b. · companies(auditor's report) order, 2003 issued by the central government of india in...
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AUDITORS REPORT
We have audited the attached Balance Sheet of MIs GATEWAYS FOR INDIA AIRPORTS PRIVATE LIMITED as at 31 st March 2010 and also the Profit and Loss Account for the year ended on that date annexed thereto These financial statements are the responsibility of the Companys management Our responsibility is to express an opinion on these financial statements based on our audit
We conducted our audit in accordance with auditing standards generally accepted in India Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement An audit includes examining on test basis evidence supporting the amounts and disclosures in the financial statements An audit also includes asseSSing the accounting principles used and significant estimates made by the management as well as evaluating the overall financial statement presentation We believe that our audit provide a reasonable basis for our opinion
As the company is a private limited company with a paid up capital and reserves not exceeding Rupees fifty lakhs and has not accepted any public deposit and does not have outstanding loan exceeding Rupees twenty five lakhs or more from any bank or financial institution and does not have a turnover exceeding rupees five crores the Companies(Auditors Report) Order 2003 issued by the Central Government of India in terms of sub-section (4A) of Section 227 of the Companies Act 1956 is not applicable
Further we report that
i) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit
Ii) In our opinion proper books of account as required by law have been kept by the company as far as appears from our examination of these books
iii) The Balance Sheet and Profit and Loss account dealt with by this report are in agreement with the books of account
jv) In my opinion the Balance Sheet and Profit and Loss account dealt with by this report comply with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act 1956
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Flat No3-D cCJEER HOMES 23iA North Boag Road Nagar Chenoa GOO Q17 A1poundl)1I 1(CRf) FmFlil bocchmiddotr8l(Q)omailcom
NoContinuation Sheet B Pllrushottam Cf)~ CHORTERED ACCooi-41ANTS
Page 2
6 011 [he basis of written representation recelled from the directors of the company as at 31 st Maich 2010 and taken on record by the board of directors we report lhat no direc-tor is disqualifIed from being appointed as director of the company utjder the clause (g) of sub-section (1) of Section 274 of the Companies Act 1956
in our OpiiiOn and 10 the besl of our information and according to the explanations 9ven to us the said accounts together with lIs notes and Accounting Poilcles give the information required by the Companies Act 195e in a manner so required and give a true and fair view
aJ in the case of the Balance Sheet of the state affairs of the Company as at 31 Marcn 2010 end
b) In the case of the Profit and loss Account of the profit for the year ended on lhal date
Place Chen~al Date 27052010
GATEWAYS FOR INDIA AIRPORTS PRIVATE LIMITED
Balance Sheet as at March 312010 (Amount in Rupees)
Schedule As At March 31 2010
As At March 31 2009
I SOURCES OF FUNDS
1 Shareholders Funds Share Capital Reserve and Swplus
2 Share application money pending allotment
3 Deferred Tax Liability [Refer note 8 of Schedule I(ll) 1
Total
II APPLICA TJON OF FUNDS
1 FIXed Assets (a) Gross Block (b) Less Depreciation (c) Net Block
2 Investments
3 Current Assets Loans and Advances
Ca) Cash and Bank Balances Cb) Loans and Advances
Less Current Liabilities and Provisions
Ca) Liabilities Cb) Provisions
Net Current Assets
4 Profit and Loss account
Total
Significant Accounting Policies and Notes to Accounts
A B
C
D
E F
G
J
100000 433935 533935
29722000
324726
4637913 1560105
100000
-
29722000
338545
4637913 1893634
30580661 30160545
2744279
28000000
(163618)
-
3077808
-
26624249
458488
86137 640720
28947171 1208344
726857 30155515
890475
-3531266
-890475 3531266
30580661 30160545
The schedules referred to above fonn an integral part ofthe Balance Sheet As per our report of eveIl date
For B Purushottam amp Co For and on behalf of the Board ofDirectors Chartered Accountants Finn Registration No 002808S
K VNS Kishore K Sreemannarayana G Radhakrishna Babu Partner Director Director MNo 206734
Place Bangalore Date May 27 2010
GATEWAYS FOR INDIA AIRPORTS PRIVATE LIMITED
Profit and Loss Account for the year ended March 31 2010
Schedule Year ended
March 31 2010
(Amount in Rupees)
Year ended
March 31 2009
I INCOME
Interest Income
(Tax deducted at source Rs 124702 (2009 Rs213875)
Dividend on Mutual Fund
Profit on Sale of Current Investments
734878
-981333
1124946
210727
Total 1716211 1 nCh1~
II EXPENDITURE
Administrative Expenses
Interest and Finance charges Depreciation
Profit(Loss) before Tax
H I
87745
649 333530
421924
1294287
1101651
173514
333456
1608621 (272948)
Provision for Taxation
Current
Deferred Fringe Benefit Tax
Profit after Taxation
415685 (13819)
-892421
191152
338545 bull (208357)
(594288
Profit Brought Forwarded Profit (Loss) after Tax carried to Balance Sheet
Earnings per Share Basic and Diluted (per equity share of Rsl 0 each) J (4)
(458487) 433935
8924
135800 (458488
(5943
Significant Accounting Policies and Notes to Accounts J
The schedules referred to above fonn an integral part of the Profit and Loss Account
As per our report ofeven date
For B Purushottam amp Co For and on behalf of the Board of Directors
Chartered Accountants Firm Registration No 002808S
K V N S Kishore K Sreemannarayana G Radhakrishna Babu
Partner Director Director
MNo206734
Place Bangalore Date May 27 2010
GATEWAYS FOR INDIA AIRPORTS PRIVATE LIMITED
Schedules forming part ofthe Balance Sheet as at March 312010
(Amount m Rupees
SCHEDULE-A As at
March 31 2010
As at
March 31 2009
Capital
Authorised
50000 Equity Shares of RSI0- each 500000 500000
Issued Subscribed and Paid-up
10000 Equity Shares of RsIO- each fully paid up (Of the above 3784 and 4865 equity shares fully paid up are held by GMR Infrastructure Limited (GIL) ( holding company) and GMR Airport Holdings Limited (Subsidiary of GIL) respectively)
100000 100000
100000 100000
(Amount in Rupees)
SCHEDVLE-B As at
March 312010
As at
March 312009
Reserves and Surplus
Profit and Loss Account Balance 433935 -
433935 -
GATEWAYS FOR INDIA AIRPORTS PRIVATE LIMITED
Schedules fonning part ortbe Balance sbeet as at Marcb 312010
SCHEDULE-C FIXed Assets
Amount in Rupees)
Description
Office Equipment
Furniture and Fixtures
Vehicles
i~-Total
Previous Year
As at Additions
April 01 2009
4179087 -
456417 -2350 -
4637913
4637913
Gross Block
Deletions
-
-
--
As at As at
Marcb 312010 _JriI 01 2009
4179087 1440608
456477 117147
2350 2350
4637913 1560104
4631913 --shy ~2~6~
Depreciation Net Block Net Block --shy
For the On Deletions
As t As at As at
peri0ltl ~larcb 31 2010 Marclln2010 Mab 31 2009 ---shy
305317 - 1745924 2433162 2738479
28213 - 145360 311117 339329
- 2350 --shy ----shy
333530 - 1893634 2744279 3077808
333456 - 1560105 3077 808 --------shy
GATEWAYS FOR INDIA AIRPORTS PRIVATE LIMITED
Scbedules forming part of the Balauce sheet as at March 31 2010 (Amount in Rupees
SCHEDULE-D As at Marcb 31 2010
As at March 31 2009
Investments
Mutual Funds
Birla Sun Life Cash Plus - Institutional Premium Growth [1902815 (2009 Nil) Units ofRslO each]
28000000
28000000 -Aggregate Market Value as at March 312010 - Rs28024653shy
(Amount in Rupees)
SCHEDULE-E As at March 31 2010
As at March 312009
Cash and Bank Balances
Cash on Hand Balances with Scheduled Banks
- on Current Accounts - In Fixed Deposits with banks
-
86137
-1378724
27568447 86137 28947171
(A mount ID Rupees
SCHEDULE- F As at March 312010
As at March 312009
Loans and Advances
(Unsecured Considered good) Interest Accrued but not due
Advances recoverable in cash or in kind or for value to be received
Advance Tax (net of provision)
-640720
-640720
502783 682838
22723
1208344
(Amount in Rupees)
SCHEDULEmiddotG As at
March 31 2010
As at
March 312009
Liabilities
Sundry Creditors - Dues to Micro and Small Enterprises
bull Dues to other than Micro and Small Enterprises -
833339 -
3531266
Provision for Tax (net of advance tax)
Other liabilities
833339 19434
37702
3531266
--
Provisions
Provision for expenses
890475
-
3531266
-
890475 3531266
GATEWAYS FOR INDIA AIRPORTS PRIVATE LIMITED
Schedules forming part of Profit and Loss Account for the year ended March 312010 (Amount in Rupees)
Year ended Year ended
SCHEDULE-H March 31 2010 March 31 2009
Administrative Expenses Rates and taxes 27747 9800
Consultancy and other professional charges 3750 39000
Remuneration to auditors
Audit Fees 50000 100000 bull
Advances written off - 952851
Interest on delayed payment ITITDS 6248 -87745 1101651
Year ended Year ended lis( H tltDULE - I March 31 2010 March 31 2009
Interest and Finance Charges Bank I other fmance charges 649 586 Interest Others I - 172928
649 173514
GATEWAYS FOR INDIA AIRPORTS PRIVATE LIMITED Cash Flow Statement For The Year Ended Mareh 312010
(Amount in Rupees)
SL No
A
B
C
Particulars
CASH FLOW FROM OPERATING ACTIVITIES
Net Profit Before Tax Adjustments for
Depreciation
Advances written off
Interest income Dividend Income from Mutual Fund
Profit from sale of investments Interest and Finance Charges
Operating Profit Before Working Capital Changes
Adjustments for
Change in Trade and other receivables Change in Trade Payables
Casb generated from Operations Income Taxes refund I (paid) during the year
Net Cash Flow from(used in) Operating Activities
Cash Flow from (Used In) Investing Activities
Purchase ofInvestments - Short Term Proceeds from Sale of Investments - Short Term
Interest income received Dividend Received
Net Cash Flow from used in Investing Activities
Cash Flow from Financing Activities
Proceedsl(Refund) fromlof Share Application Money (net)
Interest and Financial Charges paid Net cash from(used in) financing activities
Net increase(decrease) in Cash and Cash Equivalents
Cash and Cash Equivalents at the beginning ofthe year Cash and Cash Equivalents at the end of the year
March 31 2010
1294287
333530
-(734878)
-(981333)
649 (87745)
544901 (2660225
(2203069)
(373528)
(2576597)
(175193414)
148174748
734878
-(26283788) 6218690
- (25000)
(649) 173514
(649)
(28861034)
28947171 86137
March 31 2009
(272948)
333456
952851 (1124946)
(210727)
-(173514
(495828)
46581090 (23656386) 22428876
(5518)
22423358
-5385800
622163
210727
148514
28790562
156609
28947171
Notes
I The above Cash Flow Statement has been prepared under the Indirect Method as set out in the Accounting
Standard 3 on Cash Plow Statements as referred to in Section 211 (3C) of the Companies Act 1956
2 Previous years figures have been regrouped and reclassified to conform to those of the current year
As per our report of even date
For S Purushottam amp Co Por and on behalfofthe Board of Directors
Chartered Aecountants Firm Registration No 0028088
K V N 8 Kishore K Sreemannarayana G Radhakrishna Sabu
Partner Director Director MNo 206734
Place Bangalore
Date May 27 2010
GATEWAYS FOR INDIA AIRPORTS PRlVATE LIMITED BALANCE SHEET ABSTRACT AND COMPANYS GENERAL BUSINESS PROFILE
1 Registration Details
Registration No 1045123 State Code 06 I Balance Sheet Date 31st March 2010 I
llcaPital Raised during the year (Amount in Rs thousands)
IPublic Issue NIL IRights Issue NIL Bonus Issue NIL I Private Placement NIL
3 Position of Mobilisation and Development of Funds (Amount In Rs thousands)
ITotal Liabilities I 30581 Total assets 30581 II
Sources of Funds IPaid Up Capital I 100 I Reserves ft Surplus I 43411 Share Application moneypending allotment I 29722 IUnsecured Loans I NIL Secured Loans I NIL IDef~rrtld tax liability I 325
Application of Funds iNct fixed Assets (including capital work in 2744 Investments 28000 Iprogress) Net Current Assets (164) Mise Expenditure NIL Accumulated Losses NIL
4 Performance of company ( Amount In Rupees)
Gross Income I 1716 Total Expenditure 422 + I - Profit I Loss Before Tax I 1294 + I Profit I loss After Tax I 892 Earning Per Share in Rs (Basic Ii Diluted) I 8924 Dividend Rate I -
5 Generic Names of Three Principal Products I Services of Company (as p monetary terms)
Item Code Ho I NA I Product Description I
For and on behalf of the Board
K $reemannarayana G Radhakrishna Babu
Director Director
Place Bangalore
Date May 272010
GATEWAYS FOR INDIA AIRPORTS PRIVATE LIMITED
J Schedules forming part of the Balance sheet as at March 31 2010
I Significant Accounting Policies
1 Accounting Assumptions The financial statements have been prepared to comply in all material respects with the Accounting Standards notified by Companies (Accounting Standards) Rules 2006 (as amended) and the relevant provisions ofthe Companies Act 1956 (the Act) The financial statements have been prepared under the historical cost convention on an accrual basis except in case of assets for which provision for impairment is made and revaluation is carried out The accounting policies have been consistently applied by the Company
2 Fixed Assets Fixed Assets are stated at cost of acquisition less accumulated depreciation and impairment losses if any Cost comprises of purchase price and freight duties levies and all other incidentals attributable to bringing the asset to its working condition for its intended use
Assets under installation or under construction and the related advances as at the balance sheet date are shown as capital work in progress
Borrowing costs that are attributable to the acquisition or construction of qualifying assets are capitalized as part of the cost of such assets till the period such assets are ready to be put to use A qualifying asset is one that takes substantial period of time to get ready for its intended use or sale Other borrowing costs not attributable to the acquisition of any capital asset or investments are recognized as expenses in the period in which they are incurred
3 Depreciation Depreciation is provided on straight line method at the rates specified under Schedule XIV to the Act which is estimated by the management to be the estimated useful lives of the assets Assets individually costing less than Rs 5000 are fully depreciated in the year of acquisition
4 Foreign Currency Transactions All foreign currency transactions are accounted for at the exchange rates prevailing on the date of such transactions
Non-monetary items which are carried in terms of historical cost denominated in a foreign currency are reported using the exchange rate at the date of the transaction and non-monetary items which are carried at fair value or other similar valuation denominated in a foreign currency are reported using the exchange rates that existed when the values were determined
All other monetary assets and liabilities denominated in foreign currency are restated at the closing rates at the year end and all exchange gains losses arising there from are adjusted to the Profit and Loss account except those covered by forward contracted rates where the premium or discount arising at the inception of such forward exchange contract is amortized as expense or income over the life of the contract
5 Earnings per Share Basic earnings per share are calculated by dividing the net profit or loss for the period attributable to equity shareholders (after deducting preference dividends and attributable taxes) by the weighted average number of equity shares outstanding during the period Partly paid equity shares are treated as a fraction of an equity share to the extent that they were entitled to participate in dividends relative to a fully paid equity share during the reporting period The weighted average numbers of equity shares outstanding during the period are adjusted for events of bonus issue bonus element in a rights issue to existing shareholders share split and reverse share split (consolidation of shares)
For the purpose of calculating diluted earnings per share the net profit or loss for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period are adjusted for the effects of all dilutive potential equity shares
6 Investments Investments that are readily realisable and intended to be held for not more than a year are classified as current investments All other investments are classified as long-term investments Long-term investments are carried at cost less provision made to recognize any decline other than temporary in the value of such investments Current investments are valued at cost or fair value whichever is lower Cost of acquisition is inclusive of expenditure incidental to acquisition
7 Revenue Recognition Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured
Dividend income on investments is accounted for when the right to receive the payment is established by the balance sheet date Dividends from subsidiaries are recognized even if same are declared after the balance sheet date but pertain to period on or before the date of balance sheet as per the requirement of schedule VI of the Companies Act 1956
Interest on investments and bank deposits are recognised on a time proportion basis taking into account the amounts invested and the rate of interest
8 Taxes on Income Tax expense comprises of current and deferred tax Current tax is determined based on the amount of tax payable in respect of taxable income for the year in accordance with the Income Tax Act 1961 enacted in India Deferred tax is recognized on timing differences being the difference between the taxable income and the accounting income that originate in one year and are capable of reversal in one or more subsequent years
Deferred tax assets and liabilities are computed on the timing differences applying the tax rates and tax laws that have been enacted or substantively enacted by the balance sheet date Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to set off current tax assets against current tax liabilities and the deferred tax assets and deferred tax liabilities relate to the taxes on income levied by same governing taxation laws Deferred tax assets are recognized only to the extent that there is reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized In situations where the Company has unabsorbed depreciation or carry forward tax losses all deferred tax assets are recognized only if there is virtual certainty supported by convincing evidence that they can be realized against future taxable profits
II Notes to Accounts
1 The Company has been incorporated with the objective of participation in various airport infrastructure related projects Upon successful award of such bids separate Special Purpose Vehicles (SPVs) are formed in consortium with other parties for execution of these projects The expenses incurred by the company towards such projects are chargedrecovered from the respective project companies
2 The Company is engaged in the business of participation in bids for various airports infrastructure related projects which in the context of Accounting Standard 17 Segment Reporting as referred to in section 211(3C) of the Companies Act 1956 is considered as the only segment and hence the reporting under the requirements of the said standard does not arise
3 Contingent Liabilities Rs Nil (2009 Nil)
4 Details of Transactions with Related Parties
a) Names of related parties and description oftheir relationship
Enterprises that control the company GMR Infrastructure Limited (GIL) GMR Holdings Private Limited (GHPL)
Fellow Subsidiary Companies GMR Airport Holdings Limited (GAHL) (formerly Known as GVL Investments Private Limited) Delhi International Airport Private Limited (DIAPL)
Enterprise where Key Management -Personnel and their relatives exercise significant influence
Mr K Sreemannarayana (Director) bull Key Management Personnel i
Mr G Radhakrishna Babu (Director) Mr C Prasanna (Director) Mr Frank Thiesen (Director) I
b) Summary of transactions with the above related parties is as follows (Amount in Rupees)
Nature of Transaction March 31 2010 March 31 2009
Share Application Money Received - Enterprise that controls the Company
GIL
Share Application Money Refunded - Enterprise that controls the Company
GIL
-
-
400000
425000
Note Transactions and outstanding balances in the nature of reimbursement of expenses incurred by the company on behalf of other have not been considered above Accordingly the expenses reimbursedreimbursable by certain fellow subsidiaries and enterprises that control the company have not been disclosed above
5 Earnings per Share (EPS)
Particulars 2009-10 2008-09
Nominal Value of Equity Shares 10 10 Total Number of Equity shares outstanding at the beginning and at the end of the year 10000 10000
Weighted Average Number of Equity Shares outstanding at the end of the year 10000 10000
Profit after Tax (in Rs) 892492 (594287) EPS- Basic and Diluted 8924 (5943)
6 The Company has filed statutory forms under Foreign Exchange Management Act 1999 in respect of certain inward remittances of foreign currency from a overseas investor towards share application money amounting to Rs29722000- with Reserve Bank ofIndia (RBI) The Company approached RBI for condoning the delay in allotment or refund of the share application money In the mean time the company commenced negotiations with the said overseas investor with a request to waive the allotment or refund ofthe amount and to permit it us to adjust the same towards the expenses incurred in connection with the biddings Pending final directions from RBI the Company has not dealt with the share application money
7 There are no micro and small enterprises to which the company owes dues which are outstanding for more than 45 days as at March 31 2010 This information as required to be disclosed under the Micro Small and Medium Enterprises Development Act 2006 has been determined to the extent such parties have been identified on the basis of the information available with the company This has been relied upon by the Auditors
8 Deferred Tax (Asset)liability (Net) as at March 31 2010 comprises of (Amount in Rs)
S No Particulars
2010 2009 Deferred Tax Asset
Deferred Tax Liability
Deferred Tax Asset
Deferred Tax Liability
1 Depreciation - 324726 338545 Total - 324726 338545 Deferred Tax (Asset)Liability (net)
324726 338545
This being the first year of consideration previous year figures have not been furnished
9 Investment purchased and sold during the year
Particulars Purchased Sold
No of Units Amount in Rs No of Units Amount in Rs Mutual Funds Birla Sun Life Savings Fund Institutional - Growth
161403595 (-)
2801062542 (-)
161403595 (-)
2818574832 (-)
Birla Sun Life Cash Manager - Growth 32344826 (-)
700000000 (-)
32344826 H
704402377 (-)
Birla Sun Life Cash Plus - Institutional Premium - Growth
1008109557 (-)
14574402377 (-)
817828098 (-)
11850620910 H
HSBC Floating Rate -LT-Institutional Daily Dividend
-(55525730)
-(556123506)
-(55525730)
-(556123506)
Notes a) Purchases and Sales exclude those held at year end b) The sales realization excludes dividend if any received from Mutual Funds c) Previous year figures are mentioned in brackets
10 Information pursuant to paragraphs 3 4 4A 4B 4C and 4D of Schedule VI to the Companies Act 1956 to the extent either Nil or Not Applicable has not been furnished
11 Previous figures have been regrouped and reclassified to conform to those of the Current year
For and on behalf of the board of directors
K Sreemannarayana G Radhakrishna Babu Director Director
Place Bangalore Date May 272010
NoContinuation Sheet B Pllrushottam Cf)~ CHORTERED ACCooi-41ANTS
Page 2
6 011 [he basis of written representation recelled from the directors of the company as at 31 st Maich 2010 and taken on record by the board of directors we report lhat no direc-tor is disqualifIed from being appointed as director of the company utjder the clause (g) of sub-section (1) of Section 274 of the Companies Act 1956
in our OpiiiOn and 10 the besl of our information and according to the explanations 9ven to us the said accounts together with lIs notes and Accounting Poilcles give the information required by the Companies Act 195e in a manner so required and give a true and fair view
aJ in the case of the Balance Sheet of the state affairs of the Company as at 31 Marcn 2010 end
b) In the case of the Profit and loss Account of the profit for the year ended on lhal date
Place Chen~al Date 27052010
GATEWAYS FOR INDIA AIRPORTS PRIVATE LIMITED
Balance Sheet as at March 312010 (Amount in Rupees)
Schedule As At March 31 2010
As At March 31 2009
I SOURCES OF FUNDS
1 Shareholders Funds Share Capital Reserve and Swplus
2 Share application money pending allotment
3 Deferred Tax Liability [Refer note 8 of Schedule I(ll) 1
Total
II APPLICA TJON OF FUNDS
1 FIXed Assets (a) Gross Block (b) Less Depreciation (c) Net Block
2 Investments
3 Current Assets Loans and Advances
Ca) Cash and Bank Balances Cb) Loans and Advances
Less Current Liabilities and Provisions
Ca) Liabilities Cb) Provisions
Net Current Assets
4 Profit and Loss account
Total
Significant Accounting Policies and Notes to Accounts
A B
C
D
E F
G
J
100000 433935 533935
29722000
324726
4637913 1560105
100000
-
29722000
338545
4637913 1893634
30580661 30160545
2744279
28000000
(163618)
-
3077808
-
26624249
458488
86137 640720
28947171 1208344
726857 30155515
890475
-3531266
-890475 3531266
30580661 30160545
The schedules referred to above fonn an integral part ofthe Balance Sheet As per our report of eveIl date
For B Purushottam amp Co For and on behalf of the Board ofDirectors Chartered Accountants Finn Registration No 002808S
K VNS Kishore K Sreemannarayana G Radhakrishna Babu Partner Director Director MNo 206734
Place Bangalore Date May 27 2010
GATEWAYS FOR INDIA AIRPORTS PRIVATE LIMITED
Profit and Loss Account for the year ended March 31 2010
Schedule Year ended
March 31 2010
(Amount in Rupees)
Year ended
March 31 2009
I INCOME
Interest Income
(Tax deducted at source Rs 124702 (2009 Rs213875)
Dividend on Mutual Fund
