Wapcos Annual Report 2021-22 (English)
Wapcos Annual Report 2021-22 (English)
Wapcos Annual Report 2021-22 (English)
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WAPCOS ANNUAL REPORT 2021-22
WAPCOS PROFILE
Corporate Overview
FIELD OF SPECIALIZATION
Main field of Specialization of the Company cover-
Standalone Financial Statements
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WAPCOS ANNUAL REPORT 2021-22
RANGE OF SERVICES
WAPCOS render range of services from “concept-to-commissioning” and beyond to various projects in water, power
and infrastructure sectors to our clients. Our services for any given project includes any one or a combination of -
Corporate Overview
Formulation Development Deposit Works
• Field Surveys & Investigations and • Project Management and
Testing Construction Supervision
• Design Engineering
The Unique Selling Prepositions (USPs) of WAPCOS We are also associated with key development projects
include Survey & Investigation/Pre-Feasibility/DPRs for as part of the bilateral funding initiative of the GOI
more than 550 Projects in Irrigation, Water Resources to various countries such as Afghanistan, Bhutan,
& Agricultural etc. contributing to development of Cambodia, Nepal, Ghana and Tanzania, amongst
over 17 Million Ha Irrigation Potential; more than others.
200 Projects in Ports & Inland Navigation; over
500 Projects in Water Supply & Sanitation, Rural & WAPCOS OPERATIONS
Urban Development, Roads & Highway Engineering;
WAPCOS comprising of highly qualified professionals,
EIAs for over 300 Projects in the fields of Irrigation,
vibrant management and excellent infrastructural
Hydro/Thermal Power, Ports & Harbours in India and
facilities is poised to meet the challenges of the 21st
Statutory Reports
Abroad. Similarly, in Hydro-Power Sector; WAPCOS
century very effectively. We have been providing
has provided consultancy and EPC services for almost
engineering consultancy services to various clients
60 Hydro-Power Projects in 19 Countries with an
since our incorporation in over fifty (50) countries.
installed capacity of more than 9,500 MW; over
107 Hydro Power Projects in India with an installed We have developed global presence, particularly in
capacity of more than 22,500 MW. In Thermal Power; South Asia and across Africa, in areas of water, power
the Company has successfully provided engineering and infrastructure sectors by undertaking engineering
consultancy services for 10 overseas Projects with consultancy services for various development projects.
project capacity of around 6100 MW and more than Our wide presence and assignments undertaken
19 Projects in India with a project capacity of about overseas demonstrate our global experience and
15,000 MW. expertise over the years. Presently, we are undertaking
ongoing projects in thirty (30) countries i.e.,
ASSOCIATION WITH INTERNATIONAL Bangladesh, Bhutan, Burundi, Botswana, Cambodia,
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WAPCOS ANNUAL REPORT 2021-22
upholding high environment and social responsibility Export Promotion Council, Ministry of
standards. We have been recognised and admired by Commerce & Industry, Government of
following awards: India; Award for Excellence in Engineering
Consultancy Services under category Excellence
• Hon’ble President of India presented Award in Project Engineering by CEAI National
for Excellence and Outstanding Contribution Awards; Operational Performance Excellence
to the Public Sector Management-Institutional Award, Contribution of Women in PSEs Award,
instituted by Standing Conference of Public Company of the Year, Corporate Governance,
Enterprises, an apex body of Central Government Best Human Resource Management - PSE
owned Public Enterprises to recognize the Excellence Award instituted by Department of
contribution of Public Enterprises to WAPCOS. Public Enterprises, Ministry of Heavy Industry
• The Company has received several prestigious and Public Enterprises, Government of India
National/International Awards such as and Indian Chamber of Commerce to recognize
“Meritorious Award-Corporate Governance”, the contribution of Public Sector to the Indian
“Water Digest Awards” for Best Consultancy; Economy; “Corporate Social Responsibility
Best Water Management – Public Sector; & Sustainability Vision Award”, instituted by
Statutory Reports
Best Community Project of the Year and Indian Chamber of Commerce; Indian Chamber
Made in India – Best Water Company (Public of Commerce - India Corporate Governance
Sector), “Business Leader of the Year” and & Sustainability Vision Summit - Corporate
“CEO with HR Orientation” Awards by Governance & Sustainability Vision Awards
World HRD Congress, “Industry Excellence 2018; CSR Leadership Awards by ET Now-Rise
Award 2021” by Institution of Engineers (India), Awards - Best Corporate Social Responsibility
“SCOPE Corporate Communication Excellence Practices, Corporate Affair Leadership Award
Awards 2018-Best Corporate Communication - Best Use of Media Relations; World Water
Campaign/Program-External” instituted by Leadership Congress Awards - Best Community
Standing Conference of Public Enterprises, an Water Project, Most Promising Brand
apex body of Central Government owned Public endorsed by Asian Confederation of Businesses;
Enterprises; “Top Performing CPSEs’ “MOU India Africa Champion in Biz & SME Awards
Excellence Award” instituted by Department of 2017 under Achievement in Power & Renewable
Standalone Financial Statements
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WAPCOS ANNUAL REPORT 2021-22
CHAIRMAN’S MESSAGE
Corporate Overview
Statutory Reports
Shri R.K. Agrawal
Chairman-cum-Managing Director
Dear Shareholders,
I am delighted to present you the performance of your Company during the financial year 2021-22. This year
played a significant role in combating the COVID-19 crises by a massive drive of vaccination in whole country. Your
Company had also taken the steps to vaccinate its employees and their family members.
Despite the impact of COVID-19, your Company has achieved Revenue from Operations (Project
Income) of Rs. 1373.72 Crore in 2021-22 as against Rs.1307.58 Crore in 2020-21. The Profit Before
Tax during the year has been Rs. 61.29 Crore against Rs. 58.15 Crore last year. A dividend of
Rs. 2.38 per Equity Share of Rs. 10/- each for the year ended 31st March 2022 aggregating to Rs. 31.00 Crore
Standalone Financial Statements
has been recommended. These results reflect efficient execution of our assignments and efforts to bring in more
discipline in our cost and performance management on continuous basis.
It is my proud privilege to inform that your Company majorly being an Engineering Consultancy Company has been
ranked Top by Asian Development Bank (ADB) amongst top ten (10) international consultancy firms in Water and
other Urban Infrastructure sectors in terms of the ADB finance account as per 2021 Annual Procurement Report
and also ranked 3rd amongst top 5 (five) Companies from India involved in consulting services contracts under
ADB Loan, Grant and Technical Assistance Projects during the period 2017-2021. This is reflective of our core
strength and continued focus on core competencies and its further consolidation.
I am pleased to share that your Company has also received various Awards during the year for its outstanding
performance which include “Industry Excellence Award 2021” by Institution of Engineers (India); "Excellence in
Export of Engineering Service" by Engineering Export Promotion Council (EEPC), India; Water Digest Awards for 4
Categories i.e. Best Consultancy, Best Community Project of the year- ‘Commendable’, Best Water Management-
‘Public Sector’ and Made in India – Best Water Company (Public Sector) etc.
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WAPCOS ANNUAL REPORT 2021-22
Your Company has put firm focus on providing Concept to Commissioning Solutions, Capacity Building, Brand
Recognition and aggressive penetration into new markets. As a result, the Company’s presence has grown over
fifty (50) countries since its incorporation. As on March 31, 2022, the Company has more than eighty (80) ongoing
projects in over thirty three (33) countries and having more than four hundred (400) projects on PAN India basis.
Your Company has also completed various prestigious projects during the year. Some of these completed projects
are as mentioned below:
Project Management Consultancy services of Astol Regional Water Supply Scheme to supply drinking water
Corporate Overview
for 174 villages of Dharampur and Kaprada Taluka under Dist. Valsad, Gujarat inaugurated by Hon’ble Prime
Minister
Supply and Installation of Hand Pumps for Augmentation of Rural Water Supply in Cambodia
Feasibility Study for the On–Grid Rural Electrification in Niassa Province, Mozambique
Feasibility Studies and Preparation of Tender Documents for four number of mini hydropower potential sites
in Central African Republic (UNDP Funded)
Owner's Engineers for Ash Pond project for 2X660 MW Thermal Power Plant at Banharpalli, Odisha
Construction of In-Vessel Compost Plant including Development of Solid Waste Management in Leh
Construction of Central Detective Training Institute at Jaipur
Laying of FIH Certified Synthetic Hockey Surface at Northern Regional Centre of Sports Authority of India,
Sonipat
Construction of Teaching Block - I & II for New Campus at Chaudhary Bansi Lal University at Prem Nagar,
Statutory Reports
Bhiwani, Haryana
Construction of Residential Quarters at Central Training College (CTC) of ITBP at Alwar, Rajasthan
Construction of Residential & Non Residential buildings at 27th Bn HQ, ITBP, Noornad (Kerala)
In India, your Company is providing Consultancy services for developmental projects in all the States and is
involved in key Government of India Schemes such as Jal Jeevan Mission, Atal Mission for Rejuvenation and
Urban Transformation (AMRUT), Atal Bhujal Yojana, Pradhan Mantri Gram Sadak Yojana (PMGSY), Swachh Bharat
Mission, Integrated Power Development Scheme (IPDS), Deen Dayal Upadhyaya Gram Jyoti Yojana, (DDUGJY),
Smart City Mission, Pradhan Mantri Krishi Sinchayee Yojana (PMKSY), Pradhan Mantri Awas Yojana (PMAY),
Revamped Distribution Sector Scheme (RDSS), PM-KUSUM (Pradhan Mantri Kisan Urja Suraksha evam Utthaan
Mahabhiyan) etc. In the year under review, your Company has secured record new orders of Rs. 3739.74 Crore.
I wish to inform that based on the excellent performance of your Company, the Government of India has approved
Standalone Financial Statements
Disinvestment of upto 25% of its shares in the Company through Initial Public Offering (IPO) and listing of its
shares in the Stock Markets. The Company has filed its Draft Red Herring Prospectus (DRHP) with Securities
Exchange Board of India (SEBI) on September 24, 2022 as per SEBI (ICDR) Regulations. Further, the application for
in-principal approval from Stock Exchanges namely; Bombay Stock Exchange and National Stock Exchange have
been made which are under process.
As a Responsible Corporate Citizen, your Company, beyond its business, strives to fulfill its social responsibilities and
contribute towards improving the quality of life and economic well-being of society and protect the environment.
During the year under review, programmes undertaken in this regard included Health Care/ Preventive Health Care,
School Education/Skill Development, Environment Sustainability etc. For the purpose, provisions of Companies
Act, 2013 and the rules made there under along with DPEs guidelines on the subject were given due consideration.
Under the CSR initiatives, the Company has contributed Rs. 2 Crore to the PM CARES fund.
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WAPCOS ANNUAL REPORT 2021-22
Your Company has qualified and professional employee base with 1034 regular cadre employees as on March
31, 2022. Consultancy services are essentially knowledge based and rely heavily on the intellectual prowess of its
team members. As such, regular training programmes for technology absorption, adoption and innovation were
conducted through online/virtual modes to the extent possible for upgradation of skills. Employees are encouraged
and motivated to perform at higher levels and due attention is paid to their welfare in order to maintain work-life
balance. Further, to encourage the employees and to acknowledge their hard efforts for sustainable growth and
achievements the Company, we have initiated the program of “Employee of the Month”.
Corporate Overview
Your Company is committed for adoption and adherence of best Corporate Governance practices and has been
graded as “Excellent” for the year 2020-21 by the Department of Public Enterprises on compliance of its Corporate
Governance Guidelines. The Company continued to comply with these Guidelines in this year as well.
Your Company is paying utmost attention to Clients’ satisfaction and is building long term relationship with them
by responding to and anticipating their needs. We accord highest priorities to the quality of our deliverables to
the clients in time bound manner. I assure you that future of your Company is very promising. We firmly feel that
regardless of our aspiration, our future rests firmly on foundation of our core values as contained in our Vision
and Mission statements.
Your Company is also committed for growth of its Subsidiary Company, National Projects Construction Corporation
(NPCC). With the synergy of strengths of both the Companies and recent interventions made by us, the performance
of NPCC has improved significantly. I have a firm belief that both the Companies will continue to grow and achieve
newer heights in years to come.
I take this opportunity to express my sincere gratitude to the members of the Board of Directors for their proactive
participation and contribution towards growth of the Company.
I am thankful to the Hon’ble Minister of Jal Shakti; Hon’ble Ministers of State for Jal Shakti; Secretary, Department
Statutory Reports
of Water Resources, River Development & Ganga Rejuvenation, Ministry of Jal Shakti and senior officials in the
Ministry of Jal Shakti for providing valuable guidance and support from time to time.
I am also thankful to the Ministries/Departments/Autonomous Bodies of Govt. of India especially Ministry of
Agriculture and Farmers Welfare; Ministry of Ayush; Ministry of Chemicals & Fertilizers; Ministry of Culture; Ministry
of Defence; Ministry of Development of North Eastern Region; Ministry of Home Affairs; Ministry of External
Affairs; Ministry of Housing and Urban Affairs; Ministry of Mines; Ministry of Railways; Ministry of Tourism;
Ministry of Tribal Affairs; Ministry of Youth Affairs and Sports without whose help it would not have been an easy
journey for achieving the Company’s Goals.
I also take this opportunity to thank Department of Public Enterprises; Department of Investment and Public
Asset Management; Ministry of Finance; Comptroller & Auditor General of India; Statutory Auditors and other
Professionals associated with the Company for their valued contribution and support at all times.
On behalf of the Board of Directors and Management, I would like to place on record sincere appreciation to the
Sd/-
(R.K. Agrawal)
Chairman-cum-Managing Director
Place: New Delhi
Date: 20th December, 2022
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Standalone Financial Statements Statutory Reports Corporate Overview
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WAPCOS ANNUAL REPORT 2021-22
Corporate Overview Statutory Reports Standalone Financial Statements
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WAPCOS ANNUAL REPORT 2021-22
Standalone Financial Statements Statutory Reports Corporate Overview
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WAPCOS ANNUAL REPORT 2021-22
Corporate Overview
Statutory Reports
Standalone Financial Statements
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Standalone Financial Statements Statutory Reports Corporate Overview
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WAPCOS ANNUAL REPORT 2021-22
DIRECTORS’ REPORT
Your Directors have the pleasure in presenting the 53rd Annual Report and the Audited Financial Statement of the
Corporate Overview
Company for the financial year ended 31st March, 2022.
1. FINANCIAL PERFORMANCE
(Rs. in Crore)
Particulars Actuals for 2021-22 Actuals for 2020-21
A. INCOME
Revenue from Operations
i) Consultancy Services 695.70 681.12
ii) Construction Projects 678.02 626.46
Total Revenue from Operations (Project Income) 1373.72 1307.58
iii) Other income 32.52 23.59
Total Income (A) 1406.24 1331.17
B. EXPENDITURE
Statutory Reports
i) Consultancy Services 496.60 481.64
ii) Construction Projects 712.40 644.56
Total Project Expenses 1209.00 1126.20
iii) Admn./General expenses 125.67 133.82
iv) Depreciation 10.44 12.99
Total Expenditure (B) 1345.11 1273.01
Profit before Exceptional Items and Tax C = (A-B) 61.13 58.16
Add: Exceptional Items 0.16 -0.01
Profit Before Tax 61.29 58.15
The consolidated performance of the group as per consolidated financial statements is
as under:
Standalone Financial Statements
(Rs. in Crore)
Particulars Year ended 31st March 2022
Turnover 2797.99
Profit/(Loss) before taxation 101.85
Less: Tax Expense 35.79
Profit/(Loss) after Tax 66.06
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WAPCOS ANNUAL REPORT 2021-22
2. TRANSFER TO RESERVE
The Company has not transferred any amount to General reserve.
3. CAPITAL STRUCTURE
There was no change in the Share Capital of the Company. The Company has Authorized Share Capital of Rs.
200 Crore divided into 20 Crore Equity Shares of face value of Rs. 10/- each and Paid-up Share Capital of Rs.
Corporate Overview
130 Crore divided into 13 Crore Equity Shares of face value of Rs. 10/- each.
4. DIVIDEND
For the year under review, the Board has recommended a dividend of Rs. 2.38 per Equity Share of Rs.10 each
for the year ended 31.03.2022 aggregating to Rs. 31.00 Crore, being 23.85% of the paid up capital of the
Company.
5. DEPOSITS
The Company has neither invited nor accepted any Deposits during the financial year under review.
6. BUY-BACK OF SHARES
The Company has not resorted to any buy-back of shares during the year under review.
The Company Secured New Business of Rs. 2204.83 Crore in the year 2021-22.
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WAPCOS ANNUAL REPORT 2021-22
development projects as well as ISO 9001:2015 for engineering, procurement and construction projects
related to residential, office buildings, civil works, roads and highways, irrigation, agriculture and water
projects, electrical power projects for generation, substation, transmission, distribution networks, rural
electrification and renewable energy, industrial, IT, telecommunications, and related projects.
The Company is accredited as Category A under the Quality Council of India-National Accreditation Board
for Education & Training (QCI-NABET) Scheme for Accreditation of EIA Consultant Organization, Version 3:
for preparing EIA-EMP reports in the Sectors namely (1) Mining of minerals including opencast /underground
Corporate Overview
mining (2) offshore and onshore oil and gas exploration, development & production (3) River Valley projects
(4) Thermal power plants (5) Oil & Gas transportation pipeline (crude and refinery/ petrochemical products),
passing through national parks/sanctuaries/coral reefs/ecologically sensitive areas including LNG terminal
(6) Airports (7) Industrial estates/ parks/complexes/areas export processing Zones (EPZs), Special Economic
Zones (SEZs) Biotech Parks, Leather Complexes (8) Ports, harbours, break waters and dredging (9) Highways
(10) Aerial ropeways (11) Building and Construction projects.
Statutory Reports
• Conferred with the award for “Excellence in Export of Engineering Service” by Engineering Export
Promotion Council (EEPC), India in an event held in Jammu on November 17, 2021.
• Conferred with the award for “Company of the Year” and “Best Water Infrastructure” from Stars
of the Industry Awards 2021 at a function held in New Delhi on December 23, 2021.
• Conferred with “IEI Industry Excellence Award 2021” under the category of engineering services and
consultancy in category A by the Institution of Engineers (India) at a function held at Vigyan Bhawan,
New Delhi on December 26, 2021
• Mr. R.K. Agrawal, CMD WAPCOS and NPCC conferred with “Business Leader of the Year” and “CEO
with HR Orientation” Awards by World HRD Congress at a glittering ceremony held in Mumbai on 21st
& 22nd March, 2022.
• Conferred with “4 Water Digest Awards for Best Consultancy; Best Water Management – Public
Sector; Best Community Project of the Year and Made in India – Best Water Company (Public
Sector)” at a glittering ceremony held in New Delhi on March 29, 2022.
Standalone Financial Statements
11. BUSINESS DEVELOPMENT
WAPCOS is associated with a number of development projects funded by multilateral funding agencies like
World Bank, Asian Development Bank, African Development Bank, Japan Bank for International Cooperation,
United Nations Office for Project Services, French Development Agency, German Development Bank, Asian
Infrastructure Investment Bank, European Investment Bank and European Bank for Reconstruction and
Development.
WAPCOS is also associated with key development projects as part of the bilateral funding initiative of
the Government of India to various countries such as Afghanistan, Bhutan, Cambodia, Nepal, Ghana and
Tanzania, amongst others.
The Company has secured new orders of Rs. 3739.74 Crore.
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participates in deliberations at Joint Commissions/ Mission meetings, technical and trade associations as
well as Joint Business Councils for exploring job opportunities and membership of various agencies. We also
send personnel to various Government and community events in order to explore business procurement
opportunities and becoming members of various agencies. We also use social media to further connect with
our potential customers and other business counterparts. We also submit nominations for various awards,
prepare press releases, publish marketing brochures, and network with other organizations like SCOPE,
EEPC, FICCI, CBIP, CII, CEAI, INCOLD, IWRS, ISRMTT, IMarEST, ASCE, IE, ISH and KUFOS, for the purpose of
generating publicity and business.
• Feasibility Study, Detailed Preliminary Design and Preparation of Technical Documents for the Development
of 4 Mini Hydropower sites funded by UNDP.
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WAPCOS ANNUAL REPORT 2021-22
Corporate Overview
Baidou Project Site Gamboula Project Site
DR CONGO
• Project Management Consultant for Power Transmission & Distribution in Kwilu (Bandundu) Province under
the Line of Credit of Government of India
Statutory Reports
66/33 kV Kikwit Substation 66 kV Transmission line
ESWATINI
• Technical Feasibility Studies and Detailed Design for the proposed North-Eastern Grid Reinforcement Project
• Owner’s Engineer for the Network Reinforcement and Access Project funded by World Bank Standalone Financial Statements
ETHIOPIA
• Feasibility Study, Detail Design and Tender Document Preparation for Tiliku Aleltu and Robi Jida Surface Water
Sources and Identification of Potential Water Resources for future Water Supply of Addis Ababa
• Strategic Environmental and Social Assessment (SESA) for Drainage Master Plan preparation for Addis Ababa
City funded by World Bank
GAMBIA
• Detailed Study, assistance for Procurement, Control and Supervision of Construction Works for Rural
Electrification of 59 Rural Communities from Brikama and Soma Substations funded by African Development
Bank
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WAPCOS ANNUAL REPORT 2021-22
GHANA
• Preparation of Detailed Project Report (DPR) and Project Management Consultancy for Rehabilitation and
Up-gradation of Potable Water System in Yendi under Line of Credit of Government of India
• Preparation of Detailed Project Report and Project Management Consultancy for Strengthening of Agriculture
Mechanization & Food Processing Centers under Line of Credit of Government of India
Corporate Overview
Processing Plants
• Construction Supervision of Rehabilitation and Completion of Kpong Left Bank Irrigation Project funded by
Statutory Reports
World Bank
• Construction Supervision of the Rehabilitation and Modernization of Tono Irrigation Scheme funded by World
Bank
• Architectural and Engineering Services for Design and Supervision and Prescription and Supervision of
Installation of Processing Equipment for Eleven District Agricultural Commodity Processing Centers – Fruits,
Nuts & Oils and Others funded by African Development Bank.
• Preparation of Detailed Project Report, Bidding Documents and Project Management Consultancy for Self-
help Electrification Project for selected Communities in the Brong- Ahafo and Ashanti Regions
LIBERIA
• Supervision Engineer for Construction of 66/33/22 kV Transmission and Distribution Network in Paynesville,
Monrovia, Schefflin and Ria/Margibi County and Pleebo to Fish Town and two Substations in Schefflin, Ria/
Margibi County for Liberia Electricity Corporation (LEC), Liberia funded by African Development Bank
Standalone Financial Statements
• Construction Supervision for Electrification and Grid Upgrade along the CLSG Transmission Line in Monrovia
funded by KfW
• Owner’s Engineer for the construction of the Kaiha River Mini-Grid system in Lofa for Rural and Renewable
Energy Agency (RREA) funded by World Bank
• Preparation of Detailed Design, Bidding Documents, Tendering and Supervision of Construction works for the
construction of the Gbedin Falls Hydropower plant on Mani river, 33kV Evacuation System funded by African
Development Bank
LAO PDR
• Project Management Consultancy for Construction of Storage Dams & Development of Irrigation Systems
under Line of Credit of Government of India
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WAPCOS ANNUAL REPORT 2021-22
MOZAMBIQUE
• Feasibility Study for On-Grid Rural Electrification in Niassa Province
• +/-533 kV Energized DC Lines Overhead Shield Wire Insulator Replacement Project
• Project Management Consultancy for 2x15 MW Solar Power Plant with Storage along with Single Circuit 66
kV Transmission Line & subsequent 66/33 kV substation at Zitundo
• Design and Supervision works for Mozambique Energy for All (Proenergia) Project – Package -1 & 2 funded
Corporate Overview
by World Bank
• Feasibility Studies for the Rehabilitation of Nampula, Xai-Xai and Angoche Distribution Networks funded by
Swedish International Development Cooperation Agency (Sida)
• Project Management Consultancy for Construction of 1600 Borewells and 8 Water Supply Systems under the
Line of Credit of Government of India
• Design and Construction Supervision of Rehabilitation of Road N280/281 between Tica, Buzi and Nova Sofala
in Sofala Province under Line of Credit of Government of India
Statutory Reports
• Design check and Supervision of Transmission Main in Tete funded by World Bank
Design Check and Construction Supervision of Excavation and pipe laying on T4, Airport area
Rehabilitation and Construction of Tete Transmission Main
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WAPCOS ANNUAL REPORT 2021-22
• Design for improvement of quality of Power Supply Distribution (Lot-1) and (Lot-2) under the Line of Credit
of Government of India
Corporate Overview
NIGER
• Project Management Consultancy for Rural Electrification of 50 villages using Solar Photovoltaic System under
Line of Credit of Government of India
RWANDA
Statutory Reports
• Project Management Consultancy for Export Targeted Modern Irrigated Agriculture Projects under Line of
Credit of Government of India
Standalone Financial Statements
Pump House for Mpanga Irrigation Scheme Installation of Centre Pivots in Command Area
SENEGAL
• Lifting of water from Senegal River valley to irrigate areas of Dagana, Bakel and Matam in northern valley of
Senegal under Rice Self Sufficiency Programme under Line of Credit of Government of India.
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WAPCOS ANNUAL REPORT 2021-22
SIERRA LEONE
• Preparation of Bidding Documents and Conducting Construction Administration for Construction of a 225 kV
(Double circuit), 66 kV (Multi circuit/Double circuit), 33 kV (Single circuit) Transmission Lines and associated
Substations under Line of Credit of Government of India
Corporate Overview
Site Visit with Client Officials Indicative sketch for 225 kV network
TANZANIA
• Preparation of Detailed Project Report and Project Management Consultancy for Water Supply Scheme in
various Towns under Line of Credit of Government of India
• Preparation of Detailed Project Report and Tender Documents for extension of Lake Victoria Pipeline to Tinde
Statutory Reports
& Shelui Towns and enroute Villages under Line of Credit of Government of India
• Community Facilitation, Preparation of Detailed Design, Bidding Documents and Construction Supervision of
the Off-Grid Water Supply Works in Dar Es Salaam funded by World Bank
• Construction Supervision of the Off-Grid Water Supply Works in Dar Es Salaam funded by World Bank
• Supervision of Augmentation of Water Supply Schemes in Chalinze
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WAPCOS ANNUAL REPORT 2021-22
Corporate Overview
• Review and Updation of the Detailed Engineering Designs of the Proposed Wastewater Infrastructure for
Statutory Reports
TOGO
• Engineering Studies, Supervision and Control of Work of Electrification of 150 rural communities under Line
of Credit of Government of India
Standalone Financial Statements
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WAPCOS ANNUAL REPORT 2021-22
Corporate Overview
Equipment foundations works in progress at Dapaong and Mandouri Substations
UGANDA
• Construction Supervision of the proposed Grid Extension Projects in Wandi –Yumbe-Moyo and Onduparaka-
Odramakachu-Abiria (345.8km) funded by World Bank
• Feasibility Study and Detailed Design of Medium & Large Scale Irrigation Schemes covering Central Region
• Construction Supervision and Project Management for Rural Electrification Projects in Six Districts funded by
Kuwait Fund for Arab Economic Development
Statutory Reports
• Feasibility Study, Detailed Engineering Design and Environment Impact Assessment of piped water supply and
sanitation system in selected 30 nos. rural growth across the country
• Feasibility Studies and Detailed Engineering Design for Aswa and Ayila proposed Irrigation Schemes in Nwoya
and Amuru funded by World Bank
ZIMBABWE
• Up-Gradation of Deka Pumping Station and River Water Intake System at Hwange Thermal Power Station
(HPS) under Line of Credit of Government of India
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WAPCOS ANNUAL REPORT 2021-22
• Detailed Feasibility, Climate Proof Designs and Construction supervision of GCF funded Irrigation Schemes
Corporate Overview
• Project Management Consultancy for Hwange Life Extension project and Deka Extension project
ASIAN REGION
BANGLADESH
• Project Management Consultancy Services for development of Fairway from Ashuganj to Zakiganj Stretch &
from Sirajganj to Daikhowa Stretch of Indo-Bangladesh Inland Water Transit & Trade Protocol Route under
Statutory Reports
BHUTAN
• Punatsangchhu-I HE Project (1200 MW) - Engineering and Design Consultancy of Main Civil Works & for Electro-
Mechanical, Hydro-Mechanical and Infrastructure works funded by Ministry of External Affairs, Government
of India
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WAPCOS ANNUAL REPORT 2021-22
Corporate Overview
Pothead Yard Building – GIS Equipment Erection Pothead Yard Building
Statutory Reports
View of Main Access Tunnel Portal Tail Race Tunnel Outfall
• Punatsangchhu-II HE Project (1020 MW) - Engineering and Design Consultancy of Main Civil Works & for
Electro-Mechanical, Hydro-Mechanical and Infrastructure works funded by Ministry of External Affairs,
Government of India
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WAPCOS ANNUAL REPORT 2021-22
CAMBODIA
• Supply and Installation of 1500 Afridev Hand Pumps for augmentation of Rural Water Supply under Grant-in-
aid from Government of India
Statutory Reports
WAPCOS Team along with officials of Provincial Department of Rural Development, Ministry of Rural Development at
hand pump sites in Tboung Khmum Province
Standalone Financial Statements
• Preparation of Detailed Report (DPR) and Project Management Consultant (PMC) for Stung Sva Hab Water
Resources Development Project under Line of Credit of Government of India
• Feasibility Study and Project Preparation for Climate Adaptive Irrigation and Sustainable Agriculture for
Resilience (CAISAR) funded by Asian Infrastructure Investment Bank
MALDIVES
• Project Management Services for Kulhudhuffushi Harbour Expansion Project funded by Asian Development
Bank
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WAPCOS ANNUAL REPORT 2021-22
MONGOLIA
• Project Management Consultancy for Construction and Establishment of Atal Bihari Vajpayee Center of
Excellence in Information Technology, Communication and Outsourcing Center at Ulaanbaatar under the Line
of Credit of Government of India
Corporate Overview
Reinforcement for Raft Foundation Laying of PCC
Statutory Reports
Standalone Financial Statements
Site Visit of Hon’ble MoS for External Affairs Government of India on 25.11.2021
• Detailed Engineering Design and Supervision of various Infrastructure Development works under Ulaanbaatar
Urban Services and Ger Areas Development Investment Program funded by Asian Development Bank
MYANMAR
• Development of Irrigation schemes in Myanmar under Line of Credit of Government of India
NEPAL
• Rahughat Hydro Electric Project (40MW) - Design Review and Construction Management for Civil, Electro-
Mechanical, Hydro-Mechanical and Transmission Line works under Line of Credit of Government of India
• Detailed Engineering Design and Preparation of Bidding Documents for Lower Seti Hydro Electric Project (126
MW) funded by Asian Development Bank
47
WAPCOS ANNUAL REPORT 2021-22
• Project Management and Construction Supervision for Koshi Corridor 220 kV Double Circuit Transmission
Lines and Associated Substations under Line of Credit of Government of India
Corporate Overview
• Power Transmission System Planning, Feasibility Study and Project Preparation for Major Cities funded by
Asian Development Bank
Statutory Reports
Standalone Financial Statements
• Project Supervision Consultant of South Asia Subregional Economic Cooperation: Power Transmission and
Distribution System Strengthening Project funded by Asian Development Bank
• Survey, Detailed Design, Cost Estimates including preparation of Bidding Documents, Safeguards requirement
and IEEE/EIA of Integrated Water supply and sewerage Management of Six towns namely Bharatpura,
Hetauda, Birgunj, Janakpurdham, Biratnagar and Dharan
• ESIA study of the priority transmission line projects (i) Arun Hub-lnaruwa Transmission Line and substations (ii)
Arun Hub-Dudhkoshi-Tingla Transmission Lines and substations (iii) lnaruwa-Anarmani Transmission Line and
Substations funded by World Bank
48
WAPCOS ANNUAL REPORT 2021-22
INDONESIA
• Project Preparation Consultant (PPC) for accelerating infrastructure delivery through better Engineering
Services Project (ESP) funded by Asian Development Bank
SRI LANKA
• Planning, Detailed Design and Procurement of Environment Management Services Component for Trincomalee,
Dambulla, Kurunegala and Ratnapura Cities funded by Asian Development Bank
Corporate Overview
VIETNAM
• Third Party Independent Supervision and Internal Audit Consultant for Vietnam Dam Rehabilitation and Safety
Improvement Project funded by World Bank
FIJI
• Engineer to Contract - Queen Elizabeth Drive (QED) Road Upgrade Stage 2 and VUCI Road Drainage Upgrade
and Footpath Construction Project
Statutory Reports
Nasese bridge construction work in progress Drainage works in progress
• Professional Services - Client’s Representative for Work Contract Projects, Water Authority of Fiji
49
WAPCOS ANNUAL REPORT 2021-22
• Upgradation of Government Shipping Services for Seawall Ramp Area at Walu bay, Suva
NICARAGUA
• Consultancy services for Design, Supply, Installation, Construction and Commissioning of (i) 66 KMs Length -
138 kV Electricity Transmission Line (ii) 11 KMs Length - 69 kV Electricity Transmission Line, (iii) a new electric
Sub-Station at ‘La Esperanza’ and, (iv) Relocation & Expansion of Electric Sub-Station located at ‘La Gateada’
under Line of Credit of Government of India
SURINAME
• Preparation of bidding Documents for Electricity System Upgrade and Expansion Project in Suriname (Caribbean
development bank Funded)
• Project Management Consultancy Services for upgrade to Transmission Line Network infrastructure in
Suriname under Line of Credit of Government of India
NORTH AMERICA
CUBA
Statutory Reports
• Preparation of Detailed Project Report (DPR) for Installation of 75 MW Solar Photovoltaic Parks under Line of
Credit of Government of India
Harbour, Krishna district, Nizampatnam Fishing Harbour, Uppada in East Godavari district, Budagatlapalem
in Srikakulam district, Pudimadaka in Visakhapatnam district, Kothapatnam in Prakasham district and
Edduvanipalem in Srikakulam district
50
WAPCOS ANNUAL REPORT 2021-22
• Project Management and Quality checking for the underground cable works in Visakhapatnam City funded
by World Bank
Corporate Overview
Charging of 500kVA distribution transformer Site verification
• Project Management Consultancy for HPCL 220 kV Projects at HPCL-Visakh Refinery, Visakhapatnam
• APPDCL - 2 x 800 MW - Sea Water Intake & Outfall System - Consultancy Studies for periodical monitoring of
the received body at the Discharge point (Diffuser Outlet Point) for SWIO System
Statutory Reports
• Third Party Quality Control Services under Jal Jeevan Mission
Field Visit in Vizainagaram Raft Concrete Work is in progress for 10KL Service
Reservoir at Vizainagaram
• Preparation of Detailed Project Report (DPR) and obtaining CWC clearance for Rayalaseema Lift Irrigation
Scheme
51
WAPCOS ANNUAL REPORT 2021-22
• APGENCO – PHEP (12x80MW) – Design Review and Third Party Quality Monitoring Works for Civil, H&M and
E&M components of Polavaram Hydro Electric Project including Survey, Investigation, Design and Construction
Statutory Reports
Brick work in progress for the 500 MT Godown Pre-Engineered Building Work in progress for the
500 MT Godown at Satyasai District
52
WAPCOS ANNUAL REPORT 2021-22
• Third Party Quality Control for all Engineering works in Vijayawada Municipal Corporation (VMC)
Corporate Overview
Checking the thickness of the Bituminous Concrete layer at Verification of dimensions and fabrication of FSTP
the site Equipment
Arunachal Pardesh
• Third Party Monitoring of Projects under Border Area Development Programme (BADP) (2017-18 & 2018-19)
• Physical Quality Monitoring of the RE/RIDF/NESID/Untied Fund projects for the year 2018-19
• Construction of Crematorium in Pasighat
Statutory Reports
Assam
• Preparation of Techno Economic Feasibility Report (TEFR) for Construction of Passenger Ropeway over River
Brahmaputra connecting Biswanath Ghat and Umatumam Island at Biswanath Ghat to Biswanath District
Proposed Alignment
53
WAPCOS ANNUAL REPORT 2021-22
• Safeguards Consultant for Environmental and Social Assessment Studies for Assam Inland Water Transport
Project, Phase-II
• Third Party Inspection Agency for Projects under Jal Jeevan Mission
• Project Development and Management Consultants (PDMC) for Projects under Atal Mission for Rejuvenation
and Urban Transformation (AMRUT 1.0)
• Establishment of Ground Control Network including preparation of Detailed Project Report (DPR) and Tender
Corporate Overview
Bihar
• Preparation of DPR for Irrigation, Flood Control & Drainage in Saran district (Phase-I)
• Design Review and Project Management Consultancy Services for Six (6) Ropeway Projects
• Engineering, Procurement and Construction (EPC) of Intake Pump House, Sedimentation Tank and Raw Water
Reservoir for HURL, Barauni Fertilizer Plant
Statutory Reports
Intake Well cum Pump House at Maranchi Detention tank with Pump House at Rajgir
54
WAPCOS ANNUAL REPORT 2021-22
Corporate Overview
Water Treatment Plant, Rajgir Reservoir, Rajgir
• Project Development & Management Consultant (PDMC) for Projects under Atal Mission for Rejuvenation and
Urban Transformation Scheme (AMRUT 1.0)
Statutory Reports
Patna Park Inaugurated by Hon'ble CM Bihar
55
WAPCOS ANNUAL REPORT 2021-22
Chhattisgarh
• Preparation of Detailed Project Report (DPR) for Bodhghat Multi-Purpose Project
• Preparation of Concept, DPR and Infrastructure Development of Project Sites under Ram Van Gaman Path
Scheme
Corporate Overview
• Project Management Consultancy for Package-3: Construction of roadbed, Major & Minor bridges, Track
Linking (excluding supply of rails, ordinary track sleepers and track web switches), outdoor singnaling and
electrical (General) works in connection with doubling of Arand (ex) – Raipur (ex) section (57.404 kms) part
of Raipur- Titlagarh doubling in Sambalpur & Raipur divisions of East Coast & South East Central Railways
Statutory Reports
Foot Over Bridge at Arand - Raipur Major Bridge-77 Steel Girder at Arand-Raipur
• Third Party Quality Assurance Services for various Construction works at permanent Campus of IIT, Bhilai
• Package wise Delay Analysis Report of 19 packages of 3 MTPA Integrated Steel Plant at Nagarnar, district
Jagdalpur
• Construction of Eklavya Model Residential Schools in Chhattisgarh
• Feasibility Study and Detailed Project Report for selected stretches/corridors of National Highways for
upgradation to two/four lane with paved shoulder configuration of section, Kondagaon-Narayanpur (48.70
km.) Geedam-Dantewada (12.00 km.) & Narayanpur-Kutul-Farasbeda-MH Border (50.00 km.) (Package NH/
CE/PWD /16, 17 & 11)
Standalone Financial Statements
56
WAPCOS ANNUAL REPORT 2021-22
Corporate Overview
Topographical Survey on NH 130 D Axle Load & O-D Survey (Traffic Survey)
using Total Station on NH 130 D
Gujarat
• Construction of various Buildings along with associated Infrastructure for Bhakta Kavi Narsinh Mehta University
New Campus Phase-I at Kohadiya, Junagadh
Statutory Reports
Construction Work in Progress
57
WAPCOS ANNUAL REPORT 2021-22
• Development/ Modernization/ Upgradation of Fishery Harbours, Fish Landing Centers, Shore Protection
Works, Dredging activities and Ancillary Facilities in the State
Corporate Overview
• Technical scrutiny and physical inspection at various locations of Ahmedabad of Solar based Cold Storage
• Providing Project Management Consultancy service (PMC) for Remodeling and Restructuring of Koyali Creek
including vehicle track in Surat city
• Supervision for Smooth Functioning of Ro-Ro Facility Services located at Hazira, Dahej & Ghogha
• Third Party Government Survey agency for the Dredging at Kandla and Deendayal Port
Statutory Reports
Vapi RWSS – 49 MLD Treatment Plant Sub Head work of Lunadra Under D.I pipe inspection at
the Shankheda Pavijetpur RWSS Factory site
58
WAPCOS ANNUAL REPORT 2021-22
Corporate Overview
Intake well -75 MLD in 150 MLD Capacity V.T pump
Damanganga River Installation in Tappar Intake well
• Project Management Consultancy (PMC) for various Bulk Water Supply Projects under Gujarat Water
Infrastructure Limited
Statutory Reports
Excavation of Trench at Kariyani Pipe Laying Work Under Progress
• Preparation of Integrated Master Plan for GIDC Bulk Drug Park at Jambusar
• Planning, Design, and Project Management for the Development of the Islands of Shiyal & Savai Beyt
59
WAPCOS ANNUAL REPORT 2021-22
BEFORE AFTER
Retaining Wall With Diaphragm Structure - Mithi Creek
• Project Management Consultancy for in-Village Water Supply Schemes for Water and Sanitation Management
• Project Management Consultancy for Construction of 4-Lane Road for R&B Department
Statutory Reports
5*5 Box Culvert 320 Meter Ch 96.390 Arial Image at Ch. 98.00 km Drone survey view at Ch. 86.110 km
to Ch 96.710 km structure (Posina Crossing)
• Design and Supervision of works under Pradhan Mantri Awas Yojana (PMAY)
• Project Management Consultancy for development of various lakes in Vadodara City
Standalone Financial Statements
60
WAPCOS ANNUAL REPORT 2021-22
• Third Party Insepction for interception and diversions works at various outfalls of River Tapi including Sewage
Pumping Stations and Sewage Treatment Plant with civil-electrical-mechanical accessories within the limits
of Surat Municipal Corporation (SMC) and Surat Urban Development Authority (SUDA) for the project of
pollution abatement and conservation of the River Tapi under National River Conservation Plan (NRCP)
• Detailed Design Review and Designer’s Surveillance for Construction of Bhadbhut Barrage across River
Narmada
Corporate Overview
• City survey records of town planning scheme in Ahmedabad, Rajkot, Jamnagar Cities (GIS enabled)
• City survey records in extended City Survey limits in Jamnagar & Junagadh Municipal Corporation (GIS enabled)
• Physical & Technical Scrutiny of Onion Meda & Solar Panel Projects
• Architect / Project Management Consultants (PMC) for Development of Sports Infrastructure : Development
of Dormitory at Rajpipala Sport Complex
• Project Management Services to Sardar Sarovar Narmada Nigam Limited (SSNNL) for UGPL, Canal & Other
works in SSNNL command area
• Preparation of Gamthan (Abadi Area) Survey Records at Zone-3, Vadodara, Surat, Rajkot & Bhavnagar
Division/ Divisions
• Architectural and Engineering Design Services for Designing & Development of 480 bedded Medical College
in Porbandar
• Third Party Techno/Financial Evaluation Report on CADWM works done for Sardar Sarovar Narmada Project,
Gujarat for the financial year 2019-20 & onwards under Pradhan Mantri Krishi Sinchai Yojana (PMKSY) under
Statutory Reports
HAR KHET KO PANI scheme
• Providing EPC Services including PMC for University Campus Construction works to be carried out for Gujarat
Organic Agricultural University at Halol
• Preparation of DPR for Water Supply of Bhuj City under AMRUT mission SAAP 2016-18 and Project Management
Consultancy services for various water supply projects in Junagadh Municipal Corporation under AMRUT 2.0
Scheme
• Feasibility Report, DPR, Tender Process and Supervision of Construction and Inspection of Material, Machineries
and Equipment’s of Water Supply System for 1000 MW Dholera Ultra Mega Power Plant
• Project Management Consultancy for Water Treatment Plant Augmentation in DTA Area of GIFT City
Goa
Haryana
• Construction of 2 Nos. of Teaching Block and Infrastructure works for new campus of Chaudhary Bansi Lal
University, Bhiwani
• Construction of Administrative and Academic Block for new campus of Gurugram University at Gurugram
61
WAPCOS ANNUAL REPORT 2021-22
• Construction of 300 bedded Hostel Building with 24 Studio Apartment at SAI Centre, Sonipat
• Creation of Archery Center of Excellence including high performance lab with allied facilities at SAI NRC,
Sonipat
• Construction of Multipurpose Indoor Hall at Choudhary Charan Singh Haryana Agriculture University, Hisar
• Project Development and Management Consultancy Services for projects under Atal Mission for Rejuvenation
and Urban Transformation (AMRUT)
Corporate Overview
• Project Management Agency for implementation of projects under Deendayal Upadhyaya Gram Jyoti Yojana
(DDUGJY)
• Construction Supervision for works awarded for Farrukhnagar town, Nuh town, Pataudi town & Sonipat town
under PHED, Haryana with financial assistance from ADB/KfW through National Capital Region Planning
Board (NCRPB)
• Preparation of Structural Design, Drawings & Estimates for Parallel Lined Channel & Western Jamuna Canal
(Main Line Lower)
Statutory Reports
Existing Head Regulator at RD 1000 of WJC (MLL) Existing Cross Regulator of WJC (MLL) at RD 68220
62
WAPCOS ANNUAL REPORT 2021-22
• Technical Assistance & Tender Management for Execution of Remodeling of Gurgaon Water Supply Channel
(GWS) from RD 0 to 64.55
Corporate Overview
Algae Formation in Silt Disposal on the banks of GWS Vegetation along Off Take Point at
GWS canal water canals Delhi Branch
• Third Party Quality Assurance service for establishment of Pt. Deen Dayal Upadhyaya University of Health
Sciences at Village Kutail, Karnal
Statutory Reports
Casting of slab Academic Block Staff Quarter
• Third Party Quality Assurance for Establishment of Pt. Neki Ram Sharma Government Medical College, Bhiwani
63
WAPCOS ANNUAL REPORT 2021-22
• Third Party Inspection for Water Supply and Sanitation Development Works in the State
Statutory Reports
• Third Party Inspection of Civil/Mechanical/Construction and Installation works under Jal Jeevan Mission
Standalone Financial Statements
Gravel Pit at Ambala Laying of Water supply in Dist. Karnal Water supply in Dist.
Yamunanagar
64
WAPCOS ANNUAL REPORT 2021-22
• Third Party Inspecting Agency (TPIA) for Quality Assurance, Inspection & Monitoring of Projects under DHBVN
• Preparation of Detailed Project Report for projects under Revamped Distribution Sector Scheme
• Third party Inspection agency for development works under Haryana Tourism Corporation
• Updation of Master Plan-1998 regarding Management of Water Logging and Salinity Problem in Haryana
• Preparation of Detailed Project Reports (DPRs) of New Generation Watershed Project 2.0 under State level
Nodal Agency (SLNA)
Corporate Overview
• Construction of 250 bedded National Institute of Naturopathy (NIN), Panchkula
Statutory Reports
station, 100 MLD sewage treatment plant (STP) at Partapgarh and 80 MLD STP at Mirzapur in Faridabad
• Preparation of master plan of Sewerage and Storm Water Drainage system in Faridabad
Himachal Pradesh
• Identification, Planning and Construction Supervision of Shimla, Dharamshala & Manali Ropeway & other
Mass Rapid Transport Systems, Lifts & Escalators
Geotechnical and Traffic Analysis Ropeway Network (Shimla – PH-I, II & III)
65
WAPCOS ANNUAL REPORT 2021-22
• Construction of Academic and Hostel buildings including Shop Floor at Central Institute of Petrochemicals
Engineering & Technology (CIPET), Baddi
Corporate Overview
Academic Block
• Preparation of Detailed Project Report for Water Harvesting Structure at village Satkandi (Satrukha), Una
• Prefeasibility Report & Detailed Project Report for Irrigation Reclaimed Area under Swan River Channelization
Management Programme including adjoining Irrigable Area in district Una
Statutory Reports
• Third Party Inspection under Jal Jeevan Mission in Mandi, Hamirpur, Dharamshala, Shimla & Solan Zones
Standalone Financial Statements
66
WAPCOS ANNUAL REPORT 2021-22
• Project Implementation Support Agency for Providing Management Consulting Services for MIS data
management, Analysis, Monitoring and support services at State Level for Rural Water Supply Schemes under
Jal Jeevan Mission
Corporate Overview
• Survey of Schools & Anganwadis regarding Drinking Water, Toilets & Hand Washing Facilities under Jal Jeevan
Mission
Statutory Reports
• Technical Audit for Verification of Disbursement Linked Indicator under Himachal Pradesh Road Transformation
Program (HPSRTP) funded by World Bank
• Consultancy services for Environment Clearance of Sach Khas Hydro Electric Power Plant
• Environmental Impact Assessment (EIA)/ Environmental Management Plan (EMP) for Proposed Reoli-Dugli
HEP, Purthi HEP & Bardang HEP
67
WAPCOS ANNUAL REPORT 2021-22
68
WAPCOS ANNUAL REPORT 2021-22
• Project Management Consultancy Services for Construction of Police Station Building at Barotiwala, Baddi
Corporate Overview
Police Station Building (Outside view)
• Project Management Consultancy Services for Construction of Type-V SP Residence, Solan
Statutory Reports
3D view of SP Residence On-going Construction work on site
• Conducting Topography and Dominant Obstacle survey by Aerial LiDAR and preparation of Detailed Project
Report for Development of Green Field Airport at Nagchala, Mandi
69
WAPCOS ANNUAL REPORT 2021-22
• Construction of FIH Approved Global Category WET Hockey Field with sitting gallery in the Existing Campus
of Government Sr. Secondary School, Majra, district Sirmaur
• Construction of Indoor Stadium Category-II at Thodo Ground, Solan
Corporate Overview
3D View of Stadium
Statutory Reports
70
WAPCOS ANNUAL REPORT 2021-22
Corporate Overview
• Construction of 1No. Type V Residence for SP Solan
Statutory Reports
• Construction of S.P. Office at Mandi
71
WAPCOS ANNUAL REPORT 2021-22
Jharkhand
• Preparation of Detailed Project Report (DPR) for construction of the diversion canal of the Pakri River Project
• Construction of Eklavya Model Residential Schools in Jharkhand
• Laying of Synthetic Hockey Turf at Sports Authority of India Center, Hazaribagh
• Construction of temporary Diversion Canal for catchment water of Pakri-Barwadih Coal Mine of NTPC Ltd.
Statutory Reports
• Project Management Consultancy for Beneficiaries Led Construction / Vertical IV under Paradhan Mantri
Awas Yojana-Urban for 17 ULBs.
• Feasibility Report, Preliminary Project Reports & Customised Standard Bidding Documents for Bhognadih
Mega Lift Irrigation Scheme
• Detailed Project Report (DPR) for Construction of 200 meter long High Level Bridge with approach road across
Punasi Spill Channel, Punasi
• Development of Permanent Campus of Central University of Jharkhand at Cheri-Manatu, Ranchi
• Preparation of DPR for Lugupahar Pumped Storage Project (1500 MW)
Standalone Financial Statements
72
WAPCOS ANNUAL REPORT 2021-22
Corporate Overview
• Project Management Consultancy services for Zone-1-Ranchi Sewerage Drainage Project
• Preparation of DPR for Mahanalia Nala Diversion of Chakla Coal Mines of HINDALCO Ltd.
• Revision of existing detail project report (DPR), integration with final Details Project Report (DPR) and providing
Project Management Consultancy (PMC) services for Augmentation and strengthening of Urban Water Supply
System phase-II, Medininagar
Karnataka
Statutory Reports
• Detailed Project Report for Sharavathy Pumped Storage Hydro Electric Project (8x250 MW)
• Construction of 300 bedded Hostel Building with 24 Studio Apartment at Sports Authority of India Centre,
Bengaluru
• Construction of Multipurpose Indoor Hall at Sports Authority of India Regional Centre, Bengaluru
• Preparation of DPR, DNIT and Construction Supervision of Fecal Sludge Treatment Plant (FSTP) in 28 ULBS
• Site and Service Scheme at BLOCK-8 Suryanagara 4th Phase, Swami Vivekananda Layout (Pradhana Manthri
Township) at Bagganadoddi, Indlvadi & Kadujakkanhalli Villages, Anekal Taluk, Bengaluru Urban district
73
WAPCOS ANNUAL REPORT 2021-22
• Project Management Consultant (PMC) services for construction of Annex Building-Krishi Bhavan
Corporate Overview
Aluminum Composite Panel for Building Front Elevation Building Side Elevation
C.C Road Restoration at Zone 1 Ward No 6 400 mm DI Sluice valve fixing at Zone 7 Feeder main
Standalone Financial Statements
• Preparation of Master Plan for Greater Bengaluru Bidadi Smart City Local Planning Area & Design of Bidadi
Township
• Architectural and Civil Consultants for Leather Industries Development Corporation of Karnataka
• Project Management Consultancy Services for Construction of 3 MLD STP at Hesaraghatta, Bengaluru
• Project Management Consultancy Services for Sites and Service Schemes (4th Phase) in Bengaluru
74
WAPCOS ANNUAL REPORT 2021-22
Kerala
• Project Management Consultancy for Schools under Kerala Infrastructure and Technology for Education
(KITE) - North, Central and South Zone
Corporate Overview
Government Model Boys HSS Attingal (G+2) GHSS Pulamanthole Academic Block (G+2)
• Construction of Office Buildings and Residential Buildings for National Investigation Agency (NIA) at Kochi
• Construction of 300 bedded Hostel Building with 24 Studio Apartments at Sports Authority of India Centre,
Thiruvananthapuram
Statutory Reports
• Development of Healthcare Infrastructure under National Health Mission
• Environmental and Social Impact Assessment for development of National Waterways No. 8, 9 and 59
• Development of District Hospital, Chengannur, Alappuzha
75
WAPCOS ANNUAL REPORT 2021-22
• Development of Malabar Cancer Centre as Post Graduate Institute of Oncology Sciences & Research and
Guest House, Thalassery, Kannur
Corporate Overview
• Development of Government Medical College Pariyaram, Kannur District - Phase-1 and Maintenance/
Renovation of existing Buildings
Standalone Financial Statements
76
WAPCOS ANNUAL REPORT 2021-22
Corporate Overview
Renovation of Kappad Beach Development of Sreenarayanpuram Waterfalls
• Feasibility Study Report/Detailed Project Report and Tender Documents for Idukki H.E. Project extension
scheme
Statutory Reports
Existing Idukki Arch Dam Location of Existing Tail Race Tunnel Outlet
77
WAPCOS ANNUAL REPORT 2021-22
• Development of Government Taluk Hospital at Feroke, Koyilandy and Balusseri, district Kozhikode
Corporate Overview
Shuttering for Taluk Hospital, Feroke, Kozhikode 3D View of Taluk Hospital, Koyilandy, Kozhikode
Statutory Reports
78
WAPCOS ANNUAL REPORT 2021-22
Corporate Overview
GHSS ATHOLI GHSS CHALAPPURAM
Statutory Reports
• Project Management Consultancy (PMC) for Operation and Maintenance of various facilities under Cochin
Special Economic Zone Authority (CSEZA)
• Implementation of Zero Liquid Discharge Plant of 1 MLD Capacity at Cochin Special Economic Zone
• Preparation of Comprehensive Master Plan for Cochin Special Economic Zone
• Third Party Quality Assurance (TPQA) for all Engineering works of Kerala Irrigation Infrastructure Development
Corporation
• Third Party Certification cum Survey agency for monitoring the dredging work for maintenance of the channels Standalone Financial Statements
and basins in Cochin Port
79
WAPCOS ANNUAL REPORT 2021-22
Madhya Pradesh
• Construction of 300 bedded Hostel Building with 24 Studio Apartment at Sports Authority of India Centre,
Bhopal
• Construction of 400 bedded hostel at Laxmibai National Institute of Physical Education, Gwalior
• Project Management Consultant for World Bank Funded Projects under MP Urban Development Company
Corporate Overview
28 MLD STP, Chhindwara Aerator, F. Mixer & Clariflocculator ESR – 1250 KL/22 m
No-2
Master Colony
• Construction Supervision and Quality Control Services for Multi Village Rural Water Supply Schemes in
Umariya, Balaghat, Chhindwara, Seoni & Anuuppur
• Supervision & Quality Control Consultant (SQC) for Multi Village Rural Water Supply Schemes under Project
Statutory Reports
Over Head Tank -Indore Scheme Water Treatment Plant- Indore Scheme Intake Well- Indore Scheme
Standalone Financial Statements
• Supervision & Quality Control Consultant (SQC) for Multi Village Rural Water Supply Schemes under Project
Implementation Unit, Jal Nigam Gwalior
Water Treatment Plant- Gwalior Scheme Over Head Tank- Gwalior Scheme WTP Construction Site Datehra
80
WAPCOS ANNUAL REPORT 2021-22
• Preparation of DPR, Tender Documents, assistance in Tender Technical Evaluation and Finalization of successful
bidder for Renovation & Modernization of 5x23 MW Units of Gandhisagar Hydel Power Station
• Supervision of implementation of the Green Energy Corridors Projects, Intra State Transmission Systems
(InSTS)
• Project Development & Management Consultant for projects under Atal Mission for Rejuvenation and Urban
Transformation
Corporate Overview
Inauguration of Extended Water Bhopal Water Treatment Plant 50 22.25 MLD Vidisha Sewage Treatment
Supply Project (50 MLD) by Hon. Chief MLD Plant
Minister of Madhya Pradesh.
• Supervision & Quality Control Consultancy for works under Pradhan Mantri Gram Sadak Yojana in Rewa and
Katni
• Development of Sewerage Network and Sewage Treatment Plant at Shajapur
Statutory Reports
• Carry out River Cruise Tourism Study for Development of Cruise Tourism from Barwani Point to Statue of
Unity in River Narmada
• Assessment of Reduction in Capacity of Bargi Reservoir using Integrated Approach of Satellite Remote Sensing
Technique and Hydrographic Survey
• Third-Party Inspection Agency for inspection of works under Jal Jeevan Mission (JJM) in districts Neemuch &
Mandsaur under Ujjain Circle
Construction of Over Head Tank Over Head Tank Under JJM Drinking Water Facilities in
Under JJM Anganwadi
81
WAPCOS ANNUAL REPORT 2021-22
• Supervision and Quality Control (SQC) Consultant for Rajghat Dam Multi Village Scheme (MVS) under Jal
Jeevan Mission (JJM) in district Guna and Ashok Nagar
Corporate Overview
• Supervision and Quality Control (SQC) Consultant for Rajond Multi Village Scheme (MVS) under Jal Jeevan
Mission (JJM) ) in district Dhar
Standalone Financial Statements
82
WAPCOS ANNUAL REPORT 2021-22
• Project Management Consultancy for Design, Supply, Erection, Testing & Commissioning of 25 kV, 50 Hz, Single
Phase, Traction Over-head Equipment, Switching Stations, Traction Sub-stations, SCADA, General services
works, Signal and Telecommunication works and Civil Engineering work i.e. Service Buildings, Quarters, TW
sidings, TSS cross track and other associated works between section Guna (Excl.)- Gwalior (Excl.) 227 RKM /
236 TKM of BPL Division in West Central Railway
Corporate Overview
Sub-Sectioning & Paralleling Post, Padarkheda Traction Sub Station, Shivpuri commissioned successfully
after CRS
Statutory Reports
• Preparation of DPR and Construction of development works of Murar River, Gwalior under Namami Gange
Programme
• Construction of 12 Nos. Type-III, 04 Nos Type-IV and 02 Nos Type-V Residential Quarters for SHQ BSF, Bhopal
Maharashtra
• Construction of Lifts and Skywalk at Renuka Mata Temple, Mahurgad, district Nanded
83
WAPCOS ANNUAL REPORT 2021-22
Location of Site
Standalone Financial Statements
• Concept Design, Detailed Design, Environmental Impact Study (EIA) along with CRZ clearance from MoEF,
Forest Clearance from MoEF and Project Management Consultancy Services for the Construction of Suspension
Pedestrian Bridge over the Mithi River at Bandra Kurla Complex, Mumbai
84
WAPCOS ANNUAL REPORT 2021-22
• Consultancy services for restorative repairs to the damaged portions of New Ferry Wharf, Passenger Water
Terminal, Mazgaon
• Repair & Upgradation of Duncan dock & Bombay dock with allied facilities
• Construction of 250 bedded National Institute of Naturopathy (NIN), Pune
Corporate Overview
Hospital Building – Block 2 Academic Building Boys hostel
• Execution of Water Supply Distribution Infrastructure including Unauthorized /Localities/ Slums in Nagpur
City under AMRUT
• Employer’s Engineer for Mhalunge-Man Town Planning Scheme in Pune Metropolitan Area
• Project Management Consultant (PMC) for Construction of Warali Haat Complex at Manor, District Palghar
• Project Management Consultancy (PMC) for Thane Water Front Development Project
Statutory Reports
Compound wall, Nagalabander Kolshet Site 3 D View
• Project Management Consultancy (PMC) for Talegaon Dabhade Water Supply Scheme under Maharashtra
Suvarna Jayanti Nagarotthan Maha-Abhiyan
85
WAPCOS ANNUAL REPORT 2021-22
• Independent Engineer for Project Engineering, Execution and O&M Review of Supply of 190 MLD Tertiary
Treated Sewage water from Nagpur Municipal Corporation’s 200 MLD STP to Koradi and Khaperkheda
Thermal Power Stations, Nagpur
• Condition analysis, structural audit of existing weir and detailed engineering for the New Pick-up Weir at Pise
Tehsil Bhivandi, district Thane
Corporate Overview
• PMC for Construction of Cement Concrete Road From Devali, Kumbharshiv, Bhobari, Talavali and Vadavali
– Part work. Khaling, Pundas, Khandape, Dhamangaon, Kashivali and Nimbavali – Part work, in Bhiwandi
Taluka, under OARDS.
• Project Management Consultancy for DPR /Supervision in Aurangabad Municipal Corporation for Satara
Deolai Area
Statutory Reports
• Pre-PMC & PMC for Repair/ Reconstruction of Harvey Road Sewage Pumping Station and Nepean-Sea Road
Sewage Pumping Station
Standalone Financial Statements
Construction in Progress
86
WAPCOS ANNUAL REPORT 2021-22
• Third Party Inspection & Monitoring Agency for various project works under Thane Municipal Corporation
• Environmental Impact Assessment ( EIA) Study for Mazagon Dock Project, MDL
• Environmental Impact Assessment (EIA) Study for Shipbuilding and Ship repair yard at Nhava Yard, MDL
• Preparation of PFR & DPR for River Indrayani in Pune
• Project Management Consultancy for Preparation, Monitoring, Supervision & Surveillance of Rural Water
Supply Scheme executed under Jal Jeevan Mission (JJM) at Village/ Block/ Districts for Aurangabad, Nagpur
Corporate Overview
and Amravati Regions
• Repair, Maintenance and Upgradation Works of Social Welfare Department Buildings in Mumbai Suburb
• Third Party Audit of various Works in Mira-Bhayandar Municipal Corporation (MBMC)
• Design Review, Supervision and Project Management Consultancy for Balance Works of Implementation of
Equitable Water Supply System (24x7) and Construction of Optical Fiber Ducts in Pune City
Manipur
• Project Management and Supervision Services for Manipur Water Supply Project funded by New Development
Bank
Statutory Reports
Standalone Financial Statements
87
WAPCOS ANNUAL REPORT 2021-22
Corporate Overview
Site visit of Honorable Minister, PHED Sh. Leishangthem Susindro Meitei for the works of Manipur Water Supply Project.
