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GIRISH
MURTHY & KUMAR
Chartered Accountants
4502, High Point IV, 45, Palace Road, Bangalore – 560 001. Ph : 223 81 473 / 305 20 511
AUDITORS' REPORT
TO THE MEMBERS OF GMR ENERGY TRADING LIMITED
We have audited the attached Balance Sheet of GMR ENERGY TRADING LIMITED as on 31st March
2010 and the Profit and loss account and Cash Flow Statement, annexed thereto for the year ended on that
date. These financial statements are the responsibility of the Company's 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 a 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 management, as well as
evaluating the overall financial statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
Further, we report that,
1. 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.
2. In our opinion, proper books of account, as required by law have been kept by the company, so for as appears from our examination of the books.
3. The said Balance Sheet, the Profit and Loss Account and the Cash Flow Statement are in agreement with books of account.
4. In our opinion, the Balance Sheet, the Profit and Loss Account and the Cash Flow Statement complies with the mandatory Accounting Standards referred in Section 211 (3C) of the Companies Act, 1956,
and
5. On the basis of written representations received from the directors as at 31st March 2010 and taken on record by the board of directors, we report that none of the directors is disqualified as on 31st March
2010 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the
companies act,1956.
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GIRISH
MURTHY & KUMAR
Chartered Accountants
4502, High Point IV, 45, Palace Road, Bangalore – 560 001. Ph : 223 81 473 / 305 20 511
In our opinion, and to the best of our information and according to the explanations given to us, the said
accounts, together with and subject to notes annexed thereto, give the information required, and give a
true and fair view:
a. In the case of Balance Sheet of the state of affairs of the company as at 31st March 2010;
b. In the case of Profit and Loss Account, of the Profit for year ended on that date; and
c. In case of the Cash Flow Statement, of the cash flows for the year ended on that date.
PLACE : BANGALORE FOR GIRISH MURTHY & KUMAR
Chartered Accountant DATED : 20
th May, 2010
(A.V SATISH KUMAR)
Partner.
M. No. 26526
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GIRISH
MURTHY & KUMAR
Chartered Accountants
4502, High Point IV, 45, Palace Road, Bangalore – 560 001. Ph : 223 81 473 / 305 20 511
ANNEXURE TO AUDITORS’ REPORT
As required by the Companies (Auditors report) order, 2003 issued by the company law board, and on
the basis of such checks as considered appropriate and according to the information and explanations
given to us during the course of our audit, we report that: -
i) (a) The Company is maintaining proper records showing full particulars including quantitative details and situation of fixed assets.
(b) The fixed assets are physically verified by the management according to a phased programme
designed to cover all the items over a period of three years, which in our opinion, is reasonable
having regard to the size of the company and the nature of its assets. Pursuant to the programme, a
portion of the fixed assets has been physically verified by the management during the year and no
material discrepancies between the book records and the physical inventory have been noticed.
(c) In our opinion and according to the information and explanations given to us, a substantial part of
fixed assets has not been disposed of by the Company during the year.
ii) Since the company is doing Power Trading business, stocks of finished goods, stores, spare parts and raw materials during/ at the end of the year are not applicable.
iii) The company has not taken loans from companies or other parties listed in the register maintained under section 301 of the Companies Act, 1956 and/or from the companies under the same management as
defined under section 370 (I-B) of the companies act, 1956.
iv) The company has not granted any loans, secured or unsecured to the companies, firms or other parties listed in the register maintained under section 301 of the companies act 1956, and/or to the companies
under the same management as defined under section 370 (I-B) of the companies act, 1956.
v) In our opinion, for the purchase of inventory, fixed assets & electrical energy, there is an adequate internal control procedure commensurate with the size of the company and the nature of its business.
Further we have not noticed any evidence of persisting failures to correct major weakness in internal
control.
vi) In our opinion and according to the information and explanation given to us, the particulars of contracts or arrangements referred to in section 301 of the Act have been entered in the register required to be
maintained under that section. Further as per the information and explanation given to us, the
transactions made in pursuance of such contracts or arrangements and exceeding the value of Rupees
five Lakhs in respect of any party during the year have been made at prices which are reasonable having
regard to the prevailing market prices at the relevant time.
vii) The company has not accepted deposits from the public during the year to which the provisions of section 58A and 58AA of the companies Act, 1956 and the rules framed there under are applicable.
