Annual Report 2006-2007 - Gammon India

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GAMMON INDIA LIMITED (c) During the year, pursuant to the retrospective amendment of proviso to Section 80IA the Company has reviewed its claim in respect of Section 80IA and has decided to provide for income tax of earlier years without considering the benefits available u/s 80IA. The amount of short provision including interest amounting to Rs. 50.09 crores is being debited to the profit and loss account as short provision of earlier years. 25. The Company has deposited customs duty of Rs. 2.20 crores (Previous Year Rs. 2.20 crores) under protest in respect of certain machineries imported for the project in Sikkim. The Company contends that the import of machinery is duty free as per the Project Import regulations prevailing then. The Company has preferred an appeal against the levy of Custom Duty. Pending outcome of the appeal, the said amount is carried under Advances recoverable in cash or in kind. 26. Unpaid dividend includes Rs. 0.03 crores (Previous year Rs. 0.01 crores) to be transferred to the Investor Education & Protection Fund. Unpaid dividend also includes the interim dividend declared on 21 st March, 2007 remaining unpaid at the end of the year. Unpaid matured Fixed Deposits includes Rs. Nil (Previous Year Rs. 0.001 crores) to be transferred to the Investor Education & Protection Fund. 27. On a further assessment of the impairment of Fixed Assets of the Company as at the Balance Sheet date as required by Accounting Standard AS 28 – “Impairment of Assets” issued by the Institute of Chartered Accountants of India, Company is of the view that no further provision for impairment of Fixed Assets is required. 28. The balance with The Freyssinet Prestressed Concrete Company Limited is as per books of accounts and subject to reconciliation. 29. CONTINGENT LIABILITIES : 66 As at 31.03.07 (Rs. in Crores) As at 31.03.06 (Rs. in Crores) (a) Liability on contracts remaining to be executed on Capital Accounts 51.92 59.42 (b) Counter Guarantees given to Bankers for Guarantees given by them and Corporate Guarantees, on behalf of subsidiary, erstwhile subsidiary, associate Companies stand at 1148.67 696.01 (c) Corporate Guarantees and Counter Guarantees given to Bankers towards Company’s share in the Joint Ventures for guarantees given by them to the Joint Venture Project clients 417.53 374.55 (d) Disputed Sales Tax liability for which the Company has gone into Appeal is 13.81 13.07 (e) Claims against the Company not acknowledged as debts 46.14 45.75 (f) Claim against the Company by Al Manara International LLC not acknowledged as debt – – Towards commission and related costs 14.21 19.05 – Towards damages – 116.23 (g) Counter claims in arbitration matters referred by the Company – liability unascertainable. – – (h) Disputed Excise Duty liability 0.19 0.16 (i) Disputed Customs Duty liability 0.32 0.32 (j) Disputed Service Tax Liability 3.66 – (k) Contingent Liability on partly paid shares – – (l) Disputed Income Tax – Demand for which the Company Appeals are pending before Appellant Authority – 1.16 – (m) 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 unilaterally adjusted the Company’s Fixed Deposit of US$ 30584 i.e. Rs. 0.12 crores, which adjustment has not been accepted by the Company. (n) In respect of Joint Venture and operations in Oman, Gammon India Limited – AL Matar JV, refer note no. 35. 30. Disclosure pertaining to Accounting Standard – 29 is as below. (Rs. in Crores) Account Head Opening Balance Provisions made during the year Paid/Utilized during the year Closing Balance Gratuity 1.62 1.03 0.95 1.70 Leave Encashment 3.35 0.39 Nil 3.74 Taxation 28.50 95.18 12.82 110.86 Proposed Dividend 5.25 0.87 5.25 0.87
67 Annual Report 2006-2007 31. Since the principal business of the Company is construction activities, quantitative data as required by Part II Para ii, 4c, 4d of Schedule VI to the Companies Act, 1956 is not furnished. 32. Cash & Bank balances include Rs 3.15 crores (Previous Year Rs 2.00 crores) with bank branches in foreign countries relating to certain foreign projects which are not readily available for use by the Company and are subject to exchange control regulation of the respective countries. The Fixed Deposit related interest and principal account as at the year-end are as per ledger and are subject to reconciliation, which is under progress. 33. Joint Venture : (a) Details of Joint Ventures entered into by the Company: Sr. No. Name of Joint Venture Description of Interest % of involvement 1. Gammon AL Matar Jointly Controlled Entity 85.00% 2. Gammon Atlanta Jointly Controlled Operation 50.00% 3. Gammon BBJ Jointly Controlled Operation 50.00% 4. Gammon Delco Jointly Controlled Operation 50.00% 5. Gammon Limak Jointly Controlled Operation 97.00% 6. Gammon OAO Stroytransgaz Jointly Controlled Operation 50.00% 7. Gammon OSE Jointly Controlled Operation 50.00% 8. Gammon Sadbhav Jointly Controlled Operation 70.00% 9. Gammon Srinivas Jointly Controlled Operation 80.00% 10. GIL Archirodon Jointly Controlled Operation 98.50% 11. GIL CEC Jointly Controlled Operation 51.00% 12. OSE GIL Jointly Controlled Operation 50.00% 13. BBJ GIL Jointly Controlled Operation 30.50% 14. GIL ENCEE RAIL Jointly Controlled Operation 90.00% 15. JAGER GIL Jointly Controlled Operation 50.00% 16. GIL EIL Consortium Jointly Controlled Operation 97.00% 17. Jaeger Gammon Jointly Controlled Operation 50.00% 18. Gammon Limak Jointly Controlled Operation 55.00% 19. Patel Gammon Jointly Controlled Operation 49.00% 20. Torno Gammon Dolsar Jointly Controlled Operation 62.00% 21. Torno Gammon Patel Dolsar Alston Jointly Controlled Operation 20.00% 22. Gammon Patel Jointly Controlled Operation 50.00% 23. Gammon KMC Jointly Controlled Operation 51.00% 24. Gammon JMC Proj. Jointly Controlled Operation 70.00% 25. Hyundai Gammon Jointly Controlled Operation 49.00% 26. Jaeger Gammon Jointly Controlled Operation 50.00% 27. Torno Gammon Jointly Controlled Operation 50.00% 28. Gammon BBJ Jointly Controlled Operation 50.00% 29. Gammon KMC Jointly Controlled Operation 60.00% 30. Gammon Technofab Jointly Controlled Operation 60.00% 31. Gammon Ratnamani Jointly Controlled Operation 50.00% 32. Hyundai Gammon Jointly Controlled Operation 49.00% 33. Jaeger Gammon Jointly Controlled Operation 50.00%
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Page 42 and 43: GAMMON INDIA LIMITED c. Dharmavaram
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Annual Report 2006-2007 - Gammon India

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