REG - KSK Power Ventur PLC - Interim Results to 30 September 2017 <Origin Href="QuoteRef">KSK.L</Origin> - Part 2
22/12/2017 07:11
- Part 2: For the preceding part double click ID:nRSV1830Aa
- (2,102) - - - - (2,102) (1,324) (3,426)
translation
differences
Available-for-sale
financial assets
- current year gain - - - - - 20 - 20 34 54
- reclassification - - - - - (7) - (7) - (7)
to profit or loss
Reclassification of - - 6,857 - - 1,247 - 8,104 - 8,104
reserves on disposal
of subsidiaries
(refer note 5)
Total comprehensive - - 4,755 - - 862 (37,763) (32,146) (27,108) (59,254)
income / (expenses)
for the period
Balance as at 30 289 287,191 (138,368) 1,335 16,045 79,830 (210,913) 35,409 194,077 229,486
September 2017
(See accompanying
notes to the interim
condensed
Consolidated and
Company financial
statements)
1 The group entities
have arrangements of
sharing of profits
with its non
-controlling
shareholders,
through which the
non controlling
shareholders are
entitled to a
dividend of 0.01% of
the face value of
the equity share
capital held and the
same is also
reflected in the
interim Consolidated
income statement.
However, the non
controlling interest
disclosed in the
interim Consolidated
Statement of changes
in equity is
calculated in the
proportion of the
actual shareholding
as at the reporting
date.
INTERIM COMPANY
STATEMENT OF CHANGES
IN EQUITY
for the six months
ended 30 September
2017
(All amount in
thousands of US $,
unless otherwise
stated)
Issued capital Share premium Share application money Foreign currency translation reserve Other reserve Retained earnings TotalEquity
As at 1 April 2016 289 287,191 - 4,761 169 (25,589) 266,821
Equity-settled share - - - - 8 8
based payment
Transaction with - - - - 8 - 8
owners
Loss for the period - - - - - (4,201) (4,201)
Other comprehensive
income
Foreign currency - - - (3,879) - - (3,879)
translation
differences
Total comprehensive - - - (3,879) - (4,201) (8,080)
expense for the
period
Balance as at 30 289 287,191 - 882 177 (29,790) 258,749
September 2016
As at 1 April 2017 289 287,191 - (477) 185 (32,255) 254,933
Equity-settled share - - - - - - -
based payment
Transaction with - - - - - - -
owners
Loss for the period - - - - - 154 154
Other comprehensive
income
Foreign currency - - - 2,193 - - 2,193
translation
differences
Total comprehensive - - - 2,193 - 154 2,347
expense for the
period
Balance as at 30 289 287,191 - 1,716 185 (32,101) 257,280
September 2017
(See accompanying notes to interim condensed Consolidated and Company financial statements)
INTERIM CONSOLIDATED AND COMPANY STATEMENT OF CASH FLOWS
for the six months ended 30 September 2017
(All amount in thousands of US $, unless otherwise stated)
Consolidated Company
30 September 2017 30 September 2016 30 September 2017 30 September 2016
Cash inflow / (outflow) from operating activities
Loss before tax (81,917) (116,888) 154 (4,201)
Adjustment
Depreciation and amortization 43,420 50,785 - -
Finance costs 167,362 180,863 (475) 3,970
Finance income (10,083) (10,354) - -
Provision and impairment of trade receivable, PPE and other receivable 5,657 10,213 - (7)
(Profit) / loss on sale of fixed assets, net (79) (210) - -
Others (458) (93) - 8
Change in
Trade receivables and unbilled revenue (169,812) (58,313) - -
Inventories 2,690 12,168 - -
Other assets (44,039) (4,078) 696 (308)
Trade payables and other liabilities 113,393 18,881 91 60
Provisions and employee benefit liability (286) 90 - -
Cash generated from / (used in) operating activities 25,848 83,064 466 (478)
Taxes refund, net 1,150 1,266 - -
Net cash provided by / (used in) operating activities 26,998 84,330 466 (478)
Cash inflow / (outflow) from investing activities
Movement in restricted cash, net 9,496 15,671 - -
Purchase of property, plant and equipment and other non-current assets (93,068) (106,496) - -
Proceeds from sale of property, plant and equipment 331 5,012 - -
Purchase of financial assets (32,337) (14,782) - (132)
Proceeds from sale of financial assets 177 127 31 504
Dividend received - 52 - -
Interest income received 3,035 9,353 - -
Net cash (used in) / provided by investing activities (112,366) (91,063) 31 372
Cash inflow / (outflow) from financing activities
Proceeds from borrowings 407,536 413,034 315 2,397
Repayment of borrowings (22,345) (130,534) - -
Finance costs paid (285,092) (243,533) (1,206) (1,453)
Payment of derivative liabilities (413) (2,405) - -
