CONCOR Directors Report


The Shareholders

The directors are pleased to present their report on the business and operations of the company and the statement of accounts for the financial year ended 31st March 2017.





Income from operations



Profit before depreciation & tax (PBDT)



Profit before tax (PBT)



Provision for tax including prior period tax adjustments



Profit after tax (PAT)



Other Comprehensive Income



Total Comprehensive Income for the period




Interim Dividend (Current Year)



Final Dividend (Previous Year)



Corporate tax on dividend



Transfer to general reserves



Balance carried to Balance Sheet



Earnings per share (Rs.)




Ministry of Railways, Govt. of India vide its order no.2011/PL/64/3/Pt.1, dated 29.04.2016 issued Presidential directive stating therein that interim dividend for the financial year 2016-17 shall be 20% higher than the interim dividend 2015-16 and total dividend for the financial year 2016-17 shall be minimum 40% of profit after tax. Further, as per the guidelines issued by DIPAM the minimum dividend to be paid for the year 2016-17 should be at least 5% of net worth or 30% of profit after tax, whichever is higher. Therefore, taking into consideration the above, the Board recommends a final dividend of 75% on the paid up share capital of ''''243.72 crores. An interim dividend @ 96% on the paid up share capital of Rs,194.97 crores has already been paid. The total dividend (including dividend distribution tax) for the year 2016-17 will be Rs,445.29 crores as compared to Rs,316.79 crores for the FY 2015-16, which is an increase of 40.56% over previous year. The dividend for the year 2016-17 works out to 51.90% of profit after tax of the company for the year and is 5.03% of net worth as at 31.03.2017.


The operating turnover of your company registered a decline of 5.33% during the year under review, decreasing from Rs,5,921.73 crores in the previous year to Rs,5,606.13 crores in the current year. Total expenditure decreased by 4.39% from Rs,4,931.26 crores in 2015-16 to Rs,4,714.76 crores in 2016-17. The profit before tax works out to Rs,1180.61 crores, lower by 9.74% over 2015-16. After making provisions for income tax, tax adjustments, the net profit stands at Rs,858.02 crores, which is 9.76% lower than last year. This decrease in Profit After Tax (PAT) is due to rising costs and competition in the business.


The throughput of your company has increased during the year 2016-17 in comparison to the year 2015-16. The segment-wise comparison is as under:

Handling at Terminals (In TEUs)



% age growth













As can be seen, there has been a increase of 6.70% in EXIM and 2.75% in Domestic throughput. In terms of tonnage, also the company carried a total tonnage of 34.70 million tons in current fiscal as against 33.40 Million tons in previous fiscal (2015-16), resulting an increase of 3.9%.


During the year there has been no change in the capital structure of the company and its paid up share capital stands at Rs,194.97 crore. In the month of October 2016, Ministry of Railways, Government of India has transferred 82,340 equity shares to the eligible employees of company, in which 4,87,436 equity shares were offered at Rs,1,135.25 (maximum shares per employee 176). Further, during January 2017 and March 2017, Government of India divested 1.40% and 0.55% respectively stake in company through CPSE ETF FFO and CPSE ETF FFO2. Through these successful CPSE ETF FFOs, Govt. has divested 38,08,253 equity shares of the company. Accordingly, the shareholding of Government and others in the company as on 31.03.2017 was 54.80% and 45.20% respectively, which was 56.79% & 43.21% respectively as on 31.03.2016.

In the month of February 2017, issuance of one bonus equity share for every four equity shares held was recommended by board for which approval of shareholders through postal ballot route was taken by the company. After the above approval of shareholders, the Board of Directors have allotted (on 10.04.2017) bonus shares to the shareholders and as a result the paid up share capital of the company has increased from Rs,194.97 crores to Rs,243.72 crores comprising of 24,37,17,739 equity shares Rs,10/- each.


CONCOR''''s shares are listed with the bourses i.e. Bombay and National Stock Exchanges. The listing fees of both the stock exchanges have been paid.

To facilitate dematerialization of shares by its shareholders, CONCOR has signed agreements with both the Depositories (NSDL & CDSL). As per SEBI guidelines, CONCOR''''s shares have been placed under ‘Compulsory Demat Mode''''. Out of 19,49,74,191 equity shares listed on the Stock Exchanges, 19,49,71,531 equity shares were in demat mode as on 31.03.2017. The market capitalization of the company was Rs,24,834 crores as on 31.03.2017 (as per closing price on NSE).

In the month of April 2017, the company has allotted 4,87,43,548 Bonus equity shares to the shareholders. Therefore, the paid up & listed equity shares of the company increased from 19,49,74,191 equity shares of Rs,10/- each to 24,37,17,739 equity shares of Rs,10/- each.


Capital Expenditure of Rs,1,056.80 crores approx. was incurred mainly on development/expansion of terminals, acquisition of land, wagons, handling equipments and IT Infrastructure, etc.


During the year, the company has further strengthened its existing Terminal Network to provide efficient services to its customers. The Company has 68 Terminals in total as on 31.03.2017, of which 13 are pure EXIM Terminals, 37 are Combined Container Terminals, 17 are pure Domestic Terminals and 1 RCT.

Five facilities were developed during the year 2016-17

- Ahmedgarh (Punjab)

- Visakhapatnam (Andhra Pradesh)

- Tihi (Madhya Pradesh)

- Jharsuguda (Odisha)

- Krishnapatnam (Andhra Pradesh)

Further, at least 7 new facilities and completion of the balance infrastructure in the above facilities is planned for 2017-18. CONCOR will continue with its plans for an aggressive CAPEX programme for further developing new Terminals especially along the upcoming Western & Eastern DFC and in partnership with Ports both existing as well as upcoming.


In order to strengthen and improve the service level, during the year under review 550 BLC wagons were added to the existing fleet of CONCOR owned wagons, increasing the holding of high speed wagons to 12,658. Therefore, total wagon (BLC BLL BFKN BVZI) holding has gone up to 13,998 as on 31.03.2017.

As on 31.03.2017 your company has 21,642 (owned plus leased) containers and it also owns 52 Reach Stackers and 16 Gantry cranes. In addition 26 nos. Reach Stackers container handling equipment have been commissioned during FY 2016-17.


