Expenses 46.90 74.78
1,349.75 1,415.65
NOTE : 21
FINANCE COSTS
(` in Million)
2015 2014
Interest Expense 5,157.63 4,357.53
Other Borrowing Costs 11.86 4.42
Net Loss on Foreign Currency Translations - 16.60
5,169.49 4,378.55
NOTE : 22
OTHER EXPENSES
(` in Million)
2015 2014
Other Administrative Costs
Rent 31.14 45.60
Repairs and Maintenance - Building 0.53 4.37
Insurance 117.94 143.23
Rates and taxes 166.09 247.46
Advertisement and Selling Expenses 17.09 23.74
Travelling and Conveyance 65.45 75.56
Directors Fees 3.28 2.28
Auditors remuneration
Audit fees 7.70 6.45
Tax Audit fees 1.67 2.26
Taxation Matters 2.30 1.20
Other Capacity 1.24 1.54
Certification 1.50 2.38
Reimbursement of Expenses 0.11 0.23
14.52 14.52 14.06
Communication expenses 32.31 34.80
Printing and Stationery 44.37 29.46
Legal and consultancy charges 188.55 187.37
Irrecoverable Debts written off 1,022.24 133.08
Loss on foreign currency translation 190.80 346.10
Share of loss from Associates / Joint Ventures 24.55 53.55
Other Expenses 1 330.75 402.41
2,249.61 1,743.07
1 Includes donation to Bharatiya Janata Party towards political contribution amounting to ` 10.03 Million ( P.Y ` NIL)

23 Details of Subsidiaries & Joint Ventures, which are consolidated:
A) Wholly owned (100%) Subsidiaries:
1. Patel Realty (India) Limited 11. Patel Engineers Private Limited
2. Patel Energy Resources Limited 12. Pandora Infra Private Limited
3. Patel Engineering Inc. 13. Patel Engineering Lanka Private Limited
4. Patel Engineering (Mauritius) Limited 14. Shashvat Land Projects Private Limited
5. Patel Engineering (Singapore) Pte. Limited 15. Vismaya Constructions Private Limited
6. Patel Engineering Infrastructure Limited 16. Bhooma Realties Private Limited
7. Patel Concrete and Quarries Private Limited 17. Patel Lands Limited
8. Friends Nirman Private Limited 18. Energy Design Private Limited
9. Zeus Minerals Trading Private Limited 19. Shreeanant Constructions Private Limited
(w.e.f. November 25, 2014)
10. Patel Patron Private Limited
B) Other Subsidiaries:
Name of Subsidiaries % holding
1. Michigan Engineers Private Limited 51.00%
2. ASI Constructors Inc. 65.20%
C) Joint Ventures:
Name of Joint Ventures % of share
1. Patel Michigan JV 10%
2. CICO Patel JV 99.90%
Patel KNR Infrastructure Ltd., Patel KNR Heavy Infrastructure Ltd., Raichur Sholapur Transmission Co. Ltd., Terra Land Developers
Limited and ACP Tollways Pvt. Ltd (w.e.f. 26th May, 2014) has been consolidated as per equity method in accordance with AS -23
Accounting for Investment in Associate in Consolidated Financial Statements.
During the previous year, one of the subsidiary named PAN Realtors Private limited (PAN) being a 51% subsidiary till 4th January,
2015. PAN issued additional shares as a result, the shareholding of the company in PAN got reduced to 36.43%. PAN was de-
subsidiarised and effect thereof, including elimiation of minority interest, Goodwill on consolidation and adjustment to gain on
de-subsidiaration, has been given in consolidated financial statement. Hence, the comparative previous year figures of income and
expenditure in the consolidated statement of profit and loss are not strictly comparable.
24 (i) Income-tax assessments are completed up to A.Y. 2012-2013. Several appeals for the earlier assessment years are pending
before the Appellate Authorities and out of the aggregate demand of ` 3256.18 Million, ` 1,050.69 Million (P.Y. ` 1,584.95
Million) has been already adjusted / paid. The Company has made a provision for tax of `171.18 Million (P.Y. ` 149.63
Million) (net of ` Nil. (P.Y. ` 7.07 Million) reversal of excess liability of earlier years) under all proceeding under the Income
Tax Act, 1961, and Deferred Tax Assets of ` 72.23 Million (P.Y. `40.64 Million). The Company has been advised that it is not
liable to Wealth-Tax except on Motor Cars. Accordingly, Wealth Tax of ` 0.89 Million (P.Y. ` 3.37 Million) has been provided
including liability of ` Nil ( P.Y. ` 2.27 Millions ) of pervious years under all proceeding under the act.
(ii) The Finance Act, 2009 has amended Section 80IA (4) of the Income Tax Act, 1961 by inserting an explanation to the said
section retrospectively from April 1, 2000 purporting to withdraw the benefit hitherto available.The company has filed a writ
petition with High Court of Mumbai for challenging constitutional validity for insertion of explanation with retrospective
effect and writ has been admitted. Recently the appellate authority held that the company is eligible for the said deduction
on certain projects. Accordingly, the corresponding excess provision for the tax of ` 600.64 Million (P.Y. ` 981.31 Million)
has been adjusted and credited to Reserves.
25 In view of the amendment in the Service Tax Act, certain projects which were hitherto not liable for service tax became liable to
tax by virtue of the said amendment effective 1st July 2012. The amount of service tax payable on such projects is reimbursable
by the client as per the contract conditions and the same has been reflected as receivables. However in few cases where the client
has not accepted this liability, the same has been debited to the profit & loss account.

26 DEFERRED TAX
Deferred tax adjustments on account of timing differences as described in Accounting Standard 22 Accounting for Taxes on
Income issued by the Institute of Chartered Accountants of India, is made.
The deferred tax liability (net) comprise of the following:
(` in Million)
2015 2014
Deferred Tax Liability (DTL)
Related to depreciation on fixed assets and other timing difference 344.51 366.25
(a) 344.51 366.25
Deferred Tax Assets (DTA)
i. Relating to depreciation on fixed assets 136.42 166.58
ii. Disallowances under the Income Tax Act 68.33 28.13
(b) 204.75 194.71
Liability for Deferred Tax (net) (a b) 139.76 171.54
27 LEASE
The Company and its subsidiary companies has taken various construction equipments and vehicles under non cancellable operating
leases. The future minimum lease payment in respect of these as at March 31st are as follows:
(` in Million)
2015 2014
Minimum lease obligation payable as at March 31,
a) within one year of the Balance Sheet date 332.06 297.94
b) due in a period between one year and five years 267.27 381.39
The Operating lease arrangement, are renewable on a periodic basis and it provides for an option to the Company to renew the
lease at the end of the non cancellable period. There is no exceptional / restrictive covenants under the lease arrangement.
28 EARNING PER SHARE

(` in Million)
2015 2014
Net profit as per the statement of Profit and Loss available for shareholders for both Basic 84.69 163.69
and Diluted Earnings Per Shares of ` 1/- each
Weighted Average Number of Equity shares for earning per share 76,783,188 76,244,325
Earning Per Share (Basic) ` 1.10 2.15
Earning Per Share (Diluted) ` 1.10 2.13
29 RELATED PARTY DISCLOSURE

Related party disclosures, as required by Accounting Standard 18, Related Party Disclosures, are given below:
A. Name of Related Parties and nature of relationship :-
Associates
1 Patel KNR Infrastructure Ltd 4 Raichur Sholapur Transmission Company Ltd
2 ACP Tollways Pvt. Ltd. 1 5 TERRA Land Developers Pvt Ltd.
3 Patel KNR Heavy Infrastructure Ltd 6 Pan Realtors Pvt. Ltd. (since Jan 11, 2015)

Joint Ventures & Consortium:
1 LGE&C-PATEL J.V. 9 Era Patel Advance Kiran JV
2 PATEL KNR J.V. 10 Patel Siddhivinayak JV
3 KNR PATEL J.V. 11 Patel V Arks JV
4 PATEL SOMA J.V 12 Navyuga Patel BHEL
5 PATEL MICHIGAN JV 13 Patel Avantika Deepika BHEL
6 PATEL-SA JV 14 Patel V Arks - Precision
7 Patel Sew JV 15 CICO-Patel JV
8 Era Patel Advance JV 16 Patel APCO JV
Partnership
1 AHCL PEL
2 Patel Advance JV
Others
1 Patel corporation LLP
2 Praham India LLP
B. (a) Key Management Personnel (KMP)

Mr. Pravin Patel Non-Executive Chairman & Director of Michigan Engineers
Pvt. Ltd.
Mr. Rupen Patel Managing Director & Director of Michigan Engineers Pvt.
Ltd.
Mr. Ashwin Parmar Director & Director of Michigan Engineers Pvt. Ltd.
Ms. Silloo Patel Whole Time Director
Mr. Nimish Patel Whole Time Director
Ms. Sonal Patel
Mr. Shiraz Patel } Relative of KMP
Dr. Manubhai Patel

Mr. Saurin Patel } Director of Michigan Engineers Pvt.Ltd.
Mr. Suresh Kumar Garg

Mr. Shitul Patel } Key Management Person of PAN Realtors Pvt.Ltd
Mr. Pravin Malkani Director of Patel Realty (India) Ltd

Mrs. M. J. Patel Relative of KMP of Michigan Engineers Pvt. Ltd.
Mr. M. L. Gupta Director of Patel Energy Resources Ltd.
}
Mr. Sanjay Ladge
Mr. Sujay Ladge KMP of Shreeanant Constructions Pvt.Ltd.
Mr. Suhas Ladge
(b) Entities Controlled by KMP

1. DSQ Architects Pvt. Ltd. (Till December 18, 2014)
2. MAX Arospace & Aviation Ltd.
3. Hotal Transit Pvt. Ltd. (Till December 18, 2014)

C. Transaction with Related Parties with Subsidiaries, Associate companies, Joint Ventures, Partnership and Others
referred to in item (A) above.
(` in Million)
Particular Associates/ Joint Ventures /
Partnership/Others
2014-15 2013-14
- Revenue/Turnover 2,932.36 3,228.01
- Investment in Equity / Purchase of Shares 472.99 80.02
- Share Application Money - 26.67
- Loans / Advances received 255.21 1,698.53
- Loans / Advances recovered/repaid 159.24 330.70
-Inter company deposit received 4.95 435.85
-Inter company deposit repaid 31.75 68.51*
- Share of Profit 32.41 42.58
- Share of loss 0.19 23.76
- Miscellaneous Receipts 1.10 2.99
- Loans/Advances given 344.44 2,272.80
- Loan/ Advances returned 49.15 477.37
- Corporate Guarantee outstanding as at the end of the year 3001.44 4209.70
- Bank Guarantee outstanding as at the end of the year 1,192.34 943.64
- Outstanding Balance included in Current / Non Current Assets 2,188.77 2,682.17
- Outstanding Balance included in Current / Non Current Liabilities 1,028.76 2,302.56
- Reimbursement of Expenses from 1.63 4.62
- Rent Income - 0.05
- Interest Income 0.97 11.08
- Sundry Balances Written Off 412.90 2.05
- Issue of shares** 32.32 369.55
The subsidiaries have given some collateral securities in form of immovable properties for loan taken by the Company.
* includes loan converted into convertible preference shares
** OCPS and loan converted into equity share
D. Disclosures of Material Transactions with Related Parties with Associate companies, Joint Ventures, Partnership and
Others referred to in item (A) above.
(` in Million)
Particular Name of the Company 2014-15 2013-14
- Revenue/Turnover Navyuga-Patel-BHEL 2216.01 2007.30
Raichur Sholapur Transmission Company Ltd 94.93 628.12
- Investment in Equity / ACP Tollways Pvt. Ltd 446.32 166.50
Purchase of Shares
- Share Application Money Raichur Sholapur Transmission Company Ltd - 26.67
- Advances Received Patel Avantika Deepika Bhel Consortium 115.20 105.5
Patel Sew JV 114.08 57.44
Patel V-arks Precision 25.93 1.79
Terra Land Developers Ltd. - 1440.00

(` in Million)
- Advances Recovered / Repaid Terra Land Developers Ltd. - 103.26
Patel KNR Heavy Infrastructure Ltd - 69.17
- Inter Company deposit received Pan Realtors Pvt Ltd 4.95 216.79
Patel Corporation LLP - 219.06
- Inter Company deposit paid Patel Corporation LLP 31.75 67.70
- Share of Profit AHCL-PEL Partnership 27.42 10.76
Patel Arss JV - 17.63
- Share of Loss Patel - KNR JV 0.18 23.42
- Miscellaneous Receipts Patel Leena JV 0.71 0.71
Patel SA JV 0.23 0.31
Patel KNR Ltd. - 1.32
CICO Patel JV 0.71
- Loans/Advances given Patel Soma JV 114.66 3.09
- Loan/ Advances returned Patel KNR JV 16.61 38.38
Sandeep Associates - 135.00
Patel Leena JV - 151.92
Patel Soma JV - 114.66
CICO Patel JV - 0.65
AHCL - PEL 7.84 40.22
Patel V Arks Precision JV 8.00 1.50
- Reimbursement of expenses from Enpro Limited - 1.48
CICO PATEL JV - 0.33
PATEL Leena JV 1.04 0.30
PATEL SA JV 0.34 0.13
PATEL Sew JV 0.25 0.04
- Rent Income Enpro Limited - 0.01
- Interest Income Enpro Limited - 8.57
Patel KNR JV - 1.34
PATEL Leena JV 0.44 0.44
CICO PATEL JV - 0.43
ACP Tollways 0.24 -
PATEL SA JV 0.15 0.20
PATEL Sew JV 0.11 0.11
- Sundry Balances Written Off Patel KNR JV - 1.05
KNR Patel JV - 1.00
Terra Land Developers Ltd. 412.90 -
- Issue of Shares Praham India LLP - 150.49
Patel Corporation LLP 32.32 219.06

E. Details of Transactions relating to persons referred in item (B) above.

(` In Million)
Particular 2014-15 2013-14
Managerial Remuneration 70.58 67.65
Salary and contribution to provident fund 2.29 3.02
Rent Income - 0.92
Deposit outstanding - 0.40
Share Capital - 300.00
Loan Received 50.00 90.00
Loan Repaid 50.00 90.00
Rent Paid 0.06 0.06
Director's Seating fees - 0.10
Interest Expenses 0.43 1.12
Other Expenses 0.04 0.26
Consultancy Exp. Paid 11.63 11.77
Outstanding Balance (Dr) 0.56 22.91
Outstanding Balance (Cr) 28.28 -
Sale of Asset 0.10 -
30 Segment Reporting
Primary Segment
(` in Million)
As at March 31, 2015
Business Segments
Construction Real Estate Others Total
Segment Revenue 32,983.19 1,170.68 - 34,153.87
Segment Results 5,274.58 358.30 (121.97) 5,510.91
Carrying Amount of Segment Assets 84,214.95 9,246.29 4,503.70 97,964.94
Segment Liabilities 84,214.95 9,246.29 4,503.70 97,964.94
Addition to Fixed Assets 920.29 664.72 1,284.18 2,869.19
Segment Depreciation 786.24 5.12 6.41 797.77
Geographical Segment
(` in Million)
Domestic International Total
Operation Operation
Segment Revenue 26,676.83 7,477.04 34,153.87
Carrying Amount of Segment Assets 91,300.03 6,664.91 97,964.94
Addition to Fixed & Intangible Assets 2,472.59 396.60 2,869.19
(` in Million)
Domestic International Total
Operation Operation
Segment Revenue 31,823.81 5,187.49 37,011.30
Carrying Amount of Segment Assets 78,857.70 5,606.24 84,463.94
Addition to Fixed & Intangible Assets 3,157.58 310.31 3,467.89

31 The companys proportionate share in assets, liabilities, income and expenses of its Joint Venture Companies included in
these consolidated financial statements in accordance with AS 27 - Financial Reporting of Interest in Joint Ventures is
presented below :
(` in Million)
BALANCE SHEET As at March As at March
31,2015 31,2014
Shareholder's Funds
Reserve and Surplus 64.61 20.36
Non-current liabilities
(a) Long-term borrowings - -
(b) Deferred Tax Liability (Net) - -
(c) Other Long term liabilities 144.59 23.89
(d) Long-term provisions 7.60 7.05
Current liabilities
(a) Short-term borrowings - -
(b) Trade payables 33.00 34.41
(c) Other current liabilities 19.10 13.60
(d) Short-term provisions - -
TOTAL 268.91 99.31
II. ASSETS
Non-current assets
(a) Fixed assets 1.07 1.92
(b) Non-current investments - -
(c) Long-term loans and advances 158.07 2.59
(d) Deferred Tax Assets (Net) - -
(e) Other Non current assets 18.05 53.58
Current assets
(a) Inventories 38.90 38.95
(b) Trade receivables 0.26 -
(c) Cash and cash equivalents 0.86 1.44
(d) Short-term loans and advances 51.69 0.83
(e) Other current assets - -
TOTAL 268.91 99.31
(` in Million)
STATEMENT OF PROFIT AND LOSS ACCOUNT As on March As on March
31,2015 31,2014
INCOME
Revenue from operation 191.46 170.37
TOTAL INCOME 191.84 172.07