• Construction of 300 bedded Hostel Building with 24 Studio Apartment at Sports Authority of India Centre,
Imphal
• Preparation of Detailed Project Report for Loktak Lift Irrigation Scheme Phase-II
• Preparation of Detailed Project Report to redress all the critical issues in respect of Khuga Multipurpose Project
Statutory Reports
ICCC Floor Room, Building, Treasury Square 3-D View of Playground at Tuivamit
88
WAPCOS ANNUAL REPORT 2021-22
Corporate Overview
3D Views Visit of Hon’ble CM and Sports Minister at Site
Meghalaya
• Project Management Agency (PMA) for projects under Deendayal Upadhyaya Gram Jyoti Yojana (DDUGJY)
• Preparation of Water Resources Master plan
Statutory Reports
• Preparation of Detailed Project Report (DPR) for Development and Promotion of Water Sports and Tourism at
Dabit Wari Village, Simsang River, South Garo Hills
• Construction of Eklavya Model Residential Schools in Meghalaya
Nagaland
• Project Management Consultant (PMC) to Design, Develop, Manage and Supervise Smart City Projects under
Smart City Mission (SCM) in Kohima
• Project Management Agency (PMA) for works under Integrated Power Development Scheme (IPDS)
• Preparation of Detailed Project Report for projects under Saubhagya Scheme
• Project Management Agency (PMA) for projects under Deendayal Upadhyaya Gram Jyoti Yojana (DDUGJY)
New scheme
• Third Party Inspection Agency (TPIA) for works under RE-DDUGJY XII plan Standalone Financial Statements
Odisha
• Construction of PEB shed, structures, water supply arrangement, drainage, sewerage, road works, track
works, OHE works, Power Supply and General Electrical works and supply, installation and commissioning
of machinery & plant in connection with construction of Main Line Electrical Multiple Unit (MEMU) car shed
(phase-2) at Khurda Road
• Illumination work at Sun Temple & Raja Rani Temple, Konark under Archaeological Survey of India (ASI)
• Model Studies for Wave Tranquility for Multipurpose Clean Cargo Berth at Paradip Port
• Developments of 6 Nos. Play Fields namely Handball Ground, D.N High School Grounds, Keonjhar stadium,
89
WAPCOS ANNUAL REPORT 2021-22
Odisha school of Mining, Ranki ground, DD College ground under District Mineral Foundation
• Renovation and Modernization of Fire Fighting System at Rengali HEP
• Project Management Consultancy (PMC) for Rengali Irrigation Project Phase-II
• Restoration of damaged Generator including dismantling, rectification, reassembling of Generator of Unit
No.1 of 2X80 MW PHPS Totladoh
Corporate Overview
• Proof Engineering Consultancy for execution of lift canal system of Upper Indravati Irrigation Project
• Owner’s Engineer for Construction of Ash pond for 2 x 660 MW– IB valley Thermal Power Plant expansion
Project in Jharsuguda district
• Renovation and Modernization of unit no. 3 of Chiplima Hydro Electric Project, Chiplima
90
WAPCOS ANNUAL REPORT 2021-22
• Repair and Rehabilitation of Chiplima forebay, Spillway and Surplus Escape on deposit work basis
Corporate Overview
Ongoing excavation works at site Batching plant commissioning at site
• Comprehensive Contract Management Services for Renovation & Modernization of Hirakud HEP, Burla, unit
no. 5 & 6 (2x43.6 MW)
Statutory Reports
ACP cladding works inside power house Transformer yard meshing works completed
91
WAPCOS ANNUAL REPORT 2021-22
• Project Management Consultancy for construction of 241 nos. 33/11kV substations & associated lines under
phase-I, phase-II and phase-III of Odisha Distribution System Strengthening Project (ODSSP) in NESCO &
WESCO area
Corporate Overview
• Owners Proof Engineering Consultancy for implementation of Under Ground Pipeline (UGPL) system in
command area of the Harbhanghi Irrigation Project
• Survey and preparation of DPR for implementation of Underground Pipeline (UGPL) Irrigation System in
command area of Subernarekha Irrigation Project
• Planning, Construction and Implementation of the project on Water Conservation and Ground Water
Statutory Reports
Major Bridge No. 242, Section: Titlagarh – Lakhna Harishankar Road Station Foot over bridge
92
WAPCOS ANNUAL REPORT 2021-22
• Authority’s Engineer for Supervision of Development of Water Supply Infrastructure in Baripada, Sambalpur,
Rourkela & Jharsuguda under UIDSSMT/ AMRUT on Engineering, Procurement & Construction (EPC) Mode.
Corporate Overview
Chemical House at WTP View of WTP Clariflocculator Aerial View of WTP
• Construction of Sports Infrastructure in Odisha for the Department of Sports & Youth Affairs, Government of
Odisha
• Preparation of Feasibility Report for 5 nos. of Small Hydro Electric project in different districts of Odisha
• Construction of Eklavya Model Residential Schools in Odisha
• Authority’s Engineer for Supervision of Improvement of Water Supply to Belpahar and Brajarajnagar
Municipality with Hirakud Reservoir as Source on Engineering, Procurement & Construction (EPC) Mode
• Project Management Consultancy (PMC) of Gangadhar Meher Lift Irrigation Project, Bijepur in the district of
Bargarh
Statutory Reports
MSDSS column shuttering work in progress MS Pressure Main Pipeline laying and Testing WIP
• Construction of intake structure along with pressure main from RD 0.00 KM to 24.10 KM along the right bank
of Bargarh Main Canal to Proposed intake location at RD 24.10 KM of Bargarh main Canal of Gangadhar
Meher Lift Irrigation Project, Bijepur on "EPC Turnkey" basis including power connectivity system and Operation
& Maintenance of complete commissioned project for five years Standalone Financial Statements
Turunga PS-1 Sump and Pump House at R.D. 34.1Km MS Pipe fabrication at Kanapali (Unit-3) Fabriction yard
93
WAPCOS ANNUAL REPORT 2021-22
Punjab
• Electro-Mechanical works of Shahpurkandi Hydro Electric Project (206 MW), Gurdaspur
• Construction of 300 bedded hostels and 24 Studio Apartment at Netaji Subhash National Institute of Sports,
Patiala for Sports Authority of India
• Third party inspection of the schemes under Jal Jeevan Mission
• Third Party Monitoring and Independent Concurrent Evaluation for relining of Rajasthan Feeder from RD
Corporate Overview
• Third Party Techno Financial Audit of completed Projects and ongoing/ future Projects under OUVGL scheme,
PUDA
• Technical and Financial Audit of Infrastructure works under Smart City Scheme in Ludhiana
• Technical and Financial Audit of Infrastructure works to be executed by ULBS and PWSSB in various towns of
Punjab under PUEIP-I,II &III scheme and PIDB additional resource funding scheme
• Preparation of DPR and bidding documents for designing of 25 MGD capacity WTP of 2nd phase at village
Sinhpur SAS Nagar
• Special Third-party techno-financial audit for special repair and patch work for link roads under Punjab Mandi
Board
• Third party techno-financial audit agency for balance works of 480 numbers apartments in eight towers and
repair of defective work in 342 numbers apartments of Purab Premium apartments, Sector 88, Mohali
94
WAPCOS ANNUAL REPORT 2021-22
Rajasthan
• Project Comprehensive Study, Survey, Preparation of Detailed Project Report (DPR) and Tender Document for
strengthening of existing Cluster Distribution Network of 120 villages under Jayal Matasukh Project in Jayal
Tehsil and 244 Dhanies of 120 Villages
• Construction of Central Detective Training Institute for Bureau of Police Research and Development, Jaipur
• Construction of Toilet Block and Drinking Water Unit at Ghat Inscriptions Pavilions and Toranas together with
Corporate Overview
Adjacent Area at Navchowki Rajsamand under ASI Jodhpur Circle
• Preparation of DPR for Water Supply Schemes for Villages under Jal Jeevan Mission
• Preparation of Zonal/Sector Plan for Udaipur City
• Construction of Earthen Dams at 2 locations in Jodhpur District, Village Bastawa Mata, Tehsil Balesar and
Indroka, Tehsil Mandor
• Preparation of Detailed Project Report of Eastern Rajasthan Canal Project (ERCP)
• Preparation of DPR for Diversion of Surplus Water of Sabarmati Basin for filling of Jawai Dam
• Third party Inspection work of “Chora Duburi Four Lane Road Project” under District Mineral Foundation,
Jaipur
Statutory Reports
Ongoing Bituminous work progress at site Bituminous layer Compaction at site
• Project Management Consultancy for the project Ashokjhar Floor Hill to Lower Nagada Road under District
Mineral Foundation, Jaipur
• Monitoring, Evaluation, Learning & Documentation work under IWMP in Kota, Bharatpur and Jodhpur
Divisions for Batch-I to Batch-V Watershed Projects Standalone Financial Statements
• Preparation of DPR for Parwan Aawad Water Supply Project, District Jhalwar, Baran & Kota, Kaliteer Lift
Scheme, Dholpur district
• Construction of Permanent Boundary Wall at the Proposed Site for Establishment of National Institute &
Hunar Hub at Village Khohra Peepli, Tehsil Kishanganj, Baran district
• Execution of Interior fit-out Works of Agricultural Insurance Company of India Limited regional office in Jaipur
Sikkim
• Lender’s Engineer of 400kV Teesta III Hydroelectric Project to Kishanganj Transmission Line Project
• Review & Re-casting of Detailed Project Report and Project Management Agency services for Deen Dayal
Upadhyaya Gram Jyoti Yojana
95
WAPCOS ANNUAL REPORT 2021-22
• Detailed Design, Construction Supervision for Balance Works of 1,200 MW Teesta III HE Project
Corporate Overview
Soil sample collection in the project area Drilling at Power House Complex area
Tamil Nadu
• Preparation of Feasibility Report, Conducting Survey & Geophysical exploration work, Preparation of Detailed
Project Report, EIA/EMP, Study & Report and obtaining all statutory clearances for execution for Sillahalla
Pumped Storage Hydro-Electric Project Stage-I (1000 MW)
• Preparation of bid Document and providing Transaction Advisory Services including design evaluation for
the work of Athikadavu – Avinashi scheme as Irrigation, Ground water recharge and drinking water supply
scheme in Coimbatore, Tiruppur and Erode districts
Statutory Reports
• Third Party Quality Assurance Services (TPQAS) for the various Construction works at IIT Madras
• Consultancy for Civil works and Operation and Maintenance of assets belonging to Madras Export Processing
Zone Authority
• Project Management Agency for Implementation of projects under Integrated Power Development Scheme
(IPDS) and Deendayal Upadhyaya Gram Jyoti Yojana (DDUGJY)
• Third Party Technical Examination of Works of Tamil Nadu Irrigated Modernization (TN IAMP) Project funded
by World Bank
• Preparation of Detailed Project Report for Phase - I and Phase - II components, Environmental Impact
Assessment / Environmental Social Management Plan Studies of Nadanthaai Vaazhi Cauvery Project
• Project Management Consultancy for Monitoring of various sub- projects implemented under Integrated
Standalone Financial Statements
96
WAPCOS ANNUAL REPORT 2021-22
• Engineering Consultancy Services for executing Kundah Pumped Storage Hydro Electric Project (4X125MW)
in the Nilgiris district
Corporate Overview
TRT Gate Shaft Power House Cavern Transformer hall Cavern
Telangana
• Independent Review and Monitoring Agency (IRMA) under AMRUT Scheme
Statutory Reports
Standalone Financial Statements
1000 KL capacity of ELSR, Staging 15 Mtrs at Bhagya Aerial View of Komati Cheruvu park, Siddipet ULB
Nagar, Adilabad ULB
• Preparation of Detailed Project Report for Vetting of Alignment from Mallanna Sagar to Singur Reservoir
97
WAPCOS ANNUAL REPORT 2021-22
• Preparation of Detailed Project Report (DPR) for creating an additional ayacut of 2 lakh acres in Adilabad
district
Corporate Overview
Field visit of Ayacut finalisation with Department Drilling of boreholes at site as a part of
officials Geotechnical Investigations
• Third Party Quality Control Consultant for Infrastructure works under TUFIDC Assistance, Package-I
Statutory Reports
Development Park SVS Township at Kalwakurthy CC Drain and CC road works Core Extraction work at
Municipality Cherial ULB
• Vetting of DPRs, Project Monitoring, Supervision and Quality control of works under Telangana Drinking
Standalone Financial Statements
Aerial View of Water Treatment plant Aerial Photographs of 120 MLD WTP at Agraharam of
SVC Segment in Mission Bhagiratha Project
98
WAPCOS ANNUAL REPORT 2021-22
Uttarakhand
• Preparation of Detailed Feasibility Report for Haridwar Ropeways Project
Corporate Overview
Joint Site Visit of Ropeway Alignments
• Independent Third Party Construction Supervision Agency for Quality Assurance under Uttarakhand Water
Supply Program for Peri- Urban Areas
Statutory Reports
Checking of OHT Beam Checking of OHT Bottom Dom Construction of SCADA Room
Reinforcement Reinforcement
• Implementation of works under Pradhan Mantri Gram Sadak Yojna for the construction of Roads and Bridges
in the State
99
WAPCOS ANNUAL REPORT 2021-22
• Develop, Design and establishment of Electric-cum-Gas fired Cremetoria-1 unit, Improved Wooden Cremetoria-2
units and Conventional Cremetoria-3 units at Ranibhag-Chirashila Ghat and other appurtenant works specified
in BOQ of tender document including confirmatory survey and design including supply of all materials, labour
and T&P
• Preparation of Detailed Project Report for Integrated Solid Waste Management for Roorkee Cluster
Uttar Pradesh
• Preparation of Detailed Feasibility Report and Tender Documents for Varanasi Ropeways Pilot Project
Standalone Financial Statements
100
WAPCOS ANNUAL REPORT 2021-22
• Renovation of Punj Vihar Residential Complex, Vibhuti Khand, Gomti Nagar, Lucknow
• Construction of 300 bedded hostels and 24 Studio Apartment at Sports Authority of India, Regional Centre,
Lucknow
• Project Management Consultancy for Construction of Substructure Superstructure and River Training/
Protection Works for Rail-cum-Road Bridge over River Ganga between Ghazipur & Tarighat in connection with
construction of New B.G. Line from Mau to Tarighat
Corporate Overview
Deck Slab work in progress at Abutment-1 Site River Protection work & Earth Work
• Project Management Consultancy for Construction of PEB shed, structure, building, water supply arrangement,
drainage, sewerage, road works, track works, power supply and general electrical works, OHE works, signal
& telecommunication works and supply, installation and commissioning of machinery and plant in connection
with setting up of Electric Loco Shed at Saiyedpur Bhitri
Statutory Reports
Sub-Sectioning & Paralleling Post, Padarkheda Traction Sub Station, Shivpuri
PEB Shed Erection, Saiyedpur Bhitri Heavy Repairs Bay, Saiyedpur Bhitri
101
WAPCOS ANNUAL REPORT 2021-22
• Detailed Design Engineering, Procurement and Construction i.e. concept to commissioning of 200 bedded
National Institute of Unani Medicine (NIUM) Hospital, Ghaziabad
West Bengal
• Project Management Consultancy Services for Turga Pumped Storage Project (1000 MW)
Corporate Overview
Joint Site Visit of MOEF&CC, WBSEDCL and WAPCOS officials
• Preparation of Pre-Feasibility Report & Detailed Project Report for Teesta Low Dam Stage I & II, 71 MW and
Statutory Reports
Teesta Intermediate 90 MW Hydroelectric Project
• Preparation of DPR for all types of schemes under Jal Jeevan Mission (JJM)
• Technical Auditing of Maintenance Dredging in Hooghly Estuary, Haldia
• Feasibility Study for Inland Water Transport Improvement in Kolkata Metropolitan Area
• Detailed Project Report of the Proposed Karru Irrigation Scheme in Block- Bagmundi, District Purulia
103
WAPCOS ANNUAL REPORT 2021-22
• Repair & Construction works at Falta Special Economic Zone (FSEZ), Falta
Corporate Overview
Repairing of Building
• Project Management Consultancy for New Water Supply Project of IIT Kharagpur
• Construction Supervision for implementation of Master Plan for the work of Construction of 3024 nos. of flats
along with other amenities, at Bijoynagar and Daskeary (J.L. no. 02) Mouza in Raniganj Area, Asansol
Statutory Reports
• Construction of 300 bedded hostel Building with 24 Studio Apartment at Sports Authority of India Centre,
Kolkata
• Project Management Consultancy Services for Reconstruction of Assam House at 8-Russel Street, Kolkata
Union Territory
Andaman and Nicobar Islands
• EIA and EMP studies towards Environmental Clearance for development of Fresh Water Lake at Flat Bay, Port
Blair
• Conducting Revalidation of Traffic Study and Techno-Economic Feasibility for Creating Trans-shipment Port at
South Bay, Great Nicobar Island
• Preparation of Detailed Project Report for Construction of Andaman Marine Drive (AMD) road from Dollygunj
Standalone Financial Statements
Chandigarh
• Construction of Office cum Residential Complex for Narcotics Control Bureau
104
WAPCOS ANNUAL REPORT 2021-22
Delhi
• Construction of 162 bedded Hostel at Dr. Karni Singh Shooting Range, Tughlakabad
• Construction of Multi-storeyed office building for Office of Registrar General of India at Mansingh Road
• Replacement of Synthetic Athletic track at Jawahar Lal Nehru Stadium
• Preparation of Detailed Project Report for Exploration of Fresh Water in Dwarka Area as well as Brackish
Water in entire Delhi
Corporate Overview
• Preparation of Feasibility Report, Detailed Project Report and Tender Documents for Reuse of Treated Effluents
from Sewage Treatment Plant
• Preparation of Detailed Project Report and Construction Supervision of 2nd 50 MGD Water Treatment Plant at
Dwarka and its allied including modifications in Raw Water Pumping Stations & Transmission mains to various
Reservoirs
• Project Design & Management Agency (PDMA) for implementation of SMART Grid Infrastructure including
enhancing of Existing Network in NDMC Power Distribution Area
• Third Party Quality Assurance Services for drainage project of Kirari Assembly
• Feasibility Study for Planning and Implementation including cost estimates of Rain Water Harvesting and
Artificial Ground Water Recharge in NCT Delhi
Statutory Reports
Drainage Network KSN Drain to be remodelled passing through
Railway Line
105
WAPCOS ANNUAL REPORT 2021-22
• Third Party Inspection /Quality Assurance Service for execution of various development works under various
heads like DRDB, DUDA, MLA LAD, Unauthorized colonies, Urban villages, SC/ST, Panchayat and Plan works
etc. being executed by Irrigation and Flood Control Department
• Third Party Verification Agencies to Check the Quality of Works executed by the Agencies, Quality of Materials
used for Construction and Quality of Machinery Installed in each Scheme under JJM
• Hydrogeological Study for Water Depletion & its Remedial measures and submission of Detailed Report &
Estimate along the Railway Alignment in Reasi district
Statutory Reports
Construction of filtration plant Water Supply Scheme Construction of OHT of Water Supply Scheme Bonibagh,
Jeelpora, District Baramulla Lelhar, District Pulwama
Ladakh
• Construction & Setting up of Inspection & Certification Center at Phyand Leh
• Construction of various buildings for Police Department of Ladakh
• Construction of Sports Complex in districts of Leh & Kargil
Standalone Financial Statements
106
WAPCOS ANNUAL REPORT 2021-22
Corporate Overview
Site survey in progress, Block Diskit Site survey in progress, Block Saspol
• Construction of In-Vessel Compost Plant including Development of Solid Waste Management System in Leh
Town
• Providing Comprehensive Contract Management Services for Implementation of EPC Contracts for Construction
Statutory Reports
of 9 MW Dah & 9 MW Hanu H.E. Project
• Project Management Consultancy of Construction of 66 KV D/C Transmission Line for Power Evacuation from
9 MW DAH and 9 MW HANU SHEPs
Pondicherry
• Construction of 100 Bedded Girls hostel at Sports Authority of India, Pondicherry
Multi-State Projects
• Completion of Balance works of North Koel Reservoir Project, Jharkhand & Bihar
Porous sleeper work in Right Main Canal Bed lining of Right Main Canal
107
WAPCOS ANNUAL REPORT 2021-22
• Project Management Consultancy Services for “Design, Supply, Erection, Testing & Commissioning of 25 KV,
50 Hz, Single Phase, Traction Over Head Equipment, Switching Stations, TSS, SCADA and other associated
works, and electrical general services works for Railway Electrification of second Line between Yelahanka
(Excl.) – Penukonda (Incl.) (152 TKM) of Bangalore Division of South Western Railway in the State of Karnataka
& Andhra Pradesh
Statutory Reports
Standalone Financial Statements
• Preparation of Action Plan & Detailed Road Map for Development of River Cruise Tourism in India
• REC Quality Monitors for Rural Electrification works under Deen Dayal Upadhyaya Gram Jyoti Yojana (DDUGJY)
XI Plan Phase-II in the States of Uttar Pradesh, Bihar, Haryana and West Bengal
• REC Quality Monitors for Rural Electrification works under Deen Dayal Upadhyaya Gram Jyoti Yojana (DDUGJY)
XII Plan in the States of Uttar Pradesh, Jharkhand, Karnataka, Assam and Tripura
• REC Quality Monitors for Rural Electrification works under Deen Dayal Upadhyaya Gram Jyoti Yojana (DDUGJY)
New in the States/DISCOMs of Andaman & Nicobar Islands, MESCOM (Karnataka), CESCOM (Karnataka),
GESCOM (Karnataka), PsVVNL (U.P.), Puducherry and West Bengal
• REC Quality Monitors for Rural Electrification works under Saubhagya Scheme in the States of Uttar Pradesh,
Karnataka, Arunachal Pradesh, Meghalaya, Mizoram and Nagaland
108
WAPCOS ANNUAL REPORT 2021-22
• Third Party Concurrent Evaluation Agency (TPCEA) under Integrated Power Development Scheme (IPDS) for
the States of Uttar Pradesh, Andhra Pradesh, Telangana, Maharashtra, Goa, Chhattisgarh and Odisha
• Project Management Consultancy for Design, Supply, Erection, Testing & Commissioning of 25 kV, 50 Hz,
Single Phase, Traction Over-head Equipment, Switching Stations, Traction Sub-stations, SCADA, General
Electrical Services works along with Civil Engineering work i.e. Service Buildings, Quarters, TW sidings, TSS
cross track and other associated works between section Chhindwara - Kalumna 142 RKM / 172 TKM of NGP
Division in South East Central Railway, M.P and Maharashtra
Corporate Overview
Electric Loco Trial between Section: Traction Substation, Linga
Bhimalgondi to Bhandarkund
• Basin Wise Review of Hydroelectric Potential in the country and Preparation of Basin reports
• Project Management Consulting Services for feasibility studies, finalization of specifications & design of system
as part of pre-implementation and thereafter implementation of Integrated Water and Crop Information and
Statutory Reports
Management System (IWCIMS) including O&M during post implementation phase
• Providing services of experts (RS&GIS, Software Developers, IT, data base and networking etc.) for development,
improvement, operation & maintenance of India WRIS/NWIC
• Providing services of experts (Software Developers, Test Engineers, support staff etc.) for Development,
Improvement, Operation & Maintenance of Water Information Management System (WIMS).
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WAPCOS ANNUAL REPORT 2021-22
During the year, the Company has followed the recruitment process by notifying the posts through
advertisement in Newspapers for inviting nominations/applications of eligible candidates. Selection on most
of the posts has been made and the selected candidates have joined the Company.
The instructions/guidelines given in Prime Minister’s 15 Point Programme for the Welfare of Minorities
are complied with while making recruitments in the Company. Accordingly, special consideration is given
to the candidates belonging to Minority communities during the selection process. All the appointments
are given wide publicity by publishing vacancies in Newspapers even in the languages(s) spoken by large
Corporate Overview
number of people in the State/UT, apart from English & Hindi. Due consideration has also been given to the
representation of minorities in the Selection Board.
Appointment of Persons with Disabilities
The instructions/guidelines given earlier as well as in Persons with Disabilities (Equal Opportunities, Protection
of Rights and Full Participation) Act, 1995 are being followed in the Company. WAPCOS has identified various
posts to be reserved for Persons with Disabilities on the basis of the list of posts notified by the Ministry of
Social Justice & Empowerment. The posts identified for Persons with Disabilities have been filled up. 4% of
posts/vacancies, as per Government directions, are reserved to be filled up from the Persons with Benchmark
Disabilities. Concessions and facilities are extended to disabled employees as per rules.
There is a separate Liaison Cell in the Company for implementing the guidelines/instructions of the
Government on reservation policies for SC/ST/OBC/PWBMD/Ex-Servicemen and to redress their grievances.
As per instructions of the Government, the Company has appointed a separate Liaison Officer for OBC (Other
Backward Classes) who is responsible for implementing the guidelines/instructions of the Government on
reservation policy for OBCs.
Statutory Reports
Periodical inspections are carried out by the Liaison Officers and reports/suggestions are given by them to the
Competent Authority for consideration. Periodical reports/returns are also sent to the D/o Water Resources,
River Development & Ganga Rejuvenation, MoJS; Department of Public Enterprises and other Government
Departments timely on action taken for the implementation of reservation policy.
Women Empowerment
Special emphasis has been given towards women empowerment. Several women employees are holding
responsible positions in the organization. The Company also motivates women employees to attain higher
qualification for career growth and advancement. Women’s Day is celebrated annually as a gesture towards
their contribution and recognition.
Complaint Mechanism for Women
A complaint mechanism has been set up in the Company to deal with the complaint of sexual harassment of
Standalone Financial Statements
women employees at workplace. Periodical meetings are being held by its members to review its functioning.
Scholarship Scheme
As per the policy of the Company, 12 children of employees working in the scale of Rs. 24000-82000 or
below, who have passed 10th & 12th Standard, have been awarded scholarship @ Rs.1500/- p.m. each for a
period of one year, in order of merit.
Redressal of Staff Grievances
The Grievance Cell set up by the Company is functioning promptly in dealing with day-to-day grievance of
officers and staff working in the Company. The Staff Grievance Director nominated by the Company has
been vested with powers to call for files/papers in respect of grievances and to take decision to settle the
same with the approval of Chairman-cum-Managing Director. The Staff Grievance Director is available to
hear the grievances personally on every Wednesday in the week for redressal of grievances. There is NIL
Grievance pending for settlement as on date.
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WAPCOS ANNUAL REPORT 2021-22
TOLIC Activities
• Online meeting of Town Official Language Implementation Committee (TOLIC), Gurugram was held on
December 24, 2021 under the chairmanship of Shri R. K. Agrawal, CMD, WAPCOS and Chairman, Town
Corporate Overview
Official Implementation Committee. Dy. Director (Implementation), Department of Official Language, Ministry
of Home Affairs and almost all the Heads/Representatives of Member Offices and Hindi Officers were present
in the online meeting. This meeting was coordinated by Shri P.P. Bhardwaj, Head (Personnel & OLI) and
Member Secretary, TOLIC. In the meeting, WAPCOS showcased a presentation on the works being done
in Hindi by all the member offices, which was appreciated by the Dy. Director (Implementation) and all the
member offices
• Online meeting of Town Official Language Implementation Committee, Gurugram was held on July 23, 2021
under the chairmanship of the then CMD, WAPCOS and Chairman, Town Official Implementation Committee.
Dy. Director (Implementation), Department of Official Language, Ministry of Home Affairs, Government of
India and almost all the Head/Representatives of Member Offices and Hindi Officers were present in the
meeting. This meeting was coordinated by Shri P.P. Bhardwaj, Head (Personnel & OLI) and Member Secretary,
TOLIC
Statutory Reports
Standalone Financial Statements
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WAPCOS ANNUAL REPORT 2021-22
• WAPCOS has organized online “Rajbhasha Niti Gyan Competition” on Google Form on June 23, 2021 under
the aegis of Town Official Language Implementation Committee, Gurugram. In this competition, 19 Officers/
employees participated from WAPCOS and Member’s Offices of Town Official Language Implementation
Committee, Gurugram. Shri P.P. Bhardwaj, Head (Pers.& OLI) and Dy. Director (Implementation), Department
of Official Language also expressed their views to encourage the participants on this occasion.
• The Second Sub-Committee of Committee of Parliament on Official Language carried out inspection of
WAPCOS Bhopal Office on March 2, 2022 at Indore (M.P.) to review progressive use of Hindi in official work
Statutory Reports
WAPCOS Kolkata Office on November 23, 2021 to review progressive use of Hindi in official work.
• Official Language inspection of WAPCOS Hyderabad Office was carried out by Shri Vijay Singh Meena, Director
(OL), Ministry of Jal Shakti, Department of Water Resources, River Development and Ganga Rejuvenation on
September 27, 2021 to review progressive use of Hindi in Official work. Shir D.K. Sethi, Manager (OLI) was
also present during this inspection
• The Second Sub-Committee of Committee of Parliament on Official Language carried out online inspection of
WAPCOS Hyderabad Office on September 29, 2021 to review progressive use of Hindi in official work.
Corporate Overview
Statutory Reports
The Second Sub-Committee of Committee of Parliament on Official Language
inspection of WAPCOS Hyderabad Office on 29-9-2021
• Shri P.P. Bhardwaj, Head (Pers.& OLI) visited Patna Field Office on August 23, 2021 and carried out inspection
on Implementation of Official Language.
• The Second Sub-Committee of Committee of Parliament on Official Language carried out inspection of
WAPCOS Chennai Office and WAPCOS Bangluru Office on April 17, 2021 & April 19, 2021 respectively to
review progressive use of Hindi in official work.
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WAPCOS ANNUAL REPORT 2021-22
Corporate Overview
Hindi Fortnight
• Hindi Fortnight from September 1 to September 15, 2021 was observed in WAPCOS under the guidance
of Chairman cum Managing Director. All officers/employees of WAPCOS were requested to do their official
work in Hindi. During the fortnight, various competitions were organized and various schemes were also
implemented to encourage officers/employees to do their work in Hindi. Officers from Deptt. of WR, RD &
Statutory Reports
GR, Ministry of Jal Shakti were invited on these occasions. A large number of Official/Staff took part in these
programmes
Standalone Financial Statements
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WAPCOS ANNUAL REPORT 2021-22
• On the Occasion of Hindi Fortnight, a Message was released on behalf of Chairman cum Managing Director
to all Field and Regional offices of WAPCOS to encourage officers/employees to do their maximum official
work in Hindi
• Department of Official Language, Ministry of Home Affairs, Government of India, initiated the pledge taking
on the occasion of Hindi Diwas. Accordingly, Company organized the official language pledge taking ceremony
on September 14, 2021 in all offices of WAPCOS across India and abroad
Corporate Overview
DOLIC Meetings/Workshops
• During the year, meeting of Departmental Official Language Implementation Committee was held regularly
in every quarter under the chairmanship of Director (Comml. & HRD) and Chairman, DOLIC
Statutory Reports
• Hindi Workshop was organized on December 26, 2021 in Nagpur Office. On this occasion Director (OL),
Standalone Financial Statements
Department of Water Resources, River Development & Ganga Rejuvenation, Ministry of Jal Shakti was invited
to apprise the participants about Voice Typing and Official Language Policy, Official Language Act & Official
Language Rules
• Hindi Workshop was organized on December 28, 2021 in Pune Office. On this occasion Director (OL),
Department of Water Resources, River Development & Ganga Rejuvenation, Ministry of Jal Shakti was invited
to apprise the participants about Voice Typing and Official Language Policy, Official Language Act & Official
Language Rules
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WAPCOS ANNUAL REPORT 2021-22
• Hindi Workshop was organized on September 27, 2021 in Hyderabad Office. On this occasion Director (OL),
Department of Water Resources, River Development & Ganga Rejuvenation, Ministry of Jal Shakti was invited
to apprise the participants about Voice Typing and Official Language Policy, Official Language Act & Official
Language Rules in India
Corporate Overview
• Official Language Department, Ministry of Home Affairs, Government of India organized “Two Day All India
Official Language Seminar” of Northern Region 1 and Northern Region 2 on November 13-14, 2021 in
Varanasi. Shri P.P. Bhardwaj, Head (Personnel & OLI) participated on behalf of WAPCOS
Miscellaneous
• Various kinds of Technical Reports, WAPCOS Presentation, WAPCOS Organizational Chart, Misc. work etc.
were prepared in bilingual form
• A quarterly in-house Magazine ‘WAPCOS DARPAN’ in Hindi, continued to be brought out regularly during the
year
• Emphasis was laid on ensuring compliance of the provisions of Section 3(3) of the Official Language Act
• Under Rule 5 of the Official Language Act, replies to the letter received in Hindi were given in Hindi only
Standalone Financial Statements
• Necessary help material like Dictionaries, Compilation of Standard Drafts and glossaries & Technical Glossaries
were made available to all the officers/employees to motivate them to do their official work in Hindi
• Pay slips, which are issued to officers/employees every month and CPF Statements, are continued to be issued
in bilingual. Entries in Service Books were made in Hindi during this period
• Efforts were also made to persuade, motivate and encourage officers and employees to do their maximum
official work in Hindi
17. VIGILANCE
Vigilance Section in WAPCOS has been issuing norms and guidelines as and when received from the Department
of Water Resources, River Development and Ganga Rejuvenation, Ministry of Jal Shakti, Central Vigilance
Commission and the Department of Public Enterprises regarding measures to strengthen all aspects of preventive
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WAPCOS ANNUAL REPORT 2021-22
vigilance for compliance in WAPCOS, periodically conducting preventive vigilance inspections and also surprise
checks of various Divisions.
Periodical returns are being submitted regularly to the Department of Water Resources, River Development &
Ganga Rejuvenation, Ministry of Jal Shakti, Central Vigilance Commission and the Central Bureau of Investigation
and inquiries are properly and promptly attended to. Besides, surprise checks and inspections are carried out from
time to time and constant vigil is also kept.
Corporate Overview
Central Vigilance Commission in recognition towards the movement of paying tribute to 75 years of Independence,
the Commission accomplishes its duty as the apex anti-corruption body in the country, reaffirms its resolve to
fight corruption and ensure integrity in public life to usher in new era of a self-reliant India.
In this regard, WAPCOS had observed Vigilance Awareness Week– 2021 from October 26, 2021 to November 1,
2021 with the theme “Independent India @75: Self Reliance with Integrity”; ÞLora= Hkkjr@75% lR;fu"Bk ls
vkRefuHkZjrkß by strictly adhering to the advice of CVC by following Covid-19 guidelines and also adhering to the
economy measures issued by Ministry of Finance, Government of India.
In addition, the following activities were carried out in WAPCOS during the Vigilance Awareness Week-2021:-
• Details of activities as desired by CVC Circular No.15/09/2021 (F.No.021/VGL/045/490679) dated 01.09.2021
in prescribed format was submitted to CVC
• Displayed Banners/e-Banners with the theme “Independent India@75: Self Reliance with Integrity”;
ÞLora= Hkkjr@75% lR;fu"Bk ls vkRefuHkZjrkß in all offices of WAPCOS in India and abroad and Two Posters
of PIDPI as desired by CVC
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Standalone Financial Statements
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WAPCOS ANNUAL REPORT 2021-22
Corporate Overview
Displayed Two Posters on Public Interest Disclosure and Protection of Informer’s (PIDPI), Gujarat Office
Statutory Reports
Standalone Financial Statements
• Integrity Pledge/E-Pledge taking ceremony presided over by CMD, WAPCOS in all WAPCOS offices in India
and aboard through virtual conferencing on October 26, 2021 at 11.00 AM
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WAPCOS ANNUAL REPORT 2021-22
Corporate Overview
Statutory Reports
Standalone Financial Statements
Pledge taking ceremony at Gurugram Office
• An Essay Writing Competition on the topic “Independent India@75: Self Reliance with Integrity”; ÞLora=
Hkkjr@75% lR;fu"Bk ls vkRefuHkZjrkß (bilingual) for WAPCOS employees was organised on October 27, 2021
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WAPCOS ANNUAL REPORT 2021-22
Corporate Overview
• A workshop on “Preventive Vigilance” was organised for all the HoDs of WAPCOS & NPCC at Corporate
office, Gurugram.
Standalone Financial Statements
Shri R.K Agrawal, CMD, WAPCOS & NPCC along with HoDs during the workshop
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WAPCOS ANNUAL REPORT 2021-22
Corporate Overview
transparent work environment, and to take a leap ERP system to combat the increasing fast moving
towards DIGITAL WAPCOS. IT division is providing requirements of the Company in line with the
following IT services to the Company on pan India regulatory framework.
basis:
Every effort is made to present reliable financial
• E-tendering through Central Public information to the users on a timely basis to
Procurement Portal of Government of India ensure that financial decisions are based on up to
• E-Office date information.
• GeM Portal Procurement
• Video Conferencing 21. INDEPENDENT AUDITORS
M/s Serva Associates Chartered Accountants
19. RISK MANAGEMENT POLICY were appointed as Independent Auditors for
The Company has Board approved Risk the financial year ended 31.03.2022. The Board
Management Policy. The risk areas identified places on record its appreciation for audit process
in the policy are Competition/Market Share rendered by them.
Statutory Reports
Risks, Human Resource Risks, Insurance Risks,
Realization Risks, System Risks, Fraud Risks, 22. IMPLEMENTATION OF RIGHT TO
Business Operations Risks, Credit Risks, Contract INFORMATION ACT, 2005
Formulation and Execution Risks, Legal Risks and In compliance to the various provisions of Right to
Disaster Risks. The action plan for mitigation of Information Act, 2005, the Company has placed
these identified Risks is contained in the Risk various documents/records at its website which
Management Policy. Heads of Departments are being updated regularly. The company has
are responsible for implementation of the Risk appointed Shri Sumir Chawla, Additional Chief
Management Policy, as applicable to their Manager (HRD) as Public Information Officer (PIO)
respective areas of functioning, and submission and Dr Aman Sharma, Chief Executive Director
of reports on half yearly basis for review by the (Environment, Construction Management &
Audit Committee. Admn.)/First Appellate Authority. 135 applications
of RTI and 23 appeals received during the year
25. M
ANAGEMENT DISCUSSION AND technology absorption, foreign exchange earnings
ANALYSIS REPORT and outgo, as required to be disclosed under the
Act, are provided in Annexure-D to this Report.
A Report on Management Discussion and Analysis
is at Annexure-B.
31. COST RECORDS
26. ANNUAL RETURN Maintenance of cost records, as specified by the
Central Government under the provision of sub-
Corporate Overview
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WAPCOS ANNUAL REPORT 2021-22
Corporate Overview
Ms. Debashree Mukherjee, Additional Secretary,
(e) The Directors had laid down internal financial
Ministry of Jal Shakti, Department of Water
controls to be followed by the company
Resources, RD&GR, ceased to be CMD, WAPCOS
and that such internal financial controls are
w.e.f. October 04, 2021 and Shri P. Harish,
adequate and were operating effectively; and
Additional Secretary (ER) Ministry of External
Affairs ceased to be Government Nominee (f) The Directors had devised proper system to
Director on WAPCOS Board w.e.f. November ensure compliance with the provisions of all
05,2021. applicable laws and that such system are
adequate and operating effectively.
36.
DECLARATION BY INDEPENDENT 39. RELATED PARTY TRANSATIONS
DIRECTORS All related party transactions entered during the
The Independent Directors of the Company financial year under review were in ordinary course
have given declaration of Independence in the of business and on arm’s length basis. None of
Board Meetings that she meets the criteria of the transactions with any of the related parties
independence as provided in Section 149(6) of were in conflict with the Company’s interest.
Statutory Reports
the Companies Act, 2013. Accordingly, the disclosure of related party
transactions as required under section 134(3)(h)
37. NUMBER OF THE MEETINGS OF THE of the Companies Act, 2013 in form AOC-2 is not
BOARD applicable.
During the year under review, four Board Meetings The Company has laid down processes to ensure
were held, the details of which are provided in the compliance to the Companies Act, 2013 and the
Report on Corporate Governance at Annexure-A. corresponding Rules on the matter.
The details of the related party transactions during
38. DIRECTORS’ RESPONSIBILITY the financial year under review are mentioned
STATEMENT in note no. 41 of the notes to the Financial
It is hereby confirmed that: Statements for the financial year ended March
31, 2022.
a) In the preparation of the annual accounts,
the applicable accounting standards had
40. COMPOUNDING OF OFFENCES UNDER Standalone Financial Statements
been followed;
(b) The Directors have selected such accounting THE COMPANIES ACT, 2013
policies and applied them consistently and During the period under review, the Company
made judgments and estimates that were had filed a compounding application u/s 441 of
reasonable and prudent so as to give a true the Companies Act, 2013 for delay in holding
and fair view of the state of affairs of the 51st AGM. Further, compounding fee of Rs.
Company as on 31st March, 2022 and of the 1,00,000/- on the Company and Rs. 10,000/- per
profit or loss of the Company for the year Director/ MD/WTD/CS have been levied by the
ended on that date; Regional Director (North). The same has been
(c) The Directors have taken proper and sufficient paid by the Company; CMD; Director (Finance);
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WAPCOS ANNUAL REPORT 2021-22
Director (Comm. & HRD); and Company Secretary. taking loan from the Banks or Financial
Accordingly, the offence has been compounded Institutions along with the reasons thereof.
vide order of Regional Director (North) dated
November 25, 2021. ACKNOWLEDGMENT
The Board expresses its deep sense of appreciation and
41. GENERAL gratitude to the valuable clients in India and abroad
The information may be treated as “Nil” with for their continued patronage as well as for the trust
Corporate Overview
respect to following items during the year under and confidence reposed in the Company. The Board
review: also expresses its sincere thanks for the assistance, co-
operation and support of the Ministry of Jal Shakti,
• The change in the nature of business Department of Water Resources, RD&GR, Ministry
• Material changes and commitments, if of External Affairs, Ministry of Corporate Affairs
any, affecting the financial position of the and Registrar of Companies various other Ministries
company which have occurred between the and Departments of the Government of India, State
end of the financial year of the company to Governments, Comptroller and Auditor General of
which the financial statements relate and the India, Statutory Auditors and Bankers. The Board
date of the report also deeply appreciates the hard work, enthusiasm,
• Significant or material orders passed by untiring efforts and contribution of the employees
the Regulators or Courts or Tribunals without which the present growth and achievements
which impact the going concern status and would not have been possible.
Company’s operations in future
• Issue of equity shares with differential rights
For and on behalf of the Board of Directors
as to dividend, voting or otherwise
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WAPCOS ANNUAL REPORT 2021-22
Annexure-A
Corporate Overview
1. COMPANY’S PHILOSOPHY ON 3. BOARD OF DIRECTORS
CORPORATE GOVERNANCE The Board comprises of three Functional
The Company’s philosophy is to achieve business Directors namely Chairman-cum-Managing
excellence and maximize long-term value for all Director, Director (Commercial and HRD) and
its stakeholders on a sustained basis through Director (Finance), two Government Directors –
ethical business conduct. The Company follows one from Ministry of Jal Shakti, Department of
the guidelines of Corporate Governance issued Water Resources, River Development & Ganga
by Department of Public Enterprises (DPE), Rejuvenation and other from Ministry of External
Government of India. During the year under Affairs – and five Independent Directors as on
review, the grading of the Company issued by the 31.03.2022.
DPE on the compliance of guidelines on Corporate During the year under review, Four Board Meetings
Governance for CPSE for the year 2020-21 is were held on 18th June 2021, 19th August 2021,
"Excellent". 8th December 2021 and 3rd March 2022.
The names and categories of Directors of the
2. DPE’S GUIDELINES Board, their attendance at Board meetings held
Statutory Reports
The compliance report on DPE’s guidelines for in 2021-2022 during the tenure of each one of
Financial Year 2021-22 was sent to Ministry of them and the number of Directorships held, as
Jal Shakti, Department of Water Resources, River informed to the company by Directors, are given
Development & Ganga Rejuvenation vide letter on below:
29.04.2022.
Whether
Board Meetings held/ attended
Number of Directorship
Name of the Director/ attended in 2021-22 last AGM
in other companies/
Director Identification Category during the tenure of held on 8th
Names of Companies
Number (DIN) Director December,
2021
Held Attended Chairman Member
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WAPCOS ANNUAL REPORT 2021-22
Whether
Board Meetings held/ attended
Number of Directorship
Name of the Director/ attended in 2021-22 last AGM
in other companies/
Director Identification Category during the tenure of held on 8th
Names of Companies
Number (DIN) Director December,
2021
Held Attended Chairman Member
Corporate Overview
1 1 No - -
(From 02.02.2022 Director
to 31.03.2022)
Shri Partha Sarathi Indepen-
Ghosh dent
DIN 09517108 Director 1 1 No - -
(From 23.02.2022
to 31.03.2022)
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WAPCOS ANNUAL REPORT 2021-22
During the year under review, the following 19) and High Commissioner of India to Nigeria
directors were appointed in WAPCOS Limited: with concurrent accreditation to Benin, Chad
and ECOWAS Commission (2019-2021). At the
• Shri R.K. Agrawal Ministry of External Affairs, New Delhi, he worked
Shri R.K. Agrawal has been appointed as Chairman- as Director in External Affairs Minister’s Office
cum-Managing Director of the Company w.e.f. (2008-10) and also as Joint Secretary (North)
04/10/2021. (2013-16). He assumed charge as Additional
Corporate Overview
Secretary (Economic Relations) in December 2021.
Brief Profile of Shri R.K. Agrawal is as follows:
• Shri Anil Kumar Trigunayat
R.K. Agrawal, aged fifty-two (52) years, is
the Chairman-cum-Managing Director of our Shri Anil Kumar Trigunayat was appointed as
Company with effect from October 4, 2021. He Independent Director on WAPCOS Board w.e.f.
has been associated with our Company since 12/01/2022.
June 28, 1991. He holds a Bachelor’s degree Brief profile of Shri Anil Kumar Trigunayat is as
in Civil Engineering from BITS Pilani, Rajasthan follows:
and also holds a Master’s degree in Water
Anil Kumar Trigunayat aged sixty six (66) years, is
Resources Engineering from IIT Delhi. He also
a Non-Official Part-time Independent Director of
has a Master’s degree in Business Administration
our Company since January 12, 2022. He holds a
from Sikkim Manipal University (formerly known
bachelor’s degree in Science from Agra University
as Sikkim Manipal University of Health, Medical
and a post graduate degree in physics from
and Technological Sciences). He has more than
Kumaon University. He also holds a certificate in
thirty-two (32) years of experience in the field of
diplomatic studies from the University of Oxford.
Statutory Reports
planning, design and implementation of water
He has over thirty five (35) years of experience
resources, power and infrastructure development
as a professional Indian diplomat during which
projects in India and overseas. He also holds rich
he has served from Asia to Africa to Europe to
experience and expertise in project planning,
America.
contract management, construction supervision
and project implementation and actively involved
• Shri Jasbir Singh Thakur
in business development activities of our Company.
He is also the Chairman cum Managing Director Shri Jasbir Singh Thakur was appointed as
(Additional Charge) and Director (Engineering) Independent Director on WAPCOS Board w.e.f.
(Additional Charge) of our Subsidiary and a 15/01/2022
Director in GPCL Consulting Services Limited. Brief profile of Shri Jasbir Singh Thakur is as
follows:
• Shri Abhay Thakur
Jasbir Singh Thakur aged forty-eight (48) years,
Standalone Financial Statements
Shri Abhay Thakur, Additional Secretary (ER) is a Non-Official Part-time (Independent) Director
Ministry of External Affairs, Government of India of our Company since January 12, 2022. He has
was appointed as Government Nominee Director done Bachelor of Laws and also holds a diploma
on WAPCOS Board w.e.f. 16.12.2021. in Yoga studies both from Himachal Pradesh
Brief profile of Shri Abhay Thakur is as follows: University. He has over twenty three (23) years
of experience as an Advocate. He was enrolled
Abhay Thakur has served in various capacities in
in the bar council of Himachal Pradesh on March
the Indian Missions abroad in Moscow (1992-
23, 1999. He has been practicing as an advocate
94 & 2005-08), London (1998-2001), Tel Aviv
in sub divisional Bar Association, Barsar Distt.
(2001-2005), Ho Chi Minh City (2010-13) and as
Hamirpur, Himachal Pradesh.
High Commissioner of India to Mauritius (2016-
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WAPCOS ANNUAL REPORT 2021-22
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WAPCOS ANNUAL REPORT 2021-22
(h) Discussion with internal auditors, any of the Independent Auditor and Internal
significant findings and follow-up thereon Auditor, together with the management
(i) Reviewing the findings of any internal responses
investigations by the internal auditors into (s) Consider and review the following with
matters where there is suspected fraud or the management, Internal Auditor and
irregularity or a failure of internal control the Independent Auditor
systems of a material nature and reporting • Significant findings during the year,
Corporate Overview
the matter to the Board including the status of previous audit
(j) Discussion with statutory auditors before recommendations
the audit commences about the nature and • Any difficulties encountered during audit
scope of audit as well as post-audit discussion work including any restrictions on the
to ascertain any area of concern scope of activities or access to required
(k) To look into the reasons for substantial information
defaults in the payment to the depositors, (t) Carrying out any other function as is
debenture holders, shareholders (in case of mentioned in the terms of reference of
non-payment of declared dividends) and the Audit Committee
creditors
Review of Information by Audit Committee
(l) To review the functioning of the Whistle
Blower Mechanism (i) Management discussion and analysis of
financial condition and results of operations;
(m) To review the follow-up action on the audit
observations of the C&AG Audit (ii) Statement of significant related party
transactions (as defined by the audit
(n) To review the follow-up action taken on the
Statutory Reports
committee), submitted by management;
recommendations of Committee on Public
Undertakings of the Parliament (iii) Management letters/letters of internal
control weaknesses issued by the Statutory
(o) Provide an open avenue of communication
Auditors;
between The Independent Auditor, Internal
Auditor and the Board of Directors (iv) Internal audit reports relating to internal
control weaknesses;
(p) Review all related party transactions in
the company. For this purpose, the Audit (v) The appointment and removal of the Chief
Committee may designate a member who Internal Auditor shall be placed before the
shall be responsible for reviewing related Audit Committee; and
party transactions (vi) Certification/declaration of financial
(q) Review with the Independent Auditor the statements by the Chief Executive/Chief
co-ordination of audit efforts to assure Finance Officer
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WAPCOS ANNUAL REPORT 2021-22
- as % of profit
- others, specify..
5 Others, please specify - - - -
Standalone Financial Statements
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WAPCOS ANNUAL REPORT 2021-22
Corporate Overview
Fee for attending
2,70,000 45,000 45,000 45,000 15,000 4,20,000
board/committee
meetings
Commission - - - - - -
Others, please specify - - - - - -
Total (1) 2,70,000 45,000 45,000 45,000 15,000 4,20,000
Other Non-Executive
- - - - - -
2 Directors
Fee for attending
board/committee - - - - - -
meetings
Commission - -
Others, please specify - - - - - -
Total (2) - - - - - -
Statutory Reports
Total (B)=(1+2) 2,70,000 45,000 45,000 45,000 15,000 4,20,000
Total Managerial
- - - - - -
Remuneration
Overall Ceiling as per
- - - - - -
the Act
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WAPCOS ANNUAL REPORT 2021-22
7. CORPORATE SOCIAL RESPONSIBILITY attend the 38th and 40th CSR Committee Meetings
COMMITTEE held on 17th June 2021 and 16th February, 2022
respectively.
A two tier structure for Corporate Social
Responsibility Activities is in place in line with
DPE’s Guidelines on the subject. During the year 8. INDEPENDENT DIRECTORS’ MEETING
under review, the Corporate Social Responsibility During the year under review, there were five
Committee comprised of Ms. Preeti Madan, Independent Directors in the Company. In
Corporate Overview
Independent Director as Chairperson and two accordance with DPE’s O.M. No. 16(4)/2012-GM
Functional Directors as Member namely Shri dated 28.12.2012 and O.M. No.16(4)/2012-GM
Anupam Mishra, Director (Comml. & HRD) and dated 20.6.2013 and also pursuant to Section
Shri Pankaj Kapoor, Director(Finance). The CSR 149(8) read with Schedule IV – Part VII of the
Committee was Re-constituted by the Board Companies Act, 2013 on the subject of Role
through circulation vide resolution no.32/2022 & Responsibilities of Non-official Directors, a
approved dated 30.03.2022 as follows: “Separate Meeting” of available Independent
Directors viz., Shri Lakhan Lal Sahu as Chairman,
Shri Anil Trigunayat Chairman
Shri Anil Kumar Trigunayat, Ms. Preeti Madan, Shri
Ms. Preeti Madan Member Jasbir Singh Thakur and Shri Partha Sarathi Ghosh
Shri Lakhan Lal Sahu Member as Members was held on 29th March, 2022 without
Shri Jasbir Singh Thakur Member the attendance of Functional and Government
Shri Anupam Mishra Member Directors and Members of Management, in which
the quality, quantity and timeliness of flow of
The CSR Committee met three times in 2021-22
information between the Company Management
on 17th June 2021, 12th August 2021 and 16th
and the Board that is necessary for the Board to
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WAPCOS ANNUAL REPORT 2021-22
Corporate Overview
The following special resolutions were passed in the EGMs
Statutory Reports
• No materially significant related party Report for the year 2020-21
transactions, that may have potential conflict • During the year under review, no expenditure
with the interest of the Company at large, was debited in the books of accounts, which
were entered into in the year under review was not for the purposes of the business
except remuneration paid to CMD, Functional • No expenses, which are of personal nature,
Directors and sitting fee paid to Independent were incurred for the Board of Directors and
Director. top management
• During the period under review, the Company
had filed compounding application u/s 441 11. MEANS OF COMMUNICATION
of the Companies Act, 2013 for delay in The company is wholly owned by the Government
holding 51st AGM. Further, compounding of India. It submits periodical results to the Ministry
fee of Rs. 1,00,000/- on the Company and of Jal Shakti, Department of Water Resources,
Rs. 10,000/- per Director/ MD/WTD/CS have River Development & Ganga Rejuvenation. The
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WAPCOS ANNUAL REPORT 2021-22
Compliance with the Code of Conduct by Board Business Operations Risks, Credit Risks, Contract
Members and Senior Management during Formulation and Execution Risks, Legal Risks,
the Financial Year 2021-22 will be made as Disaster Risks. The action plan for mitigation
Annexure-I. of these identified Risks is contained in the Risk
Management Policy. Heads of Departments
13.
CHARTER OF THE BOARD OF are responsible for implementation of the Risk
DIRECTORS Management Policy, as applicable to their
respective areas of functioning, and submission
Corporate Overview
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WAPCOS ANNUAL REPORT 2021-22
ANNEXURE-I
Corporate Overview
I, R.K. Agrawal, Chairman-cum-Managing Director, WAPCOS Limited, do hereby declare that all the Members of
the Board of Directors and the Senior Management Team of the Company have affirmed their compliance of the
Code of Conduct of the Company during 2021-22.
Sd/-
(R.K. Agrawal)
Chairman-cum-Managing Director
DIN: 09344894
Place : New Delhi
Date : 18.11.2022
Statutory Reports
Standalone Financial Statements
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WAPCOS ANNUAL REPORT 2021-22
ANNEXURE-II
(a) We have reviewed financial statements and the cash flow statement for the financial year 2021-22 (Standalone
Corporate Overview
and Consolidated) and that to the best of our knowledge and belief:
(i) these statements do not contain any materially untrue statement or omit any material factor contain
statements that might be misleading; and
(ii) these statements together present a true and fair view of the company’s affairs and are in compliance
with existing 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 violative of the Company’s Code of Conduct.
(c) We accept responsibility for establishing and maintaining internal controls and we have evaluated the
effectiveness of the Internal Control Systems of the company. We have disclosed to the Auditors and the
Audit Committee, deficiencies in the design or operation of internal controls of which we are aware and the
steps we have taken or propose to take to rectify these deficiencies.
(d) We have indicated, wherever applicable, to the Auditors and the Audit Committee:
(i) significant changes made/to be made in internal control during the year,
Statutory Reports
(ii) significant changes in accounting policies during the year, if any, and the same have been disclosed in the
notes to the financial statements; and
(e) There is no instance of significant fraud of which we are aware nor there has been involvement of the
management or any employee having a significant role in the company’s internal control system.
Sd/- Sd/-
(Pankaj Kapoor) (R.K. Agrawal)
Director (Finance) & CFO Chairman-cum-Managing Director
DIN: 07290569 DIN: 09344894
136
WAPCOS ANNUAL REPORT 2021-22
ANNEXURE-III
HARBANS LAL & CO. Off.: 23696096
COMPANY SECRETARIES Phones Resi : 23696831
Mob: 9811627414
E-mail: [email protected]
L-15, Pratap Nagar, Delhi-110007
Corporate Overview
(Near Pratap Nagar Metro Station)
Statutory Reports
compliance of the conditions of Corporate Governance as stipulated in DPE Guidelines. 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 hereby certify
that the company has generally complied with the conditions of Corporate Governance, as stipulated in the DPE
Guidelines during the Financial Year ended March 31, 2022.
We report that the approval of President of India for appointment of four Independent Directors on the Board
of the Company during the period under report has been received and hence the requirements for having the
requisite number of Independent Directors on the Board of the Company has been complied.
We also report that the Board of Subsidiary of the Company did not have an Independent Director of the Company
as per clause 6.1 of DPE Guidelines which requires that at least one Independent Director on the Board of Directors
of the holding company shall be a Director on the Board of Directors of its subsidiary company. Further, the matter
for aforesaid appointment is pending with the Administrative Ministry i.e. Ministry of Jal Shakti.
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WAPCOS ANNUAL REPORT 2021-22
ANNEXURE-B
1. INDUSTRY STRUCTURE AND and Africa. As per FSIAPL estimates, the global
DEVELOPMENTS engineering consultancy market is about 2.5%-
3% of the global engineering services market
WAPCOS is engaged in the business of providing
which is expected to increase from USD 24.9
engineering consultancy services and construction
billion in CY18 to USD 45.5 billion in CY22 growth
in the fields of water, power and infrastructure
rate being in-line with global engineering services
sectors for businesses and communities in India
market.
and overseas. Over the last 5 (five) decades,
the Company has been providing engineering
consultancy services for projects in water, power 2. INDIAN SCENARIO
and infrastructure sectors which have made 2.1 Water Resources
significant contribution within India and overseas.
Growing population and urbanization, combined
Further, we render range of services from “concept- with fast increasing developmental needs, have
to-commissioning” and beyond to various projects put a tremendous pressure on India’s water
in water, power and infrastructure sectors to our availability. Challenges are going to be further
Statutory Reports
clients by leveraging our diverse experience, core compounded, due to the climate change. India
competencies and using the latest technologies stores less than one-tenth of annual rainfall.
available at our disposal. Our concept-to- Furthermore, disproportionate use of water for
commissioning services caters to a variety of sub- agricultural use, excessive ground water pumping
sectors and services in our domain areas including and deficient monsoon in the last couple of years
some of the key areas comprising of dams and make the demand-supply balance even more
reservoir engineering, irrigation, flood control critical.
and river morphology, ground water exploration,
In India, Water Resources Development is a
agriculture, watershed management and river
State subject and projects thereof are planned,
basin planning, environmental engineering,
funded and implemented by the concerned State
hydro power and pump storage, thermal power,
Governments from their own resources as per
renewable energy development such as solar
their own priorities. At the Centre, the Ministry
and wind, water supply and sanitation, ports and
connected with Water resources was renamed
Standalone Financial Statements
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WAPCOS ANNUAL REPORT 2021-22
Indian Rivers Inter-link aims to effectively manage provide tap water connection to 19.27 Crore rural
water resources in India by linking Indian rivers households by 2024. The movement of “Har Ghar
by a network of reservoirs and canals. National Jal” will gain momentum.
Water Development Agency, Ministry of Jal
“Namami Gange” Programme is an integrated
Shakti has studied and prepared reports on 14
Conservation Mission, approved as “Flagship
inter-link projects for Himalayan component, 16
Programme” by the Union Government in June
inter-link projects for Peninsular component and
2014 with budget outlay of Rs.20,000 Crore.
Corporate Overview
37 intrastate river linking projects. In the Union
Under “Namami Gange” programme, diverse set
Budget, 2022-23 the implementation of Ken-
of interventions for cleaning and rejuvenation of
Betwa rivers linking at an estimated cost of Rs
river Ganga have been taken up. These include
44,605 crore has been approved and the draft
pollution abatement activities including domestic
detailed project report of five river links, namely
sewage, industrial effluent, solid waste etc., river
Damanganga-Pinjal, Par-Tapi-Narmada, Godavari-
front management, aviral dhara, rural sanitation,
Krishna, Krishna-Pennar, and Pennar-Cauvery
afforestation, bio-diversity conservation, public
have been finalized.
participation etc. A total of 364 projects have
This year’s Union Budget (2022-23) shows the been taken up at a sanctioned cost of Rs.30,853
priority and seriousness of the Government on the Crore, out of which 183 projects are completed.
issues of water and sanitation. The coverage of
For successful implementation of this scheme
Har Ghar Nal Se Jal under Jal Jeevan Mission (JJM)
active engagement of community is of paramount
will be increased by 3.8 crore households in 2022-
importance. A series of activities such as events,
23. Rs 60,000 crore have been allocated towards
workshops, seminars, conferences and numerous
this mission for the year 2022-23. Drinking Water
IEC activities were organized to make a strong pitch
and Sanitation Department under the Ministry
Statutory Reports
for public outreach and community participation
of Jal Shakti has been allocated Rs 67,221 crore,
in the programme. Various awareness activities
while Rs.18,967.88 crore has been earmarked
through rallies, campaigns, exhibitions, shram
for the Department of Water Resources, River
daan, cleanliness drives, competitions, plantation
Development and Ganga Rejuvenation. The
drives and development and distribution of
fund allocation to centrally-sponsored schemes
resource materials were organized and for wider
has been increased from Rs. 5,688.49 crore to
publicity the mass mediums such as TV/Radio,
Rs.12,605.12 crore.
print media advertisements, featured articles
The total allocation under Water Resources and advertorials were published. NMCG ensured
Management that includes schemes like Atal presence at Social Media platforms like Facebook,
Bhujal Yojna and Ground Water Management Twitter, and You Tube etc. Initiatives like LiDAR
and Regulation, has also been increased from Mapping of Ganga, Aquifer Mapping, new
Rs. 729 crore in 2021-22 to Rs 2,112 crore in paradigm for river city planning, cultural planning
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WAPCOS ANNUAL REPORT 2021-22
sources such as wind, solar, tidal and agricultural which are under implementation in the
and domestic waste. Electricity demand in the country. Out of which, 27 projects totaling to
country has increased rapidly and is expected 11427.5 MW are under active construction.
to rise further in the years to come. In order to
meet the increasing demand for electricity in • Nuclear projects amounting to 8700 MW
the country, massive addition to the installed capacity are under construction and 7000
generating capacity is required. The sector with MW nuclear power projects have been
its three pillars of generation, transmission and accorded administrative approval and
distribution is crucial to India’s infrastructure and financial sanction.
economic growth. Generation is done through The Union Budget 2022-23 pushed energy
three sectors, these are Central Sector, State transition by encouraging domestic production of
Sector and Private Sector. The Indian Electricity solar power equipment and batteries, in line with
Industry is dominated by Central and State India’s commitments on climate change actions.
Government Organizations. Major players are the Further allocations have been made in the budget
State Electricity Boards (SEB’s), which generate, 2022-23 for energy efficiency, electric mobility,
transmit and distribute power. The power sector building efficiency, grid-connected energy storage
Statutory Reports
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WAPCOS ANNUAL REPORT 2021-22
Pumped storage schemes (PSS) capacity of 4,745.6 MW. Summary of the status of Hydro Electric Potential
development in the country is indicated Table below:
Corporate Overview
Total Potential 592 145320 63 96529.6
Schemes under Operation 203 41976.90 28.75 8 4745.6 4.92
Schemes under Construction 24 9747.50 6.71 2 1500 1.55
Schemes in which construction is 8 1156.00 0.80 1 80 0.08
held up
DPRs Concurred by CEA & yet to be 29 22268 15.32 2 2200 2.28
taken up for construction
DPRs under Examination by CEA 2 756 0.52 - - -
DPRs returned by CEA for 25 7777.1 5.35 - - -
resubmission
Under S & I for preparation of DPRs 14 4295 2.96 17 16770 17.37
Schemes under S&I- Held up 61 14069 9.68 1 660 0.68
Total Developed/ Under 203/163 41976.90 / 28.89/ 8/23 4745.6/ 4.92/
Development 60068.6 41.34 21210 21.97
In India, hydro power plants of 25MW or below Power-Japan, Manitoba- Canada, Trans Africa
Statutory Reports
capacity are classified as small hydro, which Projects-South Africa, CESI-Italy, Bureau de
have further been classified into micro (100kW Recherches Geologiqueset Minieres-France, Mott
or below), mini (101kW-2MW) and small hydro Mac Donald-UK, SMEC International Pvt. Ltd.,
(2-25MW) segments. -Australia, Norconsult-Norway, Dolsar-Turkey,
Fitchner-Germany, Parsons Brickerh of Africa (Ptv)
The installed capacity of Small Hydro power in the
Ltd-South Africa, Lahmeyer International Gmbh-
country as on 31.03.2022 is 4848.90 MW
Germany, Sheladia Associates-USA, Wallingford-
2.2.2 Renewable Energy UK, Energy Infra tech Limited, CES Consulting and
AECOM New Zealand.
The Union Budget 2022-23 has provided a
budgetary allocation of Rs. 3365 crore for the
solar power sector, including both grid-interactive 2.3 Infrastructure
and off-grid projects. This is a 29 per cent increase Infrastructure sector is a key driver for the Indian
over the previous year budget of Rs. 2606 crore. economy. Thrust to infrastructure development
The budget has given a major push to the solar across sectors such as roads, railways, airports, Standalone Financial Statements
energy sector under renewable energy with ports, economic corridors, affordable housing,
an additional allocation of Rs.19,500 crore for solar energy, water supply & sanitation, health
production linked incentives for manufacturing of and education is identified as an important lever
high efficiency solar photo voltaic modules. to generate growth and social well-being.
The budget ensures the domestic manufacturing The PM Gati Shakti has a huge role in improving
required for achieving the ambitious goal of infrastructure efficiency. The PM Gati Shakti
280 GW of installed solar capacity by 2030. The will ensure true public-private partnership in
budget also provides for Sovereign Green Bonds infrastructure creation from infrastructure
to be issued for mobilizing resources for green planning to development and utilisation stage.
infrastructure. 24 digital systems of six Ministries are being
integrated through Unified Logistic Interface
The key competitors in Power Sector include J
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WAPCOS ANNUAL REPORT 2021-22
Platform (ULIP) and this will create a National Ministry of Road Transport and Highways. A
Single Window Logistics Portal that will help in large chunk of the additional Rs. 81,000 crore
reducing the logistics cost. granted to the Ministry this year is earmarked for
investment in the National Highways Authority of
Budget FY22-2023- Impact on Infrastructure
India, with its allocation seeing a 133% increase
sector
(Rs. 76,665 crore) to Rs.1,34,015 crore. The target
• PM Gatishakti: PM GatiShakti Program to be of 25,000 km includes addition to the network
Corporate Overview
driven by seven sectors which includes Roads, and development of existing roads Rs. 20,000
Railways, Airports, Ports, Mass Transport, crore will be raised through “innovative ways of
Waterways, and Logistics Infrastructure. The financing to complement the public resources.
projects pertaining to these sectors in the
As per the Union Budget 2022-23:
National Infrastructure Pipeline will be aligned
with PM GatiShakti framework. • Proposal to award approx. 25,000 km of
• Road Construction: The government is National Highways road projects
targeting to expand national highways • Rs. 20,000 crore will be mobilized through
(NH) network by 25,000 km in FY23 i.e. innovative ways of financing to complement
at rate of 68.5 km/day (vs 22.5 km/day public resources.
of NH construction reported during April- • PM Gati Shakti Master Plan for Expressways
December’21 by MoRTH). Overall allocation will be formulated in 2022-23 to facilitate
to NHAI has improved to 134,015 crore in faster movement of people and goods.