Profit on Sale of Current Investments
734878
-981333
1124946
210727
Total 1716211 1 nCh1~
II EXPENDITURE
Administrative Expenses
Interest and Finance charges Depreciation
Profit(Loss) before Tax
H I
87745
649 333530
421924
1294287
1101651
173514
333456
1608621 (272948)
Provision for Taxation
Current
Deferred Fringe Benefit Tax
Profit after Taxation
415685 (13819)
-892421
191152
338545 bull (208357)
(594288
Profit Brought Forwarded Profit (Loss) after Tax carried to Balance Sheet
Earnings per Share Basic and Diluted (per equity share of Rsl 0 each) J (4)
(458487) 433935
8924
135800 (458488
(5943
Significant Accounting Policies and Notes to Accounts J
The schedules referred to above fonn an integral part of the Profit and Loss Account
As per our report ofeven date
For B Purushottam amp Co For and on behalf of the Board of Directors
Chartered Accountants Firm Registration No 002808S
K V N S Kishore K Sreemannarayana G Radhakrishna Babu
Partner Director Director
MNo206734
Place Bangalore Date May 27 2010
GATEWAYS FOR INDIA AIRPORTS PRIVATE LIMITED
Schedules forming part ofthe Balance Sheet as at March 312010
(Amount m Rupees
SCHEDULE-A As at
March 31 2010
As at
March 31 2009
Capital
Authorised
50000 Equity Shares of RSI0- each 500000 500000
Issued Subscribed and Paid-up
10000 Equity Shares of RsIO- each fully paid up (Of the above 3784 and 4865 equity shares fully paid up are held by GMR Infrastructure Limited (GIL) ( holding company) and GMR Airport Holdings Limited (Subsidiary of GIL) respectively)
100000 100000
100000 100000
(Amount in Rupees)
SCHEDVLE-B As at
March 312010
As at
March 312009
Reserves and Surplus
Profit and Loss Account Balance 433935 -
433935 -
GATEWAYS FOR INDIA AIRPORTS PRIVATE LIMITED
Schedules fonning part ortbe Balance sbeet as at Marcb 312010
SCHEDULE-C FIXed Assets
Amount in Rupees)
Description
Office Equipment
Furniture and Fixtures
Vehicles
i~-Total
Previous Year
As at Additions
April 01 2009
4179087 -
456417 -2350 -
4637913
4637913
Gross Block
Deletions
-
-
--
As at As at
Marcb 312010 _JriI 01 2009
4179087 1440608
456477 117147
2350 2350
4637913 1560104
4631913 --shy ~2~6~
Depreciation Net Block Net Block --shy
For the On Deletions
As t As at As at
peri0ltl ~larcb 31 2010 Marclln2010 Mab 31 2009 ---shy
305317 - 1745924 2433162 2738479
28213 - 145360 311117 339329
- 2350 --shy ----shy
333530 - 1893634 2744279 3077808
333456 - 1560105 3077 808 --------shy
GATEWAYS FOR INDIA AIRPORTS PRIVATE LIMITED
Scbedules forming part of the Balauce sheet as at March 31 2010 (Amount in Rupees
SCHEDULE-D As at Marcb 31 2010
As at March 31 2009
Investments
Mutual Funds
Birla Sun Life Cash Plus - Institutional Premium Growth [1902815 (2009 Nil) Units ofRslO each]
28000000
28000000 -Aggregate Market Value as at March 312010 - Rs28024653shy
(Amount in Rupees)
SCHEDULE-E As at March 31 2010
As at March 312009
Cash and Bank Balances
Cash on Hand Balances with Scheduled Banks
- on Current Accounts - In Fixed Deposits with banks
-
86137
-1378724
27568447 86137 28947171
(A mount ID Rupees
SCHEDULE- F As at March 312010
As at March 312009
Loans and Advances
(Unsecured Considered good) Interest Accrued but not due
Advances recoverable in cash or in kind or for value to be received
Advance Tax (net of provision)
-640720
-640720
502783 682838
22723
1208344
(Amount in Rupees)
SCHEDULEmiddotG As at
March 31 2010
As at
March 312009
Liabilities
Sundry Creditors - Dues to Micro and Small Enterprises
bull Dues to other than Micro and Small Enterprises -
833339 -
3531266
Provision for Tax (net of advance tax)
Other liabilities
833339 19434
37702
3531266
--
Provisions
Provision for expenses
890475
-
3531266
-
890475 3531266
GATEWAYS FOR INDIA AIRPORTS PRIVATE LIMITED
Schedules forming part of Profit and Loss Account for the year ended March 312010 (Amount in Rupees)
Year ended Year ended
SCHEDULE-H March 31 2010 March 31 2009
Administrative Expenses Rates and taxes 27747 9800
Consultancy and other professional charges 3750 39000
Remuneration to auditors
Audit Fees 50000 100000 bull
Advances written off - 952851
Interest on delayed payment ITITDS 6248 -87745 1101651
Year ended Year ended lis( H tltDULE - I March 31 2010 March 31 2009
Interest and Finance Charges Bank I other fmance charges 649 586 Interest Others I - 172928
649 173514
GATEWAYS FOR INDIA AIRPORTS PRIVATE LIMITED Cash Flow Statement For The Year Ended Mareh 312010
(Amount in Rupees)
SL No
A
B
C
Particulars
CASH FLOW FROM OPERATING ACTIVITIES
Net Profit Before Tax Adjustments for
Depreciation
Advances written off
Interest income Dividend Income from Mutual Fund
Profit from sale of investments Interest and Finance Charges
Operating Profit Before Working Capital Changes
Adjustments for
Change in Trade and other receivables Change in Trade Payables
Casb generated from Operations Income Taxes refund I (paid) during the year
Net Cash Flow from(used in) Operating Activities
Cash Flow from (Used In) Investing Activities
Purchase ofInvestments - Short Term Proceeds from Sale of Investments - Short Term
Interest income received Dividend Received
Net Cash Flow from used in Investing Activities
Cash Flow from Financing Activities
Proceedsl(Refund) fromlof Share Application Money (net)
Interest and Financial Charges paid Net cash from(used in) financing activities
Net increase(decrease) in Cash and Cash Equivalents
Cash and Cash Equivalents at the beginning ofthe year Cash and Cash Equivalents at the end of the year
March 31 2010
1294287
333530
-(734878)
-(981333)
649 (87745)
544901 (2660225
(2203069)
(373528)
(2576597)
(175193414)
148174748
734878
-(26283788) 6218690
- (25000)
(649) 173514
(649)
(28861034)
28947171 86137
March 31 2009
(272948)
333456
952851 (1124946)
(210727)
-(173514
(495828)
46581090 (23656386) 22428876
(5518)
22423358
-5385800
622163
210727
148514
28790562
156609
28947171
Notes
I The above Cash Flow Statement has been prepared under the Indirect Method as set out in the Accounting
Standard 3 on Cash Plow Statements as referred to in Section 211 (3C) of the Companies Act 1956
2 Previous years figures have been regrouped and reclassified to conform to those of the current year
As per our report of even date
For S Purushottam amp Co Por and on behalfofthe Board of Directors
Chartered Aecountants Firm Registration No 0028088
K V N 8 Kishore K Sreemannarayana G Radhakrishna Sabu
Partner Director Director MNo 206734
Place Bangalore
Date May 27 2010
GATEWAYS FOR INDIA AIRPORTS PRlVATE LIMITED BALANCE SHEET ABSTRACT AND COMPANYS GENERAL BUSINESS PROFILE
1 Registration Details
Registration No 1045123 State Code 06 I Balance Sheet Date 31st March 2010 I
llcaPital Raised during the year (Amount in Rs thousands)
IPublic Issue NIL IRights Issue NIL Bonus Issue NIL I Private Placement NIL
3 Position of Mobilisation and Development of Funds (Amount In Rs thousands)
ITotal Liabilities I 30581 Total assets 30581 II
Sources of Funds IPaid Up Capital I 100 I Reserves ft Surplus I 43411 Share Application moneypending allotment I 29722 IUnsecured Loans I NIL Secured Loans I NIL IDef~rrtld tax liability I 325
Application of Funds iNct fixed Assets (including capital work in 2744 Investments 28000 Iprogress) Net Current Assets (164) Mise Expenditure NIL Accumulated Losses NIL
4 Performance of company ( Amount In Rupees)
Gross Income I 1716 Total Expenditure 422 + I - Profit I Loss Before Tax I 1294 + I Profit I loss After Tax I 892 Earning Per Share in Rs (Basic Ii Diluted) I 8924 Dividend Rate I -
5 Generic Names of Three Principal Products I Services of Company (as p monetary terms)
Item Code Ho I NA I Product Description I
For and on behalf of the Board
K $reemannarayana G Radhakrishna Babu
Director Director
Place Bangalore
Date May 272010
GATEWAYS FOR INDIA AIRPORTS PRIVATE LIMITED
J Schedules forming part of the Balance sheet as at March 31 2010
I Significant Accounting Policies
1 Accounting Assumptions The financial statements have been prepared to comply in all material respects with the Accounting Standards notified by Companies (Accounting Standards) Rules 2006 (as amended) and the relevant provisions ofthe Companies Act 1956 (the Act) The financial statements have been prepared under the historical cost convention on an accrual basis except in case of assets for which provision for impairment is made and revaluation is carried out The accounting policies have been consistently applied by the Company
2 Fixed Assets Fixed Assets are stated at cost of acquisition less accumulated depreciation and impairment losses if any Cost comprises of purchase price and freight duties levies and all other incidentals attributable to bringing the asset to its working condition for its intended use
Assets under installation or under construction and the related advances as at the balance sheet date are shown as capital work in progress
Borrowing costs that are attributable to the acquisition or construction of qualifying assets are capitalized as part of the cost of such assets till the period such assets are ready to be put to use A qualifying asset is one that takes substantial period of time to get ready for its intended use or sale Other borrowing costs not attributable to the acquisition of any capital asset or investments are recognized as expenses in the period in which they are incurred
3 Depreciation Depreciation is provided on straight line method at the rates specified under Schedule XIV to the Act which is estimated by the management to be the estimated useful lives of the assets Assets individually costing less than Rs 5000 are fully depreciated in the year of acquisition
4 Foreign Currency Transactions All foreign currency transactions are accounted for at the exchange rates prevailing on the date of such transactions
Non-monetary items which are carried in terms of historical cost denominated in a foreign currency are reported using the exchange rate at the date of the transaction and non-monetary items which are carried at fair value or other similar valuation denominated in a foreign currency are reported using the exchange rates that existed when the values were determined
All other monetary assets and liabilities denominated in foreign currency are restated at the closing rates at the year end and all exchange gains losses arising there from are adjusted to the Profit and Loss account except those covered by forward contracted rates where the premium or discount arising at the inception of such forward exchange contract is amortized as expense or income over the life of the contract
5 Earnings per Share Basic earnings per share are calculated by dividing the net profit or loss for the period attributable to equity shareholders (after deducting preference dividends and attributable taxes) by the weighted average number of equity shares outstanding during the period Partly paid equity shares are treated as a fraction of an equity share to the extent that they were entitled to participate in dividends relative to a fully paid equity share during the reporting period The weighted average numbers of equity shares outstanding during the period are adjusted for events of bonus issue bonus element in a rights issue to existing shareholders share split and reverse share split (consolidation of shares)
For the purpose of calculating diluted earnings per share the net profit or loss for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period are adjusted for the effects of all dilutive potential equity shares
6 Investments Investments that are readily realisable and intended to be held for not more than a year are classified as current investments All other investments are classified as long-term investments Long-term investments are carried at cost less provision made to recognize any decline other than temporary in the value of such investments Current investments are valued at cost or fair value whichever is lower Cost of acquisition is inclusive of expenditure incidental to acquisition
7 Revenue Recognition Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured
Dividend income on investments is accounted for when the right to receive the payment is established by the balance sheet date Dividends from subsidiaries are recognized even if same are declared after the balance sheet date but pertain to period on or before the date of balance sheet as per the requirement of schedule VI of the Companies Act 1956
Interest on investments and bank deposits are recognised on a time proportion basis taking into account the amounts invested and the rate of interest
8 Taxes on Income Tax expense comprises of current and deferred tax Current tax is determined based on the amount of tax payable in respect of taxable income for the year in accordance with the Income Tax Act 1961 enacted in India Deferred tax is recognized on timing differences being the difference between the taxable income and the accounting income that originate in one year and are capable of reversal in one or more subsequent years
Deferred tax assets and liabilities are computed on the timing differences applying the tax rates and tax laws that have been enacted or substantively enacted by the balance sheet date Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to set off current tax assets against current tax liabilities and the deferred tax assets and deferred tax liabilities relate to the taxes on income levied by same governing taxation laws Deferred tax assets are recognized only to the extent that there is reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized In situations where the Company has unabsorbed depreciation or carry forward tax losses all deferred tax assets are recognized only if there is virtual certainty supported by convincing evidence that they can be realized against future taxable profits
II Notes to Accounts
1 The Company has been incorporated with the objective of participation in various airport infrastructure related projects Upon successful award of such bids separate Special Purpose Vehicles (SPVs) are formed in consortium with other parties for execution of these projects The expenses incurred by the company towards such projects are chargedrecovered from the respective project companies
2 The Company is engaged in the business of participation in bids for various airports infrastructure related projects which in the context of Accounting Standard 17 Segment Reporting as referred to in section 211(3C) of the Companies Act 1956 is considered as the only segment and hence the reporting under the requirements of the said standard does not arise
3 Contingent Liabilities Rs Nil (2009 Nil)
4 Details of Transactions with Related Parties
a) Names of related parties and description oftheir relationship
Enterprises that control the company GMR Infrastructure Limited (GIL) GMR Holdings Private Limited (GHPL)
Fellow Subsidiary Companies GMR Airport Holdings Limited (GAHL) (formerly Known as GVL Investments Private Limited) Delhi International Airport Private Limited (DIAPL)
Enterprise where Key Management -Personnel and their relatives exercise significant influence
Mr K Sreemannarayana (Director) bull Key Management Personnel i
Mr G Radhakrishna Babu (Director) Mr C Prasanna (Director) Mr Frank Thiesen (Director) I
b) Summary of transactions with the above related parties is as follows (Amount in Rupees)
Nature of Transaction March 31 2010 March 31 2009
Share Application Money Received - Enterprise that controls the Company
GIL
Share Application Money Refunded - Enterprise that controls the Company
GIL
-
-
400000
425000
Note Transactions and outstanding balances in the nature of reimbursement of expenses incurred by the company on behalf of other have not been considered above Accordingly the expenses reimbursedreimbursable by certain fellow subsidiaries and enterprises that control the company have not been disclosed above
5 Earnings per Share (EPS)
Particulars 2009-10 2008-09
Nominal Value of Equity Shares 10 10 Total Number of Equity shares outstanding at the beginning and at the end of the year 10000 10000
Weighted Average Number of Equity Shares outstanding at the end of the year 10000 10000
Profit after Tax (in Rs) 892492 (594287) EPS- Basic and Diluted 8924 (5943)
6 The Company has filed statutory forms under Foreign Exchange Management Act 1999 in respect of certain inward remittances of foreign currency from a overseas investor towards share application money amounting to Rs29722000- with Reserve Bank ofIndia (RBI) The Company approached RBI for condoning the delay in allotment or refund of the share application money In the mean time the company commenced negotiations with the said overseas investor with a request to waive the allotment or refund ofthe amount and to permit it us to adjust the same towards the expenses incurred in connection with the biddings Pending final directions from RBI the Company has not dealt with the share application money
7 There are no micro and small enterprises to which the company owes dues which are outstanding for more than 45 days as at March 31 2010 This information as required to be disclosed under the Micro Small and Medium Enterprises Development Act 2006 has been determined to the extent such parties have been identified on the basis of the information available with the company This has been relied upon by the Auditors
8 Deferred Tax (Asset)liability (Net) as at March 31 2010 comprises of (Amount in Rs)
S No Particulars
2010 2009 Deferred Tax Asset
Deferred Tax Liability
Deferred Tax Asset
Deferred Tax Liability
1 Depreciation - 324726 338545 Total - 324726 338545 Deferred Tax (Asset)Liability (net)
324726 338545
This being the first year of consideration previous year figures have not been furnished
9 Investment purchased and sold during the year
Particulars Purchased Sold
No of Units Amount in Rs No of Units Amount in Rs Mutual Funds Birla Sun Life Savings Fund Institutional - Growth
161403595 (-)
2801062542 (-)
161403595 (-)
2818574832 (-)
Birla Sun Life Cash Manager - Growth 32344826 (-)
700000000 (-)
32344826 H
704402377 (-)
Birla Sun Life Cash Plus - Institutional Premium - Growth
1008109557 (-)
14574402377 (-)
817828098 (-)
11850620910 H
HSBC Floating Rate -LT-Institutional Daily Dividend
-(55525730)
-(556123506)
-(55525730)
-(556123506)
Notes a) Purchases and Sales exclude those held at year end b) The sales realization excludes dividend if any received from Mutual Funds c) Previous year figures are mentioned in brackets
10 Information pursuant to paragraphs 3 4 4A 4B 4C and 4D of Schedule VI to the Companies Act 1956 to the extent either Nil or Not Applicable has not been furnished
11 Previous figures have been regrouped and reclassified to conform to those of the Current year
For and on behalf of the board of directors
K Sreemannarayana G Radhakrishna Babu Director Director
Place Bangalore Date May 272010
GATEWAYS FOR INDIA AIRPORTS PRIVATE LIMITED
Balance Sheet as at March 312010 (Amount in Rupees)
Schedule As At March 31 2010
As At March 31 2009
I SOURCES OF FUNDS
1 Shareholders Funds Share Capital Reserve and Swplus
2 Share application money pending allotment
3 Deferred Tax Liability [Refer note 8 of Schedule I(ll) 1
Total
II APPLICA TJON OF FUNDS
1 FIXed Assets (a) Gross Block (b) Less Depreciation (c) Net Block
2 Investments
3 Current Assets Loans and Advances
Ca) Cash and Bank Balances Cb) Loans and Advances
Less Current Liabilities and Provisions
Ca) Liabilities Cb) Provisions
Net Current Assets
4 Profit and Loss account
Total
Significant Accounting Policies and Notes to Accounts
A B
C
D
E F
G
J
100000 433935 533935
29722000
324726
4637913 1560105
100000
-
29722000
338545
4637913 1893634
30580661 30160545
2744279
28000000
(163618)
-
3077808
-
26624249
458488
86137 640720
28947171 1208344
726857 30155515
890475
-3531266
-890475 3531266
30580661 30160545
The schedules referred to above fonn an integral part ofthe Balance Sheet As per our report of eveIl date
For B Purushottam amp Co For and on behalf of the Board ofDirectors Chartered Accountants Finn Registration No 002808S
K VNS Kishore K Sreemannarayana G Radhakrishna Babu Partner Director Director MNo 206734
Place Bangalore Date May 27 2010
GATEWAYS FOR INDIA AIRPORTS PRIVATE LIMITED
Profit and Loss Account for the year ended March 31 2010
Schedule Year ended
March 31 2010
(Amount in Rupees)
Year ended
March 31 2009
I INCOME
Interest Income
(Tax deducted at source Rs 124702 (2009 Rs213875)
Dividend on Mutual Fund
Profit on Sale of Current Investments
734878
-981333
1124946
210727
Total 1716211 1 nCh1~
II EXPENDITURE
Administrative Expenses
Interest and Finance charges Depreciation
Profit(Loss) before Tax
H I
87745
649 333530
421924
1294287
1101651
173514
333456
1608621 (272948)
Provision for Taxation
Current
Deferred Fringe Benefit Tax
Profit after Taxation
415685 (13819)
-892421
191152
338545 bull (208357)
(594288
Profit Brought Forwarded Profit (Loss) after Tax carried to Balance Sheet
Earnings per Share Basic and Diluted (per equity share of Rsl 0 each) J (4)
(458487) 433935
8924
135800 (458488
(5943
Significant Accounting Policies and Notes to Accounts J
The schedules referred to above fonn an integral part of the Profit and Loss Account
As per our report ofeven date
For B Purushottam amp Co For and on behalf of the Board of Directors
Chartered Accountants Firm Registration No 002808S
K V N S Kishore K Sreemannarayana G Radhakrishna Babu
Partner Director Director
MNo206734
Place Bangalore Date May 27 2010
GATEWAYS FOR INDIA AIRPORTS PRIVATE LIMITED
Schedules forming part ofthe Balance Sheet as at March 312010
(Amount m Rupees
SCHEDULE-A As at
March 31 2010
As at
March 31 2009
Capital
Authorised
50000 Equity Shares of RSI0- each 500000 500000
Issued Subscribed and Paid-up
10000 Equity Shares of RsIO- each fully paid up (Of the above 3784 and 4865 equity shares fully paid up are held by GMR Infrastructure Limited (GIL) ( holding company) and GMR Airport Holdings Limited (Subsidiary of GIL) respectively)
100000 100000
100000 100000
(Amount in Rupees)
SCHEDVLE-B As at
March 312010
As at
March 312009
Reserves and Surplus
Profit and Loss Account Balance 433935 -
433935 -
GATEWAYS FOR INDIA AIRPORTS PRIVATE LIMITED
Schedules fonning part ortbe Balance sbeet as at Marcb 312010
SCHEDULE-C FIXed Assets
Amount in Rupees)
Description
Office Equipment
Furniture and Fixtures
Vehicles
i~-Total
Previous Year
As at Additions
April 01 2009
4179087 -
456417 -2350 -
4637913
4637913
Gross Block
Deletions
-
-
--
As at As at
Marcb 312010 _JriI 01 2009
4179087 1440608
456477 117147
2350 2350
4637913 1560104
4631913 --shy ~2~6~
Depreciation Net Block Net Block --shy
For the On Deletions
As t As at As at
peri0ltl ~larcb 31 2010 Marclln2010 Mab 31 2009 ---shy
305317 - 1745924 2433162 2738479
28213 - 145360 311117 339329
- 2350 --shy ----shy
333530 - 1893634 2744279 3077808
333456 - 1560105 3077 808 --------shy
GATEWAYS FOR INDIA AIRPORTS PRIVATE LIMITED
Scbedules forming part of the Balauce sheet as at March 31 2010 (Amount in Rupees
SCHEDULE-D As at Marcb 31 2010
As at March 31 2009
Investments
Mutual Funds
Birla Sun Life Cash Plus - Institutional Premium Growth [1902815 (2009 Nil) Units ofRslO each]
28000000
28000000 -Aggregate Market Value as at March 312010 - Rs28024653shy
(Amount in Rupees)
SCHEDULE-E As at March 31 2010
As at March 312009
Cash and Bank Balances
Cash on Hand Balances with Scheduled Banks
- on Current Accounts - In Fixed Deposits with banks
-
86137
-1378724
27568447 86137 28947171
(A mount ID Rupees
SCHEDULE- F As at March 312010
As at March 312009
Loans and Advances
(Unsecured Considered good) Interest Accrued but not due
Advances recoverable in cash or in kind or for value to be received
Advance Tax (net of provision)
-640720
-640720
502783 682838
22723
1208344
(Amount in Rupees)
SCHEDULEmiddotG As at
March 31 2010
As at
March 312009
Liabilities
Sundry Creditors - Dues to Micro and Small Enterprises
bull Dues to other than Micro and Small Enterprises -
833339 -
3531266
Provision for Tax (net of advance tax)
Other liabilities
833339 19434
37702
3531266
--
Provisions
Provision for expenses
890475
-
3531266
-
890475 3531266
GATEWAYS FOR INDIA AIRPORTS PRIVATE LIMITED
Schedules forming part of Profit and Loss Account for the year ended March 312010 (Amount in Rupees)
Year ended Year ended
SCHEDULE-H March 31 2010 March 31 2009
Administrative Expenses Rates and taxes 27747 9800
Consultancy and other professional charges 3750 39000
Remuneration to auditors
Audit Fees 50000 100000 bull
Advances written off - 952851
Interest on delayed payment ITITDS 6248 -87745 1101651
Year ended Year ended lis( H tltDULE - I March 31 2010 March 31 2009
Interest and Finance Charges Bank I other fmance charges 649 586 Interest Others I - 172928
649 173514
GATEWAYS FOR INDIA AIRPORTS PRIVATE LIMITED Cash Flow Statement For The Year Ended Mareh 312010
(Amount in Rupees)
SL No
A
B
C
Particulars
CASH FLOW FROM OPERATING ACTIVITIES
Net Profit Before Tax Adjustments for
Depreciation
Advances written off
Interest income Dividend Income from Mutual Fund
Profit from sale of investments Interest and Finance Charges
Operating Profit Before Working Capital Changes
Adjustments for
Change in Trade and other receivables Change in Trade Payables
Casb generated from Operations Income Taxes refund I (paid) during the year
Net Cash Flow from(used in) Operating Activities
Cash Flow from (Used In) Investing Activities
Purchase ofInvestments - Short Term Proceeds from Sale of Investments - Short Term
Interest income received Dividend Received
Net Cash Flow from used in Investing Activities
Cash Flow from Financing Activities
Proceedsl(Refund) fromlof Share Application Money (net)
Interest and Financial Charges paid Net cash from(used in) financing activities
Net increase(decrease) in Cash and Cash Equivalents
Cash and Cash Equivalents at the beginning ofthe year Cash and Cash Equivalents at the end of the year
March 31 2010
1294287
333530
-(734878)
-(981333)
649 (87745)
544901 (2660225
(2203069)
(373528)
(2576597)
(175193414)
148174748
734878
