Annual Report 2010-2011 - Gammon India

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Your Directors have pleasure in presenting their 89 th Annual Report together with the Audited Accounts of the Company for the year ended 31 st March, 2011. 1. FINANCIAL PERFORMANCE: DIRECTORS’ REPORT Particulars Standalone Consolidated A NNUAL R EPORT I 2010/11 (` in Crores) 2010-11 2009-10 2010-11 2009-10 Profit before Depreciation & Interest 280.70 421.84 557.23 752.61 Less : Depreciation 91.71 70.93 241.23 198.11 Interest 12.31 139.66 47.10 386.89 Profit Before Tax Less : 176.68 211.25 268.90 167.61 Provision for Taxation 58.23 85.54 150.39 114.97 Profit After Taxation 118.45 125.71 118.51 52.64 Transferred to Minority Interest — — (4.03) 4.03 Additional Tax Provision — — — — Short/(Excess) Provision of Taxes of Earlier Period — — — — Prior Period Adjustments — — (4.45) 2.91 Profit for the year 118.45 125.71 110.03 45.70 Add : Profit brought forward from the previous year 273.36 231.43 40.94 70.32 Available for Appropriation 391.81 357.14 150.97 116.02 Appropriations : Transfer to General Reserve 12.00 29.75 32.21 29.75 Transfer to Debenture Redemption Reserve 45.50 38.38 45.50 38.38 Transfer from Debenture Redemption Reserve (19.15) — (19.16) — Dividend from Own Shares (0.58) (0.35) (0.58) (0.35) Transfer from Foreign Project Reserve — — 6.06 — Transfer to Foreign Currency Translation Reserve — — 0.99 (9.01) Adjustments to Minority Interest — — 3.42 0.31 Dividend (Interim/Proposed) Equity Shares 10.63 7.65 10.63 7.65 Dividend (Proposed) Preference Shares — 6.07 — 6.07 Tax on Dividend 1.74 2.28 7.52 2.28 Balance carried to Balance Sheet 341.67 273.36 64.37 40.94 The Turnover of the Company on a standalone basis stood at ` 5,637 Crores for the year ended 31 st March, 2011. The annualised percentage increase in turnover over previous year amounted to 24.33%. The order book position of your Company as on 31 st March, 2011 was approximately ` 15,600 Crores. On a consolidated basis the turnover of the Gammon group stood at ` 8,899.70 Crores for the year ended 31 st March, 2011. The annualised percentage increase in turnover over previous year amounted to 25.11%. 23
2. DIVIDEND: (a) The Board of Directors at its meeting held on 18th August, 2010, had declared an interim dividend of ` 0.40 paise (20%) per share of face value of ` 2/- each on the equity shares for the financial year 2010-11. The same was paid to the shareholders on 4th September, 2010. Members are requested to confirm the declaration and payment of the interim dividend at the Annual General Meeting of the Company. (b) The Board of Directors at its meeting held on 12th August, 2011 has, subject to the Shareholder’s approval, recommended a Final dividend of ` 0.40 paise (20%) per share of face value of ` 2/- each for the year 2011 on the equity shares. The total dividend for the financial year 2010-2011 (including interim dividend of 20% paid) aggregates to ` 0.80 paise (40%) per share. The dividend payout for the year under review is ` 10.63 Crores. Dividend Distribution Tax aggregates to ` 1.74 Crores. 3. DEPOSITORY SYSTEM: The Company’s equity shares are compulsorily tradeable in electronic form. As of 31st March, 2011, 90.90% of the Company’s total paid-up capital representing 124,046,624 equity shares is in dematerialized form. In view of the benefits offered by the depository system, members holding shares in physical mode are advised to avail the demat facility. 4. FINANCE: During the year under review the Company did not raise any funds from the capital markets either by way of issue of equity/ADRs/GDRs. The Company in its Board Meeting held on 9th July, 2009 had allotted 1,60,00,000 Equity Warrants convertible into Equity Shares (after receipt of 25% consideration as upfront payment at the time of allotment) to the Promoter Companies at a price of ` 90.20/- per warrant. During the year under review, the Promoter Companies exercised their option for conversion of balance 82,50,000 Equity Warrants into Equity Shares by paying balance 75% of the consideration aggregating to ` 55.81 Crores. These proceeds were utilized for meeting the working capital requirements, future expansion plans and CAPEX requirements. The Company has also obtained financial assistance from its consortium bankers to meet its short term working capital requirements. During the year, the Company tied up Long term debt by way of issue of Secured Non-Convertible Debentures on private placement basis aggregating to ` 100 Crores. The total amount of outstanding Non-Convertible Debentures as on date is ` 377.50 Crores. The proceeds of debentures were utilized for the purposes for which they were raised. CARE has assigned the following ratings: 24 Facilities Amount (` in Crores) Ratings Long Term Bank Facilities 1,100.00 CARE AA- Long/Short Term Bank Facilities 10,400.00 CARE AA-/CARE A1+ Non-Convertible Debentures 500.00 CARE AA- CP/STD 100.00 CARE A1+ CP/STD* * Carved out of working capital limits 900.00 CARE A1+ 5. PUBLIC DEPOSITS: Your Company did not invite or accept deposits from public during the year under review. 