FY23E (Rs.57,350 crore/ Rs.65,060 crore in
FY22 BE, FY22RE respectively). 2.3.2 Ports, Harbours and Inland Waterways
• River Linking Project: Implementation of According to the Ministry of Ports, Shipping and
Statutory Reports
the Ken-Betwa Link Project at an estimated Waterways, around 95 percent of India’s trading
cost of Rs. 44,605 crore will be taken up by volume and 70 per cent by value is done
in FY23. The Government has allocated Rs. through maritime transport.
4,300 crore in FY22 RE and Rs.1,400 crore in India has 13 major seaports (12 Government-
FY23E for this project. owned and one private) and 205 notified minor
• Railways: 2,000 km of rail network to and intermediate ports that handle a huge
be brought under indigenous technology volume of traffic. Ports play a very central role
KAWACH for safety and capacity in the development of a nation. Cost, capacity,
augmentation. 400 new generation Vande and easiness of transportation via ports are most
Bharat trains to be manufactured in next 3 effective compared to other modes available.
years. India is the sixteenth largest maritime country in
• Housing for All: PM Awas Yojana (rural and the world with a coast line of about 7,517 kms.
Standalone Financial Statements
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WAPCOS ANNUAL REPORT 2021-22
Alang in Gujarat have already achieved HKC- also take steps towards integration of postal
compliant certificates. Efforts will be made and railway networks to provide seamless
to bring more ships to India from Europe solutions for movement of parcels.
and Japan. Recycling capacity of around 4.5 • Multimodal connectivity between mass
million Light Displacement Tonne (LDT) will urban transport and railway stations will be
be doubled by 2024. facilitated on priority.
The shipping and shipbuilding segment received The key competitors of the Company in
Corporate Overview
a total allocation of Rs 1.12 billion. Meanwhile, Infrastructure include Lea Associates, India, MSV
the Government has come out with the Maritime International (India), REPL, Egis, Almondz, Dolsar,
Vision 2030, which envisages aggressive targets SREI, PWC, ILFS, KPMG, Deloitte, NBCC, IRCON,
to be achieved by the sector by 2030. ICT, E&Y, Grant Thornton, Darashaw, L&T, CRISIL,
SMEC International, Pacific Consultants, Japan,
2.3.3 Railways Bureau de Recherches, Géophysiqueset Minières,
India’s national rail network is the fourth-largest SCOTT Wilson, SPAN Consultant, STUP, KECC,
in the world. As of April 2022, 52,247 km or 80% MOTT Mac Donald, Shah Consultant, AECOM,
of the broad-gauge routes have been electrified TCE, Wilbur Smith, JPS Associates Pvt. Ltd, TERI
with 25 KV AC electric traction. It is one of the and Nippon Koei.
busiest networks in the world, transporting 8.086
It is reiterated that more and more consultants
billion passengers and 1.208 billion tonnes of
from developed countries seek business in
freight annually. Successive administrations of the
African and Asian Countries by quoting at very
Government of India have worked on improving
low margins. Companies from China offer
the railways. Projects include the electrification of
Consultancy Services as a package for Turnkey
the entire IR network by 2023.
Statutory Reports
Projects or quote very low. Further, large number
An amount of Rs. 1,40,367.13 crore has been of International Consultants has registered
allocated to the Ministry of Railways in this Budget themselves in India and compete for business
2022-23.’Kavach’, the indigenously developed meant for Indian Companies under Grants/Lines
Automatic Train Protection (ATP) system, will be of Credit of Government of India. Besides, large
deployed across the entire rail network beginning number of Local Consultants (with 2 or 3 Experts)
with 2,000 km in the 2022-23 fiscal and will be have started operations and getting business
rolled out in 4,000 to 5,000 km every subsequent from their parent Departments/Organizations by
year. quoting at 1/10th of Market rates because of no
Key announcements and proposals related to overheads/establishment costs.
Railways made in Budget 2022-23 include:
2.3.4 National Infrastructure Pipeline (NIP)
• 400 new generation Vande Bharat trains will The National Infrastructure Pipeline (NIP), which
Standalone Financial Statements
be manufactured over next 3 years. was launched with 6,835 projects, has been
• 2000 km of network will be brought under expanded to 9,335 projects with total envisaged
Kavach, the indigenous technology for the investments of almost 108 trillion between FY20
safety and the capacity augmentation and FY25. Tamil Nadu accounts for the highest
• “One station one product “concept will be number of projects with estimated capital outlay
popularized to help local business and supply of Rs 8.44 trillion, followed by Andhra Pradesh
chains. (Rs 8.04 trillion), Maharashtra (Rs 7.69 trillion),
• 100 PM-Gati Shakti Cargo Terminals for Uttar Pradesh (Rs 5.26 trillion), Karnataka (Rs
multimodal logistics facilities will be developed 3.96 trillion) and West Bengal (Rs 3.65 trillion).
over next three years. Just four infrastructure sectors make up 71% of
the projected infrastructure investments under
• Railways will develop new products and
the NIP: roads (23%), energy (21%), water and
efficient logistics services for small farmers,
sanitation (15%) and railways (12%).
and small and medium enterprises. It will
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WAPCOS ANNUAL REPORT 2021-22
World Bank, Asian Development Bank (ADB), electricity consumption is one-fifth the global
Asian Infrastructure Investment Bank (AIIB), average. Inadequate power transmission and
African Development Bank (AfDB), KfW, EXIM distribution capacity, further adds to the cost of
Bank, JICA, the United Nations and its specialized getting electricity resulting the lowest access to
agencies (UNDP, FAO) etc. are providing grants electricity rates, compared to other regions in
and loans to the low- and middle-income countries. the world. Due to this industrial activities are also
In South America, there is an uneven distribution compromised.
of water resources among the countries in the The transmission and distribution networks
region. South America has some of the richest available in the region also lack efficiency, resulting
water resources in the world after Asia. However, in significant electric power distribution losses and
due to the lack of management, these resources reducing the access for the end-uses. Thus there
have not been properly and fully utilized. There is is an increasing need to improve the Transmission
a great potential in the field of Water Resources & Distribution network including emphasis on
in various South American Countries. utilizing the huge amount of available renewable
Among Common wealth of Independent energy like solar, wind, tide, wave and biomass.
Statutory Reports
144
WAPCOS ANNUAL REPORT 2021-22
Corporate Overview
187 Gigawatts of power from coal, hydro, gas, Infrastructure Development Investment
and wind resources, excluding solar. Most of the Program of ADB.
power currently generated is from hydroelectric e) Pradhan Mantri Gram Sadak Yojna (PMGSY)
projects, however, coal, gas, and renewable f) Swachh Bharat Abhiyan
energy sources will have a significant impact in
g) Integrated Power Development Scheme
the future, with natural gas expected to provide
(IPDS)
44% of total energy generation in the next
decade. In order to meet growing requirement, h) Smart City Mission
development of strong transmission system i) Pradhan Mantri Krishi Sinchayee Yojna
is required. WAPCOS with its capabilities and (PMKSY)
experience of design and implementation of such j) Pradhan Mantri Awas Yojana (PMAY)
Projects can avail opportunities in Africa, Asia and k) Monitoring of Medium and Small Irrigation
South America. Projects
l) National Urban Livelihoods Mission (NULM)
3.3 INFRASTRUCTURE
m) Revamped Reforms-Linked Results-Based
Africa is the fastest growing economy having vast
Distribution Sector Scheme
Statutory Reports
business potential in different sectors. Countries
like Egypt, South Africa, Uganda, Nigeria, and n) PM-KUSUM (Pradhan Mantri Kisan Urja
Kenya led in the number of infrastructure projects Suraksha evam Utthaan Mahabhiyan)
in Africa. Egypt and South Africa counted each
40 construction projects valued at over 50 million 5. SEGMENT REPORTING
U.S. dollars. Uganda had 27 projects, while Para 47 of Notes on Accounts attached with
Nigeria and Kenya registered 26 each have shown the Balance Sheet for the year 2021-22 may be
excellent upward economic growth over the past referred to.
few years and thus opened their doors for major
infrastructure works in the region. As a result of 6. FINANCIAL PERFORMANCE WITH
this upward economic growth, these countries are RESPECT TO OPERATIONAL
witnessing a rapid increase in population in their PERFORMANCE
cities and towns. Due to this urbanization, there The Company in 2021-22, as regards revenue
is an urgent need for the water supply, sanitation attributable to location of customers, has earned
Standalone Financial Statements
and sewerage management in these cities. Rs.499.52 Crore in Consultancy and Rs.677.70
There are various upcoming opportunities in Crore in construction projects on domestic front.
water supply and road infrastructure development On the international side, revenue has been
projects in Georgia, Uzbekistan, Kyrgyzstan etc. Rs.196.18 Crore in Consultancy and Rs.0.32 Crore
There are a lot of opportunities in Infrastructure in construction projects. The total Segmental
sector in Egypt, Azerbaijan, Guatemala, Jamaica, profit from operations has been Rs.164.72 Crore.
Ecuador, Chile, Cuba, Suriname, Costa Rica, The Operating Profit of the Company for the
Honduras, Indonesia, Papa New Guinea, Solomon Financial Year 2021-22 has been Rs.28.77 Crore.
Islands, Vanuatu, and Philippines etc. The reserves and surplus have been Rs.489.45
Crore in 2021-22.
4. OUTLOOK Intense focus was given on customer satisfaction
Some of the flagship schemes of the Government and timely completion of projects.
of India, wherein opportunities available for the
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WAPCOS ANNUAL REPORT 2021-22
7. BUSINESS ANALYSIS
1 Strengths
• Technical Expertise
Challenges
Corporate Overview
Analysis
3 Projections
• Leader in Business Area
• High Productivity-High Levels of staff occupancy
Opportunities with low level of Support Costs
• Trained and Empowered Employees who
• Funding is available
Contribute to Organization Growth and Image
• Demand for Consultants
• High on Both Profitability and Growth
• Who go the ‘Extra Mile’
• Investment in Productivity Enhancement
Standalone Financial Statements
4 Technology
146
WAPCOS ANNUAL REPORT 2021-22
Corporate Overview
Experts are engaged for project works in India
quality standards. Employees develop skill sets
and Abroad. The technical know-how possessed
that allow them to undertake a greater variety of
by such experts has been got transferred
work.
to Company’s own Engineers to reduce the
dependency on them. To develop its own cadre The key aim of the human resource development is
and to attract young talent, Experts/Engineer to organize learning activities in order to improve
Trainees and Management Trainees have also performance and enhance personal growth, for
been recruited in the Company during the year. the purpose of improving the job, the individual
and the organization. There is a particular
Considering the larger proportion of younger
emphasis on the development of comprehensive,
people in the Company, the Company has
coordinated and dynamic approaches for major
witnessed a demographic shift. In order to
learning initiatives.
inculcate the sense of belongingness and induce
enthusiasm in employees, the Personnel Division Training presents a prime opportunity to expand
has taken various measures. the knowledge base of all employees. Training
and development provides both the company as a
In past few years, the turnover of Company has
whole and the individual employees with benefits.
Statutory Reports
grown manifold. The Personnel Division with its
A development program brings all employees to
various measures have succeeded in achieving
a higher level so they all have similar skills and
the increased work commitments by motivating
knowledge. Therefore WAPCOS has organised
employees and deriving optimum of their
different training programmes for the employees.
employee’s capabilities and with limited increase
in manpower. Training Programmes / Workshops (2021-22)
Some of the Training Programmes organised for
8.1 Welfare Measures/Industrial Relations the employees are:
The Company through its various motivational • Safety and Emergency response procedure
and welfare measures such as medical scheme,
• Use of remote sensing data & GIS for failure
health check-up scheme, scholarship scheme for
analysis of a transmission Tower
employee’s children, benevolent fund scheme,
insurance scheme etc. have maintained amiable • Geotechnical Investigations for Earth and
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WAPCOS ANNUAL REPORT 2021-22
• Reservoirs Triggered Seismicity Water Day. Secretary, DoWR, RD & GR, Ministry
• Seismic Aspects of Dam Design of Jal Shakti presided over the event and
administered the World Water Day oath to all the
• Sexual Harassment at workplace (Prevention,
employees present during the event.
Prohibition and Redressal) Act, 2013
• Preventive Vigilance
10.
ENVIRONMENTAL PROTECTION AND
• EOI & Tender Documents
CONSERVATION, TECHNO-LOGICAL
Corporate Overview
148
WAPCOS ANNUAL REPORT 2021-22
Corporate Overview
Companies/Manufacturers before bidding due to
increase in demand for Engineering, Procurement
and Construction Contracts, High Turnover of
skilled manpower, which is moving to greener For and on behalf of the Board of Directors
pastures etc. The constraints are being overcome
with the hard work, devotion and initiative
exhibited by the employees.
Specific concerns for the Company include Sd/-
COVID-19 Pandemic spread across the globe. (R.K. Agrawal)
Chairman-cum-Managing Director
12. INTERNAL CONTROL SYSTEMS AND DIN: 09344894
THEIR ADEQUACY Place : New Delhi
The Company has Internal Control Systems for Date : 18.11.2022
achieving its objective and these systems are
adequate.
Statutory Reports
Standalone Financial Statements
149
WAPCOS ANNUAL REPORT 2021-22
Annexure-C
150
8. (a) CSR amount spent or unspent for the financial year:
Total Amount Amount Unspent (In Rs.)
Spent for the Total Amount transferred to Amount transferred to any fund specified under
Financial Year. Unspent CSR Account as per Schedule VII as per second proviso to section 135(5)
(in Rs.) section 135 (6)
Amount. Date of transfer. Name of the Amount. Date of
Fund transfer.
Rs. 2,56,78,923/- Rs. 39,30,096/-
(Rs. 26,30,253/- 30.04.2022
+
Rs. 12,99,843/-) 12.09.2021
(b) Details of CSR amount spent against ongoing projects for the financial year:
(1) (2) (3) (4) (6) (7) (8) (9) (10)
Sl. Name Item from the list Local Area Location of the Project Amount allo- Amount spent Amount transferred Mode of Implemen- Mode of Implementation-
No of the of activities in (Yes/ No). project. Duration cate for the in the current to Unspent CSR Ac- tation- Direct (yes/ Through Implementing
Project. schedule VII of project (in financial year count for the project NO). Agency
the Act. Rs.) (in Rs.) as per Section 135 (6)
State District Name CSR
(in Rs.).
Registration
number.
Rs 49,10,409/- (Attached at Annexure C-CSR- 2)
(c) Details of CSR amount spent against other than ongoing projects for the financial year:
(1) (2) (3) (4) (5) (6) (7) (8)
Mode of Implementation- Through
Sl. Item from the list of activities Location of the project Amount spent for the Mode of Implementation-
Name of the Project Local area (Yes/ No) Implementing Agency
No. in schedule VII to the Act. project (in Rs. in Crore). Direct (Yes/No)
State District Name CSR Registration Number
1 PM CARE FUND VIII 2.00 Crore --
Rs 2,00,00,000/-
WAPCOS ANNUAL REPORT 2021-22
151
Standalone Financial Statements Statutory Reports Corporate Overview
WAPCOS ANNUAL REPORT 2021-22
No.
(i) Two percent of average net profit of the company as per section 135(5) 2,96,09,019/-
(ii) Total amount spent for the Financial Year 2,56,78,923/-
(iii) Excess amount spent for the financial year [(ii)-(i)] __
(iv) Surplus arising out of the CSR projects or programmes or activities of the
previous financial years, if any
(v) Amount available for set off in succeeding financial years [(iii)-(iv)]
9.(a) Details of Unspent CSR amount for the preceding three financial years:
Sl.No. Preceding Fi- Amount Amount spent Amount transferred to any fund spec- Amount
nancial Year. transferred to in the report- ified under Schedule VII as per section remaining to
Unspent CSR ing Financial 135 (6), if any. be spent in
Account under Year (in Rs.). succeeding fi-
section 135 (6) Name of Amount Date of nancial years.
(in Rs.) the Fund (in Rs.). transfer. (in Rs.)
Statutory Reports
(b) Details of CSR amount spent in the financial year for ongoing projects of the preceding financial year
(s):
(1) (2) (3) (4) (5) (6) (7) (8) (9)
Sl. Project ID. Name of the Financial Project Total Amount Cumulative Status of
No. Project. Year in duration. amount spent on amount the project-
which the allocated for the project spent at Completed/
project was the project in the the end of Ongoing.
commenced (in Rs.). reporting reporting
Financial Financial
Year (in Rs). Year. (in Rs.)
Attached at Annexure C3
Attached at Annexure-C/CSR-III
Standalone Financial Statements
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WAPCOS ANNUAL REPORT 2021-22
Corporate Overview
(d) Provide details of the capital asset (s) created or acquired (including complete __
address and location of the capital asset).
11. Specify the reason(s), if the company has failed to spend two percent of the average net profit as
per section 135(5) -
During 2021-22, the Company has taken up CSR works for 2% of the average net profit as per section 135(5). However,
against the target of 2% the expenditure incurred is 1.73%. The remaining amount could not be released due to non-
completion of activities. Accordingly the remaining has been transferred to unspent CSR account as indicated in Item no
8 (a) column 2 above.
Statutory Reports
Sd/- Sd/-
(RK Agrawal) (Anil Trigunayat)
(Chairman-cum-Managing Director) (Independent Director)
DIN No. 09344894 (Chairman CSR Committee)
DIN:07900294
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WAPCOS ANNUAL REPORT 2021-22
Annexure-C1
154
WAPCOS ANNUAL REPORT 2021-22
and ethical behavior; conforming to the expected Before taking final decision on the selection of CSR
standards of transparency in reporting and disclosing and Sustainability project, WAPCOS assess the needs
its performance in all the spheres of its activities; of the intended beneficiaries for a realistic assessment
demonstrating concern for the welfare of its of the resource inputs required for the expected level
employees; adopting production methods, commercial of social / economic / environmental impact through
operations and management practices that promote the implementation of the project.
social and environmental sustainability; and, retaining
Corporate Overview
the trust and confidence of the investors and
shareholders by matching its financial performance IMPLEMENTATION:
with equally commendable achievements in non- Activities selected under CSR and Sustainability agenda
financial parameters. This approach to CSR reinforces by WAPCOS are normally implemented in a project
WAPCOS role as a consultancy organization in making mode, which entails charting the stages of execution
an impact on socio economic growth and environment through planned processes, with mobilization of
protection. pre-estimated quantum of resources, and within
the allocated budgets and prescribed timelines.
INSTITUTIONAL SET-UP It also involves assigning clear responsibility and
The institutional set-up for CSR activities at WAPCOS accountability of the designated officials / agencies
is as follows: who are entrusted with the task of implementation.
All CSR and sustainability projects are carried out with
A two tier structure for Corporate Social Responsibility defined deliverables, planned timelines and through
Activities was created in line with DPE’s Guidelines on implementation partners.
the subject. The Board Level Committee in this struc-
ture comprised of Two Functional Directors with an MONITORING:
Statutory Reports
Independent Director as Chairman. The Below Board
To assess if the progress is on expected lines in terms
Level Committee is comprised of Chief Executive Di-
of timelines, budgetary expenditure and achievement
rector ( Envt., C.M & Admn.) as Nodal Officer, Chief
of physical targets,monitoring isundertaken periodi-
Executive Director (PD&L),Chief Manager (C.P), Chief
cally with the help of identified key performance in-
(PR) and Addl. Chief Manager (Finance) as Members.
dicators; periodicity being determined largely by the
nature of performance indicators. Continuous feed-
Source of Funds
back and mid-course correction in implementation,
Prescribed limit of 2% of the average net profit (to whenever required are key components of effective
be calculated in accordance with the provision of monitoring process.
section 198) of the company made during the three
immediately preceding financial years to be spent
IMPACT ASSESSMENT:
during 2021-22 in pursuance of its Corporate Social
Standalone Financial Statements
Responsibility activities as stipulated in the Act and the Impact assessment wherever required iscarried out in-
CSR rules. line with the policy/ guidelines issued from time to
time.
CSR & SUSTAINABILITY PROCESS AT The thrust of CSR and Sustainability is clearly on
WAPCOS PLANNING: sustainable development, inclusive growth, capacity
In the first phase of planning, the broad areas/ proj- building, empowerment of communities, inclusive
ects of CSR are identified. It is undertaken based on socio-economic growth, environment protection,
the budget allocation and identification of area/loca- promotion of backward regions and upliftment of
tion of the CSR projects. the marginalized and under privileged sections of
the society. While selecting the activities, the main
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WAPCOS ANNUAL REPORT 2021-22
focus is on sustainability development and inclusive Organizing Health Check up cum awareness
growth to address the basic needs of the deprived, camps on Nutrition & Hygiene in Shravasti
under-privileged, neglected and weaker sections of district, Uttar Pradesh.
the society . • Swastha Bharat project- Providing Healthcare
Priority is given to the issues which are of foremost Services to Schools children by Organising
concern in the National Development agenda, like General Health Check up Camps , Adolescent
Workshop, Swachhta Rally and Tree Plantation
Corporate Overview
WAPCOS has undertaken CSR and Sustainability • School Education/ Skill Development
initiatives in the diverse fields in different states of • School Education through reconstruction
India for Healthcare &Nutrition ,School Education, of four class rooms including electric fitting
Environmental Sustainability and Socio-economic and furniture for students of Lala Baijnath
development of underprivileged during 2021- Janki Pathshala Inter College, Tilhar, Distt-
22. Broadly, WAPCOS has undertaken CSR and Shahjahanpur, Uttar Pradesh
Sustainability activities in the following fields which
have been successfully implemented:- • Environmental Sustainability
• Construction of Rain Water Harvesting at
• Health Care/ Preventive Health Care Humayun’s Tomb site Museum, New Delhi
• Arogya Project- Providing Healthcare • Installation of Roof Top Rainwater Harvesting
Services to Government Schools children by Structure in Government Schools of Haryana
Statutory Reports
Standalone Financial Statements
156
Annexure-C3
8(b) Details of CSR amount spent against ongoing projects for the financial year:
Sl. No Name of the Project. Item from the Local Location of the project. Project Duration Amount Amount Amount Mode of Mode of Implementation- Through
list of activities Area allocate for spent in transferred Implemen- Implementing Agency
in schedule VII (Yes/ State. District the project the current to Unspent tation- Name CSR
of the Act. No). (in Rs.) financial CSR Account Direct (yes/ Registration
year (in Rs.) for the project NO). number.
as per Section
135 (6) (in Rs.).
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)
1 Construction of Rainwater Harvesting at Item No 4 Yes New Delhi Nizamuddin 03.08.2021- 24,18,700 21,05,454 - No Aga Khan Foundation, CSR00008713
Humayun’s Tomb Site Museum under CSR Environmental 02.11.2021 6 Bhagwan Dass Road,
activity of WAPCOS during 2021-22 Sustainability New Delhi,110001
2 Installation of Roof Top Rainwater Harvest- Item No 4 No Haryana Bhiwani, Faridabad, 01.10.2021- 17,99,700 17,09,893 89,807 No Empathetic Humane CSR00012973
ing Structure in Government Schools of Environmental Gurugram, 30.11.2021 Socially Awakened
Haryana -under CSR activity of WAPCOS Sustainability Jhajjar,Palwal, Panipat, Samaj (EHSAS),
during 2021-22 Rewari, Rohtak and
Sonipat Mahendru Enclave,
New Delhi
3 School Education through providing set of Item No 2 School NO Uttrakhand UdhamSingh Nagar 23.03.2022- 9,27,500 0 9,27,500 No Devwani Propkar CSR00013924
Table and Chair in 3 Schools of Khatima Education 22.06.2022 Mission,
Block , Udham Singh Nagar, Uttrakhand.
Bhupatwala, Haridwar,
Uttarakhand
4 School Education through construction of Item No 2 School No Uttar Pradesh Shahjahanpur 29.03.2022- 24,91,000 0 24,91,000 No Gurgia Charities, CSR00010365
3 class rooms including electric fitting & Education 28.12.2022 Khanpur, New Delhi
fixture for students of Lala Baijnath Janki
Pathshala (LBJP) Inter-College, Tilhar, Distt-
Shahjahanpur, Uttar Pradesh.
5 Installation of Hot Water Dispenser Ma- Item No-1 Health No Odisha Mayurbhanj 17.03.2022 5,58,272 0 4,21,789 No Amarabati Charitable CSR00020682
chine in 39 Health Centres/Hospitals (DHH/ Care - Educational Trust
SDH/AH and CHC) of Mayurbhanj District, 16.09.2022 Mayurbhanj, Odisha
Odisha.
6 Arogya Project- Providing Healthcare Ser- Item No-1 Health No Uttar Pradesh Shravasti 01.01.2020- 2,17,226 2,17,226 - No Sustainable Action CSR00005293
vices to Schools children in 45 Government Care 31.12.2021 Towards Human
Schools by Organising Health Check up Empowerment
cum awareness camps on Nutrition & Hy- ,Sector-5, Ghaziabad
giene in Shravasti district ,Uttar Pradesh
7 Swastha Bharat project- Providing Health- Item No-1 Health No Uttar Pradesh Bahraich 26.09.2019- 4,19,400 4,19,400 - No Aroh Foundation, CSR00000044
care Services to Schools children by Organ- Care 31.12.2021 Sector-8, Noida
ising General Health Check up Camps ,Ado-
lescent Workshop, Swachhta Rally and Tree
Plantation in Kaiserganj Block, Bahraich
district , Uttar Pradesh.
WAPCOS ANNUAL REPORT 2021-22
8 School Education through reconstruction of Item No 2 School No Uttar Pradesh Shahjahanpur 04.03.2020- 5,12,718 4,58,436 - No Gurgia Charities, CSR00010365
four class rooms including electric fitting Education 16.08.2021 Khanpur, New Delhi
and furniture & fixture for students of Lala-
BaijnathJankiPathshala (LBJP) Inter-College,
Tilhar, Distt- Shahjahanpur, Uttar Pradesh.
157
Standalone Financial Statements Statutory Reports Corporate Overview
Standalone Financial Statements Statutory Reports Corporate Overview
Annexure-C/CSR-3
158
9(b) Details of CSR amount spent in the financial year for ongoing projects of the preceding financial year (s):
(1) (2) (3) (4) (5) (6) (7) (8) (9)
Financial Year Total amount Amount spent on Cumulative amount Status of
in which the Project allocated for the project in the spent at the end of the project-
Sl.No. Project ID. Name of the Project.
project was duration. the project (in reporting Financial reporting Financial Completed/
commenced Rs.). Year (in Rs). Year. (in Rs.) Ongoing.
School Education through reconstruction of
WAP/
four class rooms including electric fitting 04.03.2020- 21,55,718
CSR/2019-
and furniture & fixture for students of 16.08.2021
1 20/S.E/ 2019-20 22,10,000 4,58,436 Completed
Lala Baijnath Janki Pathshala (LBJP) Inter-
Tilhar/U.P/31
College, Tilhar, Distt- Shahjahanpur, Uttar
Pradesh.
Annexure-D
Corporate Overview
However, wherever possible we use energy efficient equipments and machineries. Upgradation of old equipments
with upgraded versions were also being used time to time like use of LED bulbs in place of old fluorescent bulbs.
TECHNOLOGY ABSORPTION
1 The efforts made towards technology absorption Purchase of the following softwares :
a) PSSE- Power System Simulator for Engineering
for Power System Studies
b) ETAP- Power System Studies (module)
c) PLS-CADD – Transmission line design software
d) PLS TOWER - Design of Power Transmission
Towers
e) PLS POLE - Design of Distribution Pole
f) PV Syst – Software to study solar power
generation
g) PLS – SAPS – Structural Analysis of Power and
Statutory Reports
Communication system
h) MS-Projects-2016 Professional – project
monitoring tool
i) STADD PRO – structural analysis and design
computer program
j) Artificial Intelligence
k) ArcGIS Software - ArcGIS is a geographic
information system (GIS) application. The
software allows to view and query maps
created with the other ArcGIS products.
2 The benefits derived like product improvement, The softwares deliver high quality of work within
cost reduction, product development, import minimum time period and accuracy of results are
159
WAPCOS ANNUAL REPORT 2021-22
e) PV Syst
Used in calculating solar power generation
and performance evaluation (technical and
financial) of solar PV based systems.
f) PLS – SAPS
Structural Analysis of Power and Communi-
cation system. It is a general structural analysis
program and is used to calculate sag-tension
capabilities, Structural Analysis of Power and
communication system.
g) MS-Projects-2016 (Professional)
Project monitoring, analysis of projects,
allocation of financial resources, HR ma
Standalone Financial Statements
agement
h) STADD PRO
Structural analysis, model designing, accurate
and economical design, determination of
loading conditions.
h) PSSE - POWER SYSTEM SIMULATOR FOR
ENGINEERING
It is a software tool used by power power
transmission networks in steady-state
conditions as well as over timescales of a few
seconds to tens of seconds.
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WAPCOS ANNUAL REPORT 2021-22
3 In case of imported technology (imported during the last 3 years reckoned for the beginning of the financial
year)
a) The details of technology imported a) PSSE – Imported from Germany
b) ETAP- Imported from USA
c) PLS-CADD/Tower/Pole – Imported from USA
d) PV Syst – India
Corporate Overview
e) PLS – SAPS - Imported from USA
f) MS-Projects-2016 (Professional)
g) STADD PRO
h) ArcGIS – from India
b) The year of import a) ETAP- 2012 (upgraded as on date)
b) PLS-CADD/Tower/Pole-2013 (Last upgraded in
2018)
c) PV Syst – 2013
d) PLS – SAPS - 2019
e) MS-Projects-2014 (Professional)
f) STADD PRO – 2013/2014
g) PSSE
h) ArcGIS
Statutory Reports
c) Whether the technology been fully absorbed Yes and are in operation
d) If not absorbed, areas where NA
absorption has not taken place, and
the reasons thereof; and
4. The expenditure incurred on Research NIL
and Development
The foreign exchange earnings and outgo during the year under review were as follows:-
Sd/-
(RK Agrawal)
Chairman-cum-Managing Director
Place: New Delhi
Dated: 18.11.2022
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WAPCOS ANNUAL REPORT 2021-22
Annexure-E
HARBANS LAL & CO. Off : 23696096
COMPANY SECRETARIES Phones Resi :23696831
Mob: 9811627414
Email: [email protected]
L-15, Pratap Nagar, Delhi-110007
(Near Pratap Nagar Metro Station)
Corporate Overview
to good corporate practices by WAPCOS LIMITED (herein after called “the Company”). Secretarial Audit was
conducted in a manner that provided us a reasonable basis for evaluating the corporate conducts/statutory
compliances and expressing our opinion thereon.
Based on our verification of the Company’s 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, we hereby report that in our opinion, the
Company has, during the audit period covering the financial year ended on 31st March, 2022 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:
We have examined the books, papers, minute books, forms and returns filed and other records maintained by
WAPCOS LIMITED for the financial year ended on 31st March, 2022 according to the provisions of:
(i) The Companies Act, 2013 (the Act) and the rules made there under;
Standalone Financial Statements
(ii) Foreign Exchange Management Act, 1999 and the rules and regulations made there under to the extent of
Foreign Direct Investment, Overseas Direct Investment and External Commercial Borrowings;
(iii) DPE Guidelines on Corporate Governance for CPSE.
(iv) Secretarial Standards issued by The Institute of Company Secretaries of India.
We have also examined the Compliances/processes/systems under other specific applicable Laws, as applicable
to the Company, which are being verified on the basis of periodic certificate under internal compliance system
submitted to the Board of Directors of the Company and to the Administrative Ministry of the Company.
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WAPCOS ANNUAL REPORT 2021-22
During the period under review, the Company has complied with the provisions of the Act, Rules, Regulations,
Guidelines, Standards, etc. as applicable to the Company, subject to the following observations:
Observation No. 1: Non compliance of clause 6.1 of the DPE Guidelines on Corporate Governance for Central
Public Sector Enterprises which requires that at least one Independent Director on the Board of Directors of the
holding company shall be a Director on the Board of Directors of its subsidiary company.
We further report that the Company has complied with the requirements pertaining to the composition of the
Corporate Overview
Board of Directors, which is to be constituted as per the Companies Act, 2013 and DPE Guidelines. 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.
We further report that the Company has complied with provisions of the Companies Act, 2013 with regard to
holding of Annual General Meeting for the Financial Year 2020-21. The Accounts for the Financial Year were
adopted in the AGM held on 08.12.2021 i.e within the extended period by ROC.
Generally, adequate notice is given to all Directors for scheduled Board Meetings, Agenda and detailed notes on
agenda were 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. In case
of convening of meetings at short notice including sending of notice and agenda, consent of members present in
the meetings were taken.
All the decisions made in the General/Board/Committee meeting(s) were carried out with unanimous consent of
all the Shareholders/Directors/Committee Members present during the meetings.
We further report that there are adequate systems and processes in the Company commensurate with the size
Statutory Reports
and operations of the company to monitor and ensure compliance as per applicable laws, rules, regulations and
guidelines.
We further report that as per DPE Guidelines on Corporate Governance, Quarterly Reports confirming compliance
of applicable laws to the Divisions of the Company, are being submitted to the Board for review of the same.
We further report that during the year under report, the following were the important events:
(i) The Company has received order of Regional Director (North) on 25th November, 2021 compounding offence
for late holding of 51st AGM for the Financial Year 2019-20.
(ii) Consequent upon conversion from a Private to a Public Company, fresh certificate of Incorporation has been
received from Registrar of Companies, New Delhi on April, 27, 2021.
Sd/-
(Harbans Lal)
FCS No. 1022
Place: New Delhi CSP No. 3944
Date: 01.11.2022 UDIN: F001022D001429295
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WAPCOS ANNUAL REPORT 2021-22
The Members,
WAPCOS Limited
5thFloor, Kailash
26 Kasturba Gandhi Marg
New Delhi-110001
Our report of even date is to be read along with this letter.
1. Maintenance of secretarial records is the responsibility of the management of the Company. Our Responsibility
is to express our opinion on these secretarial records, based on our inspection of records produced before us
for Audit.
2. We have followed the audit practices and processes as were appropriate to obtain reasonable assurance
about the correctness of the contents of the secretarial records. The verification was done on test basis to
ensure that correct facts are reflected in secretarial records. We believe that the processes and practices, we
followed provide a reasonable basis for our opinion.
Statutory Reports
3. We have not verified the correctness and appropriateness of financial records and Books of Accounts of the
Company and our report is not covering observations/ comments/ weaknesses/qualified opinion already
pointed out by the other Auditors.
4. Wherever required, we have obtained the Management representation about the compliance of laws, rules
and regulation and happening of events etc.
5. The Compliance of the provisions of corporate and other applicable laws, rules, regulations, standards is the
responsibility of management. Our examination was limited to the verification of procedures on test basis and
to give our opinion whether the Company has proper Board-processes and Compliance-mechanism in place
or not.
6. The Secretarial Audit Report is neither an assurance as to future viability of the Company nor of the
efficacy or effectiveness with which the management has conducted the affairs of the Company
Standalone Financial Statements
Sd/-
(Harbans Lal)
FCS No. 1022
Place: New Delhi CSP No. 3944
Date: 01.11.2022 UDIN: F001022D001429295
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WAPCOS ANNUAL REPORT 2021-22
Annexure-F
Corporate Overview
pertaining to contract measurements, inspection logs, physical records pertaining to contract measurements,
progress review documents etc. are kept at the branch or inspection logs, progress review documents etc. are
site offices whereas the financial records and accounts are maintained at the site office. However, the measurement
centralized at the corporate office on a technologically details & progress documents are sent to Head office on
obsolete software application namely, “Foxpro 2.60” which periodic basis alongwith RA bills of the contractors. Thus,
lacks access controls, posting controls, account classification the company is having full control of information. Further,
controls, nomenclature controls and reporting requirements. these records are brought to head office at the end of the
That the said system is deprived of requisite IT Controls and project.
reliance is represented to have been made on Manual Controls
Further the company is having various policies / plans in
by the management. That despite having large number of
place such as Delegation of power, budgetary control,
projects geographically spread all over Indian and abroad,
periodic project review meetings, Risk Management Policy,
the financial data pertaining to the Project Management is
Fraud Prevention Policy, Whistle Blower Policy, HR Plan, CSR
controlled manually and the project reports shared during the
Policy, Succession Plan, Standing tender committee etc.
course of audit underwent several corrections and revisions.
We performed the analytical procedures for our sample The Books of accounts of the company are maintained in
selection and testing purpose under the current system and accordance with Accounting Standards/ Guidelines issued
expanded the sample size accordingly and placed reliance on by the Ministry of the Corporate Affairs from time to time.
Statutory Reports
management reports and representations for the purpose of The company is ensuring the compliance of statutory acts
our audit. such as Income Tax Act, Goods & Service tax Act, PF Act,
Payment of Gratuity Act, Payment of Bonus Act, Professional
tax/ Labour Cess Act etc.
Further, the Company is following GFR, Works Manual,
Procurement of Goods and services manual issued by the
Ministry of Finance, Government of India. Also the company
is ensuring compliance with Vigilance/DPE Guidelines issued
from time to time.
The company is following practices of Corporate Governance
and has Board Level Audit/CSR /R&D /Remuneration/
Project Review committee in place for overseeing the affairs
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WAPCOS ANNUAL REPORT 2021-22
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WAPCOS ANNUAL REPORT 2021-22
Corporate Overview
In the case of expenditure booking, the system requires
selection of taxable / non taxable expenditure. The system
captures bill number, expenditure head, selection of state
code & GST rate, the entire expenditure Journal entry is
automatically generated including input GST , GST TDS ,
Income tax TDS & amount payable to the vendor. PAN, GST
number & bill number of the vendors are validated by the
system from the master data.
While recording the assets booking, the system captures
bill number, date, state code, location, GSTIN, HSN Code,
stock entry. After entering the above data, the coding
sheets of assets are automatically generated by the system.
Depreciation is calculated automatically based on the useful
life of each asset. Besides, depreciation as per Income tax
rules is also calculated automatically by the system.
Statutory Reports
The data entered by the individual user is merged in the
main system. Once a data is entered in the system, it does
not permits modification, editing or deletion of the entered
data by the user.
The salary payable to the employee is also processed through
Foxpro programme. The salary structure is designed as per
DPE guidelines & in accordance with terms & conditions of
the individual appointment which is done in accordance
with the R&P rules of the company. At the time of joining of
new employee, the personnel division issues office order on
the basis of which, the salary record of individual is created
in the payroll system. Annual increments are also granted
after approval of competent authority & issue of necessary
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WAPCOS ANNUAL REPORT 2021-22
That during the Financial Year under consideration, the The sanction letter issued by the bank, Companies Act, RBI
holding company has got disbursed a sum of INR 40 Crores Guidelines do not contain any restrictive clause. However,
against Credit Facility of INR 200 Crores from State Bank note has been taken of the Audit suggestion for future.
of India as Working Capital Loan out of which sum of INR
16 Crores has been utilized for payment of Dividend to the
Shareholders.
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WAPCOS ANNUAL REPORT 2021-22
Corporate Overview
after assessment of the Probability of Default and Present every reporting date, the company can update the default
Value loss on account of deferred cash realizations etc. may rates & also change the forward looking estimates.
be considered as a correct basis for the ECL Provisioning in
The company has a policy to write off debts of more than
terms of Ind AS 109. However, neither a scientific basis used
10 years. During the last 5 years, the average write off has
at the time of original matrix, nor the revised matrix has been
been of the order of 0.80% only of the trade receivables.
provided to us during the course of audit. In our opinion the
revision of the ECL matrix by the management has material The company has analyzed the trend of realization & it is
implication on the profits of the earlier financial years as well anticipated that the company shall be able to improve its
as current year under audit which has been subsumed with realization in future owing to the dispersal of the CORONA
in the current year provision expense rather than disclosing Pandemic effects & new strategic being adopted for
the same as an exceptional item or restatement as a material realization of trade receivables. Accordingly, ECL interse
error in estimation to the respective financial year(s). In the matrix has been rationalized in terms of provision of IND
absence of relevant information being shared with us, the AS & Company’s accounting policy duly approved by Board
year wise impact could not be ascertained. Further in the of Director’s.
opinion Trade Receivables against projects executed in the The current cumulative provision for trade receivable &
Country of Afghanistan, Sri Lanka etc. carry a significant retention money as at 31.03.2022 stands at Rs. 266.29
level of realization risk considering the present economic and
Statutory Reports
Crores which works out to 14.18% of the total trade
political situation in the countries. However, the company has receivables, which effectively covers the time value of
made provision only as per standard ECL Matrix against such money & probable default.
receivables. Total outstanding receivables from the above 2
countries in INR 2084.76 Lacs (Net of amount received in
Apr 22). Similarly balance held in the bank accounts in these It is further submitted that the company’s current provision
countries may also be subject to repatriation restrictions. rate is higher than that of its peers engaged in the similar
kind of business.
The company has also taken actuarial valuation of its
expected credit loss matrix & as per actuarial report, the
cumulative provision for trade receivable & retention money
as at 31.03.2022 stands at Rs. 250.56 Crores, whereas the
company carries cumulative provision of Rs. 266.29 Crores
which is 6.28% higher than actuary report.
The company was executing Five number of projects Standalone Financial Statements
in Afghanistan when the political situation changed
on 15.08.2021. Owing to change of Government in
Afghanistan, all project operations were temporarily
suspended. The company had trade receivable amounting
to Rs. 40.34 Crores due from Afghanistan projects as on
15.08.2021. Out of this, the company has received Rs.
20.65 Crores on 04.04.2022. Thus the balance value of
Note: *The auditor has issued a clarificatory letter stating that figure of Rs. 6243.39 crore may be read as Rs. 6243.39 lacs.
169
WAPCOS ANNUAL REPORT 2021-22
Afghanistan Projects.
In respect of Sri Lanka project, the company is confident of
realising the debtors after restoration of normalcy.
That the direct confirmations could not be received for a The company had obtained balance confirmation letters
substantial number of trade payables, trade receivables, fixed from banks, the copies of which were submitted to the
deposited with the Indian Banks and some foreign banks Audit team for perusal.
including all banks in Afghanistan. Further, as represented by
Further, as per the directions of Audit team, emails were
the management owing to government clientele aggressive
sent to all the banks requesting them to send a copy of
or legal measures are not resorted to for the purpose of
balance confirmation to the Statutory Auditors. Also, the
realization of the dues. In our opinion, there have been
Audit team member physically verified the balances of all
substantial increase in the outstanding receivables and
Indian banks by logging into the internet banking facility
accordingly direct confirmations from the respective parties
available to the company in their respective banks.
is must for assurance on the amount of receivables. That the
late delivery charges or contract deductions (if any) made by It is further submitted that the company accords at most
such customers or consequential impact of stalled projects priority for realization of trade receivables. The realization
Statutory Reports
for which no separate record is maintained by the company of debtors is followed up by company’s project site offices
could not be identified in the absence of the such external which chase the payment on a daily basis with the client.
confirmations. Similarly, there are instances of unrealized Besides senior officials of the company including CMD also
advances paid/ security deposits & employee payable/ undertake periodic visit to the client offices or write formal
advances for which no confirmations could be obtained communication regarding realization of pending payments.
from the respective parties. Furthermore, the confirmations Periodic meetings are conducted to review the realization
wherever received were in denial to the book balances and status of different projects. The company also deputes
claims which have been represented to be under reconciliation specific officers at certain project sites for regular persuasion
and the balance as per booked duly authenticated by the & realisation of pending payments. Also the company has
management is stated to be fully recoverable and likewise all requested assistance from Ministry of Jal Shakti and the
liabilities are claimed to be duly accounted for. The financial Ministry has written letters to various state Government’s
implications (if any) is subjected to final reconciliations with requesting for speedy release of payments to WAPCOS.
the respective parties. It is also submitted that, most of the company’s clients are
Government departments which follow single entry system
Standalone Financial Statements
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Corporate Overview
as per terms agreed and duly accepted by them. In our
engaging outside vendors (Some of which happen to be
opinion, the company shall be liable for payment of interest
MSME) for providing specialised technical services which
on delayed payments in terms of the MSME Act, 2006. There
have direct link on the final output prepared by WAPCOS
are in fact even claims made by the vendors with the Micro
Limited for onward acceptance by the client for which the
and Small Enterprise Facilitation Council which have been
project is being executed by WAPCOS.
included in the contingent liabilities disclosed in the financial
statements & hence adequate measures be taken for seeking The agreements entered into with outside vendors contain a
legal immunity (if any) against consequences of delay in clause that payment shall be released only after acceptance
payment to such vendors or the provision for interest on such of work & receipt of corresponding payment from the client.
delay may be duly provided in the financial statement (Refer
Note 38).
Statutory Reports
Standalone Financial Statements
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Annexure-G
which requires that at least one Independent Director on the We have requested our Administrative Ministry i.e. Ministry
Board of Directors of the holding company shall be a Director of Jal Shakti to expedite the appointment of Independent
on the Board of Directors of its subsidiary company. Director of the Company on the Board of our subsidiary
i.e. National Projects Construction Corporation Limited
(“NPCC”).
The appointment is awaited.
Statutory Reports
Standalone Financial Statements
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Corporate Overview Statutory Reports Standalone Financial Statements
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Standalone Financial Statements Statutory Reports Corporate Overview
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Corporate Overview Statutory Reports Standalone Financial Statements
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WAPCOS ANNUAL REPORT 2021-22
To The Members of M/s WAPCOS Limited namely, “Foxpro 2.60” which lacks access
Corporate Overview
Profit, total comprehensive income, changes in equity company has got disbursed a sum of INR 40 Crores against
and its cash flows for the year ended on that date. Credit Facility of INR 200 Crores from State Bank of India as
Working Capital Loan out of which sum of INR 16 Crores has
been utilized for payment of Dividend to the Shareholders.
Basis for a Qualified Opinion
d. That the management has voluntarily changed its yearly ECL
a. That the company is maintaining the books
Provisioning Matrix citing harmonization of the outliers in the
of accounts in decentralized manner where
year 3-4 and 4-5 out of 10-year provisioning policy. The above
the physical records pertaining to contract
change has resulted in increase in the profit of the company
measurements, inspection logs, progress review
during the year to the tune of INR 51.19 Crores (Refer to
documents etc. are kept at the branch or
Note 49). In our opinion, a scientific basis after assessment of
site offices whereas the financial records and
the Probability of Default and Present Value loss on account
accounts are centralized at the corporate office
of deferred cash realizations etc. may be considered as a
on a technologically obsolete software application
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WAPCOS ANNUAL REPORT 2021-22
correct basis for the ECL Provisioning in terms of Ind AS 109. be under reconciliation and the balance as per
However, neither a scientific basis used at the time of original books duly authenticated by the management
matrix, nor the revised matrix has been provided to us during is stated to be fully recoverable and likewise
the course of our audit. In our opinion the revision of the ECL all liabilities are claimed to be duly accounted
matrix by the management has material implication on the for. The financial implications (if any) is subject to
profits of the earlier financial years as well as current year final reconciliations with the respective parties.
under audit which has been subsumed within the current
f. That the identification of the Trade Payables
Corporate Overview
year provision expense rather than disclosing the same as
as Micro and Small has been prepared by the
an exceptional item or restatement as a material error in
management and relied upon by us. However,
estimation to the respective financial year(s). In the absence
no provision for interest has been made
of relevant information being shared with us, the year wise
by the company on the overdue balances
impact could not be ascertained. Further in our opinion Trade
outstanding for payment to these MSME
Receivables against projects executed in the Country
vendors since in view of the management, the
of Afghanistan, Sri Lanka etc. carry a significant level
payment to such vendors have been made as per
of realization risk considering the present economic and
terms agreed and duly accepted by them. In our
political situation in the countries. However, the company has
opinion, the company shall be liable for payment
made provision only as per standard ECL Matrix against such
of interest on delayed payments in terms of the
receivables. Total outstanding receivables from the above 2
MSME Act, 2006. There are in fact even claims
countries is INR 2084.76 Lacs (Net of amount received in
made by the vendors with the Micro and Small
Apr 22). Similarly balance held in the bank accounts in these
Enterprise Facilitation Council which have been
countries may also be subject to repatriation restrictions.
included in the contingent liabilities disclosed
(Refer Note No.63 & 64)
in the financial statements & hence adequate
e. That the direct confirmations could not be measures be taken for seeking legal immunity (if
Statutory Reports
received for a substantial number of trade any) against consequences of delay in payment
payables, trade receivables, fixed deposits to such vendors or the provision for interest on
with the Indian Banks and some foreign such delay may be duly provided in the financial
banks including all banks in Afghanistan. statement. (Refer Note 38).
Further, as represented by the management
We conducted our audit of the standalone financial
owing to government clientele aggressive or legal
statements in accordance with the Standards on
measures are not resorted to for the purpose
Auditing (“SA”s) specified under Section 143(10)
of realization of the dues. In our opinion, there
of the Act. Our responsibilities under those
have been substantial increase in the outstanding
Standards are further described in the Auditor’s
receivables and accordingly direct confirmations
Responsibilities for the Audit of the Standalone
from the respective parties is must for assurance
Financial Statements Section of our report. We
on the amount of receivables. That the late
are independent of the Company in accordance
delivery charges or contract deductions (if any)
Standalone Financial Statements
with the Code of Ethics issued by the Institute of
made by such customers or consequential impact
Chartered Accountants of India (“ICAI”) together
of stalled projects for which no separate record is
with the ethical requirements that are relevant to
maintained by the company could not be identified
our audit of the standalone financial statements
in the absence of the such external confirmations.
under the provisions of the Act and the Rules
Similarly, there are instances of unrealized
made there under, and we have fulfilled our other
advances paid / security deposits & employee
ethical responsibilities in accordance with these
payable/advances for which no confirmations
requirements and the ICAI’s Code of Ethics. We
could be obtained from the respective parties.
believe that the audit evidence obtained by us is
Furthermore, the confirmations wherever
sufficient and appropriate to provide a basis for
received were in denial to the book balances
our modified audit opinion on the standalone
and claims which have been represented to
financial statements.
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Further the appropriate judgement needs to be applied in back-to-back construction cost as expenses in the profit and
assessing the roles and responsibilities of various parties in loss account.
the contract which shall play a key role in determining the Our Audit approach consisted of the examining of sample
amount and nature of revenue to be recoginsed by each agreement to assess the role of the company in such contracts
party to the contract. The standard makes a distinction or memorandum of understandings, the key
between the parties having the role of principal or an agent
highlights/observations of which are stated hereunder:
and accordingly the nature and amount of revenue that shall
be recognised in each of such scenario. i. The core skill and expertise of the company is the
Provision of Engineering, Procurement, Construction related
When an entity that is a principal satisfies a performance
Consultancy Services and not of providing construction
obligation, the entity recognises revenue in the gross amount
services. Accordingly, the company is engagement is as a
of consideration to which it expects to be entitled in exchange
Project Management Consultant by various clients. Such
for those goods or services transferred.
Standalone Financial Statements
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Corporate Overview
executes with the contractors to whom mostly the work is
allotted on turnkey basis along with all risks and obligations
pertaining to construction work. The terms of agreement
or MOU of the company with the clients emphasise
primarily on the roles and responsibilities in the capacity of
a Project Management Consultant only. Further on account
of back-to-back engagement there is no inventory held by
the company.
Statutory Reports
amount may or may not be stated in such agreements or
MOU’s
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for which final outcomes cannot be easily predicted and included amongst others,
which could potentially result in significant liabilities. The i. Assessment of the process and relevant controls
Assessment of the risks associated with the litigations is based implemented to identify legal and tax litigations and
on complex assumptions, which require the use of judgment pending proceedings
and such judgement relates, primarily, the assessment of the ii. Assessment of assumptions used in the evaluation of the
uncertainties connected with the prediction of the outcome potential legal and tax risks performed by the legal and
of the proceedings and to the adequacy of the disclosures in tax department of the company.
the financial statements. Because of the judgement required,
iii. Inquiry with legal and tax department regarding status
the materiality of such litigations and complexity of the
of the significant disputes and inspection of the key
assessment process, the area is key matter for our audit.
documents produced before us.
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Corporate Overview
That in terms of the CPSE Guidelines, the Performance
Related Payment is payable to employees based on the Profit i. Review of the CPSE Guidelines to identify the mode and
Before Tax for the relevant financial year under consideration mechanism of calculation of Performance Related Payments
and accordingly the provisions is duly made in the respective
ii. Inquiry with the concerned department regarding
financial year.
communication or clarification on the above said restated
That in terms of the Ind AS Provisions and the Accounting adjustments.
Policy of the company, the preceding financial year results
iii. Review of the provision in terms of the present guidelines
are restated for Prior Period Adjustments thereby impacting
and adoption of the most practical approach based on
the Profit Before Tax of the previous years
present guidelines.
Statutory Reports
The calculations have been made based on the Audited Profit
before Tax for each Financial Year without considering the
impact of prior period adjustments based on audited financials
for respective year and future adjustment (if any) shall be
considered at the time of actual disbursement.
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3. That considering the nature and volume of accordance with the Ind AS and other accounting
transactions involved there is a need to periodically principles generally accepted in India. This responsibility
reconcile the Inputs as well as the output liability also includes maintenance of adequate accounting
as per books with the returns as per the Goods records in accordance with the provisions of the Act
and Service Tax Act. Further, liability under Goods for safeguarding the assets of the Company and for
and Service Tax may accrue on receipt of the preventing and detecting frauds and other irregularities;
Adjustable Advances/deposits Received by the selection and application of appropriate accounting
Corporate Overview
company on which the tax liability is deposited at policies; making judgments and estimates that are
the time of invoicing by the company. (Refer to reasonable and prudent; and design, implementation
Note No.6!) and maintenance of adequate internal financial
controls, that were operating effectively for ensuring
Our Opinion is not modified on the above matters.
the accuracy and completeness of the accounting
records, relevant to the preparation and presentation
Information Other than the Financial of the standalone financial statements that give a true
Statements and Auditor’s Report Thereon and fair view and are free from material misstatement,
whether due to fraud or error.
The Company’s Management & Board of Directors
is responsible for the other information. The other In preparing the standalone financial statements,
information comprises the information included in the Management & Board of Directors are responsible for
Board’s Report including Annexures to Board’s Report assessing the Company’s ability to continue as a going
but does not include financial statements and our concern, disclosing, as applicable, matters related
auditor’s report thereon. to going concern and using the going concern basis
of accounting unless management either intends to
Our opinion on the standalone financial statements
liquidate the Company or to cease operations, or has
Statutory Reports
We have nothing to report in this regard. that includes our opinion. Reasonable assurance
is a high level of assurance, but is not a guarantee
Management’s and Board of Directors that an audit conducted in accordance with SAs will
always detect a material misstatements when it exists.
Responsibilities for the Standalone Financial
Misstatements can arise from fraud or error and are
Statements considered material if, individually or in the aggregate,
The Company’s Management & Board of Directors they could reasonably be expected to influence the
are responsible for the matters stated in Section economic decisions of users taken on the basis of
134(5) of the Act with respect to the preparation these standalone financial statements.
of these standalone financial statements that give a As part of an audit in accordance with SAs, we exercise
true and fair view of the financial position, financial professional judgment and maintain professional
performance, including other comprehensive income, skepticism throughout the audit. We also:
changes in equity and cash flows of the Company in
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WAPCOS ANNUAL REPORT 2021-22
• Identify and assess the risks of material misstatement in aggregate, makes it probable that the economic
of the standalone financial statements, whether due decisions of a reasonably knowledgeable user of the
to fraud or error, design and perform audit procedures standalone financial statements may be influenced.
responsive to those risks, and obtain audit evidence We consider quantitative materiality and qualitative
that is sufficient and appropriate to provide a basis factors in (i) planning the scope of our audit work
for our opinion. The risk of not detecting a material and in evaluating the results of our work; and (ii) to
misstatement resulting from fraud is higher than for evaluate the effect of any identified misstatements in
Corporate Overview
one resulting from error, as fraud may involve collusion, the standalone financial statements.
forgery, intentional omissions, misrepresentations, or
We communicate with those charged with governance
the override of internal control.
regarding, among other matters, the planned scope
• Obtain an understanding of internal financial and timing of the audit and significant audit findings,
control relevant to the audit in order to design including any significant deficiencies in internal control
audit procedures that are appropriate in the that we identify during our audit.
circumstances. Under Section 143(3) (i) of the
We also provide those charged with governance with
Act, we are also responsible for expressing our
a statement that we have complied with relevant
opinion on whether the Company has adequate
ethical requirements regarding independence, and to
internal financial controls system in place and the
communicate with them all relationships and other
operating effectiveness of such controls.
matters that may reasonably be thought to bear on
• Evaluate the appropriateness of accounting our independence, and where applicable, related
policies used and the reasonableness of accounting safeguards.
estimates and related disclosures made by the
From the matters communicated with those charged
management.
with governance, we determine those matters
Statutory Reports
• Conclude on the appropriateness of Management that were of most significance in the audit of the
& Board of Directors use of the going concern standalone financial statements of the current period
basis of accounting and, based on the audit and are therefore the key audit matters. We describe
evidence obtained, whether a material uncertainty these matters in our auditor’s report unless law or
exists related to events or conditions that may regulation precludes public disclosure about the
cast significant doubt on the Company’s ability matter or when, in extremely rare circumstances, we
to continue as a going concern. If we conclude determine that a matter should not be communicated
that a material uncertainty exists, we are required in our report because the adverse consequences of
to draw attention in our auditor’s report to the doing so would reasonably be expected to outweigh
related disclosures in the standalone financial the public interest benefits of such communication.
statements or, if such disclosures are inadequate,
to modify our opinion. Our conclusions are based
Report on Other Legal and Regulatory
on the audit evidence obtained up to the date of
Standalone Financial Statements
our auditor’s report. However, future events or Requirements
conditions may cause the Company to cease to 1. As required by Section 143(3) of the Act,
continue as a going concern. based on our audit we report that:
• Evaluate the overall presentation, structure and a. We have sought and obtained all the
content of the standalone financial statements, information and explanations which to
including the disclosures, and whether the the best of our knowledge and belief were
standalone financial statements represent the necessary for the purposes of our audit.
underlying transactions and events in a manner
b. In our opinion, proper books of account
that achieves fair presentation.
as required by law have been kept by the
Materiality is the magnitude of misstatements in the Company so far as it appears from our
standalone financial statements that, individually or examination of those books.
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c. The Balance Sheet, the Statement of Profit and according to the explanations given to
and Loss including Other Comprehensive us:
Income, Statement of Changes in Equity and
(a) The Company has disclosed the impact
the Statement of Cash Flows dealt with by
of pending litigations on its financial
this Report are in agreement with the books
position in its financial statements in
of account.
Note 51.
d. In our opinion, the aforesaid standalone
Corporate Overview
notification no. G.S.R. 463(E) dated June, either individually or in the aggregate)
5th 2015 issued by the Ministry of Corporate have been received by the Company
Affairs. from any person or entity, including
foreign entity (“Funding Parties”), with
i. With respect to the other matters to be
the understanding, whether recorded in
included in the Auditor’s Report in accordance
writing or otherwise, that the Company
with Rule 11 of the Companies (Audit and
shall, whether, directly or indirectly, lend
Auditors) Rules, 2014, as amended, in our
opinion and to the best of our information
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Corporate Overview
have been considered reasonable and Chartered Accountants
appropriate in the circumstances, nothing Form Registration Number: 000272N
has come to our notice that has caused us
to believe that the representations under Sd/-
sub-clause (i) and (ii) of Rule ll (e), as Nitin Jain
provided under (a) and (b) above, contain (Partner)
any material misstatement. Membership Number: 506898
UDIN: 22506898AQHOTQ6072
(e) That the company has declared dividend
Place: Delhi
during the year under consideration against
Date: August 30th, 2022
in terms of the provision of Section 123 of
the Companies Act, 2013.
Statutory Reports
Standalone Financial Statements
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WAPCOS ANNUAL REPORT 2021-22
(Referred to in paragraph 1(f) under ‘Report on Other Management’s & Board of Director’s
Legal and Regulatory Requirements’ Section of our Responsibility for Internal Financial Controls
report to the Members of M/s Wapcos Limited
The Management & Board of Directors of the Company
Report on the Internal Financial Controls Over Financial are responsible for establishing and maintaining
Reporting under Clause (i) of sub-section 3 of Section internal financial controls based on the internal control
143 of the Companies Act, 2013 (the “Act”) over financial reporting criteria established by the
Company considering the essential components of
Disclaimer Opinion internal control stated in the Guidance Note on Audit
of Internal Financial Controls Over Financial Reporting
We have audited the internal financial controls over issued by the Institute of Chartered Accountants
financial reporting of Wapcos Limited (the “Company”) of India (the “ICAI”). These responsibilities include
as of March 31, 2022 in conjunction with our audit the design, implementation and maintenance of
of the standalone Ind AS financial statements of the adequate internal financial controls that were
Company for the year ended on that date. operating effectively for ensuring the orderly and
Statutory Reports
In our opinion, the conventional Financial Accounting efficient conduct of its business, including adherence
System has pose serious limitations in implementing to company’s policies, the safeguarding of its assets,
Internal Financial Controls within the company and the prevention and detection of frauds and errors,
as represented the reliance is presently being made the accuracy and completeness of the accounting
on manual controls and procedures for which no records, and the timely preparation of reliable financial
documentation or records could be place before us for information, as required under the Act.
verification. In the absence of sufficient audit evidence
pertaining to the Internal Financial Control related
Auditor’s Responsibility·
documents produced before us during the course of
our audit, we are unable to comment whether the Our responsibility is to express an opinion on the
internal financial controls over the financial reporting Company’s internal financial controls over financial
were operating effectively as at March 31st 2022 reporting of the Company based on our audit. We
based on the internal control over Financial reporting conducted our audit in accordance with the Guidance
Standalone Financial Statements
criteria established by the Company considering the Note on Audit of Internal Financial Controls Over
essential components of internal control stated in the Financial Reporting (the “Guidance Note”) issued by
Guidance Note on Audit of Internal Financial Controls the ICAI and the Standards on Auditing prescribed
Over Financial Reporting issued by the Institute of under Section 143(10) of the Companies Act, 2013, to
Chartered Accountants of India. Accordingly, suitable the extent applicable to an audit of internal financial
audit techniques and substantive procedures were controls. Those Standards and the Guidance Note
adopted by us while conducting our audit and these require that we comply with ethical requirements
facts does not impact our opinion on the financial and plan and perform the audit to obtain reasonable
statements except to the extent on the matters where assurance about whether adequate internal financial
we have issued a Modified Opinion. controls over financial reporting was established and
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WAPCOS ANNUAL REPORT 2021-22
maintained and if such controls operated effectively in preparation of financial statements in accordance
all material respects. with generally accepted accounting principles, and
that receipts and expenditures of the company are
Our audit involves performing procedures to obtain
being made only in accordance with authorisations of
audit evidence about the adequacy of the internal
management and directors of the company; and (3)
financial controls system over financial reporting and
provide reasonable assurance regarding prevention or
their operating effectiveness. Our audit of internal
timely detection of unauthorised acquisition, use, or
financial controls over financial reporting included
Corporate Overview
disposition of the company’s assets that could have a
obtaining an understanding of internal financial
material effect on the financial statements.
controls over financial reporting, assessing the risk that
a material weakness exists, and testing and evaluating
the design and operating effectiveness of internal Inherent Limitations of Internal Financial
control based on the assessed risk. The procedures Controls over Financial Reporting
selected depend on the auditor’s judgement, including
the assessment of the risks of material misstatement Because of the inherent limitations of internal
of the financial statements, whether due to fraud or financial controls over financial reporting, including
error. the possibility of collusion or improper management
override of controls, material misstatements due to
We believe that the audit evidence we have obtained, error or fraud may occur and not be detected. Also,
is sufficient and appropriate to provide a basis for projections of any evaluation of the internal financial
our audit opinion on the Company’s internal financial controls over financial reporting to future periods are
controls system over financial reporting. subject to the risk that the internal financial control
over financial reporting may become inadequate
Meaning of Internal Financial Controls over because of changes in conditions, or that the degree
Statutory Reports
of compliance with the policies or procedures may
Financial Reporting
deteriorate.
