RNS Number : 8102I
Noida Toll Bridge Co. Ltd.
30 July 2012
Noida Toll Bridge Co. Ltd.
30 July 2012
Noida Toll Bridge Company Limited (NTBCL)
IFRS audited results for the year ended 31 March 2012
The directors are pleased to release their audited results for the year to 31 March 2012 under IFRS with a reconciliation to Indian GAAP included within.
NOIDA TOLL BRIDGE COMPANY LIMITED AND ITS SUBSIDIARY COMPANY
CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2012
Note
31 March, 2012 US ($)
31 March, 2011 US ($)
Assets
Non Current Assets
Property, Plant and Equipment
2
1,137,196
1,541,330
Intangible Asset
3
104,463,429
120,467,626
Employee Benefit
-
10,349
Loans and Advances
4
37,341
45,462
105,637,966
122,064,767
Current Assets
Inventories
5
32,287
48,548
Trade Receivables
6
205,041
867,294
Loans and Advances
4
743,505
1,074,819
Prepayments
55,362
54,065
Available-for-Sale Investments
7
6,949,752
5,330,279
Cash and Cash Equivalents
8
1,465,208
1,011,828
9,451,155
8,386,833
Total Assets
115,089,121
130,451,600
Equity and Liabilities
Issued Capital
9
42,419,007
42,419,007
Securities Premium
10
28,391,002
32,530,429
Debenture Redemption Reserve
10
538,098
462,415
Net Unrealised Gains Reserve
10
16,792
8,579
General Reserve
10
9,831
11,264
Effect of Currency Translation
10
(8,120,879)
(1,128,642)
Retained earnings (Profit & Loss Account )
15,037,534
10,130,533
Equity attributable to equity holders
78,291,385
84,433,585
Non Controlling Interest
(3,521)
(4,034)
Total Equity
78,287,864
84,429,551
Non Current Liabilities
Interest-bearing Loans and Borrowings
11
16,035,811
25,910,874
Provisions
14
97,636
104,230
Trade and Other Payables
14
532,016
683,790
Deferred Tax Liability
13
7,041,134
5,811,782
Current Liabilities
Interest-bearing Loans and Borrowings
11
7,056,275
7,688,279
Trade and Other Payables
14
1,438,120
1,484,552
Provisions
12
4,386,540
4,087,069
Provision for Taxes
213,725
251,473
Total Liabilities
36,801,257
46,022,049
Total Equity and Liabilities
115,089,121
130,451,600
In terms of our report of even date On Behalf of the Board of Directors
For Luthra & Luthra
Chartered Accountants
Akhilesh Gupta
Partner Director Executive Director & CEO
Place: Noida
Date CFO Company Secretary
NOIDA TOLL BRIDGE COMPANY LIMITED AND ITS SUBSIDIARY COMPANY
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 MARCH 2012
Note
Year ended 31 March, 2012 US ($)
Year ended 31 March, 2011 US ($)
Toll Revenue
16,141,511
15,329,128
License Fee
3,662,602
3,505,474
Miscellaneous Income
742,797
301,204
Total Income
20,546,910
19,135,806
Operating and Administrative Expenses
- Operating Expenses
15
1,925,000
983,120
- Administrative Expenses
15
3,858,215
4,358,86
- Depreciation
2
256,977
326,411
- Amortisation
3
720,135
634,798
Total Operating and Administrative Expenses
6,760,327
6,303,197
Group Operating Profit from Continuing Operations
13,786,583
12,832,609
Finance Income
- Profit on Sale of Investments
705,944
367,938
Finance Charges
16
(2,904,270)
(4,993,616)
(2,198,326)
(4,625,678)
Profit/(Loss) from Continuing Operations before taxation
11,588,257
8,206,931
Income Taxes:
- Current Taxes
(2,330,944)
(2,038,013)
- Deferred Tax
13
(2,100,695)
(2,012,051)
Profit/(Loss) after tax for the year
7,156,618
4,156,867
Other Comprehensive Income
Gain on fair valuation of available for sale instruments
8,213
7,447
Debenture Redemption Reserve
(134,524)
(132,118)
Effect of Currency translation
(11,191,938)
983,396
Total Other Comprehensive Income
(11,318,249)
858,725
Total Comprehensive Income
(4,161,631)
5,015,592
Profit Attributable to
Equity Shareholders
7,156,618
4,160,819
Non Controlling Interest
-
(3,952)
7,156,618
4,156,867
Comprehensive Income attributable to
Equity Shareholders
(4,161,631)
5,019,544
Non Controlling Interest
-
(3,952)
(4,161,631)
5,015,592
Profit/(Loss) per share - basic and diluted for the year
17
0.038
0.022
In terms of our report of even date On Behalf of the Board of Directors
For Luthra & Luthra
Chartered Accountants
Akhilesh Gupta
Partner Director Executive Director & CEO
Place: Noida
Date: CFO Company Secretary
NOIDA TOLL BRIDGE COMPANY LIMITEDAND ITS SUBSIDIARY COMPANY
CONSOLIDATED CASH FLOW FOR THE YEAR ENDED 31st MARCH, 2012
Year ended 31 March, 2012 US ($)
Year ended 31 March, 2011 US ($)
A. Cash Flow from Operating Activities
Receipts from Customers
20,585,298
19,470,986
Payment to Suppliers and Employees
(4,227,897)
(4,393,626)
Deposits, Advances and Staff Loan
5,889
28,739
Purchase of Inventories
(60,458)
(21,765)
Income Tax Paid
(2,118,726)
(2,022,553)
Net Cash from/(used in) Operating Activities (A)
14,184,106
13,061,781
B. Cash Flow from Investment Activities
Purchase of Fixed Assets
(64,625)
(187,100)
Proceeds from Sale of Fixed Assets
40,388
23,195
Purchase of Available for Sale' Investments
(54,562,392)
(31,978,766)
Proceeds from sale of 'Available for Sale' Investments
52,826,703
32,051,362
Net Cash from/ (used in) Investment Activities (B)
(1,759,926)
(91,309)
C. Cash flow from Financing Activities
Dividend Paid
(2,256,687)
(2,381,920)
Repayment of Term Loan to Banks, FIs and Others
(6,542,461)
(6,873,382)
Interest and Finance Charges Paid
(3,003,928)
(3,531,885)
Net Cash from/ (used in) Financing Activities (C)
(11,803,076)
(12,787,187)
Net Increase/ (Decrease) in Cash and Cash Equivalents (A+B+C)
In terms of our report of even date On Behalf of the Board of Directors
For Luthra & Luthra
Chartered Accountants
Akhilesh Gupta
Partner Director Executive Director & CEO
Place: Noida CFO Company Secretary
Date
NOIDA TOLL BRIDGE COMPANY LIMITEDAND ITS SUBSIDIARY COMPANY
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH 2012
Share capital US($)
Securities Premium US($)
Effect of Exchange Translation Reserve US($)
General Reserve US($)
Retained Earning US($)
Net Unrealised Gains Reserve US($)
Debenture Redemption Reserve
Equity US($)
Minority Interest US($)
Total Equity US($)
As at April 1,2010
42,419,007
32,177,308
(1,755,209)
11,142
8,533,366
1,132
326,711
81,713,457
-
81,713,457
Comprehensive income
-
-
-
-
4,160,819
-
-
4,160,819
(3952)
4,156,867
Creation of Debenture Redemption Reserve
-
-
-
-
(132,118)
-
132,118
-
-
-
Fair value change on available for sale financial assets
-
-
-
-
-
7,447
-
7,447
-
7,447
Interim Dividend
(2,085,206)
(2,085,206)
(2,085,206)
Dividend Tax
(346,327)
(346,327)
(346,327)
Difference for currency translation
-
353,121
626,567
122
-
-
3,586
983,396
(82)
983,314
At March 31, 2011
42,419,007
32,530,429
(1,128,642)
11,264
10,130,534
8,579
462,415
84,433,586
(4,034)
84,429,552
Comprehensive income
-
-
-
-
7,156,618
-
-
7,156,618
-
7,156,618
Creation of Debenture Redemption Reserve
-
-
-
-
(134,524)
-
134,524
-
-
-
Fair value change on available for sale financial assets
-
-
-
-
-
8,213
-
8,213
-
8,213
Interim Dividend*
-
-
-
-
(1,819,865)
-
-
(1,819,865)
-
(1,819,865)
Dividend Tax
-
-
-
-
(295,229)
-
-
(295,229)
-
(295,229)
Difference for currency translation
-
(4,139,427)
(6,992,237)
(1,433)
-
-
(58,841)
(11,191,938)
513
(11,191,425)
At March 31, 2012
42,419,007
28,391,002
(8,120,879)
9,831
15,037,534
16,792
538,098
78,291,385
(3,521)
78,287,864
* Dividend of US$ 0.01 per share has been paid during the year.
**Board of Directors has recommended dividend @ 5% i.e. Rs.0.01 per equity share (aggregating to Rs. 1,941,554) in April 2012 which is subject to the approval of members in AGM.
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(a) Corporate Information
Noida Toll Bridge Company Limited (NTBCL) is a public limited company incorporated and domiciled in India on 8th April 1996 with its registered office at Toll Plaza, DND Flyway, Noida - 201301, Uttar Pradesh, India. The equity shares of NTBCL are publicly traded in India on the National Stock Exchange and Bombay Stock Exchange. NTBCL launched the issue of global depository receipts (GDRs) represented by equity shares in March 2006. The GDRs of NTBCL are traded on Alternate Investment Market (AIM) of the London Stock Exchange. The financial statements of the NTBCL are the responsibility of the Directors of the company.
The NTBCL has been set up to develop, establish, construct, operate and maintain a project relating to the construction of the Delhi Noida Toll Bridge under the "Build-Own-Operate-Transfer" (BOOT) basis. The Delhi Noida Toll Bridge comprises the Delhi Noida Toll Bridge, adjoining roads and other related facilities, the Ashram flyover which has been constructed at the landfall of the Delhi Noida Toll Bridge and the Mayur Vihar Link and it operates under a single business and geographical segment (Refer Note 24).
(b) Service Concession Arrangement entered into between IL&FS, NTBCL and NOIDA
A 'Concession Agreement' entered into between the NTBCL, Infrastructure Leasing and Financial Services Limited (IL&FS, the promoter company) and the New Okhla Industrial Development Authority, Government of Uttar Pradesh, conferred the right to the Company to implement the project and recover the project cost, through the levy of fees/ toll revenue, with a designated rate of return over the 30 years concession period commencing from 30 December 1998 i.e. the date of Certificate of Commencement, or till such time the designated return is recovered, whichever is earlier. The Concession Agreement further provides that in the event the project cost together with the designated return is not recovered at the end of 30 years, the concession period shall be extended by 2 years at a time until the project cost and the return thereon is recovered. The rate of return is computed with reference to the project costs, cost of major repairs and the shortfall in the recovery of the designated returns in earlier years. As per the certification by the independent auditors, the total recoverable amount comprises project cost and 20% designated return. NTBCL shall transfer the Project Assets to the New Okhla Industrial Development Authority in accordance with the Concession Agreement upon the full recovery of the total cost of project and the returns thereon.
New Okhla Industrial Development Authority had initiated preliminary discussion with the Company to consider modification of some the terms and conditions of the Concession Agreement. Pending outcome of such discussions, the accounts have been prepared based on extant Concession Agreement. Further details of concession agreement are given in Note 25.
(c) Basis of preparation
The consolidated financial statements of Noida Toll Bridge Company Limited and its subsidiary ('the Group') have been prepared in accordance with International Financial Reporting Standards (IFRS) and interpretations as laid down by the International Financial Reporting Interpretations Committee (IFRIC)
These consolidated financial statements have been drawn up in accordance with the going-concern principle and on a historical cost basis, except for available-for sale investments that have been measured at fair value. The presentation and grouping of individual items in the balance sheet, the income statement and the cash flow statement, as well as the changes in equity, are based on the principle of materiality.
(d) Significant accounting judgments and estimates
Judgements and estimates are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
Judgements
In the process of applying the Group's accounting policies, management has made the following judgments, apart from those involving estimations, which have the most significant effect on the amounts recognised in the financial statements:
Recognition of Concession Agreement as an Intangible Asset
(i) Basis of accounting for the service concession
The Group has determined that IFRIC 12 Service Concession Arrangements is applicable to the Concession Agreement and hence has applied it in accounting for the concession.