(` in Million)
STATEMENT OF PROFIT AND LOSS ACCOUNT As on March As on March
31,2015 31,2014
EXPENSES
Cost of Construction 181.86 153.41
Employee benefits expense 0.05 0.05
Finance costs - 1.40
Depreciation and Amortization expense 0.98 0.99
Other expenses 0.28 0.06
Total Expenses 183.17 155.91
Profit / (Loss) before Tax 8.67 16.16

Tax expense
Provision for Current Tax (0.55) (6.12)
Provision for Deferred Tax - -
Profit / (Loss) After Tax 8.12 10.04
32 Income consisting of Construction income of `Nil ( P.Y. ` 50.69 Million), Interest Income of `18.53 Million ( P.Y. `Nil), Income
from customers of `0.64 Million ( P.Y. `Nil), and Other Income of `60.66 Million (P.Y. ` 13.35 Million) and Expenses consisting
of Piece Rate Expenses `33.38 millions (P.Y. `10.37 Million), Store material purchases ` 14.67 millions, Professional and Legal
Expense of ` 0.35 millions (P.Y. ` Nil), Import duty and custom clearance of ` 5.84 million (P.Y. ` Nil), Service tax and WCT ` 3.57
Million (P.Y. ` Nil) and Other Expenses `190.17 Million ( P.Y. ` 213.82 Million) pertaining to prior periods credited and debited
respectively to Profit and Loss Accounts under various heads of accounts.
33 In accordance with The Companies (Accounting Standards) Amendment Rules 2009, where in the provisions pertaining to AS-11
relating to The Effects of the changes in Foreign Exchange Rates, vide notification dated March 31, 2009 and further amended
on May 13, 2011 and further amended on December 29, 2011, the Company has carried over exchange (gain)/loss of `3.89 million
(P.Y. `104.73 million) through Foreign Currency Monetary Items Translation Difference Account, to be amortized over the balance
period of the long term asset/liability, in respect of which such exchange gain/loss has arisen, but not beyond March 31, 2020.
Further exchange loss (net) of `Nil (P.Y. `22.38 million) has been added to the cost of the respective fixed asset.
34 In case of the Company, confirmation letters have been sent in respect of Sundry Debtors / Loans and Advances / Sundry Creditors
of which certain confirmations have been received which are accordingly accounted and reconciled. The remaining balances have
been shown as per books of accounts and are subject to reconciliation adjustments, if any. In the opinion of the Management,
the realizable value of the current assets, loans and advances in the ordinary course of business will not be less than the value at
which they are stated in the Balance Sheet. In respect of subsidiaries, debit and credit balances are subject to confirmation from
creditors, debtors and sub contractors. The management does not expect any material difference affecting the financial statements
for the year.
35 a) Unbilled Work in Progress includes stock of land under development (including held in the name of directors/relatives of
directors/employees, as nominees of the company).
b) Turnover includes, construction of multi purpose projects, water supply projects, Irrigation projects, building projects, road
and railway projects, on item rate or EPC basis and sale of development rights net of rebates. It also includes duty drawback
and entitlement etc but excludes VAT, Service Tax etc.
c) During the Financial year 2010-11, two of Companys hydropower projects in Loharinagpala, in the state of Uttarakhand,
awarded by NTPC, were prematurely terminated by Government of India. NTPC has sought details of expenditure incurred,
committed costs, anticipated expenditure on safety and stabilization measures, other recurring site expenses and interest
costs, as well as other claims of various packages of contractors / vendors for further submission to the government
after compiling all the details of expenses incurred by various contractors working for the project. Management expects
that all these cost as well as claims will be recovered in full and hence the cost incurred on the project up to March 31,
2015 `1849.70 Million ( P.Y. `1,865.38 Million) (including hedging cost of `458.71 millions (P.Y. ` 458.71 Millions)) are

considered recoverable and billable to the client and hence included under work in progress.
d) Arbitration awards received in favour of the Company amounting to ` 783.56 million ( P.Y. ` 61.71 million) is accounted for
as construction Receipts.
36 Patel Energy Resourses Limited (PERL), wholly owned subsidiary of the Company has invested in various SPVs for hydro and thermal
power projects which are of long gestation. The management is of the view that no provision is considered necessary at this
stage in respect of these investments/loans, considering their long term nature. Based on future and long term potential of the
projects, Going concern basis of accounting has been adopted for the said subsidiary despite continuous/significant losses. These
investments / loans are more than 50% of the total assets and income from such financial assets are more than 50% of the total
income of PERL. However PERL has been legally advised that taking into account the intention of the company in setting up wholly
owned subsidiaries as a Special Purpose Vehicle ( SPV ) for executing independent power projects as per requirement under the
Electricity Act, PERL cannot be treated as Non-Banking Finance Companies ( NBFC ) .
37 Les Salines Development Ltd (LSDL), a step down subsidiary of the company in Mauritius, has a lease on the land taken from
Govt. of Mauritius for a period of 99 years, recently on the 04th of June 2015 LSDL has received a notice of termination from the
Govt. of Mauritius for the lease, and LSDL is under process of responding to such notice. It may also be noted that as per the lease
agreement the only cause where the lease can be terminated is the non payment of lease rent. It may be noted that the entire
lease rent for the current year has already been paid in advance therefore the cause of action of termination is unwarranted.
In this case LSDL is confident of resolving the issue with the Govt. of Mauritius in due course and will pursue the issue with
the Govt. of Mauritius actively, as there is no breach by LSDL from their end. As of now the land still vests with LSDL and is in
possession of the land and has ongoing works being carried out on the said land.
38 PRIL is in the process of being compliant with section 203 (appointment of Key managerial personnel) of the Companies Act 2013.
39 The net impact on profit due to difference in audited and un-audited accounts of ASI Constructors Inc, a subsidiary of the company
for FY 2012-13 amounting to ` 77.60 million has been reflected as Prior Period Items in the P.Y. and ` 4.7 million with respect to
FY 2013-14 pertaining to decrease in tax liability has been reduced from current tax expense.
40 Arising out of proceedings initiated under section 132 read with Section 153C/143 (2) of Income Tax Act, 1961 by Income Tax
Authorities, the Company had offered to reduce by way of disallowances, an aggregate sum of ` 795.77 Million. (As on 31.03.2014
- ` 795.77 Million) from pre-operative expenses / Land Development expenses incurred by the Company in the past in setting up
the Power Plant at Nagapattinam, Tamilnadu. Deputy Commissioner of Income-Tax ( DCIT) vide his order dated 25.03.2013 has
also held that the above pre-operative expenses, amounting to ` 795.77 Million (As on 31.03.2014 - ` 795.77 Million) has to be
reduced from the Capital Work in Progress (CWIP) based on the above submissions and as well as other grounds.However, in the
opinion of management, considering the realizable value of land, no adjustment is required to be carried out. Due to the above
mentioned reduction of Land Development Expenses, for tax purposes, the value of fixed assets reckoned subsequent to allocation
of Land Development / Pre-operative expenses to core assets, for computation of depreciation wherever applicable, will be lower to
the extent of `795.77 Million (As on 31.03.2014 - ` 795.77 Million)
41 Ministry Of Coal (MOC) after keeping the request for change in location of the proposed power plant from Bhavnagar area to
Pipavav area with in Gujarat State for 16 months and belatedly declined it after the LOA expired. Consequent upon the expiry of
Letter Of Assurnace (LoA), South Eastern Coal Limited (SEC) invoked and encashed three Bank Guarantees agreegating to
` 196.64 Million issued as Commitment Guarantees against LoA. Patel Energy Limited has filed a writ petition at Delhi High Court
challenging the decision of MoC refusing to approve the change of location of the said power plant, and also for quashing the
unlawful invocation of bank guarantee by SEC and has saught a further direction that the change of location be approved and the
LoA be extened in view of the delay by Moc. The case was last heard on 13.3.2015 in Delhi High Court and the same is posted for
final hearing on 13.7.2015. In the mean time we have represented the matter to the Honourable Minister for Power & Coal and
CEA recommended the case to be reviewed and the SLC directed that the case be put up on file for review in Ministry of Coal. The
matter is under process in Ministry of Coal.The Company is confident that requisite clearance shall be obtained and hence the
accounts of the company is continued to be complied on Going Concern basis.
42 In respect of 54.12 acres of land acquired by PEL Power Limited in earlier years, the original owner of the land had filed a case
against the vendor from whom PEL Power Limited had purchased these lands questioning his authority to transfer the property

to PEL Power Limited. PEL Power Limited is legally advised that the title to PEL Power Limited valid and good and there can be
no claim against PEL Power Limited. Notwithstanding the above PEL Power Limited has impleaded itself in the case in order to
effectively defend its ownership in the said land.
43 During 2013-2014 short term loans and advances amouting to `43,972,500 and reimbursements receivable from Patel lanka
Squanda (PVT) Limited amounting to `1,91,33,139/- have been erroneously recorded as Investments in Patel Lanka Squanad (PVT)
Limited . Correction have been made to the financials statement as at 31/03/2014 in accordanace with SLFRS for SMEs, Section 10
Accounting Policies, Estimates and Error.
44 Contingent Liabilities
(a) Commitment for capital expenditure is ` 176.37 Million (P.Y. `634.52 Million), advance paid ` 40.64 Million (P.Y. ` 7.81
Million)
(b) Counter indemnities given to Banks and others in respect of secured guarantees, etc. on behalf of subsidiaries and others
given by them in respect of contractual commitments in the ordinary course of business is ` 7,302.27 million (P.Y. `
7,752.61 million) (including Customs ` 120.64 million (P.Y. ` 282.81 million) for the current year includes guarantees given
in US$ 10 million (P.Y. US$ 10.00 million). Corporate guarantees on behalf of subsidiaries and others is ` 18,876.34 million
(P.Y. ` 15,497.69 million) (against which the Company has obtained counter indemnities for `4,821.06 million
(P.Y. `.4,802.69 million) and towards Custom Duty ` 71.62 million (P.Y. ` 71.62 million).
(c) The Company has received an amount of ` 12.74 Million in 1997 against arbitration award in its favour. The client has
preferred an appeal against above award claiming an amount of ` 213.32 Million (P.Y. ` 213.32 Million) before the Honble
appeal court. However the management feels that the likelihood of outflow of resources is remote.
(d) Service tax liability that may arise on matters in appeal ` 1085.92 Million (P.Y. ` 654.55 Million) and advance paid ` 20.00
Million (P.Y. ` 2.68 Million). However, this amount is contractually recoverable from the Clients.
(e) Sales tax ` 99.56 Million (P.Y. `88.00 Million) (Advance paid ` 17.09 Million (P.Y. ` 18.51 Million)), Cess ` 78.55 Million
(P.Y. ` 53.70 Million), Custom Duty ` 17.62 Million (P.Y. Nil) (Advance paid ` ` 8.46 Million (P.Y. Nil)).
(f) Income tax liability that may arise on matters in appeal ` 2,819.73 Million (P.Y. ` 981.31 Million).
(g) Trade Receivables/ Client Retention to the extent of ` 180.00 Million (P.Y. ` Nil) have been discounted with Bank on
Recourse Basis.
(h) Allowances due to employees in remote areas (North East) may accrue in future maximum to the extent of ` 0.37 million
(` 4.56 Million). The same will be paid to the employees who continue to be on the payrolls upto July 1, 2014 (previously
October, 1).
(i) Michigan Engineers Pvt. Ltd. has received show cause cum demand notices for a sum of ` 108.24 Millions (P.Y. ` 108.24
Millions) from Service tax department pertaining to the financial years 2006-07 to 2010-11 and 2012-13.
(j) In Pan Realtors Pvt. Ltd., Sales Tax due to Commercial Tax Tribunal ( Noida) ` 537.17 Million (` 645.32 Million), Due under
Building and other Construction Worker welfare cess Act ` 55 Million (` 55 Million), Due under Income tax ` 9.43 Million
(P.Y. ` 9.43 Million), claim from SREI Bank Nil (P.Y. ` 0.11 Million)
(k) Proceedings u/s 271 (1) (c) of the Income Tax Act,1961 for the past assessment years initiated, quantum currently not
ascertainable, as being contested by Patel Realty (India) Limited.
(l) ASI Constructors Inc is involved in a claim for additional reimbursement for fees costs as result of unforeseen site
conditions, contractual obligation, and weather damages. The company has requested an equitable adjustment of ` 196.67
Million ($ 3.61 Million). The Company received ` 62.15 Million (P.Y. $ 1.04 Million) settled during the year ended March 31,
2013. As a result of the cost and the risk of collectability of the claim, management has elected to record the claim at
` 36.67 Million ($ 0.60 Million) and ` 33.77 Million ($ 0.57 Million) for the financial statement ending March 31, 2015 and
2014 respectively.
(m) A part of the immovable property belonging to the company shown under inventories has been offered as security in favour
of a bank against credit facilities availed by the Patel Realty (India) Ltd. (PRIL)

(n) PRIL is under commitment to construct specific area for land owners.
(o) PRIL has received an order from the learned commissioner of service tax for the period Nov 2009 to Jun 2012 demanding
service tax amounting ` 220.33 Million along with interest (not quantified in the order) and penalty of ` 184.36 Million. The
company has filed an appeal before the Customs Excise and Service tax Appellate Tribunal against the said order and based
on information with it, believe that future cash outflow for this is remote.
(p) Income Tax Demand of ` 18.20 million for various subsidiaries for earlier years for which they have preferred an appeal
which is pending at various forums.
(q) PRIL is subject to legal proceeding and claims, which have arisen in the ordinary course of business, including certain
litigation for land acquired by it for construction purpose, the impact of which is not quantifiable. These case are pending
with various courts and are scheduled for hearings. After considering the circumstances, manangement believes that these
case will not adversely effect its financial statement.
(r) PRIL had recevied an show cause cum demand notice from the learned Commissioner of Service Tax for the period July 2012
to March 2013 demanding service tax amounting ` 20,37,90,486/-. The company has filled a reply before the tax authority
against the said order and based on information with it, believe that future cash outflow for this is remote.
(s) PRIL had recevied an show cause cum demand notice from the learned Commissioner of Service Tax for the period April 13 to
March 2014 demanding service tax amounting ` 19,75,83,495/-.
(t) Provident Fund liability that may arise on matter in appeal ` 9.52 Million ( P.Y. ` 9.52 Million) and advance Paid ` 2.38
Millions (P.Y. ` 2.38 Millions)
(u) Claims not acknowledged as debt ` 485 Million (any liability herein shall be borne by the Principal Contractor).
(v) Entry Tax liabilities on purchase of goods of ` 11.35 Millions (against which amount of ` 3.78 Millions have been paid and
for the balance amount of ` 7.60 Millions bank guarantee has been furnished) for A.Y. 2010 - 11 which has been stayed by
Honble High Court of H.P. The Company has not provided any further liability from the relevant assessement year as the
amount for same is not ascertainable.
(w) In respect of Shreeanant Construction Pvt Ltd, a SLP was filed in the Supreme Court by the State Govt. of Arunachal Pradesh
against the judgment of the Honble Gauhati High Court in favour of the Company abolishing the Arunachal Pradesh Goods
Taxation Act, 2005 as it was unconstitutional in nature. Still the matter is pending before the Supreme Court and hearings
are going on. Further, a Writ petition was filed by the Company in the Gauhati High Court challenging the validity of newly
enacted Arunachal Pradesh Entry Tax Act,2010. The Honble Court has granted interim stay on the payment of Entry Tax
subject to the furnishing of Bank Guarantee of the equivalent amount. The matter is still pending and final judgment is yet
to be delivered. But in case of adverse judgment there may be outflow towards Entry Tax liability on import of goods from
outside of Arunachal Pradesh. However the management feels that likelihood of outflow of resources is remote.
45 a) Patel Realty (India) Limited (PRIL) has recognised, based on legal advised received by it, sum of ` 12,23,49,878/- and
` 17,93,00,479/- towards input credit under Service tax (ST) and under Karnataka State Value added Tax (KVAT) respectively
for the period from 2009-10 to 2013-14. The same is disclosed as an exceptional items in term of provision of Schedule III
to the Act.
b) PRIL has paid sum of ` 11,95,21,412/- under the service tax provision, for the aforesaid period, prior to and in response to
show cause cum demand notice/ summon received from the tax authorities. This amount will be attributed towards the tax
liabilities for the said period/s, as applicable. The order issued by the tax authorities has been contested by the company.
46 PEL Port Private Ltd was primarily incorporated to build a captive Port to cater to the needs of PEL Power Ltd. which is engaged in
setting up a Merchant Power Plant with capacity of 1045MW at Maruthampallam Village, Nagapattinam District in Tamil Nadu. There
is a delay in commencement of construction of Power Plant due to delay in getting Consent for Establishment from Government
of Tamilnadu. PEL Power Ltd. is confident in getting the clearance in the near future. Since the Captive Port project is closely
interlinked with the above Power Project and in view of the long term potential of that project, the accounts of PEL Port Private
Ltd. are compiled on Going Concern basis.
47 Energy Design Pvt. Ltd. ( EDPL) is in process of applying to New Okhla Industrial Development Authority for extending the license
for development of land admeasuring 1357.55 sqm in Sector 6, Noida, for activities related to IT and ITES. EDPL is also exploring
other object of providing management consultancy services relating to design and development of infrastructure project. The
management is confident that the requisite license will be obtained and with substantial and continuous financial support, the
accounts of the company have been prepared on Going Concern basis.