A company’s internal financial control over financial
reporting is a process designed to provide reasonable For Serva Associates
assurance regarding the reliability of financial reporting Chartered Accountants
and the preparation of financial statements for external Form Registration Number: 000272N
purposes in accordance with generally accepted
accounting principles. A company’s internal financial Sd/-
control over financial reporting includes those policies Nitin Jain
and procedures that (1) pertain to the maintenance of (Partner)
records that, in reasonable detail, accurately and fairly Membership Number: 506898
reflect the transactions and dispositions of the assets UDIN: 22506898AQHOTQ6072
of the company; (2) provide reasonable assurance Place: Delhi
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WAPCOS ANNUAL REPORT 2021-22
Report under Section 143(5) of the Act, and as 3. Whether funds (grant/subsidy etc.) received/
per the directions issued by the Comptroller and receivable for specific schemes from central/
Auditor General of India on Financials of M/s state Government or its agencies were properly
Wapcos Limited for the Financial Year ended 31st accounted for/ utilized as per its term and
March 2022 conditions? List the cases of deviation.
Directions under Section 143(5) of the Companies Act Reply: As informed and represented to us no
2013 applicable. such funds have been received/utilized during
the financial year under consideration under any
1. Whether the company has system in place to
scheme of the central/state government. ( that
process all the accounting transactions through IT
advances/funds received under deposit work are
system? If yes, the implications of processing of
for business transactions not under any scheme)
accounting transactions outside IT system on the
integrity of the accounts along with the financial
implications, if any, may be stated. Sub-directions
Reply: No, the financial records and accounts i. Whether company has raised invoices on
are centralized at the corporate office on a it’s customers in respect of unbilled revenue
Statutory Reports
technologically obsolete software application recognized in one or more previous years? If not,
namely, “Foxpro 2.60” which lacks access what are the reasons for the same? Impact on the
controls, posting controls, account classification financial statements due to non-raising of invoices
controls, nomenclature controls and reporting may be stated.
requirements. That the said system is deprived
Reply: That out of the total unbilled amount of INR
of requisite IT Controls, measures and reliance
1230.14 Lacs as at 31st March 2021, during the
is represented to have been made on Manual
financial year under consideration the company
Controls by the management. That despite having
has invoiced INR 595.60 Lacs and booked the
large number of projects geographically spread all
same as revenue. Amount of INR 52.16 Lacs
over India and abroad, the financial data pertaining
has been fully impaired during the year. Further
to the Project Management is controlled manually
INR 582.38 Lacs had remained unbilled as at
and the project reports shared during the course
31st March 2022 which pertains to a Project in
of audit underwent several corrections and
Standalone Financial Statements
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WAPCOS ANNUAL REPORT 2021-22
on various undergoing projects in or related to needs to assess the Probability of default and
Afghanistan? Whether Company has made any also the delay in realization into consideration
accounting/adjustment in the books of accounts and compute the adequate provisioning required
of this? against the above said receivables and projects.
Reply: No. The management has represented that
out of the total outstanding receivable of INR 40.34 For Serva Associates
Crores as on the August, 1sth, 2022 it has already Chartered Accountants
Corporate Overview
received INR 20.65 Crores on April 4th, 2022 Form Registration Number: 000272N
and have received affirmative confirmations for
receipt of balance amount from respective clients. Sd/-
A provision of INR 4.07 Crores has been made as Nitin Jain
per the ECL Policy of the Company. Our opinion (Partner)
is modified on account of inadequate provision Membership Number: 506898
been made by the company in the absence of UDIN: 22506898AQHOTQ6072
direct confirmation from the funding agency or Place: Delhi
organization. In our opinion the management Date : August 30th, 2022
Statutory Reports
Standalone Financial Statements
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WAPCOS ANNUAL REPORT 2021-22
(Referred to in paragraph 2 under ‘Report on d. The Company has not revalued any of its
Other Legal and Regulatory Requirements’ Property, Plant and Equipment (including
Section of our report to the Members of M/s right of-use assets) and intangible assets
Wapcos Limited during the year.
To the best of our information and according to the e. No proceedings have been initiated during
explanations provided to us by the Company and the the year or are pending against the Company
books of account and records examined by us in the as at March 31, 2022 for holding any benami
normal course of audit, we state that: property under the Benami Transactions
(Prohibition) Act, 1988 (as amended in 2016)
i. a. (A) The Company is in possession of asset
and rules made thereunder.
wise records showing full particulars, including
quantitative details and situation of Property, ii . a. The physical verification of inventory has been
Plant and Equipment however neither there is any stated to be conducted at reasonable intervals
distinct marking on the physical assets nor such by the company & no material discrepancies
marking is available in the location wise physical have been stated to be noticed on physical
Statutory Reports
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WAPCOS ANNUAL REPORT 2021-22
venture and associate, and hence, clause (iii) (a) vi. The maintenance of cost records has
(A) is not applicable. not been specified by the Central
Government under sub-section (1) of
B. That company has not granted security and
Section 148 of the Companies Act, 2013
guarantee to its holding company, subsidiary or
for the business activities carried out by
Group company and hence, clause (iii) (a) (B) is
the Company. Hence, reporting under
not applicable.
clause (vi) of the Order is not applicable
Corporate Overview
b) That the company has not given any loan, to the Company.
guarantee & securities given to parties
vii. In respect of statutory dues:
covered under Section 189 of the Companies
Act, 2013 as at 31st March, 2022, and clause (a) The company is regular in depositing with
(iii) (b) is not applicable. appropriate authorities undisputed statutory dues
including Income Tax, Cess and other statutory
c) That the company has not given any loan,
dues applicable to it. According to the information
guarantee & securities and hence clause (iii)
and explanations given to us, no undisputed
(c) is not applicable.
amounts payable in respect of provident fund,
d) That the company has not given any loan, employees state insurance, income tax, duty of
guarantee & securities and hence clause (iii) customs, Goods & Services Tax (GST), cess and
(d) is not applicable. other statutory dues were in arrears as at 31st
e) That the company has not given any loan, March 2022 for a period of more than six months
guarantee & securities and hence clause (iii) from the date they become payable.
(e) is not applicable. (b) There were no undisputed amounts payable
in respect of Goods and Service tax, Provident
Statutory Reports
f) That the company has not given any loan,
guarantee & securities and hence clause (iii) Fund, Employees’ State Insurance, Income Tax,
(f) is not applicable. Sales Tax, Service Tax, duty of Custom, duty of
Excise, Value Added Tax, Cess and other material
iv. That the company has not granted any statutory dues in arrears as at March 31, 2022 for
loans, guarantees & securities and hence a period of more than six months from the date
clause (iv) is not applicable. they became payable.
v. The Company has not accepted any deposit (c) According to the information and explanation
or amounts which are deemed to be given to us, there was no outstanding statutory
deposits covered under Sections 73 to dues which have been deposited on account of
76 of the Companies Act, 2013. Hence, dispute with the authorities except as under:
reporting under clause 3(v) of the Order
is not applicable.
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WAPCOS ANNUAL REPORT 2021-22
Period to
Forum where
Sl. Name of the Nature of which it
the dispute is Amount in Rs. Present Status
No. Stature Dues relates
pending
(Fin Year)
Demand on E-Portal, request
Income Tax Act Income Tax
4. Income tax 2008-09 1,05,810.00 for disagreement & necessary
1961 Department
rectification made
Corporate Overview
GST Appeals-
16. GST Odisha GST Apr,21 54,25,072.00 Appeal filed and hearing awaited
ASMT 13
GST Appeals-
17. GST Odisha GST May,21 53,37,158.00 Appeal filed and hearing awaited
ASMT 13
GST Appeals-
18. GST Odisha GST June,21 38,64,086.00 Appeal filed and hearing awaited
ASMT 13
Madhya GST Appeals-
19. GST Jan,21 2,33,18,072.00 Appeal filed and hearing awaited
Pradesh GST ASMT 13
Madhya GST Appeals-
20. GST Feb,21 1,58,58,372.00 Appeal filed and hearing awaited
Pradesh GST ASMT 13
Madhya GST Appeals-
21 GST Mar,21 1,89,64,550.00 Appeal filed and hearing awaited
Pradesh GST ASMT 13
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WAPCOS ANNUAL REPORT 2021-22
Corporate Overview
to any lender. Companies (Audit and Auditors) Rules, 2014
with the Central Government, during the year
b) That no instance or information has come
and up to the date of this report.
on our records in context to the Company
been declared wilful defaulter by any bank c) That as represented by the management,
or financial institution or government or any there are no whistle blower complaints
government authority. received by the company during the year.
c) That the loans have been applied for the xii. The Company is not a Nidhi Company and hence
purpose for which the loans were obtained reporting under clause (xii) of the Order is not
except to the extent that sum of INR 16 applicable.
Crores was utilized for payment of dividend to
xiii. In our opinion, the Company is in compliance with
the shareholders of the company as reported
Section 177 and 188 of the Companies Act, 2013
above.
with respect to applicable transactions with the
d) On an overall examination of the financial related parties, where applicable and the details
statements of the Company, funds raised on of related party transactions have been disclosed
Statutory Reports
short term basis have, prima facie, not been in the standalone financial statements as required
used during the year for long-term purposes by the applicable accounting standards.
by the Company.
xiv. In our opinion the Internal Audit System of the
e) The company does not have any subsidiaries, Company is not commensurate with the size of
Joint venture or associate, therefore clause the company and the nature of its operations.
(ix) (e) is not applicable.
a) That based on the review of the Internal
f) The company does not have any subsidiaries, Audit reports, it has been observed that there
Joint venture or associate, therefore clause has been no compliance revert to the internal
(ix) (f) is not applicable. audit observations and hence the financial
implications as well as the corrective measures
x. a) The Company has not raised moneys by way
taken/to be taken could not be identified. The
of initial public offer or further public offer
Internal Auditor has cited limitations relating
(including debt instruments) during the year
to non-availability of the data or information
Standalone Financial Statements
and hence reporting under clause 3(x)(a) of
to the auditors. Further as informed to us the
the Order is not applicable.
internal audit was restricted to the financial
b) According to the information and explanations documents located at the corporate office
given to us and on an overall examination only which in our opinion are not adequate for
of the balance sheet, during the year, the the purpose of verification of decentralized
Company has not made any preferential records maintained at the project site offices
allotment of shares during the year under on PAN India Basis.
review and hence compliance with the
xv. Based on our audit procedures performed for
provisions of Section 42 of Companies Act
the purpose of reporting the true and fair view
2013 is not applicable.
of the financial statements and according to
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WAPCOS ANNUAL REPORT 2021-22
the information and explanations given by the report and we neither give any guarantee nor any
management, the Company has not entered assurance that all liabilities falling due within a
non-cash transactions with directors or persons period of one year from the balance sheet date1
connected for acquiring of any asset by the will get discharged by the Company as and when
directors or persons connected. they fall due.
xvi. In our opinion, the Company is not required to xx. a. That unspent amount of INR 13 Lacs s towards
be registered under Section 45-IA of the Reserve Corporate Social Responsibility (CSR) on other
Corporate Overview
Bank of India Act, 1934. Hence, reporting under than ongoing projects has been transferred
clause 3(xvi) (a), (b) and (c) of the Order is not to a separate bank account. That as at 31’’
applicable. March 2022 the same does not require a
transfer to a Fund specified in Schedule VII
xvii. The Company has not incurred Cash losses during
to the Companies Act in compliance with
the financial year covered by our audit and the
second proviso to sub-Section (5) of Section
immediately preceding financial year.
135 of the said Act.
xviii. There has been no resignation of
b. That there is no amount which has remained
the statutory auditors of the Company during the
unspent amount under sub-Section (5) of
year.
Section 135 of the Companies Act1 therefore
xix. On the basis of the financial ratios1 ageing and clause (xx) (b) is not appliable.
expected dates of realisation of financial assets and
xxi. That the above reporting is pertaining to
payment of financial liabilities/ other information
Standalone Financial Statements and hence
accompanying the financial statements and
reporting under clause (xxi) is not required.
our knowledge of the Board of Directors and
Statutory Reports
194
WAPCOS ANNUAL REPORT 2021-22
WAPCOS LIMITED
CIN NO.: U74899DL1969G01005070
BALANCE SHEET AS AT 31ST MARCH, 2022 (` in Lakhs)
Particulars Note No. As at March 31, 2022 As at March 31, 2021 As at April 01, 2020
ASSETS
NON CURRENT ASSETS
(a) Property, Plant And Equipment 2 1,954.60 1,894.95 2,186.85
(b) Capital Work-In-Progress - - -
Corporate Overview
(c) Right of Use Assets 2A 1,218.03 2,041.91 2,367.52
(d) Investment Property - - -
(e) Goodwill - - -
(f) Other Intangible Assets 2B 269.14 63.92 115.48
(g) Intangible Assets under Development - - -
(h) Biological Assets other than Bearer Plants - - -
(i) Financial Assets
(i) Investment 3 8,019.52 8,017.25 8,015.03
(ii) Trade Receivables - - -
(iii) Loans - -
(iv) Other Financial Assets 4A 2,390.51 2,068.48 10,544.35
(j) Deferred Tax Assets (Net) 5 9,663.34 8,827.60 7,391.15
(k) Other Non-Current Assets 6 153.62 394.18 263.33
CURRENT ASSETS
(a) Inventories - - -
(b) Financial Assets
(i) Investments - - -
(ii) Trade Receivables 7 161,274.08 157,283.96 148,156.45
(iii) Cash and Cash Equivalents 8 19,243.59 22,598.56 10,746.93
(iv) Bank Balances other than (iii) above 9 32,984.30 33,204.45 28,932.66
(v) Other Financial Assets 4B 3,246.41 2,775.41 2,652.87
(c) Current Tax Assets (Net) 10 8,104.07 4,335.38 4,090.17
(d) Other Current Assets 11 23,219.81 24,411.34 17,558.84
TOTAL ASSETS 271,741.02 267,917.38 243,021.63
EQUITY AND LIABILITIES
EQUITY
Statutory Reports
(a) Equity Share Capital 12 13,000.00 13,000.00 10,000.00
(b) Other Equity 13 48,944.86 47,146.12 48,925.03
LIABILITIES
NON CURRENT LIABILITIES
(a) Financial Liabilities
(i) Borrowings 17A 3,785.37 - -
(ia) Lease Liability 18A 920.75 1,634.38 1,847.82
(ii) Trade Payable
(A) total outstanding dues of micro and small enterprises 14A 41.46 262.39 960.23
(B) total outstanding dues of creditors other than micro and small enterprises 14A 815.99 1,557.03 1,850.29
(iii) Other Financial Liabilities 19A 7,281.32 6,498.35 5,092.97
(b) Provisions 15A 7,187.88 6,710.35 5,843.55
(c) Deferred Tax Liabilities(Net) - - -
(d) Other Non-Current Liabilities 16A 5,990.98 8,996.57 14,284.25
CURRENT LIABILITIES
(a) Financial Liabilities
(i) Borrowings 17B 4,299.87 4,820.03 405.18
(ia) Lease Liability 18B 492.46 630.03 652.52
(ii) Trade Payable
(A) total outstanding dues of micro and small enterprises 14B 34,141.12 36,339.57 26,956.71
(B) total outstanding dues of creditors other than micro and small enterprises 14B 75,595.77 75,061.55 71,666.67
(iii) Other Financial Liabilities 19B 12,002.32 10,980.13 10,748.52
Sd/-
Nitin Jain
Place: New Delhi Partner
Dated: 28 Aug. 2022 M. No. 506898
30 Aug. 2022
195
WAPCOS ANNUAL REPORT 2021-22
WAPCOS LIMITED
CIN NO.: U74899DL1969G01005070
STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED 31ST MARCH, 2022
(` in Lakhs)
Figures as at the end of Current Figures as at the end of Current
Particulars Note No.
reporting period (31st March, 2022) reporting period (31st March, 2021)
REVENUE
I Revenue from operations 20 1,37,372.56 1,30,758.06
Corporate Overview
Sd/-
Nitin Jain
Place: New Delhi Partner
Dated: 28 Aug. 2022 M. No. 506898
30 Aug. 2022
196
WAPCOS ANNUAL REPORT 2021-22
WAPCOS LIMITED
CIN NO.: U74899DL1969G01005070
STATEMENTS OF CHANGES IN EQUITY AS AT 31ST MARCH, 2022
Corporate Overview
Balance as the Changes in Equity Restated balance at Changes in equity Balance at the
beginning of the Share Capital due to the beginning of the share capital during end of the current
Current reporting prior period errors current reporting the current year reporting period
period period
13,000.00 - - - 13,000
Statutory Reports
Current reporting prior period errors current reporting the current year reporting period
period period
10,000.00 - - - 10,000.00
B OTHER EQUITY
(1) Current Reporting Period FY 2021-2022 (` in Lakhs)
Description Share Equity Reserves and Surplus Other Comprehensive Income (OCI) Money Total
Application component received
money pending of compound against
allotment Financial Share
Instruments Warrants
General Retained Capital Remeasurement Gains / Other Items
Reserve Earnings Reserve of Defined (Losses) from of Other
(A) (B) (C) Benefit Plans (D) Investments Comprehensive
in Equity Income (Specify
Instruments Income)
designated head
FVOCI (E)
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WAPCOS ANNUAL REPORT 2021-22
FVOCI (E)
Balance as at 31 March, 2020 - - 12,469.25 36,928.79 - (500.98) 27.97 - - 48,925.03
Profit for the year - 3,697.08 - - - 3,697.08
Dividend paid during the year (2,500.00) - - - - (2,500.00)
Less: Bonus issue (3,000.00) - - - - (3,000.00)
Fair Value Gain on Equity Share - - - - 2.21 2.21
Investment
Other Comprehensive Income - - - 29.88 - 29.88
Income Tax impact on OCI - - - (7.52) (0.56) (8.08)
Other Changes (Refer Note 1) - 115.36 - (115.36) - -
Balance as at 31 March, 2021 - - 6,969.25 40,741.23 - (593.98) 29.62 - - 47,146.12
FVOCI (E)
Balance as at 31 March, 2019 - - 2,469.25 39,922.45 - 394.44 26.02 - - 42,812.17
Effect of changes in Prior Period - (802.97) - - - (802.97)
Expenses / Income
Restated Balance as at 01 April, - - 2,469.25 39,119.48 - 394.44 26.02 - - 42,009.20
2019
Profit for the year - 13,403.03 - - - 13,403.03
Effect of changes in Prior Period - (409.72) - - -
Expenses / Income
Transfer to General Reserve 10,000.00 (10,000.00) - - - -
Other Comprehensive Income - - - (1,350.73) 2.59 (1,348.14)
Income Tax impact on OCI - - - 339.95 (0.65) 339.30
Dividend paid including DDT - (5,184.00) - - - (5,184.00)
Paid during the year
Prepaid exp and lease - - - (1.10) - (1.10)
discounting
Other changes (Lease - - - 116.47 - 116.47
Equalisation reserve)
Balance as at 31 March, 2020 - - 12,469.25 36,928.79 - (500.98) 27.97 - - 48,925.03
Standalone Financial Statements
Note 1: Being Lease Equalisation Reserve, Lease Discounting and Prepaid expense adjusted through Other Comprehensive Income transferred to Reserves and Surplus during the period under consideration.
Significant Accounting Policies and Notes to Accounts form an integral part of standalone financial statements (Note 1-67)
Sd/-
Nitin Jain
Place: New Delhi Partner
Dated: 28 Aug. 2022 M. No. 506898
30 Aug. 2022
198
WAPCOS ANNUAL REPORT 2021-22
WAPCOS LIMITED
CIN NO.: U74899DL1969G01005070
CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH, 2022
(` in Lakhs)
S. No. Particulars For the year ended 31st March, 2022 For the year ended 31st March, 2021
A) Cash Flow From Operating Activities
Net Profit Before Tax As Per Statement Of Profit And Loss 6,129.13 5,814.61
Corporate Overview
i) Adjustment For:
Interest Income Recognised In Statement Of Profit/ (Loss) (749.82) (1,295.39)
Dividend Income (989.41) (0.48)
Concessional Rent / Lease Termination (74.36) - (16.16)
(Profit) Loss On Account Of Exchange Variation (1,211.35) - 1,049.58
(Profit)/Loss On Sale Of Fixed Assets (Net) 6.19 1.27
Fixed Assets written off 2.79 -
Provision For Trade Receivable And Retention Money 4,838.41 6,549.19
Provision For Advance rent 25.00 -
Provision For Advance to supplier 5.81 -
Depreciation And Amortisation 391.26 487.79
Depreciation And Amortisation On Right to Use 653.06 810.95
Provision Written Back (22.05) -
Finance Cost Rou Assets 157.88 213.66
Finance Cost Term Loan 63.61 -
Finance Cost CASH CREDIT 343.35 280.60
EIR Adjustment in Long term Borrowings 0.57
3,440.96 8,080.99
Operating Profit Before Working Capital Changes 9,570.09 13,895.60
ii) Changes In Assets And Liabilities
Trade Receivable (8,766.46) - (15,750.29)
Statutory Reports
Trade Payable (2,626.20) 11,786.65
Other Current Assets 1,160.72 (6,852.50)
Non- Current Assets 240.57 (130.85)
Other Current Financial Assets (471.00) (122.54)
Non Current Financial Assets (384.10) - 8,549.46
Other Current Liabilities 2,728.52 9,829.84
Non Current Liabilities (3,005.59) (5,287.68)
Other Current Financial Liabilities 1,044.24 231.60
Non Current Financial Liabilities 782.98 1,405.37
Current Provisions 514.88 693.03
Non-Current Provision 477.54 866.80
(8,303.92) 5,218.90
Cash Generated From Operating Activities Before Taxes 1,266.17 19,114.50
Less: Corporate Tax Paid (6,720.51) (6,720.51) (3,807.26) (3,807.26)
Less: Corporate Tax Paid / Adjusted For Earlier Years - -
Net Cash Flow From Operating Activities (5,454.34) 15,307.24
B) Cash Flow From Investing Activities
Dividend Income 989.41 0.48
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WAPCOS ANNUAL REPORT 2021-22
S. No. Particulars For the year ended 31st March, 2022 For the year ended 31st March, 2021
Effect Of Exchange Difference On Translation Of Foreign Currency 1,211.35 (1,049.58)
Cash & Cash Equivalents
Net Increase / Decrease In Cash & Bank Balances (3,354.94) 11,851.64
Cash & Bank Balances At The Beginning Of The Year 22,598.56 10,746.93
Cash & Bank Balances At The Closing Of The Year 19,243.59 22,598.56
Notes (3,354.97) 11,851.63
1.Indirect Method Has Been Followed For Preparing Cash Flow As 19,243.59 22,599.56
Per Ind As-7
2. Cash & Bank Balances Represents: 19,243.63 22,598.57
Corporate Overview
Company Secretary Director Director (C & HRD) Director (Finance) Chairman-cum-Managing Director
(DIN No. 07900294) (DIN No. 08271048) (DIN No. 07290569) (DIN No. 09344894)
Sd/-
Nitin Jain
Place: New Delhi Partner
Dated: 28 Aug. 2022 M. No. 506898
30 Aug. 2022
Standalone Financial Statements
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WAPCOS ANNUAL REPORT 2021-22
ACCOUNTING POLICIES
Corporate Overview
and Infrastructure Development Projects related
The following accounting policies have been
to Residential, Office Buildings, Civil Works, Roads
adopted for preparation of Financial statements
& Highways, Irrigation, Agriculture and Water
for the Financial Year ending 2021-22
Projects, Electrical Power Projects for Generation,
Company Overview substation, Transmission etc.
WAPCOS Limited (the Company) is a "MINI The Company is incorporated under Companies
RATNA-1" Public Sector Enterprise under the aegis Act 1956 and domiciled in India having registered
of the Union Ministry of Jal Shakti, Department office at Kailash, 5th Floor, 26 Kasturba Gandhi
of Water Resources, Ganga Rejuvenation & River Marg, New Delhi — 110001 (India) and Corporate
Development, Incorporated on June 26th, 1969 office at 76-C, Sector -18, Gurugram, Haryana
under the Companies Act, 1956; WAPCOS is a -122015 (India).
technology driven consultancy and Engineering, The entire shareholding of the company is held by
Procurement and Construction Organization with the President & its nominees. The Government of
strong home country and global presence in the India has decided to divest part shareholding of
field of Water, Power and Infrastructure sectors. the company through IPO & also get the company
Statutory Reports
Engineering Excellence, Exceptional Workforce listed in the process. The IPO is planned to be
and Customer Centric Approach has enabled to done during the Financial Year 2022-23 & DIPAM
deliver projects consistently to clients. WAPCOS is taking necessary action in this regard.
has the requisite experience & expertise to
The company has also received approval from
undertake Consultancy & EPC projects of any scale
Ministry of Jal Shakti for merger of M/s NPCC
and complexity in the sectors of its operation.
Limited with WAPCOS. The company has already
WAPCOS portfolio of projects is both impressive
issued tender for engagement of transaction
and diverse in nature. The quality management
advisor for assisting the company in the merger
systems of WAPCOS comply with the Quality
transaction which is expected to be over by the
Assurance requirements of ISO-9001:2008 for
end of the Financial year 2022-23.
The shareholding pattern of the company is as under:
As at 31.03.2022 As at 31.03.2021
Standalone Financial Statements
S. Status of
Name of the Shareholder No. of Shares at No. of Shares at
No. Shareholding
Rs. 10/- each Rs. 10/-each
1. President of India Beneficial Owner 129981800 129981800
2. Sh. R.K. Agrawal, Chairman-Cum- Holding Shares 2600 -
Managing Director as Nominee
3. Ms. Debashree Mukherjee, Chairperson- Shareholder of - 2600
cum-Managing Director(Ex) President ofIndia
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WAPCOS ANNUAL REPORT 2021-22
As at 31.03.2022 As at 31.03.2021
S. Status of
Name of the Shareholder No. of Shares at No. of Shares at
No. Shareholding
Rs. 10/- each Rs. 10/-each
5. Sh. Abhay Thakur, Government Nominee 2600 -
Director, Additional Secretary (ER), Ministry
of External Affairs
Corporate Overview
The reporting and functional currency of the Company (b) Basis of Preparation of Financial
is Indian Rupees (INR). Figures in financial statements Statements.
are presented in Rs Lakh, by rounding off upto two
decimals except for per share data and as otherwise The financial statements of the Company are
stated. prepared based on principle of the historical cost
except for certain financial assets and liabilities
Statutory Reports
The financial statements are approved for issue by the and defined benefit plans that are measured at fair
company's Board of Directors at its meeting held on
value, and are drawn up to comply in accordance
28th August, 2022
with the Indian Accounting Standards (Ind AS)
notified by Ministry of Corporate affairs (“the
SIGNIFICANT ACCOUNTING POLICIES
MCA”) under section 133 of the Companies Act,
1.1 GENERAL 2013 (the Act) read with Rule 4 of the Companies
(Indian Accounting Standards) Rules 2015, as
(a) Statement of Compliance
amended by Companies (Indian Accounting
The financial statements of the company have Standards) amendment Rules from time to time.
been prepared in accordance with Indian The Ind AS Accounting policies have been applied
Accounting Standards (Ind AS) notified by Ministry consistently to all years presented in the financial
of Company Affairs (“the MCA”) under Section statements.
133 of the Companies Act, 2013 (the Act) read
All assets and liabilities have been classified as
Standalone Financial Statements
202
WAPCOS ANNUAL REPORT 2021-22
Corporate Overview
of revenues and expenses for the year. or over time, when (or as) the Company satisfies
performance obligations by transferring the
The estimates and judgments used in the promised goods or services to its customers.
preparation of the financial statements are
continuously evaluated by the Company and are Transaction price is the amount to which the
based on historical experience and various other company expects to be entitled in exchange for
assumptions and factors (including expectations transferring good or service to a customer. The
of future events) that the Company believes to consideration promised in a contract may include
be reasonable under the existing circumstances. fixed amounts, variable amounts or both. Variable
Although the Company regularly assesses these consideration is estimated using the expected
estimates, actual results could differ from the value method or most likely amount as appropriate
estimates. Appropriate changes in estimates in a given circumstance . Payment terms agreed
are made as the Management becomes aware with customers are as per business practice and
of changes in circumstances surrounding the there is no financing component involved in the
estimates. Changes in estimates are reflected in transaction price.
the financial statements in the period in which The company does not incur any cost for obtaining
changes are made and, if material, their effects are
Statutory Reports
contracts except administrative cost required for
disclosed in the notes to the financial statements. preparation of offers and the same is charged to
1.3 Revenue Recognition the Statement of Profit and Loss.
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WAPCOS ANNUAL REPORT 2021-22
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WAPCOS ANNUAL REPORT 2021-22
Revenue from sale of goods is recognized when 1.4 Property, Plant and Equipment (PPE)
the control of the same is transferred to the
Free hold land is carried at historical cost. Property,
customer and it is probable that the company will
Plant and Equipment are initially recognized at cost
collect the consideration to which it is entitled for
i.e, cost of acquisition or construction inclusive of
the exchanged goods. Performance obligations in
freight, erection and commissioning charges, non-
respect of contract for sale of goods is considered
refundable duties and taxes, expenditure during
as satisfied at a point of time when the control
construction period, borrowing costs, in case of
Corporate Overview
of the same is transferred to the customer and
a qualifying asset, upto the date of acquisition
where there is an alternate use of the asset or the
/ installation, net of accumulated depreciation
company does not have either implicit or explicit
and impairment losses, if any. Subsequent
right of payment for performance completed till
measurement is done at cost less accumulated
date. In case where there is no alternative use
depreciation and impairment loss, if any. Cost
of the asset and the company has either implicit
includes expenditure that is directly attributable
or explicit right of payment considering legal
for bringing the asset ready for its intended use
precedents, performance obligation is considered
by management.
as satisfied over a period of time and revenue is
recognized over time. Subsequent expenditures relating to property,
plant and equipment are capitalized only when
1.3.8 The reimbursable expenses recoverable are
it is probable that future economic benefits
in the nature of current assets and are adjusted to
associated with these will flow to the Company
the extent reimbursed by the client.
and the cost of the item can be measured reliably.
1.3.9 Interest income is recognized using the Repairs and maintenance costs are recognized
effective interest method when it is probable in the Statement of Profit & Loss when incurred.
Statutory Reports
that the economic benefits associated with the An item of property, plant and equipment
transaction will flow to the entity and amount can and any significant part initially recognized, is
be measured reliably. derecognized upon disposal or when no future
1.3.10 Dividend income is recognized when the economic benefits are expected from its use or
right to receive payment is established and it is disposal. Any gain or loss arising on derecognition
probable that the economic benefits associated of the asset (Calculated as the difference between
with the transaction will flow to the entity and the net disposal proceeds and the carrying amount
amount can be measured reliably. of the asset) is included in the statement of Profit
and Loss when the asset is derecognized. Assets
1.3.11 Others to be disposed off are reported at the lower of
The company has a policy of taking bond money the carrying value or the fair value less cost to sell.
from new regular recruits engaged in the Depreciation on Property, Plant and Equipment
company . The bond money is kept in the form is provided under Straight Line Method (SLM)
Standalone Financial Statements
of fixed deposit receipts with banks in the name based on the useful life as prescribed in Schedule
of the company. The interest accrued on the II to the Companies Act, 2013 which matches the
deposits along with principal amount is treated assessment of the Management. Depreciation
as Asset & Liability in the books of the Company. method, useful lives and residual values are
On successful completion of the bond period, the reviewed at the end of each financial year. The
bond money is returned to the respective officials useful lives of assets are as prescribed in Part C
with interest accrued thereon. If the official of schedule II of the Companies Act, 2013. In
leaves the company before the completion of the respect of additions to / deductions from assets
bond period, the same is forfeited and the same during the year, depreciation is charged on pro
is treated as Income. rata basis.
205
WAPCOS ANNUAL REPORT 2021-22
amortization and impairment losses if any. The financial assets are measured at fair value
through profit and loss unless it is classified at
Gains or losses arising from de- recognition of
amortized cost.
intangible assets are measured as the difference
between the net disposal proceeds and the (c) Financial Liabilities at fair value through profit
carrying amount of the asset and are recognized or loss include financial liabilities held for trading
in the statement of profit and loss when the asset and financial liabilities designated upon initial
is de-recognized. recognition as at fair value through fair value
method.
Intangible assets are amortized on straight line
basis over estimated useful lives from the date on All other financial liabilities are subsequently
which they become available for use. measured at amortized cost using EIR method.
Gains and losses are recognized in Statement
206
WAPCOS ANNUAL REPORT 2021-22
of Profit and Loss when the liabilities are de- Receivables are presented as current financial
recognized as well as through the EIR amortization assets, except for those maturing later than
process. 12 months after the reporting date which are
presented as non-current financial assets. Loans
The Company holds non-derivative financial
and Receivables are initially recognized at fair value
instruments. The Non-derivative financial
and are subsequently measured at amortized cost
instruments comprises of:
using effective interest method (EIR).
Corporate Overview
i. Financial assets, which include cash and cash
(iv) Financial Assets at fair value through
equivalents, investments in equity, trade
profit or loss:
receivables, retentions by Project Authorities,
unbilled revenues, employee and other A, financial asset, which is not classified in any of
advances (including Security deposits given the above categories, is subsequently fair valued
which are refundable to company). through profit and loss (FVTPL).
ii.
Financial liabilities, which include trade De-recognition of financial instruments
payables, retentions from contractual
A financial asset is derecognized when:
payments (including security deposits taken
which are payable by company) • The rights to receive cash flows from the
asset have expired, or
Subsequent to initial recognition, non-derivative
instruments are measured as follows: • The Company has transferred substantially
all the risks and rewards of the asset, or the
(i) Cash & Cash Equivalents :
company has neither transferred nor retained
Cash comprises cash on hand and demand substantially all the risk and rewards of the
Statutory Reports
deposits with banks. Cash equivalents includes asset, but has transferred control of the asset.
short term deposits with an original maturity of
A financial liability or a part of financial liability is
three months or less from the date of acquisition
derecognized from the Balance Sheet when the
which are readily convertible into known amounts
obligation specified in the contract is discharged,
of cash and be subject to an insignificant risk of
cancelled or expired. When an existing financial
change of value. Cash and cash equivalents consist
liability is replaced by another from the same lender
of balances with banks which are unrestricted for
on substantially different terms, or the terms of
withdrawal and usage.
an existing liability are substantially modified,
(ii) Investment in Subsidiary such an exchange or modification is treated as
the derecognition of the original liability and the
Investment in Subsidiary has been carried at
recognition of a new liability. The difference in the
cost (as per IND AS 27) which comprises of
respective carrying amounts is recognized in the
consideration paid to acquire 98.89% Equity
statement of profit or loss.
holding in the Subsidiary Company.
Investment - Others
1.7 Impairment Standalone Financial Statements
a. Financial Assets :
All equity investments in scope of Ind AS 109
are measured at fair value. Equity instruments (other than at fair value)
which are held for trading are classified as at
In accordance with Ind AS 109, the Company
fair value through profit and loss (FVTPL). For all
applies Expected Credit Loss (ECL) model for
other equity instruments, the company decides to
measurement and recognition of impairment loss
classify the same either as at fair value through
for financial assets.
other comprehensive income (FVOCI) or fair value
through profit and loss (FVTPL). ECL is the difference between all contractual cash
flows that are due to the Company in accordance
(iii) Financial Assets at Amortized Cost.
with the contract and all the cash flows that the
Loans, Advances other than capital advances and Company expects to receive. When estimating the
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WAPCOS ANNUAL REPORT 2021-22
cash flows, the Company is required to consider:- Such Assets including Property, Plant and
Equipment, Intangible Assets, etc, are written off
• All contractual terms of the financial assets
when, in the opinion of the management such
(including prepayment and extension) over
assets have become obsolete, damaged beyond
the expected life of the assets.
repair, stolen and uneconomical to use.
• Cash flows from the sale of collateral held or
Such items of Inventory are disposed off when, in
other credit enhancements that are integral
the opinion of the management, such items have
Corporate Overview
208
WAPCOS ANNUAL REPORT 2021-22
Contingent liability is net of estimated provisions The Company makes contribution to the
considering possible outflow on settlement recognized provident fund – “WAPCOS
EMPLOYEES CONTRIBUTORY PF TRUST” for its
(iii) Contingent assets are not recognized but are
employees which is a defined benefit plan to
disclosed when an inflow of an economic
the extent that the Company has an obligation
benefit is a probable.
to make good the shortfall, if any, between the
Contingent assets, contingent liability and returns from the investments of the trust and the
Corporate Overview
provisions needed against contingent liabilities notified interest rate. The Company’s obligation
are reviewed at each balance sheet date. in this regard is determined by an independent
1.9 Employees Benefits actuary and provided for if the circumstances
indicate that the trust may not be able to
1.9.1 Defined Contribution Plan generate adequate returns to cover the interest
A defined contribution plan is a post –employment rates notified by the Government. . Company’s
benefit plan under which an entity pays fixes contribution to the Fund is charged to Statement
contribution into separate funds and will have of Profit and Loss.
no legal or constructive obligation to pay further 1.1.2 Defined Benefit Plans
amounts. The Company recognizes contribution
payable to such funds / schemes as an expense, 1.9.2.1 Gratuity
when an employee renders the related services. Company provides gratuity, a defined benefit plan
If the Contribution payable to the schemes covering eligible regular and contract employees.
for services received before the balance sheet The gratuity plan provides a lump sum payment
exceeds the contribution already paid, the deficit to vested employees of an amount based on the
payable to the scheme is recognized as a liability respective employee’s salary and the tenure of
Statutory Reports
after deducting the contribution paid. If the employment with the company at retirement,
contribution already paid exceeds the contribution death, in capacitation, or on completion of the
due for services received before the balance sheet, terms of employment.
then excess is recognized as an asset to the extent
The liabilities with regard to the Gratuity Plan
that the prepayment will lead to, for example, a
are determined by actuarial valuation at each
reduction in future payment or a cash refund.
reporting date using the “Projected Unit Credit
Obligations of contributions to defined benefit Method”, performed by an independent actuary,
plans are recognized as an employee benefits at the year end as follows:
expenses in the Statement of Profit & Loss in
(i) Company has set up a Gratuity Trust Fund
the period during which services are rendered by
which is being administered by Life Insurance
employees.
Corporation of India (LIC) who invests the
The company has a defined contribution pension contribution in the schemes permitted by laws of
Standalone Financial Statements
scheme which is administered through a separate India.
trust. The obligation of the company is to
(ii) The Company recognizes the net obligation of
contribute to the trust to the extent an amount
a defined benefit plan in its balance sheet as an
not exceeding 30 % of basic pay and dearness
asset or liability.
allowance less employer’s contribution towards
provident fund, gratuity, post-retirement medical (iii) Gain or loss through re measurements of net
scheme. The contributions to the fund for the defined benefit liability / (asset) is recognized in
year are recognized as an expense and charged Other Comprehensive Income (OCI).
to the Statement of Profit & Loss.
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WAPCOS ANNUAL REPORT 2021-22
(iv) The actual return of the portfolio of plan assets, In case of lease to be short term or low value,
in excess of the yields computed by applying the lease payments associated with those leases
discount rate used to measure the defined benefit shall be charged as an expense on either a
obligation is recognized in Other Comprehensive straight-line basis over the lease term or another
Income (OCI). systematic basis. The company as a lessee applies
another systematic basis if that basis is more
(v) Service Cost and net interest cost / (income)
representative of the pattern of the company as a
on the net defined benefit liability / (asset) are
Corporate Overview
lessee’s benefit.
recognized in Statement of Profit and Loss.
The interest element of lease payments is charged
The effects of any plan amendments, if any, are
to Statement of Profit and Loss, as Finance Costs
recognized in the Statement of Profit and Loss.
over the period of the lease.
1.9.2.2 Compensated Absences
Subsequent measurement (Depreciation)
The company operates defined benefit plan for
The right of use is depreciated over the useful
compensated absences. The cost of providing
life of the underlying asset or the validity of the
such defined benefits is determined by actuarial
lease term whichever is shorter and is subject to
valuation at each balance sheet date using the
impairment loss.
“projected unit credit method”.
The residual values, useful lives and methods of
1.9.2.3 Post-Retirement Medical Scheme
depreciation of right of use are reviewed at each
Obligations on Post-Retirement Medical Benefits financial year end and adjusted prospectively, if
are determined by actuarial valuation at each appropriate.
balance sheet date using the projected unit credit
Re-measurement of lease liability
Statutory Reports
is reasonably certain.
Recognition
2. Future lease payment based on an index or
At the inception of the lease, right of use shall be rate are revised.
recognised at cost including any indirect costs to
3. The lease is modified
acquire the asset and dismantling costs (if any),
reduced by lease incentives with a corresponding 4. There is a change in the amounts expected to
lease liability equal to the present value of unpaid be paid under residual value guarantees.
lease payments except in the following cases :
A lessee shall remeasure the lease liability by
i. short-term leases; or discounting the revised lease payments, if either:
ii. leases for which the underlying asset is of low (a) there is a change in the amounts expected to
value be payable under a residual value guarantee. A
lessee shall determine the revised lease payments
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WAPCOS ANNUAL REPORT 2021-22
to reflect the change in amounts expected to be For a lease modification that is not accounted for
payable under the residual value guarantee. as a separate lease, the lessee shall account for
the remeasurement of the lease liability by:
(b) there is a change in future lease payments
resulting from a change in an index or a rate (a) decreasing the carrying amount of the right-of-
used to determine those payments, including for use asset to reflect the partial or full termination
example a change to reflect changes in market of the lease for lease modifications that decrease
rental rates following a market rent review. the scope of the lease. The lessee shall recognise
Corporate Overview
The lessee shall remeasure the lease liability to in profit or loss any gain or loss relating to the
reflect those revised lease payments only when partial or full termination of the lease.
there is a change in the cash flows (i.e. when the
(a) making a corresponding adjustment to the
adjustment to the lease payments takes effect). A
right-of-use asset for all other lease modifications
lessee shall determine the revised lease payments
for the remainder of the lease term based on the (‘c) As a practical expedient, a lessee may elect not
revised contractual payments. to assess whether a rent concession that meets
the conditions in Para 46B is a lease concession.
A lessee shall use an unchanged discount rate,
A lessee that makes this election shall account for
unless the change in lease payments results from
any change in lease payments resulting from the
a change in floating interest rates. In that case,
rent concession the same way it would account
the lessee shall use a revised discount rate that
for the change applying this Standard if the
reflects changes in the interest rate.
change were not a lease modifications
Lease modification
(d) rent concession occurring as a direct
A lessee shall account for a lease modification as consequence of Covid 19 pandemic and only if all
Statutory Reports
a separate lease if both: of the following conditions are met :-
(a) the modification increases the scope of the (i) the change in lease payments results in revised
lease by adding the right to use one or more consideration for the lease that is substantially the
underlying assets; and same as or less than, the consideration for the
lease immediately preceding the change;
(b) the consideration for the lease increases by an
amount commensurate with the stand-alone price (ii) any reduction in lease payments affects only
for the increase in scope and any appropriate payments originally due on or before the 30th
adjustments to that stand-alone price to reflect June, 2021 ( a concession would meet this
the circumstances of the particular contract. condition if it results in reduced lease payments
on or before the 30th June 2021, and increased
For a lease modification that is not accounted for
lease payments that extend beyond the 30th June
as a separate lease, at the effective date of the
2021);
lease modification a lessee shall:
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WAPCOS ANNUAL REPORT 2021-22
The financial statements are presented in Indian Statement of Profit and Loss.
Rupee, which is the Company’s functional and Current tax relating to items recognized outside
presentation currency. A Company’s functional profit or loss is recognized outside profit or loss
currency is that of the primary economic (either in other comprehensive income or in
environment in which the Company operates. equity)
Transcations in foreign currencies are initially 1.12.2 Deferred income taxes
recorded by the Company at functional currency
spot rates at the date transaction first qualifies Deferred tax is provided on temporary differences
for recognition. However, for practical reasons, between the tax bases of assets and liabilities
the company uses an available average rate when and their carrying amounts for financial reporting
average approximates the actual rate at the date purposes at the reporting date.
of the transaction. Deferred tax assets are recognized for all
deductible temporary differences, the carry
Standalone Financial Statements
212
WAPCOS ANNUAL REPORT 2021-22
at each reporting date and are recognized to the restated unless it is impracticable, in which case,
extent that it has become probable that future the comparative information is adjusted to apply
taxable profits will allow the deferred tax asset to the new accounting policy prospectively from the
be recovered. earliest date practicable.
Deferred tax assets and liabilities are measured at 1.15 Liquidated Damages/ Claims
the rates that are expected to apply in the year
Liquidated damages / Claims are considered
when the asset is realized or the liability is settled,
Corporate Overview
on admittance basis and are recognized as
based on tax rates (and the laws) that have been
expense/income in Statement of Profit or Loss on
enacted or substantively enacted at the reporting
crystallization.
date.
1.16 Corporate Social Responsibility Fund
Deferred tax relating to items recognized outside
profit or loss is recognized outside profit or loss is Unspent balance, if any remaining against
recognized (either in other comprehensive income stipulated percentage of profits under the statute,
or equity). for Corporate Social Responsibility activities are
appropriated to CSR Fund Account for future
Deferred tax assets and deferred tax liabilities are
utilization.
offset if a legally enforceable right exists to set
off current tax assets against current tax liabilities 1.17 Dividends:
and the deferred taxes relate to the same taxable Final dividend on shares is recorded as a liability
entity and the same taxation authority. on the date of approval by the shareholders and
1.13 Rates and Taxes interim dividends are recorded as liability on the
date of declaration by the company’s Board of
Overseas taxes on foreign assignments, service
Statutory Reports
Directors.
tax, GST,value added tax, alike taxes, professional
tax, property taxes, entry tax, labour cess, Octroi, 1.18 Earnings per share
etc. paid / accrued in India or abroad, based on In determining basic earnings per share, net profit
availability of scrutiny documents / admissibility attributable to equity shareholders is divided
proofs are charged to statement of profit or loss by weighted average number of equity shares
upon and of limitation period for admissibility of outstanding during the period.
such claims.
In determining diluted earnings per share, net
1.14 Prepaid Expenses and Prior Period profit attributable to equity shareholders is
Adjustments divided by weighted average number of equity
Prepaid Expenses shares considered for deriving basis earning per
share and also weighted average number of
Prepaid Expenses, in the year of incurrence, are
equity shares that could have been issued upon
treated as current /non-current assets of the
Standalone Financial Statements
conversion of all dilutive potential equity shares.
Company as may be the case & are treated as
Dilutive potential equity shares are deemed
expenditure/income of the respective Financial
converting as of the beginning of the period,
Year to which it belongs and accounted for to the
unless issued at the later date. Dilutive potential
natural head of accounts in that respective year.
equity share are determined independently for
Prior Period Adjustments each period presented.
Prior period errors are corrected retrospectively by The number of equity shares and potentially
restating the comparative amounts for the prior dilutive equity shares are adjusted retrospectively
periods presented in which the error occurred. for all periods presented for bonus shares issues
If the error occurred before the earliest period including for changes effected prior to the
presented, the opening balance of assets liability approval of the financial statements by the Board
and equity for the earliest period presented, are of Directors.
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WAPCOS ANNUAL REPORT 2021-22
known amount of cash and have a maturity of 4. Property, Plant and Equipment (Ind AS-16)
three months or less from the date of acquisition
or investment. The cash flow from operating, 5. Provisions, Contingent Liabilities and
financing and investing activities is segregated. Contingent Assets (Ind AS-37)
214
WAPCOS LIMITED FY 2021-22
NOTE - 2
PROPERTY, PLANT & EQUIPMENT
(` in Lakhs)
Temporary
Furniture & Office Electrical Networking
Gross Carrying Amount Freehold Land Building Vehicle Computers Wooden Books Total
Fixture Equipment Works Servers
Structure
GROSS BLOCK - ASSETS
Opening Balance as at 01.04.2019 17.28 474.93 678.39 19.26 779.64 74.10 852.26 166.13 - 5.55 3,067.53
Additions during FY 2019-20 - 339.06 62.77 18.46 162.25 - 144.23 22.80 - 9.16 758.72
Disposal / Assets written off - - (44.95) (0.03) (48.50) - (102.29) - - - (195.78)
Balance as at 31.03.2020 17.28 813.99 696.20 37.69 893.38 74.10 894.20 188.93 - 14.70 3,630.48
Additions during FY 2020-21 - 3.18 23.67 0.59 18.10 - 77.06 - - - 122.60
Disposal / Assets written off - - (2.32) - (3.73) - (15.91) - - - (21.96)
Balance as at 31.03.2021 17.28 817.17 717.56 38.28 907.75 74.10 955.35 188.93 - 14.70 3,731.12
Additions during FY 2021-22 - - 24.53 81.50 130.01 - 174.60 - - - 410.65
Disposal / Assets written off - - (7.72) - (27.64) - (48.54) - - - (83.90)
Balance as at 31.03.2022 17.28 817.17 734.37 119.78 1,010.12 74.10 1,081.41 188.93 - 14.70 4,057.87
ACCUMULATED DEPRECIATION
Opening Balance as at 01.04.2019 - 24.37 143.79 4.55 366.68 21.49 459.75 133.85 - 4.06 1,158.54
Charge for the year - 12.90 72.71 2.93 141.78 7.37 196.82 10.90 - 1.61 447.03
Adjustment for Disposals - - (26.91) (0.03) (38.81) - (96.20) - - - (161.94)
Balance as at 31.03.2020 37.27 189.59 7.45 469.66 28.86 560.38 144.75 - 5.67 1,443.63
Charge for the year - 14.67 74.22 4.92 139.39 7.34 162.38 6.84 - 3.27 413.02
Adjustment for Disposals - - (2.04) - (3.39) - (15.05) - - - (20.49)
Balance as at 31.03.2021 51.94 261.77 12.36 605.65 36.21 707.70 151.59 - 8.94 1,836.17
Charge for the year - 14.71 75.21 5.02 106.48 7.28 123.55 5.26 - 3.13 340.64
Adjustment for Disposals - - 4.14 - 23.67 - 45.73 - - - 73.54
Balance as at 31.03.2022 66.64 332.84 17.38 688.46 43.49 785.52 156.86 - 12.07 2,103.26
Net Book Value as at 31.03.2020 17.28 776.72 506.61 30.25 423.73 45.23 333.82 44.18 - 9.04 2,186.85
Net Book Value as at 31.03.2021 17.28 765.23 455.79 25.91 302.09 37.89 247.65 37.33 - 5.76 1,894.95
Net Book Value as at 31.03.2022 17.28 750.52 401.53 102.40 321.66 30.61 295.89 32.07 - 2.64 1,954.60
215
Standalone Financial Statements Statutory Reports Corporate Overview
Standalone Financial Statements Statutory Reports Corporate Overview
(` in Lakhs)
216
As at As at As at
Particulars
March 31, 2022 March 31, 2021 April 01, 2020
CAPITAL COMMITMENT
Opening Balance - - -
Additions during the year 644.44 - -
Adjustment during the year - - -
Closing Balance 644.44 - -
*Estimated amount of contracts remaining to be executed on Capital account and not provided for (Refer Note No. 51)
WAPCOS ANNUAL REPORT 2021-22
WAPCOS ANNUAL REPORT 2021-22
NOTE - 2A
Right of Use Assets
(` in Lakhs)
Corporate Overview
Additions 4,035.98 135.76 4,171.74
Disposal / Assets written off - - -
Balance as at 31.03.2020 4,035.98 135.76 4,171.74
Reclassification to ROU Building due to IND AS 116 (1,022.96) - (1,022.96)
Restated Balance as at 31.03.2020 3,013.02 135.76 3,148.78
DEPRECIATION - Opening Balance as at 01.04.2019 - - -
Amortisation for the Year 1,339.86 39.51 1,379.37
Adjustment for Disposal - - -
Reclassification to Depreciation due to IND AS 116 (598.10) - (598.10)
Balance as at 31.03.2020 741.76 39.50 781.26
Net Book Value as at 31.03.2020 2,271.26 96.26 2,367.52
GROSS BLOCK - Opening Balance as at 01.04.2020 3,013.03 135.76 3,148.79
Statutory Reports
Additions 494.40 - 494.40
Disposal / Assets written off (9.08) - (9.08)
Balance as at 31.03.2021 3,498.35 135.76 3,634.11
DEPRECIATION - Opening Balance as at 01.04.2020 741.76 39.50 781.25
Amortisation for the Year 770.00 40.95 810.95
Adjustment for Disposal - - -
Balance as at 31.03.2021 1,511.76 80.45 1,592.21
Net Book Value as at 31.03.2021 1,986.60 55.31 2,041.91
GROSS BLOCK - Opening Balance as at 01.04.2021 3,498.35 135.76 3,634.11
Additions 279.78 - 279.78
Disposal / Assets written off (449.81) (0.78) (450.59)
Balance as at 31.03.2022 3,328.32 134.98 3,463.30 Standalone Financial Statements
DEPRECIATION - Opening Balance As on 01-04-2021 1,511.76 80.45 1,592.21
Amortisation for the Year 624.26 28.80 653.06
Adjustment for Disposal - - -
Balance as at 31.03.2022 2,136.02 109.25 2,245.27
Net Book Value as at 31.03.2022 1,192.30 25.73 1,218.03
217
WAPCOS ANNUAL REPORT 2021-22
NOTE - 2B
GROSS BLOCK
Corporate Overview
218
NOTE - 3
Non-Current Investments
(` in Lakhs)
As at As at As at
March 31, 2022 March 31, 2021 April 01, 2020
Particulars
No. of No. of
Amount No. of Units Amount Amount
Units Units
Equity Investment
*In absence of fair value, same has been revalued at book value per share
'**'The Company has acquired 98.89% Equity Shares holding of NPCC Ltd., having principal place of business in India effective from 26/04/2019
WAPCOS ANNUAL REPORT 2021-22
219
Standalone Financial Statements Statutory Reports Corporate Overview
WAPCOS ANNUAL REPORT 2021-22
NOTE - 4
Other Financial Assets
A. Other Financial Assets - Non-Current
(` in Lakhs)
Particulars As at As at As at
March 31, 2022 March 31, 2021 April 01, 2020
Security Deposits / EMD
Corporate Overview
(b) The above includes Bank deposit of `616.71 Lakhs and accrued interest of `38.09 Lakhs held as margin money /
security against bank guarantees. (Previous year `109.95 and accrued interest `16.51 lakhs
(c) In the opinion of the Management, the Allowance held against Doubtful Retention Money is adequate to meet any loss
on account of irrecoverability of retention money. Note No. 49.
NOTE - 5
Deferred Tax Assets (Net)
(` in Lakhs)
Particulars As at As at As at
March 31, 2022 March 31, 2021 April 01, 2020
220
WAPCOS ANNUAL REPORT 2021-22
(` in Lakhs)
Particulars As at As at As at
March 31, 2022 March 31, 2021 April 01, 2020
Corporate Overview
Allowance for Expected Credit Loss 6,715.17 5,835.69 4,971.09
Statutory Reports
2022 Income sive Income
Deferred Tax Assets arising
on:
Employee Benefits 2,890.21 (71.33) 35.53 2,926.01 (7.52) 545.51 2,388.02
Lease Liability 49.12 - (6.88) 56.00 - 17.23 38.77
Provision for expected credit loss 6,715.17 - 879.48 5,835.69 - 864.59 4,971.09
Others 7.76 - 7.76 - - - -
Deferred Tax Liabilities arising on:
Depreciation 11.04 - (8.24) 19.27 - 17.19 2.08
Others (9.95) (0.58) - (9.37) (0.56) - (8.82)
Total 9,663.34 (71.91) 907.65 8,827.60 (8.08) 1,444.52 7,391.14
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WAPCOS ANNUAL REPORT 2021-22
NOTE - 7
Trade Receivables*
(` in Lakhs)
Particulars As at As at As at
March 31, 2022 March 31, 2021 April 01, 2020
Trade Receivables
Corporate Overview
Particulars Unbilled Not due Outstanding for following periods from due date of payment
Less than 6 6 months - 1 1 - 2 years 2 - 3 years More than Total
months year 3 years
Statutory Reports
Undisputed Trade receivables - considered good 5,790.70 16,613.83 38,313.42 4,024.59 32,915.17 34,661.29 28,955.08 1,61,274.08
Undisputed Trade receivables - credit impaired - - 1,440.55 123.93 2,067.82 3,028.64 19,914.35 26,575.29
As at March 31, 2022 5,790.70 16,613.83 39,753.97 4,148.52 34,982.99 37,689.93 48,869.43 1,87,849.37
Undisputed Trade receivables - considered good 942.09 20,366.48 48,053.31 3,081.94 48,928.66 19,042.88 16,868.60 1,57,283.96
Undisputed Trade receivables - credit impaired - - 1,038.57 60.30 1,995.26 1,232.28 18,789.81 23,116.22
As at March 31, 2021 942.09 20,366.48 49,091.88 3,142.24 50,923.92 20,275.16 35,658.41 1,80,400.18
Undisputed Trade receivables - considered good 954.50 22,461.63 56,755.90 6,698.97 31,527.98 20,229.22 9,528.25 1,48,156.45
Undisputed Trade receivables - credit impaired - - 1,309.90 138.68 1,299.27 1,273.22 14,926.45 18,947.52
As at March 31, 2020 954.50 22,461.63 58,065.80 6,837.65 32,827.25 21,502.44 24,454.70 1,67,103.97
NOTE - 8
Cash and Cash Equivalent
(` in Lakhs)
Standalone Financial Statements
Particulars As at As at As at
March 31, 2022 March 31, 2021 April 01, 2020
Balance with banks in current accounts (a), (b), (c) & 19,095.98 22,586.35 10,319.44
(d)
Bank deposits having original maturity less than 3 137.61 2.21 417.49
months (e), (f) (including interest accrued)
Cash on Hand 10.00 10.00 10.00
Total 19,243.59 22,598.56 10,746.93
222
WAPCOS ANNUAL REPORT 2021-22
(a) The following Bank Balances out of Note 8 are held in seprate bank accounts maintained on behalf of clients/ ministries:
(` in Lakhs)
Particulars As at As at As at
March 31, 2022 March 31, 2021 April 01, 2020
Balance with Banks in current accounts 6,511.14 10,004.64 166.04
Total 6,511.14 10,004.64 166.04
(b) Includes Balance in foreign currency held in Bank, balance with foreign banks and foreign branches of India Banks.
Corporate Overview
Further sum of ` 172.19 Lakhs (Previous Year ` 254.01 Lakhs) held with Banks in the foreign countries with Repatriable
restrictions.
(c) Includes sum of `0.25 Lakhs (Previous Year `90.35 Lakhs) under lien with bank against bank guarantees.
(d) Includes balance of ` 13.13 Lakhs towards Unspent CSR Fund.
(e) The above include bank deposits ` 3.93 Lakhs and accrued interest of ` 0.19 Lakhs held as margin money/ security
against bank guarantees having maturity of less than 3 months from date of inception. (Previous Year ` Nil)
(f) The above includes EMD in the form of Bank FDR with maturity less than 3 months amounting to ` 6.09 Lakhs
(Previous Year ` 1.82 Lakhs) and Interest accrued but not due thereon amounting to ` 0.48 Lakhs (Previous Year ` 0.40
Lakhs)
NOTE - 9
Other Bank Balances
(` in Lakhs)
Particulars As at As at As at
March 31, 2022 March 31, 2021 April 01, 2020
Balance with bank in deposit account having maturity 32,984.30 33,204.45 28,932.66
Statutory Reports
of more than three months but are due for maturity
within twelve months from balance sheet date (a),
(b), (c), (d) ((including interest accrued)
Total 32,984.30 33,204.45 28,932.66
(a) The above include bank deposits ` 6575.94 Lakhs and accrued interest of ` 54.90 Lakhs held as margin money/ security
against bank guarantees having maturity of less than 12 months from reporting date. (Previous Year ` 5572.55 Lakhs and
accrued interest ` 157.71 Lakhs)
(c) Includes Fixed Deposit with PNB London amounting to ` 177.73 Crores (and accrued interest amounting to ` 1.18
Crores) as at 31st March, 2022 payable in USD & INR, made from project proceeds of M/s Afghan India Friendship Dam
to be utilized towards discharge of corresponding Vendor Payable related to the said project (Principal O/s amount of
` 154.37 Crores payable in USD & INR). The company does not for see any interest liability on such principle outstanding.
(d) The above includes EMD In the form of Bank FDR with maturity less than 12 months amounting to ` 805.90 Lakhs
(Previous Year ` 853.12 Lakhs) and interest accrued but not due thereon amounting to ` 160.96 Lakhs (Previous Year
` 184.87 Lakhs)
Standalone Financial Statements
NOTE - 10
Current Tax Assets (Net)
(` in Lakhs)
Particulars As at As at As at
March 31, 2022 March 31, 2021 April 01, 2020
Advance Income Tax and TDS {net of provision of 8,104.07 4,335.38 4,090.17
taxation amounting ` 2,669.60 Lakhs (Previous Year
` 3,632.64 Lakhs)} (a)
Total 8,104.07 4,335.38 4,090.17
(a) Provision for Income tax has been shown net of TDS and Advance tax.
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WAPCOS ANNUAL REPORT 2021-22
NOTE - 11
Other Current Assets
(` in Lakhs)
Particulars As at As at As at
March 31, 2022 March 31, 2021 April 01, 2020
Advances to Suppliers & Sub-Contractors
Corporate Overview
Advance Rent - - -
(a) Secured against Bank Guarantee ` 1,759.25 Lakhs (Previous year ` 1,166.42 Lakhs)
(a) Secured against material procured at site by contractor amounting to ` Nil (Previous Year ` 3,570.82 Lakhs)
Standalone Financial Statements
224
NOTE - 12
Share Capital
Equity Share Capital
(` in Lakhs)
Particulars As at March 31, 2022 As at March 31, 2021 As at April 01, 2020
Number Amount Number Amount Number Amount
Authorised
Equity Shares of ` 10/- each at par 20,00,00,000 20,000.00 20,00,00,000 20,000.00 1,00,00,000 10,000.00
Value (Previous Year March 31, 2021
` 10/- each and April 01, 2020 `
100/- each)
Issued, Subscribed & Paid up
Equity Shares of ` 10/- each at par 13,00,00,000 13,000.00 13,00,00,000 13,000.00 1,00,00,000 10,000.00
Value (Previous Year March 31, 2021
` 10/- each and April 01, 2020 `
100/- each)
Total 13,00,00,000 13,000.00 13,00,00,000 13,000.00 1,00,00,000 10,000.00
WAPCOS ANNUAL REPORT 2021-22
225
Standalone Financial Statements Statutory Reports Corporate Overview
Standalone Financial Statements Statutory Reports Corporate Overview
Reconciliation of shares outstanding as at March 31, 2022 , March 31, 2021 and April 01, 2020
226
(` in Lakhs)
Particulars As at March 31, 2022 As at March 31, 2021 As at April 01, 2020
Number Amount Number Amount Number Amount
Shares outstanding at the beginning of 13,000.00 1,00,00,000 10,000.00 1,00,00,000 10,000.00
the year 13,000.00
Add: Increase due to Split - - 9,00,00,000 - - -
Add: Shares Issued during the year - - - 3,00,00,000 3,000.00 - -
Bonus Issue
WAPCOS ANNUAL REPORT 2021-22
Shares outstanding at the end of the year 13,000.00 13,000.00 3,00,00,000 13,000.00 1,00,00,000 10,000.00
Equity Shares of ` 10/- each at par Value (Previous Year March 31, 2021 ` 10 each and April 01, 2020 ` 100 each)
Previous year (FY 2020-21): Pursuant to the approval of shareholders granted in the extra-ordinary general meeting held on 25 Feb-
ruary 2021, the Company issued and allotted fully paid-up “bonus shares” at par in proportion of three new equity shares of ` 10
each for every ten existing fully paid up equity share of ` 10 each held as on the record date of 25 February 2021. Pursuant to the
approval of shareholders granted in the extra-ordinary general meeting held on 25 February 2021, the Company undertook a stock
split of 10 equity shares of Re. 10 each for one existing fully paid up equity share of ` 100. As a result of the above transactions,
the issued, subscribed and paid up number of equity shares have been increased by 1200 Lakhs.
Terms/ Rights attached to equity shares
The Company has only one class of shares referred to as Equity Shares having a par value of ` 10 each. Each holder of equity share
is entitled to one vote per share.
List of shareholders holding more than 5% shares in the Company
Particulars As at March 31, 2022 As at March 31, 2021 As at April 01, 2020
Number % of Holding Number % of Holding Number % of Holding
Equity share of ` 10 each fully paid-
up (Previous Year March 31, 2021
` 10 each and April 01, 2020 ` 100
each)
President of India & its nominees 13,00,00,000 100.00% 13,00,00,000 100.00% 1,00,00,000 100.00%
Aggregate no. of Equity Shares allotted as fully paid up by way of bonus shares in the last five years preceeding the date
of Balance Sheet.
Particulars As at As at As at As at As at
March 31, March 31, April 01, April 01, 2019 April 01,
2022 2021 2020 2018
No. of No. of No. of No. of Shares No. of
Shares Shares Shares Shares
Equity Shares allotted as fully paid bonus shares by NIL 3,00,00,000 NIL NIL 98,00,000
capitalising General Reserve
Total - 3,00,00,000 - - 98,00,000
WAPCOS ANNUAL REPORT 2021-22
227
Standalone Financial Statements Statutory Reports Corporate Overview
WAPCOS ANNUAL REPORT 2021-22
year
1 President of India and its nominees 10,00,00,000 100% -
Total 10,00,00,000 100% -
NOTE - 13
Other Equity
Nature and Purposes of Reserves & Surplus
1. General Reserves:
General reserve means the portion of earnings of an enterprise appropriated by the management to
meet future known or unknown obligation instead of distributing the same among shareholders.
