Annual Report 2005-2006 - Gammon India

GAMMON INDIA LIMITED
(d) The transactions of the Oman branch of the company have been included in these financial statements on the basis of the
report of local auditors of the branch.
36. Remuneration to Auditor does not include Rs. 16.83 lacs (including Service Tax) paid to Statutory Auditors towards fees paid in
connection with the GDR Issue, which is debited to Share Premium Account.
37. The company had during the year acquired voting rights and other beneficial interests in two companies Rajahmundry Expressway
Limited and Andhra Expressway Limited in respect of 43,60,500 equity shares and 45,64,500 equity shares respectively from its
Joint Venture partner in these entities in consideration of payment of deposit for the acquisition of shares of Rs. 565.50 lacs.
Subsequently the company transferred its voting rights and other beneficial interests so acquired along with the voting rights and
beneficial interests in respect of 1,10,92,500 equity shares of Rajahmundry Expressway Limited and 1,10,92,500 equity shares
of Andhra Expressway Limited to its then wholly owned subsidiary Gammon Infrastructure Projects Limited against receipt of
consideration being deposit for sale of equity shares in these companies of Rs.3,283.80 lacs from the subsidiary. The deposit
made and deposit received as aforesaid are reflected under the Investment Schedule. In respect of these shares where the
voting rights and beneficial rights are so transferred, the holder continues to be the original allotees as per the records of the
respective companies.
38. During the year the company has transferred its entire stake in Cochin Bridge Infrastructure Company Limited, a subsidiary and
Vizag Seaport Private Limited, a Joint Venture company in favour of its then wholly owned subsidiary Gammon Infrastructure
Projects Limited. Subsequent thereto the company does not hold any direct interest in these companies.
39. Details of loans and advances in the nature of loans :
Disclosure of amounts outstanding at period end as per Clause 32 of the Listing Agreement:
Amount
(Rs in Lacs)
Maximum
Outstanding at Amount
period end outstanding
Subsidiaries/Fellow Subsidiaries :
1. Andhra Expressway Ltd — 8110.59
2. Cochin Bridge Infrastructure Company Ltd — 2723.00
3. Gammon & Billimoria Ltd 1354.76 1354.74
4. Gammon Infrastructure Projects Ltd — 1598.77
5. Rajahmundry Expressway Ltd — 7758.00
6. Vizag Seaport Pvt. Ltd — 467.00
Associates & Group Companies:
1. Associated Transrail Structures Ltd — 1000.00
2. Alliance Agro India Ltd — 1.61
3. Freyssinet Prestressed Concrete Co. Ltd — 250.00
4. STFA Pilling India Ltd 0.40 0.40
As per our attached report of even date.
For NATVARLAL VEPARI & CO.
Chartered Accountants
N. JAYENDRAN
Partner
M.No. 40441
Mumbai, Dated : June 29, 2006.
62
For and on behalf of the Board of Directors
ABHIJIT RAJAN C. C. DAYAL
Chairman & Managing Director Director
RAJUL A. BHANSALI HIMANSHU PARIKH
Executive Director Executive Director
P. S. GUPCHUP
Company Secretary
Mumbai, Dated : June 29, 2006.