48 Additional Information as required under Schedule III to the Companies Act, 2013, of enterprises consolidated as Subsidiary /
Associates / Joint Ventures.
Name of the entity Net Assets i.e. total assets minus Share in profit and loss
total liabilities
As a % of Amount As a % of Amount
consolidated consolidated
net assets profit or loss
Parent
Patel Engineering Limited 89.78% 16,993.11 140.34% 118.85
Subsidiaries
Indian
1 Patel Realty (India) Limited 9.04% 1,710.49 131.46% 111.33
2 Patel Energy Resources Limited 10.11% 1,913.27 -7.32% -6.20
3 Patel Engineering Infrastructure Limited 0.57% 108.69 0.00% -
4 Patel Concrete and Quarries Private Limited 0.00% 0.82 -0.04% -0.03
5 Friends Nirman Private Limited 0.01% 1.43 0.04% 0.03
6 Zeus Minerals Trading Pvt Ltd 0.00% 0.39 -0.04% -0.03
7 Patel Patron Pvt. Ltd. 0.74% 139.24 -0.10% -0.09
8 Patel Engineers Pvt. Ltd. 0.50% 94.67 -0.85% -0.72
9 Pandora Infra Pvt. Ltd. 0.36% 69.08 -0.10% -0.09
10 Shashvat Land Projects Pvt. Ltd. 0.41% 77.78 -0.10% -0.09
11 Vismaya Constructions Pvt. Ltd. 0.29% 54.21 -0.11% -0.09
12 Bhooma Realties Pvt. Tld. 0.38% 71.09 -0.10% -0.09
13 Patel Lands Ltd. 0.00% 0.41 -0.04% -0.03
14 Energy Design Pvt. Ltd. -0.16% -30.52 -10.61% -8.98
15 Shreeanant Constructions Pvt. Ltd. 0.09% 16.10 17.97% 15.22
16 Michigan Engineers Private Limited 4.75% 898.85 12.68% 10.74
Foreign
1 Patel Engineering Inc. 3.17% 599.69 -83.75% -70.93
2 Patel Engineering (Mauritius) Limited 0.17% 31.28 0.00% -
3 Patel Engineering (Singapore) Pte. Limited 1.91% 361.87 -94.79% -80.28
4 Patel Engineering Lanka Ltd. 0.21% 39.02 2.60% 2.20
5 ASI Constructors Inc. 10.21% 1,933.07 85.98% 72.82
Joint Ventures (as per proportionate consolidation/Investment as per the equity method)
1 Patel Michigan JV 0.07% 14.11 2.27% 1.93
2 CICO Patel JV 0.27% 50.50 7.31% 6.19
Associate (as per proportionate consolidation/Investment as per the equity method)
1 Patel KNR Infrastructure Ltd 0.79% 149.67 2.68% 2.27
2 ACP Tollways Pvt. Ltd. 6.05% 1,146.01 -1.72% -1.46
3 Patel KNR Heavy Infrastructure Ltd 0.51% 96.47 -27.64% -23.41
4 Raichur Sholapur Transmission Company Ltd 1.38% 261.75 -2.96% -2.51
5 TERRA Land Developers Pvt Ltd. -1.08% -203.56 -0.30% -0.25
6 Pan Realtors Pvt. Ltd. 0.65% 123.08 2.71% 2.3

49 Derivative transactions :
a. For Interest Rate Related Risks:
Nominal amounts of interest rate swaps entered into by the company and outstanding as on 31st March 2015 amounts to
` Nil ( P.Y. ` 554.24 Million).
b. Foreign Currency Exposure that are not hedged by derivative instruments as on March 31, 2015 amounting to ` -405.06
Million (P.Y ` 948.78 Million).
(` in Million)
Foreign currency exposure
outstanding at
Currency March 31, 2015 March 31, 2014
USD (169.40) 890.71
EURO (510.75) 58.07
SGD 62.86 Nil
JPY 18.93 Nil
MUR 181.52 Nil
LKR 11.74 Nil
CNY 0.02 Nil
OMANI RIAL 0.02 Nil
50 Exceptional items includes reverse back of service tax and VAT input credit of ` 301.61 million reduced by compensation towards
delay possession of ` 148.30 million in Patel Realty (India) Limited, (PRIL) a subsidiary of the company.
51 EMPLOYEE BENEFITS
I Brief description of the Plans
The Company provides long-term benefits in the nature of Provident fund and Gratuity to its employees. In case of funded
schemes, the funds are recognized by the Income tax authorities and administered through appropriate authorities/
insurers. The Companys defined contribution plans are provident fund, employee state insurance and employees pension
scheme (under the provisions of the Employees Provident Funds and Miscellaneous Provisions Act, 1952) since the Company
has no further obligation beyond making the contributions. The Companys defined benefit plans include gratuity benefit
to its employees, which is funded through the Life Insurance Corporation of India. The employees of the Company are
also entitled to leave encashment and compensated absences as per the Companys policy. The Provident fund scheme
additionally requires the Company to guarantee payment of specified interest rates, any shortfall in the interest income over
the interest obligation is recognised immediately in the statement of profit & loss as actuarial loss. Any loss/gain arising
out of the investment with the plan is also recognised as expense or income in the period in which such loss/gain occurs.
The companies liabilities for long term employee benefits (Gratuity/Leave encashment) are determined on the basis of
actuarial valuation made at the end of each financial year using the projected unit credit method. Actuarial gain & losses
are recognized in the statement of profit & loss as income or expense respectively. Obligation is measured at the present
value of estimated future cash flows using a discounted rate that is determined by reference to market yield on the date of
balance sheet on government bonds where the currency and terms of the government bonds are consistent with the currency
and estimated terms of the defined benefit obligation.
II Disclosure for Defined Benefit Plan based on actuarial reports as on March 31, 2015 and March 31, 2014:
(` in Million)
Particular Gratuity Gratuity Leave
(Funded) (Unfunded) Encashment
(unfunded)
(i) Expenses recognized in the Profit and Loss Account:
Current service Cost 7.17 1.66 9.24
(7.54) (1.56) (8.81)
Interest Cost 1.95 0.41 3.44
(1.22) (0.32) (1.43)

(` in Million)
(Funded) (Unfunded) Encashment
(unfunded)
Expected Return on Plan Assets (1.57) - -
(-1.57) - -
Net actuarial Gain (5.99) 1.06 5.79
(-0.5) (-0.42) (31.84)
Total Expenses recognized in the Statement Profit and Loss 1.56 3.13 18.46
(6.68) (1.46) (42.08)
(ii) Reconciliation of the Present Value of Defined Benefit
Obligation and the Fair Value of Assets (Amount recognized in
Balance Sheet):
Present Value of Funded Obligation as at year end (31.47) (5.09) 43.66
(-20.90) (-4.37) (36.98)
Fair Value of Plan Assets as at year end 32.49 - -
(18.04) - -
Funded (Asset)/Liability recognized in the Balance Sheet 1.02 (5.09) 43.66
(-2.86) (-4.37) (36.98)
(iii) Changes in Defined Benefit Obligation :
Liability at the beginning of the year 20.90 4.37 36.98
(14.76) (3.91) (17.37)
Interest cost 1.95 0.41 3.44
(1.22) (0.32) (1.43)
Current service cost 7.17 1.66 8.45
(7.54) (1.56) (8.81)
Benefit Paid (1.16) (2.41) (11.80)
(-2.21) (-1.00) (-22.46)
Actuarial (gains) / losses on obligations 2.62 1.06 5.79
(-0.41) (-0.42) (31.84)
Liability at the end of the year 31.47 5.09 43.66
(20.90) (4.37) (36.98)
(iv) Changes in the Fair value of Plan Assets:
Fair Value of Plan Assets at the beginning of the year 18.04 - -
(18.12) - -
Expected Return on Plan Assets 1.57 - -
(1.58) - -
Contributions 5.44 - -
(0.46) - -
Benefit Paid (1.16) - -
(-2.21) - -
Actuarial gain/(loss) on Plan Assets 8.61 - -
(0.09) - -
Fair Value of Plan Assets at the end of the year 32.50 0.38 -
(18.04) - -
Total Actuarial Gain/(Loss) To Be Recognized 5.99 0.38 5.79
(0.50) - (31.84)
(v) Actual return on Plan Assets
(1.58) - -
Actuarial Gain on Plan Assets 8.61 - -
(0.09) - -

(` in Million)
(Funded) (Unfunded)Encashment
(unfunded)
(1.67) - -
(vi) The Company expects to contribute ` 9.23 Million (P.Y.`10.03 Million) to Gratuity Funded Plan in FY 2015-16.
(vii) Percentage of each Category of Plan Assets to total Fair Value
of Plan Assets:
Insurer Managed Funds 100% 100% 100%
100% - 100%
(viii) In accordance with the Accounting Standard- 15 (Revised
2005), actuarial valuation was performed based on the
following assumptions:
Discount rate 8.00% 7.96% 8.00%
(9.31%) (9.31%) (9.31%)
Rate of increase in Compensation Levels 5.00% 5.00% 5.00%
(5.00%) (5.00%) (5.00%)
Expected Rate of Return on Plan Assets 8.00% 0 0
(8.70%) 0 0
Attrition rate 2.00% 3.00% 2.00%
(2.00%) (3.00%) (2.00%)
Average Age of retirement (years) 60 60 60
(60) (60) (60)
ix) Experience Adjustments
On Plan Obligation (gain)/loss -1.20 - -0.41
-1.84 - -35.03
On Plan Asset (Loss)/Gain 8.61 - -
-0.09 - -
52 Pension Plans
ASI Constructors Inc (ASI), a subsidiary of the Company participates in several multi-employer defined pension plans in connection
with collective bargaining agreements with the various unions. The plans cover all employees who are members of the unions. For
the years ended March 31, 2015 and 2014, the pension expense was ` 25.24 Million ($ 403,653) and ` 24.72 Million ($ 395,376),
respectively.
ASIs participation in these plans for the annual period ended March 31, 2015, is outlined in the table below. The EIN/Pension
Plan Number column provides the Employee Identification Number (EIN) and the three-digit plan number, if applicable. Unless
otherwise noted, the most recent Pension Protection Act (PPA) zone status available in 2015 and 2014 is for the plans year
beginning in 2014 and 2013, respectively. The zone status is based on information that ASI received from the plan and is certified
by the plans actuary. Among other factors, plans in the red zone are generally less than 65 percent funded, plans in the yellow
zone are less than 80 percent funded, and plans in the green zone are at least 80 percent funded. The FIP/RP Status Pending/
Implemented column indicates plans for which a financial improvement plan (FIP) or a rehabilitation plan (RP) is either pending
or has been implemented. The funding status of the plans for plan years beginning in 2014 was not readily available at the time
these financial statements were issued. The last column lists the expiration dates of the collective-bargaining agreements to which
the plans are subject.

Pension Fund MN Central Twin City Carpenters Iron Central Pension

Laborers Laborers Carpenters Pension Workers Fund of the
Central Pension & Joiners Fund of St. Louis International
Pension Funds Fringe Illinois District Union of
Fund Benefit Fund pension Council Operating
plan Trust Funds Engineers and
participating
Employers
(MN and IL)
EIN/Pension Plan 41-6159599 37-6052379 41-6043137 36-6147396 43-6052659 36-6052390 /
Number / 001 / 001 / 001 / 001 / 001 001
Pension Protection 2014 Green Red Yellow Green N/A Green
Act 2013 Green Red Yellow Green Yellow Green
Zone Status
(plan year
beginning)
FIP/RP Status N/A RP RP N/A N/A N/A
Pending/ Implemented Implemented
implemented
Contributions of 2015 16.57 0.30 3.98 - - 4.39
ECI, Inc. 2014 15.60 1.88 2.38 0.43 0.12 4.31
Surcharge imposed N/A No No N/A N/A N/A
Expiration Date of April 30, April 30, April 30, April 30, April 30, April 30, 2017
Collective 2017 2017 2017 2017 2017
Bargaining
Agreement
52 The subsidiary Company accounts for its direct expenses including depreciation as direct cost of construction, which are however
charged, to the respective heads of accounts in consolidated accounts.
53 a) Previous years figures have been regrouped, rearranged and reclassified wherever necessary.
b) Figure in brackets indicates amounts pertaining to previous year.


Place : Mumbai

Independent Auditors Report
To The Members of PATEL ENGINEERING LIMITED 6. An audit involves performing procedures to obtain audit
Report on the Financial Statements evidence about the amounts and disclosures in the
financial statements. The procedures selected depend on
1. We have audited the accompanying financial statements
the auditors judgment, including the assessment of the
of Patel Engineering Limited (the Company), which
risks of material misstatement of the financial statements,
comprise the Balance Sheet as at March 31, 2015, the
whether due to fraud or error. In making those risk
Statement of Profit and Loss and the Cash Flow Statement
assessments, the auditor considers internal control relevant
for the year then ended, and a summary of significant
to the Companys preparation of the financial statements
accounting policies and other explanatory information.
that give a true and fair view, in order to design audit
Managements Responsibility for the Financial procedures that are appropriate in the circumstances, but
Statements not for the purpose of expressing an opinion on whether
2. The Companys Board of Directors is responsible for the the Company has in place an adequate internal financial
matters stated in section 134(5) of the Companies Act, controls systems over financial reporting and the operating
2013 (the Act) with respect to the preparation of these effectiveness of such controls. An audit also includes
standalone financial statements that give a true and evaluating the appropriateness of accounting policies used
fair view of the financial position, financial performance and the reasonableness of the accounting estimates made
and cash flows of the Company in accordance with the by the Companys Director, as well as evaluating the overall
accounting principles generally accepted in India, including presentation of the financial statements.
the Accounting Standards specified under Section 133 of 7. We believe that the audit evidence we have obtained is
the Act, read with Rule 7 of the Companies (Accounts) sufficient and appropriate to provide a basis for our audit
Rules, 2014(as amended). This responsibility also includes opinion on the standalone financial statements.
the maintenance of adequate accounting records in Opinion
accordance with the provision of the Act for safeguarding of
8. In our opinion and to the best of our information and
the assets of the Company and for preventing and detecting
according to the explanations given to us, the financial
the frauds and other irregularities; selection and application
statements give the information required by the Act in
of appropriate accounting policies; making judgments and
the manner so required and give a true and fair view
estimates that are reasonable and prudent; and design,
in conformity with the accounting principles generally
implementation and maintenance of internal financial
accepted in India, of the state of affairs of the Company as
control, that were operating effectively for ensuring the
at March 31, 2015, and its profit and its cash flows for the
accuracy and completeness of the accounting records,
year ended on that date.
relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from Report on other Legal and Regulatory Requirements
material misstatement, whether due to fraud or error. 9. As required by Companies (Auditors Report) Order, 2015
issued by the Central government of India in terms of
Auditors Responsibility sub-section (11) of the section 143 of the act (hereinafter
3. Our responsibility is to express an opinion on these referred to as the Order), and on the basis of such checks
financial statements based on our audit. of the books & records of the company as we considered
4. We have taken into account the provisions of the Act & the appropriate & according to the information & explanation
Rules made there under including the accounting standards given to us, we give in the annexure a statement on the
& matters which are required to be included in the audit matters specified in paragraph 3 and 4 of the Order.
report under the provisions of the Act and the Rules made 10. As required by section 143(3) of the Act, we report that:
there under.
a) We have sought and obtained all the information and
5. We conducted our audit in accordance with the Standards explanations which to the best of our knowledge and
on Auditing specified under section 143(10) of the Act belief were necessary for the purposes of our audit.
& other applicable authoritative pronouncements issued
b) In our opinion proper books of account as required
by the Institute of Chartered Accountants of India. Those
by law have been kept by the Company so far as
Standards require that we comply with ethical requirements
appears from our examination of those books.
and plan and perform the audit to obtain reasonable
assurance about whether the standalone financial c) the Balance Sheet, the Statement of Profit and Loss,
statements are free from material misstatement. and Cash Flow Statement dealt with by this Report
are in agreement with the books of account of the
company.

d) In our opinion, the aforesaid financial statements ii) Company has made provision as at March,
comply with the Accounting Standards specified 31, 2015 as required under the applicable
under Section 133 of the Act, read with Rule 7 of the law or accounting standards, for material
Companies (Accounts) Rules, 2014. foreseeable losses, if any, on long term
e) On the basis of written representations received from contracts including derivative contracts.
the directors as on 31 March, 2015, taken on record iii) There has been no delay in transferring
by the Board of Directors, none of the directors amounts, required to be transferred, to the
is disqualified as on 31 March, 2015, from being investor education & protection fund by the
appointed as a director in terms of Section 164(2) of company during the year ended 31st March
the Act. 2015.
f) With respect to the other matters to be included in For Vatsaraj & Co.
the Auditors Report in accordance with Rule 11 of Chartered Accountants
the Companies (Audit & Auditors) Rules, 2014, In our FRN: 111327W
opinion & to the best of our knowledge & belief &
according to information & explanations given to us: CA Mayur Kisnadwala
i) The company has disclosed the impact of Place : Mumbai Partner
pending litigations as at March 31, 2015 on its Date : June 15, 2015 M. No.: 33994
financial position, in its financial statements.

