Annual Report 2010-2011 - Gammon India

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Name of Subsidiaries Country of Incorporation 44 P.Van Eerd Beheersma atschappaji B.V. – Netherlands** For the Year 2010-11 For the Year 2009-10 Ownership Interest Effective Interest Ownership Interest A NNUAL R EPORT I 2010/11 Effective Interest Netherland 100.00% 100.00% 100.00% 100.00% 45 Deepmala Infrastructure Pvt. Limited India 51.00% 51.00% 51.00% 51.00% 46 Gammon Retail Infrastructure Pvt. Limited India 99.00% 99.00% 99.00% 99.00% 47 Gammon Power Limited India 100.00% 100.00% 100.00% 100.00% 48 Campo Puma Oriente S.A. Panama 66.39% 66.39% 66.39% 66.39% 49 ATSL Holding B.V., Netherlands Netherlands 100.00% 100.00% 100.00% 100.00% 50 SAe Powerlines S.r.l. (subsidiary of ATSL Holdings BV) Italy 100.00% 100.00% 100.00% 100.00% 51 Transrail Lighting Limited India 100.00% 100.00% 100.00% 100.00% 52 Associated Transrail Structures Limited, Nigeria Nigeria 100.00% 100.00% 100.00% 100.00% 53 Gammon Realty Limited (GRL) India 75.06% 75.06% 75.06% 75.06% 54 Gammon Holding B.V. Netherlands 100.00% 100.00% 100.00% 100.00% 55 Franco Tosi Meccanica S.p.A. (subsidiary of Gammon Holding B.V.) 56 Gammon Italy S.r.l. (subsidiary of Gammon Holding B.V.) Italy 75.10% 75.10% 75.10% 75.10% Italy 100.00% 100.00% 100.00% 100.00% 57 Gammon International B.V. Netherlands 100.00% 100.00% 100.00% 100.00% 58 Metropolitan Infrahousing Pvt. Limited (MIPL) India 84.16% 84.16% — — 59 SAe Transmission India Limited India 100.00% 100.00% — — 60 Franco Tosi Hydro Pvt. Limited India 100.00% 100.00% — — 61 Franco Tosi Turbines Pvt Limited India 100.00% 100.00% — — 62 Preeti Townships Pvt. Limited India 60.00% 45.04% — — 63 Ansaldocaldaie Boilers India Pvt. Limited (ACB) 64 Gammon Holdings (Mauritius) Limited ** In Previous Year Shareholding is through subsidiary – Gammon International FZE. India 73.40% 86.40% — — India 100.00% 100.00% — — The results for Franco Tosi Meccanica, Campo Puma Oriente SA and SAE S.r.l. for the period January 2010 to December 2010 have been consolidated in the above results being the financial year of the said companies. The figures for the period January to March 2011 have not been consolidated in the said accounts as the same are not available (b) *Gammon & Billimoria Limited holds 49% of the equity of Gammon & Billimoria (LLC), a limited liability Company registered in Dubai hereafter referred as G&B LLC. Since the Management and Operational control of G&B LLC is with Gammon & Billimoria Limited, G&B LLC is being consolidated as a subsidiary under Accounting Standard (AS)-21 issued by the Institute of Chartered Accountants of India. (c) During the year, the Company has acquired the shares of the following Subsidiary Companies. (` in Crores) Company Name No. of Shares Face Value Amount Metropolitan Infrahousing Pvt. Limited 8,416 ` 10 0.01 Ansaldocaldaie Boilers India Pvt. Limited* 36,700,000 ` 10 37.15 Franco Tosi Turbines Pvt. Limited 10,000 ` 10 0.01 Franco Tosi Hydro Pvt. Limited 10,000 ` 10 0.01 Gorakhpur Infrastructure Co. Limited 5,350,315 ` 10 5.35 SAe Transmission India Limited 50,000 ` 10 0.05 P.Van Eerd Beheersmaatschappij B.V 35 €453.78 0.05 Gammon Holdings (Mauritius) Limited 15,000 $1 0.07 Preeti Townships Pvt. Limited (Through Gammon Realty Limited) 60,000 ` 10 0.12 *Out of the above 4,538,461 shares amounting to ` 10 Crores has been allotted to the Company pursuant to conversion of loan granted in terms of the loan agreement. 131
132 (d) Effect of acquisition of subsidiaries during the year on Financial Statements. A NNUAL R EPORT I 2010/11 (` in Crores) Name of the Company Current Year Previous Year Current Year Previous Year Effect on Group Profit/(Loss) after Minority Interest Net Assets Vizag Seaport Pvt. Limited — 14.14 — 285.92 Metropolitan Infrahousing Pvt. Limited 123.53 — 122.05 — SAe Transmission India Limited 0.06 — 0.05 — Franco Tosi Hydro Pvt. Limited (0.00) — 0.01 — Franco Tosi Turbines Pvt. Limited 0.02 — 0.03 — Preeti Townships Pvt. Limited (0.00) — 0.02 — Ansaldocaldaie Boilers India Pvt. Limited 0.63 — 57.28 — Gammon Holdings (Mauritius) Limited (0.04) — (0.08) — (e) MNEL, a subsidiary of GIPL, had