MEP Infrastructure Developers Ltd Directors Report.

To,

The Members,

Your Directors present their Sixteenth Annual Report and Audited Financial Statements of MEP Infrastructure Developers Limited for the Financial Year ended 31st March, 2018.

FINANCIAL RESULTS

The Companys financial performance for the year ended 31st March, 2018 is summarized below:

( Rs. in Lakhs)
Particulars Standalone Results Consolidated Results
For the year ended as at: For the year ended as at:
31st March, 2018 31st March, 2017 31st March, 2018 31st March, 2017
Total Revenue 1,49,088.00 81,000.00 2,44,236.82 1,81,543.58
Total Expenses 1,42,704.40 78,323.28 2,33,780.90 1,80,137.92
Profit/(Loss) Before Tax & Prior Period Expenses 6,383.60 2,676.72 10,455.92 1,405.66
Prior Period Expense (Net)/Exceptional Item - - - 15,793.35
Profit/(Loss) Before Tax 6,383.60 2,676.72 10,455.92 17,199.01
Tax Expense (Net) (2,367.31) (908.89) (3,830.56) (6,325.35)
Profit/(Loss) After Tax and before Share of Profit/ 4,016.29 1,767.83 6,625.36 10,873.66
(Loss) of Associates/Joint Venture
Share of Profit/(Loss) of Associates/Joint Venture - - 471.53 18.84
Net Profit/(Loss) After Tax 4,016.29 1,767.83 7,096.89 10,892.50
Earnings Per Share (Rs.) 2.47 1.09 4.37 6.70

PERFORMANCE OF THE COMPANY

On standalone basis, total revenue for the financial year under review was 1,49,088.00 Lakhs as against 81,000.00 Lakhs for the previous financial year registering an increase of 68,088.00 Lakhs. The profit before tax was 6,383.60 Lakhs and the profit after tax was 4,016.29 Lakhs for the financial year under review as against 2,676.72 Lakhs and 1,767.83 Lakhs respectively reported for the previous financial year.

On consolidated basis, total revenue for the financial year under review was 2,44,236.82 Lakhs as against 1,81,543.58 Lakhs for the previous financial year registering an increase of 62,693.24 Lakhs predominantly due to higher contribution of EPC revenues and incremental Tolling Margins. The profit before tax was 10,455.92 Lakhs and the net profit after tax was 7,096.89 Lakhs for the financial year under review as against 17,199.01 Lakhs and 10,892.50 Lakhs inclusive of exceptional item respectively reported for the previous financial year.

DIVIDEND

Your Directors recommend payment of dividend @ 3% i.e. 0.30 per equity share on face value of 10/- each on 18,34,46,051 equity shares aggregating to 550 Lakhs (previous financial year: 406 Lakhs).

Your Board has approved and adopted a Dividend Distribution Policy and the same is available on the Companys website on www.mepinfra.com.

TRANSFER TO RESERVES

The Directors do not propose to transfer any amount to Reserve.

SUCCESSFUL QUALIFIED INSTIUTIONAL PLACEMENT ISSUE

Your Directors are pleased to inform you that the Company has successfully raised 16,179.57 Lakhs via issue of equity shares through a Qualified Institutional Placement (QIP). Your Company had targeted raising a base deal amount of 13,500 Lakhs with an option to upsize the deal. This option was exercised by your Company as it received bids in excess of the base deal amount of 13,500 Lakhs. It closed the QIP at an issue price of 77.50 per equity share including a discount of 4.90 per cent to the floor price of 81.49 per equity share calculated in accordance with the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009. The issue was opened for subscription on 22nd March, 2018 and closed on 27th March, 2018.

Your Company has allotted 2,08,76,860 equity shares to the new shareholders on 4th April, 2018 and the trading on new shares was commenced with effect from 6th April, 2018.

SHARE CAPITAL

The Paid-up Equity Share Capital as on 31st March, 2018 was 162,56,91,910/- (divided into 16,25,69,191 equity shares of 10/- each). As stated above your Company had made an allotment of 2,08,76,860 equity shares through QIP Issue. The post QIP issue Paid-up Equity Share Capital as on the date of this Report stands at 183,44,60,510/- (divided into 18,34,46,051 equity shares of 10/- each).