Your Company continued to make progress in the field of information technology. The VSAT based network has been extended and now it covers 73 locations. The Terminal Management Systems for Domestic (DTMS), for EXIM (ETMS), ERP for Oracle Financial, HR Payroll, Container Repair System, Operation system were implemented for the expanded network of terminals and a Data Warehouse Module for commercial applications on centralized architecture is running smoothly across field locations/Regional Offices and Corporate Office.

The web enabled customer interface through a dedicated web server is running successfully providing facilities to the customers. The customer feedback facility system as implemented on the website enables us to constantly evaluate our performance and take corrective action on customer complaints and feedback.

Public grievance lodging and monitoring system has been deployed on CONCOR''''s website for grievance redressal system. This system has been developed in line with the O.M. dated 18/02/2013 of Department of Administrative Reforms & Public Grievances. The objective of the system is to reduce time in addressing grievance, to increase transparency and round the clock access for lodging and monitoring grievances, to increase transparency and round the clock access for lodging and monitoring grievance.

The electronic-filing facility of documents on the commercial system initially provided at ICD/Tughlakabad have now been extended to all EXIM terminals which enable the customers to file their documents electronically from their own offices and on-line payment mode of NEFT/RTGS has been enabled. As part of business continuity plan, CONCOR has established backup site and standby system at primary site for its commercial business critical applications. CONCOR has been recertified ISO/IEC-27001: 2013 certification from STQC IT Certification Services (Ministry of Communication & Information Technology) for establishing an Information Security Management System (ISMS).

As an extension of existing HRMS, employee portal has been introduced. This system facilitates employees to access information regarding their Salary/ reimbursements, leave balances, PF statement, view their APAR online, Online submission of annual property return, pension details, etc. and employee has option of viewing the information on the screen and the printout of the same can also be taken for the record. Online payment system for Corporate office and all regions implemented from Oracle Financials.

The e-tender system with e-payment facility for sale and EMD electronically, MSE exemptions has also been introduced. Recruitment on CONCOR''''s website is integrated with online payment gateway for collection of fees. CONCOR has implemented reverse auction.

CONCOR has re-designed its Corporate website as a responsive website.

E-samarth application for online vigilance clearances to handle bulk NOC request creation and approval and work flow driven system has been evolved. This has increased transparency and drastically reduced the total time of according NOC for various purposes.

E-voting was successfully done for CONCOR shareholders. File tracking system was implemented at Corporate office of CONCOR.

Document Management System has been introduced as a step towards digitalization.

CONCOR has implemented e-meeting app for conducting paperless Board Meetings for CONCOR and its subsidiaries.

CONCOR has launched its mobile app for the information (Public tariff, Rail tariff, track & trace, Company directory, etc.) for its stakeholders.


CONCOR continues to enjoy ISO 9001:2008 certification. It is an illustration of the total commitment of your Company towards Quality Management System. Quality policy clearly provides for ensuring complete customer convenience & satisfaction and Value for money through continual improvement of system and processes. The Quality Policy has been prominently displayed at all locations of CONCOR. During the period under review, a ‘Special Safety Drive'''' was observed by all the regions to create more awareness among the CONCOR officials about safety requirements. The ‘Safety Drive'''' was observed during October 2016. Safety Slogans are displayed at prominent locations at various terminals of CONCOR. ISO Certification is available for most of the Units of your Company. Disaster Management System has been hosted on CONCOR website. Further, in its endeavor to maintain high standards of quality, your Company has been taking various steps which are as follows:

- There were periodical Management Review Meetings wherein various actions were taken including Disaster Management, Safety Norms and Quality Standards.

- There were Quality Audits undertaken by internal trained Quality Auditors from time to time. Special emphasis was made on ‘Swach Bharat” campaign in physical cleanliness of the workstation & other places and proper stacking of files, records etc. for positive work environment.

- There were number of units for which Annual Surveillance Audit was undertaken by an independent agency.

- As on 31.03.2017, 63 Nos. of Terminals (Including C.O. and 8 Nos. Regional Offices) were ISO 9001:2008 certified. JOINT VENTURES/ STRATEGIC ALLIANCES

Your company continued to place emphasis on providing total logistics and transport solutions to its customers by exploring the possibilities of expanding the presence of the company in all segments of Logistics value chain in the EXIM as well as Domestic segments. Strategic alliances firmed up, both for optimal utilization of infrastructure as well as expansion into other segments of the value chain have been effectively achieving the goals.

SIDCUL CONCOR Infra Company Ltd. (SCICL), a Joint Venture Company with shareholding of 74% and 26% of Container Corporation of India Limited (CONCOR) and State Infrastructure & Industrial Development Corporation of Uttarakhand Ltd. (SIIDCUL) respectively has developed a Multimodal Logistic Park (MMLP) at Pantnagar located approx. 300 mts from Rudrapur-Haldwani State Highway and approx. one km. from the NH-87. The facility was inaugurated in the year 2015-16 and the company has commenced its commercial business operation (Domestic) from 28.11.2015 and EXIM Business operation commenced from 17.09.2016. The total throughput from 01.04.2016 to 31.03.2017 is 15,227 TEUs which is quite impressive for a startup company in its first year of operations. SCICL has handled 280 rakes in the FY 2016-17. The total container handled at MMLP, Pantnagar for the staid period is 22,229 TEUs and the revenue for the company from business operations through handling, transportation, storage etc. of container for the sand period was Rs,4.56 crores. The JVC is expected to emerge as a major logistics service provider for rail logistics for the rapidly industrializing State of Uttrakhand. The facility at Pantnagar has given rail access to CONCOR and significant volume is expected to move from this region. It will provide CONCOR with much needed rail access for tapping effectively the potential of the area and thereby divert more traffic from road to rail and will contribute in reducing carbon emission generated due to road transportation.

The Company, Punjab Logistics Infrastructure Limited (PLIL) is a Joint Venture Company of Container Corporation of India Limited (CONCOR) & Punjab State Container and Warehousing Corporation Limited (CONWARE). The company has developed a Logistics Hubs in the state of Punjab facilitating trade and industry of the state and putting them on International map. The authorized capital of the company was Rs,200,00,00,000/- (Rupees Two Hundred Crores only) as on 31st March, 2017. Against this, the paid up share capital of the company has been increased from Rs,139,40,00,000/- (Rupees One Hundred Thirty Nine Crores and Forty Lacs Only) to Rs,170,00,00,000/- (Rupees One Hundred and Seventy Crores Only) during the year under report.

