Annual Report 2010-2011 - Gammon India
Annual Report 2010-2011 - Gammon India Annual Report 2010-2011 - Gammon India
Sr. No. Particulars No. of shares/ Units/Bonds Face value Book value Quoted/ Unquoted 6. Marine Projects Services Limited Long term investment (at cost): Other Companies Partnership firm (Aparna Infra Energy) 740,341 Unquoted 7. Patliputra Highway Limited Long term investment (at cost): Other Companies Partnership firm (Aparna Infra Energy) 400,850,997 Unquoted 8. Pravara Renewable Energy Limited Long term investment (at cost): Other Companies Partnership firm (Aparna Infra Energy) 740,341 Unquoted 9. RAS Cities and Townships Private Limited Long term investment (at cost): Other Companies Partnership firm (Aparna Infra Energy) 740,341 Unquoted 10. Tada Infra Development Company Limited Long term investment (at cost): Other Companies Partnership firm (Aparna Infra Energy) 740,341 Unquoted 11. Youngthang Power Ventures Limited Long term investment (at cost): Other Companies Partnership firm (Aparna Infra Energy) 740,341 Unquoted A NNUAL R EPORT I 2010/11 111
112 AUDITOR’S REPORT TO THE BOARD OF DIRECTORS OF GAMMON INDIA LIMITED ON THE CONSOLIDATED FINANCIAL STATEMENTS 1. We have audited the attached Consolidated Balance Sheet of Gammon India Limited (GIL) and its subsidiaries (‘GIL Group’), joint ventures and associates, as at 31 st March 2011, and also the Consolidated Profit and Loss account and the Consolidated Cash Flow Statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the GIL's management and have been prepared by the management on the basis of separate financial statements and other financial information of the components of GIL group. Our responsibility is to express an opinion on these financial statements based on our audit. 2. We conducted our audit in accordance with the auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. an audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. an audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 3. We did not audit the financial statements of: a. Certain Subsidiaries whose financial statements reflect total assets of ` 5,860.25 Crores, total revenue of ` 1,299.52 Crores and net cash flows of ` 16.67 Crores; and, b. Certain joint ventures whose financial statements reflect total assets of ` 3,180.39 Crores, total revenue of ` 4,857.01 Crores and cash flows amounting to ` (58.73) Crores, the Company’s share of such assets, revenues and cash flows being ` 1,548.39 Crores, ` 2,427.46 Crores and ` (29.22) Crores respectively. c. Certain associates whose financial statements reflect a net total profit of ` 1.38 Crores. The group’s share of profit of such associates being ` 0.35 Crores. 4. The abovementioned financial statements have been audited by other auditors whose reports have been furnished to us, and our opinion is based solely on the report of other auditors. 5. apart from the above the following have been incorporated based on Un-audited Financial Statements: (a) Certain other Subsidiaries whose financial statements reflect total assets of ` 206.10 Crores, total revenues of ` 0.00 Crores and net cash flows of ` 1.55 Crores. (b) Certain joint ventures, whose financial statements reflect total assets of ` 106.00 Crores as at March 31, 2011, total revenues of ` 16.48 Crores and cash flows of ` 3.81 Crores for the year then ended, and the Group’s share of such assets, revenues and cash flows being ` 56.85 Crores, ` 9.89 Crores and ` 2.15 Crores respectively, which are based on un-audited financial statements certified by management of the said joint ventures. (c) Certain associates whose financial statements reflect a net total profit of ` 0.76 Crores. The group’s share of profit of such associates being ` 0.38 Crores. 6. The subsidiaries referred in para 3 (a) above does not include the standalone financial statements of Gammon Infrastructure Projects Limited, where the audit has been conducted by us as the joint statutory auditors of the Company. 7. We report that the consolidated financial statements have been prepared by the GIL's management in accordance with the requirements of accounting Standards (aS) 21, Consolidated financial statements, accounting Standards (aS) 23, accounting for Investments in associates in Consolidated Financial Statements and accounting Standard (aS) 27, Financial Reporting of Interests in joint ventures as notified under the Companies (accounting Standards) Rules, 2006. 