REG - Noida Toll Bridge Co - IFRS Audited Results for the Year to 31 March 2016 <Origin Href="QuoteRef">NOID.NS</Origin> - Part 2
06/09/2016 14:50
- Part 2: For the preceding part double click ID:nRSF1084Ja
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) Fair Value Measurement
The company measures financial instruments, such as, available for sale investment and non-financial assets such as
intangible assets, at fair value at each balance sheet date.
Fair Value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date. The fair Value Measurement is based on the presumption that the
transaction to sell the asset or transfer the liability takes place either:
· In the principal market for the asset or liability
· In the absence of a principal market, in the most advantageous market for the asset or liability
The principal or the most advantageous market must be accessible to by the company. The fair value of an asset or a
liability is measured using the assumption that market participants would use when pricing the asset or liability assuming
that market participants act in their economic best interest.
A fair value measurement of a non financial asset takes into account a market participants ability to generate economic
benefits by using the asset in its highest and best use or by selling it to another market participant that would use the
asset in its highest and best use.
The company uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available
to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs.
All assets and liabilities for which fair value is measured and disclosed financial statements are categorized within the
fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value
measurement as a whole:
· Level 1 - Quoted (Unadjusted) market prices in active markets for identical assets or liabilities.
· Level 2 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is
directly or indirectly observable.
· Level 3 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is
unobservable.
For assets and liabilities that are recognized in the financial statements on a recurring basis the company determines
whether transfers have occurred levels in hierarchy by reassessing categorization (based on the lowest level input that is
significant to the fair value measurement as a whole) at the end of each reporting period.
(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 to be applicable at later date
In July 2014, the International Accounting Standards Board issued the final version of IFRS 9, Financial Instruments. The
standard reduces the complexity of the current rules on financial instruments as mandated in IAS 39. IFRS 9 has fewer
classification and measurement categories as compared to IAS 39 and has eliminated the categories of held to maturity,
available for sale and loans and receivables. Further it eliminates the rule-based requirement of segregating embedded
derivatives and tainting rules pertaining to held to maturity investments. For an investment in an equity instrument which
is not held for trading, IFRS 9 permits an irrevocable election, on initial recognition, on an individual share-by-share
basis, to present all fair value changes from the investment in other comprehensive income. No amount recognized in other
comprehensive income would ever be reclassified to profit or loss. It requires the entity, which chooses to measure a
liability at fair value, to present the portion of the fair value change attributable to the entity's own credit risk in
the other comprehensive income. The standard also introduces new presentation and disclosure requirements. The effective
date for adoption of IFRS 9 is annual periods beginning on or after January 1, 2018, though early adoption is permitted.
In May 2014, the International Accounting Standards Board issued IFRS 15, Revenue from Contract with Customers. The core
principle of the new standard is that an entity should recognize revenue to depict the transfer of promised goods or
services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange
for those goods or services. Further the new standard requires enhanced disclosures about the nature, amount, timing and
uncertainty of revenue and cashflows arising from the entity's contracts with customers. The standard permits the use of
either the retrospective or cumulative effect transition method. The effective date for adoption of IFRS-15 is annual
periods beginning on or after January 1, 2017, though early adoption is permitted. In September2015, the IASB issued an
amendment to IFRS 15, deferring the adoption of the standard to periods beginning on or after January 1, 2018 instead of
January 1, 2017.
On January 13, 2016, the International Accounting Standards Board issued the final version of IFRS 16, Leases. IFRS 16 will
replace the existing leases Standard, IAS 17 Leases, and related Interpretations. The Standard sets out the principles for
the recognition, measurement, presentation and disclosure of leases for both parties to a contract i.e., the lessee and the
lessor. IFRS16 introduces a single lessee accounting model and requires a lessee to recognize assets and liabilities for
all leases with a term of more than 12 months, unless the underlying asset is of low value. Currently, operating lease
expenses are charged to the statement of comprehensive income. The Standard also contains enhanced disclosure requirements
for lessees. IFRS 16 substantially carries forward the lessor accounting requirements in IAS 17. The effective date for
adoption of IFRS16 is annual periods beginning on or after January 1, 2019, though early adoption is permitted
As per management evaluation, application of above IFRSs would not have significant impact on the consolidated financial
statements of the group on its application.