Annexure to Independent Auditors Report
The Annexure referred to in paragraph 1 of the Our Report of even date to the members of Patel Engineering Limited for the year
ended 31st March, 2015.
1 a) The company has maintained proper records showing b) There is no overdue amount in excess of ` 1 lac on
full particulars including quantitative details and loans granted remaining outstanding as at the year
situation of its fixed assets. end, as they are repayable on demand.
b) We have been informed to that, the fixed assets 4 In our opinion and according to the information and
including assets of the company purchased in the explanations given to us, there are adequate internal
name of Directors and their relatives and employees control procedures commensurate with the size of the
have been physically verified at reasonable intervals Company and the nature of the business for purchase of
by the management and no material discrepancies fixed assets and for sale of goods and services. However the
were noticed on such verifications. internal controls over purchases of inventory continues to be
strengthened further.
2 a) The Inventory has been physically verified by the
management at reasonable intervals during the year. 5 In our opinion and according to the information and
In our opinion, the frequency of such verification is explanations given to us the company has not accepted
reasonable. deposits during the year.
b) In our opinion and according to the information 6 We have broadly reviewed the cost records maintained by
and explanations given to us, the procedures of the company as specified by Central Government under sub
section (1) of section 148 of the Companies Act, and we are
physical verification of inventories followed by the
of opinion that prima facie the prescribed cost records have
management are reasonable and adequate in relation
been maintained. We have, however, not made a detailed
to the size of the company and the nature of its
examination of the cost records with a view to determine
business.
whether they are accurate or complete.
c) In our opinion and according to the information 7 a) According to information & explanation given to
and explanations given to us, the Company has us and the records of the company examined by us,
maintained proper records of its inventories. As undisputed statutory dues including Provident Fund,
explained to us, there was no material discrepancies Investor Education and Protection Fund, Employees
noticed on physical verification of inventories as State Insurance, Income-tax, Sales-tax, Wealth Tax,
compared to book records. Service Tax, Custom Duty, Excise Duty, Cess and any
3 The Company has granted unsecured loans to 33 companies other statutory dues have been generally regularly
and 2 firms which are covered in the register maintained deposited with the appropriate authorities except
under section 189 of the Companies Act, of which the net for the Sales Tax, Entry Tax, Service Tax, Municipality
balance of ` 419.2 million of a company has been written Tax, and Income Tax amounting to ` 180.05 million
off during the year. outstanding as on the last day of the financial year
a) As per information and explanation given to us, the for a period of more than six months from the date
above loans are repayable on demand, there is no they become payable.
time stipulation for repayment of the Principal and 7 b) According to information & explanation given to
interest. We are also informed that the company us & the records of the company examined by us,
has not demanded repayment of either principal or the disputed statutory dues aggregating ` 3,359.24
interest during the year. Million that have not been deposited on account of

disputed matters pending before appropriate authorities are as under:
Particulars Financial Year to which Amounts in Forum where dispute

amount relates Million (`) is pending
Sales Tax 2001-2002 to 2003-2004, 2005-2006, 49.86 Appellate Tribunal
2006-07 and 2009-2010
2007-2008 11.63 Dy Commissioner Appellate III, Mumbai
2007-2008, 2008-2009 and 2010-2011 9.61 Senior Joint Commissioner, Siliguri
Entry Tax 2010-2011 7.57 High Court
Service Tax 2007-2008 to 2012-2013 323.20 CESTAT, New Delhi
2003-2004 to 2006-2007 2.54 CESTAT, Mumbai
Income Tax 2007-2008 to 2009-2010 and 2011-2012 2205.48 CIT Appellate
Custom Duty 2011-2012 9.16 Appellate Tribunal
Total 3359.24
c) The amount required to be transferred to Investor than 60 days is ` 360 Million.

Education & Protection fund has been transferred 10 In our opinion and according to the information and
within the stipulated time in accordance with the explanations given to us, the Company has given
relevant provisions of the Companies Act,1956 (1 of guarantees for loan taken by others from a bank or financial
1956) and rules made there under institution. The terms and conditions thereof are not prima
8 The company does not have any accumulated losses at the facie prejudicial to the interest of the Company.
end of the financial year and the company has not incurred 11 According to the information and explanations given to us
cash losses in current financial year and in the immediately the term loans were applied for the purpose.
preceding financial year;
12 According to the information and explanations given to
9 According to the information and explanations given to us, us, no fraud on or by the company has been noticed or
the Company has delayed payment of principal and interest reported during the course of our audit.
dues to banks, financial institutions and debenture holders.
During the year, the delay in interest servicing is: less
than 60 days ` 1892 Million and more than 60 days ` 585 For Vatsaraj & Co.
Million. Such delay in payment of principal is ` 1452 Million Chartered Accountants
and ` 959 Million respectively. The dues were subsequently FRN: 111327W
paid during the year.
At the balance sheet date, the delay in interest servicing is CA Mayur Kisnadwala
less than 60 days ` 161.85 Million and more than 60 days
Place : Mumbai Partner
` 24.05 Million. The delay in principal payment for less
Date : June 15, 2015 M. No.: 33994

Balance Sheet as at March 31, 2015
(` in Million)
Notes As at As at
March 31, 2015 March 31, 2014
1 Shareholders funds
(a) Share capital 2 76.81 76.81
(b) Reserves and surplus 3 16,916.30 16,066.91
2 Non-current liabilities
(a) Long-term borrowings 4 16,756.82 12,412.13
(b) Other Long term liabilities 5 6,040.86 6,907.69
(c) Long-term provisions 6 34.10 32.44
3 Current liabilities
(a) Short-term borrowings 7 20,562.26 20,426.12
(b) Trade payables 8 5,823.20 5,116.78
(c) Other current liabilities 9 8,001.84 8,170.15
(d) Short-term provisions 6 12.62 15.36
TOTAL 74,224.81 69,224.39
II. ASSETS
1 Non-current assets
(a) Fixed assets 12
i. Tangible assets 2,142.09 2,449.52
ii. Intangible assets 2.68 19.26
iii. Capital work-in-progress 42.25 207.02
2,187.02 2,675.80
(b) Non-current investments 10 6,056.97 5,923.07
(c) Deferred Tax Assets ( Net) 11 103.28 31.04
(d) Long-term loans and advances 13 15,747.12 12,050.95
(e) Non Current Trade Receivables 15 8,526.84 8,989.38
(f) Other Non Current Assets 16 70.63 18.42
2 Current assets
(a) Investments- current 10 - 0.05
(b) Inventories 14 30,963.94 25,242.73
(c) Trade receivables 15 4,351.32 3,719.30
(d) Cash and Bank Balances 16 815.63 1,072.43
(e) Short-term loans and advances 13 5,395.68 9,494.24
(f) Other current assets 17 6.38 6.98
TOTAL 74,224.81 69,224.39

CA Mayur Kisnadwala (Shobha Shetty)

Place : Mumbai
Date : June 15, 2015

Statement of Profit and Loss for the year ended March 31, 2015
(` in Million)
Notes As on As on
March 31, 2015 March 31, 2014
I. Revenue from operations 18 24,728.08 27,039.55
II. Other income 19 1,954.17 1,463.05
III. Total Revenue (I + II) 26,682.25 28,502.60
IV. Expenses:
Cost of Construction 20 17,932.75 21,151.25
Employee benefits expense 21 957.02 961.34
Finance costs 22 5,522.93 4,286.29
Depreciation and amortization expense 12 519.18 542.29
Other expenses 23 1,531.69 1,199.00
Total expenses 26,463.57 28,140.17
V. Profit before exceptional and extraordinary items and tax (III-IV) 218.68 362.43
VI. Exceptional items - -
VII. Profit before extraordinary items and tax (V - VI) 218.68 362.43
VIII. Extraordinary Items - -
IX. Profit before tax (VII- VIII) 218.68 362.43
X. Tax expense:
(1) Current tax 25 172.06 153.00
(2) Deferred tax 25 (72.23) (40.54)
XI. Profit for the Year (IX-X) 118.85 249.97
XII. Earnings per equity share:
(1) Basic 28 1.55 3.28
(2) Diluted 1.55 3.25


Place : Mumbai

Cash Flow Statement for the year ended March 31, 2015
(` in Million)
2015 2014
A. CASH FLOW FROM OPERATING ACTIVITIES
NET PROFIT BEFORE TAX AND EXTRA-ORDINARY ITEMS 218.68 362.44
Adjustment for:
Depreciation / Amortisation 519.18 542.29
Finance Charges 5,522.93 4,286.29
Interest and Dividend received (1,534.46) (1,038.49)
Foreign Exchange Loss / (Gain) (4.77) 282.00
Provision for Leave Salary 6.71 12.69
Provision for Gratuity 2.15 0.07
Profit on sale of Investment (33.50) (8.84)
Profit on sale of Assets (140.95) (136.37)
Excess Credit written back (137.41) (158.40)
Irrecoverable debts & advances written off 857.84 132.15
ESOP compensation expenses 1.91 -
OPERATING PROFIT BEFORE WORKING CAPITAL CHANGES 5,278.30 4,275.82
Adjustment for changes in:
Trade & other receivables 2,058.82 (5,259.25)
Inventories (5,721.21) (4,202.67)
Trade payable, Liabilities and Provisions

(excluding Proposed Dividend & Income tax) (1,844.13) 2,433.62
Cash used in operations (228.21) (2,752.48)
Direct tax paid (324.97) (592.05)
NET CASH USED IN OPERATING ACTIVITIES (553.18) (3,344.53)
B. CASH FLOW FROM INVESTING ACTIVITIES
Purchase of Fixed Assets (110.83) (641.74)
Sale of Fixed Assets 219.90 563.50
Increase in Loans to Subsidiaries / JV / Associates (728.29) (1,661.06)
Investments in Subsidiaries / JV / Associates (447.34) (295.64)
Divestment in Subsidiaries 14.36 68.92
Sale of Investments 332.63 46.46
(Increase) / Decrease in other Bank Balances (23.02) 139.14
Interest and Dividend received 272.93 852.28
NET CASH USED IN INVESTING ACTIVITIES (469.65) (928.14)

(` in Million)
2015 2014
C. CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from Long Term Borrowings 7,933.95 3,335.98
Repayment of Long term Borrowings (2,175.08) (2,502.69)
Increase in other borrowings (Net) 167.90 7,346.05
Dividend Paid (0.86) (0.39)
Finance Charges (5,158.76) (4,210.02)
NET CASH GENERATED FROM FINANCING ACTIVITIES 767.14 3,968.94
Net Decrease in Cash & Cash Equivalents (A+B+C) (255.70) (303.74)
Opening Balance of Cash & Cash Equivalents 1,033.23 1,641.27
Balance of Cash & Cash Equivalents 777.53 1,337.53
Notes to Cash flow Statement
Cash and Cash Equivalents
Cash on hand & Balance with banks 782.30 1,033.23
Effect of exchange rate changes (4.77) 304.31
Closing Cash and Cash Equivalents as restated 777.53 1,337.54
As per our attached report of even date For and on behalf of Board


Place : Mumbai

Notes to financial statement for the year ended March 31, 2015
NOTE : 1 assets is reduced from the retained earnings as
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES at the said date.
a) Basis of Preparation ii) For remaining assets the carrying value of Fixed
assets is depreciated equally over the balance
The financial statements are prepared under the historical useful life of the assets.
cost convention in accordance with the generally accepted
accounting principles in India, the Accounting Standards b) For assets other than those covered under clause (a)
as notified under Companies (Accounting Standards) Rules, above, on Straight Line Method at the rates specified
2006, read with general circular 15/2013 of the Ministry of above.
Corporate Affairs in respect of section 133 of the Companies e) Impairment of Assets
Act, 2013, the Provisions of the Companies Act, 1956 and An asset is treated as impaired when the carrying cost of
2013 and on the accounting principle of going concern. assets exceeds its recoverable value. An impairment loss
Expenses and Income to the extent considered payable and is charged to profit and loss account in the year in which
receivable, respectively, are accounted for on accrual basis, an asset is identified as impaired. The impairment loss
except those with significant uncertainties. recognized, if any, in prior accounting periods is reversed
b) Use of Estimates if there has been a change in the estimate of recoverable
The preparation of financial statements in conformity amount.
with Generally Accepted Accounting Principles requires f) Investments
estimates and assumptions to be made that affect the Current Investments are carried at lower of cost or quoted/
reported amounts of assets and liabilities and disclosure of fair value. Long term Investments are stated at cost.
contingent liabilities on the date of the financial statements Permanent diminution, if any, is provided for.
and the reported amounts of revenue and expenses during
the reporting period. g) Inventories
Differences, if any, between actual results and estimates are Stores, embedded goods and spare parts are valued at
recognized in the period in which the results are known/ cost (weighted average method ) and Work in progress of
materialize. construction contracts at contract rate as per AS-7. Work in
c) Fixed Asset Progress in respect of Project development and Buildings
held as stock-in-trade are valued at cost or net realizable
Fixed Assets are stated at cost of acquisition or construction value, whichever is lower.
(including installation cost upto the date put to use, net of
specific credits) less accumulated depreciation. Intangible h) Recognition of Income and Expenditure
Assets are stated at cost of acquisition net of recoverable i) Accounting for Construction Contracts :
taxes less accumulated depreciations / amortization and
Revenue from contracts is recognised on the basis
impairment loss, if any.
of percentage of completion method, based on the
d) Depreciation stage of completion at the balance sheet date, billing
As per the Schedule II of the Companies Act 2013, effective schedules agreed with the client on a progressive
1st April 2014, the management has internally reassessed completion basis taking into account the contractual
the useful lives of assets to compute depreciation wherever price and the revision thereto by estimating total
necessary, to conform to the requirements of the Companies revenue including claims / variations in terms of
Act, 2013 which is: Accounting Standard 7 - Construction Contract and
total cost till completion of the contract and the
Tangible Assets : Factory Building/ Building - 28/60years, profit is recognised in proportion to the value of
Machinery- 8 years, Motor Cars- 8 years, Motor Truck- work done when the outcome of the contract can be
8 years, Furniture- 6 years, Office Equipments- 5 years, estimated reliably. In case the estimated total cost
Electrical Equipments- 6 years, Cycle- 2 years, Motor of a contract based on technical and other estimate
cycle- 7 years, Rails and Trolley- 7 years and Ship 8 is expected to exceed the corresponding contract
years. Intangible Assets : Computer / Soft-ware- 3 years. value, such excess is accounted for. Price/Quantity
Depreciation on additions and deletions to assets during the Escalation Claims and/or variations are recognized on
year is provided pro-rata. acceptance of concerned authorities or on evidence
Depreciation on Fixed Assets is provided: of its final acceptability. Revenue in respect of
a) For assets purchased on or before April 1, 2014. other claims are accounted as income in the year of
receipt of award. Revenue on Project Development is
i) Whose remaining useful life is completed as recognized on execution of sale agreement. Dividend
at 1st April 2014, the carrying value of fixed income is recognized when the right to receive

payment is established. Other revenues and expenses k) Retirement and other Employee benefits
are accounted on accrual basis. Contribution to Provident/Family Pension/Gratuity Funds
ii) Revenue from building development is recognized on are made to recognized funds and charged to the Profit and
the percentage completion method of accounting. Loss account. Provision for incremental liability in respect of
Revenue is recognized, in relation to the sold areas Gratuity and Leave encashment is made as per independent
only, on the basis of percentage of actual cost Actuarial valuation at the year-end.
incurred thereon including cost of land as against l) Taxation
the total estimated cost of project under execution
subject to such actual cost being 30% or more of the The tax expense comprises of current tax and deferred
total construction / development cost. The estimates tax. Current tax is calculated in accordance with the tax
of saleable area and costs are revised periodically laws applicable to the current financial year. Deferred tax
by the management. The effect of such changes to resulting from timing difference between book and taxable
estimates is recognized in the period such changes profit is accounted for using the tax rates and tax laws that
are determined. However, if and when the total have been enacted by the balance sheet date. Deferred tax
project cost is estimated to exceed the total revenue assets are recognized only to the extent there is virtual
from the project, the loss is recognized in the same certainty of realization in future.
financial year. m) Provisions, Contingent Liabilities and Contingent Assets
i) Accounting for Joint Venture Contracts The Company recognizes a provision when there is a present
a) Where the Joint Venture Agreement provides for obligation as a result of a past event that probably requires
execution of contracts under work sharing pattern, an outflow of resources and a reliable estimate can be made
the Companys share of revenue/expenses in the of the amount of the obligation.
works executed by it is accounted on percentage A disclosure for a contingent liability is made when there
completion method as per the accounting policies is a possible obligation or a present obligation that may,
followed by it in respect of contracts. but probably will not, requires an outflow of resources.
b) Where the Integrated Joint Venture Agreement Where there is a possible obligation or a present obligation
provides for execution of contracts under profit that the likelihood of outflow of resources is remote , no
sharing arrangement, Companys share in the profit provision or disclosure is made. Contingent Assets are
/loss is accounted for as and when determined. The neither recognized nor disclosed in the financial statements.
services rendered to Joint Ventures are accounted as n) Employees Stock Option Plan
income, on accrual basis. The contribution to joint
Compensation expenses under Employee Stock Option Plan
venture along with share of profit/ loss accumulated
representing excess of market price of the shares on the
in the Joint Venture is reflected as investments or
date of grant of option over the exercise price of option is
loans & advances or current liabilities as per the
amortized on a straight-line basis over the vesting period.
nature of the transaction.
o) Borrowing Cost
j) Foreign Currency Transaction/Translations
Borrowing costs directly attributable and identifiable to
Transactions in foreign currency including acquisition of
the acquisition or construction of qualifying assets are
fixed assets are recorded at the prevailing exchange rates
capitalized till the date such qualifying assets are ready
on the date of the transaction. All monetary assets and
to be put to use. Other Borrowing costs are charged to
monetary liabilities in foreign currencies are translated at
statement of profit and loss as incurred.
the relevant rates of exchange prevailing at the year-end.
Exchange differences arising out of payment/restatement of p) Leases
long term liabilities relating to Fixed Assets are capitalized Lease rentals in respect of assets acquired under operating
and in other cases amortised over the balance period of lease are charged to Statement of Profit and Loss.
such long term monetary items. The unamortized balance is
q) Financial Derivative & Hedging transactions
carried in the Balance Sheet as Foreign Currency Monetary
items Translation Difference Account as a separate line item In respect of Financial Derivative & Hedging Contracts,
under Reserve and Surplus Account. gain / loss are recognized on Mark-to-Market basis and
charged to Profit and Loss Accounts along with underlying
Revenue transactions at the Foreign Branch/projects are
transactions.
translated at average rate. Fixed Assets are translated at
rate prevailing on the date of purchase. Net exchange rate
difference is recognized in the Profit and Loss Account.
Depreciation is translated at rates used for respective assets.