MATERIAL CHANGES AFFECTING THE COMPANY

Apart from the QIP Issue, as stated above there were no material changes and commitments affecting the financial position of the Company between the end of the financial year and the date of the report.

OPERATIONS v HYBRID ANNUITY MODEL PROJECTS

During the year under review your Company has been awarded the following 4 (Four) Projects under the Hybrid Annuity Model (HAM).

Ausa-Chakur Project: Chakur-Loha Project:
Four Laning of Ausa – Chakur Four Laning of Chakur –
Section of NH-361 from Loha Section of NH-361
km. 55.835 to km. 114.345 from km. 114.600 to km.
(design length 58.51 km.) in 187.800 (design length
the State of Maharashtra. 73.345 km.) in the State of
Maharashtra.
Loha-Waranga Project : Vadape -Thane Project :
Four Laning of Loha – Eight Laning of Vadape
Waranga Section of NH-361 from km. 187.800 to km. 244.369 (design length 56.569 km.) in the State of Maharashtra. – Thane Section of NH-3 from km. 539.202 to km. 563.000 (design length 23.798 km.) in the State of Maharashtra.

During the year under review your Company has received the Appointed Date for 4 (Four) HAM Projects:

Sr. Project Details Appointed
No. Date
1. Talaja Mahuva [Four Laning of Talaja Mahuva Section of NH 8E (km. 53.5 – km. 100.1) & design chainage (km. 54.9 – km. 100.45)] 25th April, 2017
2. Mahuva Kagavadar [Four Laning of Mahuva Kagavadar Section of NH 8E (km. 100.100 – km. 139.915) & design chainage (km. 100.450 – km. 140.470)] 15th May, 2017
3. Arawali Kante [Four Laning of Arawali Kante Section of NH 66 (km. 241.3 – km. 281.3) under NHDP Phase-IV] 13th November, 2017
4. Kante Waked [Four Laning of Kante Waked Section of NH 66 (km. 281.3 – km. 332.2) under NHDP Phase-IV] 13th November, 2017

As on the date of this report your Company has achieved the following Projects Milestones:

• Mahuva Kagavadar [Four Laning of Mahuva Kagavadar Section of NH 8E (km. 100.100 – km. 139.915) & design chainage (km. 100.450 – km. 140.470)]

• The Authority has paid the first Milestone payment for 20% of the physical progress for the project on 12th December, 2017, which is 79 days ahead of the Scheduled Date for the Milestone viz. 28th February, 2018.

• Nagpur Ring Road-Package I [Four Laning standalone Ring Road/ Bypass (km. 0.5 – km. 34.0) for Nagpur city].

• The Authority has paid the first and second Milestone payment for 20% and 40% of the physical progress for the project on 21st August, 2017 and 25th May, 2018, respectively.

• Nagpur Ring Road-Package II [Four Laning standalone Ring Road/ Bypass (km. 34.5 –km. 62.035) for Nagpur city].

• The Authority has paid the first Milestone payment for 20% of the physical progress for the project on 11th January, 2018.

v TOLLING PROJECTS

As on the date of this report, your Company has successfully won the following key Tolling contracts:

‘Operation & Maintenance of Rajiv Gandhi Sea Link and Toll Plaza & Collection of Toll on Whole Upfront basis for a period of 3 (Three) Years.

‘Collection of Toll Tax & Environment Compensation Charge (ECC) at Border Points from Specified Commercial Vehicles entering Delhi as a Contractor for SDMC (Lead Corporation acting on behalf of all the three Corporations of Delhi) for a period of 5 (Five) Years.

‘Collection of Toll at Chennasamudram Fee Plaza at km. 104.900 [for a length of 46.500 km.] for the Section from km. 106.800 to km. 13.800 (Walajahpet-Poonamallee Section) of NH-4, in the State of Tamil Nadu for a period of 1 (One) Year.

‘Collection of Toll at Athur Toll Plaza at km. 103.500 on Tambaram to Tindivanam Section from km. 74.500 to km. 121.000 of NH-45 in the State of Tamil Nadu for a period of 1 (One) Year.

As on the date of this report your Company has successfully completed 120 projects consisting of 222 toll plazas and 1,393 lanes across 15 states in India and has 15 ongoing projects.