-(26283788) 6218690
- (25000)
(649) 173514
(649)
(28861034)
28947171 86137
March 31 2009
(272948)
333456
952851 (1124946)
(210727)
-(173514
(495828)
46581090 (23656386) 22428876
(5518)
22423358
-5385800
622163
210727
148514
28790562
156609
28947171
Notes
I The above Cash Flow Statement has been prepared under the Indirect Method as set out in the Accounting
Standard 3 on Cash Plow Statements as referred to in Section 211 (3C) of the Companies Act 1956
2 Previous years figures have been regrouped and reclassified to conform to those of the current year
As per our report of even date
For S Purushottam amp Co Por and on behalfofthe Board of Directors
Chartered Aecountants Firm Registration No 0028088
K V N 8 Kishore K Sreemannarayana G Radhakrishna Sabu
Partner Director Director MNo 206734
Place Bangalore
Date May 27 2010
GATEWAYS FOR INDIA AIRPORTS PRlVATE LIMITED BALANCE SHEET ABSTRACT AND COMPANYS GENERAL BUSINESS PROFILE
1 Registration Details
Registration No 1045123 State Code 06 I Balance Sheet Date 31st March 2010 I
llcaPital Raised during the year (Amount in Rs thousands)
IPublic Issue NIL IRights Issue NIL Bonus Issue NIL I Private Placement NIL
3 Position of Mobilisation and Development of Funds (Amount In Rs thousands)
ITotal Liabilities I 30581 Total assets 30581 II
Sources of Funds IPaid Up Capital I 100 I Reserves ft Surplus I 43411 Share Application moneypending allotment I 29722 IUnsecured Loans I NIL Secured Loans I NIL IDef~rrtld tax liability I 325
Application of Funds iNct fixed Assets (including capital work in 2744 Investments 28000 Iprogress) Net Current Assets (164) Mise Expenditure NIL Accumulated Losses NIL
4 Performance of company ( Amount In Rupees)
Gross Income I 1716 Total Expenditure 422 + I - Profit I Loss Before Tax I 1294 + I Profit I loss After Tax I 892 Earning Per Share in Rs (Basic Ii Diluted) I 8924 Dividend Rate I -
5 Generic Names of Three Principal Products I Services of Company (as p monetary terms)
Item Code Ho I NA I Product Description I
For and on behalf of the Board
K $reemannarayana G Radhakrishna Babu
Director Director
Place Bangalore
Date May 272010
GATEWAYS FOR INDIA AIRPORTS PRIVATE LIMITED
J Schedules forming part of the Balance sheet as at March 31 2010
I Significant Accounting Policies
1 Accounting Assumptions The financial statements have been prepared to comply in all material respects with the Accounting Standards notified by Companies (Accounting Standards) Rules 2006 (as amended) and the relevant provisions ofthe Companies Act 1956 (the Act) The financial statements have been prepared under the historical cost convention on an accrual basis except in case of assets for which provision for impairment is made and revaluation is carried out The accounting policies have been consistently applied by the Company
2 Fixed Assets Fixed Assets are stated at cost of acquisition less accumulated depreciation and impairment losses if any Cost comprises of purchase price and freight duties levies and all other incidentals attributable to bringing the asset to its working condition for its intended use
Assets under installation or under construction and the related advances as at the balance sheet date are shown as capital work in progress
Borrowing costs that are attributable to the acquisition or construction of qualifying assets are capitalized as part of the cost of such assets till the period such assets are ready to be put to use A qualifying asset is one that takes substantial period of time to get ready for its intended use or sale Other borrowing costs not attributable to the acquisition of any capital asset or investments are recognized as expenses in the period in which they are incurred
3 Depreciation Depreciation is provided on straight line method at the rates specified under Schedule XIV to the Act which is estimated by the management to be the estimated useful lives of the assets Assets individually costing less than Rs 5000 are fully depreciated in the year of acquisition
4 Foreign Currency Transactions All foreign currency transactions are accounted for at the exchange rates prevailing on the date of such transactions
Non-monetary items which are carried in terms of historical cost denominated in a foreign currency are reported using the exchange rate at the date of the transaction and non-monetary items which are carried at fair value or other similar valuation denominated in a foreign currency are reported using the exchange rates that existed when the values were determined
All other monetary assets and liabilities denominated in foreign currency are restated at the closing rates at the year end and all exchange gains losses arising there from are adjusted to the Profit and Loss account except those covered by forward contracted rates where the premium or discount arising at the inception of such forward exchange contract is amortized as expense or income over the life of the contract
5 Earnings per Share Basic earnings per share are calculated by dividing the net profit or loss for the period attributable to equity shareholders (after deducting preference dividends and attributable taxes) by the weighted average number of equity shares outstanding during the period Partly paid equity shares are treated as a fraction of an equity share to the extent that they were entitled to participate in dividends relative to a fully paid equity share during the reporting period The weighted average numbers of equity shares outstanding during the period are adjusted for events of bonus issue bonus element in a rights issue to existing shareholders share split and reverse share split (consolidation of shares)
For the purpose of calculating diluted earnings per share the net profit or loss for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period are adjusted for the effects of all dilutive potential equity shares
6 Investments Investments that are readily realisable and intended to be held for not more than a year are classified as current investments All other investments are classified as long-term investments Long-term investments are carried at cost less provision made to recognize any decline other than temporary in the value of such investments Current investments are valued at cost or fair value whichever is lower Cost of acquisition is inclusive of expenditure incidental to acquisition
7 Revenue Recognition Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured
Dividend income on investments is accounted for when the right to receive the payment is established by the balance sheet date Dividends from subsidiaries are recognized even if same are declared after the balance sheet date but pertain to period on or before the date of balance sheet as per the requirement of schedule VI of the Companies Act 1956
Interest on investments and bank deposits are recognised on a time proportion basis taking into account the amounts invested and the rate of interest
8 Taxes on Income Tax expense comprises of current and deferred tax Current tax is determined based on the amount of tax payable in respect of taxable income for the year in accordance with the Income Tax Act 1961 enacted in India Deferred tax is recognized on timing differences being the difference between the taxable income and the accounting income that originate in one year and are capable of reversal in one or more subsequent years
Deferred tax assets and liabilities are computed on the timing differences applying the tax rates and tax laws that have been enacted or substantively enacted by the balance sheet date Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to set off current tax assets against current tax liabilities and the deferred tax assets and deferred tax liabilities relate to the taxes on income levied by same governing taxation laws Deferred tax assets are recognized only to the extent that there is reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized In situations where the Company has unabsorbed depreciation or carry forward tax losses all deferred tax assets are recognized only if there is virtual certainty supported by convincing evidence that they can be realized against future taxable profits
II Notes to Accounts
1 The Company has been incorporated with the objective of participation in various airport infrastructure related projects Upon successful award of such bids separate Special Purpose Vehicles (SPVs) are formed in consortium with other parties for execution of these projects The expenses incurred by the company towards such projects are chargedrecovered from the respective project companies
2 The Company is engaged in the business of participation in bids for various airports infrastructure related projects which in the context of Accounting Standard 17 Segment Reporting as referred to in section 211(3C) of the Companies Act 1956 is considered as the only segment and hence the reporting under the requirements of the said standard does not arise
3 Contingent Liabilities Rs Nil (2009 Nil)
4 Details of Transactions with Related Parties
a) Names of related parties and description oftheir relationship
Enterprises that control the company GMR Infrastructure Limited (GIL) GMR Holdings Private Limited (GHPL)
Fellow Subsidiary Companies GMR Airport Holdings Limited (GAHL) (formerly Known as GVL Investments Private Limited) Delhi International Airport Private Limited (DIAPL)
Enterprise where Key Management -Personnel and their relatives exercise significant influence
Mr K Sreemannarayana (Director) bull Key Management Personnel i
Mr G Radhakrishna Babu (Director) Mr C Prasanna (Director) Mr Frank Thiesen (Director) I
b) Summary of transactions with the above related parties is as follows (Amount in Rupees)
Nature of Transaction March 31 2010 March 31 2009
Share Application Money Received - Enterprise that controls the Company
GIL
Share Application Money Refunded - Enterprise that controls the Company
GIL
-
-
400000
425000
Note Transactions and outstanding balances in the nature of reimbursement of expenses incurred by the company on behalf of other have not been considered above Accordingly the expenses reimbursedreimbursable by certain fellow subsidiaries and enterprises that control the company have not been disclosed above
5 Earnings per Share (EPS)
Particulars 2009-10 2008-09
Nominal Value of Equity Shares 10 10 Total Number of Equity shares outstanding at the beginning and at the end of the year 10000 10000
Weighted Average Number of Equity Shares outstanding at the end of the year 10000 10000
Profit after Tax (in Rs) 892492 (594287) EPS- Basic and Diluted 8924 (5943)
6 The Company has filed statutory forms under Foreign Exchange Management Act 1999 in respect of certain inward remittances of foreign currency from a overseas investor towards share application money amounting to Rs29722000- with Reserve Bank ofIndia (RBI) The Company approached RBI for condoning the delay in allotment or refund of the share application money In the mean time the company commenced negotiations with the said overseas investor with a request to waive the allotment or refund ofthe amount and to permit it us to adjust the same towards the expenses incurred in connection with the biddings Pending final directions from RBI the Company has not dealt with the share application money
7 There are no micro and small enterprises to which the company owes dues which are outstanding for more than 45 days as at March 31 2010 This information as required to be disclosed under the Micro Small and Medium Enterprises Development Act 2006 has been determined to the extent such parties have been identified on the basis of the information available with the company This has been relied upon by the Auditors
8 Deferred Tax (Asset)liability (Net) as at March 31 2010 comprises of (Amount in Rs)
S No Particulars
2010 2009 Deferred Tax Asset
Deferred Tax Liability
Deferred Tax Asset
Deferred Tax Liability
1 Depreciation - 324726 338545 Total - 324726 338545 Deferred Tax (Asset)Liability (net)
324726 338545
This being the first year of consideration previous year figures have not been furnished
9 Investment purchased and sold during the year
Particulars Purchased Sold
No of Units Amount in Rs No of Units Amount in Rs Mutual Funds Birla Sun Life Savings Fund Institutional - Growth
161403595 (-)
2801062542 (-)
161403595 (-)
2818574832 (-)
Birla Sun Life Cash Manager - Growth 32344826 (-)
700000000 (-)
32344826 H
704402377 (-)
Birla Sun Life Cash Plus - Institutional Premium - Growth
1008109557 (-)
14574402377 (-)
817828098 (-)
11850620910 H
HSBC Floating Rate -LT-Institutional Daily Dividend
-(55525730)
-(556123506)
-(55525730)
-(556123506)
Notes a) Purchases and Sales exclude those held at year end b) The sales realization excludes dividend if any received from Mutual Funds c) Previous year figures are mentioned in brackets
10 Information pursuant to paragraphs 3 4 4A 4B 4C and 4D of Schedule VI to the Companies Act 1956 to the extent either Nil or Not Applicable has not been furnished
11 Previous figures have been regrouped and reclassified to conform to those of the Current year
For and on behalf of the board of directors
K Sreemannarayana G Radhakrishna Babu Director Director
Place Bangalore Date May 272010
GATEWAYS FOR INDIA AIRPORTS PRIVATE LIMITED
Profit and Loss Account for the year ended March 31 2010
Schedule Year ended
March 31 2010
(Amount in Rupees)
Year ended
March 31 2009
I INCOME
Interest Income
(Tax deducted at source Rs 124702 (2009 Rs213875)
Dividend on Mutual Fund
Profit on Sale of Current Investments
734878
-981333
1124946
210727
Total 1716211 1 nCh1~
II EXPENDITURE
Administrative Expenses
Interest and Finance charges Depreciation
Profit(Loss) before Tax
H I
87745
649 333530
421924
1294287
1101651
173514
333456
1608621 (272948)
Provision for Taxation
Current
Deferred Fringe Benefit Tax
Profit after Taxation
415685 (13819)
-892421
191152
338545 bull (208357)
(594288
Profit Brought Forwarded Profit (Loss) after Tax carried to Balance Sheet
Earnings per Share Basic and Diluted (per equity share of Rsl 0 each) J (4)
(458487) 433935
8924
135800 (458488
(5943
Significant Accounting Policies and Notes to Accounts J
The schedules referred to above fonn an integral part of the Profit and Loss Account
As per our report ofeven date
For B Purushottam amp Co For and on behalf of the Board of Directors
Chartered Accountants Firm Registration No 002808S
K V N S Kishore K Sreemannarayana G Radhakrishna Babu
Partner Director Director
MNo206734
Place Bangalore Date May 27 2010
GATEWAYS FOR INDIA AIRPORTS PRIVATE LIMITED
Schedules forming part ofthe Balance Sheet as at March 312010
(Amount m Rupees
SCHEDULE-A As at
March 31 2010
As at
March 31 2009
Capital
Authorised
50000 Equity Shares of RSI0- each 500000 500000
Issued Subscribed and Paid-up
10000 Equity Shares of RsIO- each fully paid up (Of the above 3784 and 4865 equity shares fully paid up are held by GMR Infrastructure Limited (GIL) ( holding company) and GMR Airport Holdings Limited (Subsidiary of GIL) respectively)
100000 100000
100000 100000
(Amount in Rupees)
SCHEDVLE-B As at
March 312010
As at
March 312009
Reserves and Surplus
Profit and Loss Account Balance 433935 -
433935 -
GATEWAYS FOR INDIA AIRPORTS PRIVATE LIMITED
Schedules fonning part ortbe Balance sbeet as at Marcb 312010
SCHEDULE-C FIXed Assets
Amount in Rupees)
Description
Office Equipment
Furniture and Fixtures
Vehicles
i~-Total
Previous Year
As at Additions
April 01 2009
4179087 -
456417 -2350 -
4637913
4637913
Gross Block
Deletions
-
-
--
As at As at
Marcb 312010 _JriI 01 2009
4179087 1440608
456477 117147
2350 2350
4637913 1560104
4631913 --shy ~2~6~
Depreciation Net Block Net Block --shy
For the On Deletions
As t As at As at
peri0ltl ~larcb 31 2010 Marclln2010 Mab 31 2009 ---shy
305317 - 1745924 2433162 2738479
28213 - 145360 311117 339329
- 2350 --shy ----shy
333530 - 1893634 2744279 3077808
333456 - 1560105 3077 808 --------shy
GATEWAYS FOR INDIA AIRPORTS PRIVATE LIMITED
Scbedules forming part of the Balauce sheet as at March 31 2010 (Amount in Rupees
SCHEDULE-D As at Marcb 31 2010
As at March 31 2009
Investments
Mutual Funds
Birla Sun Life Cash Plus - Institutional Premium Growth [1902815 (2009 Nil) Units ofRslO each]
28000000
28000000 -Aggregate Market Value as at March 312010 - Rs28024653shy
(Amount in Rupees)
SCHEDULE-E As at March 31 2010
As at March 312009
Cash and Bank Balances
Cash on Hand Balances with Scheduled Banks
- on Current Accounts - In Fixed Deposits with banks
-
86137
-1378724
27568447 86137 28947171
(A mount ID Rupees
SCHEDULE- F As at March 312010
As at March 312009
Loans and Advances
(Unsecured Considered good) Interest Accrued but not due
Advances recoverable in cash or in kind or for value to be received
Advance Tax (net of provision)
-640720
-640720
502783 682838
22723
1208344
(Amount in Rupees)
SCHEDULEmiddotG As at
March 31 2010
As at
March 312009
Liabilities
Sundry Creditors - Dues to Micro and Small Enterprises
bull Dues to other than Micro and Small Enterprises -
833339 -
3531266
Provision for Tax (net of advance tax)
Other liabilities
833339 19434
37702
3531266
--
Provisions
Provision for expenses
890475
-
3531266
-
890475 3531266
GATEWAYS FOR INDIA AIRPORTS PRIVATE LIMITED
Schedules forming part of Profit and Loss Account for the year ended March 312010 (Amount in Rupees)
Year ended Year ended
SCHEDULE-H March 31 2010 March 31 2009
Administrative Expenses Rates and taxes 27747 9800
Consultancy and other professional charges 3750 39000
Remuneration to auditors
Audit Fees 50000 100000 bull
Advances written off - 952851
Interest on delayed payment ITITDS 6248 -87745 1101651
Year ended Year ended lis( H tltDULE - I March 31 2010 March 31 2009
Interest and Finance Charges Bank I other fmance charges 649 586 Interest Others I - 172928
649 173514
GATEWAYS FOR INDIA AIRPORTS PRIVATE LIMITED Cash Flow Statement For The Year Ended Mareh 312010
(Amount in Rupees)
SL No
A
B
C
Particulars
CASH FLOW FROM OPERATING ACTIVITIES
Net Profit Before Tax Adjustments for
Depreciation
Advances written off
Interest income Dividend Income from Mutual Fund
Profit from sale of investments Interest and Finance Charges
Operating Profit Before Working Capital Changes
Adjustments for
Change in Trade and other receivables Change in Trade Payables
Casb generated from Operations Income Taxes refund I (paid) during the year
Net Cash Flow from(used in) Operating Activities
Cash Flow from (Used In) Investing Activities
Purchase ofInvestments - Short Term Proceeds from Sale of Investments - Short Term
Interest income received Dividend Received
Net Cash Flow from used in Investing Activities
Cash Flow from Financing Activities
Proceedsl(Refund) fromlof Share Application Money (net)
Interest and Financial Charges paid Net cash from(used in) financing activities
Net increase(decrease) in Cash and Cash Equivalents
Cash and Cash Equivalents at the beginning ofthe year Cash and Cash Equivalents at the end of the year
March 31 2010
1294287
333530
-(734878)
-(981333)
649 (87745)
544901 (2660225
(2203069)
(373528)
(2576597)
(175193414)
148174748
734878
-(26283788) 6218690
- (25000)
(649) 173514
(649)
(28861034)
28947171 86137
March 31 2009
(272948)
333456
952851 (1124946)
(210727)
-(173514
(495828)
46581090 (23656386) 22428876
(5518)
22423358
-5385800
622163
210727
148514
28790562
156609
28947171
Notes
I The above Cash Flow Statement has been prepared under the Indirect Method as set out in the Accounting
Standard 3 on Cash Plow Statements as referred to in Section 211 (3C) of the Companies Act 1956
2 Previous years figures have been regrouped and reclassified to conform to those of the current year
As per our report of even date
For S Purushottam amp Co Por and on behalfofthe Board of Directors
Chartered Aecountants Firm Registration No 0028088
K V N 8 Kishore K Sreemannarayana G Radhakrishna Sabu
Partner Director Director MNo 206734
Place Bangalore
Date May 27 2010
GATEWAYS FOR INDIA AIRPORTS PRlVATE LIMITED BALANCE SHEET ABSTRACT AND COMPANYS GENERAL BUSINESS PROFILE
1 Registration Details
Registration No 1045123 State Code 06 I Balance Sheet Date 31st March 2010 I
llcaPital Raised during the year (Amount in Rs thousands)
IPublic Issue NIL IRights Issue NIL Bonus Issue NIL I Private Placement NIL
3 Position of Mobilisation and Development of Funds (Amount In Rs thousands)
ITotal Liabilities I 30581 Total assets 30581 II
Sources of Funds IPaid Up Capital I 100 I Reserves ft Surplus I 43411 Share Application moneypending allotment I 29722 IUnsecured Loans I NIL Secured Loans I NIL IDef~rrtld tax liability I 325
Application of Funds iNct fixed Assets (including capital work in 2744 Investments 28000 Iprogress) Net Current Assets (164) Mise Expenditure NIL Accumulated Losses NIL
4 Performance of company ( Amount In Rupees)
Gross Income I 1716 Total Expenditure 422 + I - Profit I Loss Before Tax I 1294 + I Profit I loss After Tax I 892 Earning Per Share in Rs (Basic Ii Diluted) I 8924 Dividend Rate I -
5 Generic Names of Three Principal Products I Services of Company (as p monetary terms)
Item Code Ho I NA I Product Description I
For and on behalf of the Board
K $reemannarayana G Radhakrishna Babu
Director Director
Place Bangalore
Date May 272010
GATEWAYS FOR INDIA AIRPORTS PRIVATE LIMITED
J Schedules forming part of the Balance sheet as at March 31 2010
I Significant Accounting Policies
1 Accounting Assumptions The financial statements have been prepared to comply in all material respects with the Accounting Standards notified by Companies (Accounting Standards) Rules 2006 (as amended) and the relevant provisions ofthe Companies Act 1956 (the Act) The financial statements have been prepared under the historical cost convention on an accrual basis except in case of assets for which provision for impairment is made and revaluation is carried out The accounting policies have been consistently applied by the Company
2 Fixed Assets Fixed Assets are stated at cost of acquisition less accumulated depreciation and impairment losses if any Cost comprises of purchase price and freight duties levies and all other incidentals attributable to bringing the asset to its working condition for its intended use
Assets under installation or under construction and the related advances as at the balance sheet date are shown as capital work in progress
Borrowing costs that are attributable to the acquisition or construction of qualifying assets are capitalized as part of the cost of such assets till the period such assets are ready to be put to use A qualifying asset is one that takes substantial period of time to get ready for its intended use or sale Other borrowing costs not attributable to the acquisition of any capital asset or investments are recognized as expenses in the period in which they are incurred
3 Depreciation Depreciation is provided on straight line method at the rates specified under Schedule XIV to the Act which is estimated by the management to be the estimated useful lives of the assets Assets individually costing less than Rs 5000 are fully depreciated in the year of acquisition
4 Foreign Currency Transactions All foreign currency transactions are accounted for at the exchange rates prevailing on the date of such transactions
Non-monetary items which are carried in terms of historical cost denominated in a foreign currency are reported using the exchange rate at the date of the transaction and non-monetary items which are carried at fair value or other similar valuation denominated in a foreign currency are reported using the exchange rates that existed when the values were determined
All other monetary assets and liabilities denominated in foreign currency are restated at the closing rates at the year end and all exchange gains losses arising there from are adjusted to the Profit and Loss account except those covered by forward contracted rates where the premium or discount arising at the inception of such forward exchange contract is amortized as expense or income over the life of the contract
5 Earnings per Share Basic earnings per share are calculated by dividing the net profit or loss for the period attributable to equity shareholders (after deducting preference dividends and attributable taxes) by the weighted average number of equity shares outstanding during the period Partly paid equity shares are treated as a fraction of an equity share to the extent that they were entitled to participate in dividends relative to a fully paid equity share during the reporting period The weighted average numbers of equity shares outstanding during the period are adjusted for events of bonus issue bonus element in a rights issue to existing shareholders share split and reverse share split (consolidation of shares)
For the purpose of calculating diluted earnings per share the net profit or loss for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period are adjusted for the effects of all dilutive potential equity shares
6 Investments Investments that are readily realisable and intended to be held for not more than a year are classified as current investments All other investments are classified as long-term investments Long-term investments are carried at cost less provision made to recognize any decline other than temporary in the value of such investments Current investments are valued at cost or fair value whichever is lower Cost of acquisition is inclusive of expenditure incidental to acquisition
7 Revenue Recognition Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured
Dividend income on investments is accounted for when the right to receive the payment is established by the balance sheet date Dividends from subsidiaries are recognized even if same are declared after the balance sheet date but pertain to period on or before the date of balance sheet as per the requirement of schedule VI of the Companies Act 1956
Interest on investments and bank deposits are recognised on a time proportion basis taking into account the amounts invested and the rate of interest
