Annual Report 2010-2011 - Gammon India

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SCHEDULE 5 FIXED ASSETS (` in Crores) GROSS BLOCK DEPRECIATION NET BLOCK AS AT 31.03.2010 AS AT 31.03.2011 FETR AS AT 31.03.2011 DEDUCTIONS/ ADJUSTMENTS FOR THE YEAR AS AT 01.04.2010 AS AT 31.03.2011 ADDITIONS FETR DEDUCTIONS/ ADJUSTMENTS PARTICULARS AS AT 01.04.2010 TANGIBLE ASSETS LEASEHOLD LAND 3.78 0.94 – – 4.71 0.07 – 0.03 – 0.04 4.67 3.70 FREEHOLD PROPERTY 330.34 31.84 – – 362.18 27.27 5.15 – – 32.42 329.76 303.07 PLANT AND MACHINERY 945.34 280.22 0.43 13.16 1,212.84 282.33 73.41 9.56 0.21 346.39 866.45 663.01 MOTOR VEHICLES 139.44 11.18 0.00 8.37 142.25 64.00 8.34 7.28 0.00 65.06 77.19 75.43 OFFICE EQUIPMENTS 27.34 18.36 – – 45.70 10.47 3.64 – – 14.11 31.59 16.87 ELECTRICAL INSTALLATION 2.05 2.20 – – 4.25 0.28 0.28 – – 0.56 3.69 1.77 WINDMILLS 26.95 – – – 26.95 8.43 2.79 – – 11.22 15.73 18.52 TOTAL TANGIBLE ASSETS 1,475.24 344.74 0.43 21.53 1,798.88 392.85 93.61 16.87 0.21 469.81 1,329.08 1,082.38 INTANGIBLE ASSETS TOWER DESIGN 3.47 – – – 3.47 1.56 1.20 – – 2.76 0.71 1.92 ERP SOFTWARE 0.09 0.17 – – 0.25 0.04 0.03 – – 0.07 0.18 0.05 TOTAL INTANGIBLE ASSETS 3.56 0.17 – – 3.73 1.60 1.23 – – 2.83 0.89 1.97 TOTAL ASSETS 1,478.80 344.91 0.43 21.53 1,802.61 394.45 94.84 16.87 0.21 472.64 1,329.97 1,084.35 PREVIOUS YEAR 1,275.01 214.17 2.83 7.55 1,478.80 326.98 74.08 5.50 1.12 394.45 1,084.35 ADD: CAPITAL WORK IN PROGRESS INCLUDING CAPITAL ADVANCES 52.68 84.64 1,382.65 1,168.99 NOTES: 1. Freehold Property includes cost of Freehold Land ` 123.50 Crores including the revaluation portion (Previous Year ` 123.50 Crores). 2. Leasehold Land is at cost less amount written off. 3. The Company has once again revalued on 31st March, 2007 all its Freehold Property, most of which were revalued earlier on 31st March, 1999 by Approved valuers. The consequent increase in the value of Fixed Assets pursuant to the second revaluation amounted to ` 186.89 Crores and has been credited to the Revaluation Reserve A/c. 4. Depreciation for the Year Ended 31st March, 2011 amounts to ` 94.84 Crores (Previous Year Ended 31/03/2010 ` 74.08 Crores) from which has been deducted a sum of ` 3.13 Crores (Previous Year ` 3.13 Crores) being the Depreciation in respect of Revaluation of Fixed Assets which has been drawn from the Revaluation Reserve A/c. 5. Exchange Valuation difference in respect of Oman Fixed Assets ` 0.22 Crores (Previous Year ` 1.72 Crores) being transferred to Foreign Currency Translation reserve. 6. Borrowing cost capitalised to Capital Work In Progress is ` 2.61 Crores (Previous Year ` 4.46 Crores). A NNUAL R EPORT I 2010/11 73