The directors have determined that the intangible asset model in IFRIC 12 Service Concession Arrangement is applicable to the concession. In particular, they note that users pay tolls directly so the grantor does not have the primary responsibility to pay the operator.
In order to facilitate the recovery of the project cost and 20% designated returns through collection of toll and development rights, the grantor has guaranteed extensions to the terms of the Concession, initially set at 30 years. The Group has received an "in-principle" approval for development rights from the grantor. However the Group has not yet entered into any agreement with the grantor which would constitute an assurance from the grantor to facilitate the recovery of shortfalls. Management recognizes that the development right agreement when executed will give rise to intangible assets in their own right.
Disclosures for Service Concession Arrangement as prescribed under SIC 29 Service Concession Arrangements - Disclosure have been incorporated into the financial statements.
(ii) Significant assumptions in accounting for the intangible asset
On completion of construction of the Delhi Noida Toll Bridge (6 February 2001), the rights under the Concession Agreement have been recognized as an intangible asset, received in exchange for the construction services provided. Construction costs include besides others, expenditure incurred and provisions for outstanding capital commitments on the Ashram Flyover, which was significantly completed on the date of recognition of the intangible asset. This section of the bridge was commissioned on 30th October 2001. The intangible asset received has been measured at fair value of the construction services as of US$ 112,391,294 as on the date of commisioning. The Group has recognized a profit of US$ 32,591,491, which is the difference between the cost of construction services rendered (the cost of the project asset of US$ 79,799,802) and the fair value of the construction services.
The Directors have concluded that as operators of the bridge, they have provided construction services to NOIDA, the grantor, in exchange for an intangible asset, i.e. the right to collect toll from road-users during the Concession period.
Accordingly, the Group has measured the intangible asset at cost, i.e. the fair value of the construction services as at 6 February 2001, the date of completion of construction and commissioning of the asset.
The key assumptions used in establishing the cost of the intangible asset are as follows:
Ø Construction of the DND Flyway commenced in 1998 and was completed on 6 February 2001. The exchange of construction services for an intangible asset is regarded as a transaction that generates revenue and costs, which have been recognized by reference to the stage of completion of the construction. Contract revenue has been measured at the fair value of the consideration receivable. Hence in each of the years of construction, construction revenue has been calculated at cost plus 17.5% and the corresponding construction profit has been recognized through retained earnings.
Ø Management has capitalised qualifying finance expenses until the completion of construction.
Ø The intangible asset is assumed to be received only upon completion of construction. Until then, management has recognised a receivable for its construction services. The fair value of construction services have been estimated to be equal to the construction costs plus margin of 17.5% and the effective interest rate of 13.5% for lending by the grantor. The construction industry margins range between 15-20% and management has determined that a margin of 17.5% is both conservative and appropriate. The effective interest rate used on the receivable during construction is the normal interest rate which grantor would have paid on delayed payments.
Ø The intangible asset has been recognised on the completion of construction, i.e. 6th February 2001.
Ø The management considers that they will not be able to earn the designated return under the Concession Agreement over 30 years. The company has an assured extension of the concession as required to achieve project cost and designated returns (see Note 1(b) above). Based on the independent professional expert's advice, the company has estimated the life of the bridge to be of 100 years. The intangible asset has been amortised under to unit of usage method.
Ø Development rights will be accounted for as and when exercised.
Construction of the Mayur Vihar Link commenced in 2006-07. NTBCL has obtained land from Noida for the construction of the Mayur Vihar Link vide Supplement to Noida Land Lease Deed executed between them. As per the terms of said lease deed Mayur Vihar Link Road will form part of Noida Bridge Project and the expenditure incurred by NTBCL on it shall be included in the cost of Noida Bridge with respect to the concession agreement. As the Mayur Vihar Link fall under the jurisdiction of Delhi Government, Municipal Corporation of Delhi vide confirmation agreement dated 9th January 2005 agreed not to declare the Mayur Vihar Link as public street and to recognize the right of NTBCL to operate and maintain the Mayur Vihar Link as a private street and charge user a user the fees in respect thereof. This right has been recognized as an intangible asset, received in exchange for the construction services provided to the grantor of the concession agreement. The intangible asset received has been measured at fair value of construction services as of US $ 15,961,837. The Group has recognized a profit of US $ 3,662,423 which is the difference between the cost of construction services rendered (the cost of project asset of US$ 12,299,414) and the fair value of the construction services.
The key assumptions used in establishing the cost of the intangible asset (i.e. right to collect toll on Mayur Vihar Link) are as follows:
Ø Construction commenced in June 2006 and was completed on January 19, 2008. The exchange of construction services for an intangible asset is regarded as a transaction that generates revenue and costs, which have been recognized by reference to the stage of completion of the construction. Contract revenue has been measured at the fair value of the consideration receivable. Hence for the years, construction revenue has been calculated at cost plus 17.5% and the corresponding construction profit has been recognized through construction revenue.
Ø Management has capitalised qualifying finance expenses until the completion of construction.
Ø The intangible asset is assumed to be received upon the completion of the construction and during the construction phase, management has recognised it as additions to the Intangible assets. The fair value of construction services have been estimated to be equal to the construction costs plus margin of 17.5% and the effective interest rate of 12.5% for lending by the grantor. The construction industry margins range between 15-20% and management has determined that a margin of 17.5% is both conservative and appropriate. The effective interest rate used on the receivable during construction is the normal interest rate which grantor would have paid on borrowing obtained.
Ø The management considers that they will not be able to earn the designated return under the Concession Agreement over 30 years. The company has an assured extension of the concession as required to achieve project cost and designated returns (see Note 1(b) above). As the lease period for the land is coterminous with the concession agreement and the estimated remaining useful life of the bridge, this intangible asset was being amortised over the remaining life of the Delhi Noida Toll Bridge from the date of commissioning of the Mayur Vihar Link Road The intangible asset is being amortised under unit of usage method.
(e) Basis of Consolidation
The consolidated financial statements comprise the financial statements of Noida Toll Bridge Company Limited and its subsidiary ITNL Toll Management Services Limited. The financial statements of the subsidiary are prepared for the same reporting year as the parent company, using consistent accounting policies.
All intercompany balances and transactions, including unrealised profits arising from intra-group transactions, have been eliminated in full.
Subsidiary is fully consolidated from the date of acquisition, being the date on which the Group obtains control and continue to be consolidated until the date that such control ceases.
(f) Foreign Currency Translation
The functional currency of Noida Toll Bridge Company Limited and ITNL Toll Management Services Limited is Indian Rupees. Transactions in foreign currencies are initially recorded in the functional currency rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the balance sheet date. All differences are taken to the income statement.
The presentation currency is US$. For the purpose of translation from functional currency to presentation currency, assets and liabilities for each balance sheet presented is translated at the closing rate at the date of that balance sheet. Income and expense for each income statement and cash flow statement presented is translated using a weighted average rate and all resulting exchange difference is recognised as a separate component of equity.
(g) Intangible Assets
Construction on the Delhi Noida Toll Bridge was completed and made operational on 6th February 2001. The Ashram Flyover's construction, which was significantly complete on that date, was commissioned on 30th October 2001. Collectively referred to as the "Bridge", the completed construction has been recognised as an intangible asset on 6th February 2001, in accordance with the guidelines given for recognition and measurement for service concession agreements on adoption of IFRIC 12, Service Concession Arrangement.
Construction on Mayur Vihar Link Road which has been accounted and made fully operational on January 19, 2008 has been recognised as intangible asset, in accordance with the guidelines given for recognition and measurement for service concession agreements in IFRIC 12, Service Concession Arrangement.
The value of the intangible asset was measured on the date of completion of construction at the fair value of the construction services provided which has been recognised as the intangible asset's cost. It is being amortised under unit of usage method over the balance period of the estimated useful life. The amortisation expense is recognised in the income statement as part of operating and administrative expenses. The carrying value is reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable.
Management reviews the estimated useful life of the rights and number of vehicles expected to use the facility at periodical intervals.
Specific policies that apply to the intangible assets are as follows:
Ø Construction services
Construction services exchanged for the intangible asset included all costs that related directly to the construction of the Delhi Noida Toll Bridge / Mayur Vihar Link including valuation of all work done by sbcontractors, whether certified or not, and all overheads other than those relating to the general administration of the Group.
Ø Construction profit
Construction profit is the difference between the fair value of the consideration receivable and the construction services provided in building the Bridge.
Ø Borrowing costs
Project specific borrowing costs were capitalised until the completion of construction services. Where funds are temporarily invested pending their expenditures on the qualifying asset, any investment income, earned on such fund is deducted from the borrowing cost incurred.
Ø Maintenance obligations
Contractual obligations to maintain, replace or restore the infrastructure (principally resurfacing costs and major repairs and unscheduled maintenance which are required to maintain the Bridge in operational condition except for any enhancement element) are recognised and measured at the best estimate of the expenditure required to settle the present obligation at the balance sheet date. The provision is discounted to its present value at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability.
(h) Property, Plant and equipment
Plant and equipment is stated at cost less accumulated depreciation and accumulated impairment in value. Such cost includes the cost of replacing part of such plant and equipment when that cost is incurred if the recognition criteria are met.
The carrying values of plant and equipment are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable.
An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the income statement in the year the asset is derecognised.
The asset's residual values, useful lives and methods are reviewed, and adjusted if appropriate, at each financial year end.
(i) Depreciation
Depreciation is calculated on a straight-line basis over the estimated useful life of the asset as follows:
Building
62 years
Data Processing Equipment
3 years
Office Equipment
5 years
Vehicles
5 years
Furniture & Fixtures
7 years
Advertisement Structure
5 years
(j) Investments and other financial assets
Financial assets in the scope of IAS 39 are classified as either loans and receivables or available-for-sale financial assets, as appropriate. When financial assets are recognised initially, they are measured at fair value, plus, in the case of investments not at fair value through profit or loss, directly attributable transaction costs. The Group determines the classification of its financial assets after initial recognition and, where allowed and appropriate, re-evaluates this designation at each financial year-end.
Loans and receivables
Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Such assets are carried at amortised cost using the effective interest method. Gains and losses are recognised in income when the loans and receivables are derecognised or impaired, as well as through the amortisation process.
Investments (Available-for-sale financial assets)
All investments are initially recognised at cost, being the fair value of the consideration given and including acquisition charges associated with the investment.
After initial recognition available-for sale financial assets are measured at fair value with gains or losses being recognised as a separate component of equity until the investment is sold, collected or otherwise disposed of or until the investment is determined to be impaired at which time the cumulative gain or loss previously reported in equity is included in the income statement.
The fair value of investments that are actively traded in organised financial markets is determined by reference to quoted market bid prices at the close of business on the balance sheet date. For investments where there is no quoted market price, fair value is determined by reference to the current market value of another instrument which is substantially the same or is calculated based on the expected cash flows of the underlying net asset base of the investment.
(k) Inventories
Inventories of Electronic Cards (prepaid cards), "On Board Units" and consumables are valued at the lower of cost or net realisable value. Cost is recognised on First In First Out basis.
(l) Cash and Cash equivalents
Cash and cash equivalents in the balance sheet comprises of cash at bank and in hand.
(m) Interest bearing loans and borrowings
All loans and borrowings are initially recognised at the fair value of the consideration received less directly attributable transaction costs.
After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the effective interest method. Amortised cost is calculated by taking into account any transaction costs, and any discount or premium on settlement.
On refinancing of debt or where the terms of an existing debt are amended, the derecognition criteria in IAS 39 are applied and existing issue cost are written off. Where new debt is arranged, the capitalised issue costs on retiring debt are written off and the issue costs of the new debt are capitalised and amortised over the term of the new debt.
(n) Provisions
Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, It is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Where the Group expects some or all of a provision to be reimbursed, for example under an insurance contract, the reimbursement is recognised as a separate asset but only when the reimbursement is virtually certain. The expense relating to any provision is presented in the income statement net of any reimbursement. If the effect of the time value of money is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability. Where discounting is used, the increase in the provision due to the passage of time is recognised as other finance expense
(o) Employee costs, Pensions and other post-employment benefits
Wages, salaries, bonuses, social security contributions, paid annual leave and sick leave are accrued in the year in which the associated services are rendered by employees of the Group.