Standalone Financial Statements
2. Retained Earnings:
Profits made by the company during the year are transferred to retained earnings from Statement of
Profit and Loss.
3. Other Comprehensive Income:
Other Comprehensive Income represents balance arising on account of Gain/ (Loss) booked on Re-
measurement of Defined Benefit Plans in accordance with Ind AS 19 "Employee Benefits" and Gain/
(Loss) booked from Investment in unquoted equity instruments designated at fair value through other
comprehensive income (FVTOCI) in accordance with Ind AS 109 "Financial Instruments".
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WAPCOS ANNUAL REPORT 2021-22
(` in Lakhs)
Particulars As at As at As at
March 31, 2022 March 31, 2021 April 01, 2020
Reserve & Surplus
General Reserve 4,469.25 6,969.25 12,469.25
Retained Earnings 44,826.18 40,741.23 36,928.79
Corporate Overview
Other Comprehensive Income (350.57) (564.36) (473.01)
Total 48,944.86 47,146.12 48,925.03
NOTE - 14
Trade Payables
A. Trade Payables - Non- Current*
(` in Lakhs)
Particulars As at As at As at
March 31, 2022 March 31, 2021 April 01, 2020
Total outstanding dues of Micro & Small 41.46 262.39 960.23
Enterprises
Total outstanding dues of creditors other 815.99 1,557.03 1,850.29
Statutory Reports
than Micro & Small Enterprises
Total 857.45 1,819.42 2,810.52
*Retention Money payable to Vendor/Supplier
229
Standalone Financial Statements Statutory Reports Corporate Overview
230
(` in Lakhs)
Particulars Unbilled Not due Outstanding for following periods from due date of
payment
Less than 1-2 years 2-3 years More than Total
3 years
1 year
Total outstanding dues of Micro & Small Enter- - 41.46 - - - - 41.46
prises
Total outstanding dues of creditors other than - 815.99 - - - - 815.99
Micro & Small Enterprises
As at March 31, 2022 857.45 - - - - 857.45
Total outstanding dues of Micro & Small Enter- - 262.39 - - - - 262.39
WAPCOS ANNUAL REPORT 2021-22
prises
Total outstanding dues of creditors other than - 1,557.03 - - - - 1,557.03
Micro & Small Enterprises
As at March 31, 2021 1,819.42 - - - - 1,819.42
Total outstanding dues of Micro & Small Enter- - 960.23 - - - - 960.23
prises
Total outstanding dues of creditors other than - 1,850.29 - - - - 1,850.29
Micro & Small Enterprises
As at April 01, 2020 2,810.52 - - - - 2,810.52
Particulars As at As at As at
March 31, 2022 March 31, 2021 April 01, 2020
Total outstanding dues of Micro & Small Enterprises* 34,141.12 36,339.57 26,956.71
Total outstanding dues of creditors other than Micro & Small Enterprises 75,595.77 75,061.55 71,666.67
231
Standalone Financial Statements Statutory Reports Corporate Overview
WAPCOS ANNUAL REPORT 2021-22
NOTE - 15
Provisions
A. Provisions - Non-Current
(` in Lakhs)
Particulars As at As at As at
March 31, 2022 March 31, 2021 April 01, 2020
Corporate Overview
NOTE - 16
Other Liabilities
A. Other Non-Current Liabilities
(` in Lakhs)
Particulars As at As at As at
March 31, 2022 March 31, 2021 April 01, 2020
Advances from Clients 4,799.66 7,387.25 13,575.85
Unearned Income 1,120.50 1,331.50 699.87
Other Liabilities 70.82 277.82 8.53
Total 5,990.98 8,996.57 14,284.25
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WAPCOS ANNUAL REPORT 2021-22
Corporate Overview
Other Liabilities 328.56 306.20 306.26
Total 54,108.94 51,380.42 41,550.58
NOTE - 17
Borrowings
A. Long term Borrowings
(` in Lakhs)
Particulars As at As at As at
March 31, 2022 March 31, 2021 April 01, 2020
Loans from Bank (Secured)
Indian rupees loan from Bank (a) 3,785.37 - -
Total 3,785.37 - -
Statutory Reports
(a) Secured Term loan from Bank:
Company has availed term loan of ` 20,000 Lakhs from an Indian Bank out of which ` 4,000 Lakhs has been disbursed up to 31st
March 2022, at 3 months' MCLR (with quarterly reset), present effective rate of 6.65%p.a., and secured by way of:
(ia) Primary security - a) Exclusive charge on entire fixed assets of the Company, both present and future and 1st Pari passu charge on
entire current assets of the company for corporate loan
(ib) Omnibus counter guarantee of the company for NFB Limits
'- Repayment terms - Loan tenure of 9 years 6 moths with following repayment:
(i) Principal loan outstanding shall be repaid in Quarterly payments starting from June 2022 to March 2031. As on 31st March 2022,
original outstanding balance is ` 3982.86 Lakhs (excluding EIR adjustment due to Processing fees).
(ii) Interest payable monthly commencing from December 2021 - present effective rate of interest of the loan is 6.65%, and effective rate
of interest is 6.74%. The difference is due to amortisation of processing charges of ` 17.70 lakhs.
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WAPCOS ANNUAL REPORT 2021-22
` 61,367.16 Lakhs) have been utilised upto March 31st 2022 against bank deposits of ` 7,289.76 Lakhs (Previous Year
` 5,706.29 Lakhs) held as security. (Refer Note No. - 4, 8 & 9)
NOTE - 18
Lease Liability
A. Lease Liability - Non-Current
(` in Lakhs)
Particulars As at As at As at
March 31, 2022 March 31, 2021 April 01, 2020
Lease Liability 920.75 1,634.38 1,847.82
Total 920.75 1,634.38 1,847.82
Standalone Financial Statements
234
WAPCOS ANNUAL REPORT 2021-22
NOTE - 19
Other Financial Liabilities
A. Other Non-Current Financial Liabilities
(` in Lakhs)
Particulars As at As at As at
March 31, 2022 March 31, 2021 April 01, 2020
Corporate Overview
Interest Payable on Customer deposit 5,730.74 4,894.76 3,593.48
Work (a)
Other Liabilities 1,434.18 1,434.18 1,434.17
Earnest Money and Security Deposits 116.40 169.41 65.32
Total 7,281.32 6,498.35 5,092.97
(a) Refer Note No. - 60
Statutory Reports
Pension (Voluntary) - 0.84 1.29
Earnest Money and Security Deposits 1,157.79 887.62 903.43
Payable to Employees 5,128.66 5,272.83 4,423.26
Advances from clients - Refundable 3,024.88 1,613.62 2,017.76
Other Liabilities 760.49 760.49 717.87
Other Payables (b) 88.92 61.07 425.00
Total 12,002.32 10,980.13 10,748.52
(a) Refer Note No. - 40
(b) Includes Security from employees against which counter Fixed deposits have been created. Refer
Note No. - 63
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WAPCOS ANNUAL REPORT 2021-22
NOTE - 21
Other Income
(` in Lakhs)
Particulars For the year ended For the year ended
31st March, 2022 31st March, 2021
Interest Income 749.82 1,295.39
Corporate Overview
NOTE - 22
Construction Expenses
(` in Lakhs)
Particulars For the year ended For the year ended
31st March, 2022 31st March, 2021
For Construction Projects 64,935.27 59,456.64
Total 64,935.27 59,456.64
Statutory Reports
NOTE - 23
Employee Benefit Expenses
(` in Lakhs)
Particulars For the year ended For the year ended
31st March, 2022 31st March, 2021
Salaries, Remuneration and Incentives 29,049.29 25,428.67
Contributions to Provident & Other Funds 1,940.64 1,833.62
Staff Welfare Expenses 286.43 259.84
Total 31,276.36 27,522.13
NOTE - 24
Standalone Financial Statements
Finance Cost
(` in Lakhs)
Particulars For the year ended For the year ended
31st March, 2022 31st March, 2021
Interest Paid on
Cash Credit facility 343.35 280.60
Term Loan 63.61 -
Customer Deposit fund (a) 1,346.02 1,303.52
Lease Liabilities 157.88 213.66
Total 1,910.86 1,797.78
(a) Refer Note No. - 60
236
WAPCOS ANNUAL REPORT 2021-22
NOTE - 25
Services Obtained
(` in Lakhs)
Particulars For the year ended For the year ended
31st March, 2022 31st March, 2021
For Consultancy Projects 17,497.93 18,283.55
Corporate Overview
For Construction Projects 214.27 345.85
Total 17,712.20 18,629.40
NOTE - 26
Depreciation and Amortization Expenses
(` in Lakhs)
Particulars For the year ended For the year ended
31st March, 2022 31st March, 2021
Depreciation on Tangible Assets 340.64 413.03
Depreciation on Intangible Assets 50.62 74.76
Total (a) 391.26 487.79
Amortisation on Right of Use 653.06 810.95
Statutory Reports
Total (b) 653.06 810.95
Total (a+b) 1,044.32 1,298.74
NOTE - 27
Corporate Social Responsibility
(` in Lakhs)
Particulars For the year ended For the year ended
31st March, 2022 31st March, 2021
Corporate Social Responsibility (a) 296.09 186.03
Total 296.09 186.03
237
WAPCOS ANNUAL REPORT 2021-22
NOTE - 28
Other Expenses
(` in Lakhs)
Particulars For the year ended For the year ended
31st March, 2022 31st March, 2021
Power and Fuel 249.65 250.48
Corporate Overview
238
WAPCOS ANNUAL REPORT 2021-22
NOTE - 29
Exceptional Items
(` in Lakhs)
Particulars For the year ended For the year ended
31st March, 2022 31st March, 2021
Expenses
Corporate Overview
Loss on sale of Property, and Equipment 6.19 1.27
(A) 6.19 1.27
Income
Provision written back 22.05 -
(B) 22.05 -
Total (B-A) 15.86 (1.27)
NOTE - 30
Income Tax Expense
(` in Lakhs)
Statutory Reports
Particulars For the year ended For the year ended
31st March, 2022 31st March, 2021
Current Year Tax
Current Year Tax charge 2,669.49 3,632.64
Previous year Tax charge 282.33 (70.59)
Deferred Tax
In Respect of current year (907.64) (1,444.52)
Total 2,044.19 2,117.53
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WAPCOS ANNUAL REPORT 2021-22
1,542.59 1,463.42
Tax effect of amounts which are not deductible
(taxable) in calculating Taxable income
Expenditure not allowed in Income Tax (Net) 147.36 179.54
Impact of Tax in OCI 71.90 (8.08)
Impact of prior period adjustments - 553.24
219.26 724.70
At Effective Tax Rate 1,761.85 2,188.12
Income Tax Expense reported in statement of 1,761.85 2,188.12
Profit and loss accounts for current year
Effective Tax Rate 28.75% 37.63%
Ratio Analysis
Statutory Reports
240
WAPCOS ANNUAL REPORT 2021-22
Corporate Overview
31. Impact due to Covid-19
In December 2019, Coronavirus Disease (COVID-19) was reported and since then, has not only
affected the health of people across the globe, but it has also caused severe disturbance to the
global economic environment. The Management has made an assessment of its liquidity position for
the next year including that of recoverability of carrying value of its Financial and non-Financial assets.
The Company expects to recover the carrying amounts of these assets based on the assessment.
Since there are inherent uncertainties arising out of the rapidly changing environment caused by
the pandemic, the situation as predicted from the estimations and assumptions undertaken in
the preparation of the financial statements may vary with the actual outcome in the future. The
Management continues to monitor any material changes arising due to future economic conditions
and making any significant impact on the financials of the Company. The management does not
Statutory Reports
see any risk in the ability of the Company to continue as a going concern and meeting its liabilities
as and when due.
32. Employee Benefits
Defined Contribution Plan
The amount recognized as an expense in defined contribution plan is as under:
(` in Lakhs)
Particulars 31st March 2022 31st March 2021
Contributory Provident Fund 1431.65 1339.82
All eligible employees of the company are entitled to receive benefits under the Provident Fund, a defined Standalone Financial Statements
contributory plan, set up through a Trust named as “WAPCOS Employees Contributory Provident
Fund Trust”. Both employee and employer contribute monthly at a determined rate as specified under
the law to the Trust. The obligation of the company is limited to such contribution and to make good
the shortfall, if any, between the returns from the investments of the trust and the notified interest rate.
Short fall, if any, is recognized as an expense during the year. As per actuarial valuation, present value
of the expected future earnings on the fund is higher than the expected amount to be contributed to
the individual members based on the expected guaranteed rate of interest, resulting in no liability on the
241
WAPCOS ANNUAL REPORT 2021-22
company. In terms of said valuation the Company has no liability towards interest rate guarantee as on
31st March 2022 and 31st March 2021
Defined Benefit Plans
Company is having the following Defined Benefit Plans:
• Gratuity (Funded)
Corporate Overview
• PRMS (Unfunded)
• Leave Encashment (Unfunded)
Risks associated with the Plan provisions are actuarial risks. These risks are:
i. Investment Risk,
ii. Interest Risk (Discount Rate Risk),
iii. Mortality Risk
iv. Salary Risk
Investment Risk The present value of the defined benefit plan liability is calculated using a
discount rate determined by reference to Government Bonds Yield. If plan
Statutory Reports
liability is funded and return on plan assets is below this rate, it will create
a plan deficit.
Interest Risk (Discount A decrease in the bond interest rate (discount rate) will increase the plan
Rate Risk) liability.
Mortality Risk The present value of the defined benefit plan liability is calculated by refer-
ence to the best estimate of the mortality of plan participants. For this re-
port we have used Indian Assured Lives Mortality (2006-08) ultimate table
A change in mortality rate will have a bearing on the plan’s liability.
Salary Risk The present value of the defined benefit plan liability is calculated with the
assumption of salary increase rate of plan participants in future. Deviation
Standalone Financial Statements
in the rate of increase of salary in future for plan participants from the rate
of increase in salary used to determine the present value of obligation will
have a bearing on the plan’s liability.
Medical Expense Infla- The present value of the defined benefit plan liability is calculated with the
tion Risk assumption of medical expense inflation increase rate of plan participants
in future. Deviation in the rate of increase of medical expense inflation in
future for plan participants from the rate of increase in medical expense
used to determine the present value of obligation will have a bearing on
the plan’s liability.
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WAPCOS ANNUAL REPORT 2021-22
Cash Allowance Infla- The present value of the defined benefit plan liability is calculated with the
tion Risk assumption of cash allowance inflation increase rate of plan participants in
future. Deviation in the rate of increase of cash allowance in future for plan
participants from the rate of increase in cash allowance used to determine
the present value of obligation will have a bearing on the plan’s liability.
Corporate Overview
Disclosures Related to Funded / Unfunded obligations
i. Amounts recognized in the Balance Sheet
(` in Lakhs)
Gratuity (Funded) PRMS (Unfunded) Leave Encashment
(Unfunded)
Particulars 31st 31st 31st 31st 31st 31st
March March March March March March
2022 2021 2022 2021 2022 2021
Present value of obligations as 5378.28 5176.12 2625.94 2525.25 3940.11 3628.46
at the end of year
Fair value of plan assets as at 3282.25 3281.47 - - - -
the end of the year
Statutory Reports
Funded / Unfunded status 2096.03 1894.65 2625.94 2525.25 3940.11 3628.46
Net (asset) / liability recog- 2096.03 1894.65 2625.94 2525.25 3940.11 3628.46
nized in Balance Sheet
243
WAPCOS ANNUAL REPORT 2021-22
244
WAPCOS ANNUAL REPORT 2021-22
Corporate Overview
2022 2021 2022 2021 2022 2021
Fair value of plan assets on 3281.47 3371.15 - - - -
beginning of year
Interest Income 226.42 231.26 - - - -
Re-measurement gain/(loss)- (14.98) (10.60) - - - -
Return on Plan Assets exclud-
ing amounts included in net
interest expense
Contribution from the em- 139.74 10.00 - - - -
ployer
Benefits Paid (350.40) (320.34) - - - -
Fair value of plan assets at end 3282.25 3281.47 - - - -
of year
Statutory Reports
v. Actuarial Assumptions
(` in Lakhs)
Gratuity (Funded) PRMS (Unfunded) Leave Encashment
(Unfunded)
Particulars 31st 31st 31st 31st 31st 31st
March March March March March March
2022 2021 2022 2021 2022 2021
Discount rate 7.33% 6.90% 7.40% 6.91% 7.33% 6.90%
Expected rate of future salary 6.00% 6.00% 6.00% 6.00% 6.00% 6.00%
increase Standalone Financial Statements
Increase in Compensation - - - - - -
levels
Retirement age - - - - - -
245
WAPCOS ANNUAL REPORT 2021-22
5 515.88 388.35 - - - -
Above 5 11283.30 10636.12 - - - -
Total 13541.43 12637.46 - - - -
Duration of defined - - - - - -
benefit payments-from the
employer
Duration (years)
1 - - 64.89 61.97 - -
2 - - 78.64 69.97 - -
Standalone Financial Statements
3 - - 89.82 83.63 - -
4 - - 100.73 94.87 - -
5 - - 114.07 105.50 - -
Above 5 - - 14770.30 11567.10 - -
Total - - 15218.45 11983.04 - -
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WAPCOS ANNUAL REPORT 2021-22
vii. Major categories of plan assets (as percentage of total plan assets)
(` in Lakhs)
Corporate Overview
March March March March March March
2022 2021 2022 2021 2022 2021
Insurance fund 100% 100% - - - -
Statutory Reports
obligation
Particulars
31st 31st 31st 31st 31st 31st
March March March March March March
2022 2021 2022 2021 2022 2021
Increase/(Decrease) in dis- +/- 1% +/- 1% 537.08 542.48 450.36 453.10
count rate
Expected rate of future salary +/- 1% +/- 1% 355.08 389.99 341.61 369.40
increase
Expected change in rate of +/- 1% +/- 1% 101.65 66.13 117.39 76.73
employee turnover
Standalone Financial Statements
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WAPCOS ANNUAL REPORT 2021-22
(` in Lakhs)
(` in Lakhs)
Statutory Reports
increase
*Changes in Defined benefit obligation due to 1% Increase / Decrease in Mortality Rate if all
other assumptions remain constant is negligible.
The sensitivity analysis presented above may not be representative of the actual change in the defined
benefit obligation as it is unlikely that the change in assumptions would occur in isolation of one another
as some of the assumptions may be correlated.
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WAPCOS ANNUAL REPORT 2021-22
Furthermore, in presenting the above sensitivity analysis, the present value of the defined obligation
has been calculated using the projected unit credit method at the end of the report period, which is the
same as that applied in calculating the defined benefit obligation liability recognized in the statement of
financial position.
There is no change in the method of the valuation for the prior period. For change in assumption please
Corporate Overview
refer to table (v) above, where assumptions for prior period are given.
33. Provisions, Contingent Liabilities and Contingent Assets (Ind AS 37)
Movement of Provisions
Movements in each class (Current & Non-Current) of Provision during the financial year are set
out below:
(` in Lakhs)
Statutory Reports
Additional Provisions during the 341.12 350.60 178.53 381.68 595.20 448.23
Year
Provision used during the Year (139.74) (10.00) (77.84) (53.42) (283.55) (261.46)
Provision reversed during the - - - - -
Year
Closing Balance 2096.03 1894.65 2625.94 2525.25 3940.11 3628.46
(` in Lakhs)
*The Company has pension plan in place for its employees in accordance with D.P.E Guidelines. The pension plan has been
taken from LIC of India for this purpose.
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WAPCOS ANNUAL REPORT 2021-22
(` in Lakhs)
Particulars 31st March 2022 31st March 2021
Cash dividend on Equity Shares declared and Paid - -
Final Dividend Paid 2500.00 2500.00
Dividend Distribution Tax on Final Dividend Paid - -
Interim Dividend - -
Dividend Distribution Tax on Interim Dividend - -
The Dividends on equity shares declared by the Company is in accordance with DPE guidelines.
Dividend declaration date for FY 2020-2021 is 08th December 2021 and dividend payment date is 06th January 2022.
36. In terms of Section 22 of the Micro, Small and Medium Enterprises Development Act 2006,
Standalone Financial Statements
the amount due to these enterprises are required to be disclosed. These enterprises are required to
be registered under that Act. The Company has asked the vendors the status of MSME registration.
Details of dues to micro & small enterprises are given on the basis of information available with the
management:
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WAPCOS ANNUAL REPORT 2021-22
(` in Lakhs)
S. No. Particulars 31st March 2022 31st March 2021
1 (a) The Principal amount due thereon remaining unpaid to any supplier as 34182.59 36601.96
at the end of each accounting year
1 (b) The interest due thereon remaining unpaid to any supplier as at the -
end of each accounting year on the above amount
2 The amount of interest paid by the buyer in terms of Section 16 of -
Corporate Overview
the Micro and Small Enterprise Development Act 2006, along with the
amounts of the payment made to the supplier beyond the appointed
day during each accounting year.
3 The amount of interest due and payable for the period of delay in -
making payment (which have been paid but beyond the appointed day
during the year) but without adding the interest specified under Micro
and Small Enterprises Development Act, 2006
4 The amount of interest due and remaining unpaid at the end of each -
accounting year.
5 The amount of further interest remaining due and payable even in the -
succeeding years, until such date when the interest dues as above are
actually paid to the small enterprise for the purpose of disallowance as
a deductible expenditure under section 23 of Micro and Small Enter-
prise Development Act, 2006
*The company has initiated the process of identification of suppliers registered under Micro and Small Enterprise Development
Statutory Reports
Act, 2006, by obtaining confirmation from all supplies. Above Information has been collated only to the extent of information
received and available on records.
37. Balances shown under Claims recoverable, Trade Receivables, Advances to contractors, Trade
Payables and Security deposits/ Retention money from contractors are subject to confirmation and
respective consequential adjustments. The status of Balance Confirmations received is as follows:
251
WAPCOS ANNUAL REPORT 2021-22
The balances of Trade Receivables and Trade Payables are truly reflected in the Books of Accounts. With
regard to the differences as stated by the parties, the company is in the process of coordinating and shall
obtain the corrected confirmation in due course of time.
In the opinion of the management, the value of Trade Receivables, Loans and Advances on realization in
the ordinary course of business, will not be less than the value at which these are stated in the Balance
Sheet. The total Trade Receivables are ` 184691.79 Lakhs out of which ` 16613.83 Lakhs are deferred
debts presently not due for payment. (Previous Year ` 178228.01 Lakhs out of which ` 20366.47 Lakhs
were Deferred debt).
Statutory Reports
38. During the year, the company has acquired fixed assets / loose tools (not forming part of the
company’s assets i.e., PPE) on behalf of clients amounting to ` 151.83 Lakhs (Previous Year ` 116.98
Lakhs). Further ` 108.12 Lakhs (Previous Year ` 102.45 Lakhs) has been Set-off against Reimbursement
received from client.
39. Liability in respect of “Performance Related Pay”, amounting to ` 223.24 Lakhs (Previous Year
` 139.26 Lakhs) for the employees for the year ended on 31st March 2022 has been estimated and
provided based on scheme formulated in accordance with D.P.E guidelines, based upon certain ranking
parameter. Movement chart is as under:
(` in Lakhs)
Standalone Financial Statements
252
40. Corporate Social Responsibility (CSR) expenses
The requisite disclosures relating to CSR expenditure in terms on Guidance Note on Corporate Social Responsibility (CSR) issued by The
Institute of Chartered Accountants of India
Financial Year 2021-2022
(a) CSR amount spent or unspent for the financial year:
(` in Lakhs)
Amount Unspent
Total Amount transferred to Un- Amount transferred to any fund specified under Schedule
Total Amount Spent for spent CSR Account as per section VII as per second proviso to section 135(5)
the Financial Year 135 (6)
Amount Date of Transfer Name of Amount Date of Transfer
the Fund
269.79 39.30 30.04.2022 -
WAPCOS ANNUAL REPORT 2021-22
253
Standalone Financial Statements Statutory Reports Corporate Overview
Standalone Financial Statements Statutory Reports Corporate Overview
(b) Details of CSR amount spent against ongoing projects for the financial year:
254
(` in Lakhs)
Item from the list of Local Location of the Project Project Amount Amount spent Amount transferred to Mode of Mode of implementation
S.
Name of the Project activities in Schedule Area State District Duration allocated for the in the current Unspent CSR Account for the implementation - - Through Implementing
No.
7 of the Act (Yes/No) Project Financial Year Project as per Section 135(6) Direct (Yes/No) Agency
1 Construction of Rainwater Item No 4 Environ- Yes New Delhi Nizamuddin 03.08.2021- 24.19 21.05 - No Aga Khan Foundation,
Harvesting at Humayun’s mental Sustainability 02.11.2021 6 Bhagwan Dass Road,
Tomb Site Museum under New Delhi, 110001 -
CSR activity of WAPCOS CSR00008713
during 2021-22.
2 Installation of Roof Top Rain- Item No 4 Environ- No Haryana Bhiwani, Faridabad, 01.10.2021- 17.80 17.10 0.90 No Empathetic Humane
water Harvesting Structure mental Sustainability Gurugram, Jhajjar, 30.11.2021 Socially Awakened Samaj
in Government Schools of Palwal, Panipat, (EHSAS), Mahendru
Haryana -under CSR activity of Rewari, Rohtak and Enclave, New Delhi -
WAPCOS during 2021-22 Sonipat CSR00012973
3 School Education through Item No 2 School NO Uttrakhand UdhamSingh Nagar 23.03.2022- 9.28 2.32 6.96 No Devwani Propkar
providing set of Table and Education 22.06.2022 Mission, Bhupatwala,
Chair in 3 Schools of Khatima Haridwar, Uttralhand -
Block , Udham Singh Nagar, CSR00013924
Uttrakhand.
WAPCOS ANNUAL REPORT 2021-22
4 School Education through Item No 2 School No Uttar Shahjahanpur 29.03.2022- 24.91 4.98 18.45 No Gurgia Charities,
construction of 3 class rooms Education Pradesh 28.12.2022 Khanpur, New Delhi
including electric fitting & -CSR00010365
fixture for students of Lala
Baijnath Janki Pathshala (LBJP)
Inter-College, Tilhar, Distt-
Shahjahanpur, Uttar Pradesh.
5 Arogya Project- Providing Item No-1 Health Care No Uttar Shravasti 01.01.2020- 2.17 2.17 - No Sustainable Action
Healthcare Services to Schools Pradesh 31.12.2021 Towards Human Empow-
children in 45 Government erment ,Sector-5, Ghazia-
Schools by Organising Health bad -CSR00005293
Check up cum awareness
camps on Nutrition & Hygiene
in Shravasti district ,Uttar
Pradesh
6 Swastha Bharat project- Pro- Item No-1 Health Care No Uttar Bahraich 26.09.2019- 4.19 4.19 - No Aroh Foundation,
viding Healthcare Services to Pradesh 31.12.2021 Sector-8, Noida -
Schools children by Organising CSR00000044
General Health Check up
Camps ,Adolescent Workshop,
Swachhta Rally and Tree
Plantation in Kaiserganj Block,
Bahraich district , Uttar
Pradesh.
7 School Education through Item No 2 School No Uttar Shahjahanpur 04.03.2020- 5.13 5.13 - No Gurgia Charities,
reconstruction of four class Education Pradesh 16.08.2021 Khanpur, New Delhi -
rooms including electric fitting CSR00010365
and furniture & fixture for
students of Lala Baijnath Janki
Pathshala (LBJP) Inter-College,
Tilhar, Distt- Shahjahanpur,
Uttar Pradesh.
WAPCOS ANNUAL REPORT 2021-22
(c) Details of CSR amount spent against other than ongoing projects for the financial year:
(` in Lakhs)
S. Name Item from Local Location of the Amount Mode of implemen- Mode of implementation
No. of the the list of Area Project spent tation - Direct (Yes/ - Through Implementing
Project activities in (Yes/ for the No) Agency
Schedule 7 No) State District project Name CSR Registration
of the Act
Corporate Overview
number
1 PM VIII - - - 200.00 - - -
CARES
FUND
Statutory Reports
3 Excess amount spent for the financial year [(ii)-(i)] -
4 Surplus arising out of the CSR projects or programmes or activities of the previous -
financial years, if any
5 Amount available for set off in succeeding financial years [(iii)-(iv)] -
(h) Details of Unspent CSR amount for the preceding three financial years:
(` in Lakhs)
S. Preceeding Amount transferred Amount spent Amount transferred to any fund spec- Amount remaining to
No. Financial to Unspent CSR Ac- in the reporting ified under Schedule VII as per section be spent in succeeding
Year count under section Financial Year 135 (6), if any financial years
135 (6)
255
Standalone Financial Statements Statutory Reports Corporate Overview
(` in Lakhs)
256
S. Name of Activity Sector in which the "Projects/ Programmes Amount outlay (Budget) Amount spent on the Amount Spent direct /
No. project is covered 1 local area/Others of Project/ Program project for Unspent through implementing
2 Specify the State/ district wise CSR Account for the Agency
(Name of the Name of the year 2020-21
District/State where project/
programme was undertaken"
1 Socio Economic Empowerment of Poor Girls Skill Development 1 Amritsar 4.80 1.68 Shree Durgiana Commit-
through skill Development training program 2 Punjab" (3.12 spent during 2020- teee
in Amritsar, Punjab. 21)"
2 School Education – Setting up of Smart School Education 1 Bhagwanpur, Laksar and Narsan 12.00 1.20 District Administration,
Class Rooms for 12 Rajkiya Middle Schools 2 Haridwar, Uttrakhand" (10.80 spent during Haridwar
in Bhagwanpur, Laksar and Narsan Blocks 2020-21)"
at Haridwar District, Uttrakhand.
3 Swastha Bharat project- Providing Preventive Health 1 Kaiserganj 24.92 2.07 M/s Aroh Foundation
Healthcare Services to Schools children by Care 2 Bahraich, Uttar Pradesh" (12.46 spent during
WAPCOS ANNUAL REPORT 2021-22
S. Project ID Name of the Project Financial Year Project Total amount Amount spent Cumulative Status of the
No. in which the duration allocated for on the project amount project- Completed/
project was the project in the reporting spent at Ongoing.
commenced Financial Year the end of
reporting
Financial
Year
1 WAP/ School Education through 2019-20 04.03.2020- 22.10 5.13 22.10 Completed
CSR/2019- reconstruction of four class 16.08.2021
20/S.E/Til- rooms including electric
har/U.P/31 fitting and furniture &
fixture for students of Lala
Baijnath Janki Pathshala
(LBJP) Inter-College, Tilhar,
Distt- Shahjahanpur, Uttar
Pradesh.
2 WAP/ Swastha Bharat project- 2019-20 26.09.2019- 24.92 4.19 24.92 Completed
CSR/2019- Providing Healthcare Ser- 31.12.2021
20/H.C/Bah- vices to Schools children by
raich/U.P/13 Organising General Health
Check up Camps ,Adoles-
cent Workshop, Swachhta
Rally and Tree Plantation in
Kaiserganj Block, Bahraich
district , Uttar Pradesh
3 WAP/ Arogya Project- Providing 2019-20 01.01.2020- 24.44 2.17 24.44 Completed
CSR/2019- Healthcare Services to 31.12.2021
20/H.C/ Schools children in 45
Shravasti/ Government Schools by
U.P/24 Organising Health Check
up cum awareness camps
on Nutrition & Hygiene
in Shravasti district ,Uttar
WAPCOS ANNUAL REPORT 2021-22
Pradesh
257
Standalone Financial Statements Statutory Reports Corporate Overview
WAPCOS ANNUAL REPORT 2021-22
(j) In case of creation or acquisition of capital asset, furnish the details relating to the asset so created
or acquired through CSR spent in the financial year. Nil.
1. Date of creation or acquisition of the capital asset (s). Nil
2. Amount of CSR spent for creation or acquisition of capital asset. Nil
3. Details of the entity or public authority or beneficiary under whose name such capital asset is registered
, their address etc. Nil
Corporate Overview
4. Provide details of the capital asset (s) created or acquired (including complete address and location
of the capital asset). Nil
(k) Specify the reason (s), if the company has failed to spend two percent of the average net profit as
per section 135(5)
During 2021-22, the Company has taken up CSR works for 2% of the average net profit as per section
135(5). However, against the target of 2% the expenditure incurred is 1.82%. The remaining amount
could not be released due to non-completion of activities. Accordingly the remaining has been transferred
to unspent CSR account as indicated in Item no 8 (a) column 2 above.
Amount Unspent
Total Amount
Spent for the Total Amount transferred to Unspent CSR Amount transferred to any fund specified under
Financial Year Account as per section 135 (6) Schedule VII as per second proviso to section
135(5).
Amount Date of Name of the Fund Amount Date of Trans-
Transfer fer
373.03 13.00 12.09.2021 -
Standalone Financial Statements
258
(b) Details of CSR amount spent against ongoing projects for the financial year:
(` in Lakhs)
Item from the list of Local Location of the Project Project Amount Amount spent Amount transferred to Mode of Mode of implementation
S.
Name of the Project activities in Schedule Area State District Duration allocated for the in the current Unspent CSR Account for the implementation - - Through Implementing
No.
7 of the Act (Yes/No) Project Financial Year Project as per Section 135(6) Direct (Yes/No) Agency
1 Socio Economic Empowerment Item No 2 School No Punjab Amristar 1.12.2019- 4.80 3.12 1.68 No Shree Durgiana Commit-
of Poor Girls through Skill Education 30.08.3021 tee, Amritsar
Development training program
in Amritsar, Punjab
2 School Education - Construc- Item No 2 School No Uttrakhand Haridwar 03.02.2020- 17.00 16.29 - No District Administration,
tion of Two Classrooms in Education 31.03.2021 Haridwar
Rajkia Inter College Gandikhata,
Bahadrabad, District - Haridwar,
Uttrakhand
3 School Education – Setting Item No 2 School No Uttrakhand Haridwar 03.02.2020- 12.00 10.80 1.20 No District Administration,
up of Smart Class Rooms for Education 31.03.2021 Haridwar
12 Rajkiya Middle Schools in
Bhagwanpur, Laksar and Narsan
Blocks at Haridwar District,
Uttrakhand.
4 School Education through recon- Item No 2 School No Uttar Shahjahanpur 04.03.2020 - 22.10 16.43 0.54 No Gurgia Charities, Khan-
struction of four class rooms Education Pradesh 16.08.2021 pur, New Delhi
including electric fitting and
furniture & fixture for students
of Lala Baijnath Janki Pathshala
(LBJP) Inter-College, Tilhar, Distt-
Shahjahanpur, Uttar Pradesh.
5 Development of Recreation Item No 3 Recreation No Delhi West Delhi 02.05.2019- 0.56 0.47 - No Shri Gyan Gangotri Vikas
Centre for Senior Citizens at Centre for Senior 01.05.2020 Sanstha, Uttam Nagar,
Madhu Vihar, New Delhi Citizens New Delhi
6 Construction of Double Storey Item No 10 Rural No Bihar Vaishali 22.09.2019- 24.00 24.00 - No Sarvodaya Kissan Club,
block of 4 rooms, Drinking Development 21.06.2020 Vaishali, Bihar
water facility with Bore well
including network, Male and
Female Toilet Block and Lighting
arrangement in Sarvodya Kissan
Club (Atma) for villagers of
Baitpur Saidat, Block-Bidupur,
Distt-Vaishali, Bihar.
7 Swastha Bharat project- Pro- Item No-1 Health Care No Uttar Bahraich 26.09.2019- 12.46 6.19 2.07 No Aroh Foundation, Sec-
viding Healthcare Services to Pradesh 31.12.2021 tor-8, Noida
Schools children by Organising
General Health Check up Camps
,Adolescent Workshop, Swach-
hta Rally and Tree Plantation
in Kaiserganj Block, Bahraich
district , Uttar Pradesh.
8 "(a) Health Care - Accredited Item No-1 Health Care No Uttar Bahraich 21.10.2019 - 18.00 18.00 - No District Administration,
social health activist (ASHA) Pradesh 31.12.2020 Bahraich through U.P
health
worker waiting room in District
Women Hospital and 14 in
Community Health Centres
(CHCs) in Bahraich Distict, Uttar
WAPCOS ANNUAL REPORT 2021-22
Pradesh. "
(b) Maintenance cost of 15 01.01.2021- 7.50 - -
ASHA Waiting Hall for Three 31.12.2023
years
259
Standalone Financial Statements Statutory Reports Corporate Overview
Standalone Financial Statements Statutory Reports Corporate Overview
(` in Lakhs)
260
Item from the list of Local Location of the Project Project Amount Amount spent Amount transferred to Mode of Mode of implementation
S.
Name of the Project activities in Schedule Area State District Duration allocated for the in the current Unspent CSR Account for the implementation - - Through Implementing
No.
7 of the Act (Yes/No) Project Financial Year Project as per Section 135(6) Direct (Yes/No) Agency
9 Provision of medicines for needy Item No-1 Health Care No Gujarat Botad 01.11.2019- 4.80 1.16 - No Shree Kashtbhanjandev
poor patients of the hospital 31.10.2020 Hanumanji Mandir,
being run by Shree Kasht bhan- Botad, Gujarat
jan Dev Hanumanji Mandir in
Salangpur, Distt. Botad, Gujarat
10 Health Care Program for Item No-1 Health Care No Uttrakhand Haridwar 31.12.2019- 18.75 18.75 - No Artificial Limbs Manu-
Distribution of Aids & Assistive 30.10.2020 facturing Corporation of
devices to Divyangjan living India, Kanpur
in the District of Haridwar,
Uttrakhand
11 Renovation of existing main ac- Item No 2 School No Bihar Vaishali 24.09.2019- 30.00 20.00 5.28 No Rajkiya Middle School,
ademic building block including Education 31.03.2021 Gobindpur, Vaishali, Bihar
boundary wall, construction
of one room and water supply
arrangement including bore well
for students of Rajkiya Middle
WAPCOS ANNUAL REPORT 2021-22
12 Arogya Project- Providing Item No-1 Health Care No Uttar Shravasti 01.01.2020- 12.22 7.82 2.23 No Sustainable Action
Healthcare Services to Schools Pradesh 31.12.2021 Towards Human
children in 45 Government Empowerment, Sector-5,
Schools by Organising Health Ghaziabad
Check up cum awareness camps
on Nutrition & Hygiene in
Shravasti district ,Uttar Pradesh
13 Renovation of Library room Item No 5, setting up No Bihar Vaishali 03.10.2019- 3.30 3.30 - No Shree Mahavir Pushtaka-
librarian Room Hall, Corridor, public libraries 02.04.2020 laya , Vaishali, Bhar
Construction of toilets and
upliftment of Library in Shree
Mahavir Pushtakalaya, Pull Ghat,
Hazipur, Distt. Vaishali, Bihar
14 Sanitation and Public Utility Item No 1 Sanitation No Bihar Sitamarhi 15.10.2018- 4.50 4.50 - No Aroh Foundation, Noida
Program Construction of Toilets 14.01.2019
in village Singhwahini, District
Sitamarhi, Bihar
15 Supporting the Liver Transplan- Item No-1 Health Care Yes Delhi South West 01.04.2020- 14.00 14.00 - No Institute of Liver and Bil-
tation Surgeries of Economically 31.03.2021 iary Sciences, New Delhi
Weaker Patients
WAPCOS ANNUAL REPORT 2021-22
(c) Details of CSR amount spent against other than ongoing projects for the financial year:
(` in Lakhs)
S. Name Item from Local Location of the Amount Mode of implemen- Mode of implementation
No. of the the list of Area Project spent tation - Direct (Yes/ - Through Implementing
Project activities in (Yes/ for the No) Agency
Schedule 7 No) State District project Name CSR Registration
of the Act
Corporate Overview
number
1 PM - - - 200.00 - - -
CARES
FUND
Statutory Reports
3 Excess amount spent for the financial year [(ii)-(i)] -
4 Surplus arising out of the CSR projects or programmes or activities of the previous -
financial years, if any
5 Amount available for set off in succeeding financial years [(iii)-(iv)] -
(h) Details of Unspent CSR amount for the preceding three financial years:
S. Preceeding Amount transferred Amount spent Amount transferred to any fund spec- Amount remaining to
No. Financial to Unspent CSR Ac- in the reporting ified under Schedule VII as per section be spent in succeeding
Year count under section Financial Year 135 (6), if any financial years
261
Standalone Financial Statements Statutory Reports Corporate Overview
(i) Details of CSR amount spent in the financial year for ongoing projects of the preceding financial year (s)
262
(` in Lakhs)
S. Project ID Name of the Project Financial Year Project Total amount Amount spent Cumulative Status of the
No. in which the duration allocated for on the project amount project- Completed/
project was the project in the reporting spent at Ongoing.
commenced Financial Year the end of
reporting
Financial
Year
1 WAP/ Socio Economic Empower- 2019-20 1.12.2019- 4.80 3.12 3.12 Ongoing
CSR/2019- ment of Poor Girls through 30.08.2021
20/Amrit- Skill Development train-
sar/20 ing program in Amritsar,
WAPCOS ANNUAL REPORT 2021-22
Punjab
2 WAP/ School Education - Con- 2019-20 03.02.2020- 17.00 16.29 16.29 Completed
CSR/2019- struction of Two Class- 31.03.2021
20/S.E/Harid- rooms in Rajkia Inter
war/26 College Gandikhata, Bahad-
rabad, District - Haridwar,
Uttrakhand
3 WAP/ School Education – Setting 2019-20 03.02.2020- 12.00 10.80 10.80 Completed
CSR/2019- up of Smart Class Rooms 31.03.2021
20/S.E/Harid- for 12 Rajkiya Middle
war/27 Schools in Bhagwanpur,
Laksar and Narsan Blocks
at Haridwar District, Uttra-
khand.
4 WAP/ School Education through 2019-20 04.03.2020- 22.10 5.13 22.10 Completed
CSR/2019- reconstruction of four class 16.08.2021
20/S.E/Til- rooms including electric
har/U.P/31 fitting and furniture &
fixture for students of Lala
Baijnath Janki Pathshala
(LBJP) Inter-College, Tilhar,
Distt- Shahjahanpur, Uttar
Pradesh.
(` in Lakhs)
S. Project ID Name of the Project Financial Year Project Total amount Amount spent Cumulative Status of the
No. in which the duration allocated for on the project amount project- Completed/
project was the project in the reporting spent at Ongoing.
commenced Financial Year the end of
reporting
Financial
Year
5 WAP/ Development of Recreation 2019-20 02.05.2019- 3.67 0.47 3.58 Completed
CSR/2019- Centre for Senior Citizens 01.05.2020
20/MadhuVi- at Madhu Vihar, New Delhi
har/6
6 WAP/ Construction of Double 2019-20 22.09.2019- 40.00 24.00 40.00 Completed
CSR/2019- Storey block of 4 rooms, 21.06.2020
20/Kissan Drinking water facility
Club/Bi- with Bore well including
har/09 network, Male and Female
Toilet Block and Lighting
arrangement in Sarvodya
Kissan Club (Atma) for
villagers of Baitpur Saidat,
Block-Bidupur, Distt-Vaish-
ali, Bihar.
7 WAP/ Swastha Bharat project- 2019-20 26.09.2019- 24.92 4.19 24.92 Completed
CSR/2019- Providing Healthcare Ser- 31.12.2021
20/H.C/Bah- vices to Schools children by
raich/U.P/13 Organising General Health
Check up Camps ,Adoles-
cent Workshop, Swachhta
Rally and Tree Plantation in
Kaiserganj Block, Bahraich
district , Uttar Pradesh
8 WAP/ Health Care - Accredited so- 2019-20 21.10.2019- 105.00 18.00 105.00 Completed
CSR/2019- cial health activist (ASHA) 31.12.2020
20/H.C/Bah- health worker waiting
WAPCOS ANNUAL REPORT 2021-22
263
Standalone Financial Statements Statutory Reports Corporate Overview
Standalone Financial Statements Statutory Reports Corporate Overview
(` in Lakhs)
264
S. Project ID Name of the Project Financial Year Project Total amount Amount spent Cumulative Status of the
No. in which the duration allocated for on the project amount project- Completed/
project was the project in the reporting spent at Ongoing.
commenced Financial Year the end of
reporting
Financial
Year
Maintenance cost of 15 01.01.2021- 7.50 - - Ongoing
ASHA Waiting Hall for 31.12.2023
Three years
9 WAP/ Provision of medicines for 2019-20 01.11.2019- 8.00 1.16 4.36 Completed
CSR/2019- needy poor patients of the 31.10.2020
20/Medi- hospital being run by Shree
WAPCOS ANNUAL REPORT 2021-22
S. Project ID Name of the Project Financial Year Project Total amount Amount spent Cumulative Status of the
No. in which the duration allocated for on the project amount project- Completed/
project was the project in the reporting spent at Ongoing.
commenced Financial Year the end of
reporting
Financial
Year
13 WAP/ Renovation of Library room 2019-20 03.10.2019- 22.00 3.30 22.00 Completed
CSR/2019- librarian Room Hall, Corri- 02.04.2020
20/Library/ dor, Construction of toilets
Bihar/10 and upliftment of Library
in Shree Mahavir Pushtaka-
laya, Pull Ghat, Hazipur,
Distt. Vaishali, Bihar
14 WAP/ Sanitation and Public Utility 2018-19 15.10.2018- 22.50 4.50 22.50 Completed
CSR/2018- Program Construction of 14.01.2019
19/Sitamar- Toilets in village Singh-
dhi/Toilet/7 wahini, District Sitamarhi,
Bihar
15 WAP/ Supporting the Liver 2017-18 01.04.2020- 14.00 14.00 14.00 Ongoing
CSR/2017- Transplantation Surgeries 31.03.2021
18/ILBS/21 of Economically Weaker
Patients
WAPCOS ANNUAL REPORT 2021-22
265
Standalone Financial Statements Statutory Reports Corporate Overview
WAPCOS ANNUAL REPORT 2021-22
(j) In case of creation or acquisition of capital asset, furnish the details relating to the asset so created
or acquired through CSR spent in the financial year. Nil
1. Date of creation or acquisition of the capital asset (s). Nil
2. Amount of CSR spent for creation or acquisition of capital asset. Nil
3. Details of the entity or public authority or beneficiary under whose name such capital asset is registered,
their address etc. Nil
Corporate Overview
4. Provide details of the capital asset (s) created or acquired (including complete address and location
of the capital asset). Nil
(k) Specify the reason (s), if the company has failed to spend two percent of the average net profit as
per section 135(5)
During 2020-21, the Company has taken up CSR works for 2% of the average net profit as per section
135(5). However, against the target of 2% the expenditure incurred is 1.93%. The remaining amount
of ` 13 Lakhs could not be released due to non-completion of activities because of COVID conditions in
the country. Accordingly the unspent amount has been transferred to unspent CSR account as indicated
in Item no 8 (a) column 2 above.
266
WAPCOS ANNUAL REPORT 2021-22
Corporate Overview
Shri R.K Agrawal (w.e.f. 04.10.2021)
Ms. Debashree Mukherjee (Up to 03.10.2021)
Statutory Reports
Non – Executive (Independent Directors)
Ms. Preeti Madan
Shri Anil Kumar Trigunayat (w.e.f. 12.01.2022)
Shri Jasbir Singh Thakur (w.e.f. 15.01.2022)
Shri Lakhan Lal Sahu (w.e.f. 02.02.2022)
Shri Partha Sarathi Ghosh (w.e.f. 23.02.2022)
Company Secretary
Shri K.K. Kandwal (Up to 31.01.2021)
267
Standalone Financial Statements Statutory Reports Corporate Overview
268
(` in Lakhs)
Disclosures in respect of transactions with identified related parties are given only for such period during which such relationships
existed.
Chairman–cum–Managing Director is allowed use of staff car for private journeys up to a ceiling of 1000 kms per month on payment
of ` 2000/- per month (Previous Year ` 2000/- PM).
Director (Finance) & Director (Commercial & HRD) are allowed use of staff car for private journeys up to ceiling of 1000 kms per month
on payment of ` 490/- per month (Previous Year ` 490/- per month)
WAPCOS ANNUAL REPORT 2021-22
Corporate Overview
v. Details of Remuneration/sitting fees paid to Independent Directors
(` in Lakhs)
Name & Designation 31st March, 2022 31st March, 2021
Dr Preeti Madan 2.70 3.45
Shri Anil Kumar Trigunayat 0.45 -
Shri Lakhan Lal Sahu 0.45 -
Shri Partha Sarathi Ghosh 0.45 -
Shri Jasbir Singh Thakur 0.15 -
Total 4.20 3.45
Statutory Reports
(` in Lakhs)
31st March, 2022 31st March, 2021
Particulars
Payables Payables
Sh. R.K. Agrawal 6.66 -
Sh. Anupam Mishra 9.44 9.16
Sh. Pankaj Kapoor 9.30 8.22
Sh. K.K. Kandwal - 4.14
Ms. Kavita Parmar 0.77 1.44
Total 26.17 22.96
No money is due from Key Management Personnel as on 31st March 2022.
Standalone Financial Statements
269
WAPCOS ANNUAL REPORT 2021-22
42. Leases
270
WAPCOS ANNUAL REPORT 2021-22
Lease Liability
Corporate Overview
Total 492.46 920.75 1413.21
As at 31st March 2021
(` in Lakhs)
Particulars Current Non-Current Total
Buildings 599.49 1605.81 2205.30
Vehicle 30.52 28.56 59.08
Total 630.01 1634.37 2264.38
Statutory Reports
The Statement of Profit or Loss shows the following amounts relating to Leases
(` in Lakhs)
Depreciation Charge of Right of Use assets 31st March 2022 31st March 2021
Buildings 624.27 769.99
Vehicles 28.79 40.95
Interest Expenses (Included in Finance Cost) 31st March 2022 31st March 2021
Interest Expense 157.88 213.66
The total cash outflow for leases in 2021-2022 ` 763.90 Lakhs (` 730.30 Lakhs for ROU Building &
`33.60 Lakhs for ROU Vehicle).
Standalone Financial Statements
c. The Company’s leasing activities and how these are accounted for
The Company leases various offices and vehicles. Rental contracts are typically made for fixed periods of
6 months to 8 years, but may have extension options as described below:
Contracts may contain both lease and non-lease components. The Company allocates the consideration in
the contract to the lease and non-lease components based on their relative stand-alone prices. However,
for leases of real estate for which the company is a lessee, it has elected to separate lease and non-lease
components and instead accounts for these as a single lease component.
271
WAPCOS ANNUAL REPORT 2021-22
Lease terms are negotiated on an individual basis and contain a wide range of different terms and
conditions. The lease agreements do not impose any covenants other than the security interests in
the leased assets that are held by the lessor. Leased assets may not be used as security for borrowing
purposes.
d. Lease payments are allocated between principal and finance cost. The finance cost is charged to
Corporate Overview
profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining
balance of the liability for each period.
Right-of-use assets are measured at cost comprising the following:
· the amount of the initial measurement of lease liability
· any lease payments made at or before the commencement date less any lease incentives received
Right-of-use assets are generally depreciated over the shorter of the asset's useful life and the lease term
on a straight-line basis. If the Company is reasonably certain to exercise a purchase option, the right-of-
use asset is depreciated over the underlying asset’s useful life.
Payments associated with short-term leases of Office Buildings and all leases of low-value assets are
recognised on a straight-line basis as an expense in profit or loss.
The Expense relating to payments not included in the measurement of lease liability is as follows:
(` in Lakhs)
Particulars 31st March, 2022 31st March, 2021
Short Term Leases 1359.45 1083.47
Variable Lease Payments - -
Total rental expenses relating to operating leases 1359.45 1083.47
operations.
f. The lease term is reassessed if an option is actually exercised (or not exercised) or the company
becomes obliged to exercise (or not exercise) it. The assessment of reasonable certainty is only revised
if a significant event or a significant change in circumstances occurs, which affects this assessment, and
that is within the control of the lessee.
Pursuant to Para 58 of Ind AS 116, a maturity analysis of lease liabilities applying Para 39 and B11 of Ind
AS 107, Financial Instruments; Disclosures separately from maturity analyses of other financial liabilities.
Maturities of Lease liabilities
The amounts disclosed in the table below are the contractual undiscounted cash flows.
272
WAPCOS ANNUAL REPORT 2021-22
Corporate Overview
As at 31st March 2021
(` in Lakhs)
Contractual Less than 6 6-12 Between Between Over Total
maturities of months months 1 and 2 2 and 5 years
financial liabilities years 5 years
Lease Liabilities 398.10 367.04 647.78 1062.67 205.22 2680.81
Set out below are the carrying amount of Lease liabilities and the movement during the period
(` in Lakhs)
Particulars 31st March, 2022
As at 01 April 2021
st
2264.38
Statutory Reports
Addition during the Year 279.77
Assets Written off (524.92)
Finance Cost of Lease Liabilities 157.88
Payments (763.90)
As at 31st March 2022 1413.21
Current 492.46
Non-Current 920.75
(` in Lakhs)
Particulars 31st March, 2021
As at 01st April 2020 2500.35 Standalone Financial Statements
Addition during the Year 479.32
Assets Written off (10.18)
Finance Cost of Lease Liabilities 213.66
Payments (918.77)
As at 31st March 2021 2264.38
Current 630.01
Non-Current 1634.37
273
WAPCOS ANNUAL REPORT 2021-22
economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust
the capital structure, the Company may adjust the amount of dividends paid to shareholders, return
capital to shareholders or issue new shares
The amounts managed as capital by the company are summarized as follows:
(` in Lakhs)
Particulars 31 March, 2022
st
31 March, 2021
st
44. The Management is of opinion that there is no impairment of cash generating assets in terms of Ind
AS 36 (Impairment of Assets).
45. Accounting Policies, Change in Accounting Estimates and Errors (Ind AS 8)
i. Prior Period Transactions are as follows: (` in Lakhs)
Nature of Expenditure / Income Related to FY 2020-21 Prior to 1st April 2020
Expenditure:
Bank Charges and Guarantee Commission 291.64 35.56
Services Obtained 718.01 926.05
Salary, Remuneration and Incentives 1.36 2.91
Standalone Financial Statements
274
ii. Impact on Balance Sheet items is as follows:
(` in Lakhs)
Prior Period for the Year Head Grouping Note Impact on Prior to Total
2020-21 01-04-2020
Liabilities
Trade Payables Trade Payable-Current 14B 735.81 956.32 1692.13
Income Accrued but not due Other Non-Current Liabilities 16A 737.86 61.81 799.67
Employee Payable Other Current Financial Liabilities 19B 5.93 5.71 11.64
Statutory dues Other Current Liabilities 16B 0.002 0.002
Total Change in Liabilities 1479.60 1023.84 2503.44
Assets
Accrued Interest Other Financial Assets - Non-Cur- 4A (4.39) - (4.39)
rent
Trade Receivable - Unsecured, considered good Trade Receivable 7 2328.54 (152.93) 2175.61
Balance with Government Authorities Other Current Assets 11 - (0.35) (0.35)
Unbilled Revenue Trade Receivable 7 (288.05) -
(288.05)
Prepaid Expenses Other Current Assets 11 (247.95) (35.56)
(283.51)
Deferred Tax Assets Deferred Tax Assets 5 (619.90) -
(619.90)
Balance with banks in Current A/C's Cash and Cash Equivalents 8 (43.69) - (43.69)
Total Change in Assets 1,124.56 (188.84) 935.72
WAPCOS ANNUAL REPORT 2021-22
275
Standalone Financial Statements Statutory Reports Corporate Overview
WAPCOS ANNUAL REPORT 2021-22
46. Computer Software in form of Intangible Assets disclosed as per Note no. 2B are amortized over
the period of three years on straight line basis or over their license period, as applicable. The amount
amortized is as under:
(` in Lakhs)
Particulars 31st March, 2022 31st March, 2021
Amortization recognized in the Statement of 50.62 74.76
Standalone Financial Statements
The Management is of opinion that there is no impairment of Intangible Assets (i.e. Software) in terms
of Ind AS – 36 (Impairment of Assets) as notified by Ministry of Corporate Affairs (‘the MCA’).
276
WAPCOS ANNUAL REPORT 2021-22
Corporate Overview
i. The Company has identified two operational reportable segments based on operations being carried
out which are as under:
a. Consultancy Services
b. Construction Contracts.
ii. Geographical wise revenues segment is disclosed as under:
a. Revenue within India from consultancy includes quality assurance & project management
services, turnkey construction projects.
b. Revenue from outside India includes services rendered towards project management consultancy
services, turnkey construction projects.
iii. The accounting principles used in the preparation of the financial statements are consistently applied
to record revenue & expenditure in individual segment, as set out in the note of significant accounting
policies.
Statutory Reports
iv. Revenue and expenses directly attributable to segments are reported under each reportable segment.
All other expenses which are not attributable or allocable to the segments have been disclosed as
un- allocable expenses.
v. Assets and liabilities used in the Company’s business are not identified to any of the reportable
segments as these are used interchangeably between segments. Depreciation, amortization &
impairment on Property, Plant & Equipment and Intangible Assets cannot be allocated to a specific
segment. Company believes that it is currently not practicable to provide segmental disclosure
relating to total assets, total liabilities and depreciation, amortization & impairment since a meaningful
segregation of the available data could be onerous.
277
WAPCOS ANNUAL REPORT 2021-22
278
WAPCOS ANNUAL REPORT 2021-22
(` in Lakhs)
Consultancy Services Construction Projects Total
Description
Domestic Abroad Domestic Abroad
Corporate Overview
Revenue 45981.53 22130.04 61226.73 1419.77 130758.07
Identifiable Operating Expenses 34707.07 13456.87 62242.11 2214.42 112620.47
Segmental Profit / (Loss) from 11274.46 8673.17 (1,015.38) (794.65) 18137.60
operations
Add: Interest Income 1295.40
Add: Other Income 1063.12
Less: Un – allocable Expenses 14681.50
including exceptional item
Net Profit Before Tax 5814.61
"Less: Income Tax 2117.53
Statutory Reports
(Including Deferred Tax)"
Net Profit after Tax 3697.08
Additional Information
Depreciation and amortization 1298.74
Non-cash expenses / (Income) -
other than depreciation and am-
ortization
Reversal of Provisions -
Profit on Sale of PPE -
Loss on Sale of PPE 1.27 Standalone Financial Statements
279
WAPCOS ANNUAL REPORT 2021-22
vii. Revenue of ` 34058.61 Lakhs (Previous Year ` 25399.50 Lakhs) from major customers is given
below:
(` in Lakhs)
Description 31st March 31st March
2022 2021
Corporate Overview
(` in Lakhs)
31st March 2022 31st March 2021
Particulars FVTPL Amortized FVTOCI Fair Value FVTPL Amortized FVTOCI Fair Value
Cost Cost
Financial Assets:
Other Financial Assets includ- - 2390.51 - 2390.51 - 2068.48 - 2068.48
ing Retention money and se-
curity deposits (Non-current)
Investments – Non- - - 39.52 39.52 - - 37.25 37.25
Current*
Trade Receivables - 161274.08 - 161274.08 - 157283.96 - 157283.96
Standalone Financial Statements
* Excluding investment in subsidiary ` 7980 Lakhs (Previous Year ` 7980 Lakhs) measured at cost.
280
WAPCOS ANNUAL REPORT 2021-22
(` in Lakhs)
31st March 2022 31st March 2021
Particulars FVTPL Amortized FVTOCI Fair Value FVTPL Amortized FVTOCI Fair Value
Cost Cost
Trade Payables (Current & - 110594.34 - 110594.34 - 113220.55 - 113220.55
Non-Current)
Other Financial Liabilities - 19283.63 - 19283.63 - 17478.47 - 17478.47
Corporate Overview
(Current and Non-current)
Total Financial Liabilities - 129877.97 - 129877.97 - 130699.02 - 130699.02
The Carrying amount of Trade Receivables, Trade Payables and Cash and Cash Equivalent are considered to be same as their
Fair Values.
The Carrying amount of the Financial Assets and Liabilities carried at Amortized Cost is considered a reasonable approximation
of Fair Value.
i. Fair Value Hierarchy
Financial Assets and Financial Liabilities measured at fair value in the Balance Sheet are grouped into three levels of a fair
value hierarchy. The three levels are defined based on the observability of significant inputs to the measurement, as follows:
Level – 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities
Level – 2: The fair value of Financial Instruments that are not traded in an active market is determined using valuation
Statutory Reports
techniques which maximize the use of observable market data rely as little as possible on entity specific estimates
Level – 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in
Level 3
The following tables shows the levels within the hierarchy of Financial Assets and Liabilities measured at Fair Value on a
recurring basis at 31st March 2022 and 31st March 2021:
ii. Financial Assets measured at Fair value – Recurring Fair Value Measurements
(` in Lakhs)
Particulars Period Note Ref. Level - 1 Level - 2 Level – 3 Total
Financial Instruments at - - - -
FVTOCI
Non-Current Investments – 31st March 2022 - - 2.27 2.27
Equity Shares Standalone Financial Statements
31st March 2021 - - 2.22 2.22
iii. Valuation Technique used to determine fair value
Specific Valuation Techniques used to value financial instruments includes the use of Net Assets Value of
Unquoted Equity Shares on the basis of the Audited Financial Statements received from investee party.
281
WAPCOS ANNUAL REPORT 2021-22
The Company’s activities expose it to credit risk, liquidity risk and market risk. The Company’s Board of
Directors has overall responsibility for the establishment and oversight of company’s risk management
framework. This note explains the sources of risk which the entity is exposed to and how the entity
manages the risk and related impacts in the financial statements.
Corporate Overview
i. Credit risk
The company is exposed to credit risk from its operating activities (Primarily trade receivables) and from
its financing activities including Deposits with Banks, Mutual funds and financial institutions and other
financial instruments.
The company assesses and manages credit risk of Financial Assets based on following categories arrived
on the basis of assumption, inputs and factors specific to the class of Financial Assets.
In accordance with Ind AS 109, the company is required to apply Expected Credit Loss Model for
measurement and recognition of impairment loss for Financial Assets which comprise of Cash & Cash
Equivalent. Bank balances, Investments, Trade Receivables, SD/Retention Money etc. As a practical
expedient, the company has adopted "Simplified Approach using the provision matrix method for
recognition of expected credit loss on trade receivables and SD/Retention Money as there is no risk of
default in respect of Cash & Cash Equivalent, Bank balances, Investments etc. This adopted provision
matrix is based on historical default rates observed over the expected life of the trade receivables and is
adjusted for forward – looking estimates. At every reporting date, the historical default rates are updated
and changes in the forward – looking estimates are analysed. Further receivables are segmented for this
analysis where the credit risk characteristics of the receivables are similar.
Standalone Financial Statements
While working out the ECL provision, the quantum of advance available against a particular project
shall be set off against the current year outstanding debtors of respective project. Further, the quantum
of trade payables in respect of back to back contracts shall be set off against the respective project
trade receivables of respective years. No provision shall be made in respect of deferred debts (debtors
which have not become due for payment as at 31 March of respective financial year). The company has
reviewed the existing ECL matrix grade percentages for the F.Y 2021-22 on the basis of forward looking
estimates and following ECL grade matrix has been applied in respect of trade receivables / retention
money for the F.Y 2021-22:
282
WAPCOS ANNUAL REPORT 2021-22
Current 1-2 2-3 3-4 4-5 5-6 6-7 7-8 8-9 9-10
Grade Matrix for year years years years years years years years years years
FY 2021-2022
5% 7% 10% 30% 40% 55% 70% 85% 90% 100%
Current 1-2 2-3 3-4 4-5 5-6 6-7 7-8 8-9 9-10
Grade Matrix for
Corporate Overview
year years years years years years years years years years
FY 2021-2022
3% 5% 8% 40% 70% 82% 83% 84% 85% 100%
(` in Lakhs)
Particulars Before Rate Change After Rate Change Impact
Provision Created 9958.32 4838.41 5119.91
The Company provides for Expected Credit Loss based on the following:
Statutory Reports
A: Low Credit Risk Cash and cash Equivalents, other Bank 12 months expected credit loss
Balances, other Financial Assets and
Non-current investments.
B: Moderate Credit Risk Trade Receivables & Retention Money Lifetime expected credit loss
C: High Credit Risk Trade Receivables and other Financial Lifetime expected credit loss or
Assets fully provided for
In respect of Trade Receivables, the Company recognizes a provision for lifetime Expected Credit Loss.
Based on business environment in which the Company operates, a default on a Financial Asset is considered when the
counter party fails to make the payment within agreed time period as per contract or decided later based upon the factual
283
WAPCOS ANNUAL REPORT 2021-22
(` in Lakhs)
Asset Group Basis of categorization 31st March 2022 31st March 2021
A: Low Credit Risk Cash and cash Equivalents, other Bank 57864.80 60646.89
Balances, other Financial Assets and
Non-current investments.