Advance received for sale of investment (2,832) 26,139 - -
Net proceeds from issue of shares and share application money in subsidiary to non-controlling interest - 699 - -
Net cash flow provided by / (used in) financing activities 96,854 63,400 (891) 944
Effect of exchange rate changes 2,873 (2,898) (107) (96)
Net increase / (decrease) in cash and cash equivalent 14,359 53,769 (501) 745
Cash and cash equivalents at the beginning of the period 21,584 16,022 969 1,194
Cash and cash equivalents at the end of the period (refer note 9) 35,943 69,791 468 1,939
(See accompanying notes to the interim condensed Consolidated and Company financial statements)
NOTES TO INTERIM CONDENSED CONSOLIDATED AND COMPANY FINANCIAL STATEMENTS
for the six months ended 30 September 2017
(All amount in thousands of US $, unless otherwise stated)
1. Corporate information
1.1. General information
KSK Power Ventur plc ('the Company' or 'KPVP' or 'KSK' or 'Parent'), a limited liability corporation, is the Group's parent
Company and is incorporated and domiciled in the Isle of Man. The address of the Company's Registered Office, which is also
principal place of business, is Fort Anne, Douglas, Isle of Man, IM1 5PD. The Company's equity shares are listed on the
Standard List on the official list of the London Stock Exchange.
The interim condensed financial statements were authorised for issue by the Board of Directors on 21 December 2017.
1.2. Statement of compliance /responsibility statement
a. the condensed set of financial statements contained in this document has been prepared in accordance with
International Accounting Standard 34 ("IAS 34"), "Interim Financial Reporting" as adopted by European Union ('EU') and
gives a true and fair view of the assets, liabilities, financial position and the profit or loss of the group as required
by Disclosure and Transparency Rules ("DTR") 4.2.4R;
b. the Interim management report contained in this document includes a fair review of the information required by the
Financial Conduct Authority's DTR 4.2.7R (being an indication of important events that have occurred during the first six
months of the financial year and their impact on the condensed set of financial statements; and a description of the
principal risks and uncertainties for the remaining six months of the year);
c. this document includes a fair review of the information required by DTR 4.2.8R (disclosure of related party
transactions and changes therein);
d. the interim condensed Consolidated and Company financial statements should be read in conjunction with the annual
financial statements for the year ended 31 March 2017, which have been prepared in accordance with IFRSs as adopted by
European union.
e. The financial information set out in these interim condensed financial statements does not constitute statutory
accounts. The interim condensed financial statement is unaudited but has been reviewed by KPMG Audit LLC and their report
is set out at the end of this document.
1.3. Financial period
The interim condensed Consolidated and Company financial statements are for the six months period ended 30 September 2017.
The comparative information required by IAS 1 were determined using IAS 34 and include comparative information as follows:
Statement of financial position : 31 March 2017 being the end of immediately preceding financial year.
Income statement, statement of other comprehensive income, statement of changes in equity and statement of cash flows Six months period ended 30 September 2016 being the comparable interim period of the immediate preceding financial year.
1.4. Basis of preparation
These interim condensed Consolidated and Company financial statements have been prepared under International Accounting
Standards-34- "Interim Financial Reporting" as adopted by the European Union.
These interim condensed Consolidated and Company financial statements have been prepared on the historical cost convention
and on an accrual basis, except for the following:
· Derivative financial instruments that are measured at fair value;
· Financial instruments that are designated as being at fair value through profit or loss account upon initial
recognition are measured at fair value;
· Available-for-sale financial assets that are measured at fair value; and
· Liabilities for cash-settled shared-based payment arrangements
· Net employee defined benefit (asset) / liability that is measured based on actuarial valuation.