The work related to phase-I has completed and commercial activity has already started for business operation. The terminal has been commercially notified by Railways as Private Freight Terminals for starting the commercial activities on March 2nd, 2017. After the notification, two numbers of rakes ran on PLIL siding. “Flagging off First Train run” was done by General Manager /Northern Railways along with CMD/CONCOR on 3rd March, 2017.

The Company concentrated on the development of the project during the financial year ended 31st March, 2017. The earnings were from other sources during the year amounting Rs,47,52,430/-.

The above two companies i.e. SCICL & PLIL are also subsidiaries of your company as it is holding majority of shares in these companies.

While the existing Subsidiaries & Joint Ventures continued to perform to their full potential contributing to the growth of the core business of CONCOR, new strategic alliances were made.

- CONCOR entered into an agreement wherein CONCOR rakes have been provided exclusive access at the three rail connected terminals at Panipat, Jakhwada and Thimmapur.

- Further, an agreement was also signed with Kribhco Infrastructure Limited (KRIL) for exclusive use of KRIL''''s Hazira terminal for Exim movement for Hazira Port .

- A MOU was signed between CONCOR & GIDC (Gujarat Industrial Development Corporation) for establishment of a Multi Modal Logistics Park at Dahej. Another MOU was signed between CONCOR & GIDB (Gujarat Infrastructure Development Board) during the Summit for establishment of an Inland Container Depot at Rajkot.

- A Memorandum of Agreement was signed between CONCOR and HAL for a further period of 5 years for Domestic and EXIM trade at HAL''''s Ozar Airport at Nashik.

- A Memorandum of Agreement was signed between CONCOR and Airport Authority of India (AAI) subsidiary ‘AAI Cargo Logistics And Allied Services Company Ltd.'''' for Management, Development and Operations of Air Cargo business at various AAI/JVC operated airports either jointly or through CONCOR independently.

- A Memorandum of Agreement was signed between CONCOR and Land Ports Authority of India for Operations and Management of Cargo Terminal at the Integrated Check Post (ICP), Raxaul.


CONCOR had incorporated M/s. Fresh & Healthy Enterprises Ltd. (FHEL) in the year 2006 as its wholly owned subsidiary to create world class cold storage infrastructure in the country, to provide complete cold chain logistics solutions to the various stakeholders in this field.

Keeping in view the losses incurred by the Company year after year despite implementation of various strategic measures, it was agreed that (a) company will not do any purchase/procurement during the year; and (b) leasing model for CA (Controlled Atmosphere) chambers would be followed for the year 2015-16.

Further, Committee of Secretaries (COS) in its meeting held on 13.07.2015 recommended that Ministry of Railways (MoR) may consider the possibility of divesting the Company to the Private sector. However, HSIIDC in their letter in December, 2015 refused to transfer land lease arrangements on which the facility has been constructed to any private entity, thus making divestment not a feasible option.

However, of late number of private parties has approached FHEL for taking the facility on rent for general warehousing purposes. Accordingly, a request was again made in Feb., 2017 to HSIIDC for transfer of the land lease in the name of FHEL and change of land use from Cold Chain complex to warehousing purpose. HSIIDC vide their letter of April, 2017 agreed in principle to transfer the land lease in the name of FHEL and the request for change of land use is under consideration by HSIIDC.

Due to poor apple crop in 2016-17, renting of CA Chambers was very badly hit. Presently, efforts are being made to lease out entire facility to interested parties on long term basis.

FHEL has incurred Net Loss of Rs,13.74 Crores during F/Y 2016-17 as against Net Loss of Rs,25.89 Crores during previous year (2015-16). As on 31.03.2017, accumulated losses of the company stood at Rs,153.75 Crores.

In order to expand its span of operations and make its presence felt in Air cargo business with a view to establish itself in this Industry, CONCOR formed a new company named CONCOR Air Ltd. (CAL), under the Companies Act 1956 in July, 2012. It is 100% subsidiary of CONCOR and has an authorized share capital of Rs,50 crores. The Objectives of CAL are:

- To undertake Air Cargo related activities in International as well as Domestic circuit.

- To contribute in the development of Air Cargo business of the country by providing end to end solutions to the customers through the mode of bonded trucking of Import/Export cargo from the various hinterlands to the Airports.

- To provide warehousing facilities to International & Domestic Air Cargo and to facilitate the clearance of EXIM & Domestic Air Cargo.

CONCOR Air Ltd. has made its presence felt at Chattrapati Shivaji International Airport in the field of domestic and international air cargo related activities by entering into concession agreements with Mumbai International Airport Ltd. (MIAL).

Domestic Air Cargo Concession:

In February, 2013 CONCOR Air Ltd. has entered into an agreement with MIAL under which SANTACRUZ AIR CARGO TERMIAL (SACT) has been developed by CONCOR Air Ltd. SACT is a State-of-the-art GREEN terminal with ultra-modern facilities for storage of cargo, handling, screening, cold storage etc. SACT was commissioned on 09.06.2016. Before commissioning of SACT, CAL had taken over the existing Domestic Common User Terminal of MIAL at Marol for operations w.e.f. 01.05.2013. At Marol CAL was handling domestic air cargo of four airlines viz; Indigo, Spicejet, Go Air and Vistara. With the commissioning of SACT, Jet Airways has also shifted its cargo to CAL.

International Concession Agreement:

CONCOR Air Ltd. has also entered into Concession Agreement with MIAL on 30.10.2013 for operations and management of International Air Cargo at ACC, Sahar. CAL has taken over operations at ACC from February, 2014. Thus, we have got an opportunity to show our capability in the field of International air cargo as well.

With taking over of International as well as domestic air cargo operations at CSIA Airport, which is one of the best International Airport in the world, CONCOR Air Ltd. is heading towards establishing itself in the field of International and Domestic air cargo industry. The company has earned net profit of Rs,7.84 crores after tax during 2016-17. The paid up equity capital of the company was Rs,36.65 Crores as on 31.03.2017.

The annual reports of the above four subsidiaries of CONCOR will be available on the website of the company at Further, your company will make available the accounts of its subsidiaries upon request by any shareholder of the company.