Detailed information on the operations of the Company and details on the state of affairs of the Company are covered in the Management Discussion and Analysis Report.

DEPOSITS

The Company has not accepted any deposits during the financial year.

MANAGEMENT DISCUSSION AND ANALYSIS

The Management Discussion and Analysis forms an integral part of this report and is presented separately. It gives details of the overall industry structure, economic developments, performance and state of affairs of your Company and their adequacy, risk management systems and other material developments during the Financial Year 2017-18.

DIRECTORS AND KEY MANAGERIAL PERSONNEL

Mr. Dattatray P. Mhaiskar, Founder Director and Chairman (Non-Executive Non- Independent Director) of the Company ceased to be a Director with effect from 3rd January, 2018 due to his sad demise. The Directors placed on record their deep gratitude for his valuable guidance and assistance given to the Company during his tenure as a Chairman and also a Member of the Nomination and Remuneration Committee of the Company.

Mrs. Sudha D. Mhaiskar (DIN:00707501) was appointed by the Board of Directors as an Additional Director with effect from 12th February, 2018. A notice has been received from member proposing Mrs. Mhaiskar as a candidate for the office of Director of the Company. Appropriate resolutions seeking your approval for the same has already been included in the Notice of the Annual General Meeting.

Mr. Jayant D. Mhaiskar (DIN:00716351) was re-designated as the Chairman & Managing Director with effect from 12th February, 2018, for the remaining tenure without any variation in the existing terms and conditions of his appointment as the Managing Director of the Company.

Mr. Murzash Manekshana (DIN:00207311) Director of the Company, is liable to retire by rotation at the ensuing Annual General Meeting and, being eligible, offers himself for re-appointment. Your Board of Directors recommend his re-appointment.

The Board of Directors at its meeting held on 25th May, 2017, has approved the appointment of Mr. P. B. Dandawate as Chief Executive Officer – Roads & Infrastructure of the Company from that date.

Mr. Shridhar Phadke resigned from the post of Company Secretary and Compliance Officer of the Company with effect from closure of business hours of 5th May, 2017. The Board has placed on record its appreciation for the contribution made by Mr. Phadke during his tenure of the office. The Board in its meeting held on 25th May, 2017 has appointed Mr. Harshad Pusalkar as Company Secretary and Compliance Officer with effect from 5th May, 2017.

All Independent Directors have given declarations that they meet the criteria of independence as laid down under Section 149(6) of the Companies Act, 2013 and Regulation 16(b) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

DIRECTORS RESPONSIBILITY STATEMENT

As required under clause (c) of sub-section (3) of Section 134 of the Companies Act, 2013, the Directors, to the best of their knowledge and belief, state that –(i) in the preparation of the annual accounts, the applicable Accounting Standards had been followed along with proper explanation relating to material departures; (ii) the Directors had 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 of the Company for the year ended on that period; (iii) the Directors had 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 had prepared the annual accounts on a going concern basis; (v) the Directors had laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and were operating effectively; and (vi) the Directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

DISCLOSURE ON COMPLIANCE WITH SECRETARIAL STANDARDS

Your Directors confirm that the Secretarial Standards issued by the Institute of Company Secretaries of India, have been complied with.

INDIAN ACCOUNTING STANDARDS (IND AS) – IFRS CONVERGED

The Company has prepared the Financial Statements (both standalone and consolidated) for the year ended 31st March, 2018 as per Indian Accounting Standards (‘Ind AS) notified vide G.S.R. 111(E) dated 16th February, 2015 as amended from time to time.

PERFORMANCE EVALUATION OF THE DIRECTORS

Pursuant to the provisions of the Companies Act, 2013 and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Board has carried out an annual performance evaluation of its own performance as well as of its Committees thereof and of the Directors individually. The manner in which the evaluation has been carried out has been covered in the Corporate Governance Report.

REMUNERATION POLICY

The Board has on the recommendation of the Nomination and Remuneration Committee framed a policy for selection, appointment and remuneration of Directors and Key Managerial Personnels. The Remuneration Policy is stated in the Corporate Governance Report.

