Annual Report 2004 - Gammon India

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GAMMON INDIA LIMITED DETAILS OF SUBSIDIARIES OF GAMMON INDIA LIMITED (Pursuant to the Central Government Order under Section 212(8) of the Companies Act, 1956) 64 Amount in Rs. Sr. Particulars Gammon Cochin Bridge Gammon & Vizag No. Infrastructure Infrastructure Billimoria Seaport Pvt. Projects Limited Co. Ltd. Ltd. Ltd.**** (a) Capital 40,42,29,000 6,40,00,700 10,00,000 51,42,75,000 (b) Reserves 53,84,350 —* —** —*** (c) Total Assets 43,97,73,460 32,99,00,986 4,76,02,704 2,31,68,25,128 (d) Total Liabilities 3,01,60,110 27,78,80,520 4,66,73,352 1,64,28,25,102 (e) Investment (except in case of investment subsidiaries)* 16,06,57,800 — — — (f) Turnover 1,26,00,000 4,25,05,651 — 1,78,49,362 (g) Profit/(Loss) before Taxation 43,45,743 1,03,81,570 (75,540) (4,39,36,494) (h) Provision For Taxation Including Deffred Tax (15,55,452) (52,29,486) 26,439 (2,51,13,689) (i) Profit/(Loss) after Taxation 27,90,291 51,52,084 (49,101) (6,90,50,183) (j) Proposed Dividend — — — — * Details of Investment (I) Joint Ventures Andhra Expressway Limited 7,97,20,000 — — — Rajahmundry Expressway Limited 7,76,80,000 — — — (II) Others (a) Canara Bank 26,88,000 — — — (b) Vijaya Bank 76,800 — — — (c) Tata Consultancy Services 4,93,000 — — — * Profit & Loss A/c Debit Balance as on 31/12/2004 Rs. 70,648/- ** Profit & Loss A/c Debit Balance as on 31/12/2004 Rs. 1,19,80,234/- *** Profit & Loss A/c Debit Balance as on 31/12/2004 Rs. 6,90,50,183/- **** Share Application Money pending allotment received during the year amounts to Rs. 22,87,75,209/-
AUDITORS’ REPORT TO THE BOARD OF DIRECTORS OF GAMMON INDIA LIMITED ON THE CONSOLIDATED FINANCIAL STATEMENTS We have examined the attached Consolidated Balance Sheet of GAMMON INDIA LIMITED and its subsidiaries, associates and joint ventures (Gammon Group) as at 31 st December, 2004, the Consolidated Profit and Loss Account for the nine month period then ended and the Consolidated Cash Flow Statement for the nine month period then ended. These financial statements are the responsibility of the Gammon India Limited’s Management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards in India. These Standards require that we plan and perform the audit to obtain reasonable assurance whether the financial statements are prepared, in all material respects, in accordance with an identified financial reporting framework and are free of material misstatements. An audit includes, examining on a test basis, evidence supporting the amounts and disclosures in the financial statement. An audit also includes assessing the accounting principle used and significant estimates made by management, as well as evaluating the overall financial statements. We believe that our audit provides a reasonable basis for our opinion. We did not audit the financial statements of subsidiaries including step down subsidiaries, joint ventures other than those mentioned in subsequent paras whose financial statements reflect total assets of Rs. 34,459.01 lacs as at 31 st December, 2004 and total revenue of Rs. 2,506.40 lacs for the nine month period ended 31 st December, 2004. These financial statements have been audited by other auditors whose report(s) have been furnished to us, and our opinion on the attached financial statement in so far as it relates to the amounts included therein in respect of the subsidiaries, joint ventures is based solely on the reports of the said other auditors. The financial statements of two joint ventures M/s Rajahmundry Expressway Limited and Andhra Expressway Limited whose financial statements reflect total assets of Rs. 51,675.39 lacs as at 31 st December, 2004 and total revenue of Rs. 3,248.58 lacs for the nine month period ended 31 st December, 2004 have not been audited and have been certified by the respective Company’s Management and furnished to us, and our opinion, insofar they relate to the amounts included in the attached financial statements in respect of these joint ventures has been based solely on the certified financial statements. We further report that in case of associates