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GIRISH
MURTHY & KUMAR
Chartered Accountants
4502, High Point IV, 45, Palace Road, Bangalore – 560 001. Ph : 223 81 473 / 305 20 511
viii) In our opinion, the company's present Internal Audit system is commensurate with the size and nature of its business.
ix) The central government has not prescribed the maintenance of cost records by the companies under section 209(i)(d) of the companies act, 1956.
x) The Company is regular in payment of, income tax, wealth tax & Provident Fund and Employees State Insurance Scheme, We are informed by the company that the Investor education and
protection fund, sales tax, excise, customs and cess are not applicable to the Company.
xi) There are no undisputed amounts payable in respect of income tax, wealth tax, and Provident fund as at 31st march 2008, which are outstanding for a period of more the than six months from the
date they become payable.
xii) The company has not granted any loans/advances on the basis of security by way of shares, debenture etc. As such no records and documents have been maintained.
xiii) The accumulated losses of the Company as at March 31, 2010 are Less than fifty percent of its networth. The Company has also incurred cash losses in the financial year ended March 31, 2010.
xiv) In our opinion, the Company is not a dealer or trader in shares, securities, debentures and other investments.
xv) We have been informed by the company that it has not given any guarantee for any loans taken by the others from banks and financial institutions.
xvi) In our opinion, and on the basis of our examination and according to the information and explanations given to us, on an overall examination of the balance sheet of the Company, we
report that during the year, prima facie, the Company has not used funds raised on short- term
basis for long-term investment. .
xvii) No Preferential allotment of shares is made by the company to parties and companies covered in the registers maintained under section 301 of the act.
xviii) The company has not issued any debentures and therefore no securities have been created.
xix) As per information and explanations given to us there was no fraud on or by the company have been noticed or reported during the year.
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GIRISH
MURTHY & KUMAR
Chartered Accountants
4502, High Point IV, 45, Palace Road, Bangalore – 560 001. Ph : 223 81 473 / 305 20 511
xx) The company is not covered under special statutory provisions applicable to the chit fund, Nidhi or mutual benefit societies.
PLACE : BANGALORE FOR GIRISH MURTHY & KUMAR
Chartered Accountant DATED : 20
th May, 2010
(A.V SATISH KUMAR)
Partner.
M. No. 26526
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(Amount in Rs.)
I. Sources of Funds
1. Shareholders’ Funds
a) Capital 1 520,000,000 210,000,000
b) Reserves and Surplus 2 - 11,133,419
520,000,000 221,133,419
Total 520,000,000 221,133,419
II. Application of Funds
1. Fixed Assets 3
a) Gross Block 389,856 -
b) Less : Depreciation 34,735 -
c) Net Block 355,121 -
d) Capital Work in Progress (including
capital advances) - -
355,121 -
2. Investments 4 470,447,562 198,264,701
3. Current Assets, Loans and Advances
a) Sundry Debtors 5 474,511,853 469,485,141
b) Cash and Bank Balances 6 4,409,285 35,160
c) Loans and Advances 7 30,377,278 21,149,012
509,298,416 490,669,313
Less : Current Liabilities and Provisions 8
a) Liabilities 470,443,573 466,322,043
b) Provisions 814,037 1,478,552
471,257,610 467,800,595
Net Current Assets 38,040,806 22,868,718
4. Profit & Loss Account 2 11,156,511 -
Statement on Significant Accounting Policies 14
and Notes to the Accounts
Total 520,000,000 221,133,419
The Schedules referred to above form an integral part of the Balance Sheet
This is the Balance Sheet referred to in our report of even date
For and on behalf of For and on behalf of the Board
Girish Murthy & Kumar
Chartered Accountants
A V Satish Kumar G K Raghunandanan Ashis Basu
Partner Director Director
Place : Bangalore
Date :
Raja Karthik
Company Secretary
31st March 2010 31st March 2009
GMR ENERGY TRADING LIMITEDBalance Sheet as at 31st March, 2010
Schedule
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(Amount in Rs.)