8. The statutory auditors of one of the components of the group have issued a modified report stating that the accounts and other receivables included amounts totaling to aED 61.1 Million i.e. ` 75.34 Crores including retention and other dues for which. they stated their inability to satisfy themselves to the extent of recoverability of receivables totaling to aED 61.1 million i.e. ` 75.34 Crores and have stated their view that a substantial portion of the same needs to be considered as impaired. 9. Without qualifying our report, we draw attention to: (a) Note No. 2(d) to the notes to accounts relating to “Going concern assumption” of one of the joint ventures of the group which illustrates the measures taken by the management of the joint venture during the year, the uncertainties A NNUAL R EPORT I 2010/11
- Page 64 and 65: VI. NON-FINANCIAL ORGANISATIONAL IN
- Page 66 and 67: A uditors' report to the M e M bers
- Page 68 and 69: A nnexure to the A uditors' report
- Page 70 and 71: Name of the Statute State Nature of
- Page 72 and 73: PROFIT AND LOSS ACCOUNT FOR THE YEA
- Page 74 and 75: SCHEDULES FORMING PART OF BALANCE S
- Page 76 and 77: SCHEDULE 5 FIXED ASSETS (` in Crore
- Page 78 and 79: Face Value Nos. as on Nos. as on 31
- Page 80 and 81: As at 31 st March, 2011 As at 31 st
- Page 82 and 83: 2010-2011 2009-2010 ` in Crores ` i
- Page 84 and 85: (c) Depreciation on revalued compon
- Page 86 and 87: 9.95% - Redeemable Non-Convertible
- Page 88 and 89: (b) Sundry Debtors include the foll
- Page 90 and 91: 13. In respect of the road projects
- Page 92 and 93: 20. Additional information pursuant
- Page 94 and 95: 23. The Company is engaged mainly i
- Page 96 and 97: 33. The balance with The Freyssinet
- Page 98 and 99: (d) Transactions of Oman Branch and
- Page 100 and 101: SCHEDULE - 1 Related Party Disclosu
- Page 102 and 103: Nature of Transactions/Relationship
- Page 104 and 105: Nature of Transactions/Relationship
- Page 106 and 107: BALANCE SHEET ABSTRACT OF COMPANY
- Page 108 and 109: Metropolitan Infrahousing Private L
- Page 110 and 111: Patliputra Highway Limited * Patna
- Page 112 and 113: Gammon Holdings B.V. Gammon Interna
- Page 116 and 117: existing at the date of preparation
- Page 118 and 119: CONSOLIDATED PROFIT AND LOSS ACCOUN
- Page 120 and 121: C. CASH FLOW FROM FINANCING ACTIVIT
- Page 122 and 123: SCHEDULE 4 FIXED ASSETS (` in Crore
- Page 124 and 125: As at 31 st March, 2011 As at 31 st
- Page 126 and 127: April 10 - March 11 April 09 - Marc
- Page 128 and 129: The cash compensation on account of
- Page 130 and 131: 10. Investments Investments are cla
- Page 132 and 133: When the hedge concerns the fair va
- Page 134 and 135: Name of Subsidiaries Country of Inc
- Page 136 and 137: (b) In Case of Sofinter the financi
- Page 138 and 139: The particulars of Investment in As
- Page 140 and 141: K. SOFINTER: The loan envisages the
- Page 142 and 143: 12. Retention Bonus for employees:
- Page 144 and 145: (b) In respect of the road projects
- Page 146 and 147: (b) In respect of currency swap der
- Page 148 and 149: VSPL, a subsidiary of the Company,
- Page 150 and 151: Annexure I Related party Disclosure
- Page 152: vakils
Sr. No. Particulars No. of shares/<br />
Units/Bonds<br />
Face value Book value Quoted/<br />
Unquoted<br />
6. Marine Projects Services Limited<br />
Long term investment (at cost):<br />
Other Companies<br />
Partnership firm (Aparna Infra Energy) 740,341 Unquoted<br />
7. Patliputra Highway Limited<br />
Long term investment (at cost):<br />
Other Companies<br />
Partnership firm (Aparna Infra Energy) 400,850,997 Unquoted<br />
8. Pravara Renewable Energy Limited<br />
Long term investment (at cost):<br />
Other Companies<br />
Partnership firm (Aparna Infra Energy) 740,341 Unquoted<br />
9. RAS Cities and Townships Private Limited<br />
Long term investment (at cost):<br />
Other Companies<br />
Partnership firm (Aparna Infra Energy) 740,341 Unquoted<br />
10. Tada Infra Development Company Limited<br />
Long term investment (at cost):<br />
Other Companies<br />
Partnership firm (Aparna Infra Energy) 740,341 Unquoted<br />
11. Youngthang Power Ventures Limited<br />
Long term investment (at cost):<br />
Other Companies<br />
Partnership firm (Aparna Infra Energy) 740,341 Unquoted<br />
A NNUAL R EPORT I <strong>2010</strong>/11<br />
111
Change language