NOTE : 2
SHARE CAPITAL
2015 2014
No. of Shares ` in Million No. of Shares ` in Million
a) Authorized
Preference shares of ` 10/- each 20,000,000 20.00 20,000,000 20.00
b) Issued, subscribed and fully paid up

Optionally Convertible Preference shares of ` 1/- each - - 561,957 0.57
76,806,282 76.81 76,806,282 76.81
c) Terms/rights attached to Equity Shares

The Company has only one class of shares referred to as equity
shares of ` 1/- each. Each holder of equity shares is entitled to the
same rights in all respects.
d) i) Reconciliation of Equity Shares outstanding at the No. of Shares ` in Million No. of Shares ` in Million
beginning and at end of the year
Outstanding at the beginning of the year 76,244,325 76.24 69,827,151 69.83
Add :- Issued during the year 561,957 0.57 6,417,174 6.41
Outstanding at the end of the year 76,806,282 76.81 76,244,325 76.24
ii) Reconciliation of Optionally Convertible Preference No. of Shares ` in Million No. of Shares ` in Million
Shares outstanding at the beginning and at end of the
year
Outstanding at the beginning of the year 561,957 0.57 - -
Add :- Issued during the year - - 6,979,131 6.98
Less:- Converted during the year 561,957 0.57 6,417,174 6.41
Outstanding at the end of the year - 0.00 561,957 0.57
e) Share held by each shareholder more than 5%

Equity Shares
i) Patel Engineering Employees Welfare Trust 6,045,000 7.87 6,045,000 7.93
ii) Praham India LLP 16,744,424 21.80 16,744,424 21.96
iii) Patel Corporation LLP 18,665,257 24.30 18,103,300 23.74
Preference Shares
i) Patel Corporation LLP Nil Nil 561,957 100%
f) The Patel Engineering Employee Welfare Trust, (the Trust) holds 60,45,000 shares of the Company and administers Companys
Employee Stock Option Schemes 2007 on behalf of the Company. The Trust comprising of Independent Trustees have on May 23,
2014 granted 22,400 options to 159 eligible employees of the Company and the subsidiaries as well. The said options shall be
vested after completion of 1 year period from the date of grant and exercised within 2 months from the date of vesting at an
exercise price of ` 1/- per share.

g) The Allotment Committee at its meeting on March 21, 2014 allotted 69,79,131 Optional Convertible Preference Shares(OCPS) to the
Promoters of the Company. On March 31, 2014, out of the said OCPS, 64,17,174 OCPS were converted into 64,17,174 Equity shares
of ` 1/- and allotted @ ` 57.5 (including premium of ` 56.5). On April 15, 2014, the balance 5,61,957 OCPS were converted
into 5,61,957 Equity shares of ` 1/- and allotted @ ` 57.5 (including premium of ` 56.5)in terms of Chapter VII of SEBI (ICDR)
Regulation 2009.
NOTE : 3
RESERVES AND SURPLUS
2015 2014
` in Million ` in Million ` in Million ` in Million
Reserves
Capital Reserve
As per last Balance Sheet 266.51 266.51
- -
General Reserve
As per last Balance Sheet 2,076.97 2,076.97
Add: Amount Transferred from Debenture Redemption Reserve 287.50 -
2,364.47 2,076.97
Less: Amount Transferred to Debenture Redemption Reserve 227.50 -
Securities Premium Reserve
Add: Premium on Conversion of OCPS to Equity Shares 31.75 362.56
(Refer Note # 2(f))
Debenture Redemption Reserve
As per last Balance Sheet 735.00 626.25
Add: Transfer from General Reserve 227.50
962.50
Less: Amount Transferred to general Reserve 287.50
Transfer (to) from Profit and Loss Account ( net) 108.75
Share Options outstanding Account
As per last Balance Sheet - -
Add:- Value of Employee Stock Options Issued 2.24 -
Closing Balance 2.24 -
Foreign Currency Monetary Item Translation Difference (3.89) (104.73)
Surplus in the statement of profit and loss
Add : Reversal of Provision for Tax ( Refer Note #25 (ii)) 600.64 981.31
Add : Net Profit for the year 118.85 249.98
5,939.01 5,328.27
Appropriations for :
i) Transfer to (from) Debenture Redemption Reserve 108.75
ii) Depreciation impact as per Schedule II(Refer note 12 (4#)) 4.92 -
Total Reserve & Surplus 16,916.30 16,066.91

NOTE : 4
LONG TERM BORROWINGS
(` in Million)
Non-Current Portion Current Maturities
2015 2014 2015 2014
Secured Loans
Debentures1 2,550.00 4,000.00 1,100.00 950.00
Term Loans
- From Bank2 13,053.34 8,153.18 1,868.52 1,082.33
- From Others3 1,153.48 258.95 519.89 292.76
Amount disclosed under Other Current Liabilities in Note No. 9 - - (3,488.41) (2,325.08)
16,756.82 12,412.13 - -
1 Debentures interest rate on the same is 10.75% (P.Y. 10.75%).

a) 11.30% Secured Redeemable Non Convertible These debentures will be redeemed as follows March
Debentures was allotted on September 17, 2012 for 3, 2016- ` 100 Million. The same is secured against
a period of 10 years. These debentures have a face immovable property and subservient charge on all the
value of ` 1.0 Million each aggregating to ` 1,500.00 Fixed asset of the Company and its subsidiaries.
Million (P.Y. ` 1,500.00 Million) and are to be e) 9.55% Secured Redeemable Non Convertible
redeemed in September 17, 2022. The same is secured Debentures was allotted on April 26, 2010 for a
against charge on immovable assets of the Company period of 5 years. These debentures have a face
and its subsidiaries. value of ` 1.0 Million each aggregating to ` 400
b) 9.80% Secured Redeemable Non Convertible Million (P.Y. ` 700 Million). These debentures will be
Debentures was allotted on July 20, 2009 for a period redeemed as follows: April 26,2015 - ` 400 Million.
of 7 years. These debentures have a face value of ` The same is secured against immovable property
1.0 Million each aggregating to ` 550 Million (P. Y. ` and subservient charge on all the Fixed assets of
900 Million) repayable in a single installment, with a the Company. Interest rate on the same has been at
put / call option available and exercisable at par at 9.55% p.a.(P.Y. 9.55% p.a.)
the end of 5th year from the date of allotment. The The above debentures are listed on The National Stock
same is secured against immovable property of the Exchange of India.
Company and its subsidiaries. Interest rate has been
As per Section 71 of the Companies Act, 2013 the
revised to 13.16% p.a.(P. Y. 9.80% p.a.) w. e. f. July,
Company has created adequate Debenture Redemption
2014
Reserve for the above series of Secured Redeemable
c) 11.40% Secured Redeemable Non Convertible Non Convertible Debenture issued during the year.
Debentures was allotted on July 11, 2011 for a period Further, in terms section 71 read with Rule 18(7)(c)
of 5 years. These debentures have a face value of of Companies Share Capital and Debentures Rules,
` 0.10 Million each aggregating to ` 1,000 Million 2014, the Company had made deposit/investment
(P. Y. ` 1,500 Million). These debentures have during the current year to secure the repayment of
following repayment schedule: July 11, 2015- ` 500 debentures maturing after September, 2014. However,
Million and July 11, 2016- ` 500 Million. The same is all the Debentures matured upto September, 2014
secured against immovable property of the Company have been paid.
and its subsidiaries. Interest rates on the same has
been at 13% p.a.(P. Y. 13% p.a.) 2 Term Loan Banks
d) 10.75% Secured Redeemable Non Convertible a) Term loans also includes the loans taken from
Debentures was allotted on March 3, 2011 for a period Standard Chartered Bank in form of FCNR Loan
of 5 years. These debentures have a face value of outstanding amount out of the same is ` 128.97
` 0.10 Million each aggregating to ` 250 Million Million which shall be payable within a period of next
(P. Y. ` 250 Million). These debentures will be one year and rate of interest on the same has been
redeemed as follows- March 3, 2015- ` 150 Million LIBOR + 400 i.e. 4.23% p.a.
and March 3, 2016- ` 100 Million. Interest rate on b) The Term loans are secured by first charge on
the same has been at 13% p.a.(P. Y. 13% p.a.). the specific assets acquired out of the term loan
Debentures have a face value of ` 0.10 Million each alongwith unencumbered assets & guarantees. The
aggregating to ` 100 Million (P.Y. ` 100 Million) and rate of Interest for these loans vary between 10%-

13% on an average, with a repayment period of comprises of ` 2 Million due within 0-30 days, ` 88
5-7 years respectively. Term loan includes Working Million due within 30-60 days.
Capital Term Loan(WCTL) secured by a First pari passu 3 From Others
charge on the receivables more than 180 days and
Includes funds from Financial Institutions on Equipments,
WIP, mortagae over certain lands owned by subsdiary
companies and pledge of 30% share holding of secured against the said Equipments. These loans carry an
subsidiaries owning real estate lands. The promoters interest rate of average between 13%-14% on an average,
Mr. Pravin Patel and Mr.Rupen Patel has provided with a repayment period of 3-5 years respectively. This Term
personal guarantees for the above loan. Loan also includes Inter Corporate Deposits with an average
Term loan amounting to ` 360 Million were rate of interest of 14%-15% with maturity period of 1-3
outstanding as on 31/03/2015 comprises of ` 254 yrs. Interest outstanding on equipment loan of ` 17 Million
Million due within 0-30 days and `106 Million as on 31/03/2015 comprises of ` 5.84 Million due within
due within 30-60 days. Interest on the term loans 0-30 days, ` 6.59 Million due within 30-60 days and ` 4.54
outstanding of ` 90 Million as on 31/03/2015 Million due within 60-90 days.
NOTE : 5
OTHER LONG TERM LIABILITY
(` in Million)
2015 2014
Trade Payables 1,651.17 1,757.90
Capital Creditors 59.63 15.88
Other
Deposits 0.32 0.33
Other Liability 0.90 20.22
6,040.86 6,907.69
NOTE : 6
PROVISIONS
(` in Million)
Long term Short term
2015 2014 2015 2014
Provision for Employee Benefits (Note 24)
Provision for Gratuity 0.37 4.61 1.21 5.01
Provision for Leave Entitlements 33.73 27.84 11.41 9.20
Provision -Others - - - 1.15

34.10 32.44 12.62 15.36
NOTE : 7
SHORT TERM BORROWINGS
(` in Million)
2015 2014
I Secured Loans
Short Term Loans
- From Bank 1 3,982.00 4,541.53
Loans Repayable on Demand
- From Bank2 13,751.73 12,066.13
II Unsecured Loans
- From Bank3 2,823.58 3,786.71
- From Related Parties 4.95 31.75
20,562.26 20,426.12

1 Short Term Loan
Includes Loans by earmarking from bank Guarantee limits and short term loans from various banks against various immovable
properties of company at Interest rate of 12-13% (PY 12.25-12.75%) payable within a year. Interest outstanding on short term
loans of ` 79 Million as on 31/03/2015 comprises of ` 27 Million due within 0-30 days, ` 32 Million due within 30-60 days and `
20 Million due within 60-90 days.
2 Loans Repayable on Demand
Includes Cash Credit and Working Capital Demand Loan from various Banks. These loans have been given against hypothecation of
stocks, spare parts,book debts,work in progress & guarantees;
Terms of Repayment:
Cash Credit- Yearly renewal, Rate of Interest ranges between 12.50%-15% p.a.(PY 11%-14%)
3 Unsecured Loan
It includes short term loans from banks and loans from related parties and includes amount of ` 50 Million outstanding within 0-30
days.
NOTE : 8
TRADE PAYABLES
(` in Million)
2015 2014
Micro Small and Medium Enterprises 1 5.15 -
Other Payables 5,818.05 5,116.78
5,823.20 5,116.78
1. The Company has ` 5.15 Million (PY ` Nil) due to suppliers under the Micro Small and Medium Enterprise Development Act, 2006,
as at March 31, 2015. Principal amount due to suppliers under the Act is ` 3.58 Million (P.Y. ` Nil). Interest Accrued and due
to the Suppliers on the above amount is ` 0.28 Million (PY ` Nil ). Payment made to the suppliers (other than Interest) beyond
appointed day during the year is ` 5.41 Million (PY ` Nil). Interest paid to the suppliers under the Act ` Nil (PY ` Nil). Interest
due and payable to the Suppliers under the Act towards payments already made ` 1.3 Million (PY ` Nil). Interest accrued and
remaining and unpaid at the end of the accounting year ` 1.58 Million (PY ` Nil).
The above information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act 2006 and has
been determined to the extent such parties had been identified on the basis of information available with the Company and relied
upon by the auditors.
NOTE : 9
OTHER CURRENT LIABILITIES
(` in Million)
2015 2014
(a) Other Liabilities
Current maturities of long-term debt 3,488.41 2,325.08
Interest accrued but not due on borrowings 150.49 144.67
Interest accrued and due on borrowings 358.35 -
Unpaid Dividend 2.11 2.96
Other Payables
Deposits 100.50 -
Payable to Employees 194.76 191.81
Unpaid matured debentures 150.00 -
Other Liabilities 552.67 696.88
(b) Balance in Current Account
(i) With Subsidiaries, associates 15.84 42.29
(ii) With Joint Ventures 8.82 550.06
8,001.84 8,170.15

NOTE : 10
INVESTMENTS
(` in Million)
2015 2014
NON- CURRENT INVESTMENTS
TRADE INVESTMENTS :-
Investment in Equity Instruments
Equity Instruments - Quoted
NIL shares (17,77,116) of KNR Construction Ltd., Face Value ` 10/- per share - 310.31
Equity Instruments-Unquoted
- In Subsidiaries
8,85,220 shares ( 8,85,220) of Michigan Engineers Pvt. Ltd., Face Value ` 10/- per share 111.86 111.86
10,00,00,000 shares ( 10,00,00,000) of Patel Realty (I) Ltd., Face Value ` 10/- per share 1,000.00 1,000.00
10,000shares(4,900) of Shreeanant Construction Pvt. Ltd., Face Value ` 10/- per share 0.10 -
20,207 shares ( 20,207 ) of ASI Constructors INC. par value US $ 0.0099 per share 170.54 170.54
1,282.50 1,282.40
Investment in Redeemable Preference Shares
- In Subsidiaries
50,000 (50,000) Shares of ASI Const. Inc, Par value US$ 100 per share 225.98 225.98
1,508.47 1,508.37
OTHER INVESTMENTS :-
Equity Instruments - Quoted
66,640 shares (66,640) of Kingfisher Airlines Ltd., Face Value ` 10/- per share - -
(Written off in the financial year 2012-13)
Equity Instruments-Unquoted
-In Subsidiaries
409,422 shares (4,22,580) of Patel Engineering Inc. of par value US $0.001 per share 391.53 394.71
60,000 shares (60,000) of Zeus Minerals Trading Pvt. Ltd., Face Value ` 10/- per share 0.60 0.60
7,210,000 shares (7,210,000) of Bhooma Realties Pvt. Ltd., Face Value ` 10/- per share 72.28 72.28
7,880,000 shares (7,880,000) of Shashvat Land Projects Pvt. Ltd., Face Value ` 10/- per share 79.00 79.00
7,000,000 shares (7,000,000) of Pandora Infra Pvt. Ltd., Face Value ` 10/- per share 70.18 70.18
9,100,000 shares (9,100,000) of Patel Engineers Pvt. Ltd., Face Value ` 10/- per share 91.23 91.23
5,510,000 shares (5,510,000) of Vismaya Constructions Pvt. Ltd., Face Value ` 10/- per share 55.24 55.24
14,070,000 shares (14,070,000) of Patel Patron Pvt. Ltd., Face Value ` 10/- per share 141.05 141.05
10,000,000 shares (10,000,000) of Patel Engineering Infrastructure Ltd. 100.00 100.00
Face Value ` 10/- per share
50,000 shares (50,000) of Energy Design Pvt. Ltd., Face Value ` 10/- per share 0.50 0.50
Nil (51,000) of Pan Realtors Pvt. Ltd., Face Value ` 10/- per share - 0.51
50,000 Shares (50,000) of Patel Lands Ltd., Face Value ` 10/- per share 0.50 0.50
17,05,000 shares (17,05,000) of Patel Engineering Mauritius Ltd., Face Value Mauritius ` 10/- per share 25.76 25.76
33,000 shares (33,000) of Friends Nirman Ltd., Face Value ` 10/- per share 24.15 24.15
100,000 shares (100,000) of Patel Concrete & Quarries Pvt . Ltd., Face Value ` 10/- per share 1.00 1.00
23,65,000 shares (23,65,000) of Patel Engineering Singapore Pte. Ltd., Face Value US $ 1 per share 94.46 94.46
20,90,00,000 shares (20,90,00,000) of Patel Energy Resources Ltd., Face Value ` 10/- per share 2,090.00 2,090.00
26,193,077 shares (26,193,077) of Patel Engineering Lanka Ltd., Face Value LKR 1/- per share 11.21 11.21
3,249.19 3,252.37