The interim condensed financial statements of the Group and the Company have been presented in United States Dollars ('US
$'), which is the presentation currency of the Company. All amounts have been presented in thousands, unless specified
otherwise.
Balances represent consolidated amounts for the Group, unless otherwise stated. The Company's interim condensed financial
statement represents separate financial statement of KPVP.
Going Concern:
These financial statements have been prepared on the going concern basis which assumes the Group and the Company will have
sufficient funds to continue its operational existence for the foreseeable future, covering at least twelve months from the
date of signing these financial statements. This is based on the Group's assessment of the business, sectoral developments,
underlying economic environment as well as approach towards addressing the business challenges faced by operating assets to
achieve optimistic solutions thereto. The Group is making cautious efforts to preserve and maximize the economic value of
the underlying power generation assets and in the process the Group has diluted its equity interest in Sai Wardha Power
Generation Limited and VS Lignite Power Private Limited. The Group is in discussion with various other parties for
potential dilution in some other plants as well. The Group believes that with support from the project stakeholders at each
of such assets it would be able to address the requirements of Going Concern at each of the same. However, the Group is
exposed to a number of operational, legal, financial, economic and political risks, including:
Capital structure
The Group is seeking additional equity financing and/or debt restructuring in respect of the KSK Mahanadi and other key
power plant projects in order to stabilise the projects development and the Groups financing and operating obligations. The
Group is currently pursuing a number of avenues in this regard and expects positive outcomes by the end of the financial
year. However there can be no certainty as to the outcome of these negotiations or the impact on the finances of the
Group.
Financial
The Group requires funds for both short term operational needs as well as for long term investment programs, mainly in
construction projects for its power plants. As at 30 September 2017, the Group has net current liabilities of US $ 195,077
and is dependent on a continuation of both short term and long term debt financing facilities. A number of the facilities
that are due to expire at or before 30 September 2018 are in the process of being extended and have a rollover clause in a
number of cases, and the Group may refinance and/or restructure certain short term borrowings into long term borrowings and
will also consider alternative sources of financing, where applicable. The Directors consider that facilities will remain
available to the Group based on current trading, current covenant compliance and ongoing discussions with the Group's
primary lending consortium regarding future facilities and arrangements in respect of current borrowings. During the
period, the Group breached certain debt service covenant requirements in respect of loan facilities - the Group remains in
active discussions with its lenders with regard to the provision of facilities.
Operational
The Group continues to generate cash flows from current operations which are further expected to increase with improved PLF
in the existing 1200 MW KSK Mahanadi, and incremental cash flows upon expected commissioning of another two units of 600 MW
each and also on account of reduction in coal procurement costs with the new coal policy called 'SHAKTI'. These factors are
key assumptions with regard to management's forecasts and expectations.
Legal and claims
The Group is also involved in a number of on-going legal and claim matters. These may impact on the timing of receipt and
value of receivables recognised in the financial statements. For example, the Group has experienced delays and legal
challenge to the settlement of significant receivables, including c$276m recognized in respect of change in law claim under
PPA due to fuel input considerations, which the Group has recognized in accordance with the PPA, has obtained legal advice
in respect of and considered the recent ruling of Central Electrical Regulatory Commission and Honorable Supreme Court of
India in similarly placed power projects, as such management consider the entire claim as fully recoverable. In addition
the Group is subject to a number of claims, whilst the Group considers that it has a strong position of defense in respect,
these proceedings may result in outflows that are not currently recognized. For further details refer to note 8.
Political environment
Given the country and sector of operations the Group is exposed to political uncertainties that may result in changes in
government policy which may materially affect the business plans, of the Group and amounts recognised in the financial
statements.
