Annual Report 2010-2011 - Gammon India

94
Sr. No. Name of Joint Venture Description of Interest % of involvement
22. Gammon CMC (DFCC Eastern Corridor) Jointly Controlled Operation 65.00%
23. Sumitomo Corp., Gammon, C & C Const. Limited,
Sadbhav Engg. Limited
A NNUAL R EPORT I 2010/11
Jointly Controlled Operation 15.00%
24. Gammon Atlanta (Ghana Road Project) Jointly Controlled Operation 75.00%
25. Gammon Yuksel (Greenfield Airport, Sasan) Jointly Controlled Operation 51.00%
26. Gammon Mosmetrostroy (Bangalore Metro) Jointly Controlled Operation 49.00%
27. Gammon Cadagua (Guwahati WS Pkg. III) Jointly Controlled Operation 51.00%
28. Gammon Pratibha (Hogenkkal WS) Jointly Controlled Operation 51.00%
29. Gammon Ansaldo (Kakrapara BOT Pkg. I) Jointly Controlled Operation 51.00%
30. Gammon Marti Jointly Controlled Operation 60.00%
31. Afghanistan ATSL AEPC Consortium Jointly Controlled Operation 75.00%
32. Gammon Pratibha (BWSSB) Jointly Controlled Operation 70.00%
33. Gammon Atlanta Jointly Controlled Operation 50.00%
34. Gammon BBJ Jointly Controlled Operation 50.00%
35. GIL Archirodon Jointly Controlled Operation 98.50%
36. Gammon JMC Jointly Controlled Operation 70.00%
37. Gammon OSE Jointly Controlled Operation 50.00%
38. OSE GIL Jointly Controlled Operation 50.00%
39. Gammon Progressive Jointly Controlled Operation 50.00%
(b) Details of Income & Expenditure and Assets & Liabilities of Jointly controlled entities as per the audited accounts of the Joint Venture
entity are as under:
(` in Crores)
Sr. No. Particulars of JV with share Share of
Assets
Share of
Liabilities
Share of
Income
Share of
Expenditure
1. Gammon Al Matar (85%) 15.62 0.46 0.53 8.88
(68.68) (80.14) (16.95) (29.66)
2. Gammon Encee Consortium (51%) 4.74 1.41 2.01 2.01
(4.63) (1.44) (2.30) (2.30)
3. Jager Gammon (90%) 22.30 22.20 55.93 55.85
(44.95) (52.49) (58.09) (58.05)
4. Gammon Construtora Cidade Tensaccia Joint Venture (60%) 18.64 18.70 9.89 9.95
(—) (—) (—) (—)
5. Gammon OJSC Mosmetrostroy Joint Venture (51%) 38.20 38.20 — —
(—) (—) (—) (—)
6. Bhutan Consortium Jyoti Structures Limited and Gammon India Limited 29.65 29.65 0.63 0.63
(—) (—) (—) (—)
(Previous year figures are in brackets)
37. Joint venture and operations in Oman:
(a) There are claims against the Joint venture not acknowledged as debts of RO 0.84 million (` 9.85 Crores) in respect of which the lower
courts have ruled in favour of the claimant. The Management is hopeful of obtaining relief from the higher courts in the matter.
(b) The joint venture has carried out certain works including operations and maintenance of the project based on work instructions received
from the consultant/client which is subject to certification and acceptance by the client on account of certain disputes with the client
which the management is hopeful of resolving in favour of the Joint venture. The total value of such works being carried as part of the job
estimates is RO 0.91 million (` 10.67 Crores).
(c) The banking facilities including fund and other non-fund based borrowings utilized by the Joint Venture entity which are in the
name of the Company but have been accounted in the books of Joint Venture. The borrowings have been guaranteed by the
Company and are secured by assignment of the Joint Venture contract receivable and Joint registration and insurance of all
equipments and Corporate guarantees of Gammon India Limited of RO 1.25 million (` 14.66 Crores). The total of such borrowings
as at 31 st March, 2011 is RO 169,337 (` 1.99 Crores) [Previous Year RO 4,002,265 (` 46.99 Crores)] which consists of Fund based
RO (208,554) (` 2.44 Crores) [Previous Year RO 3,628,768 (` 42.61 Crores)] and Non-fund based RO 377,891 (` 4.43 Crores)
[Previous Year RO 373,498 (` 4.39 Crores)].