I. Income
Sales 9 3,458,912,395 4,707,323,754
Other Income 10 6,158,992 13,474,301
3,465,071,387 4,720,798,055
II. Expenditure
Purchases 11 3,433,746,994 4,685,709,460
Administration and Other Expenses 12 52,867,813 18,458,634
Finance Charges 13 711,775 337,184
Depreciation 34,735 -
3,487,361,317 4,704,505,278
III. Profit Before Taxation (22,289,930) 16,292,777
Provision for Taxation
- Current - 5,064,358
- Fringe Benefit Tax - 95,000
IV. Profit After Taxation (22,289,930) 11,133,419
Surplus brought forward from Previous Year 11,133,419 -
V. Available surplus carried to Balance Sheet (11,156,511) 11,133,419
Earnings Per Share (Rs.) - Basic and Diluted (0.43) 0.53
Statement on Significant Accounting Policies and Notes to the Accounts 14
The Schedules referred to above form an integral part of the Profit & Loss Account
This is the Balance Sheet referred to in our report of even date
For and on behalf of For and on behalf of the Board
Girish Murthy & Kumar
Chartered Accountants
A V Satish Kumar G K Raghunandanan Ashis Basu
Partner Director Director
Place : Bangalore
Date :
Raja Karthik
Company Secretary
31st March 2010 Schedule 31st March 2009
GMR ENERGY TRADING LIMITED Profit and Loss Account for the year ended 31st March, 2010
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(Amount in Rs.)
Capital
Authorised
52,000,000 (2008-09 - 21,000,000 Shares) Equity Shares of Rs. 10 each 520,000,000 210,000,000
520,000,000 210,000,000
Issued , Subscribed and Paid up
52,000,000 (2008-09 - 21,000,000 Shares) Equity Shares of Rs. 10 each 520,000,000 210,000,000
(Out of above, 42,119,897 Equity shares of Rs. 10 each are held by
holding company, GMR Infrastructure Ltd)
520,000,000 210,000,000
(Amount in Rs.)
Reserves & Surplus
Balance in the Profit and Loss Account (11,156,511) 11,133,419
(11,156,511) 11,133,419
(Amount in Rs.)
Investments
Current
Other than Trade - Unquoted*
Birla Sunlife Savings Fund Institutional - Daily Divindend 135,521,678 -
(1,35,42,958.59 (2009: Nil) units of Rs.10.0068 per unit)
Birla Sunlife Cash Plus Institutional - Daily Divindend 3,003,154 -
(2,99,730.93 (2009: Nil) units of Rs.10.0195 per unit)
UTI Tresuary Advantage Fund Institutional - Daily Dividend 331,922,729 -
(3,31,851.68 (2009: Nil) units of Rs.1000.2141 per unit)
UTI Cash Liquidity Fund - Institutaional - Daily Dividend - 198,264,701
(Nil (2009: 1,94,482.846) units of Rs.1019.4457 per unit)
470,447,562 198,264,701
Notes:
* Aggregate Net Asset Value as at March 31, 2010 Rs. 470,447,861
GMR ENERGY TRADING LIMITED
Schedules forming part of the Balance Sheet as at 31st March, 2010
Total
Total
Schedule 2 31st March 2010
Schedule 1 31st March 2010
Schedule 4 31st March 2010
31st March 2009
31st March 2009
31st March 2009
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GMR ENERGY TRADING LIMITED
Schedules forming part of the Balance Sheet as at 31st March, 2010
(Amount in Rs.)
Sundry Debtors
(Trade and considered good)
Unsecured 474,511,853 469,485,141
Considered doubtfull 4,665,776 4,665,776
479,177,629 474,150,917
Less : Provision for doubtfull debts 4,665,776 4,665,776
474,511,853 469,485,141
474,511,853 469,485,141
(Amount in Rs.)
Cash and Bank Balances
Cash on hand 67,537 16,910
Balances with Scheduled Banks
- On Current Accounts 4,341,748 18,250
4,409,285 35,160
(Amount in Rs.)
Loans and Advances
(Unsecured and considered good, unless otherwise stated)
Loans to Employees 252,493 658,500
Advances recoverable in cash or in kind or for value to be received 3,675,985 41,712
Deposits with Government Authorities 4,500,000 1,000,000
Deposits with others 21,948,800 19,448,800
30,377,278 21,149,012
(Amount in Rs.)