Commitments
The Group also has significant capital commitments at the period-end of which a portion is due to be met during the next 12
months, primarily in respect of on-going plant construction projects at KSK Mahanadi. However, the Group currently has also
significant committed undrawn borrowing facilities, subject to certain conditions, amounting to approximately US $ 197,187
to meet its long term investment programmes. The Group has already entered in to Common Loan Agreement with the Lenders at
KSK Mahanadi with respect to cost overrun debt sanctioned of US $ 884,516 and the remaining draw down of these funds of US
$ 137,473 is not impacted by the current restructure negotiations or breaches on financing facilities. This will facilitate
drawing the balance of the debt depending upon the investment required for construction of project and resultant surpluses
of operational cash flows available to meet Group obligations.
Conclusion
Nonetheless Group monitors the situation on an on-going basis and plans alternative arrangements where possible. The
outcome of the above factors is subject to material uncertainty and may impact on the timing of the strategic development
of power plants, the Groups proportional equity holdings in significant projects and the going concern of the Group.
However, the Directors continue to have a reasonable expectation that the Company and Group are well placed to manage their
business risks and continue in operational existence for the foreseeable future. Accordingly, the Directors continue to
adopt the going concern basis of accounting when preparing these financial statements.
2. Changes in accounting policy and disclosure
The accounting policies adopted are consistent with those of the previous financial year.
3. Standards and interpretations not yet applied
At the date of authorisation of these Consolidated financial statements, the following Standards and relevant
Interpretations, which have not been applied in these Consolidated financial statements, were in issue but not yet
effective (and some of which were pending endorsement by the EU)
Standard Description Effective for in reporting years starting on or after
IAS 7 Disclosure Initiative (Amendments) 1 January 2017
IAS 12 Recognition of deferred tax asset for unrealised losses 1 January 2017
IFRS 12 Annual improvement to IFRSs 2014-2016 1 January 2017
IFRS 15* Revenue from Contracts with Customers 1 January 2018
IFRS 9* Financial instruments 1 January 2018/2019
IFRS 2 Share - based payment transaction 1 January 2018
IAS 40 Investment property 1 January 2018
IFRIC 22 Foreign currency transaction and advanced consideration 1 January 2018
IFRIC 23 Uncertainty over income tax treatments 1 January 2019
IAS 28 Long-term interest in associates and joint ventures 1 January 2019
IFRS 4 Insurance Contracts 1 January 2018
IFRS 16 Leases 1 January 2019
*Endorsed by European Union.
The Group has yet to assess the impact of above standards on the Consolidated financial statements. However the management
does not intend to apply any of these pronouncements early.
4. Significant accounting judgements, estimates and assumptions
There have been no significant changes in the significant accounting judgments, estimates and assumptions applied for the
purposes of the preparation of these interim condensed Consolidated and Company financial statements.
5. Acquisition and Dilution
a. change in non-controlling interest without change in control
Dilution in KSK Mahanadi Power Company Limited
During the period ended 30 September 2017, 6,221,868 equity shares in KSK Mahanadi Power Company Limited ("KMPCL") were
sold to non - controlling interest. Pursuant to this the economic interest of the Group in KMPCL has decreased from 64.40
percent to 64.30 percent resulting in a 0.10 percent decrease in Group's controlling interest in subsidiary without loss of
control. The aforesaid transaction is accounted as an equity transaction, and accordingly no gain or loss is recognised in
the consolidated income statement. The difference of US $ 17, between the fair value of the net consideration received US $
965 and the amount by which the non-controlling interest are adjusted US $ 947, is credited to 'Other reserve' within
consolidated statement of changes in equity and attributed to the owners of the Company.
Dilution in KSK Energy Ventures Limited
During the period ended 30 September 2017, 39,710,880 equity shares in KSK Energy Ventures Limited ("KEVL") were sold to
non - controlling interest. Pursuant to this the economic interest of the Group in KEVL has decreased from 57.83 percent to
48.46 percent resulting in a 9.37 percent decrease in Group's controlling interest in subsidiary without loss of control.