the financial statements whose financial statements reflect the group’s share of Profit/Loss (net) of Rs. 116.33 lacs have not been audited and have been certified by the respective Associate Company’s Management and furnished to us, and our opinion, insofar they relate to the amounts included in the attached financial statements in respect of these associates have been based solely on the certified financial statements. We report that the consolidated financial statements have been prepared by the Company in accordance with the requirement of Accounting Standard (AS) 21- Consolidated Financial Statements, Accounting Standard (AS) 23 - Accounting for investments in associates in the consolidated financial statements and Accounting Standard (AS) 27 - Financial reporting of Interest in Joint Ventures issued by the Institute of Chartered Accountants of India and on the basis of the separate audited and un-audited financial statements of Gammon India Limited and its subsidiaries including step down subsidiaries, associates and joint ventures included in the consolidated financial statements. On the basis of the information and explanation given to us and on the consideration of the separate audit reports on individual audited financial statements of Gammon India Limited and its aforesaid subsidiaries, associates and joint ventures, we are of the opinion that the Consolidated Balance Sheet, the Consolidated Profit and Loss Account and the Consolidated Cash Flow Statement read with and subject to the notes particularly Note No. B-27 regarding change in method of providing amortization of the project bridge in Cochin Bridge Infrastructure Company Limited, thereon gives a true and fair view: (a) In the case of the Consolidated Balance Sheet of the consolidated state of affairs of Gammon Group as at 31 st December, 2004; (b) In the case of the Consolidated Profit and Loss Account of the consolidated results of operations of Gammon Group for the nine month period then ended and (c) In the case of the Consolidated Cash Flow of the consolidated results of operations of Gammon Group for the nine month period then ended. Mumbai, Dated : 19 th May, 2005. 65 For NATVARLAL VEPARI & CO. Chartered Accountants P. N. VEPARI Partner M. No. 4954
Page 19 and 20: DIRECTORS’ REPORT Your Directors
Page 21 and 22: Two multipurpose berths at Visakhap
Page 23 and 24: 15. AUDITORS : M/s. Natvarlal Vepar
Page 25 and 26: REPORT ON CORPORATE GOVERNANCE COMP
Page 27 and 28: (c) Reviewing with management the a
Page 29 and 30: 7. GENERAL SHAREHOLDER INFORMATION
Page 31 and 32: 8. DISTRIBUTION OF SHAREHOLDING AS
Page 33 and 34: To The Members of GAMMON INDIA LIMI
Page 35 and 36: (b) Energy Projects and High Rise S
Page 37 and 38: Emphasis in Human Resource Manageme
Page 39 and 40: ANNEXURE TO THE AUDITORS’ REPORT
Page 41 and 42: (x) The Company does not have any a
Page 43 and 44: PROFIT AND LOSS ACCOUNT FOR THE NIN
Page 45 and 46: 43 31.12.2004 31.03.2004 Rs. in Lac
Page 47 and 48: Face Value Nos. as on Nos. as on 31
Page 49 and 50: 31.12.2004 31.03.2004 Rs. in Lacs R
Page 51 and 52: SCHEDULE 13 49 31.12.2004 31.03.200
Page 53 and 54: SCHEDULE 16 NOTES TO ACCOUNTS A. AC
Page 55 and 56: 11. MANAGERIAL REMUNERATION : Perio
Page 57 and 58: 22. In respect of the infrastructur
Page 59 and 60: Joint Ventures: 12. Gammon STG 13.
Page 61 and 62: 31. Details of Joint Ventures (a) D
Page 63 and 64: CASH FLOW FOR THE YEAR ENDED 31 st
Page 65: STATEMENT PURSUANT TO SECTION 212 O
Page 69 and 70: CONSOLIDATED PROFIT AND LOSS ACCOUN
Page 71 and 72: 31.12.2004 31.03.2004 Rs. in Lacs R
Page 73 and 74: SCHEDULE 9 71 31.12.2004 31.03.2004
Page 75 and 76: SCHEDULE 12A 73 31.12.2004 31.03.20
Page 77 and 78: SCHEDULE 16 NOTES TO ACCOUNTS A. AC
Page 79 and 80: B. OTHER NOTES : 1. (a) The followi
Page 81 and 82: 6. (I) Non-Convertible Debentures:
Page 83 and 84: (b) The break up of the deferred ta
Page 85 and 86: 35. CONTINGENT LIABILITIES NOT PROV
Page 87 and 88: Key Management Personnel & Relative
Page 89: CONSOLIDATED CASH FLOW FOR THE YEAR

Annual Report 2004 - Gammon India

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