REG - Noida Toll Bridge Co - IFRS Audited Results for the Year to 31 March 2014 <Origin Href="QuoteRef">NOID.NS</Origin> - Part 3
29/10/2014 09:24
- Part 3: For the preceding part double click ID:nRSA0126Ob
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.
25. 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 12).
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, 2014: (in US($))
Within 1 year 1-2 years 2-3 years 3-4 years 4-5 years Total
AssetsLoans to staff 3,250 3,332 3,416 2,194 1,051 13,243
Borrowings
Deep Discount Bonds - 3,276,354 - - - 3,276,354
Term Loan from Others 1,316,556 404,981 - - - 1,721,537
As at 31st March, 2013: (in US($))
Within 1 year 1-2 years 2-3 years 3-4 years 4-5 years Total
AssetsLoans to staff 2,519 2,184 2,239 2,295 908 10,145
Borrowings
Deep Discount Bonds - - 3,336,695 - - 3,336,695
Term Loan from Financial Institutions 3,288,043 - - - - 3,288,043
Term Loan from Others 7,110,873 1,778,391 - - - 8,889,264
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.
26. Fair Value Measurement
The following table provides the fair value measurement hierarchy of the company's asset as of March 31, 2014
Fair Value Measurement using
Asset measured at fair value Date of valuation Total Quoted Price in active Markets(Level 1) Significant Observable Inputs(Level 2) Significant Unobservable Inputs(Level 3)
Intangible Asset March 31, 2014 87,345,774 87,345,774
Available for sale Investment March 31, 2014 1,007,460 1,007,460
There have been no transfers between Level 1 and Level 2 during the period.
Management determined that the intangible assets constitute one class of asset under IFRIC 12, based on the nature,
characteristics and risk of the asset.
27. 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.
28. 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.
29. Figures of the previous year have been regrouped/ rearranged wherever considered necessary.
NOIDA TOLL BRIDGE COMPANY LIMITED AND ITS SUBSIDIARY COMPANYRECONCILIATION OF EQUITY AT 31st MARCH 2014
INDIAN GAAP US($) Effect of transition to IFRS US ($) IFRS US ($)
Property, plant and equipment 867,856 - 867,856
Intangible asset 1 94,642,264 (7,296,490) 87,345,774
Loans and Advances 2 8,415,461 (8,362,911) 52,550
Total Non Current Assets 103,925,581 (15,659,401) 88,266,180
Inventories 60,873 - 60,873
Trade receivables 214,790 - 214,790
Loans and Advances 964,928 (9,993) 954,935
Prepayments 68,458 - 68,458
Available for sale investments 3 1,003,223 4,237 1,007,460
Cash and cash Equivalents 1,798,750 - 1,798,750
Total Current Assets 4,111,022 (5,756) 4,105,266
Total Assets 108,036,603 (15,665,157) 92,371,446
Interest bearing loans and borrowings 4 3,276,354 404,981 3,681,335
Provisions 5 756,291 (529,000) 227,291
Trade and other payables 546,892 - 546,892
Deferred Tax Liability 2 & 6 11,851,788 (2,173,176) 9,678,612
Total Non Current Liabilities 16,431,325 (2,297,195) 14,134,130
Interest bearing loans and borrowings 4 831,947 484,609 1,316,556
Trade and other payables 2,161,510 - 2,161,510
Provisions 7 7,361,532 (3,574,217) 3,787,315
Provisions for taxes 90,185 - 90,185
Total Current Liabilities 10,445,174 (3,089,608) 7,355,566
Total Liabilities 26,876,499 (5,386,803) 21,489,696
Total Assets less Total Liabilities 81,160,104 (10,278,354) 70,881,750
Issued Capital 42,419,007 - 42,419,007
Securities Premium 8 24,064,569 103,212 24,167,781
Debenture Redemption Reserve 736,159 - 736,159
Net Unrealised gains Reserve 2 - 4,237 4,237
General Reserves 8 911,043 8,368 919,411
Effect of currency Translation (11,438,143) (4,445,999) (15,884,142)
Retained Earnings (Profit & Loss A/c) 24,467,469 (5,857,452) 18,610,017
Total 81,160,104 (10,187,634) 70,972,470
Non Controlling Interest 9 (90,720) (90,720)
Total Equity 81,160,104 (10,278,354) 70,881,750
Explanatory Notes to the reconciliation:
1. Under Indian GAAP, Intangible asset has been amortised using unit of usage method till FY 2011-12 and in the
proportion of the revenue earned for the period to the total estimated toll revenue thereafter (in accordance with
notification issued by Ministry of Corporate Affairs in April 2012), while in IFRS, Intangible asset has been amortised
using Straight line method till FY 2008-09 and using unit of usage method thereafter.
