Annual Report 2010-2011 - Gammon India

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CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 st MARCH, 2011 Schedule April 10 – March 11 April 09 – March 10 No. ` in Crores ` in Crores ` in Crores ` in Crores INCOME Sales / Turnover 11 8,899.69 7,113.62 Less: Excise Duty 86.04 66.14 8,813.65 7,047.48 Other Operating Income 12 29.99 20.15 Other Income 13 53.49 72.96 8,897.13 7,140.59 EXPENDITURE Expenditure on Contracts / Direct Costs 14 7,783.20 5,850.49 Establishment Expenses 15 549.00 530.93 Financial Costs (Net) 16 47.10 386.89 Depreciation 244.36 201.24 Depreciation withdrawn from Revaluation Reserve (3.13) (3.13) 8,620.53 6,966.42 PROFIT BEFORE TAX & SHARE IN ASSOCIATES 276.60 174.17 Add: Share of Profit / (Loss) in associates (Refer Note B-3) (7.70) (6.56) PROFIT BEFORE TAX & AFTER SHARE IN ASSOCIATES Provision for Taxation : 268.90 167.61 – Current 164.24 91.05 – Deferred (7.50) 5.74 – Foreign Tax Paid 0.23 0.68 – MaT Credit Entitlement (13.77) – – Prior year Tax adjustments 7.19 17.50 150.39 114.97 PROFIT AFTER TAX add / (Less) 118.51 52.64 Prior Period adjustments (4.45) (2.91) Transferred to Minority Interest (4.03) (4.03) NET PROFIT AFTER PRIOR YEAR TAX CHARGE 110.03 45.70 Profit Brought Forward from last year 40.94 70.32 PROFIT AVAILABLE FOR APPROPRIATION 150.97 116.02 amount Transferred to General Reserve 32.21 29.75 amount Transferred to Debenture Redemption Reserve 45.50 38.38 amount Transferred from Debenture Redemption Reserve (19.16) – Dividend from own shares (0.58) (0.35) Transferred to Foreign Currency Translation Reserve 6.06 (9.01) amount Transferred to Capital Reserve 0.99 – adjustments to Minority Interest Interim / Proposed Dividend 3.42 0.31 – Equity Shares 10.63 7.65 – Preference Shares – 6.07 Tax on Dividend 7.52 2.28 86.60 75.08 BALANCE CARRIED TO BALANCE SHEET Earnings per Share (Refer Note B-23) after Prior Year Tax Charges 64.37 40.94 Basic 8.51 3.49 Diluted 8.45 3.34 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 A NNUAL R EPORT I 2010/11 115
116 A NNUAL R EPORT I 2010/11 CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 ST MARCH, 2011 12 Months April 2010 – March 2011 ` in Crores 12 Months April 2009 – March 2010 ` in Crores A. CASH FLOW FROM OPERATING ACTIVITIES: Net Profit before Tax and extraordinary items adjustments for : 268.90 167.60 Depreciation 241.23 198.11 Profit/Loss on Sale of assets 0.11 (0.09) Profit/Loss on Sale of Investments (27.07) (42.47) Employees Compensation Expenses 1.32 3.01 Dividend Income (4.11) (5.88) Interest (Net) 47.09 386.89 Foreign Exchange loss /gain (0.69) 0.65 Preliminary Expenses Written off 0.97 1.18 Foreign Currency Monetary Translation Difference 28.41 37.56 Prior Period adjustments (4.45) (1.58) Share of Loss in associates 7.70 6.56 amount Written off 21.28 16.24 311.79 600.18 Operating Profit before Working Capital Changes adjustments for : 580.69 767.78 Effect of Foreign Currency Translation of Cash Flows (46.85) 101.81 Trade and Other Receivables (75.00) (310.88) Inventories 131.43 (334.74) Trade Payables & Working Capital Finance (214.18) 42.87 Loan and advances (138.86) 65.64 Property Development (194.03) (28.56) (537.49) (463.86) Cash Generated from the Operations (43.20) 303.92 Direct Taxes paid (121.40) (96.26) NET CASH FROM OPERATING ACTIVITIES (78.20) 207.66 B. CASH FLOW FROM INVESTMENT ACTIVITIES Purchase of Fixed assets (including CWIP) (972.03) (978.87) Sale of Fixed assets 5.07 1.34 Cash & Bank balance taken over on acquisition 50.21 – Share application Money Pending allotment 6.30 (8.71) Loans given to Subsidiaries, associates and others (26.02) (25.25) Loans Refund from Subsidiaries, associates and others 76.08 36.53 Purchase of Investments in – associates (4.71) (5.61) – Others (895.28) (968.66) Sale of Investments in – Others 747.91 1,022.29 acquisition of Stake in Subsidiaries (77.43) (35.98) Interest received 26.75 18.81 Dividend received 4.11 0.48 NET CASH FROM INVESTMENT ACTIVITIES (1,059.04) (943.65)
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Contents A NNUAL R EPORT I 2010/11
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Gammon House the second largest con
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4 Board of Directors Mr. Peter Gamm
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6 A NNUAL R EPORT I 2010/11 Beas Br
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8 Sohar Jetty, Oman A NNUAL R EPORT
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10 Region-wise Projects as on 31st
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12 Financial Highlights of the deca
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14 A NNUAL R EPORT I 2010/11 Off-Sh
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6000 5000 4000 3000 2000 1000 0 16
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18 Key Projects Chennai Metro Proje
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20 Public Private Partnership Proje
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Pebble Bay at Dollars Colony, Benga
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Your Directors have pleasure in pre
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Option Scheme-2007 of erstwhile ATS
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Considering the continuous scarcity
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Statement showing details of Option
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Name and Designation of Director Mr
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(a) AUDIT COMMITTEE : The Audit Com
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Name, Designation and Address of Co
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(iii) Approval of the Members sough
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6. MEANS OF COMMUNICATION : (a) Fin
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STOCK PERFORMANCE IN COMPARISION TO
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18. Widening & strenghtening of exi
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CEO/CFO CERTIFICATION To The Board
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after USA and China. Indian road ne
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(a) Thermal power: In the present s
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• Growing urbanization has also r
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The Company sees immense opportunit
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The operative margin for financial
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4. Your Company has entered into Jo
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4. Patna Highway Projects Limited (
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VI. NON-FINANCIAL ORGANISATIONAL IN
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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 116 and 117: existing at the date of preparation
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
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Annual Report 2010-2011 - Gammon India

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