82 deposits (pertaining to previous year) aggregating to ` 790,000/- remained unclaimed as on 31st March, 2011. Out of these, 5 deposits amounting to ` 1,05,000/- have since been claimed and paid. 6. TRANSFER TO INVESTOR EDUCATION AND PROTECTION FUND: During the year under review, the Company has transferred Fixed Deposits amounting to ` 452,000/- and Dividend (for the year 2002-03) amounting to ` 212,876/- to Investor Education and Protection Fund (IEPF), which was due and payable and remained unclaimed and unpaid for a period of seven years, as provided in Section 205C(2), of the Companies Act, 1956. 7. EMPLOYEE STOCK OPTION SCHEME: The erstwhile Associated Transrail Structures Limited (ATSL) had introduced an Employee Stock Option Scheme for the benefit of its employees. Pursuant to the amalgamation of ATSL with the Company, effective from 7th July, 2009, the said scheme has been taken over by the Company. Details of the stock options granted under the Employee Stock A NNUAL R EPORT I 2010/11
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 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
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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
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(c) Depreciation on revalued compon
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9.95% - Redeemable Non-Convertible
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(b) Sundry Debtors include the foll
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13. In respect of the road projects
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20. Additional information pursuant
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23. The Company is engaged mainly i
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33. The balance with The Freyssinet
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(d) Transactions of Oman Branch and
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SCHEDULE - 1 Related Party Disclosu
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Nature of Transactions/Relationship
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Nature of Transactions/Relationship
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BALANCE SHEET ABSTRACT OF COMPANY
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Metropolitan Infrahousing Private L
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Patliputra Highway Limited * Patna
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Gammon Holdings B.V. Gammon Interna
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Sr. No. Particulars No. of shares/
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existing at the date of preparation
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CONSOLIDATED PROFIT AND LOSS ACCOUN
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C. CASH FLOW FROM FINANCING ACTIVIT
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SCHEDULE 4 FIXED ASSETS (` in Crore
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As at 31 st March, 2011 As at 31 st
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April 10 - March 11 April 09 - Marc
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The cash compensation on account of
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10. Investments Investments are cla
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When the hedge concerns the fair va
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Name of Subsidiaries Country of Inc
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(b) In Case of Sofinter the financi
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The particulars of Investment in As
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K. SOFINTER: The loan envisages the
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12. Retention Bonus for employees:
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(b) In respect of the road projects
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(b) In respect of currency swap der
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VSPL, a subsidiary of the Company,
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Annexure I Related party Disclosure
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vakils
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Annual Report 2010-2011 - Gammon India

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