Annual Report 2006-2007 - Gammon India
Annual Report 2006-2007 - Gammon India
Annual Report 2006-2007 - Gammon India
Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
GAMMON INDIA LIMITED<br />
(ii) An amount of Rs. 17.77 Crores claimed by the Collector and District Registrar, Rajahmundry, pursuant to and Order dated<br />
March 15, 2005, as deficit stamp duty payable on the Concession Agreement entered into between REL and National<br />
Highway Authority of <strong>India</strong> (‘NHAI’), classifying the Concession Agreement as a ‘lease’ under Article 31(d) of the <strong>India</strong>n<br />
Stamp Act. REL has impugned the Order by way of a writ petition before the High Court of Andhra Pradesh at Hyderabad.<br />
No provision is considered necessary in respect of the said demand, as the management believes that there is no<br />
contravention of the <strong>India</strong>n Stamp Act.<br />
(o) Capital commitment:<br />
Contracts, (net of advances) remaining to be<br />
executed on capital account and not provided for<br />
102<br />
As at<br />
31.03.07<br />
Rs. in Crores<br />
As at<br />
31.03.06<br />
GIL 51.92 59.42<br />
MNEL 559.00 753.00<br />
SHVPL 450.00 450.00<br />
PBPL 28.00 3.63<br />
VSPL 5.59 14.54<br />
GB LLC 277.94 578.95<br />
GIPL – 0.24<br />
KBICL 439.62 Not Applicable<br />
GICL 649.22 Not Applicable<br />
Total 2,461.29 1,859.78<br />
(p) Export Commitments in Joint Venture VSPL:<br />
Particulars As at<br />
31.03.07<br />
Rs. in Crores<br />
As at<br />
31.03.06<br />
Under EPCG Scheme 7.20 23.89<br />
25. Disclosure pertaining to Accounting Standard – 29 is as below.<br />
Account Head Opening<br />
Balance<br />
Provisions made<br />
during the year<br />
Paid/Utilized<br />
during the year<br />
Rs. in Crores<br />
Closing<br />
Balance<br />
Gratuity 1.64 1.05 0.95 1.74<br />
Leave Encashment 3.37 0.46 0.06 3.77<br />
Taxation 30.18 98.73 12.82 116.09<br />
Proposed Dividend 5.25 0.87 5.25 0.87<br />
26. <strong>Gammon</strong> Cooling Towers Limited (GCTL) has not provided for Gratuity and Leave Encashment as per Accounting Standard 15<br />
(NEW), since the Company employees are not more than four months in employment.<br />
27. Cash & Bank balances include Rs. 3.15 Crores (Previous Year Rs. 2.00 Crores) with bank branches in foreign countries relating to<br />
certain foreign projects which are not readily available for use by the Company and are subject to exchange control regulation of the<br />
respective countries.<br />
28. The details of foreign fluctuation reserves created as per AS-11 is as under<br />
Particulars As at<br />
31.03.<strong>2007</strong><br />
(Rs. in Crores)<br />
As at<br />
31.03.<strong>2006</strong><br />
(Rs. in Crores)<br />
Opening balance as on 1 st April (0.94) (0.04)<br />
Less : Transferred during the period 0.94 0.04<br />
Add : Net credit during the period (4.87) (0.94)<br />
Closing balance as on 31 st March 4.87 (0.94)
Change language