The Consolidated Financial Statements of the Company prepared in accordance with the provisions of the Companies Act, 2013 and the relevant Accounting Standards (AS) issued by the Institute of Chartered Accountants of India forms part of the Annual Report of the Company.


Human Resource Management (HRM) in organizations is designed to maximize employee performance to achieve strategic objectives. HR is primarily concerned with the management of people within organizations, focusing on policies and systems. Being a progressive organization, CONCOR firmly believes in the strength of its most vital asset i.e. Human Resource.

CONCOR has adopted and aligned its HR strategy vis-a-vis systems & procedures taking into account the business objectives and competence building needed for the organization. HR strategy acts as a motivating factor for the employees who contribute to the core competence of the organization to create a match between the company''''s future needs and the aspirations of individual employees.

CONCOR''''s HR Philosophy is rooted in encouraging employee empowerment, growth and development of individuals by realizing their potential, encouraging innovative ideas and fair distribution of rewards.

CONCOR''''s work culture is open and dynamic enabling employees to take initiative in jobs with active support of the top management.

CONCOR is an employer of choice and attracts the best available talent with skill sets required for the growth and development of the organization.

Right placement and refinement of employees is the primary function after induction by which CONCOR HR maintains alignment of individual performance and goals with that of CONCOR Goals.

Great care is taken to provide working environment to the employees conducive to their good health. The occurrence of industrial accidents is minimal. Much care is taken to maintain safe and hygienic working climate conducive to the good health of employees.

CONCOR offers various voluntary benefits (apart from statutory benefits) to its employees. These are offered in the form of options to the employees to choose from a mix of perks and allowances available subject to a maximum ceiling. In addition to allowances and benefits covered in the cafeteria approach, additional perks in the form of residential accommodation; telephone instruments/service; advances and welfare amenities are available.

Provision has been made for timely delivery of HR services through Right to Service for Time Bound Delivery of HR Services and Benefits.

CONCOR has a performance oriented culture wherein contribution of every employee to the organization is measured and suitably rewarded. CONCOR has a sound and result oriented Performance Management System (PMS). The system promotes CONCOR''''s philosophy of rewarding and recognizing meritocracy at all levels and support development of executives through a structured approach woven into the appraisal of the company.

CONCOR has an exclusive training centre at Gurgaon to cater to employees'''' developmental needs. CONCOR conducts both In-house and Specialized topic based trainings as per organizational and employees needs from time to time. Feedback of employees and reporting authorities is reviewed constructively and accordingly next training calendar is scheduled. Employees are put to ‘On the Job Training Programmes'''' and are evaluated to get an understanding of the suitability of the employee for his/her right placement and also to understand specific developmental needs of employees.

CONCOR provides wider opportunities for growth to its employees. Being a young organization with an average age of employees at 40 years, it has formulated a comprehensive Performance Management System (PMS) in order to identify not only the job performance of the employee but also analysis of employee''''s behavior and personality traits under various descriptions of personality. It gives an idea of employee''''s training and developmental needs and thus contributes majorly to the succession planning of the individual and thereby helps in the analysis of an employee for his placement for a particular job.

With a view to keep our below board level employees/ officers prepared for the future requirement of the organization, young managers have been placed as the head of the terminals and departments, under Group General Managers and Executive Directors who have been placed as Head of the Regions and departments.

CONCOR HR is a strategic business partner and the attrition rate is below 2% owing to CONCOR''''s employee welfare and career development policies.


Sound and healthy Industrial Relations (IR) is the pivot around which the entire business operations revolve. CONCOR believes in community of interests and not in conflicts of interests. Various interest groups strive to further goals in the organization and resolution of conflicting interests in a positive manner reinforces faith in the system, besides imbibing strength to face external threats. CONCOR maintained industrial peace and harmony and no mandays were lost during the year. Positive IR has been the goal of HR department. CONCOR provides two way communication, participative culture, open platforms for discussion for ideas and motivation of the employees.


CONCOR is a Central Government Public Sector Undertaking (PSU). It follows all Government mandates in true spirit.

The representation of such categories against the total strength of 1474 as on 31.03.2017 is as under:


No. of Employees

Schedule Caste


Schedule Tribe


Other Backward Classes


Persons with Disabilities (PwDs)




Further, the details of reserved category candidates who have been recruited/ appointed during the year 2016-17 are as under:


No. of Employees

Schedule Caste


Schedule Tribe


Other Backward Classes


Persons with Disabilities (PwDs)





Your company continued to excel in fields of its activities and was a proud recipient of the following awards in the year:

- Honoured for “Outstanding Contribution of PSUs in Transport Sector” at the Dainik Bhaskar 8th India Pride Awards 201617. The award was presented by the Shri Manoj Sinha, Hon''''ble Minister of State, Ministry of Railways and Minister of State (Independent Charge) Ministry of Communications.

- Conferred the Dun & Bradstreet India''''s Top PSU Awards 2016 under the ‘Transport Services'''' sector. The award was presented by Shri. Anil Swarup, Secretary, Ministry of Coal, Government of India.

- “Vigilance Excellence Award 2016” was conferred to CONCOR by Vigilance Study Circle at Hyderabad for conducting an outstanding study on Civil Works.

- “SKOCH BSE Awards 2016 for Achieving Market Leadership”.

- The Dun & Bradstreet India''''s Top 500 Companies & Corporate Awards 2016 under the ‘Transportation & Logistics'''' sector. The award was presented by Shri. Bibek Debroy, Member- NITI Aayog, Government of India.

- Honoured for “Outstanding Contribution of PSUs to Nation''''s Make in India” for creating excellence in the Transport Sector by Hon''''ble Union Minister for Urban Development, Shri M. Venkaiah Naidu at the Dainik Bhaskar 7th India Pride Awards 2015-16.

Ranking Among PSUs / Indian Companies

- CONCOR was ranked 195 in 2016 of Fortune 500 Indian companies.

- CONCOR has been ranked 25 (31 in 2016) in India''''s Most Profitable PSU, by Fortune India.


The relevant information on conservation of energy and technology absorption stipulated under Section 134 of the Companies Act, 2013 read with Rule 8 of The Companies (Accounts) Rules, 2014, are as under:

For energy conservation and technology absorption, Virtualization is being done in the servers of major applications, which is the latest technology, with the objective to reduce the hardware, power consumption and the cooling requirement.