The aforesaid transaction is accounted as an equity transaction, and accordingly no gain or loss is recognised in the
consolidated income statement. The difference of US $ 23,627, between the fair value of the net consideration received US $
5,106 and the amount by which the non-controlling interest are adjusted US $ 28,733, is debited to 'Other reserve' within
consolidated statement of changes in equity and attributed to the owners of the Company.
b. change in control
Deconsolidation of Sai Wardha Power Generation Limited and VS Lignite Power Private Limited
During the period ended September 30, 2017, under a Framework for Revitalizing Distressed Assets in the Economy by RBI and
as per the Prudential Norms on Change in Ownership of Borrowing Entities (Outside Strategic Debt Restructuring Scheme), the
lenders of Sai Wardha Power Generation Limited ('SWPGL') and VS Lignite Power Private Limited ('VSLPPL') have decided to
the change in ownership on April 28, 2017 and August 29, 2017 respectively, considered as reference date. This resulted in
transfer of 51% equity to lenders and loss of control by the Group over SWPGL and VSLPPL, effective reference date. The
Group holds 27.98% and 32.75% equity in SWPGL and VSLPPL respectively at reporting date.
Pursuant to such change in control, the Group has derecognised the related carrying values of assets and liabilities of
above subsidiaries and recognised investments retained in these subsidiaries at fair value. The resulting gain has not been
recognised on prudent basis in these interim condensed Consolidated financial statements as the management is evaluating,
if any, impairment to net investments. The Group will recognise gain on above disposal post its aforesaid evaluation in the
year end financial statements.
6. Property, plant and equipment, net
The property, plant and equipment of the Group comprise:
Land and buildings Power stations Mining property Other plant and equipment Assets under construction Total
Cost
As at 1 April 2016 436,104 2,129,595 12,146 9,102 1,030,246 3,617,193
Additions 164 459 - 171 406,782 407,576
Transfer 2,243 35,569 - - (37,812) -
Disposals/adjustments (2,282) (1,283) - (33) - (3,598)
Exchange difference 9,245 45,142 257 192 14,874 69,710
As at 31 March 2017 445,474 2,209,482 12,403 9,432 1,414,090 4,090,881
As at 1 April 2017 445,474 2,209,482 12,403 9,432 1,414,090 4,090,881
Additions - 30 - 75 161,096 161,201
Transfer - - - - - -
Disposals/adjustments (198) - - (133) - (331)
Disposal of subsidiaries (refer note 5) (127,583) (522,090) (12,323) (2,098) (10,320) (674,414)
Exchange difference (2,871) (14,301) (80) (61) (5,979) (23,292)
As at 30 September 2017 314,822 1,673,121 - 7,215 1,558,887 3,554,045
Depreciation
As at 1 April 2016 33,031 203,299 2,732 7,199 - 246,261
Additions 13,533 85,815 322 684 - 100,354
Disposals / adjustments (13) (1,283) - (33) - (1,329)
Exchange difference 1,174 7,311 69 177 - 8,731
As at 31 March 2017 47,725 295,142 3,123 8,027 - 354,017
As at 1 April 2017 47,725 295,142 3,123 8,027 - 354,017
Additions 5,096 38,003 9 258 - 43,366
Disposals / adjustments (23) - - (90) - (113)
Disposal of subsidiaries (refer note 5) (24,356) (132,728) (3,112) (1,856) - (162,052)
Exchange difference (373) (2,390) (20) (55) - (2,838)
As at 30 September 2017 28,069 198,027 - 6,284 - 232,380
Net book value
As at 30 September 2017 286,753 1,475,094 - 931 1,558,887 3,321,665
As at 31 March 2017 397,749 1,914,340 9,280 1,405 1,414,090 3,736,864
7. Investments and other financial assets
Current
Financial assets at fair value through profit or loss
- held for trading 5,358 5,410 - -
Loans and receivables 102,789 152,846 87 87
Loans and receivables to associate companies (refer note 5) 45,517 - - -
153,664 158,256 87 87
Non-current
Financial assets at fair value through profit or loss
- Derivative assets (refer note 5) - 40,297 - -
Available-for-sale investments 17,894 17,970 - -
Deposit with banks 12,636 9,079 - -
Loans and receivables 31,872 34,382 - -
Loans and receivables to Joint Venture partner and Associate 53,913 1,533 - -
Loans and receivable to subsidiaries - - 151,075 147,002
Investment in subsidiaries - - 226,870 226,888
116,315 103,261 377,945 373,890
Total 269,979 261,517 378,032 373,977
103,261
377,945
373,890
Total
269,979
261,517
378,032
373,977
Impairment of financial assets
During the period ended 30 September 2017, the Group's available-for-sale financial asset of US $ Nil (31 March 2017: US $
Nil) and loans and receivable of US $ Nil (31 March 2017: US $ 308) were collectively impaired.