B: Moderate Credit Trade Receivables & Retention Money 138979.94 144741.76
Corporate Overview
Risk
C: High Credit Risk Trade Receivables and other Financial 48869.43 35658.41
Assets
284
WAPCOS ANNUAL REPORT 2021-22
B: Moderate Credit Risk (consisting of Trade Receivables and Retention ageing from 1-3 years)
Expected credit loss for trade receivables & retention money under simplified approach
Corporate Overview
Ageing Note Up to 1 year Between 1 Between 2 Total
Ref. year and 2 year and 3
years years
Gross carrying amount (consid- 7 66307.02 34982.99 37689.93 138979.94
ered good)
Loss Allowance Provision on (1,564.48) (2,067.81) (3,028.64) (6,660.93)
Expected credit losses
Carrying amount of trade receiv- 64,742.54 32,915.18 34,661.29 1,32,319.01
able (Net of impairment)
Statutory Reports
Ref. year and 2 year and 3
years years
Gross carrying amount (consid- 7 73542.69 50923.92 20275.16 144741.77
ered good)
Loss Allowance Provision on (1,098.87) (1,995.26) (1,232.28) (4,326.41)
Expected credit losses
Carrying amount of trade receiv- 72,443.82 48,928.66 19,042.88 1,40,415.36
able (Net of impairment)
285
WAPCOS ANNUAL REPORT 2021-22
The Company’s principal sources of liquidity are Cash and Cash Equivalents which are generated from
Cash Flow from Operations. The company considers that the Cash Flow from Operations is sufficient to
meet its current liquidity requirements.
The tables below analyze the Company’s financial liabilities into relevant maturity groupings based on
their contractual maturities. The amounts disclosed in the table are the contractual undiscounted cash
flows. Balances due within 12 months equal their carrying balances as the impact of discounting is
insignificant.
Standalone Financial Statements
286
WAPCOS ANNUAL REPORT 2021-22
Corporate Overview
Earnest Money and Security Deposits 17 887.62 169.41 1057.03
Total 112288.74 1988.83 114277.57
The Company’s exposure towards Price rise arises from investments held and classified in the Balance
Sheet at fair value through Other Comprehensive Income.
The Company’s exposure to equity securities price risk arises from Investments held by the company and
classified in the Balance Sheet as Fair Value through Other Comprehensive Income (OCI).
(` in Lakhs)
Particulars Note Ref. 31st March 2022 31st March 2021
Investments - Unquoted Investments 3 39.52 37.25
Statutory Reports
iv. Foreign Exchange risk
The Company has international transactions and is exposed to foreign exchange risk arising from foreign
currency transactions. Foreign exchange risk arises from future commercial transactions and recognized
assets and liabilities denominated in a currency that is not the Company’s functional currency.
(` in Lakhs)
Description of Transaction 31st March 2022 31st March 2021
287
WAPCOS ANNUAL REPORT 2021-22
(Currency in Lakhs)
31st March 2022
Particulars
USD EURO BIRR UGX NOK LKR YR OR MZM SEK BDT
Financial Assets
Trade Payables 55.44 0.14 10.1 2845.56 - 145.94 - - - - 56.78
Payable to employees 23.67 - - - - - - - - - -
Renention money 157.32 - - - - - - - - - -
Total 236.43 0.14 10.10 2845.56 0.00 145.94 0.00 0.00 0.00 0.00 56.78
Standalone Financial Statements
(Currency in Lakhs)
31st March 2021
Particulars
USD EURO BIRR UGX NOK LKR YR OR MZM SEK BDT
Financial Assets
Trade Receivables 202.61 11.07 0.28 15301.38 21.53 479.97 22.27 -
Cash and cash equivilant 389.73 10.94 11.89 3792.99 - 20.79 0.09 0.002 17.31 - 64.51
Other Bank Balance 1.95 - - - - - - -
Security Deposit 0.33 - - - - - - - - - -
Total 594.62 22.01 12.17 19094.37 21.53 500.76 0.09 0.00 17.31 22.27 64.51
288
WAPCOS ANNUAL REPORT 2021-22
(Currency in Lakhs)
31st March 2021
Particulars
USD EURO BIRR UGX NOK LKR YR OR MZM SEK BDT
Financial Liabilities
Trade Payables 87.86 0.14 10.10 2845.56 - 478.07 - - - - -
Payable to employees 2.17 - - - - - - -
Corporate Overview
Renention money 173.56 - - - - - - - - - -
Total 263.59 0.14 10.10 2845.56 0.00 478.07 0.00 0.00 0.00 0.00 0.00
Statutory Reports
Impact on Profit and Loss (1,048.08) (49.78) (2.00) (17.63) (3.10) (0.35) (10.51) (2.94) 1,134.38)
Account - Income/ (Expense)
(` in Lakhs)
Foreign Currency Sensitivity
Particulars 31st March 2021
USD EURO BIRR UGX NOK LKR SEK BDT Total
5% depreciation in INR
Impact on Profit and Loss 1,216.62 94.03 0.18 16.17 9.21 0.42 9.33 2.78 1,348.74
Account - Income/ (Expense)
5% appreciation in INR
Impact on Profit and Loss (1,216.62) (94.03) (0.18) (16.17) (9.21) (0.42) (9.33) (2.78) 1,348.74) Standalone Financial Statements
Account - Income/ (Expense)
289
WAPCOS ANNUAL REPORT 2021-22
The company is also exposed to Interest Rate risk, changes in interest rate will affect future cash flows
or fair value of its financial instrument, principally debt.
The exposure of the company's borrowings at the end of the reporting period are as follows:
Corporate Overview
(` in Lakhs)
Interest Rate Exposure 31st March 2022 31st March 2021
Borrowings
Non Current - Floating (including Current Maturities) 3982.87 -
Current 4102.38 4820.03
Total 8085.25 4820.03
Sensitivity Analysis for Non-Current Borrowings of 1% change in interest rate at the end of
reporting period
(` in Lakhs)
Statutory Reports
(` in Lakhs)
Particulars 31st March, 2022 31st March, 2021
Standalone Financial Statements
*That effective current financial year under considerations, exchange fluctuation is not calculated on
Non-monetary items being adjustable Trade advances received or paid.
290
WAPCOS ANNUAL REPORT 2021-22
Corporate Overview
i. Contingent Liabilities
2. Demand cum Show-Cause notice issued by Service Tax Department (The above 16667.99 16667.99
show-cause notice issued by the Service tax Department in the year 2014. The
company had contested the said show cause notice and submitted its replies to
the department. Several hearings have been conducted by the department and
no further demand notice has been issued after the initial show cause notice.)
Statutory Reports
"3. Others – Liquidated Damages 10316.87 12084.97
The Company is executing a large number of projects which have long gestation
period & require clearances/ approval from various Government agencies, which
is a time-consuming process. The amount depicted in the note relates to the
probable amount of liquidated damages that may be levied on the company if
the project is not completed in time schedule. "
iii. Commitments
1. Bank Guarantees for Performance, Earnest Money Deposits and Security 60986.58 61367.16
Deposits
291
WAPCOS ANNUAL REPORT 2021-22
(` in Lakhs)
Particulars 31st March 2022 31st March 2021
Opening Balance 120104.69 97782.88
Corporate Overview
Recognized amounts of contract revenues and related receivables reflect management ‘s best estimates
of each contract’s outcome and stage of completion which is determined based on progress, efforts, cost
incurred to date bear to the total estimated cost of the transaction, time spend, service performed or any
other method that management considered appropriate. For more complex contracts in particular, cost
to complete and contract profitability are subject to significant estimation and uncertainty.
Statutory Reports
ii. Company has contract with customers for different services which are given below:
• Consultancy services
iii. Company has recognized revenue either on the basis of over time or point of time depends upon
satisfaction of performance obligation on transferring control of goods or services to customers. Revenue
has been recognized by the company over time basis if any one of the following conditions is met:
• Company’s performance creates or enhances an asset that the customer controls as the assets is
created or enhanced.
• Company performance does not create with alternative use and company has enforceable right to
payment for performance completed to date.
Revenue from Contracts with Customers (Ind AS 115) establishes a framework for determining whether,
how much and when revenue is recognised and requires disclosures about the nature, amount, timing
and uncertainty of revenues and cash flows arising from customer contracts. Under Ind AS 115, revenue
is recognized through a 5-step approach:
292
WAPCOS ANNUAL REPORT 2021-22
Corporate Overview
e. Recognise revenue when a performance obligation is satisfied.
Invoices are raised to the clients on the basis of milestones mentioned in the contract. In some of the
cases, performance obligation is completed, however billing is not done due to factors other than
passage of time as mentioned in the milestone. Revenue in excess of billing is unbilled revenue and is
classified as a contract asset. Any amount previously recognised as a contract asset is reclassified to trade
receivables as and when billing is done and respective milestone is achieved.
(` in Lakhs)
Statutory Reports
Particulars 31st March 2022 31st March 2021
Opening Balance 942.09 954.50
Net addition 5974.55 275.64
Amount reversed (1144.29) (288.05)
Closing Balance 5772.35 942.09
293
WAPCOS ANNUAL REPORT 2021-22
A contract liability is recognized if the entity receives consideration (or if it has the unconditional right to
receive consideration) in advance of performance.
(` in Lakhs)
Particulars 31st March 2022 31st March 2021
Opening Balance 44585.45 39877.57
Statutory Reports
(` in Lakhs)
Particulars 31st March 2022 31st March 2021
Opening Balance 22669.98 21,019.24
Standalone Financial Statements
294
WAPCOS ANNUAL REPORT 2021-22
(` in Lakhs)
Particulars 31st March 2022 31st March 2021
Opening Balance 1057.04 968.75
Corporate Overview
Net addition 448.01 884.13
Amount reversed (230.86) (795.84)
Closing Balance 1,274.19 1,057.04
Disclosure pursuant to para 116(b) & (c) of Ind AS 115 in respect of ‘revenue recognised in the reporting
period that was included in the contract liability balance at the beginning of the period’ and ‘revenue
recognised in the reporting period from performance obligations satisfied (or partially satisfied) in
previous periods are as below:
(` in Lakhs)
Particulars 31st March 2022
Revenue recognised in the reporting period that was included in the contract 26770.51
liability balance at the beginning of the period
Revenue recognised in the reporting period from performance obligations satis- 359.70
Statutory Reports
fied (or partially satisfied) in previous periods
The below presents Disaggregated Revenues from contract with customer for the year ended 31st March
2022 from various streams of revenue. The company believe that this Disaggregation best depicts how
the nature, amount, timing and uncertainty of our revenues and cash flows are affected by industry,
market and other economic factor.
(` in Lakhs)
295
WAPCOS ANNUAL REPORT 2021-22
iv. Company is rendering many project management consultancy services for and on behalf of clients.
Payments from customers are linked with performance obligations. Wherever on the reporting date
work has been performed and payment is not received as per the contract, in such cases contract assets
have been created.
However, where payment is received in advance, but performance obligations have not been completed,
Corporate Overview
in such cases, contract liabilities have been created. Advances received by the company for are execution
of work and are in the nature of security i.e., a source of protection.
During the year provision for impairment of amount receivable from client for services rendered/goods
supplied amounting to ` 4838.41 Lakhs (Previous Year ` 6549.19 Lakhs has been provided).
53. During the year ended 31st March 2022, ` 359.70 Lakhs (Previous Year ` Nil) of unbilled revenue
as of 1st April 2021 has been reclassified to Trade receivables upon billing to customers on Completion
of milestones.
54. The aggregate value of performance obligations which are yet to be completed as at 31st March
2022 is ` 1139645.34 Lakhs which pertains to various segment of the company.
(` in Lakhs)
Particulars Active Projects Stalled Projects* Total
Balance Value of Projects 1073577.56 66067.78 1139645.34
(` in Lakhs)
Particulars Active Projects Stalled Projects* Total
Balance Value of Projects 979960.04 65423.03 1045383.07
Standalone Financial Statements
*The Company is of the view that the suspension in some projects is temporary in nature and the
activities shall resume, once the constraining conditions go away. The company is confident of fulfilling
its technical and financial obligations as well as realization of money due from these projects. Hence,
the recoverable as well as payables, are not static in nature and stated at actual balances recoverable
and payables. Adequate provisioning is though made on such receivables in terms of the companies
Expected Credit Loss Policy. Further, in the absence of any formal communication, stalled projects have
been identified as ones on which there is no active working for more than 3 years.
55. Company has not incurred any cost for obtaining contracts except administrative cost required for
preparation of offers and the same is charged to statement of Profit and Loss.
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WAPCOS ANNUAL REPORT 2021-22
56. Cost incurred (except procurement cost) in fulfilling the contract is charged to Statement of Profit
and Loss if it is not recoverable, otherwise the same is part of unbilled revenue and unbilled Assets.
S.No. Name of the Company’s Interest Partners and their partnership Country
Corporate Overview
arrangement 2021-22 2020-21 Interest (PI)
1 Lower Seti (Tanahu) 84.80% 84.80% "Principal Joint Arrangement Nepal
Hydropower Project Partner-
(LSHEP) Nippon Koei Limited – 15.2%"
2 Power Transmission 81.65% 81.65% "Principal Joint Arrangement Part- Nepal
and Distribution ner-
System Strengthening SMEC International PTY. LTD. –
Project 18.35%"
58. The sum of ` 54.71 Lakhs pertains to old balance of Leave travel concession not likely payable by
the company. The requisite measures are being take for assessing likely liability of the company.
59. A sum of ` 220.54 Lakhs is appearing in Note No. 4B towards employee advances. That due
Statutory Reports
measure is being taken for recovery/adjustment of the same. The company is of the view that the
entire amount is fully recoverable.
60. The company is executing several projects on deposit works basis. Adequate provision for Interest
payable to the clients has been made in the books to the extent the ideal funds have been utilized by
the company. The total Interest cost provided for during the year is ` 1346.02 Lakhs (Previous Year
` 1303.52 Lakhs) and the interest payable has been duly disclosed in Note No. - 24 to the financial
statement.
61. The reconciliation of GST Portal with book amount of sales, purchase & credit ledger is in the
process which shall be accomplished after filing of requisite returns.
Standalone Financial Statements
62. The company has a policy of taking bond money from new regular recruits engaged in the
company. The bond money is kept in the form of fixed deposit receipts with banks in the name of
the company. The interest accrued on the deposits along with principal amount is treated as Asset &
Liability in the books of the Company. On successful completion of the bond period, the bond money
is returned to the respective officials with interest accrued thereon. If the official leaves the company
before the completion of the bond period, the same is forfeited and the same is treated as Income.
The amount of such FDRs as on 31st March 2022 is ` 160.70 Lakhs (Previous Year ` 148.45 Lakhs).
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WAPCOS ANNUAL REPORT 2021-22
The Company has adequate internal control for regulating the employees related FDRs & measures are
being taken for digitising the procedure for reconciliation at each employee level.
63. The company was executing Five number of projects in Afghanistan when the political situation
changed on 15.08.2021. Owing to change of Government in Afghanistan, all project operations were
temporarily suspended. The company had trade receivable amounting to ` 4033.88 Lakhs due from
Corporate Overview
Afghanistan projects as on 15.08.2021. Out of this, the company had received ` 2029.82 Lakhs vide
on 04.04.2022 (Total amount ` 2065.23 Lakhs and TDS ` 35.41 Lakhs) . Thus the balance value of
trade receivables due from Afghanistan projects is ` 1992.30 Lakhs. The management is confident
regarding the recovery of due balances in these projects.
64. The company was executing Two number of projects in Sri Lanka & is having trade receivable
amounting to ` 92.46 Lakhs due from Sri Lanka projects as on 31.03.2022. The management is
confident regarding the recovery of due balances in these projects.
65. Events occuring after Balance Sheet date Government of India has through Ministry of Jal
Shakti, conveyed approval for merger of NPCC Limited with WAPCOS Limited vide letter dated 18th
May 2022. The Company has issued tender for engagement of Transaction Advisors for the above
Statutory Reports
66. Other
Information
i) The Company does not have any Benami property, where any proceeding have been initiated or
pending against the Company for holding any Benami property.
ii) The Company did not have any transactions with Companies struck off.
iii) The Company does not have any charges or satisfaction which is yet to be registered with ROC
Standalone Financial Statements
iv) The Company has not traded or invested in Crypto currency or Virtual Currency during the respective
financial years / period.
v) The Company has not advanced or loaned or invested funds to any person(s) or entity(ies), including
foreign entities (Intermediaries) with the understanding that the Intermediary shall:
a) directly or indirectly lend or invest in other person or entities identified in any manner whatsoever
by or on behalf of the Company (Ultimate Beneficiaries) or
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WAPCOS ANNUAL REPORT 2021-22
b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries
vi) The Company has not received any fund from any person(s) or entity(ies), including foreign entities
(Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company
shall:
Corporate Overview
a) directly or indirectly lend or invest in other person or entities identified in any manner whatsoever
by or on behalf of the Funding Party (Ultimate Beneficiaries) or
b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries
vii) The Company does not have any transaction which is not recorded in the books of accounts that
has been surrendered or disclosed as income during the year in the tax assessments under the Income
Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961).
viii) The Company has not been declared wilful defaulter by any bank or financial institution or other
lender.
ix) The Company has complied with the number of layers prescribed under Section 2(87) of the Act
read with Companies (Restrictions on Number of Layers) Rules, 2017.
Statutory Reports
67. Previous year figures have been regrouped and / or reclassified, whenever, necessary to confirm
to those of the current year grouping and / or classification. Negative figures have been shown in
brackets
Sd/-
Nitin Jain
Partner
Place: New Delhi M. No. 506898
Dated: 28 Aug. 2022 30 Aug. 2022
299
Consolidated Financial Statements Statutory Reports Corporate Overview
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Corporate Overview Statutory Reports Consolidated Financial Statements
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WAPCOS ANNUAL REPORT 2021-22
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Corporate Overview
Report on the Audit of the Consolidated Financial a) That the holding company is maintaining the
Statements books of accounts in decentralized manner
where the physical records pertaining to contract
Qualified Opinion
measurements, inspection logs, progress
We have audited the accompanying consolidated review documents etc. are kept at the branch
financial statements of M/s Wapcos Limited (“herein or site offices whereas the financial records
referred to as the Holding Company”) and it’s and accounts are centralized at the corporate
subsidiary (Holding Company and its Subsidiary office on a technologically obsolete software
together referred to as “the Group”), which comprise application namely, “Foxpro 2.60” which
the Consolidated Balance Sheet as at 31st March lacks access controls, posting controls,
2022, and the Consolidated Statement of Profit account classification controls, nomenclature
and Loss (including Other Comprehensive Income), controls and reporting requirements. That the
Consolidated Statement of Changes in Equity and said system is deprived of requisite IT Controls
Consolidated Statement of Cash Flows for the year and reliance is represented to have been made on
then ended, and notes to the Consolidated Financial Manual Controls by the management. That despite
Statutory Reports
Statements, including a summary of significant having large number of projects geographically
accounting policies and other explanatory information spread all over India and abroad, the financial
(hereinafter referred to as “the Consolidated Financial data pertaining to the Project Management
Statements”). is controlled manually and the project reports
In our opinion and to the best of our information and shared during the course of audit underwent
according to the explanations given to us and based several corrections and revisions. We performed
on the consideration of the reports of other auditors the analytical procedures for our sample selection
on separate financial statements of the subsidiary and testing purpose under the current system
company as were audited by the other auditor, except and expanded the sample size accordingly and
for the possible effects of the matters described in the placed reliance on management reports and
Basis for Qualified Opinion section of our report, the representations for the purpose of our audit.
aforesaid consolidated financial statements give the b) That in our opinion owing to inadequate internal
information required by the Companies Act, 2013
Consolidated Financial Statements
financial controls and lack of appropriate financial
(the “Act”) in the manner so required and give a true accounting system, there have been continuous
and fair view in conformity with the Indian Accounting trend of material restatement to the reported
Standards prescribed under Section 133 of the Profitability during the previous financial years
Act read with the Companies (Indian Accounting on account of errors and omissions identified
Standards) Rules, 2015, as amended, (“Ind AS”) in the succeeding years. That whereas the Net
and other accounting principles generally accepted Impact on Profit and Loss Account may reduce
in India, of the consolidated state of affairs of the on account of netting of prior period income
Company as at March 31, 2022 and its Consolidated and expenses, the quantum of Prior Period Items
Profit, consolidated total comprehensive income, identified in subsequent years have a significant
consolidated changes in equity and its consolidated increasing trend.
cash flows for the year ended on that date.
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c) That during the Financial Year under consideration, banks including all banks in Afghanistan.
the holding company has got disbursed a sum of Further, as represented by the management
INR 40 Crores against Credit Facility of INR 200 owing to government clientele aggressive or legal
Crores from State Bank of India as Working measures are not resorted to for the purpose
Capital Loan out of which sum of INR 16 Crores of realization of the dues. In our opinion, there
has been utilized for payment of Dividend to have been substantial increase in the outstanding
the Shareholders. receivables and accordingly direct confirmations
Corporate Overview
d) That the management of the group has voluntarily from the respective parties is must for assurance
changed it’s yearly ECL Provisioning Matrix citing on the amount of receivables. That the late
harmonization of the outliers in the year 3-4 and delivery charges or contract deductions (if any)
4-5 out of 10-year provisioning policy. The above made by such customers or consequential impact
change has resulted in increase in the profit of of stalled projects for which no separate record is
the company during the year to the tune of INR maintained by the company could not be identified
6234.39 Crores (Refer to Note 54). In our opinion, in the absence of the such external confirmations.
a scientific basis after assessment of the Probability Similarly, there are instances of unrealized
of Default and Present Value loss on account of advances paid/ security deposits & employee
deferred cash realizations etc. may be considered payable/advances for which no confirmations
as a correct basis for the ECL Provisioning in terms could be obtained from the respective parties.
of Ind AS 109. However, neither a scientific Furthermore, the confirmations wherever
basis used at the time of original matrix, nor received were in denial to the book balances
the revised matrix has been provided to us and claims which have been represented to
during the course of our audit. In our opinion be under reconciliation and the balance as per
the revision of the ECL matrix by the management books duly authenticated by the management
Statutory Reports
has material implication on the profits of the earlier is stated to be fully recoverable and likewise
financial years as well as current year under audit all liabilities are claimed to be duly accounted
which has been subsumed within the current year for. The financial implications (if any) is subject to
provision expense rather than disclosing the same final reconciliations with the respective parties.
as an exceptional item or restatement as a material f) That the identification of the Trade Payables
error in estimation to the respective financial as Micro and Small has been prepared by the
year(s). In the absence of relevant information management and relied upon by us. However,
being shared with us, the year wise impact could no provision for interest has been made
not be ascertained. Further in our opinion Trade by the company on the overdue balances
Receivables against projects executed in the outstanding for payment to these MSME
Country of Afghanistan, Sri Lanka etc. carry a vendors since in view of the management, the
significant level of realization risk considering payment to such vendors have been made as per
Consolidated Financial Statements
the present economic and political situation in terms agreed and duly accepted by them. In our
the countries. However, the company has made opinion, the company shall be liable for payment
provision only as per standard ECL Matrix against of interest on delayed payments in terms of the
such receivables. Total outstanding receivables MSME Act, 2006. There are in fact even claims
from the above 2 countries is INR 2084.76 Lacs made by the vendors with the Micro and Small
(Net of amount received in Apr 22). Similarly Enterprise Facilitation Council which have been
balance held in the bank accounts in these included in the contingent liabilities disclosed
countries may also be subject to repatriation in the financial statements & hence adequate
restrictions. (Refer to Note No. 67 & 68) measures be taken for seeking legal immunity (if
e) That the direct confirmations could not be any) against consequences of delay in payment
received for a substantial number of trade to such vendors or the provision for interest on
payables, trade receivables, fixed deposits such delay may be duly provided in the financial
with the Indian Banks and some foreign statement. (Refer Note 38).
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We conducted our audit of the consolidated financial appropriate to provide a basis for our modified audit
statements in accordance with the Standards on opinion on the consolidated financial statements.
Auditing (“SA”s) specified under Section 143(10) of
the Act. Our responsibilities under those Standards
Key Audit Matter
are further described in the Auditor’s Responsibilities
for the Audit of the Consolidated Financial Statements Key audit matters are those matters that, in our
Section of our report. We are independent of the professional judgment, were of most significance in
Corporate Overview
Group in accordance with the Code of Ethics issued our audit of the financial statements of the current
by the Institute of Chartered Accountants of India period. These matters were addressed in the context
(“ICAI”) together with the ethical requirements that of our audit of the consolidated financial statements as
are relevant to our audit of the consolidated financial a whole, and in forming our opinion thereon, and we
statements under the provisions of the Act and the do not provide a separate opinion on these matters.
Rules made there under, and we have fulfilled our In addition to the matters described in the Basis for
other ethical responsibilities in accordance with these Qualified Opinion section, we have determined the
requirements and the ICAI’s Code of Ethics. We believe matters described below to be the key audit matters
that the audit evidence obtained by us is sufficient and to be communicated in our report.
Statutory Reports
1. Revenue from PMC & Construction Contracts tenders & selection of the contractor for construction of
project on behalf of the client. The company is entitled to
The application of this standard involves certain key
a Project Management Consultancy Fee as a percentage of
judgements relating to identification of distinct performance
construction cost. Further, the cost of construction work is
obligation, determination of the transaction price of
billed by the contractor to the company and in-turn billed to
identified performance obligations, appropriateness of
the client on cost-to-cost basis by the company as per the
basis used to measure revenue recognized over the period
contract terms. The company considering itself as a principal
and disclosures including presentations of balances in the
employer recognises the gross amount (construction cost
financial statements.
plus the PMC Service Fee) as revenue and corresponding
Further the appropriate judgement needs to be applied in back-to-back construction cost as expenses in the profit and
assessing the roles and responsibilities of various parties in loss account.
the contract which shall play a key role in determining the
Our Audit approach consisted of the examining of sample
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WAPCOS ANNUAL REPORT 2021-22
client.
iii. That agreement/MOU between the company &
the client, does not even include basic components
of construction related engagements like material
quality, quantities, labour engagements, construction
milestones etc which in fact are indicated only in the
contracts the company executes with the contractors to
whom mostly the work is allotted on turnkey basis along
with all risks and obligations pertaining to construction
work. The terms of agreement or MOU of the company
with the clients emphasise primarily on the roles and
responsibilities in the capacity of a Project Management
Consultant only. Further on account of back-to-back
engagement there is no inventory held by the company.
iv. That the engagement terms indicate the company
being engaged as a consultant whereas the work of
Statutory Reports
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Corporate Overview
opinion(s) in possession & further the industry practice
represented to be followed in similar engagements have
been taken into consideration by us in context to the
disclosure of revenue on gross amount basis. That whereas
during the previous year reliance was placed on the
management representation that necessary directions
shall to be obtained from regulatory bodies or advisory
committees on the subject matter under discussion, the
same is still pending to be Initiated by the company.
That as quantified and valued by the management by
management of Holding Company the total amount of
revenue booked on account of the above construction work
during the FY under consideration & corresponding amount
of Construction Cost during the year is around Rs. 650
Crores, however the same does not have any impact on
the Profitability of the company.
Statutory Reports
2. Identification of Salary Cost in the Projects That the Revenue from Consultancy Income comprises
of major part of the company revenue wherein primarily
the activities are performed by In-house Personnel of the
Company. In view of the management owing to large
number of projects, the apportionment of efforts on each
project cannot be done. The same is also indicated in the
accounting policy that the personnel cost incurred is fully
charged off to profit and loss on periodical basis.
Accordingly, there is no element of personnel cost in
the unbilled work/work in progress on account of
contribution of personnel efforts as at March 31st 2022.
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WAPCOS ANNUAL REPORT 2021-22
on complex assumptions, which require the use of judgment ii. Assessment of assumptions used in the evaluation of
the potential legal and tax risks. performed by the legal
and such judgement relates, primarily, the assessment of the
and tax department of the company.
uncertainties connected with the prediction of the outcome
of the proceedings and to the adequacy of the disclosures in iii. Inquiry with legal and tax department regarding status
of the significant disputes and inspection of the key
the financial statements. Because of the judgement required,
documents produced before us
the materiality of such
iv. Management representations on the possible outcomes
litigations and complexity of the assessment process, the of the ongoing disputes
area is key matter for our audit.
v. Review of the adequacy of disclosure in the Notes to
Accounts.
4. Provision for Performance Related Payments Our audit procedures in response to this key audit matter
included amongst others,
That in terms of the CPSE Guidelines, the Performance
Related Payment is payable to employees based on the Profit i. Review of the CPSE Guidelines to identify the mode
and mechanism of calculation of Performance Related
Before Tax for the relevant financial year under consideration
Payments
Statutory Reports
Emphasis on Matter
1. That the company is in receipt of advances or deposits from clients for meeting the construction cost of
their respective projects. In terms of stipulations, the company is required to keep such unutilized funds in
the form of deposits and the income earned on such deposits is also required to be transferred back to the
client. In fact some of the arrangement requires the opening of earmarked Bank Accounts. However, such
funds have been utilized for non-earmarked projects and also instances have been observed where
funds withdrawn from the dedicated accounts have not been utilized for the earmarked projects.
Although interest liability has been computed & provided for yet in our opinion such utilizations may pose
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WAPCOS ANNUAL REPORT 2021-22
risk of breach of contract, liquidity challenges & In connection with our audit of the consolidated
noncompliance in terms of advancement of such financial statements, our responsibility is to read the
funds by the client. (Refer to Note 64). The Interest other information and, in doing so, consider whether
payable against such earmarked funds used for the other information is materially inconsistent with the
other projects, as at 31st March 2022 stood at INR consolidated financial statements or our knowledge
57.31 Crores which needs to be repatriated to the obtained during the course of our audit or otherwise
relevant Government (s) or Undertakings. appears to be materially misstated.
Corporate Overview
2. That in terms of the contingent liabilities disclosed If, based on the work we have performed and based
by way of Note 56 to the financial statements, on the audit report of other auditors, we conclude
reference is drawn to the need to have in place a that there is a material misstatement of this other
scientific mechanism to assess and provide for information; we are required to report that fact. We
the probable liabilities on account of matters have nothing to report in this regard.
under dispute. That although, the contingent
liabilities have been disclosed with regards to
Management’s & Board of Director’s
disputed claims, there is no practice of making
adequate provisions with regards to the claims Responsibilities for the Consolidated
until Arbitration Awards and payment. Further, in Financial Statements
case of one PSU, there is a claim of Interest to the The Holding Company’s Management & Board
tune of INR 15 Crores which is being demanded of Directors is responsible for the matters stated
by the party but shown as contingent liability in in Section 134(5) of the Act with respect to the
the financial statements. preparation of these consolidated financial statements
3. That considering the nature and volume of that give a true and fair view of the consolidated
Statutory Reports
transactions involved there is a need to periodically financial position, consolidated financial performance,
reconcile the Inputs as well as the output liability including consolidated other comprehensive income,
as per books with the returns as per the Goods consolidated changes in equity and consolidated cash
and Service Tax Act. Further, liability under Goods flows of the Company in accordance with the Ind AS
and Service Tax may accrue on receipt of the and other accounting principles generally accepted
Adjustable Advances/deposits Received by the in India including the Indian Accounting Standards
company on which the tax liability is deposited at (Ind AS) under Section 133 of the Act. The respective
the time of invoicing by the company. (Refer Note Management and Board of Directors of the respective
65 & 69) companies included in the group are responsible for
the maintenance of adequate accounting records
Our Opinion is not modified on the above matters. in accordance with the provisions of the Act for
safeguarding the assets of each of the Company
Information Other than the Financial and for preventing and detecting frauds and other
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WAPCOS ANNUAL REPORT 2021-22
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WAPCOS ANNUAL REPORT 2021-22
Corporate Overview
• Materiality is the magnitude of misstatements share of net cash inflows of negative Rs.38.48 Lacs
in the standalone financial statements that, (before consolidated adjustment) for the year ended
individually or in aggregate, makes it probable on that date, as considered in the Consolidated
that the economic decisions of a reasonably Financial Statements, which have been audited by
knowledgeable user of the standalone financial their respective independent auditor. The independent
statements may be influenced. We consider auditor’s report on financial statements of the subsidiary
quantitative materiality and qualitative factors have been furnished to us by the management and
in (i) planning the scope of our audit work and our opinion on the Consolidated Financial Statements,
in evaluating the results of our work; and (ii) to in so far as it relates to the amounts and disclosures
evaluate the effect of any identified misstatements included in respect of the subsidiary, is based solely on
in the standalone financial statements. the Independent Report of the Central Auditor of such
We communicate with those charged with subsidiary and the procedures performed by us are as
governance of Holding Company regarding, stated in paragraph above.
among other matters, the planned scope and Our opinion on the Consolidated Financial Statements,
timing of the audit and significant audit findings, and our report on Other Legal and Regulatory
Statutory Reports
including any significant deficiencies in internal Requirements below, is not modified in respect of
control that we identify during our audit. the above matters with respect to our reliance on the
We also provide those charged with governance work done and the reports of the other auditors.
with a statement that we have complied
with relevant ethical requirements regarding Report on Other Legal and Regulatory
independence, and to communicate with Requirements
them all relationships and other matters that
may reasonably be thought to bear on our 1. As required by Section 143(3) of the Act, based
independence, and where applicable, related on our audit and on the consideration of the
safeguards. reports of the other auditors on separate financial
statements of the subsidiary company as were
From the matters communi~ated with those audited by the other auditors as noted in the
charged with governance, we determine those “Other Matters” paragraph, we report to the
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WAPCOS ANNUAL REPORT 2021-22
financial controls over financial reporting loaned or invested (either from borrowed
of the Holding Company and its subsidiary funds or share premium or any other sources
companies the operating effectiveness of or kind of funds) by the Holding Company
such controls, refer to our separate Report in or it’s subsidiary company to or in any other
“Annexure A”. Our report expresses an person or entity, including foreign entity
Disclaimer Opinion on the adequacy and (“Intermediaries”), with the understanding,
operating effectiveness of the Company’s whether recorded in writing or otherwise,
internal financial controls over financial that the Intermediary shall, whether, directly
reporting. or indirectly lend or invest in other persons or
entities identified in any manner whatsoever
g. With respect to the other matters to be
by or on behalf of the Holding Company or
included in the Auditor’s report in accordance
it’s subsidiary (“Ultimate Beneficiaries”) or
with the requirements of Sec 197(16) of
provide any guarantee, security or the like on
Consolidated Financial Statements
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WAPCOS ANNUAL REPORT 2021-22
persons or entities identified in any manner Retained earnings to the General Reserve in
whatsoever by or on behalf of the Funding context to such dividend distribution.
Party (“Ultimate Beneficiaries”) or provide
2. As required by the Companies (Auditor’s Report)
any guarantee, security or the like on behalf
Order, 2020 (“the Order”) issued by the Central
of the Ultimate Beneficiaries;
Government of India in terms of Section 143
c. Based on the audit procedures that have been (11) of the Act, we give in the “Annexure B” a
considered reasonable and appropriate in statement on the matters specified in paragraphs
Corporate Overview
the circumstances, nothing has come to our 3 and 4 of the Order, to the extent applicable.
notice that has caused us to believe that the
representations under sub-clause (i) and (ii)
of Rule 11(e), as provided under (a) and (b) For Serva Associates
above, contain any material misstatement. Chartered Accounts
Firm Registration No – 000272N
e. That the Holding company & the subsidiary
Nitin Jain
company has declared dividend during the
(Partner)
year under consideration against in terms of
Membership No 506898
the provision of Section 123 of the Companies
UDIN: 22506898AQHPFR1786
Act, 2013. Further the management has
Place: Delhi
opted not to transfer any amount from the
Date: August 30th, 2022
Statutory Reports
Consolidated Financial Statements
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WAPCOS ANNUAL REPORT 2021-22
(Referred to in paragraph 1(f) under ‘Report substantive procedures were adopted by us while
on Other Legal and Regulatory Requirements’ conducting our audit and these facts does not impact
Section of our report to the Members of M/s our opinion on the financial statements except to
Wapcos Limited (“hereinafter referred to as the the extent on the matters where we have issued a
“The Holding Company”) for the year ended 31st Modified Opinion.
March 2022 That the Statutory Auditor of the Subsidiary
Report on the Internal Financial Controls Over Company has stated following material
Financial Reporting under Clause (i) of sub- weaknesses in their report on the standalone
section 3 of Section 143 of the Companies Act, financial statements of the Subsidiary Company,
2013 (the “Act”) with reference to the aforesaid while stating that such weakness do not effect
Consolidated Financial Statements their opinion on the Standalone Financial
Statements:
Disclaimer Opinion i. The company has a system of requesting for
balance confirmations in respect of Claims
In conjunction with our audit of the consolidated
Recoverable, Trade Receivables, Advances to
Statutory Reports
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WAPCOS ANNUAL REPORT 2021-22
burden. The non-determination of the liability Standards on Auditing prescribed under Section
in a timely manner could significantly affect the 143(10) of the Companies Act, 2013, to the extent
financial reporting and could also affect the applicable to an audit of internal financial controls
functioning of the Company. with respect to the consolidated financial statements
were established and maintained and if such controls
iv. There is a need to periodically reconcile the input
operated effectively in all material respects.
credit and output liability appearing in books with
the GST returns. In respect of Jammu zone, the Our audit involves performing procedures to obtain
Corporate Overview
GST input credit amounting to Rs 19,08,848/- audit evidence about the adequacy of the internal
was not availed in the GST return for F.Y 21- financial controls with reference to the consolidated
22 resulting in input credit getting lapsed. This financial statements and their operating effectiveness.
resulted in payment of GST of Rs 17,29,484/- Our audit of internal financial controls with reference
being borne by the zone. Further, no approval to the consolidated financial statements included
from competent authority for this payment of obtaining an understanding of internal financial
GST of Rs 17,29,484/- was sought. controls with reference to consolidated financial
statements, assessing the risk that a material weakness
exists, and testing and evaluating the design and
Management’s & Board of Director’s
operating effectiveness of internal control based on
Responsibility for Internal Financial Controls the assessed risk. The procedures selected depend on
The respective companies management and the the auditor’s judgement, including the assessment of
Board of Directors are responsible for establishing and the risks of material misstatement of the consolidated
maintaining internal financial controls with reference financial statements, whether due to fraud or error.
to the Consolidated Financial Statements based on We believe that the audit evidence we have obtained
the internal control over financial reporting criteria
Statutory Reports
and the audit evidence obtained by the other auditor
established by the Company considering the essential the subsidiary company in terms of their audit reports
components of internal control stated in the Guidance referred to in “Other Matters” paragraph below, is
Note on Audit of Internal Financial Controls Over sufficient and appropriate to provide a basis for our
Financial Reporting issued by the Institute of Chartered audit opinion on the Company’s internal financial
Accountants of India (the “ICAI”). These responsibilities controls system with reference to the consolidated
include the design, implementation and maintenance financial statements.
of adequate internal financial controls that were
operating effectively for ensuring the orderly and
efficient conduct of its business, including adherence Meaning of Internal Financial Controls over
to the respective company’s policies, the safeguarding Financial Reporting
of its assets, the prevention and detection of frauds
A company’s internal financial control with reference
and errors, the accuracy and completeness of the
to the consolidated financial statements is a process
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WAPCOS ANNUAL REPORT 2021-22
accepted accounting principles, and that receipts and conditions, or that the degree of compliance with the
expenditures of the company are being made only in policies or procedures may deteriorate.
accordance with authorisations of management and
directors of the company; and (3) provide reasonable
Other Matters
assurance regarding prevention or timely detection
of unauthorised acquisition, use, or disposition of the Our aforesaid reports under Section 143(3)(i) of the
company’s assets that could have a material effect on Act on the adequacy and operating effectiveness
Corporate Overview
316
WAPCOS ANNUAL REPORT 2021-22
(Referred to In paragraph 2 under ‘Report on Other Legal and Regulatory Requirements’ Section of our
report on the Consolidated Financial Statements of M/s Wapcos Limited
Corporate Overview
To the best of our information and according to the explanations provided to us by the Company and the books
of account and records)
(xxi)
In our opinion and according to the information and explanations given to us, there are adverse remarks by the
respective auditors in the Companies (Auditor’s Report) Order, 2020 reports of the companies included in the
consolidated financial statements, the details of which arc as under:
S. Holding/ Clause number of the CARO report which is
Name CIN
No. Subsidiary qualified or adverse
Clause (i) (b): “That there is a need to streamline and
formalize the process of physically verifying the assets
at regular intervals according to a regular program of
verification which, in our opinion having regard to the size
Wapcos of the company and nature of its assets is necessary. That
1 074B99DL1969G01005070 Holding
Statutory Reports
Limited the management has represented that no discrepancy
has been observed on such physical verification however
in the absence of distinctive marking in the physical
verification sheet as stated above, we have relied upon
the management representation.”
Clause (ii) (b): “That the company has been sanctioned
working capital limit from 1 bank or financial institutions
on the basis of security of current assets. That the
quarterly returns or statements filed with the Bank are
not in reconciliation with the books of accounts and
the difference observed are disclosed in 17(8) to the
financial statements. As represented to us the company
Wapcos
2 074B99DL1969G01005070 Holding has unilaterally filed revised statements with the banks
Limited
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WAPCOS ANNUAL REPORT 2021-22
Sd/-
Nitin Jain
(Partner)
Membership No 506898
UDIN: 22506898AQHPFR1786
Place: Delhi
Date: August 30th, 2022
318
WAPCOS ANNUAL REPORT 2021-22
WAPCOS LIMITED
CONSOLIDATED BALANCE SHEET AS AT 31ST MARCH, 2022
(` in Lakhs)
Note Consolidated as at Consolidated as at Consolidated as at
Particulars
No. March 31, 2022 March 31, 2021 April 01, 2020
ASSETS
NON CURRENT ASSETS
(a) Property, Plant And Equipment 2 5,427.14 5,618.96 6,069.71
(b) Capital Work-In-Progress - - -
Corporate Overview
(c) Right of Use Assets 2A 1,260.63 2,105.56 2,456.42
(d) Investment Property 2C 142.80 -
(e) Goodwill - -
(f) Other Intangible Assets 2B 291.96 67.06 121.79
(g) Intangible Assets under Development - - -
(h) B iological Assets other than Bearer Plants - - -
(i) Financial Assets
(i) Investment 3 39.52 37.25 35.03
(ii) Trade Receivables 7A 14,129.96 14,618.73 12,583.22
(iii) Loans - - -
(iv) Other Financial Assets 4A 40,154.63 59,828.01 33,512.93
(j) Deferred Tax Assets (Net) 5 12,346.68 11,809.98 10,369.90
(k) Other Non-Current Assets 6 1,386.96 1,503.67 2,181.59
CURRENT ASSETS -
(a) Inventories 8 7.11 6.18 6.92
(b) Financial Assets
(i) Investments - - -
(ii) Trade Receivables 7B 201,127.98 191,911.81 203,676.88
(iii) Cash and Cash Equivalents 9 55,723.67 62,926.28 35,904.23
(iv) Bank Balances other than (iii) above 10 131,710.30 73,069.77 90,986.06
(v) Other Financial Assets 4B 3,488.18 3,008.33 3,109.78
(c) Current Tax Assets (Net) 11 16,201.58 10,882.74 9,983.11
(d) Other Current Assets 12 32,921.92 35,034.11 27,317.48
TOTAL ASSETS 516,361.02 472,428.44 438,315.05
EQUITY AND LIABILITIES
EQUITY
(a) Equity Share Capital 13 13,000.00 13,000.00 10,000.00
(b) Other Equity 14 64,846.52 60,612.78 59,872.35
Statutory Reports
Equity attributable to Onwers of the Parent 77,846.52 73,612.78 69,872.35
Non Controlling Interest 266.45 239.73 211.45
TOTAL EQUITY 78,112.97 73,852.51 70,083.80
LIABILITIES
NON CURRENT LIABILITIES
(a) Financial Liabilities
(i) Borrowings 18A 3,785.37
(ia) Lease Liability 19A 936.70 1,665.24 1,896.68
(ii) Trade Payable
(A) total outstanding dues of micro and small enterprises 15A 41.46 262.39 960.24
(B) total outstanding dues of creditors other than micro and small enterprises 15A 22,316.68 14,859.58 12,606.97
(iii) Other Financial Liabilities 20A 41,584.86 40,552.31 22,279.17
(b) Provisions 16A 8,236.45 8,028.20 7,789.57
(c) Deferred Tax Liabilities(Net) - - -
(d) Other Non-Current Liabilities 17A 25,796.96 13,146.13 19,116.46
CURRENT LIABILITIES
(a) Financial Liabilities
(i) Borrowings 18B 4,299.87 4,820.03 405.18
(ia) Lease Liability 19B 522.45 667.40 700.26
(ii) Trade Payable
(A) total outstanding dues of micro and small enterprises 15B 36,560.18 38,883.74 27,795.53
(B) total outstanding dues of creditors other than micro and small enterprises 15B 121,826.65 129,725.49 132,016.71
(iii) Other Financial Liabilities 20B 27,773.91 25,005.44 33,289.38
Sd/-
Nitin Jain
Place: New Delhi Partner
Dated: 28 Aug. 2022 M. No. 506898
30 Aug. 2022
319
WAPCOS ANNUAL REPORT 2021-22
WAPCOS LIMITED
CONSOLIDATED STATEMENT OF PROFIT AND LOSS
FOR THE YEAR ENDED 31ST MARCH, 2022
(` in Lakhs)
Note Figures as at the end of Current Figures as at the end of Current
Particulars
No. reporting period (31st March, 2022) reporting period (31st March, 2021)
REVENUE
I Revenue from operations 21 279,799.32 251,287.30
Corporate Overview
Sd/-
Nitin Jain
Place: New Delhi Partner
Dated: 28 Aug. 2022 M. No. 506898
30 Aug. 2022
320
WAPCOS ANNUAL REPORT 2021-22
WAPCOS LIMITED
STATEMENTS OF CHANGES IN EQUITY AS AT 31ST MARCH, 2022
Corporate Overview
beginning of the Share Capital due to the beginning of the share capital during end of the current
Current reporting prior period errors current reporting the current year reporting period
period period
13,000.00 - - - 13,000.00
Statutory Reports
10,000.00 - - - 10,000.00
B OTHER EQUITY
(1) Current Reporting Period FY 2021-2022 (` in Lakhs)
Description Share Equity Reserves and surplus Other Comprehensive Income (OCI) Other Equity Equity Total
Application component General Retained Capital Remeasure- Gains / Other Items attributable attributable
money of Reserve Earnings Reserve ment of (Losses) from of Other to Parent to Non
pending compound (A) (B) (C) Defined Investments Comprehensive (A+B+C+D+E) Controlling
allotment Financial Benefit Plans in Equity Income (Specify Intrest (NCI)
Instruments (D) Instruments Income)
designated head
FVOCI (E)
Balance as at 31 March, - - 6,969.25 45,032.54 9,016.39 (434.60) 29.20 - 60,612.78 239.73 60,852.51
2021
Profit for the year - 6,568.07 - - - - 6,568.07 38.37 6,606.44
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WAPCOS ANNUAL REPORT 2021-22
Balance as at 31 March, 2020 12,469.25 38,923.15 8,901.03 (448.62) 27.54 - 59,872.35 211.45 60,083.80
Sd/-
Nitin Jain
Place: New Delhi Partner
Dated: 28 Aug. 2022 M. No. 506898
30 Aug. 2022
322
WAPCOS ANNUAL REPORT 2021-22
WAPCOS LIMITED
CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH, 2022
(` in Lakhs)
S. For the year ended For the year ended
Particulars
No. 31st March, 2022 31st March, 2021
A) Cash Flow From Operating Activities
Net Profit Before Tax As Per Statement Of Profit And Loss 10,185.58 9,213.44
i) Adjustment For:
Corporate Overview
Interest Income Recognised In Statement Of Profit/ (Loss) (4,222.01) (4,530.97)
Dividend Income (0.55) (0.48)
Concessional Rent / Lease Termination (74.49) (19.50)
(Profit) Loss On Account Of Exchange Variation (1,211.35) 1,049.58
(Profit)/Loss On Sale Of Fixed Assets (Net) 8.01 0.71
Fixed Assets written off 3.51 1.66
Provision For Trade Receivable And Retention Money 5,059.65 7,806.35
Provision For Advance rent 25.00 -
Provision For Advance to supplier 5.81 -
Depreciation And Amortisation 547.35 648.14
Depreciation And Amortisation On Right to Use 690.29 855.43
Provision Written Back (125.72) (9.91)
Finance Cost Rou Assets 162.57 220.91
Finance Cost Term Loan 63.61 -
Finance Cost CASH CREDIT 343.35 280.60
Unadjusted Credit Balances Written Back (18.38) (144.33)
Provision For Employee Benefits 371.24 477.18
Adjustment of Reduction In Revenue and Expenses (0.13) -
Provision for Impairment losses - (50.19)
Trade Receivables Written off- Current - 160.48
EIR Adjustment in Long term Borrowings 0.57 -
Statutory Reports
1,628.31 6,745.65
Operating Profit Before Working Capital Changes 11,813.89 15,959.09
ii) Changes In Assets And Liabilities
Trade Receivable (13,621.24) 1,699.05
Trade Payable (2,967.80) 10,496.09
Other Current Assets 531.21 (8,371.04)
Non- Current Assets 116.71 728.10
Other Current Financial Assets (479.85) 101.45
Non Current Financial Assets 19,611.31 (26,241.49)
Inventories (0.93) 0.74
Other Current Liabilities 23,678.18 11,000.16
Non Current Liabilities 12,650.83 (5,970.33)
Other Current Financial Liabilities 2,790.51 (8,283.97)
Non Current Financial Liabilities 1,032.55 18,273.14
Current Provisions (224.50) 282.05
Non-Current Provision 208.26 238.63
43,325.24 (6,047.42)
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WAPCOS ANNUAL REPORT 2021-22
Cash & Bank Balances At The Beginning Of The Year 62,926.28 35,904.23
Cash & Bank Balances At The Closing Of The Year 55,723.67 62,926.28
Notes (7,202.62) 27,022.05
1.Indirect Method Has Been Followed For Preparing Cash Flow As Per Ind As-7
2. Cash & Bank Balances Represents: 55,723.67 62,926.29
A. Cash & Cash Equivalents :
(A) Balance With Banks In Current A/C’S 53,978.00 57,879.10
(B ) Remittance In Transit - 1,780.00
(C) Bank Deposits Having Original Maturity Less Than 3 Months 1,735.66 2,857.18
(D) Cash On Hand 10.00 10.00
(E) Cheques in Hand -
(f) Postage Stamps - -
55,723.67 62,926.28
Sd/-
Nitin Jain
Place: New Delhi Partner
Dated: 28 Aug. 2022 M. No. 506898
30 Aug. 2022
Consolidated Financial Statements
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WAPCOS ANNUAL REPORT 2021-22
Corporate Overview
current or non-current as per Group’s operating
(a) Statement of Compliance cycle and other criteria set out in Schedule – III
The financial statements of the group have been to the Companies Act, 2013. Based on nature
prepared in accordance with Indian Accounting of activities and the time between acquisition of
Standards (Ind AS) notified by Ministry of Company assets for processing and their realization in cash
Affairs (“the MCA”) under Section 133 of the and cash equivalents, the group has ascertained
Companies Act, 2013 (the Act) read together its operating cycle as 12 months for the purpose
with Companies (Indian Accounting Standards) of current or non-current classification of assets
Rules, 2015 as amended by Companies (Indian and liabilities.
Accounting Standards) amendment Rules, 2016
and 2017 and onwards. (c) Principles of Consolidation
Accounting Policies have been consistently applied The consolidated financial statements comprise
except where a newly issued Indian accounting the financial statements of the Company and its
standard is initially adopted or a revision to an controlled entity i.e. subsidiary at the reporting
existing accounting standard requires a change date.
Statutory Reports
in the accounting policy hitherto in use. These
financial Statements for the year ended 31st Consolidated financial statements are
March 2022, have been prepared in accordance prepared using uniform accounting policies
with all applicable Ind AS. for like transactions and other events in similar
circumstances. If a member of the group uses
(b) Basis of Preparation of Financial accounting policies other than those adopted
in the consolidated financial statements for like
Statements. transactions and events in similar circumstances,
The Financial Statements of the Subsidiary appropriate adjustments are made to that group
Company in the consideration are drawn up to member’s financial statements in preparing the
the same reporting date as of the Company for consolidated financial statements to ensure
the purpose of consolidation. conformity with the group’s accounting policies.
The Consolidated financial statements of the The financial statements of all entities used for the
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WAPCOS ANNUAL REPORT 2021-22
to transactions between entities of the group. identified all of the assets acquired and all
Intra group losses may indicate an impairment of the liabilities assumed and recognizes any
that requires recognition in the consolidated additional assets or liabilities that are identified in
financial statements. Ind AS12 Income Taxes that reassessment. The Group then reviews the
applies to temporary differences that arise from procedures used to measure the amounts that Ind
the elimination of profits and losses resulting from AS requires for the purposes of calculating the
intragroup transactions. bargain purchase. If the gain remains after this
Corporate Overview
by the Group to the former owners of the acquire obtained by the Group during the measurement
and the equity interests issued by the Group in period’ about facts and circumstances that existed
exchange of control of the acquiree. at the acquisition date. Measurement period does
At the acquisition date, the identifiable assets not exceed one year from the acquisition date.
acquired and the liabilities assumed are recognized The subsequent accounting for changes in the
at the fair value, except that: — fair value of the contingent consideration that do
Deferred tax assets or liabilities or liabilities related not qualify as measurement period adjustments
to employee benefit arrangements are recognized depends on how the contingent consideration
and measured in accordance with Ind AS 12 is classified. Contingent consideration that is
‘Income Taxes’ and Ind AS 19 ‘Employee Benefits’ classified as equity is not remeasured at subsequent
respectively; reporting dates and its subsequent settlement
is accounted for within equity. Contingent
Consolidated Financial Statements
Goodwill is measured as the excess of the sum of consideration that is classified as an asset or a
the consideration transferred, the amount of any liability is remeasured at fair value at subsequent
non-controlling interests in the acquiree, and the reporting dates with the corresponding gain or loss
fair value of the acquirer’s previously held equity being recognized in the consolidated statement of
interest in the acquiree if any over the net of the profit and loss.
acquisition date amounts of the identifiable assets
acquired and the liabilities assumed. When a business combination is achieved in
stages, the Group’s previously held equity interest
In case of a bargain purchase, before recognizing in the acquire is remeasured to its acquisition
a gain in respect thereof, the Group determines date fair value and the resulting gain or loss, if
whether there exists clear evidence of the any, is recognized in the consolidated statement
underlying reasons for classifying the business of profit and loss. Amounts arising from interests
combination as a bargain purchase. Thereafter, in the acquire prior to the acquisition date
the Group reassesses whether it has correctly
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WAPCOS ANNUAL REPORT 2021-22
that have previously been recognized in other The estimates and judgments used in the
comprehensive income are reclassified to the preparation of the financial statements are
consolidated statement of profit and loss where continuously evaluated by the Group and are
such treatment would be appropriate if that based on historical experience and various other
interest were disposed of. assumptions and factors (including expectations
of future events) that the Group believes to be
If the initial accounting for a business combination
reasonable under the existing circumstances.
is incomplete by the end of the reporting period in
Corporate Overview
Although the Group regularly assesses these
which the combination occurs, the Group reports
estimates, actual results could differ from the
provisional amounts for the items for which the
estimates. Appropriate changes in estimates
accounting is incomplete. Those provisional
are made as the Management becomes aware
amounts are adjusted during the measurement
of changes in circumstances surrounding the
period recognizing additional assets or liabilities
estimates. Changes in estimates are reflected in
(if any to reflect new information obtained
the financial statements in the period in which
about facts and circumstances that existed at
changes are made and, if material, their effects are
the acquisition date that, if known, would have
disclosed in the notes to the financial statements.
affected the amounts recognized at that date.
Statutory Reports
Non-Controlling Interests are initially measured 1.3.2 The general parameters for recognizing
at the proportionate share of the recognized revenue in the financial statements are stated
amounts of the acquiree’s identifiable net assets. below which are applicable to all streams of
Subsequent to acquisition, the carrying amount revenue while specific parameters are stated in
of non-controlling interests is the amount of the accounting policy of the respective stream of
the interest at initial recognition plus the non- revenue.
controlling interests’s share of subsequent
General Parameters
changes in equity.
For the purpose of revenue recognition, the Group
follows a five step process :
Cost of Control on Consolidation
- Identifying the contract with a customer
Cost of control arising on all acquisition of a
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WAPCOS ANNUAL REPORT 2021-22
related services are performed and revenue from have been satisfied. However, recoverable
the end of the last billing to the Balance Sheet mobilization advance is adjusted against
date is recognized as unbilled revenue in the subsequent revenue bookings.
balance sheet.
• In construction Management / Supervision
The Group recognizes contract liabilities for contracts, revenue is recognized as a
consideration received in respect of unsatisfied percentage of the value of work done / built
performance obligations and reports these up cost of each contract as determined by the
amounts as other liabilities in the balance sheet. management, pending customer’s approval,
Similarly, if the Group satisfies a performance if any.
obligation but consideration is yet to be received,
• Revenue on contracts are recognized as the
then before the consideration is received, the
related services are performed and revenue
Group recognizes a contract asset in its balance
from the end of the last billing to the Balance
sheet.
Consolidated Financial Statements
328
WAPCOS ANNUAL REPORT 2021-22
percentage of the value of work done / built the customer receives and uses the benefits as the
up cost of each contract as determined by the company performs the obligations.
management, pending Customer/ Client’s
Any expected loss is recognized as a provision for
approval, if any.
foreseeable losses at reporting date.
1.3.6 Revenue from sale of goods including
Cost plus contracts contracts for supply / commissioning of plant and
Corporate Overview
• Revenue from cost plus contracts is recognized equipment is recognized as follows :
over time and is determined with reference Revenue from sale of goods is recognized when
to the extent performance obligations have the control of the same is transferred to the
been satisfied. To depict the progress by customer and it is probable that the Group will
which the Group transfers control of the collect the consideration to which it is entitled for
promised goods to the customer and to the exchanged goods. Performance obligations in
establish when and to what extent revenue respect of contract for sale of goods is considered
can be recognized, the Group measures its as satisfied at a point of time when the control
progress towards complete satisfaction of of the same is transferred to the customer and
the performance obligation based on work where there is an alternate use of the asset or the
done. Group does not have either implicit or explicit right
• The amount of transaction price allocated of payment for performance completed till date.
to the performance obligations satisfied In case where there is no alternative use of the
represents the recoverable costs incurred asset and the Group has either implicit or explicit
during the period plus the margin as agreed right of payment considering legal precedents,
with the customer. performance obligation is considered as satisfied
Statutory Reports
over a period of time and revenue is recognized
• In case of a cost plus contract if Consultancy
over time.
income / fee is stipulated as a separate
item, such consultancy income / fee is 1.3.7 The reimbursable expenses recoverable are
recognized as revenue over a period of time in the nature of current assets and are adjusted to
or at a point of time as the Group satisfies the extent reimbursed by the client.
performance obligations by transferring the 1.3.9 Interest income is recognized using the
promised goods or services to its customers effective interest method when it is probable
in accordance with the terms of the contract. that the economic benefits associated with the
• In other cases, Revenue is recognized over transaction will flow to the entity and amount can
time to the extent of performance obligations be measured reliably.
satisfied and control is transferred to the 1.3.10 Dividend income is recognized when the
customer. Contract revenue is recognized at
Consolidated Financial Statements
right to receive payment is established and it is
allocable transaction price which represents probable that the economic benefits associated
the cost of work performed on the contract with the transaction will flow to the entity and
plus proportionate margin. amount can be measured reliably.
Any expected loss is recognized as a provision for
foreseeable losses at reporting date. 1.3.11 Others
Engineering Procurement and Construction (EPC) The holding company of the Group has a policy
For EPC Contracts, transaction price is the of taking bond money from new regular recruits
price which is contractually agreed with the engaged in the Group . The bond money is kept in
customer for provision of services. The revenue is the form of fixed deposit receipts with banks in the
recognized over time based on the input method name of the Group. The interest accrued on the
of measuring progress because in such contracts, deposits along with principal amount is treated
329
WAPCOS ANNUAL REPORT 2021-22
as Asset & Liability in the books of the Group. On reviewed at the end of each financial year. The
successful completion of the bond period, the useful lives of assets are as prescribed in Part C
bond money is returned to the respective officials of schedule II of the Companies Act, 2013. In
with interest accrued thereon. If the official leaves respect of additions to / deductions from assets
the Group before the completion of the bond during the year, depreciation is charged on pro
period, the same is forfeited and the same is rata basis.
treated as Income.
The estimated useful lives of the various assets are
Corporate Overview
as under:-
1.4 Property, Plant and Equipment (PPE)
Asset Class Useful lives
Free hold land is carried at historical cost. Property, (Years)
Plant and Equipment are initially recognized at cost Office Buildings with RCC Frame 60
i.e, cost of acquisition or construction inclusive of Structures
freight, erection and commissioning charges, non- Furniture & Fixtures 10
refundable duties and taxes, expenditure during
Vehicles – Motor Cars 8
construction period, borrowing costs, in case of
a qualifying asset, upto the date of acquisition/ Vehicles – Motor Cycles, Scooters 10
and other mopeds
installation, net of accumulated depreciation
and impairment losses, if any. Subsequent Office Equipments 5
measurement is done at cost less accumulated Electrical Works 10
depreciation and impairment loss, if any. Cost Computers 3
includes expenditure that is directly attributable Networking Server 6
for bringing the asset ready for its intended use Temporary Wooden Structure 3
Statutory Reports
330
WAPCOS ANNUAL REPORT 2021-22
attributable to the asset will probably flow to the contractual terms of the financial assets give
Group and the cost of acquisition or generation of rise on specific dates to cash flows that are
the asset can be reliably measured. It is amortized solely payments of principal and Interest on
from the point at which the asset is available for the principal amount outstanding using the
use. effective interest rate (EIR) method. The EIR
amortization is included in finance income in
Intangible assets acquired / developed are
the Statement of Profit and Loss. The losses
measured on recognition at cost less accumulated
Corporate Overview
arising from impairment are recognized in
amortization and impairment losses if any.
the Statement of Profit and Loss.
Intangible assets are amortized on straight line
(b) Financial assets at fair value through profit or
basis over estimated useful lives from the date on
loss
which they become available for use.
The financial assets are measured at fair value
Amortization:
through profit and loss unless it is classified
Computer software is amortized over a period of at amortized cost.
3 years or over their license period, as applicable.
(c) Financial Liabilities at fair value through
Licences of application and operating software
profit or loss include financial liabilities held
for specified periods are charged tom revenue
for trading and financial liabilities designated
with respect to period of licence.
upon initial recognition as at fair value
Derecognition through fair value method.
Gains or losses arising from derecognition of All other financial liabilities are subsequently
intangible assets are measured as the difference measured at amortized cost using EIR
Statutory Reports
between the net disposal proceeds and the method. Gains and losses are recognized
carrying amount of the asset and is included in in Statement of Profit and Loss when the
the Statement of Profit and Loss when the asset liabilities are de-recognized as well as through
is derecognized. the EIR amortization process.
The Group holds non-derivative financial
1.6 Financial Instruments instruments. The Non-derivative financial
Initial recognition instruments comprises of:
Group recognizes financial assets and financial i. Financial assets, which include cash and
liabilities when it becomes a party to the cash equivalents, investments in equity,
contractual provisions of the instrument. All trade receivables, retentions by Project
financial assets and liabilities are recognized at Authorities, unbilled revenues, employee
fair value on initial recognition except for trade and other advances (including Security
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WAPCOS ANNUAL REPORT 2021-22
short term deposits with an original maturity of derecognized from the Balance Sheet when the
three months or less from the date of acquisition obligation specified in the contract is discharged,
which are readily convertible into known amounts cancelled or expired. When an existing financial
of cash and be subject to an insignificant risk of liability is replaced by another from the same lender
change of value. Cash and cash equivalents consist on substantially different terms, or the terms of
of balances with banks which are unrestricted for an existing liability are substantially modified,
withdrawal and usage. such an exchange or modification is treated as
Corporate Overview
12 months after the reporting date which are with the contract and all the cash flows that the
presented as non-current financial assets. Loans Group expects to receive. When estimating the
and Receivables are initially recognized at fair value cash flows, the Group is required to consider:-
and are subsequently measured at amortized cost
• All contractual terms of the financial assets
using effective interest method (EIR).
(including prepayment and extension) over
the expected life of the assets.
(iv) Financial Assets at fair value through
profit or loss: • Cash flows from the sale of collateral held or
other credit enhancements that are integral
A, financial asset, which is not classified in any of
to the contractual terms.
the above categories, is subsequently fair valued
through profit and loss (FVTPL).
Trade Receivables
De-recognition of financial instruments As a practical expedient the Group has adopted
Consolidated Financial Statements
332
WAPCOS ANNUAL REPORT 2021-22
Corporate Overview
purpose of impairment testing, the recoverable
amount (that is, higher of the fair value less costs to a. The Group has a present obligation (legal
sell and value in use) is determined on an individual or constructive) arising as a result of a
asset basis, unless asset does not generate cash past event;
flows that are largely independent of those from b. That will probably give rise to a future
other assets, in which case recoverable amount is outflow of resources embodying
determined at the cash generating – unit (‘CGU”) economic benefits will be required to
level to which the said assets belongs. settle the obligation ; andcb. A
An asset is treated as impaired when carrying cost reliable estimate can be made of the
of an asset exceeds its recoverable amount (i.e amount of the obligation.
higher of the fair value less cost to sell and the Provision is determined by estimating the cash
value in use). Impairment loss is charged to the flows required to settle the obligation and if the
Statement of Profit & Loss in the year in which an effect of the time value of money is material,
asset is identified as impaired. The impairment loss the carrying amount of the provisions is the
recognized in prior accounting periods is reversed present value of the cash outflows. The amount
if there has been a change in the estimate of
Statutory Reports
recognized as a provision is the best estimate of
recoverable amount and such losses either no the consideration required to settle the present
longer exits or has decreased. Reversal of impaired obligation at reporting date, taking into account
loss is recognized in the statement of Profit & Loss the risks and uncertainties surrounding the
to the extent of previously recognized or balanced obligation.
impairment loss.
