Annual Report 2010-2011 - Gammon India

12. CONSOLIDATED FINANCIAL STATEMENTS:
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Your Directors have pleasure in attaching the Consolidated Financial Statements pursuant to Clause 32 of the Listing
Agreement entered into with the Stock Exchanges and prepared in accordance with the Accounting Standards prescribed
by the Institute of Chartered Accountants of India, in this regard.
13. DIRECTORS:
Dr. Naushad Forbes resigned as the Director of the Company with effect from 11th November, 2010. The Board places
on record its sincere appreciation for the valuable contribution made by him during his tenure as a Director of the
Company.
Mr. Himanshu Parikh a Non Whole Time Director was appointed as a Whole Time Director of the Company with effect
from 1st July, 2011.
Mr. Abhijit Rajan, Chairman & Managing Director whose term ended on 16th May, 2011 was re-appointed as the Chairman
& Managing Director of the Company for a term of 5 (five) years with effect from 17th May, 2011.
Pursuant to the provisions of Section 256 of the Companies Act, 1956 and the Articles of Association of the Company,
Mr. C.C. Dayal, Mr. Naval Choudhary and Mr. Atul Kumar Shukla retire by rotation at the ensuing Annual General
Meeting and being eligible, offer themselves for re-appointment. Brief profiles of the proposed appointees together with
other disclosures in terms of Clause 49 of the Listing Agreement are part of the Annexure to the Notice of the Annual
General Meeting.
14. DIRECTORS’ RESPONSIBILITY STATEMENT:
Pursuant to Section 217 (2AA) of the Companies (Amendment) Act, 2000, the Directors confirm that:
1. The applicable accounting standards have been followed by the Company in preparation of the annual accounts for
the period ended 31st March, 2011;
2. The Directors have selected accounting policies and applied them consistently and made judgments and estimates
that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at
31st March, 2011 and of the profits of the Company for the year ended on that date;
3. Proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with
the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and
other irregularities;
4. The annual accounts for the year ended 31st March, 2011 have been prepared on a going concern basis.
15. HEALTH, SAFETY & ENVIRONMENT:
We are committed as an organization to ensure that all our work practices and procedures emphasize on the importance
of safety and are in the process of implementing various new safety measures. We want to inculcate and integrate a
strong safety culture in all our operations. There are over 126 safety personnel on permanent rolls of the organization.
Over half our safety personnel are diploma holders and the next majority is engineers and post graduates.
There are a lot of new processes and improvement of old processes that have been introduced in Gammon in the past
year. One of the major changes has been to restructure and organize the reporting and functioning of the safety team.
This was done to ensure that there is greater responsibility given as a line function so as to enhance the performance of
the team. Certain major processes like third party inspection of equipment, safety related deficiency (SRD) process at
site, communication channels, training and awareness programs have also been modified. It has been made mandatory
for workers who are working at critical jobs, to undergo training before commencement of the job. A process of awards,
recognitions and penalties has been intiated in the Company. Based on the safety performance, various types of
recognitions and penalties shall be given to individual projects to encourage the practice of a strong pro-active positive
safety culture.
16. RESEARCH & DEVELOPMENT:
Increasing focus on developing infrastructure in the country has opened up many opportunities for construction
companies. To rise up to the challenge of completing the huge quantum of work in a short time, it is essential to back
up the onsite teams with continual improvement in construction technology. During the year under review the R&D
activities undertaken by the company include:
Pile concrete with a retention time of 7 hours and having 15 MPa strength in 24 hours successfully designed and
implemented in Mumbai Port Trust Project.
A NNUAL R EPORT I 2010/11