(` in Million)
2015 2014
In Associates
Other Investments
15,540,000 shares (15,540,000) of Patel KNR Infrastructures Ltd., Face Value ` 10/- per share 155.40 155.40
24,665 Shares (24,665) of Terra Land Developers Ltd., Face Value ` 10/- per share 0.25 0.25
8,495,040 Shares (4,031,820) of ACP Tollways Pvt. Ltd., Face Value ` 100/- per share 849.50 403.18
26,672,000 shares (24,004,798) of Raichur Sholapur Transmission Company Ltd., Face Value 266.72 240.05
` 10/- per share
51,000 Shares (Nil) of Pan Realtors Pvt. Ltd., Face Value ` 10/- per share 0.51 -
1,272.38 798.88
Investment in Redeemable Preference Shares
Other Investments - In Subsidiaries
56,231,670 shares (56,231,670) of Patel Engineering Lanka Ltd. Face Value LKR 1/- per share 26.32 26.32
III
Investment in Government Securities 0.12 0.12
IV
Investment in Partnership Firms 0.03 0.03
Share Application Money 0.98 26.67
TOTAL NON - CURRENT INVESTMENT 6,056.97 5,923.07
CURRENT - INVESTMENTS
Other Investments
Trade Investments - Unquoted
Nil shares( 4,900) of Shreeanant Construction Pvt. Ltd., Face Value ` 10/- per share - 0.05
TOTAL CURRENT INVESTMENT - 0.05
I. Aggregated amount of Unquoted Investments as at 31st March 2015 ` 6,055.96 Million (P.Y. ` 5,586.07 Million)
II. Aggregated amount of Quoted Investments as at 31st March 2015 ` Nil , Market value ` 0.11 Million (P. Y. ` 310.31 Million, Market
value ` 151.20 Million)
III. Includes Investment in National Saving Certificates, in the name of Directors , lodged with Project Authorities
IV. A firm AHCL - PEL having fixed capital of ` 75,000 (P.Y. ` 75,000), profit sharing has been reconstituted as follows :- the company
20% (P.Y. 5%), Ace Housing & Const. Ltd. 1% (P.Y. 78%) & Pravin Patel 79% (P.Y. 17%).
A firm Patel Advance JV having nil fixed capital, profit sharing has been as follows : the Company 27% ( P.Y.27%), Advance Const.
Co. Pvt. Ltd. 26% ( P.Y. 26%) Patel Realty (I) Ltd. 26% ( P.Y. 26%) & Apollo Buildwell Pvt. Ltd. 21% ( P.Y. 21%)
NOTE : 11
DEFERRED TAX ASSETS
(` in Million)
2015 2014
Related to Depreciation on Fixed Assets 41.32 43.12
Foreign Currency Monetary Item Reserve (1.32) (35.60)
Other Dis-allowances under the Income Tax Act 63.28 23.52
103.28 31.04
The Company is entitled to deductions under the Income Tax Act, which are in nature of permanent benefits. However, deferred tax
adjustments on account of timing differences as described in Accounting Standard 22 Accounting for Taxes on Income issued by the
Institute of Chartered Accountants of India, is made.

Note : 12 FIXED ASSETS
(` in Million)
Gross Block Accumulated Depreciation Net Block
Particulars As at Addition Deduction/ As at March As at April For the Deduction / As at As at As at
April 1, Retirement 31, 2015 1, 2014 year Adjustments# March 31, March 31, March 31,
2014 2015 2015 2014
Corporate Overview
TANGIBLE ASSETS
Land1* 168.51 3.65 0.87 171.29 - - - - 171.29 168.51
Building 2* 289.07 107.92 28.54 368.45 49.25 9.38 6.20 52.43 316.02 239.83
Plant & Equipment@ 3,681.58 132.66 186.80 3,627.44 2,218.80 344.28 137.53 2,425.55 1,201.89 1,462.79
Furniture & Fixtures 33.74 0.42 - 34.16 26.89 2.50 - 29.39 4.77 6.84
Vehicles3 1,213.08 29.56 32.42 1,210.22 664.38 133.33 21.17 776.54 433.68 548.70
Office Equipments 36.55 0.68 - 37.23 31.75 2.82 0.14 34.71 2.52 4.81
Others4 28.76 - - 28.76 24.28 3.14 - 27.42 1.34 4.48
Electric equipment 35.29 0.58 - 35.87 28.10 2.42 - 30.52 5.35 7.20
Computer Equipments 51.69 3.27 0.04 54.92 45.32 4.41 0.04 49.69 5.23 6.36
5,538.27 278.73 248.67 5,568.33 3,088.77 502.28 164.80 3,426.25 2,142.09 2,449.52
INTANGIBLE ASSETS
Computer Software 56.33 0.32 - 56.65 37.07 16.90 - 53.97 2.68 19.26
TOTAL 5,594.60 279.05 248.67 5,624.98 3,125.84 519.18 164.80 3,480.22 2,144.77 2,468.78
Previous Year 5,981.12 466.20 852.71 5,594.60 3,009.12 542.29 425.58 3,125.82 2,468.78 2,972.00
Notes
1 Land includes ` 8.29 Million (P.Y. ` 9.04 Million) held in the name of Directors,relatives of Directors and employees for and on behalf of the Company
2 a) Building includes Building [ Gross Block -` 212.44 Million (P.Y. ` 133.06 Million),Accumulated Depreciation ` 17.54 Million (P.Y. ` 19.93 Million)] and
Factory Building [Gross Block -` 156.01 Million (P.Y. ` 156.01 Million), Accumulated Depreciation ` 34.88 Million ( P.Y. ` 29.31 Million)]
b)
Includes ` 0.010 Million (P.Y. ` 0.02 Million) being the value of 195 shares and share deposits in Co - operative Societies
3 Vehicles includes Gross Block Gross Block Acc Dep. Acc Dep.
2014-15 2013-14 2014-15 2013-14
Motor Car 231.40 222.41 139.92 113.90
Motor Truck 976.53 988.55 635.37 549.47
Motor Cycle 2.29 2.12 1.25 1.01
4 Others Include
Ship 2.81 2.81 2.77 2.77
Rails and Trolley 25.94 25.95 24.65 21.51
@ Includes Assets costing ` 96.26 Million (P.Y. ` 30.21 Million) not commissioned/erected/put to use, ` Nil (P.Y. ` 22.38 Million) towards exchange rate difference
and
` Nil (P.Y. ` 31.98 Million) reversal of excise duty claimed in earlier year as CENVAT credit
* Deductions to Land and Building includes ` NIL Million (P.Y. ` 84.14 Million) transferred to Project Development Expenses

# Consequent to the introduction of schedule II of the Companies Act 2013, the useful life of certain assets has been revised. Accordingly depreciation for the year
is higher by ` 4.25 millions net of Deferred Tax of ` 0.67 Milliion and the same is adjusted in the accumulated balance of retained earnings.
125
NOTE : 13
LOANS AND ADVANCES
(` in Million)
Non-Current Current
2015 2014 2015 2014
Capital Advance
Unsecured, Considered Good 36.49 184.44 - -
Security Deposit
Unsecured, Considered Good 1,775.73 1,289.82 696.12 1,016.07
Balance in Current Account with
Subsidiaries/Associates/Joint Ventures/Partnership
Unsecured, Considered Good 6,847.98 5,618.40 1,147.39 2,426.62
Advance Recoverable in cash or in Kind
Unsecured, Considered Good1 2,499.62 1,679.98 2,652.39 5,092.36
Doubtful - - 137.50 -
11,159.82 8,772.64 4,633.40 8,535.05
11,159.82 8,772.64 4,495.90 8,535.05
Other Loans and advances
Prepaid Expenses 38.39 29.03 135.82 148.18
Balance with Statutory Authorities 49.89 - 248.58 161.61
Service Tax and Cenvat Credit - - 441.17 348.63
Advance Tax (Net)2 2,322.40 1,406.16 - 114.42
Accrued Interest 2,176.40 1,843.13 57.46 157.78
1
Advances to Employees 0.23 - 16.74 28.57
4,587.30 3,278.32 899.78 959.19
15,747.12 12,050.96 5,395.68 9,494.24
1 a) Advances Recoverable in Cash or in kind or for value to be received includes ` Nil (P.Y. ` 13.88 Million) due from officers of
the Company and ` Nil (P.Y. ` 0.13 million) due from company in which Directors are Directors or members.
b) Includes secured advance to piece workers ` Nil (P.Y. ` 91.39 Million)
2 Includes Advance Tax which is Net of Provision for Tax ` 605.74 Million (P.Y. ` 3,370.21 Million).
NOTE : 14
INVENTORIES *
(At lower of cost or net realisable value/Contract Rates)
(` in Million)
Current
2015 2014
Stores, Embedded Goods and Spare Parts etc. 1,215.48 1,331.85
(Includes Stores in Transit ` 35.13 Million (P.Y. ` 40.47 Million)
Work in Progress 29,748.46 23,910.88
30,963.94 25,242.73
*(As technically valued & certified by the Management)

NOTE : 15
TRADE RECEIVABLES
(` in Million)
Non-Current Current
2015 2014 2015 2014
Unsecured, Considered Good unless otherwise stated
Receivables outstanding for a period exceeding six months
Considered good 7,105.17 8,867.83 1,584.29 62.11
(A) 7,105.17 8,867.83 1,584.29 62.11
Other Receivables
Considered good (B) 1,421.67 121.55 2,767.03 3,657.19
(A+B) 8,526.84 8,989.38 4,351.32 3,719.30
(refer Note no. 41 (g))
NOTE : 16
CASH AND BANK BALANCES
(` in Million)
Non-Current Current
2015 2014 2015 2014
CASH AND CASH EQUIVALENTS
Balance with Banks
- On current accounts with Scheduled Banks - - 532.71 1,008.26
- On Fixed Deposits accounts with Scheduled Banks* 70.63 18.42 - -
- Balances with Non Scheduled Banks - - 1.45 1.34
- Cheques in hand - - 243.65 17.62
- Cash on Hand - - 4.49 6.01
Other Bank Balances
- Deposits with maturity more than 3 months but less than - - 31.25 36.26
12 months*
Balances with Bank for Unpaid Dividend - - 2.08 2.94
70.63 18.42 815.63 1,072.43
* Includes amount given towards margin money and Earnest Money Deposits
NOTE : 17
OTHER CURRENT ASSETS
(` in Million)
2015 2014
Deferred Employees Stock Option Expenses 0.33 -
Non-Trade Receivables 6.05 6.98
6.38 6.98

NOTE : 18
REVENUE FROM OPERATIONS
(` in Million)
2015 2014
(a) Revenue/Turnover (refer note 39 b) 18,154.83 22,352.34
Add: Increase/(Decrease) in Work in Progress 5,837.57 4,535.76
Total Turnover 23,992.40 26,888.10
(b) Other operating Income
Lease and Service Charges [TDS. ` 0.25 Million (P.Y. ` 0.27 Million) 2.54 3.04
Share of profit from JV / Partnership 34.13 41.09
24,728.08 27,039.55
NOTE : 19
OTHER INCOME
(` in Million)
2015 2014
Dividend Income - 1.93
Gain on Sale of Assets (Net) 140.95 136.37
Other non operating Income 103.07 120.94
Interest Income (Gross) [TDS. ` 14.53 Million (` 13.03 Million)] 1,534.46 1,036.56
Net gain on foreign currency translation 4.77 -
Excess Credit written back 137.41 158.40
Net gain on Sale of Non-Current Investments 33.50 8.84
1,954.17 1,463.05
NOTE : 20
COST OF CONSTRUCTION
(` in Million)
2015 2014
Stores, Embedded goods and Spare Parts *
Inventories at the Beginning of the year 1,331.85 1,664.94
Add:Purchase (Net) 1,899.38 3,415.60
3,231.22 5,080.54
Inventories at the end of the year 1,215.48 1,331.85
Consumption of Stores and Spares 2,015.74 3,748.69
Piece Rate Expenses (Net) 13,582.08 14,579.20
Repairs to Machinery 8.16 16.99
Transportation, Hire etc. 895.19 1,319.91
Power, Electricity & Water Charges 436.03 550.45
Project Developement Cost 844.66 780.01
Technical Consultancy Fees 51.77 79.32
Other Construction Costs 99.13 76.67
17,932.75 21,151.25
* Stores, embedded goods and Spares etc., consumed include materials issued to Sub Contractors. It also includes materials of ` 35.13
Million (` 40.47 Million) in transit.

NOTE : 21
EMPLOYEE BENEFITS EXPENSE
(` in Million)
2015 2014
Salaries, Wages and Bonus 862.07 850.39
Contribution to Provident and Other Funds 49.56 46.96
Employee Stock Option (ESOP) 1.91 -
Staff Welfare Expenses 43.48 63.99
957.02 961.34
NOTE : 22
FINANCE COSTS
(` in Million)
2015 2014
1
Interest Expense 5,081.54 4,098.78
Other Borrowing Costs 441.39 187.51
5,522.93 4,286.29
1
Interest Capitalised of ` 416.16 Million (P.Y. ` 491.51 Million) towards Fixed assets and project development expenses.
NOTE : 23
OTHER EXPENSES
(` in Million)
2015 2014
Other Administrative Costs
Rent 28.35 35.47
Repairs and Maintenance - Building 0.47 4.37
Insurance 82.33 114.89
Rates and taxes 149.77 205.35
Advertisement and Selling Expenses 0.42 8.72
Travelling and Conveyance 47.28 58.04
Directors Fees 2.19 1.18
Auditors remuneration
Audit fees 4.60 4.10
Tax Audit fees 1.20 1.20
Taxation Matters 2.30 2.07
Company Law Matters 1.20 1.73
Certification 1.50 1.50
Reimbursement of Expenses 0.11 0.21
10.91 10.81
Communication expenses 18.79 20.04
Printing and Stationery 10.44 11.74
Legal and consultancy charges 153.42 141.56
Irrecoverable Debts written off / provided 857.84 132.15
Net loss on foreign currency translation - 304.30
Other Expenses1 169.49 150.39
1,531.69 1,199.00
1
Includes Miscellaneous expenses which includes Other Repairs- ` 9.26 Million (P.Y. ` 9.83 Million), donation to Bharatiya Janata Party
towards political contribution amounting to ` 10.03 Million (P.Y ` NIL), Tender fees, office and General Charges, Entertainment and rebate
to clients etc.