Face Value Nos. as on Nos. as on 31.03.2011 31.03.2010 ` 31.03.2011 31.03.2010 ` in Crores ` in Crores SCHEDULE 6 INVESTMENTS (At Book Value, Long term unless otherwise stated) 1. INVESTMENT IN GOVERNMENT SECURITIES : Government Securities lodged with Contractees as Deposit : Unquoted : Sardar Sarovar Narmada Nigam Ltd. – Bonds 0.10 0.10 Others 0.12 0.12 Government Securities Others – Unquoted (Indira Vikas Patras and National Savings Certificates) 0.12 0.01 (A) 0.34 0.23 2. INVESTMENT IN SHARES & DEBENTURES: (a) TRADE INVESTMENTS (FOREIGN) Ordinary Shares : (Unquoted, Fully paid up) Gammon Mideast Limited, Dhs. 1,000 each Dhs. 785,000 (Under Liquidation) (Fully Provided) 1,142 1,142 0.18 0.18 Finest S.p.A., Italy (Associates) € 1 780,000 780,000 19.52 19.52 (B) 19.70 19.70 (b) TRADE INVESTMENTS (INDIAN) (Fully paid up unless otherwise stated) Ordinary Shares: (Unquoted) Plamach Turnkeys Limited (Formerly known as Gammon Turnkeys Limited) 100 600 600 0.01 0.01 Shah Gammon Limited 100 835 835 0.01 0.01 STFA Piling (India) Limited (Fully Provided) 10 217,321 217,321 0.22 0.22 Indira Container Terminal Private Limited (Refer Note B-9) Less: Transfer of Beneficial Interest in SPV in lieu of 10 26,407,160 26,407,160 26.41 26.41 Deposit Received (26.41) (26.41) (C) 0.24 0.24 (c) INVESTMENT IN SUBSIDIARY COMPANIES (FOREIGN) (Fully paid up unless otherwise stated) Ordinary Shares: (Unquoted) Campo Puma Oriente SA $ 1 6,441 6,441 0.03 0.03 Gammon Holdings BV € 100 180 180 0.12 0.12 Gammon Holdings (Mauritius) Limited $ 1 15,000 – 0.07 – Gammon International BV € 100 180 180 0.12 0.12 Gammon International FZE AED 150000 1 1 0.17 0.17 Gammon International LLC (Under Liquidation) RO 1 103500 103500 1.10 1.10 P. Van Eerd Beheersmaatschappij B.V. € 453.78 35 – 0.05 – Associated Transrail Structure Limited Nigeria Naira 1 10,000,000 10,000,000 0.36 0.36 ATSL Holdings BV (Netherland) € 100 180 180 0.11 0.11 2.14 2.01 (d) INVESTMENT IN SUBSIDIARY COMPANIES (INDIAN) Ordinary Shares: (Unquoted unless otherwise stated) Gammon Infrastructure Projects Limited (Quoted) 2 528,000,000 528,000,000 105.60 105.60 Ansaldo Caldaie Boilers India Private Limited 10 36,700,000 – 37.15 – ATSL Infrastructure Project Limited 10 25,500 25,500 0.03 0.03 Deepmala Infrastructure Private Limited 10 5,100 5,100 0.01 0.01 Franco Tosi Hydro Private Limited 10 10,000 – 0.01 – Franco Tosi Turbines Private Limited 10 10,000 – 0.01 – Gactel Turnkey Projects Limited 10 5,050,000 5,050,000 5.05 5.05 Gammon & Billimoria Limited 10 50,940 50,940 0.05 0.05 Gammon Power Limited 10 49,940 49,940 0.05 0.05 Gammon Realty Limited 10 15,049,940 15,049,940 15.05 15.05 Gammon Retail Infra Private Limited 10 9,900 9,900 0.01 0.01 Metropolitan Infrahousing Private Limited 10 8,416 – 0.01 – Rajahmundry Godavari Bridge Limited 10 441,250 441,250 0.44 0.44 SAE Transmission India Limited 10 50,000 – 0.05 – Tidong Hydro Power Limited 10 25,500 25,500 0.03 0.03 Transrail Lightning Limited 10 5,150,000 5,150,000 5.15 5.15 74 A NNUAL R EPORT I 2010/11
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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
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 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 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 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
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 134 and 135:
Name of Subsidiaries Country of Inc
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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