The Group has three funded retirement benefit plans in operation viz. Gratuity, Provident Fund and Superannuation. The Superannuation Fund and Provident Fund are defined contribution schemes whereby the Group has to deposit a fixed amount to the fund every year / month respectively.
The Gratuity plan for the Group is a defined benefit scheme. The cost of providing benefits under gratuity is determined using the projected unit credit actuarial valuation method. Actuarial gains and losses are recognised in full in the period in which they occur and directly in equity through the income statement.
(p) Leases
Finance leases which transfer substantially all the risks and benefits incidental to ownership of the leased item, are capitalised at the inception of the lease at the fair value of the leased property or, if lower, at the present value of the minimum lease payments. Lease payments are apportioned between the finance charges and reduction of the lease liability so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are charged directly against income.
Leases where the lessor retains substantially all the risks and benefits of ownership of the asset are classified as operating leases. Operating lease payments are recognised as an expense in the income statement on the straight line basis over the lease term.
(q) Impairment
Where an indication of impairment exists, or when annual impairment testing for an asset is required, the Group makes an estimate of the asset's recoverable amount. An asset's recoverable amount is the higher of an asset's or cash-generating unit's fair value less costs to sell and its value in use and is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. Where the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. Impairment losses of continuing operations are recognised in the income statement in those expense categories consistent with the function of the impaired asset.
(r) Derecognition of financial assets and liabilities
Financial assets
A financial asset (or, where applicable a part of a financial asset or part of a group of similar financial assets) is derecognised where:
Ø the rights to receive cash flows from the asset have expired;
Ø the Group retains the right to receive cash flows from the asset, but has assumed an obligation to pay them in full without material delay to a third party under a 'pass-through' arrangement; or
Ø the Group has transferred its rights to receive cash flows from the asset and either (a) has transferred substantially all the risks and rewards of the asset, or (b) has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.
Where the Group has transferred its rights to receive cash flows from an asset and has neither transferred nor retained substantially all the risks and rewards of the asset nor transferred control of the asset, the asset is recognised to the extent of the Group's continuing involvement in the asset. Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Group could be required to repay.
Financial liabilities
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires.
Where an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, and the difference in the respective carrying amounts is recognised in the income statement.
(s) Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue comprises:
Toll Revenue
Toll Revenue is recognised in respect of toll collected at the Delhi Noida Toll Bridge and the attributed share revenue from prepaid cards.
License Fee
License fee income from advertisement hoardings & office premises is recognised on an accruals basis in accordance with contractual obligations.
Service Charges
Service charges are recognised on accrual basis in respect of revenue recovered for the various business auxiliary services provided to the parties.
Interest income
Revenue is recognised as interest accrues (using the effective interest method that is the rate that exactly discounts estimated future cash receipts through the expected life of the financial instrument to the net carrying amount of the financial asset).
Investment income
The profit or loss on sale of investments is the difference between the net sale consideration and the carrying amount. Related fair value movements are derecognised from net unrealised gains reserve and transferred to the income statement at the time of sale.
Other Income
Other income comprises service fee and miscellaneous income which are recognised on receipt basis.
(t) Income tax
Current tax represents the amount that would be payable based on computation of tax as per prevailing taxation laws under the Indian Income Tax Act, 1961.
Deferred income tax is provided using the liability method, on all temporary differences at the balance sheet date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes.
Deferred income tax liabilities are recognised for all taxable temporary differences.
Deferred income tax assets are recognised for all deductible temporary differences, carry forward of unused tax assets and unused tax losses (where such right has not been forgone), to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax assets and unused tax losses can be utilised, except where the deferred income tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of transaction, affects neither the accounting profit nor taxable profit or loss.
The carrying amount of deferred income tax assets is reviewed at each balance sheet date and reduced to the extent it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilised.
Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the balance sheet date.
(u) Borrowing Costs
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use. Where funds are temporarily invested pending their expenditures on the qualifying asset, any such investment income, earned on such fund is deducted from the borrowing cost incurred.
All other borrowing costs are recognised as interest expense in the income statement in the period in which they are incurred.
(v) Share based payment transactions
Equity-settled, share option plan are valued at fair value at the date of the grant and are expensed over the vesting period, based on the Group's estimate of shares that will eventually vest. The total amount to be expensed over the vesting period is determined by reference to the fair value of the options granted, excluding the impact of any non-market vesting conditions. At each balance sheet date, the entity revises its estimates of the number of options that are expected to become exercisable. The share awards are valued using the Black-Scholes option valuation method.
The Group recognises the impact of the revision of original estimates, if any, in the income statement, with a corresponding adjustment to equity. The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the options are exercised.
The dilutive effect of outstanding options is reflected as additional share dilution in the computation of earnings per share.
(w) Securities Premium
Securities premium represent the amount being difference between the issue price and the face value of the securities issued by the company. Securities premium have been recognized as separate component of the equity. Under the Indian Companies Act 1956, securities premium have restricted usage. Securities premium has been adjusted to the extent utilized for the purposes allowed under the Indian Companies Act, 1956 and disclosed in the statement of equity.
(x) Debenture Redemption Reserve
Debenture Redemption Reserve (DRR) represents the reserve created for the redemption of the Deep Discount Bond (DDBs). Under the Indian Companies Act 1956, DRR is to be created out of the profits for the year in financial statement prepared under Indian GAAP. The group recognized the DRR for an amount equal to the issue price of the DDBs by apportioning from the profit of the year under Indian GAAP a sum calculated under sum of digit method. DRR has been recognized as separate component of equity. On redemption of the DDBs, DRR is to be transferred to general reserve.
(y) CENVAT Credit
Cenvat (Central Value Added Tax) in respect of service tax is accounted on accrual basis on eligible services. The balance of cenvat credit is reviewed at the end of each year and amount estimated to be unutilised is charged to the profit & loss account for the year.
(z) Dividend
Final dividends on shares are recorded as a liability on the date of approval by the shareholders and interim dividends are recorded as a liability on the date of declaration by the Company's Board of Directors.
(za) New Standards adopted by the Company
The Company adopted IAS 24 (revised 2009) "Related Party Disclosures" ("IAS 24"). Amendment clarifies the definitions of a related party. The new definitions emphasis a symmetrical view of related party relationships as well as clarifying in which circumstances persons and key management personnel affect related party relationships of an entity. Adoption of the revised standard does not have any impact on the financial position or performance of the group.
New Accounting standards not yet adopted by the Company:
In November 2009, the IASB issued IFRS 9 "Financial Instruments on the classification and measurement of financial assets". The new standard represents the first part of a three-part project to replace IAS 39 Financial Instruments: Recognition and Measurement (IAS 39) with IFRS 9 Financial Instruments (IFRS 9). IFRS 9 uses a single approach to determine whether a financial asset is measured at amortized cost or fair value, replacing the many different rules in IAS 39. The approach in IFRS 9 is based on how an entity manages its financial instruments (its business model) and the contractual cash flow characteristics of the financial assets. IFRS 9 is effective for fiscal years beginning on or after January 1, 2013. Earlier application is permitted.
In October 2010, the IASB issued an amendment to IFRS 7 "Disclosures - Transfers of financial assets". The purpose of the amendment is to enhance the existing disclosures in IFRS 7 when an asset is transferred but is not derecognized and introduce new disclosures for assets that are derecognized but the entity continues to have a continuing exposure to the asset after the sale. The amendment is effective for fiscal years beginning on or after July 1, 2011. Earlier application is permitted.
In December 2011, the IASB issued an amendment to IFRS 7 "Disclosures- offsetting financial assets and financial liabilities". The amended standard requires additional disclosures where financial assets and financial liabilities are offset in the balance sheet. These disclosures would provide users with information that is useful in (a) evaluating the effect or potential effect of netting arrangements on an entity's financial position and (b) analyzing and comparing financial statements prepared in accordance with IFRSs and USGAAP. The amendment is effective retrospectively for fiscal years beginning on or after January 01, 2013. Earlier application is permitted.
In May 2011, the IASB issued IFRS 10, IFRS 11 and IFRS 12. The effective date for IFRS 10, IFRS 11 and IFRS 12 is annual periods beginning on or after January 1, 2013 with early adoption permitted.
IFRS 10 Consolidated Financial Statements builds on existing principles by identifying the concept of control as the determining factor in whether an entity should be included within the consolidated financial statements of the parent company. IFRS 10 replaces the consolidation requirements in SIC-12 Consolidation of Special Purpose Entities and IAS 27 Consolidated and Separate Financial Statements. The standard provides additional guidance for determining of control in cases of ambiguity for instance in case of franchisor franchisee relationship, de facto agent, silos and potential voting rights.
IFRS 11 Joint Arrangements determines the nature of an arrangement by focusing on the rights and obligations of the arrangement, rather than its legal form. IFRS 11 replaces IAS 31 Interests in Joint Ventures and SIC-13 Jointly-controlled Entities-Non-monetary Contributions by Venturers. IFRS 11 addresses only forms of joint arrangements (joint operations and joint ventures) where there is joint control whereas IAS 31 had identified three forms of joint ventures, namely jointly controlled operations, jointly controlled assets and jointly controlled entities. The standard addresses inconsistencies in the reporting of joint arrangements by requiring a single method to account for interests in jointly controlled entities, which is the equity method.
IFRS 12 Disclosure of Interests in Other Entities is a new and comprehensive standard on disclosure requirements for all forms of interests in other entities, including joint arrangements, associates, special purpose vehicles and other off balance sheet vehicles. One major requirement of IFRS 12 is that an entity needs to disclose the significant judgments and assumptions it has made in determining:
a. Whether it has control, joint control or significant influence over another entity.
b. The type of joint arrangement when the joint arrangement is structured through a separate vehicle.
IFRS 12 also expands the disclosure requirements for subsidiaries with non-controlling interest, joint arrangements and associates that are individually material.
In May 2011, the IASB issued IFRS 13, Fair Value Measurement to provide specific guidance on fair value measurement and requires enhanced disclosures for all assets and liabilities measured at fair value, and not restricted to financial assets and liabilities. The standard introduces a precise definition of fair value and a consistent measure for fair valuation across assets and liabilities, with a few specified exceptions. The effective date for IFRS 13 is annual periods beginning on or after January 1, 2013 with early adoption permitted.
In June 2011, the IASB published amendments to IAS 1 Presentation of Financial Statements which require companies preparing financial statements in accordance with IFRS to group items within other comprehensive income that may be reclassified to the profit or loss separately from those items which would not be recyclable in the profit or loss section of the income statement. It also requires the tax associated with items presented before tax to be shown separately for each of the two groups of other comprehensive income items (without changing the option to present items of other comprehensive income either before tax or net of tax). The amendments also reaffirm existing requirements that items in other comprehensive income and profit or loss should be presented as either a single statement or two consecutive statements. This amendment is applicable to annual periods beginning on or after July 1, 2012, with early adoption permitted.
In June 2011, the IASB issued IAS 19(Amended), Employee Benefits. IAS 19 (Amended) has eliminated an option to defer the recognition of gains and losses through re-measurements and requires such gain or loss to be recognized through other comprehensive income in the year of occurrence to reduce volatility. The amended standard requires immediate recognition of effects of any plan amendments. Further it also requires assets in profit or loss to be restricted to government bond yields or corporate bond yields, considered for valuation of Projected Benefit Obligation, irrespective of actual portfolio allocations. The actual return from the portfolio in excess of or less than such yields is recognized through other comprehensive income. These amendments enhance the disclosure requirements for defined benefit plans by requiring information about the characteristics of defined benefit plans and risks that entities are exposed to through participation in those plans. The effective date for adoption of IAS 19(Amended) is annual periods beginning on or after January 1, 2013, though early adoption is permitted. The amendments need to be adopted retrospectively.
