Annual Report 2010-2011 - Gammon India

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2010-2011 2009-2010 ` in Crores ` in Crores ` in Crores ` in Crores SCHEDULE 13A SUNDRY EXPENSES INCLUDED UNDER EXPENDITURE OF CONTRACTS Plant Repairs 18.03 19.17 Rent, Rates & Taxes 29.88 16.13 Staff Welfare 20.59 12.86 Travelling Expenses 28.44 19.92 Guarantee Bond Commission and Bank Charges 13.76 11.54 Other Site Expenses * 91.72 65.13 * None of the individual items included in Other Site Expenses exceeds one percent of the total turnover 202.42 144.75 SCHEDULE 14 ESTABLISHMENT EXPENSES Electricity, Power & Fuel 2.45 1.77 Rent 2.14 0.81 Salaries including Provision for Commission and Bonus 68.45 46.23 Contribution to Employees' Provident Fund, ESIS & Other Funds 5.01 5.41 Contribution to Gratuity Fund 3.19 0.77 Staff Welfare Expenses 2.16 1.73 Insurance 8.51 6.91 Rates and Taxes 0.73 1.00 Communication Expenses 4.21 2.73 Travelling, Leave Passage and Motor Car Expenses 12.45 7.25 Professional Fees 14.85 5.96 Repairs & Maintenance 8.61 3.61 General Charges Auditors Remuneration: 9.86 6.17 – Audit Fees including Tax Audit Fees & Consolidation 0.66 0.51 – Limited Review 0.09 0.07 – Certification 0.01 0.07 – Other Services 0.05 0.05 – Reimbursement of Out of Pocket Expenses – 0.01 0.81 0.71 Branch Auditors' Fees 0.45 0.20 Directors Sitting Fees 0.07 0.12 Managerial Remuneration 9.51 6.32 Write off against Leasehold Land 0.03 0.01 Bad debt w/off 4.94 4.07 Provision for doubtful debts (Net) 0.35 3.15 Donation 0.13 0.04 Loss on Sale of Assets – 0.32 Foreign Exchange (Gain)/Loss 12.49 23.26 Employee Compensation Expense – ESOS 0.20 0.55 171.60 129.11 SCHEDULE 15 FINANCIAL COST (NET) INTEREST EXPENSED Fixed Period Loans 166.38 102.21 Other Loans 66.90 59.76 Other Finance Charges 21.82 29.10 Mark to Market on Fx Transactions (Refer Note B-8(a)) (2.36) (3.23) 252.74 187.84 Less: INTEREST EARNED Fixed Deposits with Banks (TDS ` 0.07 Crores, Previous Year ` 0.19 Crores) 0.73 1.05 Fixed Deposits with Joint Stock Companies (Refer Note B-17) (TDS ` 21.94 Crores, Previous Year ` 5.84 Crores) 219.40 37.20 Others (TDS ` 0.82 Crores, Previous Year ` 0.18 Crores) 20.30 9.93 240.43 48.18 12.31 139.66 A NNUAL R EPORT I 2010/11 79
SCHEDULE 16 SIGNIFICANT ACCOUNTING POLICIES AND NOTES TO ACCOUNTS A. SIGNIFICANT ACCOUNTING POLICIES: 80 1. Basis of preparation of Financial Statements: The financial statements have been prepared to comply in all material respects with the notified accounting standards by the Companies Accounting Standards Rules, 2006 and the relevant provisions of the Companies Act, 1956. The financial statements have been prepared under the historical cost convention, on an accrual basis of accounting. The accounting policies discussed more fully below, are consistent with those used in the previous year. 2. Use of Estimates: The preparation of financial statements requires estimates and assumptions to be made that affect the reported amount of assets and liabilities on the date of financial statements and the reported amount of revenues and expenses during the reporting period. Difference between the actual results and estimates are recognized in the period in which the results are known. 3. Revenue Recognition: (a) On Construction Contracts: Long-term contracts including Joint Ventures are progressively evaluated at the end of each accounting period. On contracts under execution which have reasonably progressed, profit is recognized by evaluation of the percentage of work completed at the end of the accounting period, whereas, foreseeable losses are fully provided for in the respective accounting period. The percentage of work completed is determined by the expenditure incurred on the job till each review date to total expected expenditure of the job. Additional claims (including for escalation), which in the opinion of the Management are recoverable on the contract, are recognized at the time of evaluating the job. (b) On supply of materials related to the transmission towers, revenue is recognized upon the delivery of goods to the client in accordance with the terms of contract. Sales include excise duty & other receivable from the customers but exclude VAT, wherever applicable. (c) Insurance claims are accounted for on cash basis. (d) Interest income is recognized on time proportion method basis taking into account the amounts outstanding and the rate applicable. (e) Dividend Income is accounted when the right to receive the same is established. The dividend declared by the subsidiary companies after the date of balance sheet are also included if they are in respect of accounting period which closed on or before the date of Company’s Balance Sheet. 