8 Taxes on Income Tax expense comprises of current and deferred tax Current tax is determined based on the amount of tax payable in respect of taxable income for the year in accordance with the Income Tax Act 1961 enacted in India Deferred tax is recognized on timing differences being the difference between the taxable income and the accounting income that originate in one year and are capable of reversal in one or more subsequent years
Deferred tax assets and liabilities are computed on the timing differences applying the tax rates and tax laws that have been enacted or substantively enacted by the balance sheet date Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to set off current tax assets against current tax liabilities and the deferred tax assets and deferred tax liabilities relate to the taxes on income levied by same governing taxation laws Deferred tax assets are recognized only to the extent that there is reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized In situations where the Company has unabsorbed depreciation or carry forward tax losses all deferred tax assets are recognized only if there is virtual certainty supported by convincing evidence that they can be realized against future taxable profits
II Notes to Accounts
1 The Company has been incorporated with the objective of participation in various airport infrastructure related projects Upon successful award of such bids separate Special Purpose Vehicles (SPVs) are formed in consortium with other parties for execution of these projects The expenses incurred by the company towards such projects are chargedrecovered from the respective project companies
2 The Company is engaged in the business of participation in bids for various airports infrastructure related projects which in the context of Accounting Standard 17 Segment Reporting as referred to in section 211(3C) of the Companies Act 1956 is considered as the only segment and hence the reporting under the requirements of the said standard does not arise
3 Contingent Liabilities Rs Nil (2009 Nil)
4 Details of Transactions with Related Parties
a) Names of related parties and description oftheir relationship
Enterprises that control the company GMR Infrastructure Limited (GIL) GMR Holdings Private Limited (GHPL)
Fellow Subsidiary Companies GMR Airport Holdings Limited (GAHL) (formerly Known as GVL Investments Private Limited) Delhi International Airport Private Limited (DIAPL)
Enterprise where Key Management -Personnel and their relatives exercise significant influence
Mr K Sreemannarayana (Director) bull Key Management Personnel i
Mr G Radhakrishna Babu (Director) Mr C Prasanna (Director) Mr Frank Thiesen (Director) I
b) Summary of transactions with the above related parties is as follows (Amount in Rupees)
Nature of Transaction March 31 2010 March 31 2009
Share Application Money Received - Enterprise that controls the Company
GIL
Share Application Money Refunded - Enterprise that controls the Company
GIL
-
-
400000
425000
Note Transactions and outstanding balances in the nature of reimbursement of expenses incurred by the company on behalf of other have not been considered above Accordingly the expenses reimbursedreimbursable by certain fellow subsidiaries and enterprises that control the company have not been disclosed above
5 Earnings per Share (EPS)
Particulars 2009-10 2008-09
Nominal Value of Equity Shares 10 10 Total Number of Equity shares outstanding at the beginning and at the end of the year 10000 10000
Weighted Average Number of Equity Shares outstanding at the end of the year 10000 10000
Profit after Tax (in Rs) 892492 (594287) EPS- Basic and Diluted 8924 (5943)
6 The Company has filed statutory forms under Foreign Exchange Management Act 1999 in respect of certain inward remittances of foreign currency from a overseas investor towards share application money amounting to Rs29722000- with Reserve Bank ofIndia (RBI) The Company approached RBI for condoning the delay in allotment or refund of the share application money In the mean time the company commenced negotiations with the said overseas investor with a request to waive the allotment or refund ofthe amount and to permit it us to adjust the same towards the expenses incurred in connection with the biddings Pending final directions from RBI the Company has not dealt with the share application money
7 There are no micro and small enterprises to which the company owes dues which are outstanding for more than 45 days as at March 31 2010 This information as required to be disclosed under the Micro Small and Medium Enterprises Development Act 2006 has been determined to the extent such parties have been identified on the basis of the information available with the company This has been relied upon by the Auditors
8 Deferred Tax (Asset)liability (Net) as at March 31 2010 comprises of (Amount in Rs)
S No Particulars
2010 2009 Deferred Tax Asset
Deferred Tax Liability
Deferred Tax Asset
Deferred Tax Liability
1 Depreciation - 324726 338545 Total - 324726 338545 Deferred Tax (Asset)Liability (net)
324726 338545
This being the first year of consideration previous year figures have not been furnished
9 Investment purchased and sold during the year
Particulars Purchased Sold
No of Units Amount in Rs No of Units Amount in Rs Mutual Funds Birla Sun Life Savings Fund Institutional - Growth
161403595 (-)
2801062542 (-)
161403595 (-)
2818574832 (-)
Birla Sun Life Cash Manager - Growth 32344826 (-)
700000000 (-)
32344826 H
704402377 (-)
Birla Sun Life Cash Plus - Institutional Premium - Growth
1008109557 (-)
14574402377 (-)
817828098 (-)
11850620910 H
HSBC Floating Rate -LT-Institutional Daily Dividend
-(55525730)
-(556123506)
-(55525730)
-(556123506)
Notes a) Purchases and Sales exclude those held at year end b) The sales realization excludes dividend if any received from Mutual Funds c) Previous year figures are mentioned in brackets
10 Information pursuant to paragraphs 3 4 4A 4B 4C and 4D of Schedule VI to the Companies Act 1956 to the extent either Nil or Not Applicable has not been furnished
11 Previous figures have been regrouped and reclassified to conform to those of the Current year
For and on behalf of the board of directors
K Sreemannarayana G Radhakrishna Babu Director Director
Place Bangalore Date May 272010
GATEWAYS FOR INDIA AIRPORTS PRIVATE LIMITED
Schedules forming part ofthe Balance Sheet as at March 312010
(Amount m Rupees
SCHEDULE-A As at
March 31 2010
As at
March 31 2009
Capital
Authorised
50000 Equity Shares of RSI0- each 500000 500000
Issued Subscribed and Paid-up
10000 Equity Shares of RsIO- each fully paid up (Of the above 3784 and 4865 equity shares fully paid up are held by GMR Infrastructure Limited (GIL) ( holding company) and GMR Airport Holdings Limited (Subsidiary of GIL) respectively)
100000 100000
100000 100000
(Amount in Rupees)
SCHEDVLE-B As at
March 312010
As at
March 312009
Reserves and Surplus
Profit and Loss Account Balance 433935 -
433935 -
GATEWAYS FOR INDIA AIRPORTS PRIVATE LIMITED
Schedules fonning part ortbe Balance sbeet as at Marcb 312010
SCHEDULE-C FIXed Assets
Amount in Rupees)
Description
Office Equipment
Furniture and Fixtures
Vehicles
i~-Total
Previous Year
As at Additions
April 01 2009
4179087 -
456417 -2350 -
4637913
4637913
Gross Block
Deletions
-
-
--
As at As at
Marcb 312010 _JriI 01 2009
4179087 1440608
456477 117147
2350 2350
4637913 1560104
4631913 --shy ~2~6~
Depreciation Net Block Net Block --shy
For the On Deletions
As t As at As at
peri0ltl ~larcb 31 2010 Marclln2010 Mab 31 2009 ---shy
305317 - 1745924 2433162 2738479
28213 - 145360 311117 339329
- 2350 --shy ----shy
333530 - 1893634 2744279 3077808
333456 - 1560105 3077 808 --------shy
GATEWAYS FOR INDIA AIRPORTS PRIVATE LIMITED
Scbedules forming part of the Balauce sheet as at March 31 2010 (Amount in Rupees
SCHEDULE-D As at Marcb 31 2010
As at March 31 2009
Investments
Mutual Funds
Birla Sun Life Cash Plus - Institutional Premium Growth [1902815 (2009 Nil) Units ofRslO each]
28000000
28000000 -Aggregate Market Value as at March 312010 - Rs28024653shy
(Amount in Rupees)
SCHEDULE-E As at March 31 2010
As at March 312009
Cash and Bank Balances
Cash on Hand Balances with Scheduled Banks
- on Current Accounts - In Fixed Deposits with banks
-
86137
-1378724
27568447 86137 28947171
(A mount ID Rupees
SCHEDULE- F As at March 312010
As at March 312009
Loans and Advances
(Unsecured Considered good) Interest Accrued but not due
Advances recoverable in cash or in kind or for value to be received
Advance Tax (net of provision)
-640720
-640720
502783 682838
22723
1208344
(Amount in Rupees)
SCHEDULEmiddotG As at
March 31 2010
As at
March 312009
Liabilities
Sundry Creditors - Dues to Micro and Small Enterprises
bull Dues to other than Micro and Small Enterprises -
833339 -
3531266
Provision for Tax (net of advance tax)
Other liabilities
833339 19434
37702
3531266
--
Provisions
Provision for expenses
890475
-
3531266
-
890475 3531266
GATEWAYS FOR INDIA AIRPORTS PRIVATE LIMITED
Schedules forming part of Profit and Loss Account for the year ended March 312010 (Amount in Rupees)
Year ended Year ended
SCHEDULE-H March 31 2010 March 31 2009
Administrative Expenses Rates and taxes 27747 9800
Consultancy and other professional charges 3750 39000
Remuneration to auditors
Audit Fees 50000 100000 bull
Advances written off - 952851
Interest on delayed payment ITITDS 6248 -87745 1101651
Year ended Year ended lis( H tltDULE - I March 31 2010 March 31 2009
Interest and Finance Charges Bank I other fmance charges 649 586 Interest Others I - 172928
649 173514
GATEWAYS FOR INDIA AIRPORTS PRIVATE LIMITED Cash Flow Statement For The Year Ended Mareh 312010
(Amount in Rupees)
SL No
A
B
C
Particulars
CASH FLOW FROM OPERATING ACTIVITIES
Net Profit Before Tax Adjustments for
Depreciation
Advances written off
Interest income Dividend Income from Mutual Fund
Profit from sale of investments Interest and Finance Charges
Operating Profit Before Working Capital Changes
Adjustments for
Change in Trade and other receivables Change in Trade Payables
Casb generated from Operations Income Taxes refund I (paid) during the year
Net Cash Flow from(used in) Operating Activities
Cash Flow from (Used In) Investing Activities
Purchase ofInvestments - Short Term Proceeds from Sale of Investments - Short Term
Interest income received Dividend Received
Net Cash Flow from used in Investing Activities
Cash Flow from Financing Activities
Proceedsl(Refund) fromlof Share Application Money (net)
Interest and Financial Charges paid Net cash from(used in) financing activities
Net increase(decrease) in Cash and Cash Equivalents
Cash and Cash Equivalents at the beginning ofthe year Cash and Cash Equivalents at the end of the year
March 31 2010
1294287
333530
-(734878)
-(981333)
649 (87745)
544901 (2660225
(2203069)
(373528)
(2576597)
(175193414)
148174748
734878
-(26283788) 6218690
- (25000)
(649) 173514
(649)
(28861034)
28947171 86137
March 31 2009
(272948)
333456
952851 (1124946)
(210727)
-(173514
(495828)
46581090 (23656386) 22428876
(5518)
22423358
-5385800
622163
210727
148514
28790562
156609
28947171
Notes
I The above Cash Flow Statement has been prepared under the Indirect Method as set out in the Accounting
Standard 3 on Cash Plow Statements as referred to in Section 211 (3C) of the Companies Act 1956
2 Previous years figures have been regrouped and reclassified to conform to those of the current year
As per our report of even date
For S Purushottam amp Co Por and on behalfofthe Board of Directors
Chartered Aecountants Firm Registration No 0028088
K V N 8 Kishore K Sreemannarayana G Radhakrishna Sabu
Partner Director Director MNo 206734
Place Bangalore
Date May 27 2010
GATEWAYS FOR INDIA AIRPORTS PRlVATE LIMITED BALANCE SHEET ABSTRACT AND COMPANYS GENERAL BUSINESS PROFILE
1 Registration Details
Registration No 1045123 State Code 06 I Balance Sheet Date 31st March 2010 I
llcaPital Raised during the year (Amount in Rs thousands)
IPublic Issue NIL IRights Issue NIL Bonus Issue NIL I Private Placement NIL
3 Position of Mobilisation and Development of Funds (Amount In Rs thousands)
ITotal Liabilities I 30581 Total assets 30581 II
Sources of Funds IPaid Up Capital I 100 I Reserves ft Surplus I 43411 Share Application moneypending allotment I 29722 IUnsecured Loans I NIL Secured Loans I NIL IDef~rrtld tax liability I 325
Application of Funds iNct fixed Assets (including capital work in 2744 Investments 28000 Iprogress) Net Current Assets (164) Mise Expenditure NIL Accumulated Losses NIL
4 Performance of company ( Amount In Rupees)
Gross Income I 1716 Total Expenditure 422 + I - Profit I Loss Before Tax I 1294 + I Profit I loss After Tax I 892 Earning Per Share in Rs (Basic Ii Diluted) I 8924 Dividend Rate I -
5 Generic Names of Three Principal Products I Services of Company (as p monetary terms)
Item Code Ho I NA I Product Description I
For and on behalf of the Board
K $reemannarayana G Radhakrishna Babu
Director Director
Place Bangalore
Date May 272010
GATEWAYS FOR INDIA AIRPORTS PRIVATE LIMITED
J Schedules forming part of the Balance sheet as at March 31 2010
I Significant Accounting Policies
1 Accounting Assumptions The financial statements have been prepared to comply in all material respects with the Accounting Standards notified by Companies (Accounting Standards) Rules 2006 (as amended) and the relevant provisions ofthe Companies Act 1956 (the Act) The financial statements have been prepared under the historical cost convention on an accrual basis except in case of assets for which provision for impairment is made and revaluation is carried out The accounting policies have been consistently applied by the Company
2 Fixed Assets Fixed Assets are stated at cost of acquisition less accumulated depreciation and impairment losses if any Cost comprises of purchase price and freight duties levies and all other incidentals attributable to bringing the asset to its working condition for its intended use
Assets under installation or under construction and the related advances as at the balance sheet date are shown as capital work in progress
Borrowing costs that are attributable to the acquisition or construction of qualifying assets are capitalized as part of the cost of such assets till the period such assets are ready to be put to use A qualifying asset is one that takes substantial period of time to get ready for its intended use or sale Other borrowing costs not attributable to the acquisition of any capital asset or investments are recognized as expenses in the period in which they are incurred
3 Depreciation Depreciation is provided on straight line method at the rates specified under Schedule XIV to the Act which is estimated by the management to be the estimated useful lives of the assets Assets individually costing less than Rs 5000 are fully depreciated in the year of acquisition
4 Foreign Currency Transactions All foreign currency transactions are accounted for at the exchange rates prevailing on the date of such transactions
Non-monetary items which are carried in terms of historical cost denominated in a foreign currency are reported using the exchange rate at the date of the transaction and non-monetary items which are carried at fair value or other similar valuation denominated in a foreign currency are reported using the exchange rates that existed when the values were determined
All other monetary assets and liabilities denominated in foreign currency are restated at the closing rates at the year end and all exchange gains losses arising there from are adjusted to the Profit and Loss account except those covered by forward contracted rates where the premium or discount arising at the inception of such forward exchange contract is amortized as expense or income over the life of the contract
5 Earnings per Share Basic earnings per share are calculated by dividing the net profit or loss for the period attributable to equity shareholders (after deducting preference dividends and attributable taxes) by the weighted average number of equity shares outstanding during the period Partly paid equity shares are treated as a fraction of an equity share to the extent that they were entitled to participate in dividends relative to a fully paid equity share during the reporting period The weighted average numbers of equity shares outstanding during the period are adjusted for events of bonus issue bonus element in a rights issue to existing shareholders share split and reverse share split (consolidation of shares)
For the purpose of calculating diluted earnings per share the net profit or loss for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period are adjusted for the effects of all dilutive potential equity shares
6 Investments Investments that are readily realisable and intended to be held for not more than a year are classified as current investments All other investments are classified as long-term investments Long-term investments are carried at cost less provision made to recognize any decline other than temporary in the value of such investments Current investments are valued at cost or fair value whichever is lower Cost of acquisition is inclusive of expenditure incidental to acquisition
7 Revenue Recognition Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured
Dividend income on investments is accounted for when the right to receive the payment is established by the balance sheet date Dividends from subsidiaries are recognized even if same are declared after the balance sheet date but pertain to period on or before the date of balance sheet as per the requirement of schedule VI of the Companies Act 1956
Interest on investments and bank deposits are recognised on a time proportion basis taking into account the amounts invested and the rate of interest
8 Taxes on Income Tax expense comprises of current and deferred tax Current tax is determined based on the amount of tax payable in respect of taxable income for the year in accordance with the Income Tax Act 1961 enacted in India Deferred tax is recognized on timing differences being the difference between the taxable income and the accounting income that originate in one year and are capable of reversal in one or more subsequent years
Deferred tax assets and liabilities are computed on the timing differences applying the tax rates and tax laws that have been enacted or substantively enacted by the balance sheet date Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to set off current tax assets against current tax liabilities and the deferred tax assets and deferred tax liabilities relate to the taxes on income levied by same governing taxation laws Deferred tax assets are recognized only to the extent that there is reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized In situations where the Company has unabsorbed depreciation or carry forward tax losses all deferred tax assets are recognized only if there is virtual certainty supported by convincing evidence that they can be realized against future taxable profits
II Notes to Accounts
1 The Company has been incorporated with the objective of participation in various airport infrastructure related projects Upon successful award of such bids separate Special Purpose Vehicles (SPVs) are formed in consortium with other parties for execution of these projects The expenses incurred by the company towards such projects are chargedrecovered from the respective project companies
2 The Company is engaged in the business of participation in bids for various airports infrastructure related projects which in the context of Accounting Standard 17 Segment Reporting as referred to in section 211(3C) of the Companies Act 1956 is considered as the only segment and hence the reporting under the requirements of the said standard does not arise
3 Contingent Liabilities Rs Nil (2009 Nil)
4 Details of Transactions with Related Parties
a) Names of related parties and description oftheir relationship
Enterprises that control the company GMR Infrastructure Limited (GIL) GMR Holdings Private Limited (GHPL)
Fellow Subsidiary Companies GMR Airport Holdings Limited (GAHL) (formerly Known as GVL Investments Private Limited) Delhi International Airport Private Limited (DIAPL)
Enterprise where Key Management -Personnel and their relatives exercise significant influence
Mr K Sreemannarayana (Director) bull Key Management Personnel i
Mr G Radhakrishna Babu (Director) Mr C Prasanna (Director) Mr Frank Thiesen (Director) I
b) Summary of transactions with the above related parties is as follows (Amount in Rupees)
Nature of Transaction March 31 2010 March 31 2009
Share Application Money Received - Enterprise that controls the Company
GIL
Share Application Money Refunded - Enterprise that controls the Company
GIL
-
-
400000
425000
Note Transactions and outstanding balances in the nature of reimbursement of expenses incurred by the company on behalf of other have not been considered above Accordingly the expenses reimbursedreimbursable by certain fellow subsidiaries and enterprises that control the company have not been disclosed above
5 Earnings per Share (EPS)
Particulars 2009-10 2008-09
Nominal Value of Equity Shares 10 10 Total Number of Equity shares outstanding at the beginning and at the end of the year 10000 10000
Weighted Average Number of Equity Shares outstanding at the end of the year 10000 10000
Profit after Tax (in Rs) 892492 (594287) EPS- Basic and Diluted 8924 (5943)
6 The Company has filed statutory forms under Foreign Exchange Management Act 1999 in respect of certain inward remittances of foreign currency from a overseas investor towards share application money amounting to Rs29722000- with Reserve Bank ofIndia (RBI) The Company approached RBI for condoning the delay in allotment or refund of the share application money In the mean time the company commenced negotiations with the said overseas investor with a request to waive the allotment or refund ofthe amount and to permit it us to adjust the same towards the expenses incurred in connection with the biddings Pending final directions from RBI the Company has not dealt with the share application money
7 There are no micro and small enterprises to which the company owes dues which are outstanding for more than 45 days as at March 31 2010 This information as required to be disclosed under the Micro Small and Medium Enterprises Development Act 2006 has been determined to the extent such parties have been identified on the basis of the information available with the company This has been relied upon by the Auditors
8 Deferred Tax (Asset)liability (Net) as at March 31 2010 comprises of (Amount in Rs)
S No Particulars
2010 2009 Deferred Tax Asset
Deferred Tax Liability
Deferred Tax Asset
Deferred Tax Liability
1 Depreciation - 324726 338545 Total - 324726 338545 Deferred Tax (Asset)Liability (net)
324726 338545
This being the first year of consideration previous year figures have not been furnished
9 Investment purchased and sold during the year
Particulars Purchased Sold
No of Units Amount in Rs No of Units Amount in Rs Mutual Funds Birla Sun Life Savings Fund Institutional - Growth
161403595 (-)
2801062542 (-)
161403595 (-)
2818574832 (-)
Birla Sun Life Cash Manager - Growth 32344826 (-)
700000000 (-)
32344826 H
704402377 (-)
Birla Sun Life Cash Plus - Institutional Premium - Growth
1008109557 (-)
14574402377 (-)
817828098 (-)
11850620910 H
HSBC Floating Rate -LT-Institutional Daily Dividend
-(55525730)
-(556123506)
-(55525730)
-(556123506)
Notes a) Purchases and Sales exclude those held at year end b) The sales realization excludes dividend if any received from Mutual Funds c) Previous year figures are mentioned in brackets
10 Information pursuant to paragraphs 3 4 4A 4B 4C and 4D of Schedule VI to the Companies Act 1956 to the extent either Nil or Not Applicable has not been furnished
11 Previous figures have been regrouped and reclassified to conform to those of the Current year
For and on behalf of the board of directors
K Sreemannarayana G Radhakrishna Babu Director Director
Place Bangalore Date May 272010
GATEWAYS FOR INDIA AIRPORTS PRIVATE LIMITED
Schedules fonning part ortbe Balance sbeet as at Marcb 312010
SCHEDULE-C FIXed Assets
Amount in Rupees)
Description
Office Equipment
Furniture and Fixtures
Vehicles
i~-Total
Previous Year
As at Additions
April 01 2009
4179087 -
456417 -2350 -
4637913
4637913
Gross Block
Deletions
-
-
--
As at As at
Marcb 312010 _JriI 01 2009
4179087 1440608
456477 117147
2350 2350
4637913 1560104
4631913 --shy ~2~6~
Depreciation Net Block Net Block --shy
For the On Deletions
As t As at As at
peri0ltl ~larcb 31 2010 Marclln2010 Mab 31 2009 ---shy
305317 - 1745924 2433162 2738479
28213 - 145360 311117 339329
- 2350 --shy ----shy
333530 - 1893634 2744279 3077808
333456 - 1560105 3077 808 --------shy
GATEWAYS FOR INDIA AIRPORTS PRIVATE LIMITED
Scbedules forming part of the Balauce sheet as at March 31 2010 (Amount in Rupees
SCHEDULE-D As at Marcb 31 2010
As at March 31 2009
Investments
Mutual Funds
Birla Sun Life Cash Plus - Institutional Premium Growth [1902815 (2009 Nil) Units ofRslO each]
28000000
28000000 -Aggregate Market Value as at March 312010 - Rs28024653shy
(Amount in Rupees)
SCHEDULE-E As at March 31 2010
As at March 312009
Cash and Bank Balances
Cash on Hand Balances with Scheduled Banks
- on Current Accounts - In Fixed Deposits with banks
-
86137
-1378724
27568447 86137 28947171
(A mount ID Rupees
SCHEDULE- F As at March 312010
As at March 312009
Loans and Advances
(Unsecured Considered good) Interest Accrued but not due
Advances recoverable in cash or in kind or for value to be received
Advance Tax (net of provision)
-640720
-640720
502783 682838
22723
1208344
(Amount in Rupees)
SCHEDULEmiddotG As at
March 31 2010
As at
March 312009
Liabilities
Sundry Creditors - Dues to Micro and Small Enterprises
bull Dues to other than Micro and Small Enterprises -
833339 -
3531266
Provision for Tax (net of advance tax)
