Annual Report 2006-2007 - Gammon India

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GAMMON INDIA LIMITED • Significant adjustments arising out of audit • The going concern assumption • Compliance with accounting standards • Compliance with Stock Exchange and legal requirements concerning financial statements • Any related party transactions i.e. transactions of the Company of material nature, with promoters or the management, their subsidiaries or relatives etc. that may have potential conflict with the interests of the Company at large. (d) Reviewing with the management, external and internal auditors, and the adequacy of internal control systems. (e) Reviewing the adequacy of internal audit functions, including the structure of the internal audit department, staffing and seniority of the official heading the department, reporting structure coverage and frequency of internal audit. (f) Discussion with internal auditors, any significant findings and follow up thereon. (g) Reviewing the findings of any internal investigations by the internal auditors into matters where there is suspected fraud or irregularity or a failure of internal control systems of a material nature and reporting the matter to the board. (h) Discussion with external auditors before the audit commences, nature and scope of audit as well as have post audit discussion to ascertain any area of concern. (i) Reviewing the Company’s financial and risk management policies. (j) To look into the reasons for substantial defaults in the payment to the depositors, debenture holders, shareholders (in the case of non payment of declared dividends) and creditors. During the period under review, the Audit Committee met 5 times and the dates of such meetings are: 29/06/2006, 31/07/2006, 31/10/2006, 31/01/2007 and 21/03/2007. The Composition of the Audit Committee and the details of meetings attended by the Directors are given below : Name of the Member Category No. of Audit Committee Meetings attended Mr. C. C. Dayal Non-Executive – Independent 5 Mr. S. K. Guha Thakurta Non-Executive – Independent 2 Mr. Atul Dayal Non-Executive – Independent 5 Mr. C. C. Dayal, Chairman of the Audit Committee was present at the previous Annual General Meeting held on 26 th September, 2006. (b) SHAREHOLDERS/INVESTORS GRIEVANCE COMMITTEE : As on 31st March, 2007 the Shareholders/Investors Grievance Committee comprised of three members i.e. two Non-Executive Directors and one Executive Director. Mr. C. C. Dayal, Non-Executive Director is the Chairman of the Committee. The Committee approves and monitors share transfers, transmissions, dematerialisation, rematerialisation, issue of duplicate share certificates, etc. The Committee also monitors redressal of complaints from Shareholders relating to transfer of shares, non-receipt of Annual Report, dividends etc. During the year 2006-07 the Committee held 21 (Twenty One) meetings on 15/04/2006, 29/04/2006, 15/05/2006, 30/05/2006, 30/06/2006, 15/07/2006, 31/07/2006, 14/08/2006, 30/08/2006, 15/09/2006, 18/09/2006, 30/09/2006, 30/10/2006, 15/12/2006, 30/12/2006, 15/01/2007, 31/01/2007, 15/02/2007, 28/02/2007, 15/03/2007 and 29/03/2007. The Composition of the Shareholders/Investors Grievance Committee and the attendance of each member during the year 2006-2007 are detailed below : Name of the Director Executive/Non-Executive No. of Committee Meetings attended Mr. C. C. Dayal Non-Executive – Chairman 19 Mr. S. K. Guha Thakurta Non-Executive 12 Mr. Himanshu Parikh Non-Executive 18 26
The status of Shareholders’ complaints received upto 31 st March, 2007 is as stated below : No. of Complaints received during the Twelve months period ended 31st March, 2007 69 No. of Complaints resolved to the satisfaction of shareholders during the said period 69 No. of Complaints pending as on 31st March, 2007 Nil No. of pending share transfers as on 31st March, 2007 Nil 27 Annual Report 2006-2007 Name, Designation and address of Compliance Officer : Mrs. Gita Bade Company Secretary Gammon India Limited Gammon House, Veer Savarkar Marg, Prabhadevi, Mumbai 400 025. Telephone : 022–6661 4000 Facsimile : 022–2430 0529 In addition to the above Committees the Company has also constituted a Financial Review Committee with two Directors as members viz. Mr. C. C. Dayal and Mr. Rajul Bhansali – Executive Director and Chief Financial Officer. The Committee reviews all financial matters, budgets and performances, as well as compliances. Mr. C. C. Dayal is paid sitting fee. 4. GENERAL BODY MEETINGS : (a) Location, date and time of General Meetings held during the last 3 years : Annual General Meeting (AGM) AGM Financial Year Location Date & Time 84th Fifteen Month ended 31st 26 March, 2006 Amar Gian Grover Auditorium, Lala Lajpat Rai