In December 2011, the IASB issued an amendment to IAS 32 "Offsetting financial assets and financial liabilities". The purpose of the amendment is to clarify some of the requirements for offsetting financial assets and financial liabilities in the balance sheet. This includes clarifying the meaning of "currently has legally enforceable right to set off" and also the application of the IAS 32 offsetting criteria to settlement systems (such as central clearing house systems) which apply gross settlement mechanisms that are not simultaneous. The amendment is effective retrospectively for fiscal years beginning on or after January 01, 2014. Earlier application is permitted.
As per management evaluation, application of above IFRSs would not have significant impact of the financial statement of the Company on its application.
NOTES TO CONSOLIDATED BALANCE SHEET
2. Property, Plant and Equipment
31 March 2012
Advertisement Structures US ($)
Building US ($)
Office and Data Processing Equipment US ($)
Furniture and Fixtures US ($)
Vehicles US ($)
Total US ($)
At 1 April 2011 (net of accumulated depreciation)
214,267
955,551
125,068
104,399
142,045
1,541,330
Exchange difference on Conversion
(22,422)
(120,618)
(14,352)
(10,969)
(13,846)
(182,207)
Additions
-
-
55,331
-
-
55,331
Disposals
-
-
(3,668)
(4,657)
(11,956)
(20,281)
Depreciation charge for the year
(77,172)
(15,510)
(76,574)
(32,261)
(55,460)
(256,979)
At 31st March, 2012 (net of accumulated depreciation)
114,673
819,423
85,805
56,512
60,783
1,137,196
At 1 April 2011
Cost
1,031,076
1,034,724
512,998
264,857
390,931
3,234,586
Accumulated depreciation
(816,809)
(79,173)
(387,930)
(160,458)
(248,886)
(1,693,256)
Net carrying amount
214,267
955,551
125,068
104,399
142,045
1,541,330
At 31 March, 2012
Cost
899,874
903,058
481,578
225,090
257,408
2,767,008
Accumulated depreciation
(785,201)
(83,635)
(395,773)
(168,578)
(196,625)
(1,629,812)
Net carrying amount
114,673
819,423
85,805
56,512
60,783
1,137,196
31 March 2011
Advertisement Structures US ($)
Building US ($)
Office and Data Processing Equipment US ($)
Furniture and Fixtures US ($)
Vehicles US ($)
Total US ($)
At 1 April 2010 (net of accumulated depreciation)
312,660
961,653
180,400
145,287
143,773
1,743,773
Exchange difference on Conversion
1,353
10,214
810
728
1,511
14,616
Additions
-
-
60,753
4,246
75,413
140,412
Disposals
-
-
(17,089)
(8,274)
(5,697)
(31,060)
Depreciation charge for the year
(99,746)
(16,316)
(99,806)
(37,588)
(72,955)
(326,411)
At 31st March, 2011 (net of accumulated depreciation)
214,267
955,551
125,068
104,399
142,045*
1,541,330
At 1 April 2010
Cost
1,019,884
1,023,492
492,591
279,882
325,525
3,141,374
Accumulated depreciation
(707,224)
(61,839)
(312,191)
(134,595)
(181,752)
(1,397,601)
Net carrying amount
312,660
961,653
180,400
145,287
143,773
1,743,773
At 31 March, 2011
Cost
1,031,076
1,034,724
512,998
264,857
390,931
3,234,586
Accumulated depreciation
(816,809)
(79,173)
(387,930)
(160,458)
(248,886)
(1,693,256)
Net carrying amount
214,267
955,551
125,068
104,399
142,045
1,541,330
*Vehicle includes cars for which loan were taken. The loan has been secured by a hypothecation of the vehicle from banks/ others. (Note 11)
3. Intangible Assets
31 March, 2012 US ($)
31 March, 2011 US ($)
Opening Balance (net of accumulated amortization)
120,467,626
119,800,921
Exchange difference on translation
(15,284,062)
1,301,503
Amortization charge for the year
(720,135)
(634,798)
Closing Balance (net of accumulated amortization)
104,463,429
120,467,626
Opening Balance
1 April, 2011 US ($)
1 April, 2010 US ($)
Cost
134,678,891
133,216,936
Accumulated amortization
(14,211,265)
(13,416,015)
Net carrying amount
120,467,626
119,800,921
Closing Balance
31 March, 2012 US ($)
31 March, 2011 US ($)
Cost
117,541,292
134,678,891
Accumulated amortization
(13,077,863)
(14,211,265)
Net carrying amount
104,463,429
120,467,626
4. Loans & Advances
31 March, 2012 US ($)
31 March, 2011 US ($)
Non Current - Loans and Advances
Loans to staff
414
3,117
Sundry deposit
36,927
42,345
37,341
45,462
Current - Loans and Advances
Advance recoverable in cash or kind or for value to be received
51,293
34,623
Loans to staff
2,306
6,290
Advance tax including Tax Deducted at Source
687,287
1,021,983
Related Parties -
- Advance recoverable in cash or kind or for value to be received
2,619
11,923
743,505
1,074,819
The carrying values of loans and advances are representative of their fair values at respective balance sheet dates. The loans and advances having a maturity period of more than a year are classified as non current assets and those that have an original maturity period of 1 year or less are classified as current assets.
5. Inventories
31 March, 2012 US ($)
31 March, 2011 US ($)
Electronic Cards and 'On Board Units'
16,203
20,740
Consumables
16,084
27,808
32,287
48,548
Electronic cards are prepaid smart cards with an inbuilt sensor which record passages through toll road. On Board Units (machines) are installations in customer cars which facilitate an uninterrupted drive through the toll plaza. Consumables are the item which facilitates interrupted running of toll plaza.
6. Trade Receivables
31 March, 2012 US ($)
31 March, 2011 US ($)
Non-Current
-
-
Current
205,041
867,294
205,041
867,294
Trade receivable pertains to advertising and other revenue. Trade receivables having maturity period more than one year has been classified as non-current receivables and are interest bearing. Current receivable are non interest bearing and are generally on 30-60 day's terms. The carrying values of these receivables are representative of their fair values at respective balance sheet dates.
7. Available-for-Sale Investments
31 March, 2012 US ($)
31 March, 2011 US ($)
LIC Nomura MF Liquid Fund- Growth Plan
-
829,398
Kotak Floater Long Term-Growth
2,093,076
-
Canara Robeco Treasury Advantage Institution
1,272,536
-
JP Morgan India Short Term Income Fund
466,138
-
Templeton India Ultra Short Term Fund Institutional Plan- growth
-
1,679,144
UTI Treasury Advantage Fund Institutional Plan (Growth option
3,118,002
2,821,737
6,949,752
5,330,279
Available-for-sale investments are being carried at fair values at respective balance sheet dates.
8. Cash and cash equivalents
31 March, 2012 US ($)
31 March, 2011 US ($)
Cash in Hand
80,372
93,300
Cash at Bank (Current Accounts)
212,045
121,216
Cash at Bank (Deposit)
1,172,791
797,312
1,465,208
1,011,828
The carrying value of cash and current account balances in banks are representative of fair values at respective balance sheet dates.
9. Issued Capital
31 March, 2012 US ($)
31 March, 2011 US ($)
Authorised
Ordinary Shares of INR 10 each
46,476,127
46,476,127
46,476,127
46,476,127
Issued and fully paid
31 March, 2012
31 March, 2011
Share (Number)*
186,195,002
186,195,002
Value US ($)
42,419,007
42,419,007
*Includes 45,075 equity shares represented by 9,015 GDRs (Previous Year 45,075 equity shares represented by 9,015 GDRs) (Each GDR representing 5 ordinary shares of Rs. 10 each)
Share Option Scheme
NTBCL has two Employee Stock Option Plans (ESOP 2004, ESOP 2005). Under ESOP 2004 options to subscribe for the Company's shares have been granted to directors, senior executive and general employees. All Stock Options granted in the past have been exercised, allotted or have lapsed. Under ESOP 2005 no options have been granted upto the date of financial statement.
10. Reserves
Nature and purpose of other reserves
Securities Premium Account
The Securities Premium Account is used to record the value difference between issue price of GDRs and the face value of the inherent equity shares and the value of the stock option upon exercise by the employee. Transfers are made from the Stock Option Account. Under the Indian Companies Act, 1956 such reserve has restricted usage.
Debenture Redemption Reserve
Debenture Redemption Reserve (DRR) has been created for redemption of Deep Discount Bonds (DDBs) by transferring an amount equal to the amount apportioned from the profit for the year computed under Indian GAAP. Under the Indian Companies Act, 1956 such reserve has restricted usage.
General Reserve
The General Reserve is used to account for the value of stock options that lapse after the vesting period.
Effect of Currency Translation Reserve
The currency translation reserve is used to record exchange differences arising from the translation of the financial statements from the functional currency Indian Rupees to the presentation currency of US$ for reporting purposes.
Net Unrealised Gains Reserve
This reserve records fair value changes on available-for-sale investments.
11. Interest-bearing Loans and Borrowings
Effective Interest Rate %
31 March, 2012 US ($)
31 March, 2011 US ($)
Non Current
Deep Discount Bonds (Net of transaction cost)
*
3,269,488
3,451,925
Term Loan from Banks
8.50%
-
4,279,034
Term Loan from Financial Institutions
***
3,495,635
5,343,191
Related Party -
- Term Loan
**
9,270,688
12,836,724
16,035,811
25,910,874
Current
Vehicle Loan (Refer Note 2)
-
9,981
Term Loan From Banks
8.50%
3,734,536
4,279,034
Term Loan from Financial Institution
***
1,167,647
1,070,313
Related Party
- Term Loan
**
2,154,092
2,328,951
7,056,275
7,688,279
* Refer Note on Deep Discount Bonds
** Refer Note on Term Loan from Related Party
*** Refer to Note on Term Loan from Financial Institutions & Others.
Debt Restructuring
During the initial years of commencing operations, actual cash inflows were significantly lower than anticipated as toll traffic/ revenue did not meet the levels anticipated in the projections, resulting in the Group's inability to comply with certain financial covenants stipulated in the original borrowing agreements with its lenders. The cash flow situation also impacted the Group's ability to complete the links to augment traffic and to continue servicing its then repayment schedule for debt obligation. The Group, decided to rationalise its debt structure and commenced negotiations with lenders to restructure the debt, in particular, the interest rate, in order to align its debt servicing requirements more closely to its available cash flows.
At a meeting of the Senior Lenders of NTBCL on 26 March 2002, the Lenders approved the formation of a Debt Restructuring Committee, as per the Reserve Bank of India Guidelines comprising of the Industrial Development Bank of India (IDBI), State Bank of India (SBI) and the IL & FS for finalization of the restructuring proposal within 30 days of the meeting.
An application was filed on 23 July 2002 for the restructuring of the debts of the company under the Corporate Debt Restructuring (CDR) mechanism. On 6 January 2003, the Company received communication from the CDR Cell approving the proposed restructuring programme at the CDR Empowered Group Meeting on 29th October 2002. On approval, the CDR scheme became effective from 1 April 2002.
The above restructuring covered the term loans from financial institutions, banks and others.
For Deep Discount Bond Holders, who were not within the above restructuring arrangement, the Group, with the consent of the requisite majority of the secured creditors applied for and filed a petition in the Allahabad High Court for approval of a restructuring proposal. The restructuring arrangement was sanctioned by the Court on 24 October 2005.
The impact on the financial statements due to the above restructuring and the changes in the interest rates of the various financial instruments are detailed below.
Deep Discount Bonds
NTBCL issued Deep Discount Bonds (DDBs) of US $ 11,504,832 (100,000 DDB of US $ 115.05 each) on 3rd November 1999 with redemption value US $ 1035.43 at the end of 16th year with an average annualised yield of 14.67%. Nominal Value and Issue Amount were at par.
In accordance with the terms of restructuring scheme of Deep Discount Bonds, the outstanding 10,815 DDBs (Net of repayments made) would mature on 3rd November 2015 and maturity value of the bond as per the revised terms would be US $ 521.26 each. However, NTBCL would have the right to call/ purchase DDBs from the holders at any time after effective date of 24th November 2005 as defined in the scheme with interest calculated @ 13.70% per annum till 31 March 2002 and at 8.5% per annum thereafter up to the date of the payment.