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. Under Indian GAAP, quoted investments measured at cost while in IFRS, the same have been classified as
available-for-sale financial assets 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
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.
NOIDA TOLL BRIDGE COMPANY LIMITED AND ITS SUBSIDIARY COMPANYRECONCILIATION OF EQUITY AT 31st MARCH 2013
INDIAN GAAP US($) Effect of transition to IFRS US ($) IFRS US ($)
Property, plant and equipment 1,070,507 - 1,070,507
Capital Work In Progress 8,731 - 8,731
Intangible asset 1 104,781,855 (7,368,813) 97,413,042
Loans and Advances 2 6,064,059 (6,015,257) 48,802
Total Non Current Assets 111,925,152 (13,384,070) 98,541,082
Inventories 80,804 - 80,804
Trade receivables 313,793 - 313,793
Loans and Advances 788,493 (7,626) 780,867
Prepayments 62,899 - 62,899
Available for sale investments 3 9,555,608 55,039 9,610,647
Cash and cash Equivalents 857,065 - 857,065
Total Current Assets 11,658,662 47,413 11,706,075
Total Assets 123,583,814 (13,336,657) 110,247,157
Interest bearing loans and borrowings 4 4,255,981 859,105 5,115,086
Provisions 5 710,301 (556,515) 153,786
Trade and other payables 555,701 - 555,701
Deferred Tax Liability 2 & 6 8,044,581 1,049,341 9,093,922
Total Non Current Liabilities 13,566,564 1,351,931 14,918,495
Interest bearing loans and borrowings 4 9,863,431 535,485 10,398,916
Trade and other payables 2,203,928 - 2,203,928
Provisions 7 8,159,964 (4,003,804) 4,156,160
Provisions for taxes 8,084 - 8,084
Total Current Liabilities 20,235,407 (3,468,319) 16,767,088
Total Liabilities 33,801,971 (2,116,388) 31,685,583
Total Assets less Total Liabilities 89,781,843 (11,220,269) 78,561,574
Issued Capital 42,419,007 - 42,419,007
Securities Premium 8 26,590,929 114,047 26,704,976
Debenture Redemption Reserve 650,755 - 650,755
Net Unrealised gains Reserve 2 - 55,039 55,039
General Reserves 8 - 9,247 9,247
Effect of currency Translation (8,185,694) (2,836,610) (11,022,304)
Retained Earnings (Profit & Loss A/c) 28,306,846 (8,537,832) 19,769,014
Total 89,781,843 (11,196,109) 78,585,734
Non Controlling Interest 9 (24,160) (24,160)
Total Equity 89,781,843 (11,220,269) 78,561,574
Explanatory Notes to the reconciliation:
1. Under Indian GAAP, Intangible asset has been amortised using unit of usage method till FY 2011-12 and in the
proportion of the revenue earned for the period to the total estimated toll revenue thereafter (in accordance with
notification issued by Ministry of Corporate Affairs in April 2012), while in IFRS, Intangible asset has been amortised
using Straight line method till FY 2008-09 and using unit of usage method thereafter.
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. Under Indian GAAP, quoted investments measured at cost while in IFRS, the same have been classified as
available-for-sale financial assets 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
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.
