Annual Report 2010-2011 - Gammon India

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20. Additional information pursuant to Schedule VI to the Companies Act, 1956. (a) Licensed and installed capacity and production of goods manufactured: Particulars Transmission Line Towers & Parts Conductors Licensed/Registered capacity N.A. N.A. (No License is required) (N.A.) (N.A.) Installed capacity (as certified by the management and accepted by 110,000 MT p.a. 36,000 MT p.a. the auditors, being a technical matter) (110,000 MT p.a.) (36,000 MT p.a.) Actual production including job work 102,525 MT p.a 11,916.155 MT p.a. (Figures in brackets are for the previous year) (83,512 MT p.a.) (3,860.666 MT p.a.) (b) Opening and Closing stock of goods manufactured and traded in: A NNUAL R EPORT I 2010/11 (` in Crores) Particulars 2010-2011 2009-10 (Qty.) Amount (Qty.) Amount Opening Stock-Transmission Line Towers & Parts (MT) 3,348 17.53 6,780 41.61 Opening Stock-Conductor (KM) 90.643 0.99 150.266 2.34 TOTAL 18.52 43.95 Closing Stock-Transmission Line Towers & Parts (MT) (*) *5,183 **29.63 3,348 17.53 Closing Stock-Conductor (KM) 592.835 8.60 90.643 0.99 TOTAL 38.23 18.52 *Includes 95 MT (P.Y. NIL) lying at Port. **Includes ` 0.52 Crores (P.Y. NIL) lying at Port, But excludes Scrap Stock of ` 0.16 Crores (P.Y. ` 0.22 Crores). (` in Crores) Particulars 2010-2011 2009-2010 Qty (M.T.) Amount Qty (M.T.) Amount Raw Materials consumed-Transmission Line Towers & Parts: Steel 101,343 377.75 99,943 352.83 Zinc Raw materials consumed-Conductor: 4,561 52.97 4,717 48.20 Aluminum Ingots 9,429.23 108.20 3,134.032 30.89 Aluminum/EC Wire Rod 345.56 3.95 363.253 4.18 GI Wire Turnover: 1,997.42 9.58 394.454 1.79 i) Sale of Towers *(Includes Job work) 100,690* 741.88 86,944 696.66 ii) Sale of Power (In KwH) 5,926,134 2.00 7,486,080 2.52 iii) Conductor (KM) 7,713.95 141.97 2,359.119 57.51 * Includes 336 MT (P.Y. Nil) rejected material sold as scrap. (c) The requirement of quantitative information of the Company as required by A.S.E. 494 – E dated 30.10.1973 is not applicable to the Company as regards construction activities of transmission line. As regards various other quantitative details the same have not been reported as various items are of dissimilar nature and it is not practicable to disclose the quantitative information. 21. Disclosure in accordance with Accounting Standard – 7 (Revised), in respect of contracts entered into on or after 1 st April, 2003: Particulars Year ended 31 st March, 2011 (` in Crores) Year ended 31 st March, 2010 Turnover for the year 4,323.45 3,440.84 Aggregate Expenditure (Net of inventory adjustments) for contracts existing as at the year end 12,530.75 11,437.17 Aggregate Contract Profits/Losses recognized for contracts existing as at the year end 1,482.65 1,510.34 Contract Advances (Net) 722.33 798.04 Gross Amount due from customers for contract work 918.59 1,085.77 Gross Amount due to customers for contract work 3.66 0.01 89
90 22. Disclosure relating to Employee Benefits – As per Revised AS-15 As per Accounting Standard–15 “Employee Benefits” and as defined in the accounting standard the summarized components of net benefit expense recognized in the profit and loss account and the funded status and amounts recognized in the balance sheet are given herein below: Sr. No. Particulars Gratuity 2010-11 A NNUAL R EPORT I 2010/11 (` in Crores) Gratuity 2009-10 I. Change in Benefit Obligation Liability at the beginning of the year 6.61 6.03 Interest cost 0.52 0.47 Current Service Cost 0.80 0.61 Past Service Cost (Non Vested Benefit) — — Past Service Cost (Vested Benefit) — — Benefit Paid (0.92) (0.57) Actuarial (gain)/loss on obligations 2.31 0.07 Curtailments and Settlements — — Liability at the end of the year 9.32 6.61 II. Fair Value of Plan Assets Fair Value of Plan Assets at the beginning of the year 5.09 4.05 Expected Return on Plan Assets 0.45 0.38 Contributions 0.94 1.23 Benefit paid (0.92) (0.57) Actuarial gain/(loss) on Plan Assets — — Fair Value of Plan Assets at the end of the year 5.56 5.09 Total Actuarial (gain)/loss to be Recognized 2.31 0.07 III. Actual Return on Plan Assets Expected Return on Plan Assets 0.45 0.38 Actuarial gain/(loss) on Plan Assets — — Actual Return on Plan Assets 0.45 0.38 IV. Amount Recognized in the Balance Sheet Liability at the end of the year 9.32 6.61 Fair Value of Plan Assets at the end of the year 5.56 5.09 Difference 3.76 1.52 Unrecognized Past Service Cost — — Amount Recognized in the Balance Sheet 3.76 1.52 V. Expenses Recognized in the Income Statement Current Service Cost 0.80 0.61 Interest Cost 0.53 0.47 Expected Return on Plan Assets (0.45) (0.38) Net Actuarial (gain)/loss To Be Recognized 2.31 0.07 Past Service Cost (Non Vested Benefit) Recognized — — Past Service Cost (Vested Benefit) Recognized — — Effect of Curtailment or Settlements. — — Expense Recognized in Profit and Loss Account 3.19 0.77 VI. Balance Sheet Reconciliation Opening Net Liability 1.52 1.98 Expense as above 3.19 0.77 Employers Contribution (0.94) (1.23) Effect of Curtailment or Settlements — — Amount Recognized in Balance Sheet 3.76 1.52 VII. Actuarial Assumptions Discount Rate Current 8.00% 8.00% Note: (i) Employer’s contribution includes payments made by the Company directly to its past employees. (ii) The estimates of future salary increases, considered in actuarial valuation, take account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market. (iii) The Company’s Gratuity fund is managed by Life Insurance Corporation of India. The plan assets under the fund are deposited under approved securities. (iv) The Company’s Leave Encashment liability is entirely unfunded.
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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
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(a) AUDIT COMMITTEE : The Audit Com
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Name, Designation and Address of Co
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(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 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 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
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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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