Term Loan from Financial Institutions and Others
As per the restructuring of term loans, fifty percent of the outstanding loan i.e. US$ 10,817,895 has been retained as term loan carrying interest of 12.5% per annum and the same is repayable by 2010 - 2014. The effective rate of interest, considering the overall repayment schedule, work out to 8.5% per annum. The company has prepaid term loan of US$ 6,444,754 to the financial institutions and others out of the proceeds of GDR issue. The company has further repaid US$ 146,599/- till the date of financial statement.
Infrastructure Development Finance Company Limited (IDFC) has converted US$ 12,701,026 being the value of DDBs purchased by them under the scheme of restructuring of DDBs into the term loan. The term loan is repayable during 2010-14. The loan carries interest at the rate of 8.5% per annum payable quarterly on 31 March, 30 June, 30 September and 31 December every year. The Company had prepaid term loan of US$ 7,905,077 to IDFC out of proceeds of the GDR issue and currently serving the balance as per CDR terms.
Term Loan from Banks
NTBCL had taken term loans from a consortium of eight banks at interest ranging from 13.50% to 14.50% per annum. Post restructuring, the term loans from banks, amounting to US$ 28,000,000 carry interest at a rate of 8.5%. The term loans from banks are payable during 2004-13. The Company has prepaid term loan of US$ 14,283,382 to the Banks during the year 2006-07 out of the proceeds of the GDR issue and currently serving the balance as per CDR terms.
Term Loan from IL&FS
NTBCL on 29th March 2005, took financial assistance of US$ 8,000,000 from IL&FS to repay certain amounts to the existing lenders, which had fallen due on 31 March 2005. Interest on the loan is stepping up in certain years and there is terminal interest to be paid. The loan alongwith terminal interest was repayable by 31 March 2017 as per the agreed payment schedule. By virtue of an amendment in the agreement the repayment of the principal amount and the terminal interest has been changed and entire sum is to be repaid by July, 2015 and US$ 3,909,304 has been repaid till the date of financial statement. However the effective rate of interest remains to be 12.48% per annum.
IL&FS has converted US$ 8,467,351 being the value of DDBs purchased by them under the scheme of restructuring of DDBs into the term loan. The term loan is repayable during 2010 -14. The loan carries interest at the rate of 8.5% per annum payable quarterly on 31 March, 30 June, 30 September and 31 December every year. The Company had prepaid term loan of US$ 5,322,752 out of proceeds of the GDR issue.
NTBCL on 21st February, 2006 had acknowledged the loan of US$ 2,786,671 from IL&FS taken for the purpose of restructuring the Group's DDBs. The loan is repayable during 2010 -14. The loan carries interest at the rate of 10% per annum payable quarterly on 31 March, 30 June, 30 September and 31 December every year. The company has repaid US$ 728,968 till the date of financial statement.
The carrying values of all interest bearing loans and borrowings are representative of their fair values at respective balance sheet dates. The interest bearing loans & borrowings having a maturity period of more than a year are classified as non current liabilities and those that have an original maturity period of 1 year or less are classified as current liabilities.
All interest bearing loans and borrowings are secured by a charge on all tangible and intangible assets of the Group. However the Group has recognised the right to receive toll income as an intangible asset at fair value of construction services rendered to the grantor in compliance with IFRIC 12 Service Concession Arrangement. The charge on Delhi Noida Toll Bridge (Project Assets) created in favor of lenders for interest bearing loans and borrowings continue to remain against project assets now classified as intangible asset.
12. Provisions
Provision for Resurfacing Expenses
31 March, 2012 US ($)
31 March, 2011 US ($)
Opening Balance
2,243,401
2,045,207
Utilised During the Year
-
-
Accretion During the Year (Note 15)
942,349
172,164
Exchange difference on Translation
(344,595)
26,030
Closing Balance
2,841,155
2,243,401
Provision for Resurfacing: The Group has a contractual obligation to maintain, replace or restore infrastructure, except for any enhancement element. The Group has recognised the provision at the best estimate of the expenditure required to settle the present obligation at the balance sheet date. First resurfacing which was earlier estimated to be performed during the year 2010-11 is now estimated to be carried out in financial year 2012-13.
Provision for Holiday Pay
31 March, 2012 US ($)
31 March, 2011 US ($)
Opening Balance
92,718
81,313
Utilised during the year
(19,305)
(30,083)
Provided during the year
20,333
40,381
Exchange difference on Translation
(11,863)
1,107
Closing Balance
81,883
92,718
Provision for Holiday Pay: The Group has computed the provision for holiday pay based on outstanding leave balance as at the year end.
Provision for performance Related Pay
31 March, 2012 US ($)
31 March, 2011 US ($)
Opening Balance
827,345
595,619
Utilised during the year
(40,479)
(41,383)
Written back during the year
(636,410)
-
Provided during the year
379,035
261,978
Exchange difference on Translation
(86,589)
11,131
Closing Balance
442,902
827,345
Provision for Employees Benefit
31 March, 2012 US ($)
31 March, 2011 US ($)
Opening Balance
8,073
25,068
Utilised during the year
(7,517)
(24,827)
Provided during the year
4,480
7,908
Exchange difference on translation
(837)
(76)
Closing Balance
4,199
8,073
Provision for Litigation
31 March, 2012 US ($)
31 March, 2011 US ($)
Opening Balance
1,008,250
445,865
Utilised during the year
-
-
Provided during the year
232,948
546,116
Exchange difference on translation
(142,914)
16,269
Closing Balance
1,098,284
1,008,250
Note:
1. The group has acquired the land on Delhi side for the construction of Bridge from the Government of Delhi and DDA and the amount paid has been considered as a part of the project cost. However pending final settlement of the dues the company had estimated the cost of US$ 0.57 million and provided for. The actual settlement may result in possible but not probable obligation to the extent of additional Rs. 30 million based on management estimates.
2. The Company had applied for and was granted renewal of permission from Municipal Corporation of Delhi (MCD) to display advertisements for a period of five years w.e.f 1.8.2009 subject to payment of monthly license fee @ US$ 2.25/- per sq.ft. of the total display area or 25% of the gross revenue generated out of display whichever was higher. The Company has been sharing 25% of the revenue with MCD since inception. The Company contested the aforesaid imposition @ US$ 2.25/- on the ground that same was not permitted by the 2008 Outdoor Advertisement policy. The MCD, however cancelled the permission vide Order dated 10.05.2010 for nonpayment @ US$ 2.25/-. The Company filed a Writ Petition before the Hon'ble Delhi High Court for quashing of the aforesaid Order.
After hearing the submissions of the Company, the Hon'ble Court vide order dated 25.05.2010 stayed the operation of the impungned order subject to NTBCL depositing 50% of the arrears of License fee to be calculated @ Rs. US$ 2.25/- per sqft of the display and continuing to deposit license fee at the said rate every month till the final disposal of the Writ Petition.
Though the matter is sub judice, company as an abundant caution, has decided to provide for license fee as demanded by MCD in full. Necessary adjustment, if any, would be made on disposal of writ petition.
13. Deferred Income Tax
Balance Sheet
31 March, 2012 US ($)
31 March, 2011 US ($)
Deferred Income Tax Liabilities
Property, Plant & Equipment and Intangible Asset
(12,119,505)
(13,245,633)
Fair Value Change on Recognition of Intangible Asset
(8,604,805)
(9,859,392)
Deferred Income Tax Assets
MAT Credit
3,769,443
1,858,210
Difference in amortisation of Preliminary Expenses
-
67
Losses available for off set against future taxable income
7,719,551
13,115,264
Operation & Maintenance Expense
1,586,672
1,494,436
Timing difference in allowance of Borrowing Cost
607,412
825,266
Net Deferred Tax Liability
7,041,232
5,811,782
Income Statement
31 March, 2012 US ($)
31 March, 2011 US ($)
Deferred Income Tax Liabilities
Property, Plant & Equipment and Intangible Asset
(596,796)
(750,345)
Deferred Income Tax Assets
MAT Credit
2,291,463
1,820,296
Difference in amortization of Preliminary expenses
(62)
(65)
Losses available for offset against future taxable income
(3,976,315)
(944,893)
Timing difference in allowance of Borrowing Cost
(120,395)
(1,851,419)
Timing difference in allowance of O&M Expense
301,410
(371,233)
Adjustment of tax rate change
-
85,608
Deferred Tax Expense
2,100,695
2,012,051
Reconciliation of Tax Expense:
31 March, 2012 US$
31 March, 2011 US$
Accounting Profit before tax
11,588,256
8,206,930
Enacted Tax rates in India
32.45%
32.45%
Computed enacted tax expenses
3,759,810
2,662,738
Effect of non taxable income
(44,772)
(39,336)
Losses Lapsed
488,394
-
Effect of non-deductible expenses
470
385
MAT Credit not allowed
-
217,717
Effect of change in tax rate
-
(85,608)
Tax reversals
227,737
1,294,168
Total Tax Expenses
4,431,639
4,050,064
Reconciliation of Deferred Tax Liability
31 March, 2012 US ($)
31 March, 2011 US ($)
Opening Balance
5,811,782
3,717,031
Deferred Tax Expenses
2,100,695
2,012,051
Exchange difference on Translation
(871,345)
82,700
Closing Balance
7,041,132
5,811,782
14. Trade and Other Payables
31 March, 2012 US ($)
31 March, 2011 US ($)
Trade Payables
82,102
176,339
Interest accrued but not due
9,020
13,116
Other Liabilities*
1,319,200
1,227,236
Related Parties
-
-
Trade Payables
27,798
67,861
Other Liabilities
-
-
1,438,120
1,484,552
The carrying values of all trade creditors and other payable are representative of their fair values at respective balance sheet dates. All the trade creditors and other payables have an original maturity period of 1 year or less are classified as current liabilities.
Trade Creditors are non-interest bearing and are normally settled on 60 day terms.
* Other Liabilities primarily include amount payable to creditors for capital items, accruals for general day to day expenses, advance payments from customers. All other liabilities are non-interest bearing and are normally settled on 60 day terms.
15. Operating and Administrative Expenses
Operating Expenses
31 March, 2012 US ($)
31 March, 2011 US ($)
Consumption of Prepaid Cards and On Board Units
71,217
33,480
Repairs and Maintenance
623,617
488,829
Provision for Resurfacing(Note 12)
942,349
172,164
Electricity charges
287,817
288,647
1,925,000
983,120
Administrative Expenses
31 March, 2012 US ($)
31 March, 2011 US ($)
Employee Benefit Expense (Note 18(a))
1,869,596
2,083,683
Rates and Taxes
899,359
1,274,695
Insurance
99,924
108,560
Professional Charges
578,763
459,077
Audit Fees
61,168
56,275
Directors Sitting Fees
28,613
21,501
Loss on Fixed Assets
4,165
7,865
Travelling and Conveyance
86,978
100,890
Other Administrative Expenses
229,649
246,322
3,858,215
4,358,868
16. Finance Charges
31 March, 2012 US ($)
31 March, 2011 US ($)
Interest on Deep Discount Bonds
274,005
264,910
Interest on Term Loans
2,615,968
3,175,454
Amortization of Zero Coupon Bond Series B
-
1,543,946
Other Finance Charges
14,297
9,306
2,904,270
4,993,616
17. Earning Per Share
Basic earnings per share amounts are calculated by dividing net profit for the year attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the year.
Diluted earnings per share are calculated by dividing the net profit attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the year plus the weighted average number of ordinary shares that would be issued on the conversion of all the dilutive potential ordinary shares into ordinary shares.
The following reflects the income and share data used in the basic and diluted earning per share computations:
31 March, 2012 US ($)
31 March, 2011 US ($)
Net Profit/(Loss) attributable to equity share holders
7,156,618
4,156,866
31 March, 2012
31 March, 2011
Weighted average number of ordinary shares for basic / diluted earning per share
185,195,002
185,195,002
There have been no other transactions involving ordinary shares or potential ordinary shares between the reporting date and the date of completion of these financial statements.
18. Employee Benefits
(a) Employee Benefits Expenses
31 March, 2012 US ($)
31 March, 2011 US ($)
Salaries and Allowances
1,680,003
1,827,940
Pension Cost
14,699
33,161
Post-employment benefits other than pensions - Provident Fund
91,391
105,548
Post-employment benefits other than pensions - Gratuity
83,503
117,034
1,869,596
2,083,683
(b) Pension and other post-employment benefit plans
The Group has three post employment funded benefit plans, namely gratuity, superannuation and provident fund.