2. Property, Plant and Equipment
31-Mar-16 Advertisement Structure Building Office and Data Processing Equipment Furniture & Fixtures Vehicles Total
US$ US$ US$ US$ US$ US$
At 1 April 2015 (net of accumulated depreciation) - 625,069 137,855 8,440 31,477 802,841
Exchange Difference on Conversion (257) (34,990) (28,262) (466) (2,345) (66,320)
Additions 27,135 24,713 1,872,697 1,841 67,006 1,993,392
Disposals - - (575) - - (575)
Depreciation charge for the year (7,549) (44,057) (310,044) (2,607) (23,574) (387,831)
At 31 March 2016 (net of accumulated depreciation) 19,329 570,735 1,671,671 7,208 72,564 2,341,507
At 1 April 2015
Cost 735,542 770,349 556,241 191,026 203,142 2,456,300
Accumulated depreciation (735,542) (145,280) (418,386) (182,586) (171,665) (1,653,459)
Net carrying amount - 625,069 137,855 8,440 31,477 802,841
At 31 March 16
Cost 482,043 751,303 2,362,984 182,071 254,439 4,032,840
Accumulated depreciation (462,714) (180,568) (691,313) (174,863) (181,875) (1,691,333)
Net carrying amount 19,329 570,735 1,671,671 7,208 72,564 2,341,507
31-Mar-15 Advertisement Structure Building Office and Data Processing Equipment Furniture & Fixtures Vehicles Total
US$ US$ US$ US$ US$ US$
At 1 April 2014 net of accumulated depreciation - 697,525 106,839 6,195 57,295 867,854
Exchange difference on Conversion - (26,697) (5,081) (305) (1,724) (33,807)
Additions - - 93,332 6,382 - 99,714
Disposals - - (3,631) (4) - (3,635)
Depreciation charge for the year - (45,759) (53,604) (3,828) (24,094) (127,285)
At 31 March 2015 (net of accumulated depreciation) - 625,069 137,855 8,440 31,477 802,841
At 1 April 2014
Cost 766,015 802,266 519,781 193,328 230,793 2,512,183
Accumulated depreciation (766,015) (104,741) (412,942) (187,133) (173,498) (1,644,329)
Net carrying amount -
At 31 March, 2015 - 697,525 106,839 6,195 57,295 867,854
Cost
Accumulated depreciation 735,542 770,349 556,241 191,026 203,142 2,456,300
Net carrying amount (735,542) (145,280) (418,386) (182,586) (171,665) (1,653,459)
- 625,069 137,855 8,440 31,477 802,841
3. Capital Work in Progress
31-Mar-16 31-Mar-15
US$ US$
Opening Balance 44,683 -
Exchange difference on Translation (2,520) -
Additions 1,718,314 44,683
Capitalsed during the year (1,760,477) -
Closing Balance - 44,683
4. Intangible Assets
31-Mar-16 31-Mar-15
US$ US$
Opening Balance (net of accumulated amortization) 78,245,860 87,345,774
Exchange Difference on translation (4,340,322) (3,342,390)
Amortization charge for the year (5,455,260) (5,757,524)
Closing Balance (net of accumulated amortization) 68,450,278 78,245,860
Opening Balance 01-Apr-15 01-Apr-14
US$ US$
Cost 96,076,251 100,056,781
Accumulated amortization (17,830,391) (12,711,007)
Net carrying amount 78,245,860 87,345,774
Closing Balance 31-Mar-16 31-Mar-15
US$ US$
Cost 90,659,016 96,076,251
Accumulated amortization (22,208,738) (17,830,391)
Net carrying amount 68,450,278 78,245,860
5. Loans & Advances
31-Mar-16 31-Mar-15
US$ US$
Non Current - Loans
and Advances
Loans to staff 11,904 17,375
Security Deposit 46,009 46,200
Capital Advances 77,452 188,165
Advance tax 2,110,659 -
2,246,024 251,740
Current - Loans and
Advances
Advance recoverable 161,303 212,213
in cash or kind or
for value to be
received
Loans to staff 2,637 2,551
Advance tax including 1,068,276 794,912
Tax Deducted at
Source
Related Parties -
- Advance recoverable 5,082 8,230
in cash or kind or
for value to be
received
1,237,298 1,017,906
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.
