Annual Report 2010-2011 - Gammon India

The particulars of Investment in Associates are as under :-
(a) The above figures pertaining to the Associate Companies are based on the audited accounts for the year ended 31 st March, 2011, except
MTRL and Finest S.p.A which is based on the un-audited management accounts.
(b) In respect of the associates of Sofinter S.p.A the accounting of profit as per AS – 23 is carried out on the basis of consolidated audited
accounts of Sofinter Group for the period from January ’10 to December ’10.
(c) The above profit from associate and investment in associate does not include profit from M/s Ansaldocaldaie Boilers India Pvt. Ltd. (ACB)
consolidated as a subsidiary by the group which has not been shown in the table of Investment in Associates as the same represents the
groups share of Minority interest arising from the groups 50% share in Sofinter. The said share in ACB arising from Sofinter has accordingly
been adjusted in the Minority interest and therefore not shown in the above table and the net minority interest in ACB representing the
joint venture partners share in ACB has been show as Minority interest.
4. SECURITY FOR LOAN AVAILED BY THE GROUP:
(I) Secured Loans in the consolidated financial statements comprises of the following loans:
A NNUAL R EPORT I 2010/11
(` in Crores)
Company Name 31 st March, 2011 31 st March, 2010
GIL 760.29 488.54
Project SPV’s 2,396.43 1,864.82
GBLLC 32.35 0.22
GTPL 0.09 0.06
TLL 42.52 31.10
Franco Tosi 31.48 71.37
Investment SPV’s 664.24 616.27
Sofinter 191.54 219.66
MIPL 99.89 —
ACB 5.01 —
TOTAL 4,223.84 3,292.03
A. GIL:
NCD:
8.75% – Secured Redeemable Non Convertible Debentures of ` 5 Crores are secured by hypothecation of specific Plant & Machinery
and paripassu charge by mortgage of immovable property in Gujarat. Out of ` 5 Crores, based on contractual terms, debentures
valuing ` 1.5 Crores have been redeemed on 30th March, 2011. The debentures are due for repayment at the end of 8th , 9th and 10th year from the date of allotment. i.e. 30th March, 2003.
7.50%– Redeemable Non Convertible Debentures of ` 15 Crores and 7.25% – Redeemable Non Convertible Debentures of ` 6 Crores
are secured by hypothecation of specific Plant & Machinery and pari-passu charge by mortgage of immovable property in Gujarat
with 8.75% Secured Redeemable Non Convertible Debentures of ` 3.5 Crores. The Debenture holders holding ` 15 Crores of 7.50%
Redeemable Non Convertible Debentures and ` 6 Crores of 7.25% Redeemable Non Convertible Debentures have exercised their put
option and accordingly same have been redeemed on 29th September, 2010.
7.50% – Redeemable Non-Convertible Debentures of ` 50 Crores are secured by hypothecation of specific Plant & Machinery with
paripassu charge by mortgage of immovable property in Gujarat with 8.75% Secured Redeemable Non-Convertible Debentures of
` 3.5 Crores. The Debentures are due for repayment at the end of 8th , 9th and 10th year from the date of allotment i.e. 5th August, 2005.
9.95% – Redeemable Non Convertible Debentures of ` 50 Crores are secured by hypothecation of specific Plant & Machinery with
pari passu charge by mortgage of immovable property in Gujarat with 8.75% Secured Redeemable Non-Convertible Debentures
of ` 3.5 Crores and 7.50% Secured Non-convertible Debenture of ` 50 Crores. The Debentures are due for repayment at the end of
8 th , 9 th and 10 th year from the date of allotment being, 24 th March, 2008.
10.80% – Redeemable Non Convertible Debentures of ` 100 Crores are secured by hypothecation of specific Plant & Machinery
with paripassu charge by mortgage of immovable property in Gujarat with 9.95% Secured Redeemable Non-Convertible Debentures
of ` 50 Crores and 8.75% Secured Redeemable Non-Convertible Debentures of ` 3.5 Crores and 7.50% Secured Non-convertible
Debenture of ` 50 Crores. The Debentures are due for repayment at the end of 5 th , 6 th and 7 th year from the date of allotment being,
25 th July, 2008.
10.50% – Redeemable Non Convertible Debentures of ` 74 Crores are secured by hypothecation of specific Plant & Machinery with
paripassu charge by mortgage of immovable property in Gujarat with 10.80% Secured Redeemable Non-Convertible Debentures
of ` 100 Crores and 9.95% Secured Redeemable Non-Convertible Debentures of ` 50 Crores and 8.75% Secured Redeemable
Non-Convertible Debentures of ` 3.5 Crores and 7.50% Secured Non-convertible Debenture of ` 50 Crores. The Debentures are due
for repayment at the end of 8 th , 9 th and 10 th year from the date of allotment being, 7 th May, 2009.
9.50% – Redeemable Non Convertible Debentures of ` 50 Crores are secured by hypothecation of specific Plant & Machinery with
paripassu charge by mortgage of immovable property in Gujarat with 10.50% Secured Redeemable Non-Convertible Debentures
of ` 74 Crores and 10.80% Secured Redeemable Non-Convertible Debentures of ` 100 Crores and 9.95% Secured Redeemable
Non-Convertible Debentures of ` 50 Crores and 8.75% Secured Redeemable Non-Convertible Debentures of ` 3.5 Crores and 7.50%
Secured Non-convertible Debenture of ` 50 Crores. The Debentures are due for repayment at the end of 8 th , 9 th and 10 th year from
the date of allotment being 18 th June, 2010
9.50% – Redeemable Non Convertible Debentures of ` 50 Crores are secured by hypothecation of specific Plant & Machinery with
paripassu charge by mortgage of immovable property in Gujarat with 9.50% Secured Redeemable Non-Convertible Debentures
of ` 50 Crores and 10.50% Secured Redeemable Non-Convertible Debentures of ` 74 Crores and 10.80% Secured Redeemable
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