EXTRACT OF ANNUAL RETURN

The extract of annual return as provided under sub-section (3) of Section 92 of the Companies Act, 2013, in the prescribed Form MGT-9 is annexed to this Report.

NUMBER OF MEETINGS OF THE BOARD

There were 4 (Four) meetings of the Board held during the year. Detailed information is given in the Corporate Governance Report.

AUDIT COMMITTEE

The Audit Committee comprises of 3 (Three) Independent Directors and an Executive Director. Detailed information is given in the Corporate Governance Report. All the recommendations made by the Audit Committee were accepted by the Board.

CORPORATE GOVERNANCE

A separate section on Corporate Governance forms a part of our Report. A certificate has been received from the Secretarial Auditor of the Company regarding compliance of requirements of Corporate Governance as stipulated under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

AUDITORS v STATUTORY AUDITORS

Pursuant to the provisions of Section 139 of the Companies Act, 2013 and the Rules made thereunder, the Members of the Company at the 15th Annual General Meeting (‘AGM) held on 27th July, 2017, appointed M/s. G. D. Apte & Co., Chartered Accountants (Firm Registration No. 100515W) as the Statutory Auditors of the Company to hold office for period of 5 (Five) years from the conclusion of the 15th AGM until the conclusion of the 20th AGM of the Company subject to ratification at every AGM of the Company. A suitable resolution for ratification of their Appointment as Statutory Auditors for the Financial Year 2018-19 is included in the Notice of the 16th AGM.

Considering applicability of the provisions of Section 40 of the Companies (Amendment) Act, 2017 notified with effect from 7th May, 2018, as notified by the Ministry of Corporate Affairs, the requirement of ratification of appointment of Auditors by the Members at every AGM has been omitted.

However, considering the resolution passed at the 15th AGM, the Board as an abundant caution recommends the ratification of the Statutory Auditor at this AGM and the Board is of the opinion that no ratification for the appointment of the Statutory Auditors would be required from next AGM and they shall continue to hold office of Statutory Auditors till the conclusion of the 20th AGM of the Company.

There is no audit qualification, reservation or adverse remark for the year under review. However, the Statutory Auditors have made some observation in Annexure to the Independent Auditors Report; reply for which is mentioned below:

Our Company has generally been regular in depositing statutory dues. The identified delayed amounts have subsequently been paid and the management has taken steps to avoid delays in future.

• COST AUDITORS

Pursuant to Section 148 of the Companies Act, 2013 and the Rules made thereunder your Company has been carrying out audit of cost records relating to road maintenance activity every year.

The Board of Directors, on recommendation of the Audit Committee, has appointed M/s. Nawal Barde Devdhe Associates, Cost Accountants (Firm Registration No. 001711), as Cost Auditor to audit the cost accounts of the Company for the Financial Year 2018-19. As required under the Companies Act, 2013, a resolution seeking Members approval for ratification and consideration of the remuneration payable to the Cost Auditor forms part of the Notice convening the Annual General Meeting.

The Cost Audit Reports for the Financial Year ended 31st March, 2017 were filed on 21st December, 2017.

The Cost Audit Reports for the Financial Year ended 31st March, 2018 are required to be submitted by the Cost Auditor to the Board of Directors on or before 28th September, 2018 and same are required to be filed by the Company with the Central Government within 30 (Thirty) days from the receipt of the reports.

• SECRETARIAL AUDITOR

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and the Rules made thereunder, the Company has appointed, CS Dinesh Joshi, Designated Partner, KANJ & Co. LLP, (Membership No.3752) (Formerly KANJ & Associates) Company Secretaries in Practice to undertake the secretarial audit of the Company for the Financial Year 2017-18. Secretarial Audit Report as issued by him in the prescribed Form MR-3 is annexed to this Report.

The said Secretarial Audit Report does not contain any qualification, reservation or adverse remark for the year under review.

PREVENTION OF SEXUAL HARASSMENT OF WOMEN AT WORKPLACE

Pursuant to the provisions of Section 22 of the Sexual Harassment of Women at Workplace (Prevention, Prohibition & Redressal) Act, 2013 read with Rules made thereunder, the Company had formulated and adopted a Policy on Prevention of Sexual Harassment at Workplace. The Company has not received any complaint of sexual harassment during the year under review.