The Group has impaired its receivables from Associate companies to the extent of its shares of losses of Associate
Companies and additionally impaired to the extent of gain on loss of control as detailed in Note 5(b). The Management based
on its assessment considering various factors believe that carrying loan and receivables from Associate Companies are fully
recoverable and no further impairment provision is required.
8. Trade and other receivables
Current
Trade receivables (refer note below) 584,952 449,887
Interest accrued 2,300 7,131
587,252 457,018
Non-current
Trade receivables 2,311 2,236
Interest accrued 684 481
2,995 2,717
Total 590,247 459,735
Total
590,247
459,735
Trade receivables are non-interest bearing and are generally due within 7-30 days terms. Trade receivables of US $
587,263 (31 March 2017: US $ 452,123) have been pledged as security for borrowings (refer note 11). During the
period ended 30 September 2017, trade and other receivables of an initial value of US $ 5,657 (31 March 2017: US $ 14,754)
were impaired.
KSK Mahanadi, the Group's largest thermal power generation plant with two units fully operational and balance units in
various stages of construction and commissioning is engaged in the generation and supply of power to four state utilities
of Andhra Pradesh, Telangana, Tamil Nadu and Uttar Pradesh under Case 1 competitive bid Power Purchase Agreement (PPA). The
respective PPAs in addition to the agreed tariff payable for the power supplied contains specific provisions providing for
tariff adjustment payment to the generator on account of Change in law. The Change in law provision essentially provides
reimbursement mechanism for all additional recurring or non-recurring expenditure incurred by the Generator towards new
costs levied / incurred post the bidding point. These claims under the PPA cover both (a) Claim on account of various
statutory duties, levies and cess levied by Central or State Governments or its instrumentalities; and (b) linkage coal
shortfall compensation with respective to Presidential Directive and Ministry of Power Notification to all Electricity
Regulators in India. KSK Mahanadi has made claims pursuant to the above PPA provisions in excess of US $ 348,886, wherein
claim pertaining to taxes amounts to US $ 99,573 and claim on account of short supply of coal pursuant to the Presidential
Directive amounts to US $ 249,312. However, notwithstanding its eligibility for the full claim as per the PPA, keeping in
view the regulatory commitments by the Government instrumentalities, the necessary legal and administrative process that
KSK Mahanadi has to pursue, on its internal evaluation of the facts and circumstances of the case on a prudent basis, KSK
Mahanadi has recognised a portion of the claim aggregating to US $ 275,519 in the books of accounts until date, wherein
US $ 56,009 pertains to the current period. KSK Mahanadi has in its notices to the utilities submitted that it qualifies
for the composite scheme guidelines and hence Central Electrical Regulatory Commission (CERC) will be the relevant
appropriate authority to adjudicate the matter. While in the earlier year, the claims were to be determined by the State
Regulators, pursuant to a recent ruling by the Appellate Tribunal of Electricity (APTEL) with respect to multiple power
producers, the jurisdiction of CERC has been reaffirmed. Based on the bid guidelines, the PPA provisions and the legal
advice that KSK Mahanadi has obtained, the Group has made necessary amendments in its claim petitions and filed before
CERC. Based on the legal advice and recent ruling of CERC and Honourable Supreme Court of India in respect of a similarly
placed power project, KSK Mahanadi is confident that the entire claim amount is fully receivable.
9. Cash and short-term deposits
Cash and short-term deposits comprise of the following:
Consolidated Company
30 September 2017 31 March 2017 30 September 2017 31 March 2017
Cash at banks and on hand 35,924 21,565 468 969
Short-term deposits 67,412 83,514 - -
Total 103,336 105,079 468 969
For the purpose of cash flow statement, cash and cash equivalent comprise:
Consolidated Company
30 September 2017 31 March 2017 30 September 2017 31 March 2017
Cash at banks and on hand 35,924 21,565 468 969
Short-term deposits 67,412 83,514 - -
Total 103,336 105,079 468 969
Less: Restricted cash1 (67,393) (83,495) - -
Cash and cash equivalent 35,943 21,584 468 969
1Include deposits pledged for prevailing credit facilities from banks and deposits with maturity term of three months to
twelve months (refer note 11).