In case of NTBCL gratuity is computed as 30 days salary, for every completed year of service or part there of in excess of 6 months and is payable on retirement/termination/resignation. The benefit vests on the employee completing 3 years of service. The Gratuity plan for the NTBCL is a defined benefit scheme where annual contributions as demanded by the insurer are deposited to a Gratuity Trust Fund established to provide gratuity benefits. The Trust Fund has taken a Scheme of Insurance, whereby these contributions are transferred to the insurer. The Group makes provision of such gratuity asset/ liability in the books of accounts on the basis of actuarial valuation.
In case of ITMSL gratuity is computed as 15 days salary, for every completed year of service or part there of in excess of 6 months and is payable on retirement/termination/resignation. The benefit vests on the employee completing 5 years of service. The Gratuity plan for the ITMSL is a defined benefit scheme. The company makes provision of such gratuity assets / liabilities in the books of account on the basis of actuarial valuation.
The Superannuation (pension) plan for the NTBCL is a defined contribution scheme where annual contribution as determined by the management (Maximum limit being 15% of salary) is paid to a Superannuation Trust Fund established to provide pension benefits. The benefits vests on employee completing 5 years of service. The management has the authority to waive or reduce this vesting condition. The Trust Fund has taken a Scheme of Insurance, whereby these contributions are transferred to the insurer. These contributions will accumulate at the rate to be determined by the insurer as at the close of each financial year. At the time of exit of employee, accumulated contribution will be utilised to buy pension annuity from an insurance company. ITMSL do not provide Superannuation benefits to its employees.
The Provident Fund is a defined contribution scheme whereby the Group deposits an amount determined as a fixed percentage of basic pay to the fund every month. The benefit vests upon commencement of employment.
The following table summarises the components of net expense recognised in the income statement and amounts recognised in the balance sheet for gratuity.
Net Benefit expense
31 March, 2012 US ($)
31 March, 2011 US ($)
Current service cost
21,472
20,365
Interest cost on benefit obligation
10,022
19,694
Expected return on plan assets
(7,504)
(17,157)
Net actuarial(gain)/loss recognised in year
59,513
94,132
Expenses for the period
83,503
117,034
Benefit asset
31 March, 2012 US ($)
31 March, 2011 US ($)
Defined benefit obligation
(147,086)
(130,455)
Fair value of plan assets
131,333
129,291
Benefit asset
(15,753)
(1,164)
Changes in the present value of the defined benefit obligation are as follows:
31 March, 2012 US ($)
31 March, 2011 US ($)
Opening defined benefit obligation
130,455
241,091
Interest cost
10,022
19,694
Exchange difference on translation
(18,825)
334
Current service cost
21,472
20,365
Benefits paid
(61,941)
(252,211)
Expected return on plan assets
-
-
Actuarial (gains)/losses on obligation
65,903
101,182
Closing defined benefit obligation
147,086
130,455
Changes in the fair value of plan assets are as follows:
31 March, 2012 US ($)
31 March, 2011 US ($)
Opening fair value of plan assets
129,291
340,441
Expected return
11,178
17,157
Exchange difference on translation
(17,689)
(649)
Contributions
67,779
17,503
Benefits paid
(61,941)
(252,211)
Actuarial gains/(losses) on fund
2,715
7,050
Closing fair value of plan assets
131,333
129,291
The plan asset consists of a scheme of insurance taken by the Trust, which is a qualifying insurance policy. Break down of individual investments that comprise the total plan assets is not supplied by the Insurer.
The principal assumptions used in determining pension and post-employment benefit obligations for the Group's plans are shown below:
31 March, 2012 %
31 March, 2011 %
Discount rate
8.25
7.75
Future salary increases
6.00
4.50
Rate of interest
5.00
5.00
The estimates of future salary increases considered in the actuarial valuation take into account inflation, seniority, promotion and other relevant factors such as supply and demand in the employment market
Contributions expected to be made by the Company during the next year is US$ 6,311 (P.Y. 7,248)
The amounts for the current year and previous annual periods are given below:
31-Mar-12
31-Mar-11
31-Mar-10
31-Mar-09
Defined benefit obligation
147,086
130,455
241,091
179,854
Defined benefit Assets
131,333
129,291
340,441
264,677
Surplus/(Deficit)
(15,753)
(1,163)
99,350
84,823
Experience adjustments on plan liabilities
(61,172)
(93,667)
7,478
8,450
Experience adjustments on plan assets
5,159
7,050
12,645
(11,670)
19. Translation to Presentation Currency
The Group has converted Indian Rupees balances to US$ equivalent balances on the following basis:
· For conversion of all assets and liabilities, other than equity, as at the reporting dates, the exchange rates prevailing as at the reporting date have been used, which are as follows:
§ as at 31 March 2012: US$ 1 = Rs. 51.16
§ as at 31 March 2011: US$ 1 = Rs. 44.65
· For conversion of all expenses and income for the respective years, yearly average exchange rates have been used, which are as follows:
§ For the year ended 31 March 2012: US$ 1 = Rs 47.95
§ For the year ended 31 March 2011: US$ 1 = Rs 45.58
· For conversion of issued share capital, historical exchange rates prevailing on the respective dates of issue of shares have been taken into consideration.
· For conversion of authorised share capital, historical exchange rates prevailing on the respective dates of authorisation of such share capital have been taken into consideration.
· For cash flow purpose, opening and closing cash and cash equivalents have been converted into presentation currency using year end conversion rates for the respective years.
20. Contingent Liabilities:
a) Claims of AFCONS Infrastructure Limited aggregating to US$0.39 millions is related to the construction of the Ashram Flyover. The claims pertain to delayed payments and incentives etc. The adjudication proceeding has been concluded and the adjudicator has ruled that the claims are time barred. However, the matter has been referred to arbitration by M/s AFCONS Ltd. The Honorable Arbitral Tribunal has rejected contractor's alleged claims amounting to US$ 0.16millions (approx.) and examining the validity of remaining claim amounting to US$0.23 million (approx.). The Group is of the view that it is possible, but not probable that the liability would arise and accordingly no provision for any liability has been made in the financial statement.
b) Based on environment and social assessment, compensation for rehabilitation and resettlement of project affected persons has been estimated and considered as part of the project cost and provided for based on estimates made by the Company.
21. Pending execution of contract with SMS AAMW Tollways Private Limited, service charges @ 3% (as per MCD directives) of MCD toll has been recognised for collecting MCD toll tax on their behalf by ITMSL. Necessary adjustment, if any, will be recognised on finalisation of contract.
22. Related Party Disclosure
The consolidated financial statements include the financial statements of Noida Toll Bridge Company Limited and the subsidiary listed in the following table.
Name
Country of incorporation
% equity interest
31 March 2012
31 March, 2011
ITNL Toll Management Services Limited
India
51%
51%
The Group has following related parties with whom Group made transaction during the relevant financial year:
(a) Shareholder having significant influence
The following shareholder, which are also the Promoter of the Group has had a significant influence in all periods under review:
Mr. Pradeep Puri( CEO, Since resigned) Ms. Monisha Macedo
(d)Other related Parties
The following employee benefit funds have been related parties in all periods under review
- Noida Toll Bridge Company Limited Employees Group Gratuity Fund. - Noida Toll Bridge Company Limited Employees Superannuation Fund.
(i)The following table provides the total amount of transactions which have been entered into with related parties for the relevant financial year:
(a) Shareholders having significant influence
Transaction/outstanding balances
31 March 2012 US ($)
31 March 2011 US ($)
Reimbursement of expenses incurred on behalf of the Group
128,739
77,929
Rent Income
4,505
4,739
Interest expenses
1,514,199
2,283,904
Dividend
511,940
538,559
Amount owed to
11,452,578
15,233,536
Amount receivable
2,619
11,923
(b) Associate entities of shareholders having significant influence
Transaction/outstanding balances
31 March 2012 US ($)
31 March 2011 US ($)
Rent Income
426,896
395,437
Service Income
332,721
162,433
Professional charges
44,264
400
Repair & Maintenance
6,158
-
Amount receivable
113,446
198,498
Amount payable
13,881
-
Security Deposit
-
102,128
` (c) Key management Persons-
Transaction/outstanding balances
31 March 2012 US ($)
31 March 2011 US ($)
Sitting fees paid
28,613
21,501
(d) Other Related Parties.
Transaction/outstanding balances
31 March , 2012 US ($)
31 March, 2011 US ($)
Contribution to employees post employment benefit fund
98,202
150,195
(ii) Compensation to key management personnel of the Group:
31 March, 2012 US ($)
31 March, 2011 US ($)
Short term employee benefits
45,724
327,929
Post employment benefits*
3,656
34,349
Total compensation paid to key management personnel
49,380
362,278
* Includes contributions made to Provident Fund, Superannuation Scheme and Gratuity Contribution.
Terms and conditions of transactions with related parties:
The transactions with Infrastructure Leasing and Financial services Limited are made at normal market prices. Amount owed to on account of loan/ bonds are secured and settlement occurs in cash.
There were few transactions during the year between the company and its subsidiary undertakings, which are eliminated on consolidation and therefore not disclosed.
23. Financial Risk Management Objectives and Policies
The Group's financial risk management objectives and policies are aimed at procuring funding for the construction of the bridge and additional links and to provide working capital to operate the bridge. The Group manages its financial risk by securing cost effective funding for the Group's operations and minimizing the adverse effects of fluctuations in the financial markets on the value of the Group's financial assets and liabilities, on reported profitability and on the cash flows of the Group. The principal financial instruments comprise deep discount bonds, zero coupon bonds, term loans from banks and other financial institutions, current accounts with banks and cash and short-term investments. The Group has various other financial assets and liabilities such as trade receivables and trade payables, which arise directly from its operations.
The main risk arising from the Group's financial instruments are cash flow interest rate risk, liquidity risk and credit risk. The board reviews and agrees policies for managing these risks as summarised below.
.
Cash flow interest rate risk
The Group's exposure to the risk for changes in market interest rates relates primarily to the Group's long term debt obligations. The Group's policy is to manage its interest cost using only fixed rate debts or step up rates with fixed period for related party debts.
Liquidity risk
The Group's objective is to maintain a balance between continuity of funding and flexibility through the use of term loans with banks and other financial institutions, and other loan instruments. The Group has in the past undertaken necessary restructuring of its loans and obligations to ensure its ability to service interest and debt repayments effectively.
Credit risk
The Group trades only with recognised creditworthy third parties. It is the Group's policy that all customers who wish to trade on credit terms are subject to credit verification procedures. In addition, receivable balances are monitored on an ongoing basis with the result that the Group's exposure to bad debts is not significant.
With respect to credit risk arising from the other financial assets of the Group, which comprise cash and cash equivalents, loans and advances and available-for-sale financial assets, the Group's exposure to credit risk arises from default of the counterparty, with maximum exposure equal to the carrying amount of these instruments.
Since the Group trades only with recognised third parties, there is no requirement for collateral. However wherever management feels adequate, obtain collateral in the form of bank guarantees or security deposits from the third parties.
24. Financial Instruments
Fair Values
The carrying value of all financial assets and liabilities are representatives of their fair values at respective balance sheet date. The carrying value of the fixed rate debts of the Group are considered to be equal to their fair value following debt restructuring, which resulted in a reduction of the effective interest rate of all debt (Note 11).