To save power the multiple servers are also being controlled through single console instead of having the separate monitors, which save power as well as reduce cooling requirement. Most of the CRT monitors have been replaced by LCD/LED monitors, which have reduced the power requirement drastically. Most of the latest CPU/ Monitors / Printers of desktops / laptop are configured in power saving mode.

The company is using fuel efficient Rubber Tyred Gantry Cranes and Reach Stackers Machines for handling of containers. Use of fuel efficient power packs to feed power supply to refrigerated containers while transporting to ports. Further use of energy efficient Rail Mounted Gantry Cranes and improved warehouse design is being used by making them more energy efficient.

In addition to above, to conserve energy and to reduce power requirement/ heat dissipation wherever possible, consolidation is practiced as per requirement.


During the year, there were no foreign exchange earnings. The details of foreign exchange outgo are as under:

(Rs, in crore)

Foreign exchange outgo


Import on CIF basis

a) Stores & Spares


b) Capital Goods



- Development of a Mobile Application as a customer friendly initiative for ease of doing business and with the objective of continuous visibility of Cargo. The functionalities available on the App as on date are Track & Trace of containers, Tariffs and other important information about the company. The functionality of this App is being developed further to be more comprehensive to meet all the requirement of Customers.

- Implementing E-filing & KYC across Terminals.

- Actively associating with Railways for prototype development and trials of 25 T higher Axle Load Wagons. Also retrofitting few existing rakes from 20.3 T Axle Load to 22 T Axle Load to run more Double Stack Trains.


Ministry of Railways vide its order no. 2011/PL/64/3/Pt.1, dated 29.04.2016, has issued orders stating that with the approval of The President of India, CPSEs are hereby directed that the total dividend for the financial year 2015-16 shall be paid at the rate of 40% of Profit After tax. Further, interim dividend for the financial year 2016-17 shall be 20 per cent higher than the interim dividend 2015-16 and total dividend for the FY 2016-17 shall be minimum 40 per cent of Profit after Tax.


There has been considerable progress in the use of Official Language Hindi in Official work of CONCOR. The provisions of Section 3(3) of the Official Languages Act have been fully complied with and letters received in Hindi were also replied in Hindi. All efforts were made to correspond with offices situated in ‘A'''', ‘B'''' and ‘C'''' regions in Hindi as per targets set by the Department of Official Language.

Quarterly meetings of Official Language Implementation Committee were held regularly under the chairmanship of Chairman & Managing Director to review the progress made in promoting use of Hindi in CONCOR and the decisions taken therein were properly implemented. During the year, all regional offices including corporate office were inspected in order to rectify shortcoming in use of Hindi in official work. 12 Hindi workshops on various topics were organized to create awareness amongst employees in regard to promote use of Hindi in their official routine work.

Hindi Pakhwara was organized from 14th to 28th September, 2016 in which 5 competitions were held and about 120 officials participated in these competitions. The winner were honored with Cash Prize and certificate. A Hindi Kavi Sammelan was also organized during pakhwara to promote Hindi language which was well received by CONCOR family.

62 employees were given Cash Awards for doing their official work in Hindi under ‘CONCOR Rajbhasha Puraskar Yojna'''' for the year 2015-16. Two officials were awarded with Late Dr. Shankar Dayal Singh Smriti Puruskar 2015 for their significant contribution towards promoting Hindi in official work.

The Office organized a ‘Hindi Kahani Vaachan'''' competition for PSU''''s under the aegis of Town Official Language Implementation Committee (PSU) Delhi on 06th January, 2017 in which 24 officials from various PSU''''s participated. CONCOR was conferred with 2nd Prize by Secretary Official Language for excellence work in promoting Hindi.

CONCOR keeps its library enriched by acquiring Hindi Books of reputed authors on various streams of Hindi Literature. The Number of books in the Library has increased to 2,386 in which 1,730 are Hindi Books. 96 new Hindi Books were purchased during year 2016-17. Leading Newspapers as well as monthly and fortnightly magazines continue to be subscribed. To promote original writing in Hindi and familiarize with company''''s activities, a quarterly magazine ‘Madhubhasika,'''' has been published regularly. Good articles published in this magazine are also suitably awarded. It is also uploaded on the company''''s website. CONCOR''''s website is bilingual and all computers have Unicode facility to work in Hindi.


CONCOR''''s Vigilance Division strives to endorse good corporate governance through twin strategies of promoting integrity, efficiency and transparency and curbing unethical practices in the organization. To achieve these objectives, Vigilance Department carries out preventive checks, suggests systematic improvements, organizes training programmes and recommends punitive actions wherever necessary. The following activities were undertaken during the financial year 2016-17.

Periodic surprise checks were conducted regularly keeping in view the vulnerable spots. During the year 2016-17, 14 Preventive / Surprise checks / CTE type checks were conducted at various offices of CONCOR and its subsidiaries. In addition, cases were investigated on the basis of complaints and other information. Suitable penal action was taken against erring officials and contractors. An amount of Rs,113.94 lakhs was recovered from various contractors/ customers during the financial year.

On the suggestion of Vigilance Division, respective user departments have issued 05 circulars for improvement in systems and procedures. In order to disseminate information among field functionaries, Vigilance Division organized 10 training programmes/ workshops in different Regions covering topical issues such as D & A Rules, Facets of Vigilance and Civil Engineering Works. An intensive review of internal software (ETMS, DTMS, CCLS) was undertaken in consultation with actual users and as many as 216 suggestions were received out of which 141 have been implemented while several more are under consideration. Information technology is being extensively utilized to effectively institute more transparent process like e-tendering, e-payments, e-receipts, e-filing, e-auction etc.

Vigilance Awareness Week (VAW) was observed in all offices of CONCOR with great zeal. CMD administered pledge to officials posted at Corporate Office on 31st Oct., 2016. Similar exercise was carried out by the respective Heads of Regional Offices/ Terminals in the fields. CVO administered Integrity Pledge to various stakeholders at CONCOR''''s flagship container depot located at Tughlakabad on 31st Oct., 2016 to mark the beginning of VAW 2016. A link of e-pledge has been provided on the homepage of CONCOR''''s website. More than 1100 employees have taken the e-pledge.

In order to motivate the employees to be alert on work place, the award for “The Most Vigilant Employee of the Year” was constituted and this year, the award was given to Shri Kunj Bihari, Executive (C&O)/ North Central Region, during Vigilance Awareness Week 2016 .