Other liabilities
833339 19434
37702
3531266
--
Provisions
Provision for expenses
890475
-
3531266
-
890475 3531266
GATEWAYS FOR INDIA AIRPORTS PRIVATE LIMITED
Schedules forming part of Profit and Loss Account for the year ended March 312010 (Amount in Rupees)
Year ended Year ended
SCHEDULE-H March 31 2010 March 31 2009
Administrative Expenses Rates and taxes 27747 9800
Consultancy and other professional charges 3750 39000
Remuneration to auditors
Audit Fees 50000 100000 bull
Advances written off - 952851
Interest on delayed payment ITITDS 6248 -87745 1101651
Year ended Year ended lis( H tltDULE - I March 31 2010 March 31 2009
Interest and Finance Charges Bank I other fmance charges 649 586 Interest Others I - 172928
649 173514
GATEWAYS FOR INDIA AIRPORTS PRIVATE LIMITED Cash Flow Statement For The Year Ended Mareh 312010
(Amount in Rupees)
SL No
A
B
C
Particulars
CASH FLOW FROM OPERATING ACTIVITIES
Net Profit Before Tax Adjustments for
Depreciation
Advances written off
Interest income Dividend Income from Mutual Fund
Profit from sale of investments Interest and Finance Charges
Operating Profit Before Working Capital Changes
Adjustments for
Change in Trade and other receivables Change in Trade Payables
Casb generated from Operations Income Taxes refund I (paid) during the year
Net Cash Flow from(used in) Operating Activities
Cash Flow from (Used In) Investing Activities
Purchase ofInvestments - Short Term Proceeds from Sale of Investments - Short Term
Interest income received Dividend Received
Net Cash Flow from used in Investing Activities
Cash Flow from Financing Activities
Proceedsl(Refund) fromlof Share Application Money (net)
Interest and Financial Charges paid Net cash from(used in) financing activities
Net increase(decrease) in Cash and Cash Equivalents
Cash and Cash Equivalents at the beginning ofthe year Cash and Cash Equivalents at the end of the year
March 31 2010
1294287
333530
-(734878)
-(981333)
649 (87745)
544901 (2660225
(2203069)
(373528)
(2576597)
(175193414)
148174748
734878
-(26283788) 6218690
- (25000)
(649) 173514
(649)
(28861034)
28947171 86137
March 31 2009
(272948)
333456
952851 (1124946)
(210727)
-(173514
(495828)
46581090 (23656386) 22428876
(5518)
22423358
-5385800
622163
210727
148514
28790562
156609
28947171
Notes
I The above Cash Flow Statement has been prepared under the Indirect Method as set out in the Accounting
Standard 3 on Cash Plow Statements as referred to in Section 211 (3C) of the Companies Act 1956
2 Previous years figures have been regrouped and reclassified to conform to those of the current year
As per our report of even date
For S Purushottam amp Co Por and on behalfofthe Board of Directors
Chartered Aecountants Firm Registration No 0028088
K V N 8 Kishore K Sreemannarayana G Radhakrishna Sabu
Partner Director Director MNo 206734
Place Bangalore
Date May 27 2010
GATEWAYS FOR INDIA AIRPORTS PRlVATE LIMITED BALANCE SHEET ABSTRACT AND COMPANYS GENERAL BUSINESS PROFILE
1 Registration Details
Registration No 1045123 State Code 06 I Balance Sheet Date 31st March 2010 I
llcaPital Raised during the year (Amount in Rs thousands)
IPublic Issue NIL IRights Issue NIL Bonus Issue NIL I Private Placement NIL
3 Position of Mobilisation and Development of Funds (Amount In Rs thousands)
ITotal Liabilities I 30581 Total assets 30581 II
Sources of Funds IPaid Up Capital I 100 I Reserves ft Surplus I 43411 Share Application moneypending allotment I 29722 IUnsecured Loans I NIL Secured Loans I NIL IDef~rrtld tax liability I 325
Application of Funds iNct fixed Assets (including capital work in 2744 Investments 28000 Iprogress) Net Current Assets (164) Mise Expenditure NIL Accumulated Losses NIL
4 Performance of company ( Amount In Rupees)
Gross Income I 1716 Total Expenditure 422 + I - Profit I Loss Before Tax I 1294 + I Profit I loss After Tax I 892 Earning Per Share in Rs (Basic Ii Diluted) I 8924 Dividend Rate I -
5 Generic Names of Three Principal Products I Services of Company (as p monetary terms)
Item Code Ho I NA I Product Description I
For and on behalf of the Board
K $reemannarayana G Radhakrishna Babu
Director Director
Place Bangalore
Date May 272010
GATEWAYS FOR INDIA AIRPORTS PRIVATE LIMITED
J Schedules forming part of the Balance sheet as at March 31 2010
I Significant Accounting Policies
1 Accounting Assumptions The financial statements have been prepared to comply in all material respects with the Accounting Standards notified by Companies (Accounting Standards) Rules 2006 (as amended) and the relevant provisions ofthe Companies Act 1956 (the Act) The financial statements have been prepared under the historical cost convention on an accrual basis except in case of assets for which provision for impairment is made and revaluation is carried out The accounting policies have been consistently applied by the Company
2 Fixed Assets Fixed Assets are stated at cost of acquisition less accumulated depreciation and impairment losses if any Cost comprises of purchase price and freight duties levies and all other incidentals attributable to bringing the asset to its working condition for its intended use
Assets under installation or under construction and the related advances as at the balance sheet date are shown as capital work in progress
Borrowing costs that are attributable to the acquisition or construction of qualifying assets are capitalized as part of the cost of such assets till the period such assets are ready to be put to use A qualifying asset is one that takes substantial period of time to get ready for its intended use or sale Other borrowing costs not attributable to the acquisition of any capital asset or investments are recognized as expenses in the period in which they are incurred
3 Depreciation Depreciation is provided on straight line method at the rates specified under Schedule XIV to the Act which is estimated by the management to be the estimated useful lives of the assets Assets individually costing less than Rs 5000 are fully depreciated in the year of acquisition
4 Foreign Currency Transactions All foreign currency transactions are accounted for at the exchange rates prevailing on the date of such transactions
Non-monetary items which are carried in terms of historical cost denominated in a foreign currency are reported using the exchange rate at the date of the transaction and non-monetary items which are carried at fair value or other similar valuation denominated in a foreign currency are reported using the exchange rates that existed when the values were determined
All other monetary assets and liabilities denominated in foreign currency are restated at the closing rates at the year end and all exchange gains losses arising there from are adjusted to the Profit and Loss account except those covered by forward contracted rates where the premium or discount arising at the inception of such forward exchange contract is amortized as expense or income over the life of the contract
5 Earnings per Share Basic earnings per share are calculated by dividing the net profit or loss for the period attributable to equity shareholders (after deducting preference dividends and attributable taxes) by the weighted average number of equity shares outstanding during the period Partly paid equity shares are treated as a fraction of an equity share to the extent that they were entitled to participate in dividends relative to a fully paid equity share during the reporting period The weighted average numbers of equity shares outstanding during the period are adjusted for events of bonus issue bonus element in a rights issue to existing shareholders share split and reverse share split (consolidation of shares)
For the purpose of calculating diluted earnings per share the net profit or loss for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period are adjusted for the effects of all dilutive potential equity shares
6 Investments Investments that are readily realisable and intended to be held for not more than a year are classified as current investments All other investments are classified as long-term investments Long-term investments are carried at cost less provision made to recognize any decline other than temporary in the value of such investments Current investments are valued at cost or fair value whichever is lower Cost of acquisition is inclusive of expenditure incidental to acquisition
7 Revenue Recognition Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured
Dividend income on investments is accounted for when the right to receive the payment is established by the balance sheet date Dividends from subsidiaries are recognized even if same are declared after the balance sheet date but pertain to period on or before the date of balance sheet as per the requirement of schedule VI of the Companies Act 1956
Interest on investments and bank deposits are recognised on a time proportion basis taking into account the amounts invested and the rate of interest
8 Taxes on Income Tax expense comprises of current and deferred tax Current tax is determined based on the amount of tax payable in respect of taxable income for the year in accordance with the Income Tax Act 1961 enacted in India Deferred tax is recognized on timing differences being the difference between the taxable income and the accounting income that originate in one year and are capable of reversal in one or more subsequent years
Deferred tax assets and liabilities are computed on the timing differences applying the tax rates and tax laws that have been enacted or substantively enacted by the balance sheet date Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to set off current tax assets against current tax liabilities and the deferred tax assets and deferred tax liabilities relate to the taxes on income levied by same governing taxation laws Deferred tax assets are recognized only to the extent that there is reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized In situations where the Company has unabsorbed depreciation or carry forward tax losses all deferred tax assets are recognized only if there is virtual certainty supported by convincing evidence that they can be realized against future taxable profits
II Notes to Accounts
1 The Company has been incorporated with the objective of participation in various airport infrastructure related projects Upon successful award of such bids separate Special Purpose Vehicles (SPVs) are formed in consortium with other parties for execution of these projects The expenses incurred by the company towards such projects are chargedrecovered from the respective project companies
2 The Company is engaged in the business of participation in bids for various airports infrastructure related projects which in the context of Accounting Standard 17 Segment Reporting as referred to in section 211(3C) of the Companies Act 1956 is considered as the only segment and hence the reporting under the requirements of the said standard does not arise
3 Contingent Liabilities Rs Nil (2009 Nil)
4 Details of Transactions with Related Parties
a) Names of related parties and description oftheir relationship
Enterprises that control the company GMR Infrastructure Limited (GIL) GMR Holdings Private Limited (GHPL)
Fellow Subsidiary Companies GMR Airport Holdings Limited (GAHL) (formerly Known as GVL Investments Private Limited) Delhi International Airport Private Limited (DIAPL)
Enterprise where Key Management -Personnel and their relatives exercise significant influence
Mr K Sreemannarayana (Director) bull Key Management Personnel i
Mr G Radhakrishna Babu (Director) Mr C Prasanna (Director) Mr Frank Thiesen (Director) I
b) Summary of transactions with the above related parties is as follows (Amount in Rupees)
Nature of Transaction March 31 2010 March 31 2009
Share Application Money Received - Enterprise that controls the Company
GIL
Share Application Money Refunded - Enterprise that controls the Company
GIL
-
-
400000
425000
Note Transactions and outstanding balances in the nature of reimbursement of expenses incurred by the company on behalf of other have not been considered above Accordingly the expenses reimbursedreimbursable by certain fellow subsidiaries and enterprises that control the company have not been disclosed above
5 Earnings per Share (EPS)
Particulars 2009-10 2008-09
Nominal Value of Equity Shares 10 10 Total Number of Equity shares outstanding at the beginning and at the end of the year 10000 10000
Weighted Average Number of Equity Shares outstanding at the end of the year 10000 10000
Profit after Tax (in Rs) 892492 (594287) EPS- Basic and Diluted 8924 (5943)
6 The Company has filed statutory forms under Foreign Exchange Management Act 1999 in respect of certain inward remittances of foreign currency from a overseas investor towards share application money amounting to Rs29722000- with Reserve Bank ofIndia (RBI) The Company approached RBI for condoning the delay in allotment or refund of the share application money In the mean time the company commenced negotiations with the said overseas investor with a request to waive the allotment or refund ofthe amount and to permit it us to adjust the same towards the expenses incurred in connection with the biddings Pending final directions from RBI the Company has not dealt with the share application money
7 There are no micro and small enterprises to which the company owes dues which are outstanding for more than 45 days as at March 31 2010 This information as required to be disclosed under the Micro Small and Medium Enterprises Development Act 2006 has been determined to the extent such parties have been identified on the basis of the information available with the company This has been relied upon by the Auditors
8 Deferred Tax (Asset)liability (Net) as at March 31 2010 comprises of (Amount in Rs)
S No Particulars
2010 2009 Deferred Tax Asset
Deferred Tax Liability
Deferred Tax Asset
Deferred Tax Liability
1 Depreciation - 324726 338545 Total - 324726 338545 Deferred Tax (Asset)Liability (net)
324726 338545
This being the first year of consideration previous year figures have not been furnished
9 Investment purchased and sold during the year
Particulars Purchased Sold
No of Units Amount in Rs No of Units Amount in Rs Mutual Funds Birla Sun Life Savings Fund Institutional - Growth
161403595 (-)
2801062542 (-)
161403595 (-)
2818574832 (-)
Birla Sun Life Cash Manager - Growth 32344826 (-)
700000000 (-)
32344826 H
704402377 (-)
Birla Sun Life Cash Plus - Institutional Premium - Growth
1008109557 (-)
14574402377 (-)
817828098 (-)
11850620910 H
HSBC Floating Rate -LT-Institutional Daily Dividend
-(55525730)
-(556123506)
-(55525730)
-(556123506)
Notes a) Purchases and Sales exclude those held at year end b) The sales realization excludes dividend if any received from Mutual Funds c) Previous year figures are mentioned in brackets
10 Information pursuant to paragraphs 3 4 4A 4B 4C and 4D of Schedule VI to the Companies Act 1956 to the extent either Nil or Not Applicable has not been furnished
11 Previous figures have been regrouped and reclassified to conform to those of the Current year
For and on behalf of the board of directors
K Sreemannarayana G Radhakrishna Babu Director Director
Place Bangalore Date May 272010
GATEWAYS FOR INDIA AIRPORTS PRIVATE LIMITED
Scbedules forming part of the Balauce sheet as at March 31 2010 (Amount in Rupees
SCHEDULE-D As at Marcb 31 2010
As at March 31 2009
Investments
Mutual Funds
Birla Sun Life Cash Plus - Institutional Premium Growth [1902815 (2009 Nil) Units ofRslO each]
28000000
28000000 -Aggregate Market Value as at March 312010 - Rs28024653shy
(Amount in Rupees)
SCHEDULE-E As at March 31 2010
As at March 312009
Cash and Bank Balances
Cash on Hand Balances with Scheduled Banks
- on Current Accounts - In Fixed Deposits with banks
-
86137
-1378724
27568447 86137 28947171
(A mount ID Rupees
SCHEDULE- F As at March 312010
As at March 312009
Loans and Advances
(Unsecured Considered good) Interest Accrued but not due
Advances recoverable in cash or in kind or for value to be received
Advance Tax (net of provision)
-640720
-640720
502783 682838
22723
1208344
(Amount in Rupees)
SCHEDULEmiddotG As at
March 31 2010
As at
March 312009
Liabilities
Sundry Creditors - Dues to Micro and Small Enterprises
bull Dues to other than Micro and Small Enterprises -
833339 -
3531266
Provision for Tax (net of advance tax)
Other liabilities
833339 19434
37702
3531266
--
Provisions
Provision for expenses
890475
-
3531266
-
890475 3531266
GATEWAYS FOR INDIA AIRPORTS PRIVATE LIMITED
Schedules forming part of Profit and Loss Account for the year ended March 312010 (Amount in Rupees)
Year ended Year ended
SCHEDULE-H March 31 2010 March 31 2009
Administrative Expenses Rates and taxes 27747 9800
Consultancy and other professional charges 3750 39000
Remuneration to auditors
Audit Fees 50000 100000 bull
Advances written off - 952851
Interest on delayed payment ITITDS 6248 -87745 1101651
Year ended Year ended lis( H tltDULE - I March 31 2010 March 31 2009
Interest and Finance Charges Bank I other fmance charges 649 586 Interest Others I - 172928
649 173514
GATEWAYS FOR INDIA AIRPORTS PRIVATE LIMITED Cash Flow Statement For The Year Ended Mareh 312010
(Amount in Rupees)
SL No
A
B
C
Particulars
CASH FLOW FROM OPERATING ACTIVITIES
Net Profit Before Tax Adjustments for
Depreciation
Advances written off
Interest income Dividend Income from Mutual Fund
Profit from sale of investments Interest and Finance Charges
Operating Profit Before Working Capital Changes
Adjustments for
Change in Trade and other receivables Change in Trade Payables
Casb generated from Operations Income Taxes refund I (paid) during the year
Net Cash Flow from(used in) Operating Activities
Cash Flow from (Used In) Investing Activities
Purchase ofInvestments - Short Term Proceeds from Sale of Investments - Short Term
Interest income received Dividend Received
Net Cash Flow from used in Investing Activities
Cash Flow from Financing Activities
Proceedsl(Refund) fromlof Share Application Money (net)
Interest and Financial Charges paid Net cash from(used in) financing activities
Net increase(decrease) in Cash and Cash Equivalents
Cash and Cash Equivalents at the beginning ofthe year Cash and Cash Equivalents at the end of the year
March 31 2010
1294287
333530
-(734878)
-(981333)
649 (87745)
544901 (2660225
(2203069)
(373528)
(2576597)
(175193414)
148174748
734878
-(26283788) 6218690
- (25000)
(649) 173514
(649)
(28861034)
28947171 86137
March 31 2009
(272948)
333456
952851 (1124946)
(210727)
-(173514
(495828)
46581090 (23656386) 22428876
(5518)
22423358
-5385800
622163
210727
148514
28790562
156609
28947171
Notes
I The above Cash Flow Statement has been prepared under the Indirect Method as set out in the Accounting
Standard 3 on Cash Plow Statements as referred to in Section 211 (3C) of the Companies Act 1956
2 Previous years figures have been regrouped and reclassified to conform to those of the current year
As per our report of even date
For S Purushottam amp Co Por and on behalfofthe Board of Directors
Chartered Aecountants Firm Registration No 0028088
K V N 8 Kishore K Sreemannarayana G Radhakrishna Sabu
Partner Director Director MNo 206734
Place Bangalore
Date May 27 2010
GATEWAYS FOR INDIA AIRPORTS PRlVATE LIMITED BALANCE SHEET ABSTRACT AND COMPANYS GENERAL BUSINESS PROFILE
1 Registration Details
Registration No 1045123 State Code 06 I Balance Sheet Date 31st March 2010 I
llcaPital Raised during the year (Amount in Rs thousands)
IPublic Issue NIL IRights Issue NIL Bonus Issue NIL I Private Placement NIL
3 Position of Mobilisation and Development of Funds (Amount In Rs thousands)
ITotal Liabilities I 30581 Total assets 30581 II
Sources of Funds IPaid Up Capital I 100 I Reserves ft Surplus I 43411 Share Application moneypending allotment I 29722 IUnsecured Loans I NIL Secured Loans I NIL IDef~rrtld tax liability I 325
Application of Funds iNct fixed Assets (including capital work in 2744 Investments 28000 Iprogress) Net Current Assets (164) Mise Expenditure NIL Accumulated Losses NIL
4 Performance of company ( Amount In Rupees)
Gross Income I 1716 Total Expenditure 422 + I - Profit I Loss Before Tax I 1294 + I Profit I loss After Tax I 892 Earning Per Share in Rs (Basic Ii Diluted) I 8924 Dividend Rate I -
5 Generic Names of Three Principal Products I Services of Company (as p monetary terms)
Item Code Ho I NA I Product Description I
For and on behalf of the Board
K $reemannarayana G Radhakrishna Babu
Director Director
Place Bangalore
Date May 272010
GATEWAYS FOR INDIA AIRPORTS PRIVATE LIMITED
J Schedules forming part of the Balance sheet as at March 31 2010
I Significant Accounting Policies
1 Accounting Assumptions The financial statements have been prepared to comply in all material respects with the Accounting Standards notified by Companies (Accounting Standards) Rules 2006 (as amended) and the relevant provisions ofthe Companies Act 1956 (the Act) The financial statements have been prepared under the historical cost convention on an accrual basis except in case of assets for which provision for impairment is made and revaluation is carried out The accounting policies have been consistently applied by the Company
2 Fixed Assets Fixed Assets are stated at cost of acquisition less accumulated depreciation and impairment losses if any Cost comprises of purchase price and freight duties levies and all other incidentals attributable to bringing the asset to its working condition for its intended use
Assets under installation or under construction and the related advances as at the balance sheet date are shown as capital work in progress
Borrowing costs that are attributable to the acquisition or construction of qualifying assets are capitalized as part of the cost of such assets till the period such assets are ready to be put to use A qualifying asset is one that takes substantial period of time to get ready for its intended use or sale Other borrowing costs not attributable to the acquisition of any capital asset or investments are recognized as expenses in the period in which they are incurred
3 Depreciation Depreciation is provided on straight line method at the rates specified under Schedule XIV to the Act which is estimated by the management to be the estimated useful lives of the assets Assets individually costing less than Rs 5000 are fully depreciated in the year of acquisition
4 Foreign Currency Transactions All foreign currency transactions are accounted for at the exchange rates prevailing on the date of such transactions
Non-monetary items which are carried in terms of historical cost denominated in a foreign currency are reported using the exchange rate at the date of the transaction and non-monetary items which are carried at fair value or other similar valuation denominated in a foreign currency are reported using the exchange rates that existed when the values were determined
All other monetary assets and liabilities denominated in foreign currency are restated at the closing rates at the year end and all exchange gains losses arising there from are adjusted to the Profit and Loss account except those covered by forward contracted rates where the premium or discount arising at the inception of such forward exchange contract is amortized as expense or income over the life of the contract
5 Earnings per Share Basic earnings per share are calculated by dividing the net profit or loss for the period attributable to equity shareholders (after deducting preference dividends and attributable taxes) by the weighted average number of equity shares outstanding during the period Partly paid equity shares are treated as a fraction of an equity share to the extent that they were entitled to participate in dividends relative to a fully paid equity share during the reporting period The weighted average numbers of equity shares outstanding during the period are adjusted for events of bonus issue bonus element in a rights issue to existing shareholders share split and reverse share split (consolidation of shares)
For the purpose of calculating diluted earnings per share the net profit or loss for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period are adjusted for the effects of all dilutive potential equity shares
6 Investments Investments that are readily realisable and intended to be held for not more than a year are classified as current investments All other investments are classified as long-term investments Long-term investments are carried at cost less provision made to recognize any decline other than temporary in the value of such investments Current investments are valued at cost or fair value whichever is lower Cost of acquisition is inclusive of expenditure incidental to acquisition
7 Revenue Recognition Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured
Dividend income on investments is accounted for when the right to receive the payment is established by the balance sheet date Dividends from subsidiaries are recognized even if same are declared after the balance sheet date but pertain to period on or before the date of balance sheet as per the requirement of schedule VI of the Companies Act 1956
Interest on investments and bank deposits are recognised on a time proportion basis taking into account the amounts invested and the rate of interest
8 Taxes on Income Tax expense comprises of current and deferred tax Current tax is determined based on the amount of tax payable in respect of taxable income for the year in accordance with the Income Tax Act 1961 enacted in India Deferred tax is recognized on timing differences being the difference between the taxable income and the accounting income that originate in one year and are capable of reversal in one or more subsequent years