NOIDA TOLL BRIDGE COMPANY LIMITED AND ITS SUBSIDIARY COMPANY
RECONCILIATION OF INCOME STATEMENT FOR THE YEAR ENDED 31st MARCH 2014
ExplanatoryNotes INDIAN GAAPUS ($) Effect of transition to IFRS US ($) IFRSUS ($)
Toll Revenue 16,422,890 - 16,422,890
License Fee 3,363,216 - 3,363,216
Miscellaneous Income 142,668 - 142,668
Total Income 19,928,774 - 19,928,774
Operating and Administrative Expenses
- Operating Expenses 1 1,766,174 23,675 1,789,849
- Administrative Expenses 3,574,993 - 3,574,993
- Depreciation 155,184 - 155,184
- Amortisation 2 183,223 623,626 806,849
Total Operating and Administrative Expenses 5,679,574 647,301 6,326,875
Operating Profit from Continuing Operations 14,249,200 (647,301) 13,601,899
Finance Income
- Profit on Sale of Investments 689,850 - 689,850
Finance Charges 3 (1,483,964) 370,037 (1,113,927)
Total (794,114) 370,037 (424,077)
Profit from Continuing Operations before tax 13,455,086 (277,264) 13,177,822
Income Taxes:
- Current Tax 4 (3,198) (2,902,924) (2,906,122)
- Deferred Tax 5 (4,541,284) 3,102,174 (1,439,110)
Profit after Tax 8,910,604 (78,014) 8,832,590
Attributable to
Equity Shareholders 8,910,604 (9,613) 8,900,991
Minority Interest - (68,401) (68,401)
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 is being amortised in the proportion of the revenue earned for the period to the
total estimated toll revenue i.e. revenue expected to be collected over the concession period in accordance with
notification issued by Ministry of Corporate Affairs in April 2012, while in IFRS, the same is being amortised using unit
of usage method.
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.
NOIDA TOLL BRIDGE COMPANY LIMITED AND ITS SUBSIDIARY COMPANY
RECONCILIATION OF INCOME STATEMENT FOR THE YEAR ENDED 31st MARCH 2013
ExplanatoryNotes INDIAN GAAPUS ($) Effect of transition US ($) IFRSUS ($)
Toll Revenue 16,314,980 - 16,314,980
License Fee 3,452,070 - 3,452,070
Miscellaneous Income 1 471,882 (101,302) 370,580
Total Income 20,238,932 (101,302) 20,137,630
Operating and Administrative Expenses
- Operating Expenses 1 2,541,945 (158,468) 2,383,477
- Administrative Expenses 3,727,548 - 3,727,548
- Depreciation 190,318 - 190,318
- Amortisation 2 168,515 677,283 845,798
Total Operating and Administrative Expenses 6,628,326 518,815 7,147,141
Operating Profit from Continuing Operations 13,610,606 (620,117) 12,990,489
Finance Income
- Profit on Sale of Investments 819,613 - 819,613
Finance Charges 3 (2,364,538) 365,957 (1,998,581)
Total (1,544,925) 365,957 (1,178,968)
Profit from Continuing Operations before tax 12,065,681 (254,160) 11,811,521
Income Taxes:
- Current Tax 4 (3,200) (2,474,562) (2,477,762)
- Deferred Tax 5 (4,370,663) 1,902,454 (2,468,209)
Profit after Tax 7,691,818 (826,268) 6,865,550
Attributable to
Equity Shareholders 7,691,818 (805,443) 6,886,375
Minority Interest - (20,825) (20,825)
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 is being amortised in the proportion of the revenue earned for the period to the
total estimated toll revenue i.e. revenue expected to be collected over the concession period in accordance with
notification issued by Ministry of Corporate Affairs in April 2012, while in IFRS, the same is being amortised using unit
of usage method.
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
Amit Luthra Director
Executive Director & CEO
Partner
(M.No. 85847)
Place: Noida AVP Finance
Company Secretary
Date: July 28, 2014
This information is provided by RNS
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