Annual Report 2010-2011 - Gammon India

More documents

Recommendations

Info

existing at the date of preparation of the financial statements about the occurrence of certain future events that may affect the joint venture’s ability to operate as a going concern, as well as the considerations that led them to conclude that the going concern basis of accounting was appropriate for the preparation of their consolidated financial statements as at 31 st December, 2010. (b) Note 7 to the notes to accounts regarding deficit in one of the subsidiaries of the company engaged in oil exploration and any adjustments that would be required or classification that would be required to the recognised amounts or assets if the entity is not able to continue as a going concern. (c) Note no. 17(b) to the notes to accounts relating to recoverability of an amount of ` 94.54 Crores under sundry debtors in respect of recognition of contract revenue in previous years where the company has received arbitration awards in its favour in respect of which the client has preferred an appeal for setting aside the said arbitration awards. The recoverability is dependent upon the final outcome of the appeals getting resolved in favour of the Company. (d) Note no. 25C to the notes to accounts relating to the investments in one of the joint ventures of a wholly owned subsidiary which has applied for creditors’ protection in a Court in Italy. The final outcome and the resultant investment would be dependent upon the approval of the courts to the composition scheme pending which no effects have been taken in these accounts.. (e) Note no. 31(b) to the notes to accounts relating to recognition of variation claims and revenue in respect of works carried out by the joint venture in Oman, where the final outcome of the project is dependent on the resolution of the disputes and settlement of the claims by the client 10. Based on our audit and on consideration of reports of other auditors on separate financial statements and on the other financial information of the components, and to the best of our information and according to the explanations given to us subject to para 8 mentioned hereinabove, we are of the opinion that the attached consolidated financial statements and read with the notes thereon give a true and fair view in conformity with the accounting principles generally accepted in India: (a) in the case of the Consolidated Balance Sheet, of the state of affairs of the GIL Group as at 31 st March 2011; (b) in the case of the Consolidated Profit and Loss account, of the profit of the GIL Group for the year ended on that date; and (c) in the case of the Consolidated Cash Flow Statement, of the cash flows of the GIL Group for the year ended on that date. Mumbai, Dated : 19 th august, 2011. For Natvarlal vepari & Co. Chartered Accountants Firm Registration No. 106971W N jayendran Partner M. No. 40441 A NNUAL R EPORT I 2010/11 113
114 CONSOLIDATED BALANCE SHEET AS AT 31 st MARCH, 2011 A NNUAL R EPORT I 2010/11 Schedule As at 31 st March, 2011 As at 31 st March, 2010 No. ` in Crores ` in Crores ` in Crores ` in Crores SOURCES OF FUNDS: Shareholders’ Fund Share Capital 1 27.49 25.83 Employee Stock Options 2.08 4.01 Equity Share Warrant account – 18.60 Reserves & Surplus 2 2,127.95 2,069.70 2,157.52 2,118.14 Minority Interest Loan Funds 299.24 230.02 Secured Loans 3 4,126.25 3,265.58 Unsecured Loans 2,766.10 1,989.51 6,892.35 5,255.09 Foreign Currency Monetary Item Translation Difference A/c 4.71 – Deferred Tax Liability 235.60 247.80 Deferred Payment Liability (Refer Note B -1(f)) 120.00 – TOTAL 9,709.42 7,851.05 APPLICATION OF FUNDS: Goodwill on Consolidation 646.00 645.85 Fixed Assets 4 Gross Block 5,001.54 4,150.22 Less: Depreciation & Impairment 1,383.88 1,218.93 Net Block 3,617.66 2,931.29 Add: Capital Work-in-progress 1,847.73 1,692.26 5,465.39 4,623.55 Investments 5 257.69 92.54 Foreign Currency Monetary Item Translation Difference A/c – 23.70 Deferred Tax Assets Current Assets, Loans and Advances 76.51 81.45 Interest accrued Receivable 445.91 24.34 Property Development 445.67 251.64 Inventories 6 1,834.93 1,894.81 Sundry Debtors 7 3,083.07 3,016.50 Cash & Bank Balances 8 572.04 555.31 Loans & advances 9 1,171.73 1,048.32 7,553.35 6,790.92 Less : Current Liabilities and Provisions 10 Current Liabilities 3,904.61 3,984.20 Provisions 384.91 422.76 4,289.52 4,406.96 3,263.83 2,383.96 TOTAL 9,709.42 7,851.05 Notes to accounts 17 Schedule 1 to 17 annexed hereto form part of the Consolidated Balance Sheet and Consolidated Profit and Loss account. As per our attached report of even date For and on behalf of the Board of Directors For Natvarlal Vepari & Co. Chartered Accountants Firm Registration No. 106971W N. JAYENDRAN Partner M. No. 40441 ABHIJIT RAJAN ROHIT MODI Chairman & Managing Director Deputy Managing Director C. C. DAYAL D. C. BAGDE Director Executive Director GIRISH BHAT GITA BADE Chief Financial Officer Company Secretary Mumbai, Dated : 19 th August, 2011 Mumbai, Dated : 19 th August, 2011
Page 2 and 3:
Contents A NNUAL R EPORT I 2010/11
Page 4 and 5:
Gammon House the second largest con
Page 6 and 7:
4 Board of Directors Mr. Peter Gamm
Page 8 and 9:
6 A NNUAL R EPORT I 2010/11 Beas Br
Page 10 and 11:
8 Sohar Jetty, Oman A NNUAL R EPORT
Page 12 and 13:
10 Region-wise Projects as on 31st
Page 14 and 15:
12 Financial Highlights of the deca
Page 16 and 17:
14 A NNUAL R EPORT I 2010/11 Off-Sh
Page 18 and 19:
6000 5000 4000 3000 2000 1000 0 16
Page 20 and 21:
18 Key Projects Chennai Metro Proje
Page 22 and 23:
20 Public Private Partnership Proje
Page 24 and 25:
Pebble Bay at Dollars Colony, Benga
Page 26 and 27:
Your Directors have pleasure in pre
Page 28 and 29:
Option Scheme-2007 of erstwhile ATS
Page 30 and 31:
Considering the continuous scarcity
Page 32 and 33:
Statement showing details of Option
Page 34 and 35:
Name and Designation of Director Mr
Page 36 and 37:
(a) AUDIT COMMITTEE : The Audit Com
Page 38 and 39:
Name, Designation and Address of Co
Page 40 and 41:
(iii) Approval of the Members sough
Page 42 and 43:
6. MEANS OF COMMUNICATION : (a) Fin
Page 44 and 45:
STOCK PERFORMANCE IN COMPARISION TO
Page 46 and 47:
18. Widening & strenghtening of exi
Page 48 and 49:
CEO/CFO CERTIFICATION To The Board
Page 50 and 51:
after USA and China. Indian road ne
Page 52 and 53:
(a) Thermal power: In the present s
Page 54 and 55:
• Growing urbanization has also r
Page 56 and 57:
The Company sees immense opportunit
Page 58 and 59:
The operative margin for financial
Page 60 and 61:
4. Your Company has entered into Jo
Page 62 and 63:
4. Patna Highway Projects Limited (
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 114 and 115: Sr. No. Particulars No. of shares/
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
show all

Annual Report 2010-2011 - Gammon India

Create successful ePaper yourself

Delete template?

Save as template?