Annual Report 2010-2011 - Gammon India

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9.95% – Redeemable Non-Convertible Debentures of ` 50 Crores are secured by hypothecation of specific Plant & Machinery with paripassu charge by mortgage of immovable property in Gujarat with 8.75% Secured Redeemable Non-Convertible Debentures of ` 3.5 Crores and 7.50% Secured Non-convertible Debenture of ` 50 Crores. The Debentures are due for repayment at the end of 8th , 9th and 10th year from the date of allotment being, 24th March, 2008. 10.80% – Redeemable Non Convertible Debentures of ` 100 Crores are secured by hypothecation of specific Plant & Machinery with paripassu charge by mortgage of immovable property in Gujarat with 9.95 % Secured Redeemable Non-Convertible Debentures of ` 50 Crores and 8.75% Secured Redeemable Non-Convertible Debentures of ` 3.5 Crores and 7.50% Secured Non-convertible Debenture of ` 50 Crores. The Debentures are due for repayment at the end of 5th , 6th and 7th year from the date of allotment being, 25th July, 2008. 10.50% – Redeemable Non Convertible Debentures of ` 74 Crores are secured by hypothecation of specific Plant & Machinery with paripassu charge by mortgage of immovable property in Gujarat with 10.80% Secured Redeemable Non-Convertible Debentures of ` 100 Crores and 9.95% Secured Redeemable Non-Convertible Debentures of ` 50 Crores and 8.75% Secured Redeemable Non-Convertible Debentures of ` 3.5 Crores and 7.50% Secured Non-convertible Debenture of ` 50 Crores. The Debentures are due for repayment at the end of 8th , 9th and 10th year from the date of allotment being, 7th May, 2009. 9.50% – Redeemable Non Convertible Debentures of ` 50 Crores are secured by hypothecation of specific Plant & Machinery with paripassu charge by mortgage of immovable property in Gujarat with 10.50% Secured Redeemable Non-Convertible Debentures of ` 74 Crores and 10.80% Secured Redeemable Non-Convertible Debentures of ` 100 Crores and 9.95% Secured Redeemable Non-Convertible Debentures of ` 50 Crores and 8.75% Secured Redeemable Non-Convertible Debentures of ` 3.5 Crores and 7.50% Secured Non-convertible Debenture of ` 50 Crores. The Debentures are due for repayment at the end of 8th , 9th and 10th year from the date of allotment being 18th June, 2010. 9.50% – Redeemable Non Convertible Debentures of ` 50 Crores are secured by hypothecation of specific Plant & Machinery with paripassu charge by mortgage of immovable property in Gujarat with 9.50% Secured Redeemable Non-Convertible Debentures of ` 50 Crores and 10.50% Secured Redeemable Non-Convertible Debentures of ` 74 Crores and 10.80% Secured Redeemable Non-Convertible Debentures of ` 100 Crores and 9.95% Secured Redeemable Non-Convertible Debentures of ` 50 Crores and 8.75% Secured Redeemable Non-Convertible Debentures of ` 3.5 Crores and 7.50% Secured Non-convertible Debenture of ` 50 Crores. The Debentures are due for repayment at the end of 8th , 9th and 10th year from the date of allotment being 5th September, 2010. 2. Issued Share Capital includes 725,800 shares of ` 2 each kept in abeyance. 3. Share Forfeited account includes ` 0.26 Crores of Share Premium collected on application in respect of forfeited shares. 4. In terms of the approval of the shareholders in the Extra Ordinary General Meeting of the Company on 17 th June, 2009 the Company issued 16,000,000 equity warrants to the promoter group on a preferential basis, entitling them to apply for and obtain allotment of one equity shares of ` 2 each at a premium of ` 88.20 per share. During F.Y. 2009-2010, the promoter group had exercised 7,750,000 warrants for conversion to equity shares and paid in an amount equivalent to 25% of the 8,250,000 outstanding warrants. The balance warrant of 8,250,000 have been exercised during the year for conversion to equity share and accordingly 8,250,000 shares have been allotted on 7 th January, 2011. 5. As per the intimation available with the Company, there are no Micro, Small and Medium Enterprises, as defined in the Micro, Small, and Medium Enterprises Development Act, 2006, to whom the Company owes dues on account of principal amount together with interest and accordingly no additional disclosures have been made. The above information regarding Micro, Small and Medium Enterprises have been determined to the extent such parties have been identified on the basis of information available with the Company. This has been relied upon by the Auditors. 