Annual Report 2010-2011 - Gammon India

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A nnexure to the A uditors' report (r eferred to in pA r AGr A ph 5 of our report of even d Ate) (i) (a) The Company is maintaining proper records showing particulars, including quantitative details and situation of fixed assets; (b) The Company has a regular program for physical verification of its fixed assets which in our opinion is reasonable having regard to the size of the Company and the nature of its assets and operations. In accordance with this programme, the management during the current year has physically verified significant fixed assets and no material discrepancies have been identified on such verification. (c) The Company has not disposed off any substantial part of the fixed assets. (ii) (a) The Company is primarily a construction company having work sites spread all over India and Abroad. The records of materials, stores are maintained at the respective sites, which have been verified by the management during the year at reasonable intervals. In respect of its manufacturing operations the stock of finished goods, stores, spare parts and raw materials has been physically verified by the management at reasonable intervals during the year. (b) In our opinion and according to the information and explanations given to us, the procedure of physical verification of stock followed by the management is reasonable and adequate in relation to the size of the Company and the nature of its business. (c) The discrepancies noticed between the physical stocks and books stocks were not material and the valuation of stock has been done on the basis of physically verified quantity. Therefore Shortage/Excess automatically get adjusted and the same is properly dealt in the books of accounts. (iii) (a) The Company has during the year granted unsecured loans to 2 party covered in the register maintained under Section 301 of the Companies Act, 1956. The maximum amount involved during the year was ` 160.92 crores and at the end of the year balance of loans granted to such parties was ` 160.92 crores. (b) In our opinion the rate of interest, wherever charged, and the other terms and conditions of such loans are not prima-facie prejudicial to the interest of the Company. (c) There are no stipulations for the repayment of principal and the interest, wherever charged. The outstanding interest receivable as at 31st March 2011 was ` 23.79 crores. (d) The Company has not taken any loans from parties covered in the register maintained under Section 301 of the Companies Act, 1956. (iv) In our opinion and according to the information and explanations given to us there is a reasonable internal control procedure commensurate with the size of the Company and the nature of its business, for the purchase of inventory and fixed assets and for the sale of goods and services which has scope for further improvement. We have however not come across any continuing failure to correct major weaknesses in internal control. (v) (a) In our opinion and according to the information and explanations given to us the transactions that need to be entered into a register in pursuance of Section 301 of the Act have been so entered. (b) All the transactions have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time and the nature of services rendered by such parties. (vi) The Company has not accepted any deposits from the public during the year under review and consequently the directives issued by the Reserve Bank of India and the provisions of Sections 58A and 58AA of the Act and the rules framed there under are not applicable. We are further informed that no orders have been passed by the Company law board in the case of the Company requiring compliance. (vii) In our opinion the internal audit system is presently commensurate with the size and nature of its business. (viii) According to the information and explanations given to us, the Central Government has prescribed the maintenance of cost records under Section 209 (1) (d) of the Companies Act, 1956 with respect to the Branch’s Conductor Division and that the Branch has maintained such accounts and records. No examination of such records has been carried out by us. (ix) (a) The Company is generally regular in depositing Provident Fund, Employees State Insurance, Income tax, wealth tax and sales tax dues with the appropriate authorities observed on a test check basis except for many cases of delays observed in deposit of TDS, service tax and PF at sites. A NNUAL R EPORT I 2010/11 65
66 (b) On the basis of the audit procedures followed, test checks of the transaction and the representation from the Management there are no arrears of outstanding statutory dues as at the last day of the financial year for a period of more than six months from the date they became payable except ` 0.19 crores to be deposited with Investor Education and Protection Fund. (c) According to the information and explanation given to us, the following Tax / duty etc. has not been deposited on account of dispute. Name of the Statute A NNUAL R EPORT I 2010/11 State Nature of the dues Amount in Crores Period to which it relates Forum where Dispute is pending Sales Tax A.P. Sales in Transit (E-1) 0.13 1987-88 D.C. Appeals A.P. Reassessment matter 0.23 1999-00 Tribunal A.P. Reassessment matter 0.19 2001-02 H.C. A.P. Tax levied on value of material instead of purchase price. Rule 6(3)(i) 2.10 2002-03 Tribunal / H.C. A.P. Tax levied on value of material instead of purchase price. Rule 6(3)(i) 1.64 2003-04 Tribunal / H.C. A.P. Disallowance of Inter state purchase 0.23 2005-07 H.C. A.P. Levy of Penalty 1.89 2005-07 H.C. Sales Tax Gujarat Levy of Penalty 0.01 2001-02 J. C. Appeals Gujarat Levy of Penalty 0.22 2003-04 J. C. Appeals Gujarat Disallowance of TDS Credit & 0.11 2004-05 Asst. Commisioner Penalty charged of commercial tax Sales Tax M.P. Entry Tax 0.01 1992-93 & 1993-94 A.C. Appeals Entry Tax 0.10 2009-10 D.C. Appeals Sales Tax Maharashtra Denial of deduction on Pre cost 0.79 1993-94 to 1997-98 Tribunal/A.C. component Appeals Disallowance of WCT & BST 5.84 2000 to 2002 Jt. Appeals / Tribunal Lease Matter 0.19 1998-99 to 2001-02 Bombay High Court / Jt. Appeals Lease Matter 0.10 2005-06 Jt. Appeals II Sales Tax Orissa Lab. and Service Charges disallowed 0.11 1992-93 to 1999-00 A.C. Appeals various disallowance 0.88 2001-04 A.C. Appeals Sales Tax West Bengal CTO wrongly estimated Transfer Price 0.64 1994-95 to 2002-03 Tribunal Arbitary demand 4.98 2007-08 Tribunal Sales Tax Jharkhand Non Receipt of F Form 0.04 2001-02 C.T. Sales Tax H.P. Disallowance of deduction 1.82 2006-09 High Court Sales Tax Chattisgarh Entry Tax 0.05 1979-80 to 1998-99 Tribunal Sales Tax Kerala Best Judgment Offer 0.45 1999-00 to 2000-01 D.C. Appeals Sales Tax Assam Arbitary Demand 1.12 2006-07 Appeal Service Tax Gujarat River Development Matter 5.65 2005 to 2010 A.D.G / C.T. Service Tax Gujarat Show Cause cum demand notice 1.48 2005-10 A.D.G / C.T. Service Tax Gujarat Whether for commercial purpose or not 5.72 2005-07 A.D.G. Service Tax Bhilai Show Cause cum demand notice 1.00 2006-2010 A.D.G. / C.T
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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
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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
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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 26 and 27: Your Directors have pleasure in pre
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 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
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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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