Annual Report 2006-2007 - Gammon India

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GAMMON INDIA LIMITED AuDITOr’s rEpOrT TO ThE BOArD Of DIrEcTOrs Of GAMMON INDIA LIMITED ON ThE cONsOLIDATED fINANcIAL sTATEMENTs We have audited the attached Consolidated Balance Sheet of GAMMON INDIA LIMITED (‘GIL’) Group, as at 31 st March, 2007, and also the Consolidated Profit and Loss Account and the Consolidated Cash Flow Statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the GIL’s management and have been prepared by the management on the basis of separate financial statements and other financial information regarding components. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. We did not audit the financial statements of: (a) Certain subsidiaries whose financial statements reflect total assets of Rs. 984.17 Crores as at 31 st March, 2007, total revenue of Rs. 423.55 Crores and cash flows of Rs. 62.41 Crores for the year then ended; and, (b) Certain joint ventures whose financial statements reflect total assets of Rs. 308.69 Crores as at 31 st March, 2007, the total revenue of Rs. 30.45 Crores and cash flows amounting to Rs. 3.61 Crores for the year then ended, the Company’s share of such assets, revenues and cash flows being Rs. 130.71 Crores, Rs. 12.85 Crores and Rs. 1.62 Crores respectively. The abovementioned financial statements have been audited by other auditors whose reports have been furnished to us, and our opinion is based solely on the report of other auditors. We report that the consolidated financial statements have been prepared by the GIL’s management in accordance with the requirements of Accounting Standards (AS) 21 “Consolidated Financial Statements”, Accounting Standards (AS) 23 “Accounting for Investments in Associates in Consolidated Financial Statements” and Accounting Standard (AS) 27 “Financial Reporting of Interests in Joint Ventures” issued by the Institute of Chartered Accountants of India. Without qualifying our report, we invite attention to Note B-19(b) of Schedule 18 of the financial statements regarding the Early Completion Bonus accrued by two subsidiary companies in earlier years and included in sundry debtors as at 31 st March, 2007. The outcome of the matter cannot be presently determined and hence no provision for any liability has been made in the financial statements. Based on our audit and on consideration of reports of other auditors on separate financial statements and on the other financial information of the components, and to the best of our information and according to the explanations given to us, we are of the opinion that the attached consolidated financial statements read with Note no. B-34(a) relating to the joint venture in Oman of Rs. 13.29 Crores, Note no. B-12 relating to the change in method of charging depreciation on the assets of Oman branch and its consequent effect resulting in the profits for the year being higher by Rs. 5.53 Crores, Note no. B-13 relating to variation and escalation claims of certain road projects and its inclusion in the works in progress and the other notes thereon give a true and fair view in conformity with the accounting principles generally accepted in India: (a) in the case of the Consolidated Balance Sheet, of the state of affairs of the GIL Group as at 31 st March, 2007; 80
81 Annual report 2006-2007 (b) in the case of the Consolidated Profit and Loss Account, of the profit of the GIL Group for the year ended on that date; and (c) in the case of the Consolidated Cash Flow Statement, of the cash flows of the GIL Group for the year ended on that date. Mumbai, Dated : 31 st July, 2007 For Natvarlal Vepari & Co. Chartered Accountants N. Jayendran Partner M. No. 40441
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2 C o n t e n t s Chairman’s Lett
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4 B o a r d o f D i r e c t o r s D
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6 C o n s o l i d a t i n g p o s i
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Agra Makhanpur Road 8 T e n y e a r
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Ranganadi Dam J J Flyover 10 Gujara
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12 T o p P r o j e c t s U n d e r
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14 O u r P r e s e n c e i n P u b
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16 G a m m o n ' s P r o j e c t s
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2. DIVIDEND: GAMMON INDIA LIMITED T
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GAMMON INDIA LIMITED 13. HEALTH, SA
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GAMMON INDIA LIMITED ANNEXURE “A
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GAMMON INDIA LIMITED Name and Desig
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GAMMON INDIA LIMITED • Significan
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GAMMON INDIA LIMITED (c) Resolution
Page 32 and 33: GAMMON INDIA LIMITED 9. GENERAL SHA
Page 34 and 35: GAMMON INDIA LIMITED 11. DEMATERIAL
Page 36 and 37: GAMMON INDIA LIMITED To The Members
Page 38 and 39: GAMMON INDIA LIMITED 1. Industry St
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
Page 52 and 53: GAMMON INDIA LIMITED CASH FLOW STAT
Page 54 and 55: GAMMON INDIA LIMITED DEBENTURE REDE
Page 56 and 57: SCHEDULE 6 INVESTMENTS GAMMON INDIA
Page 58 and 59: SCHEDULE 9 GAMMON INDIA LIMITED 56
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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
Page 76 and 77: GAMMON INDIA LIMITED (C) Disclosure
Page 80 and 81: STATEMENT PURSUANT TO SECTION 212 O
Page 84 and 85: GAMMON INDIA LIMITED SOURCES OF FUN
Page 86 and 87: SCHEDULE 1 SHARE CAPITAL : AUTHORIS
Page 88 and 89: SCHEDULE 6 FIXED ASSETS : PARTICULA
Page 90 and 91: GAMMON INDIA LIMITED 31st March, 20
Page 92 and 93: GAMMON INDIA LIMITED 31st March, 20
Page 94 and 95: GAMMON INDIA LIMITED (iii) Advisory
Page 96 and 97: GAMMON INDIA LIMITED B. NOTES TO AC
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Page 102 and 103: GAMMON INDIA LIMITED AEL: On the ba
Page 104 and 105: GAMMON INDIA LIMITED (ii) An amount
Page 106 and 107: GAMMON INDIA LIMITED (b) A dispute
Page 108 and 109: GAMMON INDIA LIMITED 22. GIL EIL Co
Page 112 and 113: GAMMON INDIA LIMITED C. CASH FLOW F
Page 114 and 115: GAMMoN INDIA LIMIteD Notes 112
Page 116: GAMMON INDIA LIMITED Head Office :
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