Interest Rate Risk
The following table set out the carrying amount, by maturity, of the Group's financial instruments that are exposed to interest rate risk:
As at 31st March, 2012: (in US($))
Within 1 year
1-2 years
2-3 years
3-4 years
4-5 years
Total
Assets Loans to staff
2,306
414
-
-
-
2,720
Borrowings
Deep Discount Bonds
-
-
-
3,269,488
-
3,269,488
Term Loan from Banks
3,734,536
-
-
-
-
3,734,536
Term Loan from Financial Institutions
1,167,647
3,495,635
-
-
-
4,663,282
Term Loan from Others
2,154,092
7,559,820
1,710,868
-
-
11,424,780
As at 31st March, 2011: (in US($))
Within 1 year
1-2 years
2-3 years
3-4 years
4-5 years
Total
Assets Loans to staff
6,290
2,643
474
-
-
9,407
Borrowings
ZCB - Series B
-
-
-
-
-
-
Deep Discount Bonds
-
-
-
-
3,451,925
3,451,925
Term Loan from Banks
4,279,034
4,279,034
-
-
-
8,558,068
Term Loan from Financial Institutions
1,070,313
1,337,891
4,005,300
-
-
6,413,504
Term Loan from Others
2,328,951
2,468,160
8,662,046
1,706,518
-
15,165,675
Interest on financial instruments classified as fixed rate is fixed until the maturity of the instrument. The other financial instruments of the Group that are not included in the above tables are non-interest bearing and are therefore not subject to interest rate risk. There are no instruments at floating rates of interest.
Credit risk
There are no significant concentrations of credit risk within the Group.
25. Segment Reporting
The Concession Agreement with NOIDA confers certain economic rights to the Group. These include rights to charge toll and earn advertisement revenue, development income and other economic rights. The income stream of the Group comprises of toll income and advertising income for the period for which IFRS compliant financial statements of the Group have been prepared.
Both these rights are directly or indirectly linked to traffic on the Delhi Noida Toll Bridge and are broadly subject to similar risks. Toll revenue is fully variable while license fee from advertisement is fixed to a certain extent. The operating risk in both the cases is similar and the expenses cannot be segregated as the Company does not have separate departments for the management of each activity. The Management Information System also does not capture both activities separately. As both emanate from the same Concession Agreement and together form a part of the Return as specified in the Concession Agreement, the Group does not have different business reporting segments.
Similarly, the Group operates under a single geographical segment.
26. Salient aspects of Service Concession Arrangement
NOIDA has irrevocably granted to NTBCL the exclusive right and authority during the concession period to develop, establish, finance, design, construct, operate, and maintain the Delhi Noida Toll Bridge as an infrastructure facility.
NOIDA has further granted the exclusive right and authority during the concession period in accordance with the terms and conditions of the agreement to:
(1) Enjoy complete and uninterrupted possession and control of the lands identified constituting the Delhi Noida Toll Bridge site.
(2) Own all or any part of the project assets.
(3) Determine, demand, collect, retain and appropriate a Fee from users of the Delhi Noida Toll Bridge and apply the same in order to recover the Total Cost of Project and the Returns thereon.
(4) Restrict the use of the Delhi Noida Toll Bridge by pedestrians, cycle Rickshaws etc from the Delhi Noida Toll Bridge.
(5) Develop, establish, finance, design, construct, operate, maintain and use any facilities to generate development income arising out of the Development Rights that may be granted in accordance with the provisions of the Concession agreement.
(6) Appoint subcontractors or agents on Company's behalf to assist it in fulfilling its obligations under the agreement.
SIGNIFICANT TERMS OF THE ARRANGEMENT THAT MAY AFFECT THE AMOUNT, TIMING AND CERTAINTY OF FUTURE CASH FLOW
Concession Period
The Concession Period shall commence on 30 December 1998 (the Effective Date) and shall extend until the earlier of:
· A period of 30 years from the Effective Date;
· The date on which the Concessionaire shall recover the total cost of the project and the returns as determined by the independent auditor and the independent engineer through the demand and collection of fee, the receipt, retention and appropriation of development income and any other method as determined by the parties.
In the event of NTBCL not recovering the total project cost and the returns thereon within the specified time the Concession Period shall be extended by NOIDA for a period of 2 years at a time until the total project cost and the returns thereon have not been recovered by the Concessionaire.
Return
Return means the designated return on the Total Cost of the project recoverable by the concessionaire from the effective date at the rate of 20 % per annum.
Independent Auditor
An Independent Auditor shall be appointed for the entire term of the Concession Agreement. The Independent Auditor shall approve the format for the maintenance of accounts, the accounting standards and the method of cost accounting to be followed by the Concessionaire. The Independent Auditor shall audit, on a quarterly basis the Concessionaire's accounts.
The Independent Auditor shall also certify the Total Cost of Project outstanding and compute the returns thereon from time to time on a per annum basis.
Fees
The Concession Agreement had determined the Base Fee Rates which have been determined and set according to 1996 figures and shall be revised to determine the initial fee to be applied to the users of the project on the Project Commissioning Date (the "Initial Fee Rate"). The following are the Base Fee Rates:
Vehicle Type
One Way Fee in INR
Earth moving / construction vehicle
30
For each additional axle beyond 2 axle
10
Truck - 2 axles
20
Bus - 2 axles
30
Light Commercial Vehicle
20
Cars and other four wheelers
10
Three wheelers
10
Two wheelers
5
Non-motorised vehicles
-
The Initial Fee Rate shall be determined strictly in accordance with the increase in the CPI, based upon the Base Fee Rates as determined in the Concession Agreement and shall be revised in accordance with the following formula:
IFR = CPI (I)*Base Fee Rate/CPI (B)
Where
IFR = Initial Fee Rate
CPI ( I ) = Consumer Price Index for the month previous to the month of setting the Initial Fee Rate
CPI ( B ) = Consumer Price Index of the month in which this Agreement is entered into
The Fee Rates are to be revised annually by the Fee Review Committee. Fee rates are revised as per the following formula:
RFR = CPI ( R ) * IFR / CPI ( I )
where
RFR = Revised Fee Rate
CPI ( R ) = Consumer Price Index for the month previous to the month in which the revision is taking place
CPI ( I ) = Consumer Price Index for the month previous to the month of setting the initial fee rate
IFR = Initial Fee Rate
Fee Review Committee
A Fee Review Committee was established which comprised of one representative each of NOIDA, the Concessionaire and a duly qualified person appointed by the representatives of NOIDA and Concessionaire who shall also be the Chairman of the Committee. The Fee Review Committee shall
· review the need for a revision to existing rates of Fee upon occurrence of unexpected circumstances;
· review the formula for revision of fees
Cost of Project and calculations of return
The total project cost shall be the aggregate of:
· Project Cost
· Major Maintenance Expenses
· Shortfalls in recovery of Returns in a specific financial year
The Project Cost had to be determined on the Project Commissioning date by the Independent Auditor with the assistance of the Independent Engineer.
The amounts available for appropriation by NTBCL for the purpose of recovering the total project cost and the returns thereon shall be calculated at annual intervals from the Effective Date in the following manner:
Gross revenues from Fee collections, income from advertising and development income
Less: O&M expenses
Less: Taxes (excluding any customs or import duties)
Major Maintenance Expenses
'Major Maintenance Expenses' refer to all expenses incurred by NTBCL for any overhaul of, or major maintenance procedure for, the Delhi Noida Toll Bridge or any portion thereof that require significant disassembly or shutdown the Delhi Noida Toll Bridge including those teardowns overhauls, capital improvements and replacements to major component thereof), which are (i) to be conducted upon the passage of the number of million standard axels or (ii) not regularly schedule. The Independent Engineer shall determine the necessity, of conducting the major maintenance and certify that the work has been executed in accordance with specifications.
TRANSFER OF THE PROJECT UPON TERMINATION OF CONCESSION PERIOD
On the transfer date, NTBCL shall transfer and assign the project assets to NOIDA or its nominated agency and shall also deliver to NOIDA on such dates such operating manuals, plans, design drawings and other information as may reasonably be required by NOIDA to enable it to continue the operation of the bridge.
On the transfer date, the bridge shall be in fair condition subject to normal wear and tear having regard for the nature of asset, construction and life of the bridge as determined by the Independent Engineer. NTBCL shall ensure that on the transfer date, the bridge is in the condition so as to operate at the full rated capacity and the surface riding quality of the bridge will have a minimum performance level of 3000 - 3500 mm per Km when measured by bump integrator.
The asset shall be transferred to NOIDA for a sum Rs. 1/-. NOIDA shall be responsible for the cost and expenses in connection with the transfer of the asset.
OTHER OBLIGATIONS DURING THE CONTRACT TERM
Major Repairs and Unscheduled Maintenance
NTBCL shall inform the Independent Engineer when the work is necessary and use materials that allow for rapid return to normal service and organise work cruise to minimise disruptions. The Independent Engineer to approve work prior to commencement and after repairs are completed Independent Engineer shall confirm that maintenance/ repairs confirm to the required standards.
Overlay
Based on traffic projections and overlay and design Million Standard Axel (MSA), NTBCL shall indicate, in annual report vis-à-vis the MSA projections, the point of time at which the pavement shall require an 'overlay'.
Overlay is defined as a strengthening layer which is require over the entire extent of pavement of the main carriageway and cycle track without in any way effecting the safety of structures. This 'Overlay' shall be carried out by NTBCL upon receipt of Independent Engineer approval. The Independent Engineer can also decide an overlay on particular sections based on pavement specifications.
Liability to Third Parties
NTBCL shall during the Concession period use reasonable endeavours to mitigate any liabilities to third parties as is foreseeable arising out of loss or damage to the bridge or the project site.
27. Figures of the previous year have been regrouped/ rearranged wherever considered necessary.
NOIDA TOLL BRIDGE COMPANY LIMITED AND ITS SUBSIDIARY COMPANY RECONCILIATION OF EQUITY AT 31st MARCH 2012
INDIAN GAAP US($)
Effect of transition to IFRS US ($)
IFRS US ($)
Property, plant and equipment
1,137,196
-
1,137,196
Intangible asset
1
111,576,637
(7,113,208)
104,463,429
Employee Benefits
-
-
-
Loans and Advances
2
3,806,371
(3,769,030)
37,341
Total Non Current Assets
116,520,204
(10,882,238)
105,637,966
Inventories
32,287
-
32,287
Trade receivables
205,041
-
205,041
Loans and Advances
743,919
(414)
743,505
Prepayments
55,362
-
55,362
Available for sale investments
3
6,932,960
16,792
6,949,752
Cash and cash Equivalents
1,465,208
-
1,465,208
Total Current Assets
9,434,777
16,378
9,451,155
Total Assets
125,954,981
(10,865,860)
115,089,121
Interest bearing loans and borrowings
4
14,732,976
1,302,835
16,035,811
Provisions
5
675,370
(577,734)
97,636
Trade and other payables
532,016
-
532,016
Deferred Tax Liability
2 & 6
3,900,746
3,140,388
7,041,134
Total Non Current Liabilities
19,841,108
3,865,489
23,706,597
Interest bearing loans and borrowings
6,486,982
569,293
7,056,275
Trade and other payables
1,438,120
-
1,438,120
Provisions
7
6,453,149
(2,066,609)
4,386,540
Provisions for taxes
213,725
-
213,725
Total Current Liabilities
14,591,976
(1,497,316)
13,094,660
Total Liabilities
34,433,084
2,368,173
36,801,257
Total Assets less Total Liabilities
91,521,897
(13,234,033)
78,287,864
Issued Capital
42,419,007
-
42,419,007
Securities Premium
8
28,269,754
121,248
28,391,002
Debenture Redemption Reserve
538,098
-
538,098
Net Unrealised gains Reserve
3
-
16,792
16,792
General Reserves
8
-
9,831
9,831
Effect of currency Translation
(6,024,364)
(2,096,515)
(8,120,879)
Retained Earnings (Profit & Loss A/c)
26,319,402
(11,281,868)
15,037,534
Total
91,521,897
(13,230,512)
78,291,385
Non Controlling Interest
9
-
(3,521)
(3,521)
Total Equity
91,521,897
(13,234,033)
78,287,864
Explanatory Notes to the reconciliation:
1. Under Indian GAAP, Intangible asset has been amortised using unit of usage method since acquisition of such asset while in IFRS, change to unit of usage method has been considered as change in accounting estimates and hence has been applied from the year ended 31st March, 2009 in accordance with IAS-8 "Accounting policies, Changes in Accounting Estimates and Errors".
2. Under Indian GAAP, MAT Credit has been classified under loan & advances while in IFRS, the same has been re-classified as deferred tax asset in accordance with IAS-12 "Income Taxes".
3. Quoted investments measured at cost under Indian GAAP have been classified as available-for-sale financial assets under IAS 39, Financial Instruments - Recognition and Measurement and re-measured at fair value. Changes in the fair value of these financial assets are recognised directly in equity through the statement of changes in equity.