A panel discussion was organized at Corporate Office on 01st Nov. 2016 where eminent representatives from private sector shared their views on combating corruption.

Vigilance Division organized first-ever Inter-College skit Competition on topic “Collective Action to Fight Corruption” at Shri Ram College of Commerce, University of Delhi on 2nd November, 2016 during Vigilance Awareness Week 2016. Several leading colleges of University of Delhi participated in the event that proved to be thought-provoking. A link of the event is available on You-Tube at

Vigilance Study Circle, Hyderabad has conferred “Vigilance Excellence Award-2016” to Vigilance Division of CONCOR. It was received by Sh Ashish Bhargav, Sr Manager/Technical, Corporate Office. Smt. Sushmita Singh, Dy. Manager (Vigilance)/ CONCOR has received “Vigilance Excellence Award 2016-17” from Institute of Public Enterprise, Hyderabad.


Pursuant to Section 134(5) of the Companies Act 2013, your Directors hereby confirm that:

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

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

iii. The Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities.

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

v. The Directors have laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and were operating effectively.

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


The detailed Management Discussion and Analysis forms a part of this report at Annexure-A.


Your Company has taken structured initiatives towards Corporate Governance & its practices are appreciated by various stakeholders. Your Company believes in the principle that good Corporate Governance establishes a positive organizational culture and it is evident by responsibility, accountability, consistency, fairness and transparency towards its stakeholders. As required under SEBI (LODR) Regulations and DPE guidelines on Corporate Governance, a separate report on Corporate Governance practices followed by the Company forms part of this Report at Annexure-B.

A Practicing Company Secretary has examined and certified your Company''''s compliance with respect to conditions enumerated in SEBI (LODR) Regulations and DPE guidelines on Corporate Governance. The certificate forms part of this Report at Annexure- C.

As a responsible corporate citizen and to reduce carbon foot print, your Company has actively supported the implementation of ‘Green Initiative''''. Electronic delivery of notice of Annual General Meeting (AGM) and Annual Report is being done to those shareholders whose email ids are already registered with the respective Depository Participants (DPs) and downloaded from the depositories i.e. NSDL/CDSL and who have not opted for receiving Annual Report in physical form. Accordingly, unless otherwise desired by the shareholders, the Company sends all documents to the shareholders viz. Notice, Audited Financial Statements, Directors'''' and Auditors'''' Report etc. in electronic form to their registered e-mail addresses.


For describing the initiatives taken by the companies from Environmental, Social and Governance perspective, under SEBI (LODR) Regulations it has been mandated that the top 500 listed entities, based on market capitalization to include Business Responsibility Report (BRR) as part of the Annual Report. SEBI has also issued circular no.CIR/ CFD/CMD/10/2015, dated 04.11.2015 providing the format for BRR reporting in which it has elaborated a disclosure framework mapping company''''s performance on the nine Principles and Core elements. Accordingly, in compliance to the said circular and provisions of SEBI (LODR) Regulations, the Business Responsibility Report (BRR) is contained in a separate section in the Annual Report.


CONCOR impetus towards sustainable development of all its stakeholders by undertaking various welfare activities under its CSR initiatives continued like previous years. As per new Companies Act 2013, CONCOR has formulated its CSR policy for the benefit of different segments of the society, specifically the deprived, underprivileged persons, groups, entities, etc. CONCOR has two Tier CSR Committee system for implementing its CSR activities. The Tier-I committee is headed by Chairman & Managing Director including One Independent Director as its member. The Tier-II committee is headed by ED(MIS & CSR) including two other senior officers & assisted by Sr. Manager (OL & CSR).

Under CONCOR''''s CSR policy various thrust areas have been identified in accordance with the provisions of Companies Act, 2013 and include health & medical care, sanitation, education/literacy enhancement, community development and rehabilitation measures, environment protection, conservation of natural resources, natural calamities and infrastructure development, rural development etc.

CONCOR has executed it''''s major projects in the area of education, health, sanitation, skill development & environment sustainability. Some of its CSR initiatives are as under:

- Solar lights have been provided in the un electrified rural areas of Bhadohi, Phoolpur, Shrawasti and Gazipur districts of Uttar Pradesh to benefit a large number of rural population as well as to improve their quality of life.

- Realizing the importance of providing education to girl child in society, it has provided infrastructural support to girls inter Collages in states of Maharashtra, Odisha, Haryana and Chattishgarh paving the way for better future of society by furthering the cause of girl education.

- Company has been proactive towards providing better health to its stakeholders & people residing near its facilities. For this purpose, it has organized 78 health camps at its 25 major terminals ranging from Tughlakabad (Delhi) to Tondiyarpet (Chennai) and Amingaon (Assam) to Khodiyar (Ahmadabad) to cover all parts of country to provide preventive health care facility to its stakeholders on quarterly basis through which nearly 56,000 stakeholders have been benefited. These health camps cater to the basic medical requirement like sugar, BP, E&T examination, physiotherapy and free distribution of medicines. Approximately 7,800 near vision spectacles distributed free of cost to beneficiaries in such camps. Company is quite sensitive towards people with disabilities and has distributed artificial assistive devices to nearly 500 such beneficiaries in the camps organized at its facilities during the year of report.

- Various skill development activities such as imparting training to OBC youths in 15 states through National Backward Classes Finance & Development Corporation got completed. Skill development training has also been provided to 500 SC youths in two districts of Uttar Pradesh in order to enable them to earn their livelihood on their own. Women belongings from SC/ST/OBC communities were provided training in beauty culture for their sustainable development in society.

- CONCOR is also contributing in upgrading passengers amenities at railways stations by providing water cooler, track cleaning machines, bio toilets, dry dustbins, solar panels etc at various railway stations including New Delhi and Vadodara stations of Indian Railways in order to provide better facilities to railways passengers.

- Similar to previous years, CONCOR continued to contribute in ‘Swachh Bharat Kosh'''' set by Govt. of India for construction of toilet blocks in schools which have no toilet facility.

- CONCOR continued its support to destitute children of society by helping them in their education by arranging their education through ‘Godhuli'''' in New Delhi benefiting such children.