Deferred tax assets and liabilities are computed on the timing differences applying the tax rates and tax laws that have been enacted or substantively enacted by the balance sheet date Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to set off current tax assets against current tax liabilities and the deferred tax assets and deferred tax liabilities relate to the taxes on income levied by same governing taxation laws Deferred tax assets are recognized only to the extent that there is reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized In situations where the Company has unabsorbed depreciation or carry forward tax losses all deferred tax assets are recognized only if there is virtual certainty supported by convincing evidence that they can be realized against future taxable profits
II Notes to Accounts
1 The Company has been incorporated with the objective of participation in various airport infrastructure related projects Upon successful award of such bids separate Special Purpose Vehicles (SPVs) are formed in consortium with other parties for execution of these projects The expenses incurred by the company towards such projects are chargedrecovered from the respective project companies
2 The Company is engaged in the business of participation in bids for various airports infrastructure related projects which in the context of Accounting Standard 17 Segment Reporting as referred to in section 211(3C) of the Companies Act 1956 is considered as the only segment and hence the reporting under the requirements of the said standard does not arise
3 Contingent Liabilities Rs Nil (2009 Nil)
4 Details of Transactions with Related Parties
a) Names of related parties and description oftheir relationship
Enterprises that control the company GMR Infrastructure Limited (GIL) GMR Holdings Private Limited (GHPL)
Fellow Subsidiary Companies GMR Airport Holdings Limited (GAHL) (formerly Known as GVL Investments Private Limited) Delhi International Airport Private Limited (DIAPL)
Enterprise where Key Management -Personnel and their relatives exercise significant influence
Mr K Sreemannarayana (Director) bull Key Management Personnel i
Mr G Radhakrishna Babu (Director) Mr C Prasanna (Director) Mr Frank Thiesen (Director) I
b) Summary of transactions with the above related parties is as follows (Amount in Rupees)
Nature of Transaction March 31 2010 March 31 2009
Share Application Money Received - Enterprise that controls the Company
GIL
Share Application Money Refunded - Enterprise that controls the Company
GIL
-
-
400000
425000
Note Transactions and outstanding balances in the nature of reimbursement of expenses incurred by the company on behalf of other have not been considered above Accordingly the expenses reimbursedreimbursable by certain fellow subsidiaries and enterprises that control the company have not been disclosed above
5 Earnings per Share (EPS)
Particulars 2009-10 2008-09
Nominal Value of Equity Shares 10 10 Total Number of Equity shares outstanding at the beginning and at the end of the year 10000 10000
Weighted Average Number of Equity Shares outstanding at the end of the year 10000 10000
Profit after Tax (in Rs) 892492 (594287) EPS- Basic and Diluted 8924 (5943)
6 The Company has filed statutory forms under Foreign Exchange Management Act 1999 in respect of certain inward remittances of foreign currency from a overseas investor towards share application money amounting to Rs29722000- with Reserve Bank ofIndia (RBI) The Company approached RBI for condoning the delay in allotment or refund of the share application money In the mean time the company commenced negotiations with the said overseas investor with a request to waive the allotment or refund ofthe amount and to permit it us to adjust the same towards the expenses incurred in connection with the biddings Pending final directions from RBI the Company has not dealt with the share application money
7 There are no micro and small enterprises to which the company owes dues which are outstanding for more than 45 days as at March 31 2010 This information as required to be disclosed under the Micro Small and Medium Enterprises Development Act 2006 has been determined to the extent such parties have been identified on the basis of the information available with the company This has been relied upon by the Auditors
8 Deferred Tax (Asset)liability (Net) as at March 31 2010 comprises of (Amount in Rs)
S No Particulars
2010 2009 Deferred Tax Asset
Deferred Tax Liability
Deferred Tax Asset
Deferred Tax Liability
1 Depreciation - 324726 338545 Total - 324726 338545 Deferred Tax (Asset)Liability (net)
324726 338545
This being the first year of consideration previous year figures have not been furnished
9 Investment purchased and sold during the year
Particulars Purchased Sold
No of Units Amount in Rs No of Units Amount in Rs Mutual Funds Birla Sun Life Savings Fund Institutional - Growth
161403595 (-)
2801062542 (-)
161403595 (-)
2818574832 (-)
Birla Sun Life Cash Manager - Growth 32344826 (-)
700000000 (-)
32344826 H
704402377 (-)
Birla Sun Life Cash Plus - Institutional Premium - Growth
1008109557 (-)
14574402377 (-)
817828098 (-)
11850620910 H
HSBC Floating Rate -LT-Institutional Daily Dividend
-(55525730)
-(556123506)
-(55525730)
-(556123506)
Notes a) Purchases and Sales exclude those held at year end b) The sales realization excludes dividend if any received from Mutual Funds c) Previous year figures are mentioned in brackets
10 Information pursuant to paragraphs 3 4 4A 4B 4C and 4D of Schedule VI to the Companies Act 1956 to the extent either Nil or Not Applicable has not been furnished
11 Previous figures have been regrouped and reclassified to conform to those of the Current year
For and on behalf of the board of directors
K Sreemannarayana G Radhakrishna Babu Director Director
Place Bangalore Date May 272010
GATEWAYS FOR INDIA AIRPORTS PRIVATE LIMITED
Schedules forming part of Profit and Loss Account for the year ended March 312010 (Amount in Rupees)
Year ended Year ended
SCHEDULE-H March 31 2010 March 31 2009
Administrative Expenses Rates and taxes 27747 9800
Consultancy and other professional charges 3750 39000
Remuneration to auditors
Audit Fees 50000 100000 bull
Advances written off - 952851
Interest on delayed payment ITITDS 6248 -87745 1101651
Year ended Year ended lis( H tltDULE - I March 31 2010 March 31 2009
Interest and Finance Charges Bank I other fmance charges 649 586 Interest Others I - 172928
649 173514
GATEWAYS FOR INDIA AIRPORTS PRIVATE LIMITED Cash Flow Statement For The Year Ended Mareh 312010
(Amount in Rupees)
SL No
A
B
C
Particulars
CASH FLOW FROM OPERATING ACTIVITIES
Net Profit Before Tax Adjustments for
Depreciation
Advances written off
Interest income Dividend Income from Mutual Fund
Profit from sale of investments Interest and Finance Charges
Operating Profit Before Working Capital Changes
Adjustments for
Change in Trade and other receivables Change in Trade Payables
Casb generated from Operations Income Taxes refund I (paid) during the year
Net Cash Flow from(used in) Operating Activities
Cash Flow from (Used In) Investing Activities
Purchase ofInvestments - Short Term Proceeds from Sale of Investments - Short Term
Interest income received Dividend Received
Net Cash Flow from used in Investing Activities
Cash Flow from Financing Activities
Proceedsl(Refund) fromlof Share Application Money (net)
Interest and Financial Charges paid Net cash from(used in) financing activities
Net increase(decrease) in Cash and Cash Equivalents
Cash and Cash Equivalents at the beginning ofthe year Cash and Cash Equivalents at the end of the year
March 31 2010
1294287
333530
-(734878)
-(981333)
649 (87745)
544901 (2660225
(2203069)
(373528)
(2576597)
(175193414)
148174748
734878
-(26283788) 6218690
- (25000)
(649) 173514
(649)
(28861034)
28947171 86137
March 31 2009
(272948)
333456
952851 (1124946)
(210727)
-(173514
(495828)
46581090 (23656386) 22428876
(5518)
22423358
-5385800
622163
210727
148514
28790562
156609
28947171
Notes
I The above Cash Flow Statement has been prepared under the Indirect Method as set out in the Accounting
Standard 3 on Cash Plow Statements as referred to in Section 211 (3C) of the Companies Act 1956
2 Previous years figures have been regrouped and reclassified to conform to those of the current year
As per our report of even date
For S Purushottam amp Co Por and on behalfofthe Board of Directors
Chartered Aecountants Firm Registration No 0028088
K V N 8 Kishore K Sreemannarayana G Radhakrishna Sabu
Partner Director Director MNo 206734
Place Bangalore
Date May 27 2010
GATEWAYS FOR INDIA AIRPORTS PRlVATE LIMITED BALANCE SHEET ABSTRACT AND COMPANYS GENERAL BUSINESS PROFILE
1 Registration Details
Registration No 1045123 State Code 06 I Balance Sheet Date 31st March 2010 I
llcaPital Raised during the year (Amount in Rs thousands)
IPublic Issue NIL IRights Issue NIL Bonus Issue NIL I Private Placement NIL
3 Position of Mobilisation and Development of Funds (Amount In Rs thousands)
ITotal Liabilities I 30581 Total assets 30581 II
Sources of Funds IPaid Up Capital I 100 I Reserves ft Surplus I 43411 Share Application moneypending allotment I 29722 IUnsecured Loans I NIL Secured Loans I NIL IDef~rrtld tax liability I 325
Application of Funds iNct fixed Assets (including capital work in 2744 Investments 28000 Iprogress) Net Current Assets (164) Mise Expenditure NIL Accumulated Losses NIL
4 Performance of company ( Amount In Rupees)
Gross Income I 1716 Total Expenditure 422 + I - Profit I Loss Before Tax I 1294 + I Profit I loss After Tax I 892 Earning Per Share in Rs (Basic Ii Diluted) I 8924 Dividend Rate I -
5 Generic Names of Three Principal Products I Services of Company (as p monetary terms)
Item Code Ho I NA I Product Description I
For and on behalf of the Board
K $reemannarayana G Radhakrishna Babu
Director Director
Place Bangalore
Date May 272010
GATEWAYS FOR INDIA AIRPORTS PRIVATE LIMITED
J Schedules forming part of the Balance sheet as at March 31 2010
I Significant Accounting Policies
1 Accounting Assumptions The financial statements have been prepared to comply in all material respects with the Accounting Standards notified by Companies (Accounting Standards) Rules 2006 (as amended) and the relevant provisions ofthe Companies Act 1956 (the Act) The financial statements have been prepared under the historical cost convention on an accrual basis except in case of assets for which provision for impairment is made and revaluation is carried out The accounting policies have been consistently applied by the Company
2 Fixed Assets Fixed Assets are stated at cost of acquisition less accumulated depreciation and impairment losses if any Cost comprises of purchase price and freight duties levies and all other incidentals attributable to bringing the asset to its working condition for its intended use
Assets under installation or under construction and the related advances as at the balance sheet date are shown as capital work in progress
Borrowing costs that are attributable to the acquisition or construction of qualifying assets are capitalized as part of the cost of such assets till the period such assets are ready to be put to use A qualifying asset is one that takes substantial period of time to get ready for its intended use or sale Other borrowing costs not attributable to the acquisition of any capital asset or investments are recognized as expenses in the period in which they are incurred
3 Depreciation Depreciation is provided on straight line method at the rates specified under Schedule XIV to the Act which is estimated by the management to be the estimated useful lives of the assets Assets individually costing less than Rs 5000 are fully depreciated in the year of acquisition
4 Foreign Currency Transactions All foreign currency transactions are accounted for at the exchange rates prevailing on the date of such transactions
Non-monetary items which are carried in terms of historical cost denominated in a foreign currency are reported using the exchange rate at the date of the transaction and non-monetary items which are carried at fair value or other similar valuation denominated in a foreign currency are reported using the exchange rates that existed when the values were determined
All other monetary assets and liabilities denominated in foreign currency are restated at the closing rates at the year end and all exchange gains losses arising there from are adjusted to the Profit and Loss account except those covered by forward contracted rates where the premium or discount arising at the inception of such forward exchange contract is amortized as expense or income over the life of the contract
5 Earnings per Share Basic earnings per share are calculated by dividing the net profit or loss for the period attributable to equity shareholders (after deducting preference dividends and attributable taxes) by the weighted average number of equity shares outstanding during the period Partly paid equity shares are treated as a fraction of an equity share to the extent that they were entitled to participate in dividends relative to a fully paid equity share during the reporting period The weighted average numbers of equity shares outstanding during the period are adjusted for events of bonus issue bonus element in a rights issue to existing shareholders share split and reverse share split (consolidation of shares)
For the purpose of calculating diluted earnings per share the net profit or loss for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period are adjusted for the effects of all dilutive potential equity shares
6 Investments Investments that are readily realisable and intended to be held for not more than a year are classified as current investments All other investments are classified as long-term investments Long-term investments are carried at cost less provision made to recognize any decline other than temporary in the value of such investments Current investments are valued at cost or fair value whichever is lower Cost of acquisition is inclusive of expenditure incidental to acquisition
7 Revenue Recognition Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured
Dividend income on investments is accounted for when the right to receive the payment is established by the balance sheet date Dividends from subsidiaries are recognized even if same are declared after the balance sheet date but pertain to period on or before the date of balance sheet as per the requirement of schedule VI of the Companies Act 1956
Interest on investments and bank deposits are recognised on a time proportion basis taking into account the amounts invested and the rate of interest
8 Taxes on Income Tax expense comprises of current and deferred tax Current tax is determined based on the amount of tax payable in respect of taxable income for the year in accordance with the Income Tax Act 1961 enacted in India Deferred tax is recognized on timing differences being the difference between the taxable income and the accounting income that originate in one year and are capable of reversal in one or more subsequent years
Deferred tax assets and liabilities are computed on the timing differences applying the tax rates and tax laws that have been enacted or substantively enacted by the balance sheet date Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to set off current tax assets against current tax liabilities and the deferred tax assets and deferred tax liabilities relate to the taxes on income levied by same governing taxation laws Deferred tax assets are recognized only to the extent that there is reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized In situations where the Company has unabsorbed depreciation or carry forward tax losses all deferred tax assets are recognized only if there is virtual certainty supported by convincing evidence that they can be realized against future taxable profits
II Notes to Accounts
1 The Company has been incorporated with the objective of participation in various airport infrastructure related projects Upon successful award of such bids separate Special Purpose Vehicles (SPVs) are formed in consortium with other parties for execution of these projects The expenses incurred by the company towards such projects are chargedrecovered from the respective project companies
2 The Company is engaged in the business of participation in bids for various airports infrastructure related projects which in the context of Accounting Standard 17 Segment Reporting as referred to in section 211(3C) of the Companies Act 1956 is considered as the only segment and hence the reporting under the requirements of the said standard does not arise
3 Contingent Liabilities Rs Nil (2009 Nil)
4 Details of Transactions with Related Parties
a) Names of related parties and description oftheir relationship
Enterprises that control the company GMR Infrastructure Limited (GIL) GMR Holdings Private Limited (GHPL)
Fellow Subsidiary Companies GMR Airport Holdings Limited (GAHL) (formerly Known as GVL Investments Private Limited) Delhi International Airport Private Limited (DIAPL)
Enterprise where Key Management -Personnel and their relatives exercise significant influence
Mr K Sreemannarayana (Director) bull Key Management Personnel i
Mr G Radhakrishna Babu (Director) Mr C Prasanna (Director) Mr Frank Thiesen (Director) I
b) Summary of transactions with the above related parties is as follows (Amount in Rupees)
Nature of Transaction March 31 2010 March 31 2009
Share Application Money Received - Enterprise that controls the Company
GIL
Share Application Money Refunded - Enterprise that controls the Company
GIL
-
-
400000
425000
Note Transactions and outstanding balances in the nature of reimbursement of expenses incurred by the company on behalf of other have not been considered above Accordingly the expenses reimbursedreimbursable by certain fellow subsidiaries and enterprises that control the company have not been disclosed above
5 Earnings per Share (EPS)
Particulars 2009-10 2008-09
Nominal Value of Equity Shares 10 10 Total Number of Equity shares outstanding at the beginning and at the end of the year 10000 10000
Weighted Average Number of Equity Shares outstanding at the end of the year 10000 10000
Profit after Tax (in Rs) 892492 (594287) EPS- Basic and Diluted 8924 (5943)
6 The Company has filed statutory forms under Foreign Exchange Management Act 1999 in respect of certain inward remittances of foreign currency from a overseas investor towards share application money amounting to Rs29722000- with Reserve Bank ofIndia (RBI) The Company approached RBI for condoning the delay in allotment or refund of the share application money In the mean time the company commenced negotiations with the said overseas investor with a request to waive the allotment or refund ofthe amount and to permit it us to adjust the same towards the expenses incurred in connection with the biddings Pending final directions from RBI the Company has not dealt with the share application money
7 There are no micro and small enterprises to which the company owes dues which are outstanding for more than 45 days as at March 31 2010 This information as required to be disclosed under the Micro Small and Medium Enterprises Development Act 2006 has been determined to the extent such parties have been identified on the basis of the information available with the company This has been relied upon by the Auditors
8 Deferred Tax (Asset)liability (Net) as at March 31 2010 comprises of (Amount in Rs)
S No Particulars
2010 2009 Deferred Tax Asset
Deferred Tax Liability
Deferred Tax Asset
Deferred Tax Liability
1 Depreciation - 324726 338545 Total - 324726 338545 Deferred Tax (Asset)Liability (net)
324726 338545
This being the first year of consideration previous year figures have not been furnished
9 Investment purchased and sold during the year
Particulars Purchased Sold
No of Units Amount in Rs No of Units Amount in Rs Mutual Funds Birla Sun Life Savings Fund Institutional - Growth
161403595 (-)
2801062542 (-)
161403595 (-)
2818574832 (-)
Birla Sun Life Cash Manager - Growth 32344826 (-)
700000000 (-)
32344826 H
704402377 (-)
Birla Sun Life Cash Plus - Institutional Premium - Growth
1008109557 (-)
14574402377 (-)
817828098 (-)
11850620910 H
HSBC Floating Rate -LT-Institutional Daily Dividend
-(55525730)
-(556123506)
-(55525730)
-(556123506)
Notes a) Purchases and Sales exclude those held at year end b) The sales realization excludes dividend if any received from Mutual Funds c) Previous year figures are mentioned in brackets
10 Information pursuant to paragraphs 3 4 4A 4B 4C and 4D of Schedule VI to the Companies Act 1956 to the extent either Nil or Not Applicable has not been furnished
11 Previous figures have been regrouped and reclassified to conform to those of the Current year
For and on behalf of the board of directors
K Sreemannarayana G Radhakrishna Babu Director Director
Place Bangalore Date May 272010
GATEWAYS FOR INDIA AIRPORTS PRIVATE LIMITED Cash Flow Statement For The Year Ended Mareh 312010
(Amount in Rupees)
SL No
A
B
C
Particulars
CASH FLOW FROM OPERATING ACTIVITIES
Net Profit Before Tax Adjustments for
Depreciation
Advances written off
Interest income Dividend Income from Mutual Fund
Profit from sale of investments Interest and Finance Charges
Operating Profit Before Working Capital Changes
Adjustments for
Change in Trade and other receivables Change in Trade Payables
Casb generated from Operations Income Taxes refund I (paid) during the year
Net Cash Flow from(used in) Operating Activities
Cash Flow from (Used In) Investing Activities
Purchase ofInvestments - Short Term Proceeds from Sale of Investments - Short Term
Interest income received Dividend Received
Net Cash Flow from used in Investing Activities
Cash Flow from Financing Activities
Proceedsl(Refund) fromlof Share Application Money (net)
Interest and Financial Charges paid Net cash from(used in) financing activities
Net increase(decrease) in Cash and Cash Equivalents
Cash and Cash Equivalents at the beginning ofthe year Cash and Cash Equivalents at the end of the year
March 31 2010
1294287
333530
-(734878)
-(981333)
649 (87745)
544901 (2660225
(2203069)
(373528)
(2576597)
(175193414)
148174748
734878
-(26283788) 6218690
- (25000)
(649) 173514
(649)
(28861034)
28947171 86137
March 31 2009
(272948)
333456
952851 (1124946)
(210727)
-(173514
(495828)
46581090 (23656386) 22428876
(5518)
22423358
-5385800
622163
210727
148514
28790562
156609
28947171
Notes
I The above Cash Flow Statement has been prepared under the Indirect Method as set out in the Accounting
Standard 3 on Cash Plow Statements as referred to in Section 211 (3C) of the Companies Act 1956
2 Previous years figures have been regrouped and reclassified to conform to those of the current year
As per our report of even date
For S Purushottam amp Co Por and on behalfofthe Board of Directors
Chartered Aecountants Firm Registration No 0028088
K V N 8 Kishore K Sreemannarayana G Radhakrishna Sabu
Partner Director Director MNo 206734
Place Bangalore
Date May 27 2010
GATEWAYS FOR INDIA AIRPORTS PRlVATE LIMITED BALANCE SHEET ABSTRACT AND COMPANYS GENERAL BUSINESS PROFILE
1 Registration Details
Registration No 1045123 State Code 06 I Balance Sheet Date 31st March 2010 I
llcaPital Raised during the year (Amount in Rs thousands)
IPublic Issue NIL IRights Issue NIL Bonus Issue NIL I Private Placement NIL
3 Position of Mobilisation and Development of Funds (Amount In Rs thousands)
ITotal Liabilities I 30581 Total assets 30581 II
Sources of Funds IPaid Up Capital I 100 I Reserves ft Surplus I 43411 Share Application moneypending allotment I 29722 IUnsecured Loans I NIL Secured Loans I NIL IDef~rrtld tax liability I 325
Application of Funds iNct fixed Assets (including capital work in 2744 Investments 28000 Iprogress) Net Current Assets (164) Mise Expenditure NIL Accumulated Losses NIL
4 Performance of company ( Amount In Rupees)
Gross Income I 1716 Total Expenditure 422 + I - Profit I Loss Before Tax I 1294 + I Profit I loss After Tax I 892 Earning Per Share in Rs (Basic Ii Diluted) I 8924 Dividend Rate I -
5 Generic Names of Three Principal Products I Services of Company (as p monetary terms)
Item Code Ho I NA I Product Description I
For and on behalf of the Board
K $reemannarayana G Radhakrishna Babu
Director Director
Place Bangalore
Date May 272010
GATEWAYS FOR INDIA AIRPORTS PRIVATE LIMITED
J Schedules forming part of the Balance sheet as at March 31 2010
I Significant Accounting Policies
1 Accounting Assumptions The financial statements have been prepared to comply in all material respects with the Accounting Standards notified by Companies (Accounting Standards) Rules 2006 (as amended) and the relevant provisions ofthe Companies Act 1956 (the Act) The financial statements have been prepared under the historical cost convention on an accrual basis except in case of assets for which provision for impairment is made and revaluation is carried out The accounting policies have been consistently applied by the Company
2 Fixed Assets Fixed Assets are stated at cost of acquisition less accumulated depreciation and impairment losses if any Cost comprises of purchase price and freight duties levies and all other incidentals attributable to bringing the asset to its working condition for its intended use
Assets under installation or under construction and the related advances as at the balance sheet date are shown as capital work in progress
Borrowing costs that are attributable to the acquisition or construction of qualifying assets are capitalized as part of the cost of such assets till the period such assets are ready to be put to use A qualifying asset is one that takes substantial period of time to get ready for its intended use or sale Other borrowing costs not attributable to the acquisition of any capital asset or investments are recognized as expenses in the period in which they are incurred
3 Depreciation Depreciation is provided on straight line method at the rates specified under Schedule XIV to the Act which is estimated by the management to be the estimated useful lives of the assets Assets individually costing less than Rs 5000 are fully depreciated in the year of acquisition