Marg, Mahalaxmi, Mumbai - 400 034. th September, 2006 at 3.00 p.m. 83rd Nine Months ended 31st 28 December, 2004 th June, 2005 at 3.00 p.m. 82nd 2003-2004 29th September, 2004 at 3.00 p.m. (b) Special Resolutions passed in the previous three Annual General Meetings : Date of AGM Particulars of Special Resolutions passed 26th September, 2006 (i) for Alteration of Articles of Association of the Company by deleting Articles Nos. 235 to 244. (ii) for making loans, Investments, giving guarantees etc. to various bodies corporate and for ratification of the issue of Counter/Corporate Guarantees issued by the Company on behalf of other body Corporate under Section 372A of the Companies Act, 1956 which was passed by postal ballot. 28th June, 2005 (i) for keeping the Register of Members and debentures and other related documents at the office of M/s Intime Spectrum Registry Limited, Registrar and Share Transfer Agent. (ii) for making of loans, investments, giving guarantees etc. to various bodies corporate under Section 372A of the Companies Act, 1956 which was passed by postal ballot. 29th September, 2004 (i) for making of loans, investments, giving guarantees etc. to various bodies corporate and for ratification of the issue of Counter/Corporate Guarantees issued by the Company on behalf of other body Corporate under Section 372A of the Companies Act, 1956 which was passed by postal ballot.
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Page 4 and 5: 2 C o n t e n t s Chairman’s Lett
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Page 18 and 19: 16 G a m m o n ' s P r o j e c t s
Page 20 and 21: 2. DIVIDEND: GAMMON INDIA LIMITED T
Page 22 and 23: GAMMON INDIA LIMITED 13. HEALTH, SA
Page 24 and 25: GAMMON INDIA LIMITED ANNEXURE “A
Page 26 and 27: GAMMON INDIA LIMITED Name and Desig
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Page 34 and 35: GAMMON INDIA LIMITED 11. DEMATERIAL
Page 36 and 37: GAMMON INDIA LIMITED To The Members
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Page 40 and 41: GAMMON INDIA LIMITED Presently your
Page 42 and 43: GAMMON INDIA LIMITED c. Dharmavaram
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Page 46 and 47: GAMMON INDIA LIMITED AUDITORS’ RE
Page 48 and 49: GAMMON INDIA LIMITED basis of the a
Page 50 and 51: GAMMON INDIA LIMITED SOURCES OF FUN
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Page 54 and 55: GAMMON INDIA LIMITED DEBENTURE REDE
Page 56 and 57: SCHEDULE 6 INVESTMENTS GAMMON INDIA
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Page 60 and 61: SCHEDULE 13 GAMMON INDIA LIMITED EX
Page 62 and 63: SCHEDULE 16 GAMMON INDIA LIMITED SI
Page 64 and 65: GAMMON INDIA LIMITED B. NOTES TO AC
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Page 72 and 73: GAMMON INDIA LIMITED 40. Details of
Page 74 and 75: GAMMON INDIA LIMITED 11. GIL Archir
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GAMMON INDIA LIMITED (C) Disclosure
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STATEMENT PURSUANT TO SECTION 212 O
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GAMMON INDIA LIMITED AuDITOr’s rE
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GAMMON INDIA LIMITED SOURCES OF FUN
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SCHEDULE 1 SHARE CAPITAL : AUTHORIS
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SCHEDULE 6 FIXED ASSETS : PARTICULA
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GAMMON INDIA LIMITED 31st March, 20
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GAMMON INDIA LIMITED 31st March, 20
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GAMMON INDIA LIMITED (iii) Advisory
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GAMMON INDIA LIMITED B. NOTES TO AC
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GAMMON INDIA LIMITED (c) The follow
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GAMMON INDIA LIMITED MNEL: The Secu
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GAMMON INDIA LIMITED AEL: On the ba
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GAMMON INDIA LIMITED (ii) An amount
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GAMMON INDIA LIMITED (b) A dispute
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GAMMON INDIA LIMITED 22. GIL EIL Co
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GAMMON INDIA LIMITED (C) Disclosure
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GAMMON INDIA LIMITED C. CASH FLOW F
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GAMMoN INDIA LIMIteD Notes 112
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GAMMON INDIA LIMITED Head Office :
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Annual Report 2006-2007 - Gammon India

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