Current Liabilities and Provisions
A) Liabilities
Sundry Creditors
Dues to Micro and Small Scale Industrial Undertakings - -
Dues to other than Micro and Small Scale Industrial Undertakings 469,300,742 465,807,192
469,300,742 465,807,192
Book Overdraft - 219,335
Other Liabilities 1,142,831 295,516
470,443,573 466,322,043
B) Provisions
Provision for Tax (Net of Payments) - 1,346,536
Provision for Employee Benefits 814,037 132,015
814,037 1,478,552
31st March 2010
31st March 2010
Total
Total
Total
Total
Schedule 7
Total
31st March 2010
31st March 2010
Schedule 8
Schedule 5
Schedule 6
31st March 2009
31st March 2009
31st March 2009
31st March 2009
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GMR Energy Tading Ltd
Schedule - 3
Fixed Assets
(Rs. In Lakhs)
As at April 1st
2009 Additions
Deletions for the
year
As at March
31st 2010
As at April 1st
2009 Additions
Deletions for
the year
As at March
31st 2010
As at March
31st 2010
As at April 1st
2009
Computers - 389,856 - 389,856 - 34,735 - 34,735 355,121 -
Total - 389,856 - 389,856 - 34,735 - 34,735 355,121 -
Previous Year - - - - - - - - - -
Description Gross Block Depreciation Net Block
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(Amount in Rs.)
Sales
Income from sale of Energy 3,271,847,673 4,711,172,488
Less: Prompt Payment Rebate 44,292,437 65,604,663
3,227,555,235 4,645,567,825
Schedule Cancellation Charges received 70,977,600 -
Open Access Charges recoverd 160,379,559 61,755,929
3,458,912,395 4,707,323,754
(Amount in Rs.)
Other Income
Interest on deposits (Gross) - 3,484,553
(TDS - Nil (2008-09 - Rs. 7,17,822))
Income from investments - other than trade (Gross) 6,147,592 9,988,148
Miscellaneous Income 11,400 1,600
6,158,992 13,474,301
(Amount in Rs.)
Purchases
Purchase of Energy 3,248,482,421 4,686,044,863
Less : Prompt payment Rebate 45,161,234 62,136,332
3,203,321,187 4,623,908,531
Schedule Cancellation Charges paid 70,031,232 -
Open Access Charges paid 160,394,575 61,800,929
3,433,746,994 4,685,709,460
Total
Schedule 10
31st March 2010
Total
Schedule 9
31st March 2010
Total
Schedule 11 31st March 2010
GMR ENERGY TRADING LIMITED
Schedules forming part of the Profit and Loss Account for the year ended 31st March 2010
31st March 2009
31st March 2009
31st March 2009
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GMR ENERGY TRADING LIMITED
Schedules forming part of the Profit and Loss Account for the year ended 31st March 2010
(Amount in Rs.)
Administration and Other Expenses
Salaries, allowances and benefits to employees 10,848,741 1,089,680
Contribution to Provident and Other Funds 825,571 124,297
Staff Welfare Expenses 99,766 1,748
Rent 11,101,262 1,827,012
Rates and Taxes 7,298,912 2,726,013
Insurance 34,809 337
Consultancy and other Professional charges 10,317,933 3,286,568
Electricity Charges 1,124,558 67,058
Business Promotion 286,552 1,634,258
Remuneration to Auditors
- Audit fees 11,030 22,266
- Tax Audit Fees 11,030 11,030
- Others 11,030 11,236
Travelling and Conveyance 2,903,111 1,106,867
Communication Expenses 219,428 207,501
Membership & Subscription 594,383 1,441,139
Office Maintenance 1,109,603 -
Donation & Charities 5,776,000 -
Provision for Doubtfull Debts - 4,665,776
Miscellaneous Expenses 294,093 235,847
52,867,813 18,458,634
(Amount in Rs.)
Finance Charges
Bank / Other Finance Charges 711,775 337,184
711,775 337,184
31st March 2009
31st March 2009
Total
31st March 2010
31st March 2010 Schedule 12
Schedule 13
Total
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GMR Energy Trading Limited
Schedule 14 Statement on Significant Accounting Policies and Notes to the Accounts
I. Significant Accounting Policies
1. Accounting Assumptions These accounts have been prepared under the historical cost convention on the basis of a going
concern, with revenues recognized and expenses accounted on their accrual and amounts
determined as payable or receivable during the year, except those with significant uncertainties,
and in accordance with the applicable Accounting Standards as issued by the Institute of
Chartered Accountants of India and the relevant provisions of the Companies Act, 1956.
2. Revenue Recognition: Revenue is recognized on the basis of billings to consumers and includes unbilled revenues up to
the end of the accounting year.
3. Fixed Assets Fixed Assets are stated at cost of acquisition less depreciation. Cost of acquisition is inclusive of
freight, insurance, duties, levies, and all incidentals attributable to bringing the asset to its
working condition.
