Annual Report 2006-2007 - Gammon India
Annual Report 2006-2007 - Gammon India
Annual Report 2006-2007 - Gammon India
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101<br />
<strong>Annual</strong> <strong>Report</strong> <strong>2006</strong>-<strong>2007</strong><br />
22. Unpaid dividend includes Rs. 0.03 Crores (Previous year – Rs. 0.01 Crores) to be transferred to the Investor Education & Protection<br />
Fund.<br />
Unpaid dividend also includes the interim dividend declared on 21 st March, <strong>2007</strong> remaining unpaid at the end of the year.<br />
Unpaid matured Fixed Deposits includes Rs. Nil (Previous Year Rs. 0.001 Crores) to be transferred to the Investor Education &<br />
Protection Fund.<br />
23. On a further assessment of the impairment of Fixed Assets of the Company as at the Balance Sheet date as required by Accounting<br />
Standard AS 28 – “Impairment of Assets “ issued by the Institute of Chartered Accountants of <strong>India</strong>, Company is of the view that no<br />
further provision for impairment of Fixed Assets is required.<br />
24. Contingent Liabilities :<br />
As at<br />
31.03.07<br />
Rs. in Crores<br />
As at<br />
31.03.06<br />
Rs. in Crores<br />
(a) Counter Guarantees given to Bankers for Guarantees<br />
given by them and Corporate Guarantees, on<br />
behalf of subsidiary, erstwhile subsidiary, associate<br />
companies stand at 1,148.67 696.01<br />
(b) Corporate Guarantees and Counter Guarantees given to<br />
Bankers towards Company’s share in the joint Ventures<br />
for guarantees given by them to the Joint Venture Project clients 417.53 374.55<br />
(c) Disputed Sales Tax liability for which the Company has<br />
gone into Appeal is 13.81 13.07<br />
(d) Claims against the Company not acknowledged as debt 46.14 45.75<br />
(e) Claim against the Company by Al Manara International<br />
LLC not acknowledged as debt –<br />
– Towards commission and related costs 14.21 19.05<br />
– Towards damages – 116.23<br />
(f) Counter claims in arbitration matters referred by<br />
the Company – liability unascertainable. – –<br />
(g) Disputed Excise Duty liability 0.19 0.16<br />
(h) Disputed Customs Duty liability 0.32 0.32<br />
(i) Disputed Service Tax Liability 3.66 –<br />
(j) Contingent Liability on partly paid shares – –<br />
(k) Disputed Income Tax –<br />
Demand for which the Company Appeals are pending<br />
before Appellant Authority – 1.16 –<br />
(l) There is a disputed demand of UCO Bank pending since 1986, of US$ 436251 i.e. Rs. 1.72 Crores. Against this, UCO Bank has<br />
unilaterally adjusted the Company’s Fixed Deposit of US$ 30584 i.e. Rs. 0.12 Crores which adjustment has not been accepted<br />
by the Company.<br />
(m) In respect of Joint Venture and operations in Oman, <strong>Gammon</strong> <strong>India</strong> Limited-AL Matar JV, refer note no. 34.<br />
(n) (i) Group’s share in Contingent Liability not provided for in the respect of Jointly Controlled Entity :<br />
Particulars As at<br />
31.03.07<br />
VSPL :<br />
Rs. in Crores<br />
As at<br />
31.03.06<br />
Bank Guarantees 1.14 3.29<br />
Disputed Liquidated Damages 0.84 0.84<br />
Others 0.84 0.84<br />
Total 2.82 4.97
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