RISK MANAGEMENT POLICY

Your Company has implemented mechanism to identify, assess, monitor and mitigate various risks and has formulated a Risk Management Policy. The Audit Committee and the Board of Directors are informed of the Risk assessment and minimization procedures.

CORPORATE SOCIAL RESPONSIBILITY

Pursuant to Section 135 of the Companies Act, 2013, the brief outline of the CSR Policy of your Company, composition of the Committee and report on initiatives undertaken by your Company on CSR activities during the year are set out in Report annexed, in the format as prescribed in the Companies (Corporate Social Responsibility Policy) Rules, 2014.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS

Information regarding loans, guarantees and investments as required under the provisions of Section 186 of the Companies Act, 2013 is not applicable to the Company, as the Company is exempted under the category of "the companies providing infrastructure facilities".

RELATED PARTY TRANSACTIONS

All related party transactions during the year were on arms length basis and not in conflict with the interest of the Company. The particulars of the said transactions alongwith other contracts/arrangements are also briefed in the Note/Schedule 38 to the financial statement which sets out related party disclosures. A Statement containing particulars of contracts/arrangements entered into by the Company with related parties referred to in sub-section (1) of Section 188 of the Companies Act, 2013 including certain arms length transactions in prescribed form AOC-2 is annexed.

The Policy on materiality of related party transactions and dealing with related party transactions as approved by the Board may be accessed through the following portal link: http://www.mepinfra.com.

CODE OF CONDUCT

The Board of Directors has approved a Code of Conduct which is applicable to the Members of the Board and specified employees in the course of day to day business operations of the Company. The Company believes in "Zero Tolerance" against bribery, corruption and unethical dealings/behavior in any form and the Board has laid down certain directives to counter such acts. Such code of conduct has also been placed on the Companys website. The Code lays down the standard procedure of business conduct which is expected to be followed by the Directors and the designated employees in their business dealings and in particular on matters relating to integrity in the work place, in business practices and in dealing with stakeholders. The Code gives guidance through examples on the expected behavior from an employee in a given situation and the reporting structure. All the Board Members and the Senior Management personnel have confirmed compliance with the Code. A declaration to this effect signed by the Chairman & Managing Director of the Company appears elsewhere in this annual report.

PARTICULARS OF EMPLOYEES

The information required pursuant to Section 197 of the Companies Act, 2013 read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 in respect of employees of the Company, is annexed. The information about Top Ten Employees in terms of remuneration will be available for inspection by the Members at the Registered Office of the Company during business hours on working days of the Company up to the date of the ensuing Annual General Meeting. If any Member is interested in obtaining a copy thereof, such Member may write to the Company Secretary in this regard.

VIGIL MECHANISM/WHISTLE BLOWER POLICY

The Company has established a Vigil Mechanism Policy/Whistle Blower Policy to deal with instances of fraud and mismanagement, if any. Staying true to our core values of Strength, Performance and Passion and in line with our vision of being one of the most respected companies in India, the Company is committed to the high standards of Corporate Governance and Stakeholder Responsibility. The said Policy ensures that strict confidentiality is maintained in respect of whistle blowers whilst dealing with concerns and also specified that no discrimination will be meted out to any person for a genuinely raised concern. The Policy on Vigil Mechanism/Whistle Blower Mechanism may be accessed through website of the Company viz. http://www.mepinfra.com.

SUBSIDIARY/JOINT VENTURE/CONSORTIUM

Following are the Companies/LLP which are Subsidiaries/Associates/Consortium of the Company:

Wholly Owned Subsidiaries

Raima Ventures Pvt. Ltd.

Rideema Toll Pvt. Ltd.

Rideema Toll Bridge Pvt. Ltd.

MEP Nagzari Toll Road Pvt. Ltd.

MEP IRDP Solapur Toll Road Pvt. Ltd.

Raima Toll Road Pvt. Ltd.

MEP Chennai Bypass Toll Road Pvt. Ltd.

MEP Highway Solutions Pvt. Ltd.

MEP RGSL Toll Bridge Pvt. Ltd.

Raima Toll & Infrastructure Pvt. Ltd.

MEP Tormato Pvt. Ltd.

MEP Roads & Bridges Pvt. Ltd.