10. Issued share capital
Share capital
The Company presently has only one class of ordinary shares. For all matters submitted to vote in the shareholders'
meeting, every holder of ordinary shares, as reflected in the records of the Company on the date of the shareholders'
meeting, has one vote in respect of each share held. All shares are equally eligible to receive dividends and the repayment
of capital in the event of liquidation of the Company.
The Company has an authorised share capital of 500,000,000 equity shares (31 March 2017: 500,000,000) at par value of £
0.001 (US $ 0.0013) per equity share amounting to US $ 650. The issued and fully paid up number of shares of the Company is
175,308,600 (31 March 2017: 175,308,600). During the period, Company has not issued/ bought back any ordinary share.
Reserves
Share premium represents the amount received by the Group over and above the par value of shares issued. Any transaction
costs associated with the issuing of shares are deducted from share premium, net of any related income tax consequences.
Revaluation reserve comprises gains and losses due to the revaluation of previously held interest of the assets acquired in
a business combination.
Foreign currency translation reserve is used to record the exchange difference arising from the translation of the
financial statements of the Group entities and the same is not distributable.
Capital redemption reserve represents statutory reserve required to be maintained under local law of India on account of
redemption of capital. The reserve is credited equivalent to amount of capital redeemed by debiting retained earnings and
the same is not distributable.
Other reserve represents the difference between the consideration paid and the adjustment to net assets on change of
controlling interest, without change in control and the excess of the fair value of share issued in business combination
over the par value of such shares. Any transaction costs associated with the issuing of shares by the subsidiaries are
deducted from other reserves, net of any related income tax consequences. Further, it also includes the loss/gain on fair
valuation of available-for-sale financial instruments and re-measurement of defined benefit liability net of taxes and the
same is not distributable.
Retained earnings mainly represent all current and prior year results as disclosed in the interim consolidated income
statement and interim consolidated other comprehensive income less dividend distribution.
11. Loans and borrowings
The loans and borrowings comprise of the following:
Finalmaturity Consolidated Company
30 September 2017 31 March 2017 30 September 2017 31 March 2017
Long-term "project finance" loans April-38 3,205,353 3,342,527 - -
Short-term loans March-20 109,990 142,953 84,237 83,921
Buyers' credit facility September-18 68,342 81,238 35,000 35,000
Cash credit and other working capital facilities September-18 229,809 241,918 - -
Redeemable preference shares August-26 2,063 5,940 - -
Debentures March-25 73,896 51,256 - -
Total 3,689,453 3,865,832 119,237 118,921
The interest-bearing loans and borrowings mature as follows:
Consolidated Company
30 September 2017 31 March 2017 30 September 2017 31 March 2017
Current liabilities
Amounts falling due within one year 586,040 598,827 119,237 118,921
Non-current liabilities
Amounts falling due after more than one year but not more than five years 990,394 1,208,631 - -
Amounts falling due in more than five years 2,113,019 2,058,374 - -
Total 3,689,453 3,865,832 119,237 118,921
Total debt of US $ 3,689,453 (31 March 2017: US $ 3,865,832) comprised:
§ Long-term "project finance" loans of the Group amounting US $3,205,353 (31 March 2017: US $ 3,342,527) is fully secured
on the property, plant and equipment and other assets of subsidiaries and joint operations that operate power
- More to follow, for following part double click ID:nRSV1830AcRecent news on KSK Power Ventur
See all newsREG - KSK Power Ventur PLC - Update and suspension of shares from trading
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AnnouncementREG - KSK Power Ventur PLC - Business Update
AnnouncementREG - KSK Power Ventur PLC - Business Update <Origin Href="QuoteRef">KSK.L</Origin>
AnnouncementREG - KSK Power Ventur PLC - Interim Results to 30 September 2017 <Origin Href="QuoteRef">KSK.L</Origin>
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