(ii) Contingent Liabilities are not recognized
Write Off but are disclosed in the notes in any of the
following cases:-
Financial Assets
a. A present obligation arising from a past
(other than at fair value) event, when it is not probable that an
Such assets including Trade Receivables, Retention outflow of resources will be required to
Money, and security deposit outstanding for a settle the obligation; or
333
WAPCOS ANNUAL REPORT 2021-22
employer’s contribution towards provident fund, (iii) Gain or loss through re measurements of net
gratuity, post-retirement medical scheme in defined benefit liability / (asset) is recognized
respect of its employees. The contributions to the in Other Comprehensive Income (OCI).
fund for the year are recognized as an expense (iv) The actual return of the portfolio of plan
and charged to the Statement of Profit & Loss. assets, in excess of the yields computed by
The Group makes contribution to the recognized applying the discount rate used to measure
provident fund trust of its holding and subsidiary the defined benefit obligation is recognized
for its employees which is a defined benefit plan in Other Comprehensive Income (OCI).
to the extent that the Group has an obligation (v) Service Cost and net interest cost / (income)
to make good the shortfall, if any, between the on the net defined benefit liability / (asset)
returns from the investments of the trust and the are recognized in Statement of Profit and
notified interest rate. The Group’s obligation in this Loss.
334
WAPCOS ANNUAL REPORT 2021-22
The effects of any plan amendments, if any, are Subsequent measurement (Depreciation)
recognized in the Statement of Profit and Loss.
The right of use is depreciated over the useful
1.9.2.2 Compensated Absences life of the underlying asset or the validity of the
The Group operates defined benefit plan for lease term whichever is shorter and is subject to
compensated absences. The cost of providing impairment loss.
such defined benefits is determined by actuarial The residual values, useful lives and methods of
Corporate Overview
valuation at each balance sheet date using the depreciation of right of use are reviewed at each
“projected unit credit method”. financial year end and adjusted prospectively, if
1.9.2.3 Post-Retirement Medical Scheme appropriate.
Statutory Reports
1.10 Leases • affects whether exercise (or non-exercise)
is reasonably certain
Group as a lessee
2. Future lease payment based on an index or
Recognition rate are revised
At the inception of the lease, right of use shall be 3. The lease is modified
recognised at cost including any indirect costs to
acquire the asset and dismantling costs (if any), 4. There is a change in the amounts expected to
reduced by lease incentives with a corresponding be paid under residual value guarantees.
lease liability equal to the present value of unpaid A lessee shall remeasure the lease liability by
lease payments except in the following cases : discounting the revised lease payments, if either:
i. short-term leases; or (a) there is a change in the amounts expected to
ii. leases for which the underlying asset is of low be payable under a residual value guarantee.
Consolidated Financial Statements
value A lessee shall determine the revised lease
payments to reflect the change in amounts
In case of lease to be short term or low value, expected to be payable under the residual
lease payments associated with those leases shall value guarantee.
be charged as an expense on either a straight-line
basis over the lease term or another systematic (b) there is a change in future lease payments
basis. The Group as a lessee applies another resulting from a change in an index or a rate
systematic basis if that basis is more representative used to determine those payments, including
of the pattern of the Group as a lessee’s benefit. for example a change to reflect changes
in market rental rates following a market
The interest element of lease payments is charged rent review. The lessee shall remeasure the
to Statement of Profit and Loss, as Finance Costs lease liability to reflect those revised lease
over the period of the lease. payments only when there is a change in the
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WAPCOS ANNUAL REPORT 2021-22
cash flows (i.e. when the adjustment to the in profit or loss any gain or loss relating to the
lease payments takes effect). A lessee shall partial or full termination of the lease.
determine the revised lease payments for the
(b) making a corresponding adjustment to the
remainder of the lease term based on the
right-of-use asset for all other lease modifications
revised contractual payments.
De-Recognition
A lessee shall use an unchanged discount rate,
unless the change in lease payments results from A right of use asset initially recognised is
Corporate Overview
a change in floating interest rates. In that case, derecognised upon disposal or when no future
the lessee shall use a revised discount rate that economic benefits are expected from its use
reflects changes in the interest rate. or disposal. Any gain or loss arising on de-
recognition of the right of use asset (calculated as
Lease modification
the difference between the net disposal proceeds
A lessee shall account for a lease modification as and the carrying amount of the asset) is included
a separate lease if both: in the Statement of Profit and Loss account when
the right of use asset is derecognized
(a) the modification increases the scope of the
lease by adding the right to use one or more
underlying assets; and 1.11 Foreign Currency Transactions
(b) the consideration for the lease increases by an The financial statements are presented in Indian
amount commensurate with the stand-alone price Rupee, which is the Group’s functional and
for the increase in scope and any appropriate presentation currency. A Group’s functional
adjustments to that stand-alone price to reflect currency is that of the primary economic
the circumstances of the particular contract. environment in which the Group operates.
Statutory Reports
For a lease modification that is not accounted for Transactions in foreign currencies are initially
as a separate lease, at the effective date of the recorded by the Group at functional currency
lease modification a lessee shall: spot rates at the date transaction first qualifies
(a) allocate the consideration in the modified for recognition. However, for practical reasons,
contract the Group uses an available average rate when
average approximates the actual rate at the date
(b) determine the lease term of the modified lease of the transaction.
(c) remeasure the lease liability by discounting the Monetary assets and liabilities denominated in
revised lease payments using a revised discount foreign currencies are translated at the functional
rate. The revised discount rate is determined currency spot rates of exchange at the reporting
as the interest rate implicit in the lease for the date.
remainder of the lease term, if that rate can be
Consolidated Financial Statements
336
WAPCOS ANNUAL REPORT 2021-22
from or paid to the taxation authorities. The rates taxable profits will allow the deferred tax asset to
and tax laws used to compute the amount are be recovered.
those that are enacted or substantively enacted in
Deferred tax assets and liabilities are measured at
India at the reporting date.
the rates that are expected to apply in the year
Management periodically evaluates positions when the asset is realized or the liability is settled,
taken in the tax assessments with respect to based on tax rates (and the laws) that have been
situations in which applicable tax regulations are enacted or substantively enacted at the reporting
Corporate Overview
subject to interpretation and establishes provisions date.
where appropriate.
Deferred tax relating to items recognized outside
Current tax assets are offset against current profit or loss is recognized outside profit or loss is
tax liabilities, if and only if a legally enforceable recognized (either in other comprehensive income
rights exists to set off the recognized amounts or equity).
and there is an intention either to settle on a net
Deferred tax assets and deferred tax liabilities are
basis, or to realize the asset and settle the liability
offset if a legally enforceable right exists to set
simultaneously.
off current tax assets against current tax liabilities
Additional taxes, interest and / or penalties levied and the deferred taxes relate to the same taxable
/ imposed by the tax authorities / Appellate entity and the same taxation authority.
authorities on finality are recognized in the
Statement of Profit and Loss. 1.13 Rates and Taxes
Current tax relating to items recognized outside Overseas taxes on foreign assignments, service
profit or loss is recognized outside profit or loss tax, GST,value added tax, alike taxes, professional
Statutory Reports
(either in other comprehensive income or in tax, property taxes, entry tax, labour cess, Octroi,
equity) etc. paid / accrued in India or abroad, based on
availability of scrutiny documents / admissibility
1.12.2 Deferred income taxes proofs are charged to statement of profit or loss
upon and of limitation period for admissibility of
Deferred tax is provided on temporary differences
such claims.
between the tax bases of assets and liabilities
and their carrying amounts for financial reporting
1.14 Prepaid Expenses and Prior Period
purposes at the reporting date.
Adjustments
Deferred tax assets are recognized for all
Prepaid Expenses
deductible temporary differences, the carry
forward of unused tax credits and any unused tax Prepaid Expenses, in the year of incurrance, are
losses. Deferred tax assets are recognized to the treated as current /non current assets of the Group
as may be the case & are treated as expenditure/
Consolidated Financial Statements
extent that it is probable that taxable profit will be
available against which the deductible temporary income of the respective Financial Year to which
differences, and the carry forward of unused tax it belongs and accounted for to the natural head
credits and unused tax losses can be utilized. of accounts in that respective year.
The carrying amount of deferred tax assets is Prior Period Adjustments
reviewed at each reporting date and reduced
to the extent that it is no longer probable that Prior period errors are corrected retrospectively by
sufficient taxable profit will be available to allow restating the comparative amounts for the prior
all or part of the deferred tax asset to be utilized. periods presented in which the error occurred.
Unrecognized deferred tax assets are re-assessed If the error occurred before the earliest period
at each reporting date and are recognized to the presented, the opening balance of assets liability
extent that it has become probable that future and equity for the earliest period presented, are
337
WAPCOS ANNUAL REPORT 2021-22
restated unless it is impracticable, in which case, The number of equity shares and potentially
the comparative information is adjusted to apply dilutive equity shares are adjusted retrospectively
the new accounting policy prospectively from the for all periods presented for bonus shares issues
earliest date practicable. including for changes effected prior to the
approval of the financial statements by the Board
1.15 Liquidated Damages/ Claims of Directors.
Liquidated damages / Claims are considered
Corporate Overview
the date of declaration by the Group’s Board of determined on First in First Out (FIFO) Method.
Directors. Inventories includes Spare parts of heavy vehicles,
Loose Tools, welding materials, Spare parts for
1.18 Earnings per share Plant and Machineries& others which are valued
In determining basic earnings per share, net profit on the basis of realizable value, based on the
attributable to equity shareholders is divided engineering estimate.
by weighted average number of equity shares Provision for obsolescence and slow moving
outstanding during the period. inventory is made based on management’s
In determining diluted earnings per share, net best estimates of net realisable value of such
profit attributable to equity shareholders is inventories.
divided by weighted average number of equity
shares considered for deriving basis earning per 1.21 Leave Travel Concession
Consolidated Financial Statements
share and also weighted average number of Leave Travel Concession benefit is accounted for
equity shares that could have been issued upon on actual availment basis.
conversion of all dilutive potential equity shares.
Dilutive potential equity shares are deemed 1.22 Investment property
converting as of the beginning of the period,
Investment property is property (land or a
unless issued at the later date. Dilutive potential
building—or part of a building—or both) that is
equity share are determined independently for
held to earn rentals or for capital appreciation
each period presented.
or both, rather than for sale in the ordinary
338
WAPCOS ANNUAL REPORT 2021-22
course of business or for use in production or for are permanently withdrawn from use and no
administrative purposes. future economic benefit is expected from their
disposal.
Recognition:-
The difference between the net disposals
Investment Property is recognised as an asset
proceeds if any and the carrying amount of the
when:
asset is recognised in statement of profit or loss in
(a) It is probable that the future economic the period of derecognition.
Corporate Overview
benefits that are associated with the
investment property will flow to the entity;
and 1.23 S
TANDARDS ISSUED BUT NOT
EFFECTIVE
(b) The cost of investment property can be
measured reliably. MCA had issued the Indian Accounting Standards
Amendments Rules, 2022 vide notification dated
Subsequent additions are made if recognition 23rd March 2022.In the Indian Accounting
criteria are met. Standards Amendments Rules, 2022, amendments
Transfer to or from investment property is made has been made in following standards:-
when there is a change in use i.e. an asset meets 1. First-time Adoption of Indian Accounting
or ceases to meet the definition of investment Standards (Ind AS-101)
property and there is evidence of the change in
use. 2. Business Combinations (Ind AS-103)
3. Financial Instruments (Ind AS-109)
Subsequent measurement (Depreciation)
4. Property, Plant and Equipment (Ind AS-16)
Statutory Reports
Depreciation on buildings held as investment
property is provided on straight line method as 5. Provisions, Contingent Liabilities and
specified in Schedule II of the Companies Act, Contingent Assets (Ind AS-37)
2013. 6. Agriculture (Ind AS-41).
339
Consolidated Financial Statements Statutory Reports Corporate Overview
340
NOTE - 2
PROPERTY PLANT & EQUIPMENT
(` in Lakhs)
Consolidated Consolidated Consolidated Consolidated Consolidated Consolidated Consolidated
Consolidated Consolidated Consolidated Consolidated Consolidated Consolidated
Gross Carrying Amount Freehold Leasehold Furniture & Office Works Electrical Networking
Building Machinery Vehicle Computers Books Total
Land Land Fixture Equipment Equipment Works Servers
GROSS BLOCK - ASSETS
Opening Balance as at 252.96 19.45 3,883.10 1,132.06 899.90 371.40 849.07 109.42 461.51 1,003.56 166.13 9.96 9,158.52
01.04.2019
Additions during FY 2019-20 - - 339.21 2.28 67.86 58.10 177.18 - 13.64 159.10 22.80 9.21 849.38
Disposal / Assets written off - - (13.39) (111.52) (66.46) (50.09) (73.71) (14.68) (14.67) (132.36) - (3.60) 88.94
Balance as at 31.03.2020 252.96 19.45 4,208.92 1,022.82 901.30 379.41 952.55 94.73 460.47 1,030.31 188.93 15.57 9,527.41
Additions during FY 2020-21 - - 3.18 - 25.42 0.59 19.43 - 3.78 84.64 - - 137.03
Disposal / Assets written off - - 42.16 0.03 0.67 - (1.69) 5.64 9.34 (2.07) - - 54.07
WAPCOS ANNUAL REPORT 2021-22
Balance as at 31.03.2021 252.96 19.45 4,169.94 1,022.79 921.42 380.00 966.20 89.09 454.91 1,085.20 188.93 15.57 9,566.45
Additions during FY 2021-22 - - - - 38.40 121.54 136.60 - 0.14 177.25 - - 473.92
Disposal / Assets written off - - - 0.79 9.21 - (26.28) - 8.29 (41.00) - - (49.00)
Transferred to Investment (2.39) - (184.30) - - - - - - - - - (186.69)
Property
Balance as at 31.03.2022 250.56 19.45 3,985.64 1,022.01 935.17 501.54 1,073.79 89.09 446.76 1,206.38 188.93 15.57 9,734.89
ACCUMULATED DEPRECIATION
Opening Balance as at - 3.55 478.22 898.04 233.49 273.66 411.11 79.13 126.18 573.23 133.85 7.79 3,218.24
01.04.2019
Charge for the year - 0.21 61.75 17.04 88.72 18.58 148.55 3.09 43.25 216.11 10.90 1.68 609.88
Adjustment for Disposals - - 13.39 103.80 (6.70) 28.14 (14.52) 11.97 13.53 (68.02) - 3.20 84.80
Balance as at 31.03.2020 - 3.77 526.57 811.28 275.10 264.04 496.57 70.25 155.89 664.96 144.75 6.26 3,419.44
Charge for the year - 0.21 63.52 16.37 90.35 18.76 146.91 2.11 43.33 178.47 6.84 3.33 570.21
Adjustment for Disposals - - 42.16 0.03 (0.40) - (2.28) 3.29 1.80 (5.15) - - 39.45
Balance as at 31.03.2021 - 3.98 547.93 827.62 361.76 282.80 638.98 69.07 197.42 818.47 151.59 9.60 3,909.22
Charge for the year - 0.21 60.71 16.33 91.13 18.44 114.34 1.82 42.75 133.50 5.26 3.18 487.67
Adjustment for Disposals - - - 0.75 6.72 - 23.45 - 3.59 51.86 - - 86.37
Transferred to Investment - - (41.04) - - - - - - - - - (41.04)
Property
Balance as at 31.03.2022 - 4.19 567.60 843.20 446.17 301.24 729.87 70.89 236.58 900.11 156.86 12.78 4,269.49
IMPAIRMENT PROVISION
Opening Balance as at - - - 32.33 - 1.65 - 4.28 - - - - 38.26
01.04.2019
Impairment during the year - - - - - - - - - - - - -
Provision reversed during the year - - - - - - - - - - - - -
Balance as at 31.03.2020 - - - 32.33 - 1.65 - 4.28 - - - - 38.26
Consolidated Consolidated Consolidated Consolidated Consolidated Consolidated Consolidated
Consolidated Consolidated Consolidated Consolidated Consolidated Consolidated
Gross Carrying Amount Freehold Leasehold Furniture & Office Works Electrical Networking
Building Machinery Vehicle Computers Books Total
Land Land Fixture Equipment Equipment Works Servers
Impairment during the year - - - - - - - - - - - - -
Provision reversed during the year - - - - - - - - - - - - -
Balance as at 31.03.2021 - - - 32.33 - 1.65 - 4.28 - - - - 38.26
Impairment during the year - - - - - - - - - - - - -
Provision reversed during the year - - - - - - - - - - - - -
Balance as at 31.03.2022 - - - 32.33 - 1.65 - 4.28 - - - - 38.26
Net Book Value as at 31.03.2020 252.96 15.68 3,682.34 179.21 626.21 113.72 455.97 20.21 304.58 365.34 44.18 9.31 6,069.71
Net Book Value as at 31.03.2021 252.96 15.47 3,622.00 162.84 559.66 95.55 327.22 15.74 257.49 266.73 37.33 5.97 5,618.96
Net Book Value as at 31.03.2022 250.56 15.26 3,418.04 146.48 489.01 198.64 343.92 13.92 210.18 306.27 32.07 2.79 5,427.14
Note: Capital Commitments*
(` in Lakhs)
CAPITAL COMMITMENT
Opening Balance - - -
Additions during the year 644.44 - -
Adjustment during the year - - -
Closing Balance 644.44 - -
*Estimated amount of contracts remaining to be executed on Capital account and not provided for (Refer Note No. 56)
WAPCOS ANNUAL REPORT 2021-22
341
Consolidated Financial Statements Statutory Reports Corporate Overview
WAPCOS ANNUAL REPORT 2021-22
NOTE - 2A
Right of Use Assets
(` in Lakhs)
Consolidated Consolidated Consolidated
ROU Building ROU Vehicle Total
GROSS BLOCK - Opening Balance as at 01.04.2019 276.14 - 276.14
Corporate Overview
342
WAPCOS ANNUAL REPORT 2021-22
NOTE - 2B
Other Intangible Assets
(` in Lakhs)
Consolidated
Computer Software
GROSS BLOCK
Corporate Overview
Opening Balance as at 01.04.2019 385.65
Additions 28.79
Balance as at 31.03.2020 414.44
Additions 23.20
Balance as at 31.03.2021 437.64
Additions 281.73
Balance as at 31.03.2022 719.37
ACCUMULATED DEPRECIATION
Opening Balance as at 01.04.2019 203.99
Amortisation charge for the year 88.66
Balance as at 31.03.2020 292.65
Amortisation charge for the year 77.93
Balance as at 31.03.2021 370.58
Statutory Reports
Amortisation charge for the year 56.83
Balance as at 31.03.2022 427.41
Net Book Value as at 31.03.2020 121.79
Net Book Value as at 31.03.2021 67.06
Net Book Value as at 31.03.2022 291.96
343
WAPCOS ANNUAL REPORT 2021-22
NOTE - 2C
Investment Property
(` in Lakhs)
Consolidated Consolidated Consolidated
Freehold Land Freehold Building Total
GROSS BLOCK
Corporate Overview
344
NOTE: 4.2 VALUATION OF INVESTMENT PROPERTY
Cost of Land
Total area of plot 14555.55 Sq. Yds
Rate of land ` 25000/Sq.Yds
Total cost of plot 3638.75 Lakhs
Total Cost of Construction 163.15 Lakhs
Fair Market Value of Property 3800.00 Lakhs
Fair value determined based on an annual evaluation performed by a registered valuer as defined under rule 2 of Companies (Registered Valuers
and Valuation) Rules, 2017 applying valuation model acceptable internationally.
NOTE - 3
Non-Current Investments
(` in Lakhs)
As at As at As at
March 31, 2022 March 31, 2021 April 01, 2020
Particulars
No. of No. of
Amount No. of Units Amount Amount
Units Units
Equity Investment
Investment in company (unquoted) Equity Shares carried at Fair
Value through Other Comprehensive income (OCI)
GPCL Consulting Services Ltd.
30,000 Equity shares of ` 10/- each fully paid up, totalling to ` 3,00,000 32,279 39.52 32,279 37.25 32,279 35.03
2,279 Equity shares of ` 10/- each fully paid, purchased @ ` 20 per share
totalling to ` 45,580*
Total 32,279 39.52 32,279 37.25 32,279 35.03
*In absence of fair value, same has been revalued at book value per share
WAPCOS ANNUAL REPORT 2021-22
345
Consolidated Financial Statements Statutory Reports Corporate Overview
WAPCOS ANNUAL REPORT 2021-22
NOTE - 4
Other Financial Assets
A. Other Financial Assets - Non Current
(` in Lakhs)
Particulars Consolidated As Consolidated As at Consolidated As at
at March 31, 2022 March 31, 2021 April 01, 2020
Security Deposits / EMD
Corporate Overview
346
WAPCOS ANNUAL REPORT 2021-22
NOTE - 5
Deferred Tax Assets (Net)
(` in Lakhs)
Particulars Consolidated As at Consolidated As at Consolidated As at
March 31, 2022 March 31, 2021 April 01, 2020
Deferred tax assets arising on
Corporate Overview
Depreciation and amortization of Property, Plant and 11.04 19.27 2.09
Equipment and Intangible assets
Employee Benefits 3,655.04 3,813.94 2,388.02
Provision of Supplier Advance 1.46 - -
Allowances for Property, Plant & Equipment And 36.59 36.59 -
Inventory
Provision for Litigation Expenses 53.59 221.83 204.51
Provision of Rent Advance 6.29 - -
Lease Liability (Net of ROU) 49.96 57.15 41.45
Allowance for Expected Credit Loss 8,916.48 8,016.44 6,875.04
Deferred Tax Assets (a) 12,730.45 12,165.22 10,691.85
Deferred Tax Liabilities arising on
Depreciation and amortization of Property, Plant and (373.82) (345.87) (313.13)
Equipment and Intangible assets
Statutory Reports
Provision for Valuation gain on Investment (9.95) (9.37) (8.82)
Deferred Tax Liabilities (b) (383.77) (355.24) (321.95)
Net Deferred Tax Assets 12,346.68 11,809.98 10,369.90
347
Consolidated Financial Statements Statutory Reports Corporate Overview
348
Particulars As at Recognized Recognized As at Recognized Recognized in As at
31st March in other in Statement 31st March in other Statement of April 01,
2022 Comprehensive of Loss 2021 Comprehensive Loss 2020
Income Income
Deferred Tax Assets arising on:
Employee Benefits 3,655.04 (54.97) (103.93) 3,813.94 (43.92) 289.09 3,568.77
Lease Liability 49.96 - (7.19) 57.15 - 15.71 41.44
Allowance for Expected Credit Loss 8,916.48 - 900.03 8,016.44 - 1,141.40 6,875.04
Others 97.93 - (160.48) 258.42 - 53.91 204.51
Deferred Tax Liabilities arising on: -
WAPCOS ANNUAL REPORT 2021-22
NOTE - 6
Other Non - Current Assets
(` in Lakhs)
Consolidated As at Consolidated As at Consolidated As at
Particulars
March 31, 2022 March 31, 2021 April 01, 2020
Corporate Overview
Prepaid Expenses 149.03 371.51 227.74
Fair Value Reserve on Security Deposit 10.02 22.62 35.56
Advances to suppliers & sub contractors
Secured, Considered Good 285.40 226.52 1,141.29
Unsecured, Considered Good 942.51 883.02 777.00
Unsecured, Considered Doubtful 1,802.35 1,799.17 1,802.04
3,189.31 3,302.84 3,983.63
Less: Allowance for expected credit loss (1,802.35) (1,799.17) (1,802.04)
Total 1,386.96 1,503.67 2,181.59
NOTE - 7A
Trade Receivables* - Non-Current
Statutory Reports
(` in Lakhs)
Consolidated As at Consolidated As at Consolidated As at
Particulars
March 31, 2022 March 31, 2021 April 01, 2020
Trade Receivables
Unsecured, considered good** 14,129.96 14,618.73 12,583.22
Credit impaired 2,542.47 3,143.33 2,986.15
16,672.43 17,762.06 15,569.37
Less: Allowance for expected credit loss# (2,542.47) (3,143.33) (2,986.15)
Total 14,129.96 14,618.73 12,583.22
*In the opinion of the Management, the Allowance against Credit impaired Trade Receivables is adequate to meet any loss
on account of irrecoverability of Trade Receivables. Refer Note No. - 54
349
WAPCOS ANNUAL REPORT 2021-22
(` in Lakhs)
Outstanding for following periods from due date of
payment
Not
Particulars Unbilled Less Total
due 6 months 1-2 2-3 More than
than 6
- 1 year years years 3 years
months
Undisputed Trade - - 8.42 21.41 10.79 1,423.87 1,464.49
Corporate Overview
receivables - credit
impaired
Disputed Trade - - - - 106.01 282.91 388.92
Receivables – considered
good
Disputed Trade 282.24 - - - 7.22 788.52 1,077.98
Receivables – credit
impaired
As at March 31, 2022 575.43 - 180.32 88.81 1,790.95 1,745.92 12,291.01 16,672.43
impaired
Disputed Trade - - - - 2.00 190.28 192.28
Receivables – considered
good
Disputed Trade 282.24 - - - - 905.83 1,188.07
Receivables – credit
impaired
As at March 31, 2021 575.43 - - 249.82 1,375.57 1,617.24 13,943.99 17,762.06
350
WAPCOS ANNUAL REPORT 2021-22
NOTE - 7B
Trade Receivables* - Current
(` in Lakhs)
Consolidated As at Consolidated As at Consolidated As at
Particulars
March 31, 2022 March 31, 2021 April 01, 2020
Trade Receivables
Corporate Overview
Unsecured, considered good** 201,127.98 191,911.81 203,676.88
Credit impaired 29,676.82 25,513.67 20,464.36
230,804.80 217,425.48 224,141.25
Less: Allowance for expected credit loss# (29,676.82) (25,513.67) (20,464.36)
Total 201,127.98 191,911.81 203,676.88
*In the opinion of the Management, the Allowance against Credit impaired Trade Receivables is adequate to meet any loss
on account of irrecoverability of Trade Receivables. Refer Note No. - 54
**Includes Current Retention Money amounting to ` 2612.30 Lakhs (Previous Year amounting to ` 1681.52 Lakhs)
#Includes Allowance for Expected Credit Loss on Current Retention Money amounting to ` 1300.61 Lakhs (Previous Year
amounting to ` 1267.71 Lakhs)
Statutory Reports
Trade Receivables Ageing schedule
(` in Lakhs)
Outstanding for following periods from due date of
payment
Particulars Unbilled Not due Total
Less than 6 months - 1-2 More than
2 - 3 years
6 months 1 year years 3 years
Undisputed 13,676.59 16,613.83 51,519.92 10,309.53 38,076.28 37,704.42 32,478.62 200,379.19
Trade receivables -
considered good
Undisputed Trade - - 1,440.55 274.56 2,277.76 3,311.61 22,077.00 29,381.48
receivables - credit
impaired
351
WAPCOS ANNUAL REPORT 2021-22
(` in Lakhs)
Outstanding for following periods from due date of
payment
Particulars Unbilled Not due Total
Less than 6 months - 1-2 More than
2 - 3 years
6 months 1 year years 3 years
Undisputed Trade - - 1,038.57 167.39 2,152.49 1,318.40 20,836.81 25,513.67
receivables - credit
Corporate Overview
impaired
Disputed Trade - - - - - - - -
Receivables –
considered good
Disputed Trade - - - - - - - -
Receivables – credit
impaired
As at March 31, 6,717.79 20,366.48 63,480.12 9,679.88 55,556.59 21,927.91 39,696.72 217,425.48
2021
impaired
Disputed Trade - - - - - - - -
Receivables –
considered good
Disputed Trade - - - - - - - -
Receivables – credit
impaired
As at March 31, 25,442.02 22,461.63 74,923.85 15,438.93 35,480.09 23,025.71 27,369.03 224,141.25
2020
NOTE - 8
Inventories*
Consolidated Financial Statements
(` in Lakhs)
Consolidated As at Consolidated As at Consolidated As at
Particulars
March 31, 2022 March 31, 2021 April 01, 2020
Stores and Spares (including construction material in 114.07 113.14 113.88
hand, at sites and in transit)
Less: Provision of loss obselences# (107.11) (107.11) (107.11)
Tools in hand 6.96 6.03 6.77
0.15 0.15 0.15
Total 7.11 6.18 6.92
*Inventory of stores & spares and tools has been taken, valued & certified by the Management.
#Refer Note No. 42
352
WAPCOS ANNUAL REPORT 2021-22
NOTE - 9
Cash and Cash Equivalent
(` in Lakhs)
Consolidated As at Consolidated As at Consolidated As at
Particulars
March 31, 2022 March 31, 2021 April 01, 2020
Balance with banks in current accounts (a), (b), (c) & (d) 54,361.70 58,262.79 32,993.92
Corporate Overview
Less: Allowance for Impairment (383.69) (383.69) (383.69)
53,978.01 57,879.10 32,610.23
Bank deposits having original maturity less than 3 1,735.66 2,857.18 3,207.80
months (e), (f) (including interest accrued)
Remittance in Transit - 1,780.00 -
Cheques in Hand - 400.00 76.20
Cash on Hand 10.00 10.00 10.00
Total 55,723.67 62,926.28 35,904.23
(a) The following Bank Balances out of Note 8 are held in seprate bank accounts maintained on behalf of clients/ ministries:
(` in Lakhs)
Consolidated As at Consolidated As at Consolidated As at
Particulars
March 31, 2022 March 31, 2021 April 01, 2020
Balance with Banks in current accounts 11,480.00 13,599.84 5,205.72
Statutory Reports
Total 11,480.00 13,599.84 5,205.72
(b) Includes Balance in foreign currency held in Bank, balance with foreign banks and foreign branches of India Banks.
Further sum of ` 555.88 Lakhs (Previous Year ` 637.70 Lakhs) held in foreign countries with Repatriable restrictions.
(c) Includes sum of ` 0.25 Lakhs (Previous Year ` 90.35 Lakhs) under lien with bank against bank guarantees.
(d) Includes balance of ` 13.13 Lakhs towards Unspent CSR Fund.
(e) The above include bank deposits ` 1276.43 Lakhs and accrued interest of ` 13.91 Lakhs held as margin money/ security
against bank guarantees having maturity of less than 3 months from date of inception. (Previous Year ` 1228.02 Lakhs
and accrued interest ` 68.52 Lakhs)
(f) The above includes EMD in the form of Bank FDR with maturity less than 3 months amounting to ` 12.09 Lakhs
(Previous Year ` 7.88 Lakhs) and Interest Accrued but not due thereon amounting to ` 1.19 Lakhs (Previous Year ` 0.54
NOTE - 10
Other Bank Balances
(` in Lakhs)
Consolidated As at Consolidated As at Consolidated As at
Particulars
March 31, 2022 March 31, 2021 April 01, 2020
Balance with bank in deposit account having maturity 131,710.30 73,069.77 90,986.06
of more than three months but are due for maturity
within twelve months from balance sheet date (a), (b),
(c), (d) ((including interest accrued)
Total 131,710.30 73,069.77 90,986.06
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WAPCOS ANNUAL REPORT 2021-22
(a) The above include bank deposits ` 8804.27 Lakhs and accrued interest of ` 1705.62 Lakhs held as margin money/
security against bank guarantees having maturity of less than 12 months from reporting date. (Previous Year ` 9774.22
Lakhs and accrued interest ` 1000.92 Lakhs)
(b) Includes Employee Fixed deposit, refer Note No. - 66
(c) Includes Fixed Deposit with PNB London amounting to ` 177.73 Crores (and accrued interest amounting to ` 1.18
Crores) as at 31st March, 2022 payable in USD & INR, made from project proceeds of M/s Afghan India Friendship Dam
to be utilized towards discharge of corresponding Vendor Payable related to the said project (Principal O/s amount of `
Corporate Overview
154.37 Crores payable in USD & INR). The company does not for see any interest liability on such principle outstanding.
(d) The above includes EMD In the form of Bank FDR with maturity less than 12 months amounting to ` 1015.45 Lakhs
(Previous Year ` 1064.84 Lakhs) and interest accrued but not due thereon amounting to ` 198.49 Lakhs (Previous Year
` 292.73 Lakhs)
NOTE - 11
Current Tax Assets (Net)
(` in Lakhs)
Consolidated As at Consolidated As at Consolidated As at
Particulars
March 31, 2022 March 31, 2021 April 01, 2020
Advance Income Tax and TDS {net of provision of 16,201.58 10,882.74 9,983.11
taxation amounting ` 3862.02 Lakhs (Previous Year `
4629.33 Lakhs)} (a)
Total 16,201.58 10,882.74 9,983.11
Statutory Reports
(a) Provision for Income tax has been shown net of TDS and Advance tax.
NOTE - 12
354
WAPCOS ANNUAL REPORT 2021-22
(` in Lakhs)
Consolidated As at Consolidated As at Consolidated As at
Particulars
March 31, 2022 March 31, 2021 April 01, 2020
Less: Doubtful Provision for Advance to Supplier (22.16) (16.34) -
Less: Provision for Advance Rent (25.00) - -
Total 32,921.92 35,034.11 27,317.48
Corporate Overview
(a) Secured against Bank Guarantee ` 1,759.25 Lakhs (Previous year ` 1,166.42 Lakhs)
(b) Secured against material procured at site by contractor amounting to ` Nil (Previous Year ` 3,570.82 Lakhs)
NOTE - 13
Share Capital
Equity Share Capital
(` in Lakhs)
As at March 31, 2022 As at March 31, 2021 As at April 01, 2020
Particulars
Number Amount Number Amount Number Amount
Authorised
Equity Shares of ` 10/- each at 200,000,000 20,000.00 200,000,000 20,000.00 10,000,000 10,000.00
par Value (Previous Year March
31, 2021 ` 10/- each and April
Statutory Reports
01, 2020 ` 100/- each)
Reconciliation of shares outstanding as at March 31st, 2022, March 31st, 2021 and April 01, 2020
(` in Lakhs)
Equity Shares of ` 10/- each at par Value (Previous Year March 31, 2021 ` 10 each and April 01, 2020 ` 100 each)
Previous year (FY 2020-21):Pursuant to the approval of shareholders granted in the extra-ordinary general meeting
355
WAPCOS ANNUAL REPORT 2021-22
held on 25 February 2021, the Company issued and allotted fully paid-up “bonus shares” at par in proportion of
three new equity shares of ` 10 each for every ten existing fully paid up equity share of ` 10 each held as on the
record date of 25 February 2021. Pursuant to the approval of shareholders granted in the extra-ordinary general
meeting held on 25 February 2021, the Company undertook a stock split of 10 equity shares of Re. 10 each for
one existing fully paid up equity share of ` 100. As a result of the above transactions, the issued, subscribed and
paid up number of equity shares have been increased by 1200 Lakhs.
Terms/ Rights attached to equity shares
Corporate Overview
The Company has only one class of shares referred to as Equity Shares having a par value of ` 10 each. Each holder
of equity share is entitled to one vote per share.
Aggregate no. of Equity Shares allotted as fully paid up by way of bonus shares in the last five
Statutory Reports
356
WAPCOS ANNUAL REPORT 2021-22
Corporate Overview
% Change during
S. No. Promoter Name No. of Shares % of Total Shares
the year
1. President of India and its nominees 1,00,00,000 100% -
Total 1,00,00,000 100% -
NOTE - 14
Other Equity
Nature and Purposes of Reserves & Surplus
1. General Reserves:
General reserve means the portion of earnings of an enterprise appropriated by the management to meet future
known or unknown obligation instead of distributing the same among shareholders.
Statutory Reports
2. Retained Earnings:
Profits made by the company during the year are transferred to retained earnings from Statement of Profit and
Loss.
3. Other Comprehensive Income:
Other Comprehensive Income represents balance arising on account of Gain/ (Loss) booked on Re-measurement of
Defined Benefit Plans in accordance with Ind AS 19 "Employee Benefits" and Gain/ (Loss) booked from Investment
in unquoted equity instruments designated at fair value through other comprehensive income (FVTOCI) in
accordance with Ind AS 109 "Financial Instruments".
(` in Lakhs)
Particulars As at March 31, 2022 As at March 31, 2021 As at April 01, 2020
357
WAPCOS ANNUAL REPORT 2021-22
NOTE - 15
Trade Payables
A. Trade Payables - Non- Current*
(` in Lakhs)
Consolidated As at Consolidated As at Consolidated As at
Particulars
Corporate Overview
1 year 3 years
Total outstanding dues of - 41.46 - - - - 41.46
Micro & Small Enterprises
Total outstanding dues of 815.99 3,878.43 1,578.97 2,981.99 13,053.85 22,309.23
creditors other than Micro &
Small Enterprises
Total outstanding dues of - -
Micro & Small Enterprises-
Disputed
Total outstanding dues of 7.45 7.45
creditors other than Micro &
Small Enterprises- Disputed
Consolidated Financial Statements
358
WAPCOS ANNUAL REPORT 2021-22
(` in Lakhs)
Outstanding for following periods from due
date of payment
Particulars Unbilled Not due Total
Less than More than
1-2 years 2-3 years
1 year 3 years
As at March 31, 2021 1,819.42 2,213.35 1,459.90 2,074.62 7,554.67 15,121.97
Corporate Overview
Total outstanding dues of - 960.24 - - - 960.24
Micro & Small Enterprises
Total outstanding dues of 1,850.29 1,779.28 632.72 1,443.27 6,901.40 12,606.97
creditors other than Micro &
Small Enterprises
Total outstanding dues of -
Micro & Small Enterprises-
Disputed
Total outstanding dues of -
creditors other than Micro &
Small Enterprises- Disputed
As at March 31, 2022 2,810.52 1,779.28 632.72 1,443.27 6,901.40 13,567.21
Statutory Reports
(` in Lakhs)
Consolidated As at Consolidated As at Consolidated As at
Particulars
March 31, 2022 March 31, 2021 April 01, 2020
Total outstanding dues of Micro & Small 36,560.18 38,883.74 27,795.53
Enterprises*
Total outstanding dues of creditors other than 121,826.65 129,725.49 132,016.71
Micro & Small Enterprises
Total 158,386.83 168,609.23 159,812.24
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WAPCOS ANNUAL REPORT 2021-22
(` in Lakhs)
Outstanding for following periods from due
Not date of payment
Particulars Unbilled Total
due Less than More than
1-2 years 2-3 years
1 year 3 years
Total outstanding dues of 8,399.31 60,631.95 16,324.96 12,543.50 23,926.93 121,826.65
creditors other than Micro &
Corporate Overview
Small Enterprises
Total outstanding dues of - - - - -
Micro & Small Enterprises-
Disputed
Total outstanding dues of - - - - -
creditors other than Micro &
Small Enterprises- Disputed
As at March 31, 2022 8,709.71 - 74,105.59 23,187.73 19,613.11 32,770.68 158,386.83
360
WAPCOS ANNUAL REPORT 2021-22
NOTE - 16
Provisions
A. Provisions - Non-Current
(` in Lakhs)
Consolidated As at Consolidated As at Consolidated As at
Particulars
Corporate Overview
March 31, 2022 March 31, 2021 April 01, 2020
Provision for Employees Benefits
Leave Encashment - Non-funded (Refer Note 4,338.67 4,189.96 4,236.82
No. - 34)
Post Retirement Medical Scheme - Non-funded 2,561.06 2,463.28 2,147.81
(Refer Note No. - 34)
Gratuity - Funded (Refer Note No. - 34) 1,110.33 946.73 600.28
Gratuity-Workmen-Non Funded (Refer Note 226.41 428.23 804.66
No. - 34)
Total 8,236.45 8,028.20 7,789.57
For movements in each class of provisions during Financial Year (Refer Note No. - 35)
B. Provisions - Current
(` in Lakhs)
Statutory Reports
Consolidated As at Consolidated As at Consolidated As at
Particulars
March 31, 2022 March 31, 2021 April 01, 2020
Provision for Employee Benefits
Post Retirement Medical Scheme - Non-funded 64.89 61.97 49.18
(Refer Note No. - 34)
Pension 1,603.02 1,507.73 833.41
Leave Travel concession 54.71 54.71 54.71
Leave Encashment - Non-funded (Refer Note 726.14 737.86 797.79
No. - 34)
Gratuity-Funded (Refer Note No. - 34) 985.70 947.92 953.78
Gratuity-Workmen-Non Funded (Refer Note 290.69 486.61 523.21
For movements in each class of provisions during Financial Year (Refer Note No. - 35)
361
WAPCOS ANNUAL REPORT 2021-22
NOTE - 17
Other Liabilities
A. Other Non-Current Liabilities
(` in Lakhs)
Consolidated As at Consolidated As at Consolidated As at
Particulars
Corporate Overview
NOTE - 18
Borrowings
A. Long term Borrowings
(` in Lakhs)
Consolidated As at Consolidated As at Consolidated As at
Particulars
March 31, 2022 March 31, 2021 April 01, 2020
Loans from Bank (Secured)
Indian rupees loan from Bank (a) 3,785.37 - -
Consolidated Financial Statements
Total 3,785.37 - -
362
WAPCOS ANNUAL REPORT 2021-22
Corporate Overview
B. Short term Borrowings
(` in Lakhs)
Consolidated As at Consolidated As at Consolidated As at
Particulars
March 31, 2022 March 31, 2021 April 01, 2020
Loans from Bank (Secured)
Cash Credit Facility (a) 4,102.38 4,820.03 405.18
- - -
Loans from Bank (Secured) - - -
Short term maturity of long term borrowing 197.49 - -
(Refer Note No. 18A)
Total 4,299.87 4,820.03 405.18
Statutory Reports
I) HDFC Bank of ` 5,000 lacs at MCLR payable monthly and secured by way of:
(i) First Pari Passu charge over entire current assets of the Company both present and future.
363
WAPCOS ANNUAL REPORT 2021-22
(B)
Jun-21 Book debts upto 180 days 68,140.00 73,417.00 (5,277.00) There have been some variations
Creditors 59,448.00 59,040.00 408.00 in stock statement figures
submitted originally to the bank
Sep-21 Book debts upto 180 days 14,943.00 60,783.00 (45,840.00) (Column A) as compared to the
Creditors 64,045.00 54,426.00 9,619.00 current corresponding figures
as per books of accounts. The
Dec-21 Book debts upto 180 days 28,059.00 77,262.00 (49,203.00)
variations identified owe to
Creditors 69,582.00 70,129.00 (547.00) technical issues in the report
Mar-22 Book debts upto 180 days 39,036.35 56,000.00 (16,963.65) drawn from the programme.
The programming errors has
Creditors 43,859.99 47,500.00 (3,640.01)
now been rectified & revised
stock statement for June 2021,
September 2021, December
2021 & March 2022 have been
furnished to the bank. Dues
measures shall be taken to
Statutory Reports
(b) Company has availed Non funded Facility from Punjab National Bank, Indian Overseas Bank, State Bank of India and
IDFC amounting to ` 1,11,500.00 Lakhs (Previous Year ` 81,500.00 Lakhs) out of which ` 60,988.10 Lakhs (Previous
year ` 61,367.16 Lakhs) have been utilised upto March 31st 2022 against bank deposits of ` 7,289.76 Lakhs (Previous
Year ` 5,706.29 Lakhs) held as security. (Refer Note No. - 4, 9 & 10)
NOTE - 19
Lease Liability
Consolidated Financial Statements
364
WAPCOS ANNUAL REPORT 2021-22
Corporate Overview
NOTE - 20
Other Financial Liabilities
A. Other Non-Current Financial Liabilities
(` in Lakhs)
Consolidated As at Consolidated As at Consolidated As at
Particulars
March 31, 2022 March 31, 2021 April 01, 2020
Interest Payable on Customer deposit Work (a) 5,730.74 4,894.76 3,593.48
Interest Payable on Advances from Clients 341.18 341.18 341.18
Other Liabilities 4,552.10 6,679.19 5,513.33
Earnest Money and Security Deposits 30,960.84 28,637.18 12,831.18
Total 41,584.86 40,552.31 22,279.17
Statutory Reports
(a) Refer Note No. - 64
365
WAPCOS ANNUAL REPORT 2021-22
NOTE - 21
Revenue from Operations
(` in Lakhs)
Consolidated Consolidated
Particulars For the year ended For the year ended
31st March, 2022 31st March, 2021
Corporate Overview
NOTE - 22
Other Income
(` in Lakhs)
Consolidated Consolidated
Particulars For the year ended For the year ended
31st March, 2022 31st March, 2021
Interest Income 749.82 1,295.39
a. Bank Deposits 3,244.04 2,790.79
b. Interest on refund of Income Tax 4.99 146.31
Statutory Reports
NOTE - 23
Other Income
(` in Lakhs)
Consolidated Financial Statements
Consolidated Consolidated
Particulars For the year ended For the year ended
31st March, 2022 31st March, 2021
For Construction Projects 199,862.80 172,595.34
Total 199,862.80 172,595.34
366
WAPCOS ANNUAL REPORT 2021-22
NOTE - 24
Employee Benefit Expenses
(` in Lakhs)
Consolidated Consolidated
Particulars For the year ended For the year ended
31st March, 2022 31st March, 2021
Corporate Overview
Salaries, Remuneration and Incentives 33,109.72 29,963.58
Contributions to Provident & Other Funds 3,072.98 2,912.38
Staff Welfare Expenses 391.53 347.55
Total 36,574.23 33,223.51
NOTE - 25
Finance Cost
(` in Lakhs)
Consolidated Consolidated
Particulars For the year ended For the year ended
31st March, 2022 31st March, 2021
Interest Paid on
Cash Credit facility 343.35 280.60
Statutory Reports
Term Loan 63.61 -
Customer Deposit fund (a) 1,385.29 1,397.96
Lease Liabilities 162.57 220.91
Total 1,954.82 1,899.47
NOTE - 26
Services Obtained
(` in Lakhs)
367
WAPCOS ANNUAL REPORT 2021-22
NOTE - 27
Depreciation and Amortization Expenses
(` in Lakhs)
Consolidated Consolidated
Particulars For the year ended For the year ended
31st March, 2022 31st March, 2021
Corporate Overview
NOTE - 28
Corporate Social Responsibility
(` in Lakhs)
Consolidated Consolidated
Particulars For the year ended For the year ended
31st March, 2022 31st March, 2021
Statutory Reports
NOTE - 29
Other Expenses
(` in Lakhs)
Consolidated Consolidated
Particulars For the year ended For the year ended
31st March, 2022 31st March, 2021
Consolidated Financial Statements
368
WAPCOS ANNUAL REPORT 2021-22
(` in Lakhs)
Consolidated Consolidated
Particulars For the year ended For the year ended
31st March, 2022 31st March, 2021
Hiring of Vehicle 1,064.70 842.88
Directors' Sitting Fees 4.65 3.45
Postage Telephone & Telegram 270.55 265.95
Corporate Overview
Advertisement & Publicity 121.29 96.67
Exchange Variation 798.86 1,402.63
Payment to Auditors - - -
(a) Statutory Audit Fees 24.10 23.70
(b) Tax Audit Fee 8.80 8.65
(c) For Other Services (b) 5.10 32.30
(d) Travelling Expenses 7.10 4.20
Provision for Trade Receivables and Retention Money and Others 5,059.64 7,756.16
Provision for Advance Rent 25.00 -
Provision for Legal Claims 212.93 73.79
Bank Charges and Guarantee Commission 867.90 1,289.47
Miscellaneous expenses 1,821.21 1,705.89
Statutory Reports
Less: Expenditure Reimbursable (b) (108.12) (102.46)
Total 18,881.44 20,644.95
NOTE - 30
Exceptional Items
(` in Lakhs)
Consolidated Consolidated
Particulars For the year ended For the year ended
369
WAPCOS ANNUAL REPORT 2021-22
(` in Lakhs)
Consolidated Consolidated
Particulars For the year ended For the year ended
31st March, 2022 31st March, 2021
Profit on sale of Property, Plant and Equipment 0.00 0.55
Reduction in Revenue (0.08) -
(B) 144.03 154.80
Corporate Overview
NOTE - 31
Income Tax Expense
(` in Lakhs)
Consolidated Consolidated
Particulars For the year ended For the year ended
31st March, 2022 31st March, 2021
Current Year Tax
Current Year Tax charge 3,861.91 4,629.33
Previous year Tax charge 309.46 (67.81)
Statutory Reports
- -
Deferred Tax - -
In Respect of current year (592.24) (1,484.55)
Total 3,579.14 3,076.96
370
WAPCOS ANNUAL REPORT 2021-22
(` in Lakhs)
Consolidated Consolidated
Particulars For the year ended For the year ended
31st March, 2022 31st March, 2021
- -
Tax effect of amounts which are not deductible (taxable) in - -
calculating Taxable income
Corporate Overview
Expenditure not allowed in Income Tax (Net) 357.92 314.26
Impact of Tax in OCI 88.26 (44.48)
Prior period adjustments not allowed in Income Tax 11.12 -
Impact of Change in Rate of Income Tax - -
Impact of Previous year Tax expense & Other Impacts 27.13 2.78
Impact of prior period adjustments - 556.16
Others 248.87 -
- -
733.31 828.71
- -
At Effective Tax Rate 3,296.81 3,147.55
- -
Statutory Reports
Income Tax Expense (Current Year) reported in statement of 3,296.81 3,147.55
Profit and loss accounts
Effective Tax Rate 32.37% 34.16%
371
Consolidated Financial Statements Statutory Reports Corporate Overview
Ratio Analysis
372
S. No. Name of Ratios Numerator / Denominator FY 2021-22 FY 2020-21 Variation Reasons for
Variation > 25%
1 Current Ratio Current Assets / Current Liabilities = 1.315 1.177 11.67% -
2 Debt Equity Ratio Long term Borrowings + Short term = 0.104 0.065 58.59% Due to increase
Borrowings / Total Shareholders' Equity in long term debt
3 Debt Service EBIDTA / Debt Repayment Obligations = 1.575 2.474 -36.31% Due to increase
Coverage Ratio (Interest After Tax+Principal) in debt and
finance cost and
decrease in Profit
before Tax owing
WAPCOS ANNUAL REPORT 2021-22
to Covid-19
4 Return on Equity Net Profit After Tax After Dividend / Average = 0.053 0.049 6.76%
Ratio Shareholder's Funds
5 Trade Receivables Net Credit Sales / Average Trade Receivables = 275.113 307.056 -10.40% -
Turnover Ratio (in
days)
6 Trade Payable Net Credit Purchases / Average Trade = 305.719 340.817 -10.30% -
Turnover Ratio (in Payable
days)
7 Net Capital Net Annual Sales / Working Capital = 2.649 4.426 -40.15% Due to increase
Turnover Ratio in Current Assets
8 Net Profit Ratio Net Profit after Tax / Total Turnover = 0.024 0.024 -3.31% -
9 Return on Capital EBIT (Operating) / Capital Employed = 0.165 0.166 -0.80% -
Employed
10 Return on EBIT (Operating) / Total Investment = 2.11 1.94 8.58% -
Investments
WAPCOS ANNUAL REPORT 2021-22
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31ST MARCH
2022
Corporate Overview
No. Incorporation when subsidiary Ownership (%) Ownership (%)
was acquired as on 31st March as on 31st March
2022 2021
1 National Projects India 26 April 2019
th
98.89% 98.89%
Construction Corporation
Limited
Statutory Reports
NCI’s profit share (%) 1.11% 1.11%
Accumulated Profit and Loss of non-controlling interest 38.97 27.08
Accumulated Other Comprehensive Income of non-controlling interest (0.54) 1.20
Accumulated Total Comprehensive Income of non-controlling interest 38.43 28.28
The summarized financial information of Subsidiary Company, before intragroup eliminations are set out below:
(` in Lakhs)
31st March 2022 31st March 2021
Name of the Subsidiary National Projects Construction National Projects Construction
Corporation Limited Corporation Limited
373
Consolidated Financial Statements Statutory Reports Corporate Overview
374
(` in Lakhs)
Name of Ownership Net Assets, i.e., Share in Profit Share in other Share in total
the Entity Interest Total assets and loss comprehensive comprehensive
minus total Income Income
liabilities
Corporate Overview
Since there are inherent uncertainties arising out of the rapidly changing environment caused by the pandemic,
the situation as predicted from the estimations and assumptions undertaken in the preparation of the financial
statements may vary with the actual outcome in the future. The Management continues to monitor any material
changes arising due to future economic conditions and making any significant impact on the financials of the
Company. The management does not see any risk in the ability of the Company to continue as a going concern
and meeting its liabilities as and when due.
Statutory Reports
All eligible employees of the Group are entitled to receive benefits under the Provident Fund, a defined contributory
plan, set up through a Trust named as “WAPCOS Employees Contributory Provident Fund Trust” in Holding
Company and “NPCC LTD. Employees Contributory Provident Fund Trust” in Subsidiary Company. Both employee
and employer contribute monthly at a determined rate as specified under the law to the Trust. The obligation
of the Group is limited to such contribution and to make good the shortfall, if any, between the returns from
the investments of the trust and the notified interest rate. Short fall, if any, is recognized as an expense during
the year. As per actuarial valuation, present value of the expected future earnings on the fund is higher than the
expected amount to be contributed to the individual members based on the expected guaranteed rate of interest,
resulting in no liability on the Group. In terms of said valuation the Group has no liability towards interest rate
guarantee as on 31st March 2022 and 31st March 2021.
Defined Benefit Plans
Group is having the following Defined Benefit Plans:
375
WAPCOS ANNUAL REPORT 2021-22
Investment Risk The present value of the defined benefit plan liability is calculated using a discount rate
determined by reference to Government Bonds Yield. If plan liability is funded and return
on plan assets is below this rate, it will create a plan deficit.
Interest Risk A decrease in the bond interest rate (discount rate) will increase the plan liability.
(Discount Rate Risk)
Mortality Risk The present value of the defined benefit plan liability is calculated by reference to the
Corporate Overview
best estimate of the mortality of plan participants. For this report we have used Indian
Assured Lives Mortality (2006-08) ultimate table A change in mortality rate will have a
bearing on the plan’s liability.
Salary Risk The present value of the defined benefit plan liability is calculated with the assumption
of salary increase rate of plan participants in future. Deviation in the rate of increase of
salary in future for plan participants from the rate of increase in salary used to determine
the present value of obligation will have a bearing on the plan’s liability.
Medical Expense The present value of the defined benefit plan liability is calculated with the assumption
Inflation Risk of medical expense inflation increase rate of plan participants in future. Deviation in the
rate of increase of medical expense inflation in future for plan participants from the rate
of increase in medical expense used to determine the present value of obligation will
have a bearing on the plan’s liability.
Cash Allowance The present value of the defined benefit plan liability is calculated with the assumption of
Inflation Risk cash allowance inflation increase rate of plan participants in future. Deviation in the rate
of increase of cash allowance in future for plan participants from the rate of increase in
Statutory Reports
cash allowance used to determine the present value of obligation will have a bearing on
the plan’s liability.
2022 2021 2022 2021 2022 2021 2022 2021 2022 2021
Present value of obligations as 5378.28 5176.12 1353.22 1453.26 517.11 914.83 2625.94 2525.25 5064.78 4927.82
at the end of year
Fair value of plan assets as at 3282.25 3281.47 228.03 205.91 - - - - - -
the end of the year
Funded / Unfunded status 2096.03 1894.65 1125.19 1247.34 517.11 914.83 2625.94 2525.25 5064.78 4927.82
Net (asset) / liability 2096.03 1894.65 1125.19 1247.34 517.11 914.83 2625.94 2525.25 5064.78 4927.82
recognized in Balance Sheet
376
WAPCOS ANNUAL REPORT 2021-22
Corporate Overview
March March March March March March March March March March
2022 2021 2022 2021 2022 2021 2022 2021 2022 2021
Current Service Cost 375.93 388.17 86.86 88.51 13.91 25.06 121.89 117.77 234.55 236.17
Past Service Cost - - - - - -
Interest cost on defined benefit 357.15 337.87 106.52 121.79 67.06 91.62 174.50 149.61 345.6 346.01
obligation
Interest income on plan assets 226.42 231.26 15.09 15.62 - - -
Re-measurements - - - - -
Actuarial (Gains/ Losses) - - - - 203.89 77.42
Expenses recognized in the 506.66 494.78 178.30 194.68 80.97 116.68 296.39 267.38 784.04 659.6
Statement of Profit & Loss
Statutory Reports
(Holding Company) (Funded) (Unfunded) (Holding Company) (Unfunded) for
(Subsidiary (Subsidiary Group
Company) Company)
31st 31st 31st 31st 31st 31st 31st 31st 31st 31st
March March March March March March March March March March
2022 2021 2022 2021 2022 2021 2022 2021 2022 2021
Return on Plan Assets 14.99 10.60 7.56 (1.48) - - - - - -
Actuarial (gains)/ loss (180.53) (154.78) 7.56 (1.48) 27.32 (15.93) (117.86) 114.30 37.68 (128.68)
Expenses recognized in Other (165.54) (144.18) - - 27.32 (15.93) (117.86) 114.30 37.68 (128.68)
Comprehensive Income
377
WAPCOS ANNUAL REPORT 2021-22
March March March March March March March March March March
2022 2021 2022 2021 2022 2021 2022 2021 2022 2021
Present value of obligations 5176.12 4925.20 1453.26 1765.14 914.84 1327.88 2525.25 2196.99 4927.81 5034.6
as at beginning of year
Interest cost 357.15 337.87 106.52 121.79 67.06 91.62 174.50 149.61 345.6 346.01
Current service cost 375.93 388.17 86.86 88.51 13.91 25.06 121.89 117.77 234.55 236.17
Actuarial (gains)/ losses - - - - - - -
arising from
Changes in demographic (5.14) - - - - (5.72) 143.82 (1.33) -
assumptions
Changes in financial (19.85) (34.70) (2.91) (7.25) (1.11) (226.71) (41.38) (16.90)
assumptions (219.15) (199.81)
Experience adjustments 43.75 (134.93) 215.66 (1.79) 34.57 (14.82) 114.57 11.86 442.71 (34.36)
Past service cost - - - - - - - -
Benefits paid (320.34) (474.39) (517.48) (513.79) (77.84) (53.42) (637.71)
Statutory Reports
2022 2021 2022 2021 2022 2021 2022 2021 2022 2021
Fair value of plan assets on 3281.47 3371.15 205.91 226.42 - - - - - -
beginning of year
Interest Income 226.42 231.26 15.09 15.62 - - - - - -
Re-measurement gain/(loss)- (14.98) (10.60) 7.56 (1.48) - - - - - -
Return on Plan Assets excluding
amounts included in net interest
expense
Contribution from the employer 139.74 10.00 473.85 482.83 - - - - - -
Benefits Paid (350.40) (320.34) (474.39) (517.48) - - - - - -
Fair value of plan assets at 3282.25 3281.47 228.03 205.91 - - - - - -
end of year
378
WAPCOS ANNUAL REPORT 2021-22
v. Actuarial Assumptions
(` in Lakhs)
Particulars Gratuity (Funded) Gratuity Regular Gratuity Workmen PRMS (Unfunded) Leave Encashment
(Holding Company) (Funded) (Unfunded) (Holding Company) (Unfunded) for
(Subsidiary (Subsidiary Group
Company) Company)
31st 31st 31st 31st 31st 31st 31st 31st 31st 31st
Corporate Overview
March March March March March March March March March March
2022 2021 2022 2021 2022 2021 2022 2021 2022 2021
Discount rate 7.33% 6.90% 7.33% 6.90% 7.33% 6.90% 7.40% 6.91% 7.33% 6.90%
Expected rate of future salary 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00%
increase
Increase in Compensation levels - - - - - - - - - -
Retirement age - - 58 60/58 58 58 - - 58 60/58
Statutory Reports
March March March March March March March March March March
2022 2021 2022 2021 2022 2021 2022 2021 2022 2021
Weighted average of the - - - - - 18 18 - -
defined benefit obligation
Duration of defined benefit - - 7 6 1 1 - - - -
obligation- from the fund
Duration (years)
1 567.9 435.46 412.71 413.43 290.69 486.60 - - - -
2 269.42 231.01 177.57 292.43 158.98 237.24 - - - -
3 483.81 499.13 184.95 124.52 46.68 129.81 - - - -
4 421.12 447.39 94.49 154.94 11.84 38.16 - - - -
5 515.88 388.35 49.88 70.87 4.82 9.70 - - - -
379
WAPCOS ANNUAL REPORT 2021-22
vii. Major categories of plan assets (as percentage of total plan assets)
(` in Lakhs)
Particulars Gratuity (Funded) PRMS (Unfunded) Leave Encashment
(Unfunded)
31st March 31st March 31st March 31st March 31st March 31st March
2022 2021 2022 2021 2022 2021
Insurance fund 100% 100% - - - -
Corporate Overview
viii.
Sensitivity Analysis
Sensitivity analysis in respect of Gratuity (Funded) (Holding Company)
(` in Lakhs)
Particulars Change in assumption Increase in defined benefit Decrease in defined benefit
obligation obligation
31st March 31st March 31st March 31st March 31st March 31st March
2022 2021 2022 2021 2022 2021
Increase/ +/- 1% +/- 1% 537.08 542.48 450.36 453.10
(Decrease) in
discount rate
Expected rate +/- 1% +/- 1% 355.08 389.99 341.61 369.40
of future salary
increase
Statutory Reports
(` in Lakhs)
Particulars Change in assumption Increase in defined benefit Decrease in defined benefit
obligation obligation
31st March 31st March 31st March 31st March 31st March 31st March
Consolidated Financial Statements
380
WAPCOS ANNUAL REPORT 2021-22
(` in Lakhs)
Particulars Change in assumption Increase in defined benefit Decrease in defined benefit
obligation obligation
31st March 31st March 31st March 31st March 31st March 31st March
2022 2021 2022 2021 2022 2021
Corporate Overview
Increase/ +/- 1% +/- 1% 7.91 15.20 (7.68) (14.78)
(Decrease) in
discount rate
Expected rate +/- 1% +/- 1% 7.91 15.18 (7.85) (15.05)
of future salary
Increase/
(Decrease)
Expected +/- 1% +/- 1% 0.05 0.08 (0.07) (0.10)
change in rate
of employee
turnover
Statutory Reports
(` in Lakhs)
Particulars Change in assumption Increase in defined benefit Decrease in defined benefit
obligation obligation
31st March 31st March 31st March 31st March 31st March 31st March
2022 2021 2022 2021 2022 2021
Increase/ +/- 1% +/- 1% 496.41 467.10 383.12 362.98
(Decrease) in
discount rate
Expected rate +/- 1% +/- 1% - 163.46 - 138.79
of future salary
increase
Expected +/- 1% +/- 1% - 455.07 - 455.27
Consolidated Financial Statements
change in rate
of employee
turnover
Expected change +/- 1% +/- 1% - - - -
in medical cost
inflation
381
WAPCOS ANNUAL REPORT 2021-22
*Changes in Defined benefit obligation due to 1% Increase / Decrease in Mortality Rate if all other assumptions
remain constant is negligible.
The sensitivity analysis presented above may not be representative of the actual change in the defined benefit
obligation as it is unlikely that the change in assumptions would occur in isolation of one another as some of the
assumptions may be correlated.
Furthermore, in presenting the above sensitivity analysis, the present value of the defined obligation has been
calculated using the projected unit credit method at the end of the report period, which is the same as that
Statutory Reports
applied in calculating the defined benefit obligation liability recognized in the statement of financial position.
There is no change in the method of the valuation for the prior period. For change in assumption please refer to
table (v) above, where assumptions for prior period are given.
31st March 31st March 31st March 31st March 31st March 31st March
2022 2021 2022 2021 2022 2021
Opening Balance 1894.65 1554.05 914.83 1,327.88 2525.25 2196.99
Additional 341.12 350.60 108.29 100.75 178.53 381.68
Provisions during
the Year
Provision used (139.74) (10.00) (506.01) (513.79) (77.84) (53.42)
during the Year
Provision reversed - - -- -
during the Year
Closing Balance 2096.03 1894.65 517.11 914.83 2625.94 2525.25
382
WAPCOS ANNUAL REPORT 2021-22
(` in Lakhs)
Particulars Leave Encashment Leave Travel Concession Pension* (Holding
(Unfunded) for Group (Holding Company) Company)
31st March 31st March 31st March 31st March 31st March 31st March
2022 2021 2022 2021 2022 2021
Opening Balance 4927.82 5034.61 54.71 54.71 1507.72 833.41
Corporate Overview
Additional 821.73 530.92 - - 783.55 674.31
Provisions during
the Year
Provision used (684.76) (637.71) - - (688.25) -
during the Year
Provision reversed - - - - -
during the Year
Closing Balance 5064.79 4927.82 54.71 54.71 1603.02 1507.72
*The Holding Company has pension plan in place for its employees in accordance with D.P.E Guidelines. The
pension plan has been taken from LIC of India for this purpose.