4. Interest-bearing loans and borrowings have been restated to amortised cost using the effective interest rate method under IAS 39, Financial Instruments - Recognition and Measurement with the discount being accreted through the Profit and Loss Account.
5. In accordance with the Scheme of amalgamation with DND Flyways Limited, the Company has made certain adjustment in financial statement prepared under Indian GAAP, the adjustments which are not in conformity with the International Accounting Standard have not been considered in preparation of these financial statements in accordance with IFRS.
6. Under Indian GAAP, deferred tax liability has been recognized on timing difference while in IFRS, deferred tax liability has been recognized on temporary differences.
7. Under Indian GAAP, dividend recommended by Board of Director's after reporting period has been recognized as liability which has not been recognized under IFRS in accordance with IAS-10 "Events after Reporting Period".
8. Stock Option expense has been recognised with a corresponding entry to equity over the vesting period of the Option under IFRS 2, Share-based Payments. Stock Option Account relating to options exercised has been transferred to Securities Premium Account. Stock Option Account relating to options lapsed has been transferred to General Reserve.
9. Under IGAAP, losses attributable to non controlling interest (to the extent it exceeds minority interest in equity of subsidiary) are adjusted against majority interest while in IFRS, such losses are attributed to non controlling interest only in accordance with IAS 27 "Consolidated and Separate Financial Statements".
In terms of our report of even date On Behalf of the Board of Directors
For Luthra & Luthra
Chartered Accountants
Reg. No. 002081N
Akhilesh Gupta Director Executive Director & CEO
(M.No. 89909)
Place: Noida CFO Company Secretary
Date : 30.07.2012
NOIDA TOLL BRIDGE COMPANY LIMITED AND ITS SUBSIDIARY COMPANY RECONCILIATION OF EQUITY AT 31st MARCH 2011
INDIAN GAAP US($)
Effect of transition to IFRS US ($)
IFRS US ($)
Property, plant and equipment
1,541,330
-
1,541,330
Intangible asset
1
128,670,605
(8,202,979)
120,467,626
Employee Benefits
10,349
-
10,349
Loans and Advances
2
1,900,555
(1,855,093)
45,462
Total Non Current Assets
132,122,839
(10,058,072)
122,064,767
Inventories
48,548
-
48,548
Trade receivables
867,294
-
867,294
Loans and Advances
2
1,077,936
(3,117)
1,074,819
Prepayments
54,065
-
54,065
Available for sale investments
3
5,321,700
8,579
5,330,279
Cash and cash Equivalents
1,011,828
-
1,011,828
Total Current Assets
8,381,371
5,462
8,386,833
Total Assets
140,504,210
(10,052,610)
130,451,600
Interest bearing loans and borrowings
4
24,019,586
1,891,288
25,910,874
Provisions
6
766,198
(661,968)
104,230
Trade and other payables
683,790
-
683,790
Deferred Tax Liability
2 & 5
2,660,016
3,151,766
5,811,782
Total Non Current Liabilities
28,129,590
4,381,086
32,510,676
Interest bearing loans and borrowings
7,035,983
652,296
7,688,279
Trade and other payables
1,484,552
-
1,484,552
Provisions
6
4,087,069
-
4,087,069
Provisions for taxes
251,473
-
251,473
Total Current Liabilities
12,859,077
652,296
13,511,373
Total Liabilities
40,988,667
5,033,382
46,022,049
Total Assets less Total Liabilities
99,515,543
(15,085,992)
84,429,551
Issued Capital
42,419,007
-
42,419,007
Securities Premium
7
32,391,503
138,926
32,530,429
Debenture Redemption Reserve
462,415
-
462,415
Net Unrealised gains Reserve
2
-
8,579
8,579
General Reserves
7
-
11,264
11,264
Effect of currency Translation
2,458,185
(3,586,827)
(1,128,642)
Retained Earnings (Profit & Loss A/c)
21,784,433
(11,653,900)
10,130,533
Total
99,515,543
(15,081,958)
84,433,585
Non Controlling Interest
-
(4,034)
(4,034)
Total Equity
99,515,543
(15,085,992)
84,429,551
Explanatory Notes to the reconciliation:
1. Under Indian GAAP, Intangible asset has been amortised using unit of usage method since acquisition of such asset In accordance with the Scheme of amalgamation with DND Flyways Limited, the Company has made certain adjustment in financial statement prepared under Indian GAAP, the adjustments which are not in conformity with the International Accounting Standard have not been considered in preparation of these financial statements in accordance with IFRS.
2. Under Indian GAAP, MAT Credit has been classified under loan & advances while in IFRS, the same has been re-classified as deferred tax asset in accordance with IAS-12 "Income Taxes".
3. Quoted investments measured at cost under Indian GAAP have been classified as available-for-sale financial assets under IAS 39, Financial Instruments - Recognition and Measurement and re-measured at fair value. Changes in the fair value of these financial assets are recognised directly in equity through the statement of changes in equity.
4. Interest-bearing loans and borrowings have been restated to amortised cost using the effective interest rate method under IAS 39, Financial Instruments - Recognition and Measurement with the discount being accreted through the Profit and Loss Account.
5. Under Indian GAAP, deferred tax liability has been recognized on timing difference while in IFRS, deferred tax liability has been recognized on temporary differences.
6. Under Indian GAAP, provision for overlay has been accumulated on straight line basis while in IFRS the same is being built up in accordance with the provisions of IAS 37, Provisions, Contingent Liabilities and Contingent Assets. Further in accordance with the Scheme of amalgamation with DND Flyways Limited, the Company has made certain adjustment in financial statement prepared under Indian GAAP, the adjustments which are not in conformity with the International Accounting Standard have not been considered in preparation of these financial statements in accordance with IFRS.
7. Stock Option expense has been recognised with a corresponding entry to equity over the vesting period of the Option under IFRS 2, Share-based Payments. Stock Option Account relating to options exercised has been transferred to Securities Premium Account. Stock Option Account relating to options lapsed has been transferred to General Reserve.
In terms of our report of even date On Behalf of the Board of Directors
For Luthra & Luthra
Chartered Accountants
Akhilesh Gupta Director Executive Director & CEO
(M.No. 89909)
Place: Noida CFO Company Secretary
Date : 30.07.2012
NOIDA TOLL BRIDGE COMPANY LIMITED AND ITS SUBSIDIARY COMPANY
RECONCILIATION OF INCOME STATEMENT FOR THE YEAR ENDED 31st MARCH 2012
Explanatory Notes
INDIAN GAAP US ($)
Effect of transition US ($)
IFRS US ($)
Toll Revenue
16,141,511
-
16,141,511
License Fee
3,662,602
-
3,662,602
Miscellaneous Income
1
627,763
115,034
742,797
Total Income
20,431,876
115,034
20,546,910
Operating and Administrative Expenses
- Operating Expenses
1
1,758,402
166,598
1,925,000
- Administrative Expenses
3,858,215
-
3,858,215
- Depreciation
256,977
-
256,977
- Amortisation
2
769,171
(49,036)
720,135
Total Operating and Administrative Expenses
6,642,765
117,562
6,760,327
Operating Profit from Continuing Operations
13,789,111
(2,528)
13,786,583
Finance Income
- Profit on Sale of Investments
705,944
-
705,944
Finance Charges
3
(3,275,344)
371,074
(2,904,270)
Total
(2,569,400)
371,074
(2,198,326)
Profit from Continuing Operations before tax
11,219,711
368,546
11,588,257
Income Taxes:
- Current Tax
4
(39,481)
(2,291,463)
(2,330,944)
- Deferred Tax
5
(1,684,931)
(415,764)
(2,100,695)
Profit after Tax
9,495,299
(2,338,681)
7,156,618
Attributable to
Equity Shareholders
9,495,299
(2,338,681)
7,156,618
Minority Interest
-
-
Explanatory notes to reconciliation:
1. Provisions are re-measured based on the adjusting events occurred between the date of authorisation of financial statements under IGAAP and IFRS.
2. Under Indian GAAP, Intangible asset has been amortised using unit of usage method since acquisition of such asset while in IFRS, change to unit of usage method has been considered as change in accounting estimates and hence has been applied from the year ended March 2009 in accordance with IAS-8 "Accounting policies, Changes in Accounting Estimates and Errors".
3. Finance charges pertain to accretion of interest on loans and borrowings using the effective interest rate method in accordance with IAS 39, Financial Instruments- Recognition and Measurement.
4. Under Indian GAAP MAT Credit has been classified under current tax in IFRS, the same has been reclassified as deferred tax asset in accordance with IAS-12 "Income Taxes"
5. Under Indian GAAP, deferred tax liability has been recognized on timing difference while in IFRS, deferred tax liability has been recognized on temporary differences.
In terms of our report of even date On Behalf of the Board of Directors
For Luthra & Luthra
Chartered Accountants
Akhilesh Gupta
Partner Director Executive Director & CEO
(M.No. 89909)
Place: Noida CFO Company Secretary
Date : 30.07.2012
NOIDA TOLL BRIDGE COMPANY LIMITED AND ITS SUBSIDIARY COMPANY
RECONCILIATION OF INCOME STATEMENT FOR THE YEAR ENDED 31st MARCH 2011
Explanatory Notes
INDIAN GAAP US ($)
Effect of transition to IFRS US ($)
IFRS US ($)
Toll Revenue
15,329,128
-
15,329,128
License Fee
3,505,474
-
3,505,474
Miscellaneous Income
301,204
-
301,204
Total Income
19,135,806
-
19,135,806
Operating and Administrative Expenses
- Operating Expenses
1
992,070
(8,950)
983,120
- Administrative Expenses
4,358,868
-
4,358,868
- Depreciation
326,411
-
326,411
- Amortisation
2
678,023
(43,225)
634,798
Total Operating and Administrative Expenses
6,355,372
(52,175)
6,303,197
Operating Profit from Continuing Operations
12,780,434
52,175
12,832,609
Finance Income
- Profit on Sale of Investments
367,938
-
367,938
Finance Charges
3
(3,795,366)
(1,198,250)
(4,993,616)
Total
(3,427,428)
(1,198,250)
(4,625,678)
Profit from Continuing Operations before tax
9,353,006
(1,146,075)
8,206,931
Income Taxes:
- Current Tax
4
(217,717)
(1,820,296)
(2,038,013)
- Deferred Tax
5
(917,576)
(1,094,475)
(2,012,051)
Profit after Tax
8,217,713
(4,060,846)
4,156,867
Attributable to
Equity Shareholders
8,217,713
(4,056,894)
4,160,819
Minority Interest
-
(3,952)
(3,952)
Explanatory notes to reconciliation:
1. Under Indian GAAP, provision for overlay has been accumulated on straight line basis while in IFRS the same is being built up in accordance with the provisions of IAS 37, Provisions, Contingent Liabilities and Contingent Assets.
2. Under Indian GAAP, Intangible asset has been amortised using unit of usage method since acquisition of such asset while in IFRS, change to unit of usage method has been considered as change in accounting estimates and hence has been applied from the year ended March 2009 in accordance with IAS-8 "Accounting policies, Changes in Accounting Estimates and Errors".
3. Finance charges pertain to accretion of interest on loans and borrowings using the effective interest rate method in accordance with IAS 39, Financial Instruments- Recognition and Measurement.
4. Under Indian GAAP, MAT Credit has been presented separately while in IFRS, the same has been reclassified as deferred tax asset in accordance with IAS-12 "Income Taxes"
5. Under Indian GAAP, deferred tax liability has been recognized on timing difference while in IFRS, deferred tax liability has been recognized on temporary differences.
In terms of our report of even date On Behalf of the Board of Directors
For Luthra & Luthra
Chartered Accountants
Akhilesh Gupta
Partner Director Executive Director & CEO
(M.No. 89909)
Place: Noida CFO Company Secretary
Date :30.07.2012
In terms of our report of even date On Behalf of the Board of Directors
For Luthra & Luthra
Chartered Accountants
Akhilesh Gupta Harish Mathur
Partner Director Director Executive Director & CEO
T. K. Banerjee Pooja Agarwal
Place: Noida CFO Company Secretary
Date
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR RMMBTMBJJBAT