Assets under installation or under construction as at the balance sheet date are shown as Capital
Work in Progress.
Depreciation is provided on straight-line method at the rates and in the manner specified under
Schedule XIV to the Companies Act, 1956, except for assets less than Rs.5,000 which are fully
depreciated in the year of acquisition.
4. Investments Long Term investments are valued at cost unless there is permanent diminution in their values.
Current Investments are valued at cost or market value whichever is lower. Cost of acquisition is
inclusive of expenditure incidental to acquisition. Income from investments is recognized in the
year in which it is accrued and stated at gross.
5. Borrowing Costs Borrowing cost that is directly attributable to the acquisition, construction or production of a
qualifying asset is capitalized as part of the cost of that asset. Other borrowing costs are
recognized as an expense in the year in which they are incurred.
6. Foreign Currency Transactions All foreign currency transactions are accounted for at the exchange rates prevailing on the date of
such transactions. The original cost of fixed assets acquired through foreign currency borrowings at
the end of each financial year is adjusted for any change in liability arising out of expressing the
outstanding foreign currency loan at the rate of exchange prevailing at the date of balance sheet.
Long term foreign currency monetary assets and liabilities, which does not relate to acquisition of
fixed assets, are translated at the exchange rates prevailing on the balance sheet date and the
resultant exchange differences are accumulated in the foreign currency monetary item translation
reserve and amortized over the balance period of such long term asset/liability but not beyond March
31, 2011.
Monetary assets and monetary liabilities other than long term are translated at the exchange rate
prevailing on the balance sheet date and the resultant gain /loss is recognized in the financial
statements.
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GMR Energy Trading Limited
Schedule 14
7. Retirement Benefits Retirement Benefits are accounted for on accrual basis with contributions to recognized funds such
as provident fund and pension fund charged against revenue each year. Liability for gratuity is
funded through a scheme administered by an insurer. Provision for leave encashment is made on
actual basis based on balance leave as at the year end.
8. Earnings Per Share The earnings considered in ascertaining the Company’s Earnings per Share (EPS) comprise of
the net profit after tax. The number of shares used for computing the basic EPS is the weighted
average number of shares outstanding during the year.
9. Taxes on Income Current tax is determined based on the amount of tax payable in respect of taxable income for the
year. Deferred tax is recognized on timing differences being the difference between the taxable
income and accounting income that originate in one year and are capable of reversal in one or more
subsequent years. Deferred tax assets and liabilities have been computed on the timing differences
applying the enacted tax rates.
II. Notes to the Accounts
1. Capital Commitments - Nil
2. Further, the Company’s business relates to Trading of power, which in the context of Accounting Standard 17 “Segment Reporting” issued by the Institute of Chartered Accountants of India is
considered as the only segment. Hence, reporting under the requirements of the said standard
does not arise.
3. Employee benefits
Effective April 1, 2007, the company has adopted Accounting Standard 15(Revised) on
“Employee Benefits” issued by the Institute of Chartered Accountants of India. Pursuant to the
adoption, the transitional obligation of the company on account of defined contribution plans and
defined benefit plans has been recognized in the opening balance of the general reserve.
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GMR Energy Trading Limited
Schedule 14
a) Defined benefit Plans
The following table sets forth the status of the Gratuity Plan of the Company and the amounts
recognized in the Balance sheet and Profit and Loss Account.
(Rs. In Lakhs)
Particulars 31st March,
2010
31st March,
2009
Projected benefits obligation at the beginning of the period 0.57 -
Current Service Cost 1.06 0.57
Interest Cost 0.04 -
Benefits Settled - -
Transfer to other Company - -
Actuarial loss/(gain) (0.07) -
Obligation at the end of the period 1.60 0.57
Change in Plan Assets
Plans Assets as on 01-04-2009, at Fair value - -
Expected return on plan assets 0.05 -
Actuarial gain/(Loss) 0.05 -
Contributions (Less risk premium etc) 1.17 -
Fund Transfer - -
Benefits Settled - -
Plans Assets as on 31-03-2010, at fair value 1.27 -
Funded status of the plans (Assets)/Liability 0.33 0.57
Gratuity Cost
Service Cost 1.06 0.57
Interest cost 0.04 -
Expected return on plan assets (0.05) -
Net actuarial (gain)/loss (0.06) -
Net Gratuity Cost 0.99 0.57
Assumption
Discount Rate 8.00% 7.00%
Estimated rate of return on assets 8.00% 8.00%
Expected rate of compensation increase 6.00% 6.00%
Attrition Rate 5.00% 5.00%
Retirement Expectancy 60 60
b) Liability towards leave encashment based on actuarial valuation amounts to Rs. 1.60 Lakhs as at March 31, 2010 (March 2009: Rs. 0.59 Lakhs)
