Annual Report 2006-2007 - Gammon India

69
Annual Report 2006-2007
(b) The banking facilities including fund and other non-fund based borrowings utilized by the Joint Venture entity are in the name of
the Company but have been accounted in the books of Joint Venture. The borrowings have been guaranteed by the Company
and are secured by assignment of the Joint Venture contract receivable and Joint registration and insurance of all equipments.
The total of such borrowings as at 31 st March, 2007 is RO 1,90,35,026 (Rs. 215.40 crores) [Previous Year RO 1,90,79,907
(Rs. 221.77 crores)] which consists of Fund based RO 1,65,87,491 (Rs. 187.71 crores) [Previous Year RO 67,70,790 (Rs. 78.70
crores)] and Non-fund based RO 24,47,535 (Rs. 27.69 crores) [Previous Year RO 1,23,09,117 (Rs. 143.07 crores)]. However,
the term loan for equipments provided to the Joint Venture entity by the Company has been considered in these financial
statements.
(c) Transactions of Oman Branch and the accounting effect of the Gammon Al Matar Joint Venture profits are accounted on the
basis of the accounts prepared specially for this purpose and which is duly audited by the Company’s auditor.
36. Details of loans and advances in the nature of loans :
Disclosure of amounts outstanding at period end as per Clause 32 of the Listing Agreement:
Amount
Outstanding at
period end
Maximum
Amount
Outstanding
(Rs in Crores)
Subsidiaries/Fellow Subsidiaries : 31.03.07 31.03.06 31.03.07 31.03.06
1. Andhra Expressway Ltd. – – – 81.11
2. Cochin Bridge Infrastructure Company Ltd. – – – 27.23
3. Gammon & Billimoria Ltd. 9.10 13.55 13.55 13.55
4. Gammon Infrastructure Projects Ltd. – – – 15.99
5. Rajahmundry Expressway Ltd. – – – 77.58
6. Vizag Seaport Pvt. Ltd. 0.41 0.39 0.41 4.67
7. Gammon Realty Ltd. 41.00 – 51.00 –
Associates & Group Companies:
1. Associated Transrail Structures Ltd. – – 12.67 10.00
2. Freyssinet Prestressed Concrete Co. Ltd. – – 7.50 2.5
3. Alliance Agro India Ltd. – – – 0.02
4. STFA Pilling India Ltd. – .004 0.004 .004
37. The Company had in the past acquired voting rights and other beneficial interests in two Companies Rajahmundry Expressway
Limited and Andhra Expressway Limited in respect of 43,60,500 equity shares and 45,64,500 equity shares respectively from its Joint
Venture partner in these entities in consideration of payment of deposit for the acquisition of shares of Rs. 5.66 crores. Subsequently
the Company transferred its voting rights and other beneficial interests so acquired along with the voting rights and beneficial
interests in respect of 1,10,92,500 equity shares of Rajahmundry Expressway Limited and 1,10,92,500 equity shares of Andhra
Expressway Limited to its then wholly owned subsidiary Gammon Infrastructure Projects Limited against receipt of consideration
being deposit for sale of equity shares in these Companies of Rs. 32.84 crores from the subsidiary. The deposit made and deposit
received as aforesaid are reflected under the Investment Schedule. In respect of these shares where the voting rights and beneficial
rights are so transferred, the holder continues to be the original allotees as per the records of the respective Companies.
38. During the previous year 2005-06, the Company had extended its closing date for preparation of Financial Statements to 31 st March,
2006 and therefore the accounts for the current period of twelve Months from 1 st April, 2006 to 31 st March, 2007 are strictly not
comparable with the previous period ending 31 st March, 2006 of Fifteen months from 1 st January, 2005 to 31 st March, 2006.
39. Previous year’s figures are regrouped and rearranged with those of the current year to make them comparable.