REG - Noida Toll Bridge Co - IFRS Audited Results for the Year to 31 March 2016 <Origin Href="QuoteRef">NOID.NS</Origin> - Part 3
06/09/2016 14:50
- Part 3: For the preceding part double click ID:nRSF1084Jb
13. Provisions
Provision for 31-Mar-16 31-Mar-15
Resurfacing Expenses
US$ US$
(Non Current)
Opening Balance 680,583 132,157
Accretion during the 749,136 566,723
Year
Exchange Difference (48,200) (18,297)
on Translation
1,381,519 680,583
(Current)
Opening Balance 864,323 2,342,833
Utilised During the (646,657) (2,072,624)
Year
Accretion During the 78,689 654,697
Year
Exchange Difference (41,287) (60,583)
on Translation
Closing Balance 255,068 864,323
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.
Major Overlay
activities have been
completed and next
major overlay is
expected to be
carried out in FY
2017-18 & 2018-19.
Further expenses on
account Road Safety
are expected to be
incurred in next
financial year.
Provision for Holiday 31-Mar-16 31-Mar-15
Pay
US$ US$
Opening Balance 101,242 91,777
Utilised during the (10,563) (9,130)
year
Provided during the 36,319 22,555
year
Exchange Difference (6,045) (3,960)
on Translation
Closing Balance 120,953 101,242
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 31-Mar-16 31-Mar-15
performance Related
Pay
US$ US$
Opening Balance 135,597 120,589
Utilised during the (112,126) (109,650)
year
Written back during (17,526) (8,869)
the year
Provided during the 174,523 138,790
year
Exchange Difference (8,234) (5,263)
on Translation
Closing Balance 172,234 135,597
Provision for 31-Mar-16 31-Mar-15
Employees benefit
US$ US$
Opening Balance 6,575 4,163
Utilised during the (6,285) (4,092)
year
Provided during the 5,751 6,728
year
Exchange Difference (365) (224)
on Translation
Closing Balance 5,676 6,575
Provision for 31-Mar-16 31-Mar-15
Litigation
US$ US$
Opening Balance 321,558 1,319,730
Written back during - (967,938)
the year
Provided during the - -
year
Exchange Difference (18,130) (30,234)
on Translation
Closing Balance 303,428 321,558
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$ 0.49 million and
provided for. The
actual settlement may
result in possible
but not probable
obligation to the
extent of additional
US$ 0.50 million
based on management
estimates. 2. Since
August 01, 2009, the
Company was
contesting imposition
of monthly license
fee @ Rs 115/- per
sq.ft. of the total
display area (as
against 25% of the
gross revenue
generated) by MCD. In
May 2010, The Hon'ble
Court has directed
the Company to
deposit license fees
at 50% of Rs. 115/-
per sqft of the
display till the
final disposal of the
matter. As an
abundant caution the
management had
decided to provide
for the license fee
as demanded by MCD in
full. In November
2014, the Company has
entered into MOU with
MCD whereby the
Company has obtained
permission to display
advertisement against
payment of monthly
license fees @ 25% of
total income or 25%
of zonal rate
(whichever is
higher).
In February 2015,
Hon'able High Court
ordered that the
imposition of License
Fees do not have the
authority of law,
accordingly set aside
the MCD demand &
ordered MCD to refund
amount deposited
pursuant to its order
of May 2010. The
Company has stopped
paying license fees
to MCD from February
2015 and filed an
application for
refund of the amount
paid. The Company had
written back the
provision recognised
in this respect in
previous financial
year. In August 2015,
MCD has issued show
-cause notice
alleging violation of
various terms of MOU
and subsequently
removed all outdoor
advertisement/display
on the Delhi side of
DND flyway. The
Company has initiated
legal action and is
in process of
amicable settlement
with MCD.