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GMR Energy Trading Limited
Schedule 14
4. Related Party transactions a. Names of Related Parties and description of Relationship.
(i) Enterprises that control the
Company
GMR Infrastructure Limited (GIL)
GMR Holdings Private Limited (GHPL)
(ii)
Fellow Subsidiary Companies
GMR Energy Limited
GMR Kamalanga Energy Limited
GMR Power Corporation Limited (GPCL)
GMR Vemagiri Power Generation Limited (VPGL)
GMR Rajahmundry Energy Limited (GREL)
GMR (Badrinath) Hydro Power Generation Limited
(GBHPL)
GMR Consulting Services Private Limited (GCSPL)
Himtal Hydropower Company Private Limited (HHCPL)
GMR Energy (Mauritius) Limited (GEML)
GMR Upper Karnali Hydropower Company Private Limited
(GUKCPL)
GMR Lion Energy Limited (GLEL)
GMR Mining and Energy Private Limited (GMEPL)
GMR Coastal Energy Private Limited (GMRCEPL)
GMR Bajoli Holi Hydropower Private Limited (GBHHPL)
GMR Energy (Cyprus) Limited (GECL)
GMR Energy (Netherlands) B. V. (GENBV)
GMR Londa Hydropower Private Limited (GLHPL)
Londa Hydro Power Private Limited (LHPL)
PT Barasentosa Lestari (PT BSL), Indonesia
PT Dwikarya Sejati Utama (PT DSU), Indonesia
PT Dutasarana Internusa (PT DSI),Indonesia
PT Unsoco, Indonesia (PTU)
Badrinath Hydro Power Generation Pvt. Ltd.(BHPL)
GMR Chhattisgarh Energy Private Limited (GCEPL)
SJK Powergen Limited
Lion Energy Tuas Pte Ltd, Singapore
EMCO Energy Ltd.
Dhruvi Securities Private Limited
GMR Infrastructure Overseas Sociedad Limitada
GMR Airports Holding Limited
GMR Aviation Private Limited
GMR Campus Private Limited
GMR Corporate Affairs Private Limited
GMR Corporate Centre Limited
GMR Energy (Global) Ltd
GMR Headquarters Private Limited
GMR Infrastructure (Cyprus)Ltd
GMR Infrastructure (Global) Ltd
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GMR Energy Trading Limited
Schedule 14
GMR Infrastructure (Mauritius) Limited
GMR Infrastructure (Singapore) PTE Ltd
Island Power Company PTE Limited
Island Power Intermediary PTE Limited
Island Power Supply PTE Limited
GMR Infrastructure (UK) Ltd
GMR International (Malta) Ltd
Advika Properties Private Limited
Aklima Properties Private Limited
Amartya Properties Private Limited
Baruni Properties Private Limited
Camelia Properties Private Limited
Eila Properties Private Limited
Gerbera Properties Private Limited
Lakshmi Priya Properties Private Limited
Honeysuckle Properties Private Limited
Idika Properties Private Limited
Krishnapriya Properties Private Limited
Nadira Properties Private Limited
Prakalpa Properties Private Limited
Purnachandra Properties Private Limited
Shreyadita Properties Private Limited
Sreepa Properties Private Limited
Bougainvillea Properties Private Limited
GMR SEZ and Port Holdings Private Limited (Earlier GMR
Oil and Natural Gas Private Limited)
GMR Krisnagiri SEZ Limited
GMR Ambala – Chandigarh Expressways
GMR Highways Limited
GMR Hyderabad Vijaywada Expressways Private Limited
GMR Jadcherla Expressways Private Limited
GMR Pochanpalli Expressways Limited
GMR Tambaran – Tindivan Expressways Private Limited
GMR Tuni – Anakapalli Expressways Private Limited
GMR Ulundurpet Expressways Private Limited
GMR OSE Hungund Hospet Highways Private Limited
GMR Chennai Outer Ring Road Private Limited
Delhi Aerotropolis Private Limited
Delhi Aviation Fuel Facility Private Limited
Delhi International Airports Private Limited (DIAL)
DIAL Cargo Private Limited
East Delhi Waste Processing Company Private Limited
GMR Hotels and Resorts Limited
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GMR Energy Trading Limited
Schedule 14
GMR Hyderabad Aerotropolis Limited
GMR Hyderabad Airport Resources Management Limited