- In order to support economically weaker children to pursue higher studies, CONCOR supported 30 such children in eastern district of Uttar Pradesh by providing free coaching as well as fooding & lodging for preparing higher courses like JEE,UPTU, WBJEE etc.

- CONCOR CSR activities are not limited to urban areas only, it has constructed Perishable Cargo Centre at Ghazipur, Uttar Pradesh in order to save fruits and vegetables getting wasted and ensuring better return to farmers who can store their surplus agri products in the PCC and earn more in order to strengthen their economics.

- In order to discourage drop outs and promote sanitation in schools, toilets blocks have been built in schools of Basti, Gautambudh Nagar, Uttar Pradesh, Bhiwani, Haryana, Kinnur, Kerala.

- CONCOR is more caring to the sections of society which is deprived, orphaned, abandoned neglected which is why it has provided them buildings, shelters etc in Delhi and Odisha.

- Out of the funds allocated as per Companies Act 2013, towards CSR Expenditure for FY 2016-17, an amount of Rs,24.45 crores has been disbursed towards various CSR activities during the year.

CONCOR is fully committed to benefits its stakeholders as per provisions of Companies Act by taking up various social welfare activities for sustainable development of society especially who need it most.

The particulars of CSR activities for the year in the form of the Annual Report on CSR activities is as per Annexure-D to this report.


As per the requirement of SEBI (LODR) Regulations, 2015, the Company is having a Board level Risk Management Committee. The particulars of Committee are stated in the Corporate Governance Report forming part of this Report. The Company has a well laid down Risk Management (RM) system to identify, evaluate risks and opportunities. The said system seeks to create transparency, minimize adverse impact on the business objectives and enhance the Company''''s competitive advantage. The risk management system defines the risk management approach across the enterprise in various business activities. The RM structure has different risk models which help in identifying risks trend, exposure and potential impact analysis at Company level and also separately for business segments. It forms an integral part of the Company''''s functioning and the Board of Directors are being regularly apprised about the status of various risk elements and the mitigation plans for the same.


CONCOR''''s Internal Control Systems are commensurate with its size, scale and complexity and nature of its business activities. Internal audit constitutes an important element in overall internal control systems of the company. The scope of work of the internal audit is well defined and is very exhaustive to cover all crucial functions and businesses of the company. The internal audit in the company is carried out by the independent professional firms appointed for this purpose. Further, the internal financial controls with reference to the Financial Statements are adequate.

The respective department of the company monitors and evaluates the efficacy and adequacy of internal control system in the Company, its compliance with operating systems and accounting procedures and policies. Based on the report of internal auditors'''' necessary steps are taken at regular intervals to further strengthen the existing systems and procedures. The significant observations of internal auditors and corrective actions thereon are presented to the Audit & Ethics Committee of the Board at regular intervals.


The information required along with the disclosures to be made in accordance with the provisions of Section 197(12) of the Companies Act, 2013 read with the Rule 5 of Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 as amended from time to time is as per Annexure-E and forms part of this report.


Being a Government Company, the Comptroller & Auditor General (C&AG) of India had appointed Company''''s Statutory and Branch/Regional Auditors for the financial year 2016-17. M/s. Arun K Agarwal & Associates, Chartered Accountants has been appointed as Company''''s Statutory Auditors for the year 2016-17. The statutory auditors were appointed by C&AG vide its letter No.CA.V/COY/CENTRAL GOVERNMENT,CCIL(9)/1292, dated 01.09.2016. The Statutory Auditors of the company is being paid an audit fee of Rs,4,00,000/-. The Statutory Auditors have audited the Annual Financial Statements of the Company for the financial year ended on 31.03.2017.

The comments of the Comptroller and Auditor General (C&AG) of India, through letter No. PDA/RC/RPSU/32-65/ CONCOR/2017-18/377, dated 21st August, 2017 on the Audited Financial Statements of your Company for the financial year ended 31.03.2017 under the Companies Act, 2013 have been received. The Comments of C&AG for the financial year 2016-17 along with the Statutory Auditors Report of your company have been placed elsewhere in this Annual Report.


During the financial year 2016-17, eight meetings of the Board of Directors were held for transacting various businesses. During the year and upto the date of this report, the directorship in the company are under:

- Shri V. Kalyana Rama, Chairman and Managing Director w.e.f. 01.10.2016 [DIN: 07201556] [Director (Projects & Services) upto 30.09.2016]

- Dr. P. Alli Rani, Director (Finance) & CFO [DIN: 02305257]

- Shri Pradip K. Agrawal, Director (Domestic Division) [DIN: 07557080] (w.e.f. 01.07.2016)

- Shri Sanjay Swarup, Director (Intl. Mktg. & Ops.) [DIN: 05159435] (w.e.f. 01.09.2016.)

- Shri S. K. Sharma, Govt. Nominee Director [DIN: 07522844] (w.e.f. 22.05.2016)

- Shri Sanjay Bajpai, Govt. Nominee Director [DIN: 07549036] (w.e.f. 01.07.2016)

- Shri Kamlesh Shivji Vikamsey, Independent Director [DIN: 00059620] (w.e.f. 05.04.2016)

- Maj. Gen. (Retd.) Raj Krishan Malhotra, Independent Director [DIN: 07483272] (w.e.f. 05.04.2016 and upto 16.06.2017)

- Shri Sanjeev S. Shah, Independent Director [DIN: 00323163] (w.e.f. 05.04.2016)

- Shri Anil Kumar Gupta, Chairman and Managing Director [DIN: 00066328] (upto 30.09.2016)

- Shri Yash Vardhan, Director (Intl. Mktg. & Ops.) [DIN: 01842119] (upto 31.08.2016)

- Shri Arvind Bhatnagar, Director (Domestic Division) [DIN: 03564703] (upto 30.06.2016)

- Shri Manoj K. Akhouri, Govt. Nominee Director [DIN: 02293829] (upto 25.04.2016)

Shri Manoj K. Akhouri, part-time Government director ceased to hold the office of director CONCOR w.e.f. 25.04.2016 as they relinquished the charge of duty from the post of EDTT(F), Railway Board. CONCOR being a Government company, the directors on its board are appointed by the Ministry of Railways from time to time. Shri S. K. Sharma, was appointed part-time government director w.e.f. 22.05.2016 as per order no. 2004/PL/51/3 dated 06.05.2016 of Ministry of Railways. Shri Sanjay Bajpai was appointed part-time government director w.e.f. 01.07.2016 as per order no. 2004/PL/51/3 dated

10.06.2016 of Ministry of Railways. Shri Pradip K. Agrawal was appointed Director (Domestic Division) w.e.f. 01.07.2016 as per order no. 2015/E/(O)II/40/6, dated 30.06.2016 of Ministry of Railways. Shri Sanjay Swarup was appointed Director (International Marketing & operations) w.e.f. 01.09.2016 as per order no. 2015/E/(O)II/40/7, dated 05.07.2016 of Ministry of Railways. Shri V. Kalyana Rama was appointed Chairman and Managing Director w.e.f. 01.10.2016 as per order no. 2015/E/(O)II/40/13, dated 30.09.2016 of Ministry of Railways.