Statutory Reports
Earnings per Equity Shares 31st March 2022 31st March 2021
Profit attributable to Equity Holders 6606.44 6136.47
Continuing Operations 6606.44 6136.47
Discontinued Operations - -
Profit attributable to Equity Holders for basic Earnings 6606.44 6136.47
Profit attributable to Equity Holders adjusted for the effect 6606.44 6136.47
of dilution
Weighted average number of Equity shares for basic EPS 130000000 130000000
Face value Per Equity Share 10 10
Earnings Per Equity Share (for continuing operation)
Basic (in `) 5.08 4.72 Consolidated Financial Statements
Dilutive (in `) 5.08 4.72
383
WAPCOS ANNUAL REPORT 2021-22
*The Earning per share for F.Y 2021-22 had been calculated on outstanding numbers of equity shares treating
if the share split and bonus issue had occurred before the beginning of 2019 i.e. the earliest period presented in
current year financial statements.
Act. The Group has asked the vendors the status of MSME registration. Details of dues to micro & small enterprises
are given on the basis of information available with the management:
(` in Lakhs)
S. Particulars 31st 31st
No. March March
2022 2021
1 (a) The Principal amount due thereon remaining unpaid to any supplier as at the 36601.64 39146.13
end of each accounting year
1 (b) The interest due thereon remaining unpaid to any supplier as at the end of - -
each accounting year on the above amount
2 The amount of interest paid by the buyer in terms of Section 16 of the Micro - -
and Small Enterprise Development Act 2006, along with the amounts of
Consolidated Financial Statements
the payment made to the supplier beyond the appointed day during each
accounting year.
3 The amount of interest due and payable for the period of delay in making - -
payment (which have been paid but beyond the appointed day during the year)
but without adding the interest specified under Micro and Small Enterprises
Development Act, 2006
4 The amount of interest due and remaining unpaid at the end of each accounting - -
year.
5 The amount of further interest remaining due and payable even in the - -
succeeding years, until such date when the interest dues as above are actually
paid to the small enterprise for the purpose of disallowance as a deductible
expenditure under section 23 of Micro and Small Enterprise Development Act,
2006
384
WAPCOS ANNUAL REPORT 2021-22
*The Group has initiated the process of identification of suppliers registered under Micro and Small Enterprise
Development Act, 2006, by obtaining confirmation from all supplies. Above Information has been collated only to
the extent of information received and available on records.
39. Balances shown under Claims recoverable, Trade Receivables, Advances to contractors, Trade Payables and
Security deposits/ Retention money from contractors are subject to confirmation and respective consequential
adjustments. The status of Balance Confirmations received is as follows:
Corporate Overview
AS AT 31ST MARCH 2022
(` in Lakhs)
Particulars Central / State Government Foreign Governments Others
Departments
Dues Confirmation Dues Confirmation Dues Confirmation
received received received
Trade 203428.04 998.29 25504.76 46.82 6208.20 8.76
Receivables
Retention 10310.18 16.56 575.12 - 2.95 -
Money
Trade Payables 4856.54 190.24 - - 175888.43 16320.45
Advance to 1931.20 - - - 7143.33 -
Contractors
Statutory Reports
AS AT 31ST MARCH 2021
(` in Lakhs)
385
WAPCOS ANNUAL REPORT 2021-22
40. During the year, the Group has acquired fixed assets / loose tools (not forming part of the company’s assets
i.e., PPE) on behalf of clients amounting to ` 151.83 Lakhs (Previous Year ` 116.98 Lakhs). Further ` 108.12 Lakhs
(Previous Year ` 102.45 Lakhs) has been Set-off against Reimbursement received from client.
41. The Subsidiary company is generally executing contracts by engaging sub-contractors. The company,
therefore, does not procure materials directly and therefore, primarily, information in respect of para
5(viii)(c) of general instructions for preparation of the Statement of Profit & Loss as per Schedule III to the
Companies Act, 2013 is NIL. However, stores and spares consumed on departmental works is as under:
Corporate Overview
Indigenous Stores & Spares – ` 0.42 Lakhs (Previous Year ` 1.92 Lakhs)"
42. Inventories include ` 107.11 Lakhs (Previous Year ` 107.11 Lakhs) confiscated by Project Authorities which
are unadjusted pending settlement of account. However, there exist unadjusted liabilities in excess of the value of
assets confiscated.
43. In case of Parent company, Liability in respect of “Performance Related Pay”, amounting to ` 223.24 Lakhs
(Previous Year ` 139.26 Lakhs) for the employees for the year ended on 31st March 2022 has been estimated
and provided based on scheme formulated in accordance with D.P.E guidelines, based upon certain ranking
parameter. Movement chart is as under:
(` in Lakhs)
S. No. Period 31st March 2022 31st March 2021
1 Opening Balance 2199.05 2059.79
2 Add: Additions during the year 223.24 139.26
3 Less: Paid during the year (799.51) -
Statutory Reports
(` in Lakhs)
Amount Unspent
Total Amount transferred to Amount transferred to any fund specified under
Total Amount Spent Unspent CSR Account as per Schedule VII as per second proviso to section
for the Financial Year section 135 (6) 135(5)
Amount Date of Transfer Name of the Fund Amount Date of Transfer
269.79 39.30 30.04.2022 -
386
(b) Details of CSR amount spent against ongoing projects for the financial year:
(` in Lakhs)
S. No. Name of the Item from the Local Location of the Project Project Amount Amount Amount Mode of Mode of
Project list of activities in Area Duration allocated spent in transferred to implementation - implementation -
Schedule 7 of (Yes/ for the the current Unspent CSR Direct (Yes/No) Through
the Act No) Project Financial Year Account for the Implementing
Project as per Agency
Section 135(6)
State District
1 Construction Item No 4 Yes New Delhi Nizamuddin 03.08.2021- 24.19 21.05 - No Aga Khan Foundation,
of Rainwater Environmental 02.11.2021 6 Bhagwan Dass Road,
Harvesting at Sustainability New Delhi, 110001 -
Humayun’s Tomb CSR00008713
Site Museum
under CSR activity
of WAPCOS during
2021-22.
2 Installation of Roof Item No 4 No Haryana Bhiwani, 01.10.2021- 17.80 17.10 0.90 No Empathetic Humane
Top Rainwater Environmental Faridabad, 30.11.2021 Socially Awakened Samaj
Harvesting Sustainability Gurugram, (EHSAS), Mahendru
Structure in Jhajjar, Palwal, Enclave, New Delhi -
Government Panipat, Rewari, CSR00012973
Schools of Haryana Rohtak and
-under CSR activity Sonipat
of WAPCOS during
2021-22
3 School Education Item No 2 School NO Uttrakhand UdhamSingh 23.03.2022- 9.28 2.32 6.96 No Devwani Propkar
through providing Education Nagar 22.06.2022 Mission, Bhupatwala,
set of Table and Haridwar, Uttralhand -
Chair in 3 Schools CSR00013924
of Khatima
WAPCOS ANNUAL REPORT 2021-22
Block, Udham
Singh Nagar,
Uttrakhand.
387
Consolidated Financial Statements Statutory Reports Corporate Overview
Consolidated Financial Statements Statutory Reports Corporate Overview
(` in Lakhs)
388
S. No. Name of the Item from the Local Location of the Project Project Amount Amount Amount Mode of Mode of
Project list of activities in Area Duration allocated spent in transferred to implementation - implementation -
Schedule 7 of (Yes/ for the the current Unspent CSR Direct (Yes/No) Through
the Act No) Project Financial Year Account for the Implementing
Project as per Agency
Section 135(6)
State District
4 School Education Item No 2 School No Uttar Pradesh Shahjahanpur 29.03.2022- 24.91 4.98 18.45 No Gurgia Charities,
through Education 28.12.2022 Khanpur, New Delhi
construction of -CSR00010365
3 class rooms
including electric
WAPCOS ANNUAL REPORT 2021-22
5 Arogya Project- Item No-1 Health No Uttar Pradesh Shravasti 01.01.2020- 2.17 2.17 - No Sustainable Action
Providing Care 31.12.2021 Towards Human
Healthcare Services Empowerment,Sector-5,
to Schools children Ghaziabad -CSR00005293
in 45 Government
Schools by
Organising Health
Check up cum
awareness camps
on Nutrition
& Hygiene
in Shravasti
district,Uttar
Pradesh
(` in Lakhs)
S. No. Name of the Item from the Local Location of the Project Project Amount Amount Amount Mode of Mode of
Project list of activities in Area Duration allocated spent in transferred to implementation - implementation -
Schedule 7 of (Yes/ for the the current Unspent CSR Direct (Yes/No) Through
the Act No) Project Financial Year Account for the Implementing
Project as per Agency
Section 135(6)
State District
6 Swastha Bharat Item No-1 Health No Uttar Pradesh Bahraich 26.09.2019- 4.19 4.19 - No Aroh Foundation,
project- Providing Care 31.12.2021 Sector-8, Noida -
Healthcare Services CSR00000044
to Schools children
by Organising
General Health
Check up
Camps,Adolescent
Workshop,
Swachhta
Rally and Tree
Plantation in
Kaiserganj Block,
Bahraich district,
Uttar Pradesh.
7 School Education Item No 2 School No Uttar Pradesh Shahjahanpur 04.03.2020- 5.13 5.13 - No Gurgia Charities,
through Education 16.08.2021 Khanpur, New Delhi -
reconstruction CSR00010365
of four class
rooms including
electric fitting and
furniture & fixture
for students of
Lala Baijnath Janki
WAPCOS ANNUAL REPORT 2021-22
Pathshala (LBJP)
Inter-College,
Tilhar, Distt-
Shahjahanpur,
Uttar Pradesh.
389
Consolidated Financial Statements Statutory Reports Corporate Overview
WAPCOS ANNUAL REPORT 2021-22
(c) Details of CSR amount spent against other than ongoing projects for the financial year: The balances of Trade
(` in Lakhs)
7 of the
Act
State District Name CSR Registration
number
1 PM VIII - - - 200.00 - - -
CARES
FUND
(h) Details of Unspent CSR amount for the preceding three financial years:
(` in Lakhs)
S. No. Preceeding Amount Amount Amount transferred to any fund Amount
Consolidated Financial Statements
390
WAPCOS ANNUAL REPORT 2021-22
(` in Lakhs)
S. Name of Activity Sector in which Projects/ Amount Amount spent Amount Spent direct /
No. the project is Programmes outlay on the project through implementing
covered 1 local area/Others (Budget) for Unspent Agency
2 Specify the State/ of Project/ CSR Account
district (Name Program wise for the year
of the Name of 2020-21
Corporate Overview
the District/State
where project/
programme was
undertaken
1 Socio Economic Empowerment of Skill Development 1 Amritsar 4.80 1.68 Shree Durgiana
Poor Girls through skill Development 2 Punjab" (3.12 spent Committeee
training program in Amritsar, Punjab. during 2020-
21)"
2 School Education – Setting up of School Education 1 Bhagwanpur, 12.00 1.20 District Administration,
Smart Class Rooms for 12 Rajkiya Laksar and Narsan (10.80 spent Haridwar
Middle Schools in Bhagwanpur, 2 Haridwar, during 2020-
Laksar and Narsan Blocks at Uttrakhand" 21)"
Haridwar District, Uttrakhand.
3 Swastha Bharat project- Providing Preventive Health 1 Kaiserganj 24.92 2.07 M/s Aroh Foundation
Healthcare Services to Schools Care 2 Bahraich, Uttar (12.46 spent
Statutory Reports
children by Organising General Pradesh" during 2019-
Health Check up Camps, Adolescent 20 and 6.19
Workshop, Swachhta Rally and spent during
Tree Plantation in Kaiserganj Block, 20-21)"
Bahraich district, Uttar Pradesh
4 Renovation of existing main School Education 1 Gobindpur 50.00 5.28 M/s Rajkiya Middle
academic building block including Bajidpur (20.00 spent School, Gobindpur
boundary wall, construction of one 2 Vaishali, Bihar" during 2019-
room and water supply arrangement 20 and `
including bore well for students of 20.00 during
Rajkiya Middle School, Gobindpur 2021-22)"
Bajidpur, Block-Bidupur, Distt-
Vaishali, Bihar
391
WAPCOS ANNUAL REPORT 2021-22
(i) Details of CSR amount spent in the financial year for ongoing projects of the preceding financial year (s)
(` in Lakhs)
S. Project ID Name of the Project Financial Year in Project Total Amount spent Cumulative Status of the project-
No. which the project duration amount on the project amount spent Completed/ Ongoing.
was commenced allocated in the reporting at the end
for the Financial Year of reporting
project Financial Year
Corporate Overview
1 WAP/ School Education through 2019-20 04.03.2020- 22.10 5.13 22.10 Completed
CSR/2019- reconstruction of four class 16.08.2021
20/S.E/ rooms including electric fitting
Tilhar/ and furniture & fixture for
U.P/31 students of Lala Baijnath Janki
Pathshala (LBJP) Inter-College,
Tilhar, Distt- Shahjahanpur, Uttar
Pradesh.
2 WAP/ Swastha Bharat project- 2019-20 26.09.2019- 24.92 4.19 24.92 Completed
CSR/2019- Providing Healthcare Services to 31.12.2021
20/H.C/ Schools children by Organising
Bahraich/ General Health Check up
U.P/13 Camps,Adolescent Workshop,
Swachhta Rally and Tree
Plantation in Kaiserganj Block,
Bahraich district, Uttar Pradesh
3 WAP/ Arogya Project- Providing 2019-20 01.01.2020- 24.44 2.17 24.44 Completed
CSR/2019- Healthcare Services to Schools 31.12.2021
20/H.C/ children in 45 Government
Statutory Reports
(j) In case of creation or acquisition of capital asset, furnish the details relating to the asset so created or acquired
through CSR spent in the financial year. Nil
1. Date of creation or acquisition of the capital asset (s). Nil
2. Amount of CSR spent for creation or acquisition of capital asset. Nil
3. Details of the entity or public authority or beneficiary under whose name such capital asset is registered, their
address etc. Nil
4. Provide details of the capital asset (s) created or acquired (including complete address and location of the
Consolidated Financial Statements
392
Financial Year 2020-2021
(a) CSR amount spent or unspent for the financial year:
(` in Lakhs)
Total Amount Amount Unspent
Spent for Total Amount transferred to Unspent CSR Account as per sec- Amount transferred to any fund specified under Schedule VII as
the Financial tion 135 (6) per second proviso to section 135(5).
Year
Amount Date of Transfer Name of the Fund Amount Date of Transfer
373.03 13.00 12.09.2021 -
(b) Details of CSR amount spent against ongoing projects for the financial year:
(` in Lakhs)
S. Name of the Project Item from Local Location of the Project Project Amount Amount Amount Mode of Mode of
No. the list of Area Duration allocated spent transferred implemen- implemen-
activities in (Yes/ for the in the to Unspent tation - tation - Through
Schedule 7 of No) Project current CSR Account Direct (Yes/ Implementing
the Act Financial for the No) Agency
Year Project as
State District
per Section
135(6)
1 Socio Economic Empowerment Item No No Punjab Amristar 1.12.2019- 4.80 3.12 1.68 No Shree Durgiana
of Poor Girls through Skill 2 School 30.08.3021 Committee,
Development Training Education Amritsar
Programme in Amritsar, Punjab
2 School Education - Item No No Uttrakhand Haridwar 03.02.2020- 17.00 16.29 - No District
Construction of Two 2 School 31.03.2021 Administration,
Classrooms in Rajkia Inter Education Haridwar
College Gandikhata,
Bahadrabad, District -
Haridwar, Uttrakhand
3 School Education – Setting Item No No Uttrakhand Haridwar 03.02.2020- 12.00 10.80 1.20 No District
up of Smart Class Rooms for 2 School 31.03.2021 Administration,
12 Rajkiya Middle Schools Education Haridwar
in Bhagwanpur, Laksar and
Narsan Blocks at Haridwar
District, Uttrakhand.
4 School Education through Item No No Uttar Shahjahanpur 04.03.2020 22.10 16.43 0.54 No Gurgia Charities,
WAPCOS ANNUAL REPORT 2021-22
393
Uttar Pradesh.
S. Name of the Project Item from Local Location of the Project Project Amount Amount Amount Mode of Mode of
394
No. the list of Area Duration allocated spent transferred implemen- implemen-
activities in (Yes/ for the in the to Unspent tation - tation - Through
Schedule 7 of No) Project current CSR Account Direct (Yes/ Implementing
the Act Financial for the No) Agency
Year Project as
State District
per Section
135(6)
5 Development of Recreation Item No 3 No Delhi West Delhi 02.05.2019- 0.56 0.47 - No Shri Gyan Gangotri
Centre for Senior Citizens at Recreation 01.05.2020 Vikas Sanstha,
Madhu Vihar, New Delhi Centre for Uttam Nagar, New
Senior Citizens Delhi
6 Construction of Double Storey Item No No Bihar Vaishali 22.09.2019- 24.00 24.00 - No Sarvodaya Kissan
block of 4 rooms, Drinking 10 Rural 21.06.2020 Club, Vaishali,
water facility with Bore well Development Bihar
including network, Male
and Female Toilet Block and
WAPCOS ANNUAL REPORT 2021-22
Lighting arrangement in
Sarvodya Kissan Club (Atma)
for villagers of Baitpur Saidat,
Block-Bidupur, Distt-Vaishali,
Bihar.
7 Swastha Bharat project- Item No-1 No Uttar Bahraich 26.09.2019- 12.46 6.19 2.07 No Aroh Foundation,
Providing Healthcare Services Health Care Pradesh 31.12.2021 Sector-8, Noida
to Schools children by
Organising General Health
Check up Camps ,Adolescent
Workshop, Swachhta Rally and
Tree Plantation in Kaiserganj
Block, Bahraich district , Uttar
Pradesh.
8 (a) Health Care - Accredited Item No-1 No Uttar Bahraich 21.10.2019 18.00 18.00 - No District
social health activist (ASHA) Health Care Pradesh - 31.12.2020 Administration,
health Bahraich through
worker waiting room in District U.P
Women Hospital and 14 in
Community Health Centres
(CHCs) in Bahraich Distict,
Uttar Pradesh.
(b) Maintenance cost of 15 01.01.2021- 7.50 - -
ASHA Waiting Hall for Three 31.12.2023
years
9 Provision of medicines for Item No-1 No Gujarat Botad 01.11.2019- 4.80 1.16 - No Shree
needy poor patients of the Health Care 31.10.2020 Kashtbhanjandev
hospital being run by Shree Hanumanji Mandir,
Kasht bhanjan Dev Hanumanji Botad, Gujarat
Mandir in Salangpur, Distt.
Botad, Gujarat
S. Name of the Project Item from Local Location of the Project Project Amount Amount Amount Mode of Mode of
No. the list of Area Duration allocated spent transferred implemen- implemen-
activities in (Yes/ for the in the to Unspent tation - tation - Through
Schedule 7 of No) Project current CSR Account Direct (Yes/ Implementing
the Act Financial for the No) Agency
Year Project as
State District
per Section
135(6)
10 Health Care Program for Item No-1 No Uttrakhand Haridwar 31.12.2019- 18.75 18.75 - No Artificial Limbs
Distribution of Aids & Assistive Health Care 30.10.2020 Manufacturing
devices to Divyangjan living Corporation of
in the District of Haridwar, India, Kanpur
Uttrakhand
11 Renovation of existing main Item No No Bihar Vaishali 24.09.2019- 30.00 20.00 5.28 No Rajkiya Middle
academic building block 2 School 31.03.2021 School, Gobindpur,
including boundary wall, Education Vaishali, Bihar
construction of one room and
water supply arrangement
including bore well for
students of Rajkiya Middle
School, Gobindpur Bajidpur,
Block-Bidupur, Distt- Vaishali,
Bihar
12 Arogya Project- Providing Item No-1 No Uttar Shravasti 01.01.2020- 12.22 7.82 2.23 No Sustainable Action
Healthcare Services to Schools Health Care Pradesh 31.12.2021 Towards Human
children in 45 Government Empowerment,
Schools by Organising Health Sector-5,
Check up cum awareness Ghaziabad
camps on Nutrition & Hygiene
in Shravasti district ,Uttar
Pradesh
13 Renovation of Library room Item No 5, No Bihar Vaishali 03.10.2019- 3.30 3.30 - No Shree Mahavir
librarian Room Hall, Corridor, setting up 02.04.2020 Pushtakalaya ,
Construction of toilets and public libraries Vaishali, Bhar
upliftment of Library in Shree
Mahavir Pushtakalaya, Pull
Ghat, Hazipur, Distt. Vaishali,
Bihar
14 Sanitation and Public Utility Item No 1 No Bihar Sitamarhi 15.10.2018- 4.50 4.50 - No Aroh Foundation,
Program Construction of Sanitation 14.01.2019 Noida
Toilets in village Singhwahini,
WAPCOS ANNUAL REPORT 2021-22
395
Consolidated Financial Statements Statutory Reports Corporate Overview
Consolidated Financial Statements Statutory Reports Corporate Overview
(c) Details of CSR amount spent against other than ongoing projects for the financial year:
396
(` in Lakhs)
S. Name of the Item from the list of Local Area (Yes/ Location of the Project Amount Mode of im- Mode of implementation -
No. Project activities in Schedule No) spent plementation - Through Implementing Agency
7 of the Act District for the Direct (Yes/No)
State project Name CSR Registra-
State District
tion number
1 PM CARES - - - 200.00 - - -
FUND
(f) Total amount spent for the Financial Year (b+c+d+e) - ` 373.03 Lakhs
(g) Excess amount for set off, if any:
(` in Lakhs)
S. No. Particulars Amount
1 Two percent of average net profit of the company as per section 135(5) 386.03
2 Total amount spent for the Financial Year 373.03
3 Excess amount spent for the financial year [(ii)-(i)] -
4 Surplus arising out of the CSR projects or programmes or activities of the -
previous financial years, if any
5 Amount available for set off in succeeding financial years [(iii)-(iv)] -
(h) Details of Unspent CSR amount for the p0receding three financial years:
(` in Lakhs)
S. Preceeding Finan- Amount transferred to Un- Amount spent in the re- Amount transferred to any fund spec- Amount remaining to
No. cial Year spent CSR Account under porting Financial Year ified under Schedule VII as per section be spent in succeed-
section 135 (6) Name of 135 (6), if any ing financial years
the Fund
Name of Amount Date of transfer
the Fund
-
(i) Details of CSR amount spent in the financial year for ongoing projects of the preceding financial year (s)
(` in Lakhs)
S. Project ID Name of the Project. Financial Project Total Amount spent Cumulative Status of
No. Year in duration. amount on the project amount spent the project-
which the allocated in the reporting at the end Completed/
project was for the Financial Year of reporting Ongoing
commenced project Financial Year
1 WAP/CSR/2019-20/ Socio Economic Empowerment of Poor 2019-20 1.12.2019- 4.80 3.12 3.12 Ongoing
Amritsar/20 Girls through Skill Development training 30.08.2021
program in Amritsar, Punjab
2 WAP/CSR/2019-20/S.E/ School Education - Construction of 2019-20 03.02.2020- 17.00 16.29 16.29 Completed
Haridwar/26 Two Classrooms in Rajkia Inter College 31.03.2021
Gandikhata, Bahadrabad, District -
Haridwar, Uttrakhand
3 WAP/CSR/2019-20/S.E/ School Education – Setting up of Smart 2019-20 03.02.2020- 12.00 10.80 10.80 Completed
Haridwar/27 Class Rooms for 12 Rajkiya Middle 31.03.2021
Schools in Bhagwanpur, Laksar and
Narsan Blocks at Haridwar District,
Uttrakhand.
4 WAP/CSR/2019-20/S.E/ School Education through reconstruction 2019-20 04.03.2020- 22.10 5.13 22.10 Completed
Tilhar/U.P/31 of four class rooms including electric 16.08.2021
fitting and furniture & fixture for
students of Lala Baijnath Janki Pathshala
(LBJP) Inter-College, Tilhar, Distt-
Shahjahanpur, Uttar Pradesh.
5 WAP/CSR/2019-20/ Development of Recreation Centre for 2019-20 02.05.2019- 3.67 0.47 3.58 Completed
MadhuVihar/6 Senior Citizens at Madhu Vihar, New 01.05.2020
Delhi
6 WAP/CSR/2019-20/Kissan Construction of Double Storey block of 4 2019-20 22.09.2019- 40.00 24.00 40.00 Completed
Club/Bihar/09 rooms, Drinking water facility with Bore 21.06.2020
well including network, Male and Female
Toilet Block and Lighting arrangement in
Sarvodya Kissan Club (Atma) for villagers
of Baitpur Saidat, Block-Bidupur, Distt-
Vaishali, Bihar.
7 WAP/CSR/2019-20/H.C/ Swastha Bharat project- Providing 2019-20 26.09.2019- 24.92 4.19 24.92 Completed
Bahraich/U.P/13 Healthcare Services to Schools children 31.12.2021
by Organising General Health Check up
WAPCOS ANNUAL REPORT 2021-22
397
Consolidated Financial Statements Statutory Reports Corporate Overview
Consolidated Financial Statements Statutory Reports Corporate Overview
S. Project ID Name of the Project. Financial Project Total Amount spent Cumulative Status of
398
No. Year in duration. amount on the project amount spent the project-
which the allocated in the reporting at the end Completed/
project was for the Financial Year of reporting Ongoing
commenced project Financial Year
8 WAP/CSR/2019-20/H.C/ Health Care - Accredited social health 2019-20 21.10.2019- 105.00 18.00 105.00 Completed
Bahraich/U.P/16 activist (ASHA) health worker waiting 31.12.2020
room in District Women Hospital and 14
in Community Health Centres (CHCs) in
Bahraich Distict, Uttar Pradesh.
Maintenance cost of 15 ASHA Waiting 01.01.2021- 7.50 - - Ongoing
Hall for Three years 31.12.2023
9 WAP/CSR/2019-20/ Provision of medicines for needy poor 2019-20 01.11.2019- 8.00 1.16 4.36 Completed
Medicines/21 patients of the hospital being run by 31.10.2020
Shree Kasht bhanjan Dev Hanumanji
WAPCOS ANNUAL REPORT 2021-22
(j) In case of creation or acquisition of capital asset, furnish the details relating to the asset so created or acquired through
CSR spent in the financial year. Nil
1. Date of creation or acquisition of the capital asset (s). Nil
2. Amount of CSR spent for creation or acquisition of capital asset. Nil
3. Details of the entity or public authority or beneficiary under whose name such capital asset is registered , their
address etc. Nil
4. Provide details of the capital asset (s) created or acquired (including complete address and location of the capital
Corporate Overview
asset). Nil
(k) Specify the reason (s), if the company has failed to spend two percent of the average net profit as per section
135(5)
During 2020-21, the Company has taken up CSR works for 2% of the average net profit as per section 135(5). However,
against the target of 2% the expenditure incurred is 1.93%. The remaining amount of ` 13 Lakhs could not be released
due to non-completion of activities because of COVID conditions in the country. Accordingly the unspent amount has been
transferred to unspent CSR account as indicated in Item no 8 (a) column 2 above.
Statutory Reports
Amount Date of Transfer Name of the Fund Amount Date of Transfer
39.64 - - Clean Ganga Fund 49.01 To be transferred
under NMCG by 30th Sept 2022
399
Consolidated Financial Statements Statutory Reports Corporate Overview
(b) Details of CSR amount spent against ongoing projects for the financial year:
400
(` in Lakhs)
S. No. Name of the Project Item from the Local Location of the Project Project Amount Amount Amount Mode of Mode of
list of activities in Area Duration allocated spent in transferred to implementation - implementation -
Schedule 7 of (Yes/ for the the current Unspent CSR Direct (Yes/No) Through
the Act No) Project Financial Account for the Implementing
Year Project as per Agency
Section 135(6)
State District
1 Construction of One toilet Item no i Yes Dhalai District 3 years 8.00 7.77 0.23 Yes
block at social study centre
under Dhalai District and
WAPCOS ANNUAL REPORT 2021-22
2 "Nutritional Security and Item no i Yes Palghar 3 years 12.04 12.04 - Yes
Immunity for Women and District
Families" -An Awareness
and training Campaign
for the 500 Women
SHGs of Palghar District,
Maharashtra
3 One day cleaning program Item no. iv Yes Imhal District 1 day 2.00 1.94 0.06 Yes
in and around 3(three)
Ima market and 1(one)
temporary Ima market in
Imphal, Manipur
4 Providing an Ambulance Item no. i Yes Lunglei 1 day 18.46 17.89 0.57 Yes
Van in Civil Hospital, Lunglei District
District, Mizoram
WAPCOS ANNUAL REPORT 2021-22
(c) Details of CSR amount spent against other than ongoing projects for the financial year:
(` in Lakhs)
Corporate Overview
Schedule
7 of the
Act
State District Name CSR Registration
number
1 Clean Clean - - - 28.16 - - -
Ganga Ganga
Fund Fund
under
NMCG
Statutory Reports
(h) Details of Unspent CSR amount for the preceding three financial years:
(` in Lakhs)
S. No. Preceeding Amount Amount Amount transferred to any fund Amount
Financial transferred to spent specified under Schedule VII as remaining to
Year Unspent CSR in the per section 135 (6), if any be spent in
Account under reporting succeeding
section Financial financial years
135 (6) Year
Name of the Amount Date of
Fund transfer
401
WAPCOS ANNUAL REPORT 2021-22
(i) Details of CSR amount spent in the financial year for ongoing projects of the preceding financial year (s)
(` in Lakhs)
S. Project ID Name of the Project Financial Year in Project Total Amount spent Cumulative Status of the project-
No. which the project duration amount on the project amount spent Completed/ Ongoing.
was commenced allocated in the reporting at the end
for the Financial Year of reporting
project Financial Year
Corporate Overview
1 Construction of One toilet block 2021-22 3 Year 8.00 7.77 7.77 Completed
at social study centre under
Dhalai District and one toilet
block of Sub- dispensary centre
under Dhalai District.
(j) In case of creation or acquisition of capital asset, furnish the details relating to the asset so created or acquired
through CSR spent in the financial year. Nil
1. Date of creation or acquisition of the capital asset (s). Nil
2. Amount of CSR spent for creation or acquisition of capital asset. Nil
3. Details of the entity or public authority or beneficiary under whose name such capital asset is registered, their
Statutory Reports
402
(b) Details of CSR amount spent against ongoing projects for the financial year:
(` in Lakhs)
S. No. Name of the Item from the Local Location of the Project Project Amount Amount Amount Mode of Mode of
Project list of activities in Area Duration allocated spent in transferred to implementation - implementation -
Schedule 7 of (Yes/ for the the current Unspent CSR Direct (Yes/No) Through
the Act No) Project Financial Year Account for the Implementing
Project as per Agency
Section 135(6)
State District
1 Renovation for the Item no i Yes Begusarai (Bihar) 3 years 19.21 19.21 - Yes
Training Centre at
Sadar Hospital’ in
Begusarai, Bihar.
2 "Nutritional Item no i Yes Palghar District 3 years 12.00 1.80 10.20 Yes
Security and
Immunity for
Women and
Families" -An
Awareness and
training Campaign
for the 500
Women SHGs of
Palghar District,
Maharashtra
WAPCOS ANNUAL REPORT 2021-22
403
Consolidated Financial Statements Statutory Reports Corporate Overview
WAPCOS ANNUAL REPORT 2021-22
(c) Details of CSR amount spent against other than ongoing projects for the financial year:
(` in Lakhs)
S. Name of the Item from Local Location of the Amount Mode of Mode of
No. Project the list of Area Project spent for the implementation - implementation -
activities in (Yes/ project Direct (Yes/No) Through Implementing
Schedule 7 No) Agency
of the Act
Corporate Overview
(Information has been extracted from books of accounts certified by the management)
PARENT COMPANY
i. Related Parties: Financial Year 2021-22
WAPCOS Employees Gratuity Fund Trust India Post – Employment Benefit Plan of WAPCOS
Limited
404
WAPCOS ANNUAL REPORT 2021-22
Corporate Overview
Whole Time Directors
Shri Pankaj Kapoor, Director (Finance)
Shri Anupam Mishra, Director (Commercial & HRD)
Statutory Reports
Company Secretary
Shri K.K. Kandwal (Up to 31.01.2021)
Ms. Kavita Parmar (w.e.f. 10.02.2021)
405
WAPCOS ANNUAL REPORT 2021-22
Disclosures in respect of transactions with identified related parties are given only for such period during which
such relationships existed.
Chairman–cum–Managing Director is allowed use of staff car for private journeys up to a ceiling of 1000 kms per
month on payment of ` 2000/- per month (Previous Year ` 2000/- PM).
Director (Finance) & Director (Commercial & HRD) are allowed use of staff car for private journeys up to ceiling of
1000 kms per month on payment of ` 490/- per month (Previous Year ` 490/- per month).
Corporate Overview
(` in Lakhs)
406
WAPCOS ANNUAL REPORT 2021-22
Corporate Overview
Total 5965.00 9287.77
Statutory Reports
Name of Other Related Parties Country Nature of Relationship
NPCC Ltd. Employees Contributory Provident Fund Trust and NPCC India Post – Employment Benefit
Limited Employee Gratuity Trust Plan of NPCC Limited
407
WAPCOS ANNUAL REPORT 2021-22
Period
From To
Sh. Jagmohan Gupta Government Nominee Director 21st July, 2015 13th May, 2021
Sh. Anupam Mishra "Government Nominee Director 13th August, 2019 Till date
Corporate Overview
Independent Directors
Period
From To
Smt Anupama Hoskere Independent Director 21st January, 2022 Till Date
Shri Yajurvendra Ail Mahajan Independent Director 21st January, 2022 Till date
*All the 3 position of Independent directors was vacant during the FY 2020-21 and part of FY 2021-22.Also one
position of independent director is still vacant.
Statutory Reports
(` in Lakhs)
Particulars 31st March, 2022 31st March, 2021
Short Term Post – Other Long- Share based Short Term Post – Other Long- Share based
Employees Employment term benefits payment & Employees Employment term benefits payment &
benefits benefits Termination benefits benefits Termination
Benefits Benefits
CMD, Whole time Directors & Company Secretary
Sh Manohar Kumar 5.21 - - - 41.72 1.25 - -
Sh Sahab Narain - - - - 17.12 2.23 - -
Sh. Pankaj Kapoor - - - - - - - -
Consolidated Financial Statements
Disclosures in respect of transactions with identified related parties are given only for such period during which
such relationships existed.
408
WAPCOS ANNUAL REPORT 2021-22
Corporate Overview
*All the 3 position of Independent directors was vacant during the FY 2020-21 and part of FY 2021-22.Also one
position of independent director is still vacant.
Statutory Reports
vi. Transactions with Government Related Entities
Government of India (GOI) is holding 100% equity shares of WAPCOS Ltd.( the parent company), which are held
by President of India acting through Ministry of Jal Shakti and its nominees.
The company has made various transactions with the Ministry of Jal Shakti and entities being controlled or jointly
controlled or having significant influence of the Ministry of Jal Shakti. The Transactions with them are as under:
409
WAPCOS ANNUAL REPORT 2021-22
46. LEASES
a. Amounts recognised in the Balance Sheet
The balance sheet shows the following amounts relating to leases:
Right of Use Assets
Lease Liability
Statutory Reports
410
WAPCOS ANNUAL REPORT 2021-22
Depreciation Charge of Right of Use assets 31st March, 2022 31st March, 2021
Buildings 661.51 814.47
Corporate Overview
Vehicles 28.79 40.95
(` in Lakhs)
Interest Expenses (Included in Finance Cost) 31st March, 2022 31st March, 2021
Interest Expense 162.53 220.91
The total cash outflow for leases in 2021-2022 ` 806.89 Lakhs (` 781.85 Lakhs for ROU Building & ` 33.60 Lakhs
for ROU Vehicle).
c. The Group’s leasing activities and how these are accounted for
The Group leases various offices and vehicles. Rental contracts are typically made for fixed periods of 6 months to
8 years, but may have extension options as described below:
Contracts may contain both lease and non-lease components. The Group allocates the consideration in the
contract to the lease and non-lease components based on their relative stand-alone prices. However, for leases of
real estate for which the Group is a lessee, it has elected to separate lease and non-lease components and instead
Statutory Reports
accounts for these as a single lease component.
Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The
lease agreements do not impose any covenants other than the security interests in the leased assets that are held
by the lessor. Leased assets may not be used as security for borrowing purposes.
d. Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss
over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability
for each period.
Right-of-use assets are measured at cost comprising the following:
• the amount of the initial measurement of lease liability
• any lease payments made at or before the commencement date less any lease incentives received
411
WAPCOS ANNUAL REPORT 2021-22
The amounts disclosed in the table below are the contractual undiscounted cash flows.
As at 31st March 2022
(` in Lakhs)
Contractual maturities Less than 6 6-12 months Between 1 and Between 2 Over 5 Total
of financial liabilities months 2 years and 5 years years
Lease Liabilities 330.53 306.08 473.54 506.46 102.61 1719.22
Contractual maturities Less than 6 6-12 months Between 1 and Between 2 Over 5 Total
of financial liabilities months 2 years and 5 years years
Consolidated Financial Statements
Set out below are the carrying amount of Lease liabilities and the movement during the period
412
WAPCOS ANNUAL REPORT 2021-22
(` in Lakhs)
Particulars 31st March, 2022
As at 01st April 2021 2332.61
Addition during the Year 295.83
Assets Written off (524.92)
Finance Cost of Lease Liabilities 162.53
Corporate Overview
Payments (806.89)
As at 31st March 2022 1459.16
Current 522.47
Non-Current 936.69
(` in Lakhs)
Particulars 31st March, 2021
As at 01st April 2020 2596.93
Addition during the Year 495.47
Assets Written off (10.18)
Finance Cost of Lease Liabilities 220.91
Payments (970.52)
Statutory Reports
As at 31st March 2021 2332.61
Current 667.38
Non-Current 1665.23
47. Operations in Iraq have ceased since many years and due to repatriation restrictions, full provision has been
made against the Bank Balances of ` 383.69 Lakh (ID 381403.165). Revaluation of balance in the bank account
in foreign currency was last made on 31st March, 1995.
The Exim Bank which is intermediary for settlement of the outstanding in Iraq, has vide letter dated 30/7/2013,
advised that the notional credit entries for interest earned on the outstanding credit balance of NPCC in the bank
account has been made for US $ 7.17 Lakh (equivalent to ` 544.28 Lakh converted @` 75.9103 per USD as at 31st
March 2022) by Central Bank of Iraq in its books, not amounting to actual credit to the account of the Exim Bank.
413
WAPCOS ANNUAL REPORT 2021-22
49. The Management is of opinion that there is no impairment of cash generating assets in terms of Ind AS 36
(Impairment of Assets).
(` in Lakhs)
Nature of Expenditure / Income Related to FY 2020-21 Prior to 1st April 2020
Statutory Reports
Expenditure:
Bank Charges and Guarantee Commission 291.64 35.56
Services Obtained 718.01 926.05
Salary, Remuneration and Incentives 1.36 2.91
Others 26.83 (59.03)
Construction Expenses 7.60 11.59
Depreciation on Tangible Assets 0.05 -
CSR Expenses 1.84 -
Provision for Trade Receivable and Retention Money (1,901.18) (561.89)
Total Expenditure (increase/(Decrease) (853.85) 355.19
Consolidated Financial Statements
414
WAPCOS ANNUAL REPORT 2021-22
Prior Period for the Year Head Grouping Note Impact on Prior to Total
2020-21 01-04-2020
Liabilities
Trade Payables Trade Payable-Current 14B 743.41 969.61 1713.02
Corporate Overview
Other Payable Other Current Financial 16A 2.88 - 2.88
Liabilities
CSR Payable Other Current Financial 19B 1.84 - 1.84
Liabilities
Income Accrued but not due Other Non-Current Liabilities 737.86 61.81 799.67
Employee Payable Other Current Financial 6.16 5.71 11.87
Liabilities
Statutory dues Other Current Liabilities 16B 0.002 - 0.002
Total Change in Liabilities 1492.15 1037.13 2529.28
Assets
Accrued Interest Other Financial Assets - Non- 4A (4.39) - (4.39)
Current
Statutory Reports
Trade Receivable - Unsecured, Trade Receivable 7 2329.15 (140.62) 2188.53
considered good
Amount deposited with courts/ Other Current Assets 11 - 56.75 56.75
authorities
Advances to suppliers/sub Other Non Current Assets 7 - 37.40 37.40
contractors
Bank deposits having original Cash and Cash Equivalents 0.42 - 0.42
maturity less than 3 months
(interest accrued)
Accumulated depreciation Property, Plant and (0.05) - (0.05)
Equipment
Balance with Government Other Current Assets - (0.35) (0.35) Consolidated Financial Statements
Authorities
Deferred Tax Assets Deferred Tax Assets (619.90) - (619.90)
Unbilled Revenue Trade Receivable 11 (288.05) - (288.05)
Prepaid Expenses Other Current Assets 5 (247.95) (35.56) (283.51)
Balance with banks in Current Cash and Cash Equivalents 8 (43.69) - (43.69)
A/C's
Total Change in Assets 1,125.54 (82.38) 1,043.16
415
WAPCOS ANNUAL REPORT 2021-22
(` in Lakhs)
Prior Period for the Year Note As on
31st March 2022
Impact on 2020-21
Corporate Overview
Expenditure
Bank Charges and Guarantee Commission 28 291.64
Services Obtained 25 718.01
Salary, Remuneration and Incentives 1.36
Others 26.83
Provision for Trade Receivable and Retention Money (1,901.18)
Construction Expenses 23 7.60
Depreciation on Tangible Assets 28 0.05
CSR Expenses 28 1.84
Total Expenditure (853.85)
Income
Revenue from operation 19 (597.94)
Statutory Reports
51. Computer Software in form of Intangible Assets disclosed as per Note no. 2B are amortized over the period
of three years on straight line basis or over their license period, as applicable. The amount amortized is as under:
(` in Lakhs)
Particulars 31st March, 2022 31st March, 2021
Amortization recognized in the Statement of Profit & Loss 56.83 77.93
The Management is of opinion that there is no impairment of Intangible Assets (i.e. Software) in terms of Ind AS
Consolidated Financial Statements
416
WAPCOS ANNUAL REPORT 2021-22
Corporate Overview
revenue & expenditure in individual segment, as set out in the note of significant accounting policies.
iv. Revenue and expenses directly attributable to segments are reported under each reportable segment. All
other expenses which are not attributable or allocable to the segments have been disclosed as un- allocable
expenses.
v. Assets and liabilities used in the Group’s business are not identified to any of the reportable segments as
these are used interchangeably between segments. Depreciation, amortization & impairment on Property, Plant &
Equipment and Intangible Assets cannot be allocated to a specific segment. Group believes that it is currently not
practicable to provide segmental disclosure relating to total assets, total liabilities and depreciation, amortization
& impairment since a meaningful segregation of the available data could be onerous.
vi. Operational Segments
(Information has been extracted from Books of Accounts certified by the management)
As at 31st March 2022
(` in Lakhs)
Statutory Reports
Description Consultancy Services Construction Projects Total
Domestic Abroad Domestic Abroad
Revenue 49951.85 19618.01 210197.19 32.26 279799.31
Identifiable Operating Expenses 35003.01 14657.06 205649.83 518.03 255827.93
Segmental Profit / (Loss) from 14948.84 4960.95 4547.36 (485.77) 23971.38
operations
Add: Interest Income 4226.99
Add: Other Income 2611.03
Less: Un – allocable Expenses including 20623.81
exceptional item
Net Profit Before Tax 10185.58
"Less: Income Tax 3579.14 Consolidated Financial Statements
(Including Deferred Tax)"
Net Profit after Tax 6606.44
Additional Information
Depreciation and amortization 1237.64
Non-cash expenses / (Income) other -
than depreciation and amortization
Reversal of Provisions 125.72
Profit on Sale of PPE -
Loss on Sale of PPE 8.01
417
WAPCOS ANNUAL REPORT 2021-22
vii. Revenue of Rs. 77467.98 Lakhs (Previous Year Rs. 65532.50 Lakhs) from major customers is given below:
(` in Lakhs)
Description 31st March 2022 31st March 2021
Consultancy Turnkey / Total Consultancy Turnkey / Total
Services Engineering Services Engineering
Consolidated Financial Statements
Projects Projects
Customer-1 28141.52 24866.25 53007.77 20003.76 16898.52 36902.28
Customer-2 14546.99 9913.22 24460.21 18375.94 10254.28 28630.22
Total 42688.51 34779.47 77467.98 38379.70 27152.80 65532.50
418
WAPCOS ANNUAL REPORT 2021-22
(` in Lakhs)
Corporate Overview
Particulars 31st March 2022 31st March 2021
FVTPL Amortized FVTOCI Fair Value FVTPL Amortized FVTOCI Fair Value
Cost Cost
Financial Assets:
Other Financial Assets - 40154.63 - 40154.63 - 59828.01 - 59828.01
including Retention
money and security
deposits (Non-current)
Investments – Non- - - 39.52 39.52 - - 37.25 37.25
Current*
Trade Receivables - 215257.94 - 215257.94 - 206530.54 - 206530.54
Cash and Cash - 55723.67 - 55723.67 - 62926.28 - 62926.28
Equivalents
Other Bank Balances - 131710.30 - 131710.30 - 73069.73 - 73069.73
Statutory Reports
Other Financial Assets - 3488.18 - 3488.18 - 3008.34 - 3008.34
including security
deposits (Current)
Total Financial Assets - 446334.72 39.52 446374.24 - 405362.9 37.25 405400.15
(` in Lakhs)
Particulars 31st March 2022 31st March 2021
FVTPL Amortized FVTOCI Fair Value FVTPL Amortized FVTOCI Fair Value
Cost Cost
Financial Liabilities:
Trade Payables 180744.97 180744.97 - 183731.21 - 183731.21
419
WAPCOS ANNUAL REPORT 2021-22
The Carrying amount of Trade Receivables, Trade Payables and Cash and Cash Equivalent are considered to be
same as their Fair Values.
The Carrying amount of the Financial Assets and Liabilities carried at Amortized Cost is considered a reasonable
approximation of Fair Value.
i. Fair Value Hierarchy
Financial Assets and Financial Liabilities measured at fair value in the Balance Sheet are grouped into three
Corporate Overview
levels of a fair value hierarchy. The three levels are defined based on the observability of significant inputs to the
measurement, as follows:
Level – 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities
Level – 2: The fair value of Financial Instruments that are not traded in an active market is determined using
valuation techniques which maximize the use of observable market data rely as little as possible on entity specific
estimates
Level – 3: If one or more of the significant inputs is not based on observable market data, the instrument is
included in Level 3
The following tables shows the levels within the hierarchy of Financial Assets and Liabilities measured at Fair Value
on a recurring basis at 31st March 2022 and 31st March 2021:
ii. Financial Assets measured at Fair value – Recurring Fair Value Measurements
(` in Lakhs)
Statutory Reports
420
WAPCOS ANNUAL REPORT 2021-22
Corporate Overview
The Group is exposed to credit risk from its operating activities (Primarily trade receivables) and from its financing
activities including Deposits with Banks, Mutual funds and financial institutions and other financial instruments.
Credit Risk Management
The Group assesses and manages credit risk of Financial Assets based on following categories arrived on the basis
of assumption, inputs and factors specific to the class of Financial Assets.
A: Low Credit Risk on financial reporting date
B: Moderate Credit Risk
C: High Credit Risk
In accordance with Ind AS 109, the Group is required to apply Expected Credit Loss Model for measurement and
recognition of impairment loss for Financial Assets which comprise of Cash & Cash Equivalent. Bank balances,
Investments, Trade Receivables, SD/Retention Money etc. As a practical expedient, the Group has adopted
"Simplified Approach using the provision matrix method for recognition of expected credit loss on trade receivables
and SD/Retention Money as there is no risk of default in respect of Cash & Cash Equivalent, Bank balances,
Statutory Reports
Investments etc. This adopted provision matrix is based on historical default rates observed over the expected life
of the trade receivables and is adjusted for forward – looking estimates. At every reporting date, the historical
default rates are updated and changes in the forward – looking estimates are analysed. Further receivables are
segmented for this analysis where the credit risk characteristics of the receivables are similar.
While working out the ECL provision, the quantum of advance available against a particular project shall be set
off against the current year outstanding debtors of respective project. Further, the quantum of trade payables
in respect of back to back contracts shall be set off against the respective project trade receivables of respective
years. No provision shall be made in respect of deferred debts (debtors which have not become due for payment
as at 31 March of respective financial year). The Group has reviewed the existing ECL matrix grade percentages
for the F.Y 2021-22 on the basis of forward looking estimates and following ECL grade matrix has been applied
in respect of trade receivables / retention money for the F.Y 2021-22:
Current 1-2 2-3 3-4 4-5 5-6 6-7 7-8 8-9 9-10
Grade Matrix for FY year years years years years years years years years years
2021-2022
3% 5% 8% 40% 70% 82% 83% 84% 85% 100%
421
WAPCOS ANNUAL REPORT 2021-22
The Group provides for Expected Credit Loss based on the following:
In respect of Trade Receivables, the Group recognizes a provision for lifetime Expected Credit Loss.
Based on business environment in which the Group operates, a default on a Financial Asset is considered when
the counter party fails to make the payment within agreed time period as per contract or decided later based
Statutory Reports
upon the factual circumstances on case-to-case basis. Loss rates reflecting defaults are based on actual credit loss
experience and considering differences between current and historical economic conditions.
Assets are written off when there is no reasonable expectation of recovery, such as a debtor declaring bankruptcy
or litigation decided against the company. The Group continues to engage with parties whose balances are
written off and attempts to enforce repayment. Recoveries made are recognized in Statement of Profit & Loss.
(` in Lakhs)
Asset Group Particulars 31st March 2022 31st March 2021
A: Low Credit Risk Cash & Cash Equivalents, Other Bank 231116.30 198869.64
balances, other financial assets and non-
current investments.
B: Moderate Credit Risk Trade receivables and other financial 180630.59 181546.82
Consolidated Financial Statements
assets
C: High Credit Risk Trade receivables and other financial 66846.64 53640.71
assets
422
WAPCOS ANNUAL REPORT 2021-22
Corporate Overview
Other bank balances 10 131710.30 - 131710.30
Other Financial Assets 4A & 4B 45597.79 (77.82) 45519.97
Non-Current investments 3 39.52 - 39.52
B: Moderate Credit Risk (consisting of Trade Receivables and Retention ageing from 1-3 years)
Statutory Reports
Expected credit loss for trade receivables & retention money under simplified approach
31st March 2022
(` in Lakhs)
Note Up to 1 Between 1 year Between 2 year
Ageing Ref. year and 2 years and 3 years Total
423
WAPCOS ANNUAL REPORT 2021-22
(` in Lakhs)
Reconciliation of Loss Allowance 31st March 2022 31st March 2021
Statutory Reports
maturities. The amounts disclosed in the table are the contractual undiscounted cash flows. Balances due within
12 months equal their carrying balances as the impact of discounting is insignificant.
424
WAPCOS ANNUAL REPORT 2021-22
Corporate Overview
31st March 2021
(` in Lakhs)
Particulars Note Ref. Up to one year More than one year Total
Trade Payable 15 168609.23 15121.97 183731.2
Earnest Money and Security Deposits 20 10911.17 28637.18 39548.35
Total 179520.40 43759.15 223279.55
Statutory Reports
the Balance Sheet as Fair Value through Other Comprehensive Income (OCI).
(` in Lakhs)
Particulars Note Ref. 31st March 2022 31st March 2021
Investments - Unquoted Investments 3 39.52 37.25
425
WAPCOS ANNUAL REPORT 2021-22
(Currency in Lakhs)
31st March 2022
Particulars
USD EURO BIRR UGX NOK LKR YR OR MZM SEK BDT
Financial Liabilities
Trade Payables 55.44 0.14 10.1 2845.56 - 145.94 - - - - 56.78
Payable to employees 23.67 - - - - - - - - - -
Renention money 157.32 - - - - - - - - - -
Total 236.43 0.14 10.10 2845.56 0.00 145.94 0.00 0.00 0.00 0.00 56.78
(Currency in Lakhs)
Consolidated Financial Statements
426
WAPCOS ANNUAL REPORT 2021-22
(Currency in Lakhs)
31st March 2021
Particulars
USD EURO BIRR UGX NOK LKR YR OR MZM SEK BDT
Financial Liabilities
Trade Payables 87.86 0.14 10.10 2845.56 - 478.07 - - - - -
Payable to employees 2.17 - - - - - - -
Corporate Overview
Renention money 173.56 - - - - - - - - - -
Total 263.59 0.14 10.10 2845.56 0.00 478.07 0.00 0.00 0.00 0.00 0.00
Statutory Reports
(` in Lakhs)
Foreign Currency Sensitivity
Particulars 31st March 2021
USD EURO BIRR UGX NOK LKR SEK BDT Total
5% depreciation in INR
Impact on Profit and Loss Account 1,216.62 94.03 0.18 16.17 9.21 0.42 9.33 2.78 1,348.74
- Income/ (Expense)
5% appreciation in INR
Impact on Profit and Loss Account (1,216.62) (94.03) (0.18) (16.17) 9.21) (0.42) (9.33) (2.78) (1,348.74)
- Income/ (Expense)
427
WAPCOS ANNUAL REPORT 2021-22
Borrowings
Non Current - Floating (including Current Maturities) 3982.87 -
Current 4102.38 4820.03
Total 8085.25 4820.03
Sensitivity Analysis for Non-Current Borrowings of 1% change in interest rate at the end of reporting
period
(` in Lakhs)
*That effective current financial year under considerations, exchange fluctuation is not calculated on Non-monetary
Consolidated Financial Statements
428
WAPCOS ANNUAL REPORT 2021-22
Corporate Overview
1. Claims against the company not acknowledged as debt. 27356.48 29984.57
2022 2021
By Employee 35.31 47.14
By Others 27321.17 29937.43
(Counter claims of the company against above claims amounts to ` Nil
for 31st March 2022 (Previous Year ` 9603.49 Lakhs) not accounted
for in books.)
2. Demand cum Show-Cause notice issued by Service Tax Department 16667.99 16667.99
(The above show-cause notice issued by the Service tax Department
in the year 2014. The company had contested the said show cause
notice and submitted its replies to the department. Several hearings
have been conducted by the department and no further demand
notice has been issued after the initial show cause notice.)
Statutory Reports
"3. Others – Liquidated Damages 10316.87 12084.97
The Company is executing a large number of projects which have
long gestation period & require clearances/ approval from various
Government agencies, which is a time-consuming process. The amount
depicted in the note relates to the probable amount of liquidated
damages that may be levied on the company if the project is not
completed in time schedule. "
Contingent Liabilities - Subsidiary Company
Outstanding claims of contractor pending in arbitration and Courts 17850.15 11205.49
Service tax and Income tax demands and interest on income tax 28043.85 22603.29
demad disputed in appeals / rectification
429
WAPCOS ANNUAL REPORT 2021-22
Recognized amounts of contract revenues and related receivables reflect management ‘s best estimates of each
contract’s outcome and stage of completion which is determined based on progress, efforts, cost incurred to
date bear to the total estimated cost of the transaction, time spend, service performed or any other method
that management considered appropriate. For more complex contracts in particular, cost to complete and
contract profitability are subject to significant estimation and uncertainty.
ii. Group has contract with customers for different services which are given below:·
• Consultancy services
• Turnkey construction projects
Statutory Reports
iii. Group has recognized revenue either on the basis of over time or point of time depends upon satisfaction of
performance obligation on transferring control of goods or services to customers. Revenue has been recognized
by the company over time basis if any one of the following conditions is met:
• Customer simultaneously receives and consumes the benefits.
• Company’s performance creates or enhances an asset that the customer controls as the assets is created or
enhanced.
• Company performance does not create with alternative use and company has enforceable right to payment
for performance completed to date.
Revenue from Contracts with Customers (Ind AS 115) establishes a framework for determining whether,
how much and when revenue is recognised and requires disclosures about the nature, amount, timing
Consolidated Financial Statements
and uncertainty of revenues and cash flows arising from customer contracts. Under Ind AS 115, revenue is
recognized through a 5-step approach:
a. Identify the contract(s) with customer,
b. Identify separate performance obligations in the contract,
c. Determine the transaction price,
d. Allocate the transaction price to the performance obligations, and
430
WAPCOS ANNUAL REPORT 2021-22
Invoices are raised to the clients on the basis of milestones mentioned in the contract. In some of the cases,
performance obligation is completed, however billing is not done due to factors other than passage of time as
mentioned in the milestone. Revenue in excess of billing is unbilled revenue and is classified as a contract asset.
Any amount previously recognised as a contract asset is reclassified to trade receivables as and when billing is
done and respective milestone is achieved.
Corporate Overview
Movement of Contract Assets – Unbilled Revenue
(` in Lakhs)
Particulars 31st March 2022 31st March 2021
Opening Balance 7293.22 25769.89
Net addition 8135.22 275.64
Amount reversed (1144.29) (18752.30)
Closing Balance 14284.15 7293.22
Statutory Reports
Net addition 738.87 2036.83
Amount reversed (1427.11) (4294.42)
Closing Balance 9467.30 10155.54
A contract liability is recognized if the entity receives consideration (or if it has the unconditional right to receive
consideration) in advance of performance.
431
WAPCOS ANNUAL REPORT 2021-22
Disclosure pursuant to para 116(b) & (c) of Ind AS 115 in respect of ‘revenue recognised in the reporting period
that was included in the contract liability balance at the beginning of the period’ and ‘revenue recognised in the
reporting period from performance obligations satisfied (or partially satisfied) in previous periods are as below:
(` in Lakhs)
Revenue recognised in the reporting period that was included in the contract liability 26770.51
balance at the beginning of the period
Revenue recognised in the reporting period from performance obligations satisfied (or 359.70
partially satisfied) in previous periods
432
WAPCOS ANNUAL REPORT 2021-22
The below presents Disaggregated Revenues from contract with customer for the year ended 31st March 2022
from various streams of revenue. The Group believe that this Disaggregation best depicts how the nature, amount,
timing and uncertainty of our revenues and cash flows are affected by industry, market and other economic factor.
(` in Lakhs)
Corporate Overview
Particulars Consultancy Services Construction Projects Total
Domestic Abroad Domestic Abroad
2021-22 49951.85 19618.01 210197.19 32.26 279799.31
2020-21 45981.53 22130.04 181755.96 1419.77 251287.30
iv. Group is rendering many project management consultancy services for and on behalf of clients.
Payments from customers are linked with performance obligations. Wherever on the reporting date work has
been performed and payment is not received as per the contract, in such cases contract assets have been created.
However, where payment is received in advance, but performance obligations have not been completed, in such
cases, contract liabilities have been created. Advances received by the Group for are execution of work and are in
the nature of security i.e., a source of protection.
During the year provision for impairment of amount receivable from client for services rendered/goods supplied
amounting to ` 5059.64 Lakhs pertaining to current year (Previous Year ` 7756.16 Lakhs has been provided).
Statutory Reports
58. During the year ended 31st March 2022, ` 5341.86 Lakhs (Previous Year ` Nil) of unbilled revenue as of 1st
April 2021 has been reclassified to Trade receivables upon billing to customers on Completion of milestones.
In case of Subsidiary company, unbilled revenue of ` 1368.97 Lakh is pending in litigation/disputes and have been
duly impaired in books of accounts.
59. The aggregate value of performance obligations which are yet to be completed as at 31st March 2022 is
` 1587491.56 Lakhs which pertains to various segment of the Group.
(Information has been extracted from books of accounts certified by the management.)
433
WAPCOS ANNUAL REPORT 2021-22
*The Group is of the view that the suspension in some projects is temporary in nature and the activities shall
resume, once the constraining conditions go away. The Group is confident of fulfilling its technical and financial
obligations as well as realization of money due from these projects. Hence, the recoverable as well as payables,
are not static in nature and stated at actual balances recoverable and payables. Adequate provisioning is though
made on such receivables in terms of the companies Expected Credit Loss Policy. Further, in the absence of any
formal communication, stalled projects have been identified as ones on which there is no active working for more
than 3 years.
Corporate Overview
60. Group has not incurred any cost for obtaining contracts except administrative cost required for preparation
of offers and the same is charged to statement of Profit and Loss. Cost incurred (except procurement cost) in
fulfilling the contract is charged to Statement of Profit and Loss if it is not recoverable, otherwise the same is part
of unbilled revenue and unbilled Assets.
62. The sum of ` 54.71 Lakhs pertains to old balance of Leave travel concession not likely payable by the Group.
The requisite measures are being take for assessing likely liability of the Group.
63. A sum of Rs. 228.75 Lakhs is appearing in Note No. 4B towards employee advances. That due measure is
being taken for recovery/adjustment of the same and impairment of Rs. 26.77 Lakhs have been duly provided.
The Group is of the view that the balance amount is fully recoverable.
64. The Group is executing several projects on deposit works basis. Adequate provision for Interest payable to
the clients has been made in the books to the extent the ideal funds have been utilized by the Group. The total
Interest cost provided for during the year is ` 1385.29 Lakhs (Previous Year ` 1397.96 Lakhs) and the interest
Consolidated Financial Statements
payable has been duly disclosed in Note No. - 25 to the financial statement.
65. The reconciliation of GST Portal with book amount of sales, purchase & credit ledger is in the process which
shall be accomplished after filing of requisite returns.
66. The Group has a policy of taking bond money from new regular recruits engaged in the Group. The bond
money is kept in the form of fixed deposit receipts with banks in the name of the Group. The interest accrued on
the deposits along with principal amount is treated as Asset & Liability in the books of the Group. On successful
completion of the bond period, the bond money is returned to the respective officials with interest accrued
thereon. If the official leaves the Group before the completion of the bond period, the same is forfeited and the
same is treated as Income. The amount of such FDRs as on 31st March 2022 is `. 160.70 Lakhs (Previous Year `.
148.45 Lakhs). The Group has adequate internal control for regulating the employees related FDRs & measures
are being taken for digitising the procedure for reconciliation at each employee level.
434
WAPCOS ANNUAL REPORT 2021-22
67. The Group was executing Five number of projects in Afghanistan when the political situation changed on
15.08.2021. Owing to change of Government in Afghanistan, all project operations were temporarily suspended.
The Group had trade receivable amounting to ` 4033.88 Lakhs due from Afghanistan projects as on 15.08.2021.
Out of this, the Group had received ` 2029.82 Lakhs vide on 04.04.2022 (Total amount ` 2065.23 Lakhs and TDS
` 35.41 Lakhs). Thus the balance value of trade receivables due from Afghanistan projects is ` 1992.30 Lakhs. The
management is confident regarding the recovery of due balances in these projects.
Corporate Overview
68. The Group was executing Two number of projects in Sri Lanka & is having trade receivable amounting to
` 92.46 Lakhs due from Sri Lanka projects as on 31.03.2022. The management is confident regarding the recovery
of due balances in these projects.
69. The Subsidiary Company is not paying GST on deposit received from Project authority in terms of proviso to
section 2(31) of the CGST Act. However Group is also in process to file a representation seeking relaxation for GST
to be paid on advances for services rendered under works contract.
As per section 2(31) of CGST Act 2017, funds received as deposits are not in the nature of consideration and hence
GST liability on the same does not arise at the time of receipt of deposit. Rather the GST liability is discharged at
the time of provision of services. On funds received other than for deposit works projects, GST is paid at the time
of receipt of advance fund by the Company.
70. In case of Subsidiary company, The Board of Directors in its 333rd meeting held on 18th August, 2021 has
decided vide agenda no 333.11 to consider for creation of a corpus and framing of Post Retirement Medical
Scheme in order to take care of medical and any other emergency needs of retired employees retired on or before
01.01.2007 and Board desired that assessment should be done for a uniform policy for all employees (even those
Statutory Reports
who retired after 01.01.2007). Same will be put up in next board meeting.
a) directly or indirectly lend or invest in other person or entities identified in any manner whatsoever by or on
behalf of the Group (Ultimate Beneficiaries) or
b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries
vi) The Group has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party)
with the understanding (whether recorded in writing or otherwise) that the Group shall:
a) directly or indirectly lend or invest in other person or entities identified in any manner whatsoever by or on
behalf of the Funding Party (Ultimate Beneficiaries) or
435
WAPCOS ANNUAL REPORT 2021-22
b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries
vii) The Group does not have any transaction which is not recorded in the books of accounts that has been
surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such
as, search or survey or any other relevant provisions of the Income Tax Act, 1961).
viii) The Group has not been declared wilful defaulter by any bank or financial institution or other lender.
Corporate Overview
ix) The Group has complied with the number of layers prescribed under Section 2(87) of the Act read with
Companies (Restrictions on Number of Layers) Rules, 2017.
72. Previous year figures have been regrouped and / or reclassified, whenever, necessary to confirm to those of
the current year grouping and / or classification. Negative figures have been shown in brackets.
Chartered Accountants
FRN - 000272N
Sd/-
Nitin Jain
Partner
M. No. 506898
30 Aug. 2022
Place: New Delhi
Dated: 28 Aug. 2022
Consolidated Financial Statements
436