GMR Hyderabad Aviation SEZ Limited
GMR Hyderabad International Airport Limited
GMR Hyderabad Multi Product SEZ Limited
Hyderabad Airport Security Services Limited
Hyderabad Menzies Air Cargo Private Limited
Gateways for India Airports Private Limited
(iii) Enterprises where significant
influence exists
(iv) Enterprises where key management
personnel and their relative exercise
significant influence
(v) Key Management Personnel Mr. G. K. Raghunandanan
b) Summary of transactions with the above related parties is as follows: (Rs. In Lakhs)
Particulars 31st March, 2010 31
st March, 2009
1. Purchase of Energy
a) Fellow Subsidiary – GMR Energy Ltd 18,224.28 34,268.94
2. Allotment of Equity Shares
Holding Company
a) GMR Infrastructure Ltd 2,511.00 -
Fellow Subsidiary
a) GMR Energy Ltd 589.00 360.99
b) GVL Investments Pvt Ltd - 608.01
c) Summary of Closing Balance with Related Parties. (Rs. In Lakhs)
Particulars 31st March 2010 31
st March 2009
GMR Energy Ltd 4,685.21 4,621.03
* Transactions and outstanding balances in the nature of reimbursement of expenses incurred by one
company on behalf of the other have not been considered above.
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GMR Energy Trading Limited
Schedule 14 5. A) Finance Lease: NIL
B) Operating Lease :
The Company has entered into certain cancelable operating lease agreements mainly for office
premises and Guest House. The lease rentals charged during the year as per the agreement are as
follows:
(Rs. In Lakhs)
Particulars 31st
March 10 31st March 09
Lease Rentals under cancelable leases 111.01 18.27
Lease Rentals under non-cancelable leases - -
6. Earnings Per Share (EPS)
Calculation of EPS – (Basic and Diluted)
Particulars Year ended
31st
March 10 31st March 09
Nominal Value of Equity Shares (Rs. per Share) 10 10
Total number of Equity Shares outstanding at the beginning of the
year
2,10,00,000 20,00,000
Add: Additional Shares issued during the year 3,10,00,000 190,00,000
Total number of Equity Shares outstanding at the end of the year 5,20,00,000 210,00,000
Weighted average number of Equity Shares outstanding during the
year
5,20,00,000 210,00,000
Profit after Taxes (Rs. In Lakhs) (222.90) 111.33
EPS – Basic (Amount in Rupees) (0.43) 0.53
Notes: Since company did not have any diluted securities, the basic and diluted earnings per share are
the same.
7. Investments purchased and sold during year. (Rs. In Lakhs)
Sl.
No Script Name
Purchase Sale
Quantity Value Quantity Value
Mutual Fund:- Units Rs. In Lakhs Units Rs. In Lakhs
1
Birla Sun life Cash Manager – Daily
Dividend
3,08,01,269.02 3,081.05 3,08,01,269.02 3,081.05
(-) (-) (-) (-)
2 UTI Liquid Cash Plan Institutional -
Growth Option
- - - -
(5,04,604.91) (7,215.00) (5,04,604.91) (7,238.00)
Note : Amount mentioned in brackets are previous year figures
8. Quantitative information in respect of purchase and sale of power, (Rs. In Lakhs)
Particulars Quantity in Million Units Gross Value in Rupees
31st
March 10 31st March 09 31
st March 10 31
st March 09
Sales 615.14 632.02 32,718.48 47,111.73
Purchases 615.14 632.02 32,484.82 46,860.45
-
GMR Energy Trading Limited
Schedule 14
9. Additional information pursuant to Para 3, 4, 4C and 4D of Part II of Schedule VI to the Companies Act, 1956.
a) Expenditure in Foreign Currency (Rs. In Lakhs)
b) CIF Value of Imports - Nil
c) Since the company is in trading business, License & Installed Capacity of Machinery, Fuel Consumption, Consumption of Raw Materials, Spares & Stores are not applicable.
10. Previous year’s figures have been re-grouped and reclassified, wherever necessary, to confirm to those of current year.