In terms of order of the Ministry of Railways, Government of India three non-official part-time (Independent) Directors were appointed on the Board of CONCOR on 05.04.2016. These Independent Directors were Shri Kamlesh Shivji Vikamsey, Maj. Gen. (Retd.) Raj Krishan Malhotra & Shri Sanjeev S. Shah. Maj. Gen. (Retd.) Raj Krishan Malhotra now ceased to be a director of CONCOR due to his sudden and untimely demise on 16.06.2017. CONCOR had already requested Ministry of Railways for appointment of five new independent directors in place of the independent directors who has either resigned or whose tenure has ended earlier.


As per the Companies Act, 2013 the provisions in respect of retirement of Directors by rotation will not be applicable to Independent Directors. In view of this, no Independent Director is considered to be retiring by rotation but all other directors will be retiring by rotation. Accordingly, one third among all other directors namely Dr. P. Alli Rani and Shri S. K. Sharma are liable to retire by rotation and being eligible, offer themselves for reappointment.


As per Section 134 (3)(p) of the Companies Act 2013, the Board''''s Report of a Listed Company shall include a statement indicating the manner of formal annual evaluation of Board, Individual Directors etc. The MoU signed between the company and the Govt. of India details out the parameters and initiatives that the company is required to undertake during that financial year. This MoU is evaluated at the end of the year by the Govt. and a performance rating is assigned to CONCOR based on its performance on the spelt out parameters. The terms of reference of Board Level Committees are approved by the Board. The minutes of Board Level Committees are placed before the Board for its perusal. Further, there is a well laid down procedure for evaluation of CMD and Functional Director''''s performance. Department of Public Enterprises (DPE) has designed a format and laid down a procedure for filling up and evaluation of the Director''''s performance. As soon as the concerned Director does self assessment, his evaluation is done next by CMD, then by Secretary, Heavy Industries and closed by the Minister-in-Charge. The tenure of Functional Directors as spelt out in their Terms and Conditions of Appointment is five years or the date of their superannuation, whichever is earlier.

As per Schedule IV of the Companies Act, 2013, on the basis of performance evaluation of Independent Directors, it shall be determined whether to extend or continue their term of appointment. Since the appointment of the Independent Directors is decided by the Govt. of India and as the tenure of Independent Directors is normally for a period of three years, also as decided by the Govt. of India, the Board is not in a position to decide their continuance or otherwise on the basis of performance evaluation. Ministry of Corporate Affairs has vide its notification dated 5th June, 2015 notified the Exemptions to Government Companies from the provisions of the Companies Act, 2013 which inter-alia provides that Sec. 134(3) (p) regarding statement on formal annual evaluation shall not apply to Government Companies in case the Directors are evaluated by the Ministry which is administratively in-charge of the company as per its own evaluation methodology. Further, in line with aforementioned exemptions, Sub-Sections (2), (3) & (4) of Sec. 178 regarding appointment, performance evaluation and remuneration shall not apply to Directors of Government Companies.

CONCOR is a Government Company under the administrative control of Ministry of Railways. The selection procedure for all the directors is also laid down by the Government of India and all the directors of the company have been appointed in accordance with the said procedure. The functional directors including CMD are selected on the recommendations of PESB in accordance with the procedure and guidelines laid down by Govt. of India. Its Board of Directors are appointed by Ministry of Railways and there is system and procedure laid down by Department of Public Enterprises for evaluation of its functional directors including Chairman and Managing Director. The evaluation framework for assessing the performance of functional directors comprises of the following key areas:

- Performance of the company under the MOU signed with Ministry of Railways.

- Performance with respect to the targets fixed for the respective director.

- The evaluation includes self evaluation by the respective board member and subsequent assessment by CMD for the functional directors and thereafter final evaluation by the Ministry of Railways, the administrative ministry.

- In respect of CMD the evaluation includes self evaluation and final evaluation by the Ministry of Railways.

The independent directors in their separate meeting have also evaluated all other board members of the company and the same was found to be satisfactory.

In respect of Government nominee directors their evaluation is done by the Ministry of Railways as per the procedure laid down. The evaluation of independent directors is done by the board of the company.

The induction of officers at below board level is made by way of recruitment, promotion and/or lateral entry by way of deputation/immediate absorption of the officials from Ministry of Railways, Govt. Departments and other PSUs.

The performance of below Board Level Officials at Group General Manager and Executive Director grades is evaluated on the basis of the achievement of MOU targets as approved by Administrative Ministry and DPE. The performance of Functional Directors is evaluated by the Administrative Ministry i.e. Ministry of Railways.

CONCOR follows a robust Performance Management System (PMS) in compliance with the DPE instructions for evaluation of performance of its officials in Sr. General Manager and below grade. Format for evaluation comprises broad parameters for assessment of personal traits of the officials such as integrity, communication, cost consciousness, planning and organizing, job knowledge, continuous improvement, people management, collaboration, initiatives etc. and contribution of the official towards financial performance of the organization. The Key Result Areas (KRAs) are proposed by the appraise and approved by appraiser in the beginning of the year which is subject to mid-year review for further modification/improvement, if any. The officials are rated for their performance and Bell Curve approach is followed for payment of Performance Related Pay (PRP) as per DPE guidelines/instructions in this regard, suitably modified on the basis of ASCI (Administrative Staff College of India) recommendations for your company.

CONCOR being a Gov

CIN: U67190WB2003PTC096617. Trading in Commodities is done through our Group Company Dynamic Commodities Pvt. Ltd. The company is also engaged in Proprietory Trading apart from Client Business.

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