4 Foreign Currency Transactions All foreign currency transactions are accounted for at the exchange rates prevailing on the date of such transactions
Non-monetary items which are carried in terms of historical cost denominated in a foreign currency are reported using the exchange rate at the date of the transaction and non-monetary items which are carried at fair value or other similar valuation denominated in a foreign currency are reported using the exchange rates that existed when the values were determined
All other monetary assets and liabilities denominated in foreign currency are restated at the closing rates at the year end and all exchange gains losses arising there from are adjusted to the Profit and Loss account except those covered by forward contracted rates where the premium or discount arising at the inception of such forward exchange contract is amortized as expense or income over the life of the contract
5 Earnings per Share Basic earnings per share are calculated by dividing the net profit or loss for the period attributable to equity shareholders (after deducting preference dividends and attributable taxes) by the weighted average number of equity shares outstanding during the period Partly paid equity shares are treated as a fraction of an equity share to the extent that they were entitled to participate in dividends relative to a fully paid equity share during the reporting period The weighted average numbers of equity shares outstanding during the period are adjusted for events of bonus issue bonus element in a rights issue to existing shareholders share split and reverse share split (consolidation of shares)
For the purpose of calculating diluted earnings per share the net profit or loss for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period are adjusted for the effects of all dilutive potential equity shares
6 Investments Investments that are readily realisable and intended to be held for not more than a year are classified as current investments All other investments are classified as long-term investments Long-term investments are carried at cost less provision made to recognize any decline other than temporary in the value of such investments Current investments are valued at cost or fair value whichever is lower Cost of acquisition is inclusive of expenditure incidental to acquisition
7 Revenue Recognition Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured
Dividend income on investments is accounted for when the right to receive the payment is established by the balance sheet date Dividends from subsidiaries are recognized even if same are declared after the balance sheet date but pertain to period on or before the date of balance sheet as per the requirement of schedule VI of the Companies Act 1956
Interest on investments and bank deposits are recognised on a time proportion basis taking into account the amounts invested and the rate of interest
8 Taxes on Income Tax expense comprises of current and deferred tax Current tax is determined based on the amount of tax payable in respect of taxable income for the year in accordance with the Income Tax Act 1961 enacted in India Deferred tax is recognized on timing differences being the difference between the taxable income and the accounting income that originate in one year and are capable of reversal in one or more subsequent years
Deferred tax assets and liabilities are computed on the timing differences applying the tax rates and tax laws that have been enacted or substantively enacted by the balance sheet date Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to set off current tax assets against current tax liabilities and the deferred tax assets and deferred tax liabilities relate to the taxes on income levied by same governing taxation laws Deferred tax assets are recognized only to the extent that there is reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized In situations where the Company has unabsorbed depreciation or carry forward tax losses all deferred tax assets are recognized only if there is virtual certainty supported by convincing evidence that they can be realized against future taxable profits
II Notes to Accounts
1 The Company has been incorporated with the objective of participation in various airport infrastructure related projects Upon successful award of such bids separate Special Purpose Vehicles (SPVs) are formed in consortium with other parties for execution of these projects The expenses incurred by the company towards such projects are chargedrecovered from the respective project companies
2 The Company is engaged in the business of participation in bids for various airports infrastructure related projects which in the context of Accounting Standard 17 Segment Reporting as referred to in section 211(3C) of the Companies Act 1956 is considered as the only segment and hence the reporting under the requirements of the said standard does not arise
3 Contingent Liabilities Rs Nil (2009 Nil)
4 Details of Transactions with Related Parties
a) Names of related parties and description oftheir relationship
Enterprises that control the company GMR Infrastructure Limited (GIL) GMR Holdings Private Limited (GHPL)
Fellow Subsidiary Companies GMR Airport Holdings Limited (GAHL) (formerly Known as GVL Investments Private Limited) Delhi International Airport Private Limited (DIAPL)
Enterprise where Key Management -Personnel and their relatives exercise significant influence
Mr K Sreemannarayana (Director) bull Key Management Personnel i
Mr G Radhakrishna Babu (Director) Mr C Prasanna (Director) Mr Frank Thiesen (Director) I
b) Summary of transactions with the above related parties is as follows (Amount in Rupees)
Nature of Transaction March 31 2010 March 31 2009
Share Application Money Received - Enterprise that controls the Company
GIL
Share Application Money Refunded - Enterprise that controls the Company
GIL
-
-
400000
425000
Note Transactions and outstanding balances in the nature of reimbursement of expenses incurred by the company on behalf of other have not been considered above Accordingly the expenses reimbursedreimbursable by certain fellow subsidiaries and enterprises that control the company have not been disclosed above
5 Earnings per Share (EPS)
Particulars 2009-10 2008-09
Nominal Value of Equity Shares 10 10 Total Number of Equity shares outstanding at the beginning and at the end of the year 10000 10000
Weighted Average Number of Equity Shares outstanding at the end of the year 10000 10000
Profit after Tax (in Rs) 892492 (594287) EPS- Basic and Diluted 8924 (5943)
6 The Company has filed statutory forms under Foreign Exchange Management Act 1999 in respect of certain inward remittances of foreign currency from a overseas investor towards share application money amounting to Rs29722000- with Reserve Bank ofIndia (RBI) The Company approached RBI for condoning the delay in allotment or refund of the share application money In the mean time the company commenced negotiations with the said overseas investor with a request to waive the allotment or refund ofthe amount and to permit it us to adjust the same towards the expenses incurred in connection with the biddings Pending final directions from RBI the Company has not dealt with the share application money
7 There are no micro and small enterprises to which the company owes dues which are outstanding for more than 45 days as at March 31 2010 This information as required to be disclosed under the Micro Small and Medium Enterprises Development Act 2006 has been determined to the extent such parties have been identified on the basis of the information available with the company This has been relied upon by the Auditors
8 Deferred Tax (Asset)liability (Net) as at March 31 2010 comprises of (Amount in Rs)
S No Particulars
2010 2009 Deferred Tax Asset
Deferred Tax Liability
Deferred Tax Asset
Deferred Tax Liability
1 Depreciation - 324726 338545 Total - 324726 338545 Deferred Tax (Asset)Liability (net)
324726 338545
This being the first year of consideration previous year figures have not been furnished
9 Investment purchased and sold during the year
Particulars Purchased Sold
No of Units Amount in Rs No of Units Amount in Rs Mutual Funds Birla Sun Life Savings Fund Institutional - Growth
161403595 (-)
2801062542 (-)
161403595 (-)
2818574832 (-)
Birla Sun Life Cash Manager - Growth 32344826 (-)
700000000 (-)
32344826 H
704402377 (-)
Birla Sun Life Cash Plus - Institutional Premium - Growth
1008109557 (-)
14574402377 (-)
817828098 (-)
11850620910 H
HSBC Floating Rate -LT-Institutional Daily Dividend
-(55525730)
-(556123506)
-(55525730)
-(556123506)
Notes a) Purchases and Sales exclude those held at year end b) The sales realization excludes dividend if any received from Mutual Funds c) Previous year figures are mentioned in brackets
10 Information pursuant to paragraphs 3 4 4A 4B 4C and 4D of Schedule VI to the Companies Act 1956 to the extent either Nil or Not Applicable has not been furnished
11 Previous figures have been regrouped and reclassified to conform to those of the Current year
For and on behalf of the board of directors
K Sreemannarayana G Radhakrishna Babu Director Director
Place Bangalore Date May 272010
GATEWAYS FOR INDIA AIRPORTS PRlVATE LIMITED BALANCE SHEET ABSTRACT AND COMPANYS GENERAL BUSINESS PROFILE
1 Registration Details
Registration No 1045123 State Code 06 I Balance Sheet Date 31st March 2010 I
llcaPital Raised during the year (Amount in Rs thousands)
IPublic Issue NIL IRights Issue NIL Bonus Issue NIL I Private Placement NIL
3 Position of Mobilisation and Development of Funds (Amount In Rs thousands)
ITotal Liabilities I 30581 Total assets 30581 II
Sources of Funds IPaid Up Capital I 100 I Reserves ft Surplus I 43411 Share Application moneypending allotment I 29722 IUnsecured Loans I NIL Secured Loans I NIL IDef~rrtld tax liability I 325
Application of Funds iNct fixed Assets (including capital work in 2744 Investments 28000 Iprogress) Net Current Assets (164) Mise Expenditure NIL Accumulated Losses NIL
4 Performance of company ( Amount In Rupees)
Gross Income I 1716 Total Expenditure 422 + I - Profit I Loss Before Tax I 1294 + I Profit I loss After Tax I 892 Earning Per Share in Rs (Basic Ii Diluted) I 8924 Dividend Rate I -
5 Generic Names of Three Principal Products I Services of Company (as p monetary terms)
Item Code Ho I NA I Product Description I
For and on behalf of the Board
K $reemannarayana G Radhakrishna Babu
Director Director
Place Bangalore
Date May 272010
GATEWAYS FOR INDIA AIRPORTS PRIVATE LIMITED
J Schedules forming part of the Balance sheet as at March 31 2010
I Significant Accounting Policies
1 Accounting Assumptions The financial statements have been prepared to comply in all material respects with the Accounting Standards notified by Companies (Accounting Standards) Rules 2006 (as amended) and the relevant provisions ofthe Companies Act 1956 (the Act) The financial statements have been prepared under the historical cost convention on an accrual basis except in case of assets for which provision for impairment is made and revaluation is carried out The accounting policies have been consistently applied by the Company
2 Fixed Assets Fixed Assets are stated at cost of acquisition less accumulated depreciation and impairment losses if any Cost comprises of purchase price and freight duties levies and all other incidentals attributable to bringing the asset to its working condition for its intended use
Assets under installation or under construction and the related advances as at the balance sheet date are shown as capital work in progress
Borrowing costs that are attributable to the acquisition or construction of qualifying assets are capitalized as part of the cost of such assets till the period such assets are ready to be put to use A qualifying asset is one that takes substantial period of time to get ready for its intended use or sale Other borrowing costs not attributable to the acquisition of any capital asset or investments are recognized as expenses in the period in which they are incurred
3 Depreciation Depreciation is provided on straight line method at the rates specified under Schedule XIV to the Act which is estimated by the management to be the estimated useful lives of the assets Assets individually costing less than Rs 5000 are fully depreciated in the year of acquisition
4 Foreign Currency Transactions All foreign currency transactions are accounted for at the exchange rates prevailing on the date of such transactions
Non-monetary items which are carried in terms of historical cost denominated in a foreign currency are reported using the exchange rate at the date of the transaction and non-monetary items which are carried at fair value or other similar valuation denominated in a foreign currency are reported using the exchange rates that existed when the values were determined
All other monetary assets and liabilities denominated in foreign currency are restated at the closing rates at the year end and all exchange gains losses arising there from are adjusted to the Profit and Loss account except those covered by forward contracted rates where the premium or discount arising at the inception of such forward exchange contract is amortized as expense or income over the life of the contract
5 Earnings per Share Basic earnings per share are calculated by dividing the net profit or loss for the period attributable to equity shareholders (after deducting preference dividends and attributable taxes) by the weighted average number of equity shares outstanding during the period Partly paid equity shares are treated as a fraction of an equity share to the extent that they were entitled to participate in dividends relative to a fully paid equity share during the reporting period The weighted average numbers of equity shares outstanding during the period are adjusted for events of bonus issue bonus element in a rights issue to existing shareholders share split and reverse share split (consolidation of shares)
For the purpose of calculating diluted earnings per share the net profit or loss for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period are adjusted for the effects of all dilutive potential equity shares
6 Investments Investments that are readily realisable and intended to be held for not more than a year are classified as current investments All other investments are classified as long-term investments Long-term investments are carried at cost less provision made to recognize any decline other than temporary in the value of such investments Current investments are valued at cost or fair value whichever is lower Cost of acquisition is inclusive of expenditure incidental to acquisition
7 Revenue Recognition Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured
Dividend income on investments is accounted for when the right to receive the payment is established by the balance sheet date Dividends from subsidiaries are recognized even if same are declared after the balance sheet date but pertain to period on or before the date of balance sheet as per the requirement of schedule VI of the Companies Act 1956
Interest on investments and bank deposits are recognised on a time proportion basis taking into account the amounts invested and the rate of interest
8 Taxes on Income Tax expense comprises of current and deferred tax Current tax is determined based on the amount of tax payable in respect of taxable income for the year in accordance with the Income Tax Act 1961 enacted in India Deferred tax is recognized on timing differences being the difference between the taxable income and the accounting income that originate in one year and are capable of reversal in one or more subsequent years
Deferred tax assets and liabilities are computed on the timing differences applying the tax rates and tax laws that have been enacted or substantively enacted by the balance sheet date Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to set off current tax assets against current tax liabilities and the deferred tax assets and deferred tax liabilities relate to the taxes on income levied by same governing taxation laws Deferred tax assets are recognized only to the extent that there is reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized In situations where the Company has unabsorbed depreciation or carry forward tax losses all deferred tax assets are recognized only if there is virtual certainty supported by convincing evidence that they can be realized against future taxable profits
II Notes to Accounts
1 The Company has been incorporated with the objective of participation in various airport infrastructure related projects Upon successful award of such bids separate Special Purpose Vehicles (SPVs) are formed in consortium with other parties for execution of these projects The expenses incurred by the company towards such projects are chargedrecovered from the respective project companies
2 The Company is engaged in the business of participation in bids for various airports infrastructure related projects which in the context of Accounting Standard 17 Segment Reporting as referred to in section 211(3C) of the Companies Act 1956 is considered as the only segment and hence the reporting under the requirements of the said standard does not arise
3 Contingent Liabilities Rs Nil (2009 Nil)
4 Details of Transactions with Related Parties
a) Names of related parties and description oftheir relationship
Enterprises that control the company GMR Infrastructure Limited (GIL) GMR Holdings Private Limited (GHPL)
Fellow Subsidiary Companies GMR Airport Holdings Limited (GAHL) (formerly Known as GVL Investments Private Limited) Delhi International Airport Private Limited (DIAPL)
Enterprise where Key Management -Personnel and their relatives exercise significant influence
Mr K Sreemannarayana (Director) bull Key Management Personnel i
Mr G Radhakrishna Babu (Director) Mr C Prasanna (Director) Mr Frank Thiesen (Director) I
b) Summary of transactions with the above related parties is as follows (Amount in Rupees)
Nature of Transaction March 31 2010 March 31 2009
Share Application Money Received - Enterprise that controls the Company
GIL
Share Application Money Refunded - Enterprise that controls the Company
GIL
-
-
400000
425000
Note Transactions and outstanding balances in the nature of reimbursement of expenses incurred by the company on behalf of other have not been considered above Accordingly the expenses reimbursedreimbursable by certain fellow subsidiaries and enterprises that control the company have not been disclosed above
5 Earnings per Share (EPS)
Particulars 2009-10 2008-09
Nominal Value of Equity Shares 10 10 Total Number of Equity shares outstanding at the beginning and at the end of the year 10000 10000
Weighted Average Number of Equity Shares outstanding at the end of the year 10000 10000
Profit after Tax (in Rs) 892492 (594287) EPS- Basic and Diluted 8924 (5943)
6 The Company has filed statutory forms under Foreign Exchange Management Act 1999 in respect of certain inward remittances of foreign currency from a overseas investor towards share application money amounting to Rs29722000- with Reserve Bank ofIndia (RBI) The Company approached RBI for condoning the delay in allotment or refund of the share application money In the mean time the company commenced negotiations with the said overseas investor with a request to waive the allotment or refund ofthe amount and to permit it us to adjust the same towards the expenses incurred in connection with the biddings Pending final directions from RBI the Company has not dealt with the share application money
7 There are no micro and small enterprises to which the company owes dues which are outstanding for more than 45 days as at March 31 2010 This information as required to be disclosed under the Micro Small and Medium Enterprises Development Act 2006 has been determined to the extent such parties have been identified on the basis of the information available with the company This has been relied upon by the Auditors
8 Deferred Tax (Asset)liability (Net) as at March 31 2010 comprises of (Amount in Rs)
S No Particulars
2010 2009 Deferred Tax Asset
Deferred Tax Liability
Deferred Tax Asset
Deferred Tax Liability
1 Depreciation - 324726 338545 Total - 324726 338545 Deferred Tax (Asset)Liability (net)
324726 338545
This being the first year of consideration previous year figures have not been furnished
9 Investment purchased and sold during the year
Particulars Purchased Sold
No of Units Amount in Rs No of Units Amount in Rs Mutual Funds Birla Sun Life Savings Fund Institutional - Growth
161403595 (-)
2801062542 (-)
161403595 (-)
2818574832 (-)
Birla Sun Life Cash Manager - Growth 32344826 (-)
700000000 (-)
32344826 H
704402377 (-)
Birla Sun Life Cash Plus - Institutional Premium - Growth
1008109557 (-)
14574402377 (-)
817828098 (-)
11850620910 H
HSBC Floating Rate -LT-Institutional Daily Dividend
-(55525730)
-(556123506)
-(55525730)
-(556123506)
Notes a) Purchases and Sales exclude those held at year end b) The sales realization excludes dividend if any received from Mutual Funds c) Previous year figures are mentioned in brackets
10 Information pursuant to paragraphs 3 4 4A 4B 4C and 4D of Schedule VI to the Companies Act 1956 to the extent either Nil or Not Applicable has not been furnished
11 Previous figures have been regrouped and reclassified to conform to those of the Current year
For and on behalf of the board of directors
K Sreemannarayana G Radhakrishna Babu Director Director
Place Bangalore Date May 272010
GATEWAYS FOR INDIA AIRPORTS PRIVATE LIMITED
J Schedules forming part of the Balance sheet as at March 31 2010
I Significant Accounting Policies
1 Accounting Assumptions The financial statements have been prepared to comply in all material respects with the Accounting Standards notified by Companies (Accounting Standards) Rules 2006 (as amended) and the relevant provisions ofthe Companies Act 1956 (the Act) The financial statements have been prepared under the historical cost convention on an accrual basis except in case of assets for which provision for impairment is made and revaluation is carried out The accounting policies have been consistently applied by the Company
2 Fixed Assets Fixed Assets are stated at cost of acquisition less accumulated depreciation and impairment losses if any Cost comprises of purchase price and freight duties levies and all other incidentals attributable to bringing the asset to its working condition for its intended use
Assets under installation or under construction and the related advances as at the balance sheet date are shown as capital work in progress
Borrowing costs that are attributable to the acquisition or construction of qualifying assets are capitalized as part of the cost of such assets till the period such assets are ready to be put to use A qualifying asset is one that takes substantial period of time to get ready for its intended use or sale Other borrowing costs not attributable to the acquisition of any capital asset or investments are recognized as expenses in the period in which they are incurred
3 Depreciation Depreciation is provided on straight line method at the rates specified under Schedule XIV to the Act which is estimated by the management to be the estimated useful lives of the assets Assets individually costing less than Rs 5000 are fully depreciated in the year of acquisition
4 Foreign Currency Transactions All foreign currency transactions are accounted for at the exchange rates prevailing on the date of such transactions
Non-monetary items which are carried in terms of historical cost denominated in a foreign currency are reported using the exchange rate at the date of the transaction and non-monetary items which are carried at fair value or other similar valuation denominated in a foreign currency are reported using the exchange rates that existed when the values were determined
All other monetary assets and liabilities denominated in foreign currency are restated at the closing rates at the year end and all exchange gains losses arising there from are adjusted to the Profit and Loss account except those covered by forward contracted rates where the premium or discount arising at the inception of such forward exchange contract is amortized as expense or income over the life of the contract
5 Earnings per Share Basic earnings per share are calculated by dividing the net profit or loss for the period attributable to equity shareholders (after deducting preference dividends and attributable taxes) by the weighted average number of equity shares outstanding during the period Partly paid equity shares are treated as a fraction of an equity share to the extent that they were entitled to participate in dividends relative to a fully paid equity share during the reporting period The weighted average numbers of equity shares outstanding during the period are adjusted for events of bonus issue bonus element in a rights issue to existing shareholders share split and reverse share split (consolidation of shares)
For the purpose of calculating diluted earnings per share the net profit or loss for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period are adjusted for the effects of all dilutive potential equity shares
6 Investments Investments that are readily realisable and intended to be held for not more than a year are classified as current investments All other investments are classified as long-term investments Long-term investments are carried at cost less provision made to recognize any decline other than temporary in the value of such investments Current investments are valued at cost or fair value whichever is lower Cost of acquisition is inclusive of expenditure incidental to acquisition