For and on behalf of For and on behalf of the Board
Girish Murthy & Kumar
Chartered Accountants
A V Satish Kumar G K Raghunandanan Ashis Basu
Partner Director Director
Place : Bangalore
Date : 20.05.2010
Raja Karthik S
Company Secretary
Particulars 31st
March ‘10 31st March ‘09
Foreign Travel 0.34 Nil
-
(Amount in Rupees)
31st March 2010 31st March 2009
A. CASH FLOW FROM OPERATING ACTIVITIES
Net Profit Before Tax and Extraordinary Items (22,289,930) 16,292,777
Adjustments for :
Depreciation 34,735 -
(Profit) / Loss from Sale of Investments (net) - (2,300,394)
Interest Income - (3,484,553)
Income from investments (6,147,592) (7,687,754)
Finance charges 711,775 337,184
Operating Profit Before Working Capital Changes (27,691,012) 3,157,260
Adjustments for :Changes in Trade and Other Receivables (13,404,978) (490,383,285)Changes in Deferred Revenue Expenses - -
Changes in Trade Payables 3,457,015 466,203,191
Cash generated from Operations (37,638,975) (21,022,834)
Income Taxes paid 800,000 (3,717,822)
Fringe Benefit Taxes paid 50,000 (95,000)
Net Cash Flow from Operating Activities (38,488,975) (24,835,656)
B. CASH FLOW FROM INVESTING ACTIVITIES
Purchase of Fixed Assets (389,856) -
(net of foreign exchange fluctuations)
(Purchase)/Sale of Long term investments - - (Purchase)/Sale of short term investments (net) (272,182,860) (198,264,701)
(Profit) / Loss from Sale of Investments (net) - 2,300,394
Income from investments 6,147,591 7,687,754
Interest Received - 3,484,553
Net Cash used in Investing Activities (266,425,125) (184,792,000)
C. CASH FLOW FROM/(USED IN) FINANCING ACTIVITIES
Proceeds from Share Capital 310,000,000 190,000,000
Finance Charges paid (711,775) (337,184)
Net Cash used in Financing Activities 309,288,225 189,662,816
Net increase / (decrease) in Cash and Cash Equivalents 4,374,125 (19,964,840)
Cash and Cash Equivalents at the beginning of the year 35,160 20,000,000
Cash and Cash Equivalents at the end of the year 4,409,285 35,160
Notes: 0
1.The above Cash Flow Statement has been prepared under the 'Indirect Method' as set out in the Accounting
Standard 3 on Cash Flow Statements issued by the Institute of Chartered Accountants of India.
2. Previous year's figures have been regrouped and reclassified to conform to those of the current year.
This is the Cash Flow Statement referred to in our report of even date.
For and on behalf of For and on behalf of the Board
Girish Murthy & Kumar
Chartered Accountants
A V Satish Kumar G K Raghunandanan Ashis Basu
Partner Director Director
Place : BangaloreDate :
Raja Karthik
Company Secretary
GMR ENERGY TRADING LIMITED
Cash Flow Statement for the year ended 31st March, 2010
-
1 Registration Details
Registration No. U31200KA2008PLC045104 State Code 08
Balance Sheet Date 31st March, 2010
2 Capital Raised during the year (Amount in Rupees)
Public Issue Nil Rights Issue Nil
Bonus Issue Nil Private Placement 310,000,000
3 Position of Mobilisation and Development of Funds ( Amount in Rupees )
Total Liabilities 520,000,000 Total assets 520,000,000
Sources of Funds
Paid Up Capital 520,000,000 Reserves & Surplus -
Secured Loans Nil Unsecured Loans Nil
Application of Funds
Net Fixed Assets Nil Investments 470,447,562
Net Current Assets 38,040,806 Misc. Expenditure Nil
Pre-Operative Expenses -
Accumulated Losses -
4 Performance of company ( Amount in Rupees )
Gross Income 31,324,393 Total Expenditure 53,614,322
+ / - Profit / Loss Before Tax (22,289,930) + / - Profit / Loss After Tax (22,289,930)
Earning Per Share in Rs. (0.43) Dividend Rate % Nil
5 Generic Names of Three Principal Products / Services of Company (as per monetary terms)
Item Code No. : Product Description:
For and on behalf of the Board
G K Raghunandanan Ashis Basu Raja Karthik
Director Director Company Secretary
Place : Bangalore
Date:
BALANCE SHEET ABSTRACT AND COMPANY'S GENERAL BUSINESS PROFILE
Purchasing and selling of Power/Energy
GMR ENERGY TRADING LIMITED