received provisional completion certificate for a chainage of 50 Kms for the purposes of tolling vide certificate dated 23 rd December, 2009 and a further provisional certificate for additional chainage of 14 Kms vide certificate dated 11 th May, 2010. MNEL has also received the tolling notification issued by Government of India dated 21 st April, 2010 for the entire stretch which enables MNeL to open the road to traffic and putting it for its intended use. Pursuant to this, the first stretch of road was opened for toll collection on 29 th May, 2010 after adherence to the requirements of the concession agreement and the cost attributable to it was capitalised as “Toll Concession Rights” on that date. The balance cost pertaining to the balance portion is being continued as a Capital work in progress and would be capitalised on completion. (f) As per the terms of the concession agreement MNEL is required to make a cash payout (‘Negative Grant’) of ` 120 Crores in the last year of the concession period. The same is capitalised as Toll Concession Rights and Capital work in progress on a proportionate basis and is represented as Deferred Payment Liability in the financial statements.. (g) During the year, KBICL, a wholly owned subsidiary of GIPL, the Independent consultant jointly appointed by NHAI and KBICL has, as per the terms of the concession agreement, determined an extension of project completion date by 631 days. The original scheduled project completion date of the project was 1 st April, 2010, however the project due to reasons beyond the control of KBICL has been delayed and now is expected to the completed by 31 st December, 2011. (h) Under the Concession Agreement with NHAI, the Scheduled Project Completion Date for completion of construction of the GICL’s Project Road was 4 th September, 2009. The completion of construction has been delayed beyond this date. GICL believes this delay is not on account of any default by it and is in discussions with the NHAI for extension of this date to January 2012. Pending the outcome of the discussions, management believes no adjustments are required to be made to the financial statements in respect of this matter. 2. Jointly Controlled Entities The following Jointly Controlled Entities have been considered applying AS-27 on the basis of audited accounts (except stated otherwise) for the year ended 31st March, 2011. (a) Details of Joint Ventures entered into by the Company: Name of the Joint Venture % of Interest As at 31 st March, 2011 % of Interest As at 31 st March, 2010 Blue Water Iron Ore Terminal Pvt. Limited (‘BWIOTPL’)# 28.14% 28.31% Haryana Biomass Power Limited (‘HBPL’)# 37.72% 37.95% Indira Container Terminal Pvt. Limited (‘ICTPL’)# 37.72% 37.95% Punjab Biomass Power Limited (‘PBPL’)# 37.72% 37.95% SEZ Adityapur Limited (‘SEZAL’)*# 28.67% 28.84% Gammon Al Matar (GALM) 85.00% 85.00% Gammon encee Rail (Consortium) 51.00% 51.00% Sofinter S.p.A. 50.00% 50.00% Gammon - Cons - Tensaccia – JV (GCT)* 60.00% — Gammon – Ojsc Mosmetrostroy – JV (GOM)* 51.00% — Jaeger Gammon (JG)* 90.00% 90.00% * –As per unaudited management accounts # Shareholding is through subsidiary Gammon Infrastructure Projects Limited
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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
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A nnexure to the A uditors' report
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Name of the Statute State Nature of
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PROFIT AND LOSS ACCOUNT FOR THE YEA
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SCHEDULES FORMING PART OF BALANCE S
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SCHEDULE 5 FIXED ASSETS (` in Crore
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Face Value Nos. as on Nos. as on 31
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As at 31 st March, 2011 As at 31 st
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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 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 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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