6. Loans and advances include ` Nil (previous year ` 50.00 Crores) which are secured by pledge of equity shares of a private Company. The security value is adequate to recover the amount advanced. The said loan has been repaid during the year. 7. The Company has made following Purchases & Sales of Investments during the year. (a) Mutual Fund: During 2010-2011: A NNUAL R EPORT I 2010/11 (` in Crores) Particulars Units Purchase Cost Sale Value L & T Select Income Fund – Flexi Debt Retail 334,883.00 0.34 0.35 HDFC MF Monthly Income Plan – Long Term – MD 499,759.92 0.64 0.64 HDFC Prudence Fund – Growth 30,554.83 0.64 0.63 Kotak Monthly Income Plan – Growth 230,443.90 0.36 0.36 During 2009-2010: (` in Crores) Particulars Units Purchase Cost Sale Value Canara Robeco Mutual Fund 109,793,297.94 118.00 118.03 Shinsei Liquid Fund 15,001,217.32 15.00 15.01 UTI Liquid Cash Plan Institutional 294,372.39 30.00 30.01 HDFC Top 200 Fund – Growth 4,821.60 0.06 0.07 HDFC Equity Fund – Growth 4,049.52 0.06 0.07 HDFC Floating Rate Income Fund – STP 456,308.47 0.46 0.46 Kotak 30 Equity Scheme Growth 11,466.88 0.08 0.09 Kotak Flexi Debt Scheme – Daily Dividend 268,164.30 0.27 0.27 83
84 (b) Investment: During the year, the Company has subscribed to/acquired the shares of the following Subsidiary Companies. During 2010-2011: Company Name No. of Shares Face Value (` in Crores) Amount Metropolitan Infrahousing Pvt. Limited 8,416 ` 10 0.01 Ansaldo Caldaie Boilers India Pvt. Limited* 36,700,000 ` 10 37.15 Franco Tosi Turbines Pvt. Limited 10,000 ` 10 0.01 Franco Tosi Hydro Pvt. Limited 10,000 ` 10 0.01 Gorakhpur Infrastructure Co. Limited 5,350,315 ` 10 5.35 SAE Transmission India Limited 50,000 ` 10 0.05 P. Van Eerd Beheersmaatschappij B.V. 35 €453.78 0.05 Gammon Holdings (Mauritius) Limited 15,000 $1 0.07 * Out of the above 4,538,461 shares amounting to Rs. 10 Crores has been allotted to the Company pursuant to conversion of loan granted in terms of the loan agreement. During 2009-2010: A NNUAL R EPORT I 2010/11 (` in Crores) Company Name No. of Shares Face Value Amount Rajahmundry Godavari Bridge Limited 441,250 ` 10 0.44 Gammon Retail Infrastructure Pvt. Limited 9,900 ` 10 0.01 8. (a) In respect of currency swap derivative contracts entered into by the Company, the Company has Marked to Market (Gain)/loss of ` (2.36) Crores (Previous Year loss ` 3.92 Crores) as at 31st March 2011 based on the valuation given by the bankers. Following the principle of prudence and in accordance with the announcement of the ICAI, the Company has made a provision for the same. Since the same was entered into to reduce the cost of borrowings, the said MTM loss is included under Financial Costs. (b) Foreign currency exposure un-hedged as at 31st March, 2011 is ` 678.28 Crores (Previous Year ` 579.34 Crores) receivables and ` 201.03 Crores (Previous Year ` 189.68 Crores) payables. Currency wise unhedged amounts are as follows: (` in Crores) Currency As at 31st March, 2011 As at 31st March, 2010 Receivables Payables Receivables Payables USD 99,943,121 20,764,391 54,172,011 16,162,378 EURO 23,802,114 5,284,398 40,678,977 3,194,889 GBP — — — 55,307 AED 55,560 — 55,560 — OMR 5,252,748 3,720,673 6,257,892 3,375,490 DZD 263,342,163 200,720,302 217,629,782 160,514,270 NGN — 6,213,707 — 6,213,707 KSH 30,567,932 3,200,359 8,992,397 5,381,707 BTN 27,323,645 181,743,200 — — 9. (a) Sundry Creditors/Advance from Clients include the following amounts due to Subsidiaries. Name of the Company As at 31 st March, 2011 (` in Crores) As at 31 st March, 2010 Gammon Infrastructure Projects Limited 6.58 10.81 Cochin Bridge Infrastructure Company Limited 0.16 0.16 Kosi Bridge Infrastructure Company Limited 12.38 23.09 Gorakhpur Infrastructure Company Limited 9.36 44.48 Andhra Expressway Limited 0.94 — Rajahmundry Expressway Limited 0.94 — GACTEL Turnkey Projects Limited 0.25 — Rajahmundry Godavari Bridge Limited 52.23 51.27 Indira Container Terminal Pvt. Limited (Joint Venture) 33.35 53.63 Patna Highway Projects Limited 30.74 — Pravara Renewable Energy Limited 3.96 4.16 Sikkim Hydro Power Ventures Limited 13.20 — TOTAL 164.09 187.60
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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
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Statement showing details of Option
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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 82 and 83: 2010-2011 2009-2010 ` in Crores ` i
Page 84 and 85: (c) Depreciation on revalued compon
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
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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,
Page 150 and 151:
Annexure I Related party Disclosure
Page 152:
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Annual Report 2010-2011 - Gammon India

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