Mhaiskar Toll Road Pvt. Ltd.

MEP Infra Constructions Pvt. Ltd.

MEP Toll & Infrastructure Pvt. Ltd.

MEP Infraprojects Pvt. Ltd.

Subsidiaries

MEP Infrastructure Pvt. Ltd.

MEP Hyderabad Bangalore Toll Road Pvt. Ltd.

MEP Nagpur Ring Road 1 Pvt. Ltd.

MEP Sanjose Nagpur Ring Road 2 Pvt. Ltd.

MEP Sanjose Arawali Kante Road Pvt. Ltd.

MEP Sanjose Kante Waked Road Pvt. Ltd.

MEP Sanjose Talaja Mahuva Road Pvt. Ltd.

MEP Sanjose Mahuva Kagavadar Road Pvt. Ltd.

MEP Longjian ACR Pvt. Ltd.

MEP Longjian CLR Pvt. Ltd.

MEP Longjian Loha Waranga Road Pvt. Ltd.

MEP Longjian VTR Pvt. Ltd.

MEP Foundation*

Step Down Subsidiaries

Baramati Tollways Pvt. Ltd. (Rideema Toll Pvt. Ltd. is the Holding Company)

Associate/Consortium

KVM Technology Solutions Pvt. Ltd.

MEPIDL Enterprises L.L.C.

SMYR Consortium L.L.P.

* MEP Foundation is a Section 8 registered Company under the Companies

Act, 2013, with the main objectives of conducting CSR activities.

STATUTORY DISCLOSURES

A statement containing salient features of the financial statement of the subsidiaries and associates in the prescribed Form AOC-1 is annexed to this Report. The audited financial statements of the said companies will be kept for inspection by any Member of the Company at its Registered Office during business hours and as per the provisions of Section 136(1) of the Companies Act, 2013, a copy of the same will be made available to any shareholder on request.

A Cash Flow Statement for the Financial Year 2017-18 is attached to the Balance Sheet.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO

The Company primarily being an Infrastructure Company and not involved in any industrial or manufacturing activities, the Company has no particulars to report regarding conservation of energy and technology absorption as required under Section 134 of the Companies Act, 2013 and Rules made thereunder.

During the year under review, the Company did not have any foreign exchange earnings, whereas, the foreign exchange outgo amounted to 23.92 Lakhs towards Business promotion, Advertisement expenses, Legal consultancy and Professional fees.

ADEQUACY OF INTERNAL FINANCIAL CONTROLS

Your Company has an effective internal financial control and risk-mitigation system, which are constantly assessed and strengthened with new/revised standard operating procedure. The Companys internal financial control system is commensurate with its size, scale and complexities of its operations.

SIGNIFICANT AND MATERIAL ORDER PASSED BY REGULATORS OR COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND OPERATIONS OF THE COMPANY

During the year under review there are no significant or material orders passed by any Regulator, Court or Tribunal against the Company, which could impact its going concern status or operations.

CAUTIONARY STATEMENT

Statements in this Directors Report and Management Discussion and Analysis describing the Companys objectives, projections, estimates, expectations or predictions may be "forward-looking statements" within the meaning of applicable securities laws and regulations. Actual results could differ materially from those expressed or implied. Important factors that could make difference to the Companys operations include changes in the government regulations, developments in the infrastructure segment, tax regimes and economic developments within India or abroad.

ACKNOWLEDGEMENT & APPRECIATION

Your Directors wish to place on record their sincere appreciation for the contribution made by the employees at all levels for their hard work and support, your Companys achievements would not have been possible without their efforts. Your Directors also wish to thank all Shareholders, Clients, Government and Regulatory Authorities and Stock Exchanges, Joint Bidding Partners, Financial Authorities, Customers, Dealers, Agents, Suppliers, nvestors andI Bankers for their continued support and faith reposed in the Company.

Your Directors also thank the Ministry of Corporate Affairs, Stakeholders, Advocates, Solicitors and Business Associates for their continuous support.

By and on behalf of the Board of Directors
For MEP Infrastructure Developers Limited
Jayant D. Mhaiskar
Place: Mumbai Chairman & Managing Director
Date: June 27, 2018 DIN: 00716351