4. Turnover: Turnover represents work certified upto and after taking into consideration the actual cost incurred and profit evaluated by adopting the percentage of the work completion method of accounting. Turnover also includes the revenue from the supply of material in the transmission tower contracts in accordance with the terms of contract. 5. Joint Venture: (a) Joint Venture Contracts under Consortium are accounted as independent contracts to the extent of work completion. (b) In Joint Venture Contracts under Profit Sharing Arrangement, services rendered to Joint Ventures are accounted as income on accrual basis, profit or loss is accounted as and when determined by the Joint Venture and net Investment in Joint Venture is reflected as investments or loans & advances or current liabilities. 6. Research and Development Expenses: All expenditure of revenue nature is charged to the Profit and Loss Account of the period. All expenditure of capital nature is capitalized and depreciation provided thereon, at the rates as applied to other assets of similar nature. 7. Employee Retirement Benefits: Retirement benefits in the form of provident fund and superannuation is a defined contribution scheme and contributions are charged to the Profit and Loss Account for the year/period when the contributions are due. Gratuity a defined benefit obligation is provided on the basis of an actuarial valuation made at the end of each year/period on projected Unit Credit Method. Leave encashment is recognized on the basis of an actuarial valuation made at the end of each year on projected Unit Credit Method. Actuarial gains/losses are immediately taken to profit and loss account and are not deferred. 8. Fixed Assets and Depreciation: Fixed Assets are valued and stated at cost of acquisition less accumulated depreciation thereon. Revalued assets are stated at the revalued amount. Cost comprises the purchase price and any attributable cost of bringing the asset to its working condition of its intended use. Depreciation for the accounting period is provided on: (a) Straight Line Method, for assets purchased after 2-4-1987, at the rates and in the manner specified in Schedule XIV to the Companies Act, 1956. (b) Written Down Value Method, for assets acquired on or prior to 2-4-1987, at the rates as specified in Schedule XIV to the Companies Act, 1956. A NNUAL R EPORT I 2010/11
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Contents A NNUAL R EPORT I 2010/11
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Gammon House the second largest con
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4 Board of Directors Mr. Peter Gamm
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6 A NNUAL R EPORT I 2010/11 Beas Br
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8 Sohar Jetty, Oman A NNUAL R EPORT
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10 Region-wise Projects as on 31st
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12 Financial Highlights of the deca
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14 A NNUAL R EPORT I 2010/11 Off-Sh
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6000 5000 4000 3000 2000 1000 0 16
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18 Key Projects Chennai Metro Proje
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20 Public Private Partnership Proje
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Pebble Bay at Dollars Colony, Benga
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Your Directors have pleasure in pre
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Option Scheme-2007 of erstwhile ATS
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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
Page 80 and 81: As at 31 st March, 2011 As at 31 st
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
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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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