24 EMPLOYEE BENEFITS
I Brief description of the Plans
The Company provides long-term benefits in the nature of Provident fund and Gratuity to its employees. In case of funded
schemes, the funds are recognized by the Income tax authorities and administered through appropriate authorities/insurers.
The Companys defined contribution plans are provident fund, employee state insurance and employees pension scheme
(under the provisions of the Employees Provident Funds and Miscellaneous Provisions Act, 1952) since the Company has
no further obligation beyond making the contributions. The Companys defined benefit plans include gratuity benefit to its
employees, which is funded through the Life Insurance Corporation of India. The employees of the Company are also entitled
to leave encashment and compensated absences as per the Companys policy. The Provident fund scheme additionally
requires the Company to guarantee payment of specified interest rates, any shortfall in the interest income over the interest
obligation is recognised immediately in the statement of profit & loss as actuarial loss. Any loss/gain arising out of the
investment with the plan is also recognised as expense or income in the period in which such loss/gain occurs.
II Disclosures for Defined Benefit Plan based on actuarial reports as on March 31, 2015 and March 31, 2014:
(` in Million)
Gratuity Gratuity Leave
(Funded) (Unfunded) Entitlement
(unfunded)
(i) Expenses recognized in the Statement of Profit and Loss:
Current service Cost 7.17 0.38 9.24
(7.54) - (8.81)
Interest Cost 1.95 - 3.44
(1.22) - (1.43)
Expected Return on Plan Assets (1.57) - -
(-1.57) - -
Net actuarial Gain (5.99) - 5.79
(-0.5) - (31.84)
Total Expenses recognized in the Statement of Profit and Loss: 1.56 0.38 18.46
(6.68) - (42.08)
(ii) Reconciliation of the Present Value of Defined Benefit Obligation
and the Fair Value of Assets (Amount recognized in Balance Sheet):
Present Value of Funded Obligation as at year end (31.47) (0.38) 43.66
(-20.90) - (36.98)
Fair Value of Plan Assets as at year end 32.49 - -
(18.04) - -
Funded (Asset)/Liability recognized in the Balance Sheet 1.02 (0.38) 43.66
(-2.86) - (36.98)
(iii) Changes in Defined Benefit Obligation :
Liability at the beginning of the year 20.90 - 36.98
(14.76) - (17.37)
Interest cost 1.95 - 3.44
(1.22) - (1.43)
Current service cost 7.17 0.38 8.45
(7.54) - (8.81)
Benefit Paid (1.16) - (11.80)
(-2.21) - (-22.46)
Actuarial (gains) / losses on obligations 2.62 - 5.79
(-0.41) - (31.84)
Liability at the end of the year 31.47 0.38 43.66
(20.90) - (36.98)

(` in Million)
Gratuity Gratuity Leave
(Funded) (Unfunded) Entitlement
(unfunded)
(iv) Changes in the Fair value of Plan Assets:
Fair Value of Plan Assets at the beginning of the year 18.04 - -
(18.12) - -
(1.58) - -
Contributions 5.44 - -
(0.46) - -
Benefit Paid (1.16) - -
(-2.21) - -
Actuarial gain/(loss) on Plan Assets 8.61 - -
(0.09) - -
Fair Value of Plan Assets at the end of the year 32.50 0.38 -
(18.04) - -
Total Actuarial Gain/(Loss) To Be Recognized 5.99 0.38 5.79
(0.50) - (31.84)
(v) Actual return on Plan Assets
(1.58) - -
(0.09) - -
(1.67) - -
(vi) The Company expects to contribute ` 9.23 Million (P.Y. ` 10.03
Million) to Gratuity Funded Plan in FY 2015-16.
(vii) Percentage of each Category of Plan Assets to total Fair Value of
Plan Assets:
Insurer Managed Funds 100% 100% 100%
100% - 100%
(viii) In accordance with the Accounting Standard- 15 (Revised 2005),
actuarial valuation was performed based on the following
assumptions:
Discount rate 8.00% 7.96% 8.00%
(9.31%) - (9.31%)
Rate of increase in Compensation Levels 5.00% 5.00% 5.00%
(5.00%) - (5.00%)
Expected Rate of Return on Plan Assets 8.00% - -
(8.70%) - -
Attrition rate 2.00% 2.00% 2.00%
(2.00%) - (2.00%)
Average Age of retirement (years) 60 60 60
(60) - (60)
(ix) Experience Adjustments
On Plan Obligation (gain)/loss (1.20) - (0.41)
(1.84) - (35.03)
On Plan Asset (Loss)/Gain 8.61 - -
(0.09) - -
(x) Figure in brackets indicates amounts pertaining to previous year.

25 (i) Income-tax assessments are completed up to A.Y. 2012-2013. Several appeals for the earlier assessment years are pending
before the Appellate Authorities and out of the aggregate demand of ` 3256.18 Million, ` 1,050.69 Million (P.Y. ` 1,584.95
Million) has been already adjusted / paid. The Company has made a provision for tax of ` 171.18 Million (P.Y. ` 149.63
Million) (net of ` Nil. (P.Y. ` 7.07 Million) reversal of excess liability of earlier years) under all proceeding under the Income
Tax Act, 1961 , and Deferred Tax Assets of ` 72.23 Million (P.Y. ` 40.64 Million). The Company has been advised that it
is not liable to Wealth-Tax except on Motor Cars. Accordingly, Wealth Tax of ` 0.89 Million (P.Y. ` 3.37 Million) has been
provided including liability of ` Nil ( P.Y. ` 2.27 Millions ) of previous years under all proceeding under the act.
(ii) The Finance Act, 2009 has amended Section 80IA (4) of the Income Tax Act, 1961 by inserting an explanation to the
said section retrospectively from April 1, 2000 purporting to withdraw the benefit hitherto available. The company has
filed a writ petition with High Court of Mumbai for challenging constitutional validity for insertion of explanation with
retrospective effect and writ has been admitted. Recently the appellate authority held that the company is eligible for the
said deduction on certain projects. Accordingly, the corresponding excess provision for the tax of ` 600.64 Million (P.Y. `
981.31 Million) has been adjusted and credited to Reserves.
26 In view of the amendment in the Service Tax Act, certain projects which were hitherto not liable for service tax became liable to
tax by virtue of the said amendment effective 1st July 2012. The amount of service tax payable on such projects is reimbursable by
the client as per the contract conditions and the same has been reflected as receivables. However in few cases where the client has
not accepted this liability, the same has been debited to the profit & loss account.
27 LEASE
The Company has taken various construction equipments under non cancellable operating leases. The future minimum lease
payment in respect of these as at March 31, 2015 are as follows:
(` in Million)
2015 2014
Minimum lease obligation payable as at March 31,
a) within one year of the Balance Sheet date 210.93 266.88
b) due in a period between one year and five years 137.43 348.36
c) due after five years - -
The operating lease arrangement, are renewable on a periodic basis and it provides for an option to the Company to renew the
lease at the end of the non cancellable period. There is no exceptional / restrictive convenants under the lease arrangement.
28 EARNING PER SHARE

(` in Million)
2015 2014
Net profit as per profit and Loss Account available for shareholders for both Basic and 118.85 249.98
diluted Earnings Per Shares of ` 1/- Each
Weighted Average Number of Equity shares for earning per share 76,783,188 76,244,325
Earning Per Share (Basic) ` 1.55 3.28
Earning Per Share (Diluted) ` 1.55 3.25
29 RELATED PARTY DISCLOSURE
Related party disclosures, as required by Accounting Standard 18, Related Party Disclosures, are given below:
A. Name of Related Parties and nature of relationship :-

Direct Subsidiaries
1. Patel Realty (India) Ltd. 12. Vismaya Constructions Pvt. Ltd.
2. Patel Energy Resources Ltd. 13. Bhooma Realties Pvt. Ltd.
3. Michigan Engineers Pvt. Ltd. 14. Friends Niraman Pvt. Ltd.
4. Shreeanant Construction Pvt. Ltd. 15. Patel Concrete and Quarries Pvt. Ltd.
5. Energy Design Pvt. Ltd. 16. ASI Constructors Inc
6. Patel Lands Ltd. 17. Patel Engineering Infrastructure Ltd.
7. Patel Patron Pvt. Ltd. 18. Patel Engineering (Mauritius) Ltd.

8. Patel Engineers Pvt. Ltd. 19. Patel Engineering (Singapore) Pte. Ltd.
9. Pandora Infra Pvt. Ltd. 20. Patel Engineering Inc
10. Shashvat Land Projects Pvt. Ltd. 21. Zeus Minerals Trading Pvt. Ltd.
11. Patel Engineering Lanka Pvt. Ltd. 22. Pan Realtors Pvt. Ltd.. (upto Jan 11, 2015)
Subsidiaries of Patel Realty (India) Limited
1. Bellona Estate Developers Ltd. 8. Nirman Constructions Pvt. Ltd.
2. Hebe Infracon Pvt. Ltd. 9. Azra Land Projects Pvt. Ltd.
3. Hera Realcon Pvt. Ltd. 10. Waterfront Developers Ltd.
4. Lucina Realtors Pvt. Ltd. 11. Les Salines Development Ltd.
5. Apollo Buildwell Pvt. Ltd. 12. La Bourade Development Ltd.
6. Arsen Infra Pvt. Ltd. 13. Ville Magnifique Development Ltd.
7. Praval Developers Pvt. Ltd. 14. Sur La Plage Development Ltd.
15. PBSR Developers Pvt. Ltd..
Subsidiaries of Patel Engineers Private Limited
1. Phedra Projects Pvt. Ltd.
Subsidiaries of Patel Energy Resources Limited
1. Patel Hydro Power Pvt. Ltd. 10. PEL Port Private Ltd.
2. PEL Power Ltd. 11. Patel Energy Ltd.
3. Patel Energy Assignment Pvt. Ltd. 12. Laksha Infra Projects Pvt. Ltd.
4. Patel Energy Projects Pvt. Ltd. 13. Jayshe Gas Power Pvt. Ltd.
5. Patel Energy Operations Pvt. Ltd. 14. Patel Urjaa Vyapaar Pvt. Ltd.
6. Patel Thermal Energy Pvt. Ltd. 15. Naulo Nepal Hydro Electric Pvt. Ltd.
7. Dirang Energy Pvt. Ltd. 16. Meyong Hydro Power Pvt. Ltd.
8. West Kameng Energy Pvt. Ltd. 17. Saskang Rong Energy Pvt. Ltd.
9. Digin Hydro Power Pvt. Ltd.
Subsidiaries of ASI Constructors Inc
1. ASI Constructors Australia Pty Ltd.
2. Engineering & Construction Innovations Inc.
3. HCP Constructors Inc.
Subsidiaries of Patel Engineering (Singapore) Pte Ltd.
1. Patel Surya (Singapore) Pte. Ltd. 7. Patel Param Energy Pte Ltd.
2. PT PEL Minerals Resources 8. PT Patel Surya Jaya
3. Patel Param Minerals Pte Ltd. 9. Patel Param Natural Resources Pte Ltd.
4. PT Patel Surya Minerals,Pte,Ltd. 10. PT Patel Engineering Indonesia, Pte Ltd..
5. PT Surya Geo Minerals
6. PT Surpat Geo Minerals
Subsidiaries of Patel Engineering Inc
1. ASI RCC Inc 2. ASI RCC India Ltd.
3. Westcon Microtunelling Inc 4. ASI Global LLC.
Subsidiaries of Patel Engineering (Mauritius) Ltd.
1. Patel Mining (Mauritius) Ltd. 8. Metalline Mine Works, Lda
2. Enrich Mining Vision Lda 9. Patel Mining Assignments, Lda

3. Patel Mining Privilege, Lda 10. Chivarro Mines Mozambique,Lda
4. Patel Infrastructure, Lda 11. Fortune Mines Concession,Lda
5. Trend Mining Projects,Lda 12. Omini Mines Enterprises,Lda
6. Accord Mines Venture,Lda 13. Quest Mining Activities, Lda
7. Netcore Mining Operations,Lda
Associates:
1. Patel KNR Infrastructure Ltd. 4. Terra Land Developers Pvt. Ltd.
2. Patel KNR Heavy Infrastructure Ltd. 5. Pan Realtors Pvt. Ltd. (since Jan 11, 2015)
3. Raichur Sholapur Transmission Company Ltd. 6. ACP Tollways Pvt. Ltd.
Joint Ventures: Refer Note (37)
Partnership
1. AHCL PEL
2. Patel Advance JV
Others
1. Patel Corporation LLP
2. Praham India LLP
B. Key Management Personnel (KMP)
Mr. Pravin A Patel Non-Executive Chairman
Mr. Rupen Patel Managing Director (Son of Mr. Pravin Patel)
Ms. Silloo Patel Whole Time Director
Mr. Shiraz Patel Son of Ms. Silloo Patel
Mr. Nimish Patel Whole Time Director
Mr. Ashwin Parmar Whole Time Director
C. Transaction with Related Parties with Subsidiaries, Associate companies, Joint Ventures, Partnership and Others referred to in
item (A) above.
(` in Million)
Particular Subsidiary Companies Associates/ Joint Ventures /
Partnership/Others
2014-15 2013-14 2014-15 2013-14
- Revenue/Turnover 174.72 596.19 2,932.36 3,228.01
- Piece Rate Expenses 974.76 80.34 - -
- Investment in Equity / Purchase of Shares 0.05 - 472.99 80.02
- Investment in Preference shares - 22.46 - -
- Value of Return of Equity 19.93 64.31 - -
- Share Application Money 0.98 - - 26.67
- Loans / Advances received 430.53 1,418.35 264.61 1,698.53
- Loans / Advances recovered/repaid 664.34 433.85 168.64 330.70
- Inter Company deposit received - - 4.95 435.85
- Inter Company deposit paid * - - 31.75 68.51
- Share of Profit - - 34.34 64.85
- Share of loss - - 0.19 23.76
- Miscellaneous Receipts 6.90 15.68 6.61 6.55

(` in Million)
Particular Subsidiary Companies Associates/ Joint Ventures /
Partnership/Others
2014-15 2013-14 2014-15 2013-14
- Loans/Advances given 1,933.49 4,766.50 444.07 2,311.77
- Loan/ Advances returned 662.66 4,048.29 142.13 479.57
- Corporate Guarantee Outstanding as at the end of the year 7,886.50 9,760.00 3,001.44 4,209.70
- Bank Guarantee outstanding as at the end of the year 637.85 1,571.00 1,909.49 943.64
- Outstanding Balance included in Current/ Non Current Assets 7,134.56 6,254.38 2,368.88 2,852.21
- Outstanding Balance included in Current / Non Current 1,984.52 2,377.91 1,028.76 2,302.56
Liabilities
- Purchase / issue of Stores 248.73 - - -
- Sale of Asset 2.25 - - -
- Land Development Expenses 69.06 - - -
- Reimbursement of Expenses from 9.69 11.64 9.91 4.62
- Consultancy Fees paid - 7.74 - -
- Rent Income 1.41 1.41 - 0.05
- Rent paid 4.74 4.71 - -
- Interest Income 850.69 510.90 6.55 14.76
- Interest Expenses 5.70 1.06 - -
- Sundry Balances Written Off 412.90 - - 2.05
- Issue of shares ** - - 32.32 369.55
Sales Return 68.00 - - -
The subsidiaries have given some collateral securities in form of immovable properties for loan taken by the Company.
* includes loan converted into convertible preference shares
** OCPS and loan converted into equity share
D. Disclosures of Material Transactions with Related Parties with Subsidiaries, Associate companies, Joint Ventures, Partnership
and Others referred to in item (A) above.
(` in Million)
- Revenue/Turnover Navyuga-Patel-BHEL 2216.01 2007.30
- Piece Rate Expenses Shreeanant Construction Pvt. Ltd. 914.61 234.55
Michigan Engineers Pvt. Ltd 60.14 80.34
- Investment in Equity / ACP Tollways Pvt. Ltd 446.32 166.50
Purchase of Shares
- Investment in Preference Shares Patel Engineering Lanka Pvt. Ltd - 22.46
- Value of Return of Equity Patel Engineering Inc U.S.A 19.93 64.31
- Share Application Money Patel Engineering Lanka Pvt. Ltd 0.98 -
Raichur Sholapur Transmission Company Ltd - 26.67
- Advances Received Dirang Energy Pvt. Ltd 94.00 1055.49
Patel Avantika Deepika Bhel Consortium 115.20 105.50

(` in Million)
Patel Realty (India) Ltd. 336.53 362.73
- Advances Recovered / Repaid Dirang Energy Pvt. Ltd 288.61 45.33
Patel Realty (India) Ltd. 363.01 388.36
Patel Sew JV 103.40 -
- Inter Company deposit received Pan Realtors Pvt. Ltd 4.95 216.79
Patel Corporation LLP - 219.06
- Inter Company deposit paid Patel Corporation LLP 31.75 67.70
- Share of Profit AHCL-PEL Partnership 27.42 10.76
Patel Michigan JV 1.93 22.28
Patel Arss JV - 17.63
- Share of Loss Patel - KNR JV 0.18 23.42
- Miscellaneous Receipts PEL Power Ltd. 5.32 4.73
Patel Engineering (Singapore) Pte Ltd. 1.96 2.49
Patel-Michigan JV 3.60 3.56
CICO Patel JV 2.72 -
Patel Reality (I) Ltd. 0.06 5.39
- Loans/Advances given Patel Energy Resources Ltd 1226.32 1999.78
Dirang Energy Pvt. Ltd 5.07 1089.83
- Loan/ Advances returned Patel Energy Resources Ltd 313.88 666.65
Patel Reality (I) Ltd 315.98 1729.64
Dirang Energy Pvt. Ltd 1.66 1087.98
Patel Engineering Infrastructure Ltd 0.01 519.41
- Purchase / Issue of stores Shreeanant Construction Pvt. Ltd. 248.73 74.89
- Sale of Asset Michigan Engineers Pvt. Ltd 2.25 -
- Land Development Expenses Patel Reality (I) Ltd. 69.06 -
- Reimbursement of expenses from Patel Engineering (Singapore) Pte Ltd. 6.26 2.96
PEL Power Pvt. Ltd 3.29 2.93
Patel Michigan JV 5.64 1.67
CICO PATEL JV 2.64 0.33
Patel Leena JV 1.04 -
- Consultancy Fees paid ASI RCC Inc - 7.74
- Rent Income Patel Realty India Ltd. (HO) 1.41 1.41

(` in Million)
- Rent paid PEL Power Pvt. Ltd 4.07 4.07
Patel Engineering USA Inc 0.56 0.51
- Interest Income Patel Energy Resources Ltd 558.7 383.32
- Interest Expenses Patel Reality (I) Pvt. Ltd 5.70 1.06
- Sundry Balances Written Off Patel KNR JV - 1.05
KNR Patel JV - 1.00
Terra Land Developers Ltd. 412.90 -
- Issue of Shares Praham India LLP - 150.49
Patel Corporation LLP 32.32 219.06
Sales Return Patel Reality (I) Pvt. Ltd 68.00 -
E. Details of Transactions relating to persons referred in item (B) above.
(` In Million)
Particular 2014-15 2013-14
Managerial Remuneration 37.50 27.20
Salary and contribution to provident fund 2.15 3.02
Rent Income - 0.92
Deposit - 0.40
Directors Seating fees - 0.10
Other Expenses - 0.15
Outstanding Balance Payable 27.67 22.70
Sale of Assets 0.10 -
30 The Company has main reportable business segment namely Civil Construction.
31 Income consisting of Construction income of ` Nil (P.Y. ` 50.69 Million) and Other Income of `60.66 Million (P.Y. ` 13.35 Million)
and Expenses consisting of Piece Rate Expenses `33.38 millions (P.Y. ` 10.37 Million), Store material purchases ` 14.67 millions
and Other Expenses ` 189.58 Million (P.Y. ` 213.80 Million) pertaining to prior periods credited and debited respectively to Profit
and Loss Accounts under various heads of accounts.
32 In accordance with The Companies (Accounting Standards) Amendment Rules 2009, where in the provisions pertaining to AS-11
relating to The Effects of the changes in Foreign Exchange Rates, vide notification dated March 31, 2009 and further amended on
May 13, 2011 and further amended on December 29, 2011, the Company has carried over exchange (gain)/loss of ` 3.89 million
(P.Y. ` 104.73 million) through Foreign Currency Monetary Items Translation Difference Account, to be amortized over the
balance period of the long term asset/liability, in respect of which such exchange gain/loss has arisen, but not beyond March 31,
2020. Further exchange loss (net) of ` Nil (P.Y. ` 22.38 million) has been added to the cost of the respective fixed asset.
33 In terms of Provisions of Section 135 of the companies Act 2013 and rules thereunder, the company is required to spend an amount
of ` 8.90 Million during the financial year on Corporate Social Responsibility (CSR). However, the company has not spent the
requisite amount during this financial year.
34 The Company is engaged in providing infrastructural facilities as hence, as per Section 186(11) of Companies Act, 2013, nothing
in Section 186 shall apply to the Company except sub-section (1) of Section 186. Accordingly, a separate disclosure has not been
given in the financial statements as required under Section 186(4) with regard to particulars of loan given, investment made or
guarantee given or security provided and the purpose for which the loan or guarantee or security is proposed to be utilised by the
recipient of the loan or guarantee or security.
35 Confirmation letters have been sent in respect of Sundry Debtors / Loans and Advances / Sundry Creditors of which certain
confirmations have been received which are accordingly accounted and reconciled. The remaining balances have been shown as per
books of accounts and are subject to reconciliation adjustments, if any. In the opinion of the Management, the realizable value of
the current assets, loans and advances in the ordinary course of business will not be less than the value at which they are stated in
the Balance Sheet.