6. Inventories
31-Mar-16 31-Mar-15
US$ US$
Electronic Cards and 20,831 35,315
'On Board Units'
Consumables 2,930 24,847
23,761 60,162
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.
7. Trade Receivables
31-Mar-16 31-Mar-15
US$ US$
- -
561,837 219,395
561,837 219,395
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.
8. Available-for-Sale
Investments
31-Mar-16 31-Mar-15
US$ US$
UTI Treasury 3,334,657 -
Advantage Fund
-Institutional Plan
(Growth Option)
3,334,657 -
Available-for-sale
investments are being
carried at fair
values at respective
balance sheet dates
.
9. Cash and Cash
equivalents
31-Mar-16 31-Mar-15
US$ US$
Cash in Hand 112,420 144,709
Cash at Bank (Current 160,437 714,943
Accounts)
Cash at Bank 376,903 -
(Deposit)
649,760 859,652
Other Bank Balance
-Unclaimed Dividend & 4,155,616 249,034
DDBs
4,805,376 1,108,686
The carrying value of
cash and current
account balances in
banks are
representative of
fair values at
respective balance
sheet dates. Other
bank balance has
restricted use, on
account of balance
held in unclaimed
dividend account.
10. Issued Capital 31-Mar-16 31-Mar-15
US$ US$
Authorised
Ordinary Shares of 46,476,127 46,476,127
Rs.10 each
46,476,127 46,476,127
Issued and fully paid
Number of shares * 186,195,002 186,195,002
Share Capital (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) The
company has only one
class of ordinary
equity shares having
a par value of Rs. 10
per share. Each
holder of equity
shares is entitled to
one vote per share.
Each holder of these
ordinary shares is
entitled to receive
dividends as and when
declared by the
company. In the event
of liquidation of the
Company, the holders
of equity shares will
be entitled to
receive remaining
assets of the
Company, after
distribution of all
preferential amounts.
The distribution will
be in proportionate
to the number of
equity shares held by
the shareholders.
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 up
to the date of
financial statement.
11. 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
year. 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.
12. Interest-bearing
Loans and Borrowings
31-Mar-16 31-Mar-15
US$ US$
Non-Current
Term Loan from Bank 6,482,738 -
Less: unamortised (82,772) -
transaction cost
6,399,966 -
Less: Current Portion 540,012
Term Loan from Bank 5,859,954
Current
Term Loan from Bank 540,012 -
Deep Discount Bonds - 3,413,422
(Net of transaction
Cost)*
540,012 3,413,422
Note 1: The Company
has availed term loan
from ICICI Bank at
interest rate
equivalent to base
rate plus spread.
Interest rate/spread
shall be reset every
year. Bank loan is re
-payable in 24 equal
quarterly instalments
starting from
December 2016. Term
loans are secured by
a charge on: (a) a
first ranking
mortgage and charge
on all the Borrower's
immoveable
properties, both
present and
future;(b) a first
charge on all the
Borrower's movable
fixed assets,
including moveable
plant and machinery,
machinery spares,
tools and
accessories,
furniture, fixtures,
vehicles and all
other movable assets,
both present and
future;(c) a
first charge, by way
of hypothecation, on
all the current
assets of the
Borrower, both
present and
future;(d) a
first charge on the
future receivables as
a Concessionaire in
case of partial or
total cancellation of
Concession Agreement
or re-negotiation
under a tri-partite
agreement; and(e)
Security Interest/
assignment over (i)
all the rights,
title, interest,
benefits, claims and
demands whatsoever of
the Borrower under
the Concession
Agreement, except to
the extent not
permitted by the
Government Authority
or under Applicable
Laws; and (ii) and
other intangible
assets of the
Borrower.(f) a first
charge on all rights,
titles, interests,
benefits, claims and
demands whatsoever of
the Borrower, over
the current bank
account wherein all
amounts, revenues,
receipts and other
receivables, owing
to, received and/ or
receivable by the
Borrower as a
Concessionaire under
the Concession
Agreement are
deposited / shall be
deposited Note 2:
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) were
matured on 3rd
November 2015 at
maturity value of US
$ 521.26 each. 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.
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