7 Revenue Recognition Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured
Dividend income on investments is accounted for when the right to receive the payment is established by the balance sheet date Dividends from subsidiaries are recognized even if same are declared after the balance sheet date but pertain to period on or before the date of balance sheet as per the requirement of schedule VI of the Companies Act 1956
Interest on investments and bank deposits are recognised on a time proportion basis taking into account the amounts invested and the rate of interest
8 Taxes on Income Tax expense comprises of current and deferred tax Current tax is determined based on the amount of tax payable in respect of taxable income for the year in accordance with the Income Tax Act 1961 enacted in India Deferred tax is recognized on timing differences being the difference between the taxable income and the accounting income that originate in one year and are capable of reversal in one or more subsequent years
Deferred tax assets and liabilities are computed on the timing differences applying the tax rates and tax laws that have been enacted or substantively enacted by the balance sheet date Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to set off current tax assets against current tax liabilities and the deferred tax assets and deferred tax liabilities relate to the taxes on income levied by same governing taxation laws Deferred tax assets are recognized only to the extent that there is reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized In situations where the Company has unabsorbed depreciation or carry forward tax losses all deferred tax assets are recognized only if there is virtual certainty supported by convincing evidence that they can be realized against future taxable profits
II Notes to Accounts
1 The Company has been incorporated with the objective of participation in various airport infrastructure related projects Upon successful award of such bids separate Special Purpose Vehicles (SPVs) are formed in consortium with other parties for execution of these projects The expenses incurred by the company towards such projects are chargedrecovered from the respective project companies
2 The Company is engaged in the business of participation in bids for various airports infrastructure related projects which in the context of Accounting Standard 17 Segment Reporting as referred to in section 211(3C) of the Companies Act 1956 is considered as the only segment and hence the reporting under the requirements of the said standard does not arise
3 Contingent Liabilities Rs Nil (2009 Nil)
4 Details of Transactions with Related Parties
a) Names of related parties and description oftheir relationship
Enterprises that control the company GMR Infrastructure Limited (GIL) GMR Holdings Private Limited (GHPL)
Fellow Subsidiary Companies GMR Airport Holdings Limited (GAHL) (formerly Known as GVL Investments Private Limited) Delhi International Airport Private Limited (DIAPL)
Enterprise where Key Management -Personnel and their relatives exercise significant influence
Mr K Sreemannarayana (Director) bull Key Management Personnel i
Mr G Radhakrishna Babu (Director) Mr C Prasanna (Director) Mr Frank Thiesen (Director) I
b) Summary of transactions with the above related parties is as follows (Amount in Rupees)
Nature of Transaction March 31 2010 March 31 2009
Share Application Money Received - Enterprise that controls the Company
GIL
Share Application Money Refunded - Enterprise that controls the Company
GIL
-
-
400000
425000
Note Transactions and outstanding balances in the nature of reimbursement of expenses incurred by the company on behalf of other have not been considered above Accordingly the expenses reimbursedreimbursable by certain fellow subsidiaries and enterprises that control the company have not been disclosed above
5 Earnings per Share (EPS)
Particulars 2009-10 2008-09
Nominal Value of Equity Shares 10 10 Total Number of Equity shares outstanding at the beginning and at the end of the year 10000 10000
Weighted Average Number of Equity Shares outstanding at the end of the year 10000 10000
Profit after Tax (in Rs) 892492 (594287) EPS- Basic and Diluted 8924 (5943)
6 The Company has filed statutory forms under Foreign Exchange Management Act 1999 in respect of certain inward remittances of foreign currency from a overseas investor towards share application money amounting to Rs29722000- with Reserve Bank ofIndia (RBI) The Company approached RBI for condoning the delay in allotment or refund of the share application money In the mean time the company commenced negotiations with the said overseas investor with a request to waive the allotment or refund ofthe amount and to permit it us to adjust the same towards the expenses incurred in connection with the biddings Pending final directions from RBI the Company has not dealt with the share application money
7 There are no micro and small enterprises to which the company owes dues which are outstanding for more than 45 days as at March 31 2010 This information as required to be disclosed under the Micro Small and Medium Enterprises Development Act 2006 has been determined to the extent such parties have been identified on the basis of the information available with the company This has been relied upon by the Auditors
8 Deferred Tax (Asset)liability (Net) as at March 31 2010 comprises of (Amount in Rs)
S No Particulars
2010 2009 Deferred Tax Asset
Deferred Tax Liability
Deferred Tax Asset
Deferred Tax Liability
1 Depreciation - 324726 338545 Total - 324726 338545 Deferred Tax (Asset)Liability (net)
324726 338545
This being the first year of consideration previous year figures have not been furnished
9 Investment purchased and sold during the year
Particulars Purchased Sold
No of Units Amount in Rs No of Units Amount in Rs Mutual Funds Birla Sun Life Savings Fund Institutional - Growth
161403595 (-)
2801062542 (-)
161403595 (-)
2818574832 (-)
Birla Sun Life Cash Manager - Growth 32344826 (-)
700000000 (-)
32344826 H
704402377 (-)
Birla Sun Life Cash Plus - Institutional Premium - Growth
1008109557 (-)
14574402377 (-)
817828098 (-)
11850620910 H
HSBC Floating Rate -LT-Institutional Daily Dividend
-(55525730)
-(556123506)
-(55525730)
-(556123506)
Notes a) Purchases and Sales exclude those held at year end b) The sales realization excludes dividend if any received from Mutual Funds c) Previous year figures are mentioned in brackets
10 Information pursuant to paragraphs 3 4 4A 4B 4C and 4D of Schedule VI to the Companies Act 1956 to the extent either Nil or Not Applicable has not been furnished
11 Previous figures have been regrouped and reclassified to conform to those of the Current year
For and on behalf of the board of directors
K Sreemannarayana G Radhakrishna Babu Director Director
Place Bangalore Date May 272010
5 Earnings per Share Basic earnings per share are calculated by dividing the net profit or loss for the period attributable to equity shareholders (after deducting preference dividends and attributable taxes) by the weighted average number of equity shares outstanding during the period Partly paid equity shares are treated as a fraction of an equity share to the extent that they were entitled to participate in dividends relative to a fully paid equity share during the reporting period The weighted average numbers of equity shares outstanding during the period are adjusted for events of bonus issue bonus element in a rights issue to existing shareholders share split and reverse share split (consolidation of shares)
For the purpose of calculating diluted earnings per share the net profit or loss for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period are adjusted for the effects of all dilutive potential equity shares
6 Investments Investments that are readily realisable and intended to be held for not more than a year are classified as current investments All other investments are classified as long-term investments Long-term investments are carried at cost less provision made to recognize any decline other than temporary in the value of such investments Current investments are valued at cost or fair value whichever is lower Cost of acquisition is inclusive of expenditure incidental to acquisition
7 Revenue Recognition Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured
Dividend income on investments is accounted for when the right to receive the payment is established by the balance sheet date Dividends from subsidiaries are recognized even if same are declared after the balance sheet date but pertain to period on or before the date of balance sheet as per the requirement of schedule VI of the Companies Act 1956
Interest on investments and bank deposits are recognised on a time proportion basis taking into account the amounts invested and the rate of interest
8 Taxes on Income Tax expense comprises of current and deferred tax Current tax is determined based on the amount of tax payable in respect of taxable income for the year in accordance with the Income Tax Act 1961 enacted in India Deferred tax is recognized on timing differences being the difference between the taxable income and the accounting income that originate in one year and are capable of reversal in one or more subsequent years
Deferred tax assets and liabilities are computed on the timing differences applying the tax rates and tax laws that have been enacted or substantively enacted by the balance sheet date Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to set off current tax assets against current tax liabilities and the deferred tax assets and deferred tax liabilities relate to the taxes on income levied by same governing taxation laws Deferred tax assets are recognized only to the extent that there is reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized In situations where the Company has unabsorbed depreciation or carry forward tax losses all deferred tax assets are recognized only if there is virtual certainty supported by convincing evidence that they can be realized against future taxable profits
II Notes to Accounts
1 The Company has been incorporated with the objective of participation in various airport infrastructure related projects Upon successful award of such bids separate Special Purpose Vehicles (SPVs) are formed in consortium with other parties for execution of these projects The expenses incurred by the company towards such projects are chargedrecovered from the respective project companies
2 The Company is engaged in the business of participation in bids for various airports infrastructure related projects which in the context of Accounting Standard 17 Segment Reporting as referred to in section 211(3C) of the Companies Act 1956 is considered as the only segment and hence the reporting under the requirements of the said standard does not arise
3 Contingent Liabilities Rs Nil (2009 Nil)
4 Details of Transactions with Related Parties
a) Names of related parties and description oftheir relationship
Enterprises that control the company GMR Infrastructure Limited (GIL) GMR Holdings Private Limited (GHPL)
Fellow Subsidiary Companies GMR Airport Holdings Limited (GAHL) (formerly Known as GVL Investments Private Limited) Delhi International Airport Private Limited (DIAPL)
Enterprise where Key Management -Personnel and their relatives exercise significant influence
Mr K Sreemannarayana (Director) bull Key Management Personnel i
Mr G Radhakrishna Babu (Director) Mr C Prasanna (Director) Mr Frank Thiesen (Director) I
b) Summary of transactions with the above related parties is as follows (Amount in Rupees)
Nature of Transaction March 31 2010 March 31 2009
Share Application Money Received - Enterprise that controls the Company
GIL
Share Application Money Refunded - Enterprise that controls the Company
GIL
-
-
400000
425000
Note Transactions and outstanding balances in the nature of reimbursement of expenses incurred by the company on behalf of other have not been considered above Accordingly the expenses reimbursedreimbursable by certain fellow subsidiaries and enterprises that control the company have not been disclosed above
5 Earnings per Share (EPS)
Particulars 2009-10 2008-09
Nominal Value of Equity Shares 10 10 Total Number of Equity shares outstanding at the beginning and at the end of the year 10000 10000
Weighted Average Number of Equity Shares outstanding at the end of the year 10000 10000
Profit after Tax (in Rs) 892492 (594287) EPS- Basic and Diluted 8924 (5943)
6 The Company has filed statutory forms under Foreign Exchange Management Act 1999 in respect of certain inward remittances of foreign currency from a overseas investor towards share application money amounting to Rs29722000- with Reserve Bank ofIndia (RBI) The Company approached RBI for condoning the delay in allotment or refund of the share application money In the mean time the company commenced negotiations with the said overseas investor with a request to waive the allotment or refund ofthe amount and to permit it us to adjust the same towards the expenses incurred in connection with the biddings Pending final directions from RBI the Company has not dealt with the share application money
7 There are no micro and small enterprises to which the company owes dues which are outstanding for more than 45 days as at March 31 2010 This information as required to be disclosed under the Micro Small and Medium Enterprises Development Act 2006 has been determined to the extent such parties have been identified on the basis of the information available with the company This has been relied upon by the Auditors
8 Deferred Tax (Asset)liability (Net) as at March 31 2010 comprises of (Amount in Rs)
S No Particulars
2010 2009 Deferred Tax Asset
Deferred Tax Liability
Deferred Tax Asset
Deferred Tax Liability
1 Depreciation - 324726 338545 Total - 324726 338545 Deferred Tax (Asset)Liability (net)
324726 338545
This being the first year of consideration previous year figures have not been furnished
9 Investment purchased and sold during the year
Particulars Purchased Sold
No of Units Amount in Rs No of Units Amount in Rs Mutual Funds Birla Sun Life Savings Fund Institutional - Growth
161403595 (-)
2801062542 (-)
161403595 (-)
2818574832 (-)
Birla Sun Life Cash Manager - Growth 32344826 (-)
700000000 (-)
32344826 H
704402377 (-)
Birla Sun Life Cash Plus - Institutional Premium - Growth
1008109557 (-)
14574402377 (-)
817828098 (-)
11850620910 H
HSBC Floating Rate -LT-Institutional Daily Dividend
-(55525730)
-(556123506)
-(55525730)
-(556123506)
Notes a) Purchases and Sales exclude those held at year end b) The sales realization excludes dividend if any received from Mutual Funds c) Previous year figures are mentioned in brackets
10 Information pursuant to paragraphs 3 4 4A 4B 4C and 4D of Schedule VI to the Companies Act 1956 to the extent either Nil or Not Applicable has not been furnished
11 Previous figures have been regrouped and reclassified to conform to those of the Current year
For and on behalf of the board of directors
K Sreemannarayana G Radhakrishna Babu Director Director
Place Bangalore Date May 272010
II Notes to Accounts
1 The Company has been incorporated with the objective of participation in various airport infrastructure related projects Upon successful award of such bids separate Special Purpose Vehicles (SPVs) are formed in consortium with other parties for execution of these projects The expenses incurred by the company towards such projects are chargedrecovered from the respective project companies
2 The Company is engaged in the business of participation in bids for various airports infrastructure related projects which in the context of Accounting Standard 17 Segment Reporting as referred to in section 211(3C) of the Companies Act 1956 is considered as the only segment and hence the reporting under the requirements of the said standard does not arise
3 Contingent Liabilities Rs Nil (2009 Nil)
4 Details of Transactions with Related Parties
a) Names of related parties and description oftheir relationship
Enterprises that control the company GMR Infrastructure Limited (GIL) GMR Holdings Private Limited (GHPL)
Fellow Subsidiary Companies GMR Airport Holdings Limited (GAHL) (formerly Known as GVL Investments Private Limited) Delhi International Airport Private Limited (DIAPL)
Enterprise where Key Management -Personnel and their relatives exercise significant influence
Mr K Sreemannarayana (Director) bull Key Management Personnel i
Mr G Radhakrishna Babu (Director) Mr C Prasanna (Director) Mr Frank Thiesen (Director) I
b) Summary of transactions with the above related parties is as follows (Amount in Rupees)
Nature of Transaction March 31 2010 March 31 2009
Share Application Money Received - Enterprise that controls the Company
GIL
Share Application Money Refunded - Enterprise that controls the Company
GIL
-
-
400000
425000
Note Transactions and outstanding balances in the nature of reimbursement of expenses incurred by the company on behalf of other have not been considered above Accordingly the expenses reimbursedreimbursable by certain fellow subsidiaries and enterprises that control the company have not been disclosed above
5 Earnings per Share (EPS)
Particulars 2009-10 2008-09
Nominal Value of Equity Shares 10 10 Total Number of Equity shares outstanding at the beginning and at the end of the year 10000 10000
Weighted Average Number of Equity Shares outstanding at the end of the year 10000 10000
Profit after Tax (in Rs) 892492 (594287) EPS- Basic and Diluted 8924 (5943)
6 The Company has filed statutory forms under Foreign Exchange Management Act 1999 in respect of certain inward remittances of foreign currency from a overseas investor towards share application money amounting to Rs29722000- with Reserve Bank ofIndia (RBI) The Company approached RBI for condoning the delay in allotment or refund of the share application money In the mean time the company commenced negotiations with the said overseas investor with a request to waive the allotment or refund ofthe amount and to permit it us to adjust the same towards the expenses incurred in connection with the biddings Pending final directions from RBI the Company has not dealt with the share application money
7 There are no micro and small enterprises to which the company owes dues which are outstanding for more than 45 days as at March 31 2010 This information as required to be disclosed under the Micro Small and Medium Enterprises Development Act 2006 has been determined to the extent such parties have been identified on the basis of the information available with the company This has been relied upon by the Auditors
8 Deferred Tax (Asset)liability (Net) as at March 31 2010 comprises of (Amount in Rs)
S No Particulars
2010 2009 Deferred Tax Asset
Deferred Tax Liability
Deferred Tax Asset
Deferred Tax Liability
1 Depreciation - 324726 338545 Total - 324726 338545 Deferred Tax (Asset)Liability (net)
324726 338545
This being the first year of consideration previous year figures have not been furnished
9 Investment purchased and sold during the year
Particulars Purchased Sold
No of Units Amount in Rs No of Units Amount in Rs Mutual Funds Birla Sun Life Savings Fund Institutional - Growth
161403595 (-)
2801062542 (-)
161403595 (-)
2818574832 (-)
Birla Sun Life Cash Manager - Growth 32344826 (-)
700000000 (-)
32344826 H
704402377 (-)
Birla Sun Life Cash Plus - Institutional Premium - Growth
1008109557 (-)
14574402377 (-)
817828098 (-)
11850620910 H
HSBC Floating Rate -LT-Institutional Daily Dividend
-(55525730)
-(556123506)
-(55525730)
-(556123506)
Notes a) Purchases and Sales exclude those held at year end b) The sales realization excludes dividend if any received from Mutual Funds c) Previous year figures are mentioned in brackets
10 Information pursuant to paragraphs 3 4 4A 4B 4C and 4D of Schedule VI to the Companies Act 1956 to the extent either Nil or Not Applicable has not been furnished
11 Previous figures have been regrouped and reclassified to conform to those of the Current year
For and on behalf of the board of directors
K Sreemannarayana G Radhakrishna Babu Director Director
Place Bangalore Date May 272010
b) Summary of transactions with the above related parties is as follows (Amount in Rupees)
Nature of Transaction March 31 2010 March 31 2009
Share Application Money Received - Enterprise that controls the Company
GIL
Share Application Money Refunded - Enterprise that controls the Company
GIL
-
-
400000
425000
Note Transactions and outstanding balances in the nature of reimbursement of expenses incurred by the company on behalf of other have not been considered above Accordingly the expenses reimbursedreimbursable by certain fellow subsidiaries and enterprises that control the company have not been disclosed above
5 Earnings per Share (EPS)
Particulars 2009-10 2008-09
Nominal Value of Equity Shares 10 10 Total Number of Equity shares outstanding at the beginning and at the end of the year 10000 10000
Weighted Average Number of Equity Shares outstanding at the end of the year 10000 10000
Profit after Tax (in Rs) 892492 (594287) EPS- Basic and Diluted 8924 (5943)
6 The Company has filed statutory forms under Foreign Exchange Management Act 1999 in respect of certain inward remittances of foreign currency from a overseas investor towards share application money amounting to Rs29722000- with Reserve Bank ofIndia (RBI) The Company approached RBI for condoning the delay in allotment or refund of the share application money In the mean time the company commenced negotiations with the said overseas investor with a request to waive the allotment or refund ofthe amount and to permit it us to adjust the same towards the expenses incurred in connection with the biddings Pending final directions from RBI the Company has not dealt with the share application money
7 There are no micro and small enterprises to which the company owes dues which are outstanding for more than 45 days as at March 31 2010 This information as required to be disclosed under the Micro Small and Medium Enterprises Development Act 2006 has been determined to the extent such parties have been identified on the basis of the information available with the company This has been relied upon by the Auditors
8 Deferred Tax (Asset)liability (Net) as at March 31 2010 comprises of (Amount in Rs)
S No Particulars
2010 2009 Deferred Tax Asset
Deferred Tax Liability
Deferred Tax Asset
Deferred Tax Liability
1 Depreciation - 324726 338545 Total - 324726 338545 Deferred Tax (Asset)Liability (net)
324726 338545
This being the first year of consideration previous year figures have not been furnished
9 Investment purchased and sold during the year
Particulars Purchased Sold
No of Units Amount in Rs No of Units Amount in Rs Mutual Funds Birla Sun Life Savings Fund Institutional - Growth
161403595 (-)
2801062542 (-)
161403595 (-)
2818574832 (-)
Birla Sun Life Cash Manager - Growth 32344826 (-)
700000000 (-)
32344826 H
704402377 (-)
Birla Sun Life Cash Plus - Institutional Premium - Growth
1008109557 (-)
14574402377 (-)
817828098 (-)
11850620910 H
HSBC Floating Rate -LT-Institutional Daily Dividend
-(55525730)
-(556123506)
-(55525730)
-(556123506)
Notes a) Purchases and Sales exclude those held at year end b) The sales realization excludes dividend if any received from Mutual Funds c) Previous year figures are mentioned in brackets
10 Information pursuant to paragraphs 3 4 4A 4B 4C and 4D of Schedule VI to the Companies Act 1956 to the extent either Nil or Not Applicable has not been furnished
11 Previous figures have been regrouped and reclassified to conform to those of the Current year
For and on behalf of the board of directors
K Sreemannarayana G Radhakrishna Babu Director Director
Place Bangalore Date May 272010
7 There are no micro and small enterprises to which the company owes dues which are outstanding for more than 45 days as at March 31 2010 This information as required to be disclosed under the Micro Small and Medium Enterprises Development Act 2006 has been determined to the extent such parties have been identified on the basis of the information available with the company This has been relied upon by the Auditors
8 Deferred Tax (Asset)liability (Net) as at March 31 2010 comprises of (Amount in Rs)
S No Particulars
2010 2009 Deferred Tax Asset
Deferred Tax Liability
Deferred Tax Asset
Deferred Tax Liability
1 Depreciation - 324726 338545 Total - 324726 338545 Deferred Tax (Asset)Liability (net)
324726 338545
This being the first year of consideration previous year figures have not been furnished
9 Investment purchased and sold during the year
Particulars Purchased Sold
No of Units Amount in Rs No of Units Amount in Rs Mutual Funds Birla Sun Life Savings Fund Institutional - Growth
161403595 (-)
2801062542 (-)
161403595 (-)
2818574832 (-)
Birla Sun Life Cash Manager - Growth 32344826 (-)
700000000 (-)
32344826 H
704402377 (-)
Birla Sun Life Cash Plus - Institutional Premium - Growth
1008109557 (-)
14574402377 (-)
817828098 (-)
11850620910 H
HSBC Floating Rate -LT-Institutional Daily Dividend
-(55525730)
-(556123506)
-(55525730)
-(556123506)
Notes a) Purchases and Sales exclude those held at year end b) The sales realization excludes dividend if any received from Mutual Funds c) Previous year figures are mentioned in brackets
10 Information pursuant to paragraphs 3 4 4A 4B 4C and 4D of Schedule VI to the Companies Act 1956 to the extent either Nil or Not Applicable has not been furnished
11 Previous figures have been regrouped and reclassified to conform to those of the Current year
For and on behalf of the board of directors
K Sreemannarayana G Radhakrishna Babu Director Director
Place Bangalore Date May 272010
11 Previous figures have been regrouped and reclassified to conform to those of the Current year
For and on behalf of the board of directors
K Sreemannarayana G Radhakrishna Babu Director Director
Place Bangalore Date May 272010