36 Additional information pursuant to the provision of paragraph 3, 4C and 4D of Part II of Schedule VI to the Companies Act,
(wherever applicable).
(` in Million)
a) Value of Imports on CIF basis:
2014-15 2013-14
Stores materials - 9.29
Components and Spare Parts 0.22 0.37
Capital Goods 32.18 76.66
32.41 86.32
b) Expenditure in Foreign Currency:

2014-15 2013-14
At USA Office 1.97 0.77
Interest Paid 33.05 76.06
Consultancy fees - 35.57
Travelling Expenses 1.09 6.71
Subscription and Other Expenses 0.01 0.09
Bank Charges 0.02 0.06
WCT and Cess 1.36 0.80
Mauritius Office 0.24 1.10
37.74 121.16
c) Earnings in Foreign Exchange:

2014-15 2013-14
Contract Receipts 136.46 93.62
Interest Income 1.47 -
At USA Office 0.00 0.00
137.93 93.62
d) Value of imported and indigenous Stores material, Spare Parts and Components Consumed:
2014-15 2013-14
` in Million % ` in Million %
Imported 24.91 1.24% 69.81 1.86%
Indigenous 1,990.83 98.76% 3,678.88 98.14%
2,015.74 100.00% 3,748.69 100.00%

37 Contracts executed by the following Joint Ventures / Consortiums are accounted for as per the Accounting Policy No. (i).
Name of the Joint Venture / Consortium Name of the J.V / Consortium Member Patels Share
LGE&C-PATEL J.V. L.G. Engineering and Construction, Korea 100%
(25%+75%)
PATEL KNR J.V. KNR Constructions Ltd. 50%
KNR PATEL J.V. KNR Constructions Ltd. 49%
PATEL SOMA J.V Soma Enterprises Ltd 50%
PATEL MICHIGAN JV Michigan Engineers Pvt. Ltd 10%
PATEL-SA JV Sandeep Associates 75%
Patel Sew JV Sew Constructions Ltd 60%
Era Patel Advance JV Era Infra Engineering Ltd, Advance Construction Company Pvt. Ltd. 30%
Era Patel Advance Kiran JV Era Infra Engineering Ltd, Advance Construction Company Pvt. 47.06%
Ltd, Kiran Udhyog
Patel Siddhivinayak JV Siddhivinayak Constructions 51%
Patel V Arks JV V Arks Engineers Pvt.Ltd. 65%
Navyuga Patel BHEL Navyuga Engineering Co.Ltd. 42.23%
Patel Avantika Deepika BHEL Avantika Contractors India Pvt.Ltd. 52.83%
Patel V Arks - Precision V Arks Engineers Pvt.Ltd. 60%
CICO-Patel JV Chongqing International Construction Corporation 49%
Patel APCO JV APCO Infratech Ltd. 50%
38 Disclosure required in accordance with Accounting Standard 7 (Revised). In respect of contracts entered into on or after 1st April
2003, contract revenue recognized as gross construction ` 21,581.62 Million (P.Y. ` 24,724.63 Million) contract costs incurred and
recognized profit (less recognized losses) ` 111,450.01 Million (P.Y. ` 109,818.75 Million) advance received ` 838.63 Million (P.Y.
` 1373.33 Million) retention deposit ` 2,026.18 million (P.Y. ` 2,005.99 Million) and gross amount due from clients for contract
works included under current assets ` 19,950.36 Million (P.Y. ` 14,246.76 Million).
39 a) Unbilled Work in Progress includes stock of land under development (including held in the name of directors/relatives of
directors/employees, as nominees of the company).
b) Turnover includes, construction of multi purpose projects, water supply projects, Irrigation projects, building projects, road
and railway projects, on item rate or EPC basis and sale of development rights (net of rebate / cancellation of ` 1068.00
Million). It also includes duty drawback and entitlement etc but excludes VAT, Service Tax etc.
c) During the Financial year 2010-11, two of Companys hydropower projects in Loharinagpala, in the state of Uttarakhand,
awarded by NTPC, were prematurely terminated by Government of India. NTPC has sought details of expenditure incurred,
committed costs, anticipated expenditure on safety and stabilization measures, other recurring site expenses and interest
costs, as well as other claims of various packages of contractors / vendors for further submission to the government after
compiling all the details of expenses incurred by various contractors working for the project. Management expects that all
these cost as well as claims will be recovered in full and hence the cost incurred on the project up to March 31, 2015
` 1849.70 Million (P.Y. ` 1,865.38 Million) (including hedging cost of ` 458.71 millions (P.Y. ` 458.71 Millions)) are
considered recoverable and billable to the client and hence included under work in progress.
d) Arbitration awards received in favour of the Company amounting to ` 783.56 million ( P.Y. ` 61.71 million) is accounted for
as construction Receipts.
40 Derivative transactions :
a. For Interest Rate Related Risks:
Nominal amounts of interest rate swaps entered into by the company and outstanding as on 31st March 2015 amounts to `
Nil ( P.Y. `554.24 Million).
b. Foreign Currency Exposure that are not hedged by derivative instruments as on March 31, 2015 amounting to ` -330.54
Million (P.Y ` 1,160.83 Million).

Foreign currency exposure outstanding at
` in Million
March 31, 2015 March 31, 2014
Currency
USD (94.26) 897.35
EURO (510.75) 58.07
SGD 62.86 46.63
JPY 18.93 -
MUR 180.94 152.94
LKR 11.74 5.85
41 Contingent Liabilities
(a) Commitment for capital expenditure is ` 169.72 Million (P.Y. ` 204.21 Million), advance paid ` 36.47 Million (P.Y. ` 7.81
Million).
(b) Counter indemnities given to Banks and others in respect of secured guarantees, etc. on behalf of subsidiaries and others
given by them in respect of contractual commitments in the ordinary course of business is ` 6,670.47 Million (P.Y. `
7,203.70 Million) including Customs ` 120.64 Million (P.Y. ` 305.81 Million) Entry Tax ` 67.57 Million ( P.Y. ` 37.57 Million)
for the current year includes guarantees given in US$ 10 Million ( P.Y. US$ 10.00 Million). Corporate guarantees / Letter of
Credit on behalf of subsidiaries and others is ` 11,135.34 Million ( P.Y. ` 14,034.69 Million) against which the Company has
obtained counter indemnities for ` 4,821.06 Million (P.Y. ` 4802.69 Million) and towards Custom Duty ` 71.62 Million (P.Y.
` 71.62 Million).
(c) The Company has received an amount of ` 12.74 Million in 1997 against arbitration award in its favour. The client has
preferred an appeal against above award claiming an amount of ` 213.32 Million (P.Y. ` 213.32 Million) before the Honble
appeal court. However the management feels that the likelihood of outflow of resources is remote.
(d) Service tax liability that may arise on matters in appeal ` 1085.92 Million (P.Y. ` 654.55 Million) and advance paid ` 20.00
Million (P.Y. ` 2.68 Million). However, this amount is contractually recoverable from the Clients.
(e) Sales tax ` 99.56 Million (P.Y. ` 88.00 Million) (Advance paid ` 17.09 Million (P.Y. ` 18.51 Million)), Cess ` 78.55 Million
(P.Y. ` 53.70 Million), Custom Duty ` 17.62 Million (P.Y. Nil) (Advance paid ` 8.46 Million (P.Y. Nil)).
(f) Income tax liability that may arise on matters in appeal ` 2,819.73 Million (P.Y. ` 981.31 Million).
(g) Trade Receivables/ Client Retention to the extent of ` 179.47 Million (P.Y. ` Nil) have been discounted with Bank on
Recourse Basis.
(h) Allowances due to employees in remote areas (North East) may accrue in future maximum to the extent of `0.37 million
(` 4.56 Million). The same will be paid to the employees who continue to be on the payrolls upto July 1, 2014 (previously
October, 1).
(i) Provident Fund liability that may arise on matter in appeal ` 9.52 Million ( P.Y. ` 9.52 Million) and advance Paid ` 2.38
Millions (P.Y. 2.38 Millions)
(j) Claims not acknowledged as debt ` 485 Million (any liability herein shall be borne by the Principal Contractor).
(k) Entry Tax liabilities on purchase of goods of ` 11.35 Millions (against which amount of ` 3.78 Millions have been paid and
for the balance amount of ` 7.60 Millions bank guarantee has been furnished) for A.Y. 2010 - 11 which has been stayed by
Honble High Court of H.P. The Company has not provided any further liability from the relevant assessement year as the
amount for same is not ascertainable.
42 Disclosures as required under Clause 32 of listing agreements:
Loans and Advances in the nature of loans given to Subsidiaries and Associates:

(` in Million)
Name of Companies / Associates As at As at Maximum Maximum
March 31, March 31, Amount Amount
2015 2014 outstanding outstanding
(2014 15) (2013 14)
Subsidiaries
1 Michigan Engineers Pvt. Ltd. 7.40 19.94 19.94 19.94
2 Patel Patron Pvt. Ltd. 39.31 34.52 39.31 34.52
3 PEL Power Ltd. 472.30 374.93 472.30 374.93
4 Patel Realty (India) Ltd. - 125.15 46.35 944.13
5 Patel Energy Ltd. 385.77 327.78 385.77 327.78
6 Patel Engineering (Mauritius) Ltd. 16.56 10.59 16.56 10.59
7 Patel Eng. Infrastructure Ltd. 80.60 25.65 80.60 464.05
8 PAN Realtors Pvt. Ltd. 0.26 0.23 6.21 0.23
9 Phedra Projects Pvt. Ltd. 7.31 6.42 7.31 6.42
10 Vismaya Constructions Pvt. Ltd. 27.37 24.15 27.37 24.15
11 Shashvat Land Projects Pvt. Ltd. 196.96 172.71 196.96 172.71
12 Bhooma Realtors Pvt. Ltd. 231.61 203.12 231.61 203.12
13 Pandora Infra Pvt. Ltd. 283.03 248.23 283.03 248.23
14 Patel Eng. (Singapore) Pte. Ltd. 69.96 46.63 69.96 46.63
15 Dirang Energy Pvt. Ltd. 13.15 9.75 13.15 29.23
16 Patel Mining Divn. Lda, 9.42 6.64 9.42 6.64
17 Patel Energy Resources Ltd. 4,678.21 3,765.78 4,678.21 3,765.78
18 Patel Mining (Mauritius) Ltd. 164.38 142.35 164.38 142.35
19 Energy Design Pvt. Ltd. 68.17 59.76 68.17 59.76
20 PT Patel Surya Minerals 7.04 5.90 7.04 5.90
21 ASI Constructors Inc. - -
22 Patel Lands Ltd. 28.20 24.73 28.20 24.98
23 Patel Hydro Powers Pvt. Ltd. 1.25 0.24 1.25 1.22
24 Patel Engineering (Lanka Pvt. Ltd.) 11.74 5.85 11.74 5.85
25 Patel Engineers Pvt. Ltd. 1.65 1.45 1.65 1.45
26 Patel Concrete and Quarries Pvt. Ltd. 85.80 75.26 85.80 76.01
27 Zeus Minerals Trading Pvt. Ltd. 85.09 74.64 85.09 74.94
28 Nirman Construction Pvt. Ltd. - 2.20
29 Naulo Nepal Hydroelectric Pvt. Ltd. 0.15 0.13 0.15 0.13
30 Shreeanant Constructions Pvt. Ltd. 13.00 - 13.00 -
31 Laksha Infra Projects Pvt. Ltd. 0.00 - 0.00 -

(` in Million)
Name of Companies / Associates As at As at Maximum Maximum
March 31, March 31, Amount Amount
2015 2014 outstanding outstanding
(2014 15) (2013 14)
Associates
32 Raichur Solapur Transmission Co. Ltd. 0.28 0.26 0.28 0.26
33 PATEL-KNR Infrastructure Pvt. Ltd. 0.41 1.52 1.52 1.52
34 PATEL-KNR Heavy Infrastructure Pvt. Ltd. 25.01 25.01 25.01 25.01
35 ACP Tollways Pvt. Ltd. 1.71 1.68 1.71 1.69
36 Terra Land Developers Pvt. Ltd. - 787.61 815.33 787.61
Total 7,013.11 6,608.59 7,894.39 7,889.95
43 Previous years figures have been regrouped, rearranged and reclassified wherever necessary.
As per our attached report of even date For and on behalf of Board


Place : Mumbai

Notes
Notes
120 km Microtunnels
84 Dams
8000 MW Power
800 km Roads
180 km Tunnels

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Patel Engineering Ltd.

For Members holding shares in Demat Form and Physical Form

Qualification B.A.,Graduate in Town M.Sc., PGDBA, CAIIB(I) B.A.(HONS), LLB, CAIIB

66th Annual General Meeting

Registered Folio No. /

Name and address of

EVSN (Electronic Voting Sequence Number) **Sequence Number

1.Name 2. Name 3. Name

Address Address Address

e-mail id e-mail id e-mail id

Signature, Signature , Signature ,

Sr. Resolutions For Against

Signed this ____________ day of __________ 2015. Please

Venue: Shree Saurashtra Patel Samaj,

Message from the Managing Director 02

Comparative Consolidated Financials 05

Management Discussion and Analysis 47

Report on Corporate Governance 52

Consolidated Financial Statements 66

Standalone Financial Statements 108

Annual Report 2014-15 1

Moreover, several steps have been taken to simplify

The new governments first full Union Budget saw several

Infrastructure is not a matter of choice, but of need. Good

Our infrastructure does not match our growth ambitions.

2 Patel Engineering Ltd.

Annual Report 2014-15 3

Miscellaneous Expenditure - - - - 82.44 66.97 59.40 22.85 27.05 32.26

Annual Report 2014-15

6 Patel Engineering Ltd.

Share Capital Neotown on 103 acres in Bangalore. The subsidiary is

Annual Report 2014-15 7

8 Patel Engineering Ltd.

Annual Report 2014-15 9

10 Patel Engineering Ltd.

Annual Report 2014-15 11

Patel Engineering Ltd.

SUBSIDIARY OF PATEL REALTY

Annual Report 2014-15

Patel Engineering Ltd.

* Financial information is based on unaudited results.

Note: proposed dividend from any of the subsidiaries is nil.

Annual Report 2014-15

Patel Engineering Ltd.

Annexure II Nomination and Remuneration policy

Annual Report 2014-15 17

18 Patel Engineering Ltd.

Annual Report 2014-15 19

20 Patel Engineering Ltd.

Annual Report 2014-15 21

22 Patel Engineering Ltd.

Annual Report 2014-15 23

24 Patel Engineering Ltd.

Place : Pune Dr. K R Chandratre

Annual Report 2014-15 25

Steps taken on Conservation of Energy:

26 Patel Engineering Ltd.

Inspect and repair your weather stripping at least once a year.

Annual Report 2014-15 27

Signed this __ day of 2015. Please