14. Deferred Income
Tax
Balance Sheet
31-Mar-16 31-Mar-15
US$ US$
Deferred Income Tax
Liabilities
Property, Plant & (5,511,560) (5,757,753)
Equipment and
Intangible Asset
Fair Value Change on (4,912,859) (5,206,422)
Recognition of
Intangible Asset
Deferred Income Tax
Assets
MAT Credit 11,833,220 10,885,949
Operation & 574,075 535,089
Maintenance Expense
Net Deferred Tax 1,982,876 456,863
Asset/(Liability)
Income Statement 31-Mar-16 31-Mar-15
US$ US$
Deferred Income Tax
Liabilities
Property, Plant & 79,499 (5,591,392)
Equipment and
Intangible Asset
Fair Value Change on (2,349,959)
Recognition of
Intangible Asset
Deferred Income Tax
Assets
MAT Credit 1,581,820 2,913,164
Allowance of - (302,583)
Borrowing Cost
Allowance of O&M 70,076 (249,315)
Expense
Adjustment of tax (322,574)
rate change
Deferred Tax Reversal (1,572,397) (9,980,043)
Reconciliation of Tax
Expense:
31-Mar-16 31-Mar-15
US$ US$
Accounting Profit 8,398,073 9,245,904
before tax
Enacted Tax rates in 34.61% 34.61%
India
Computed enacted tax 2,892,644 3,199,822
expenses
Temporary difference - (6,526,816)
reversing in tax
holiday period
Effect of non taxable (2,683,095) (4,122,399)
income
Effect of non 5,372 11,779
-deductible expenses
Effect of change in - 322,574
tax rate
Losses on which - 49,161
deferred tax asset
not recognised
Total Tax Expenses 214,921 -7,065,879
Reconciliation of
Deferred Tax
Asset/(Liability)
31-Mar-16 31-Mar-15
US$ US$
Opening Balance 456,863 (9,678,611)
Deferred Tax Expense 1,572,397 9,980,042
during the year
Exchange Difference (46,384) 155,432
in Currency
Translation
Closing Balance 1,982,876 456,863
15. Trade and Other
Payables
31-Mar-16 31-Mar-15
US$ US$
Non Current
Deposit from 500,008 527,949
customers
500,008 527,949
Current
Trade Payables 122,590 58,576
Other Liabilities* 6,780,574 2,660,827
Related Parties -
- Trade Payable - 96,670
6,903,164 2,816,073
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 having
an original maturity
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.
16. Operating and
Administrative
Expenses
Operating Expenses 31-Mar-16 31-Mar-15
US$ US$
Consumption of 48,311 75,875
Prepaid Cards and On
Board Units
Repairs and 710,789 644,697
Maintenance
Provision for 827,824 1,221,420
Resurfacing (Note
13)
Electricity 249,064 307,826
1,835,988 2,249,818
Administrative 31-Mar-16 31-Mar-15
Expenses
US$ US$
Employee Benefit 1,571,715 1,472,072
Expense (Note 19)
Rates and Taxes 894,588 849,625
Insurance 79,029 93,718
Professional Charges 489,873 425,443
Audit Fees 52,208 58,323
Directors Sitting 185,762 189,207
Fees & Commission
Loss/(Gain) on sale 136 3,169
of Fixed Asset
Travelling & 91,044 83,726
Conveyance
Corporate Social 232,757 128,215
Responsibility
Other Administrative 284,826 260,095
Expenses
3,881,938 3,563,593
17. Finance Charges
31-Mar-16 31-Mar-15
US$ US$
Interest on Deep 158,671 273,708
Discount Bonds
Interest on Term 232,161.00 166,536
Loans
Other Finance Charges 25,023 22,507
415,855 462,751
18. Earnings 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-Mar-16 31-Mar-15
US ($) US ($)
Net Profit/(Loss) 8,179,056 16,398,034
attributable to
equity share holders
31-Mar-16 31-Mar-15
Weighted average 186,195,002 186,195,002
number of ordinary
shares for basic /
diluted earnings per
share
19. Employee Benefits
(a)Employee Benefits 31-Mar-16 31-Mar-15
Expenses
US$ US$
Salaries and 1,441,262 1,355,263
Allowances
Pension Cost 12,077 12,323
Post-employment 88,237 85,722
benefits other than
pensions - Provident
Fund
Post-employment 30,139 18,764
benefits other than
pensions - Gratuity
1,571,715 1,472,072
(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/terminatio
n/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 thereof in
excess of 6 months
and is payable on
retirement/terminatio
n/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.
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