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Notes to Accounts of GVK Power & Infrastructure Ltd.

Mar 31, 2016

b) Terms/rights attached to equity shares

The Company has only one class of equity share having par value of Rs.1 per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

a) Term loan aggregating to Rs. 20,500 is secured by first pari-passu charge on the current assets, present and future of the Company and pledge of 299,000 preference shares of GVK Airport Developers Limited, out of which 239,800 preference shares are held by Sutara Roads & Infra Limited. The loan is further secured by subservient mortgage of property, admeasuring 2,683.90 acres of land adjoining the NH 46 connecting to Chennai to Perambalur belonging to GVK Perambalur SEZ Private Limited and presently carries interest of 13.40% per annum. The loan is repayable in twenty four unequal monthly installments after a moratorium of twelve months i.e. from April 30, 2016.

b) Term loan aggregating to Rs. 14,956 is secured by mortgage of property, admeasuring 2,683.90 acres of land adjoining the NH 46 connecting to Chennai to Perambalur belonging to GVK Perambalur SEZ Private Limited and presently carries interest of 15.15% per annum. The loan is repayable after a period of 35 months from the date of first drawdown i.e. repayable on August 27, 2015.

Term loan aggregating to Rs. Nil (March 31, 2015: Rs. 42,880) carried an interest of 11.50% per annum and was secured by (i) charge on loans and advances of the Company to GVK Airport Developers Limited (“GVKADL”) and also loans and advances provided by GVKADL to GVK Airport Holdings Private Limited (“GVKAHPL”) and Bangalore Airport & Infrastructure Developer Private Limited (“BAIDPL”); (ii) exclusive charge on shares of GVKADL to the extent of two times of facility amount; (iii) exclusive charge on shares of GVKAHPL and BAIDPL not exceeding 30% of the shares of the Companies and the no. of shares to be pledged would be in proportion to the lenders at GVKADL; (iv) first pari passu charge on Himayatsagar and Paigah House property, Hyderabad; (v) second pari passu charge on land of 2,683.90 acres of land adjoining the NH 46 connecting to Chennai to Perambalur belonging to GVK Perambalur SEZ Private Limited; (vii) proportionate proceeds of liquidity event at GVKADL, GVK AHPL and BAIDPL and (viii) charge on shares of GVKADL, GVK AHPL and BAIDPL along with HDFC and SREI or any other future lender representing at least 61% of the paid up share capital of the Company.

Note: a) Previous year figures are in parenthesis except for receivable/(payable) at year end -

b) Refer note 26 for equity commitments.

c) * Pledge of 81,148,236 (March 31, 2015: 81,148,236) shares of GVK Energy Limited, 22,495,000 (March 31, 2015: 22,495,000) shares of GVK Transportation Private Limited and 48,000,000 (March 31, 2015: 48,000,000) shares of GVK Airport Developers Limited

d) Refer note 5 (a) (b) and 7 for security provided by subsidiaries for loans availed by the Company.

e) The advances/loans and guarantees have been provided to meet normal business needs of respective entity.

f) ** 78,204,963 0.001% compulsory Convertible Debentures of Rs. 100 each were converted into 307,869,478 fully paid-up equity shares.

g) *** 239,800 preference shares of GVK Airport Developers Limited held by Sutara Roads & Infra Limited have been pledged for loans taken by the Company.

Note: a) Previous year figures are in parenthesis except for receivable/(payable) at year end -

b) Refer note 26 for equity commitments.

c) * Pledge of 81,148,236 (March 31, 2015: 81,148,236) shares of GVK Energy Limited, 22,495,000 (March 31, 2015: 22,495,000) shares of GVK Transportation Private Limited and 48,000,000 (March 31, 2015: 48,000,000) shares of GVK Airport Developers Limited

d) Refer note 5 (a) (b) and 7 for security provided by subsidiaries for loans availed by the Company.

e) The advances/loans and guarantees have been provided to meet normal business needs of respective entity.

f) ** 78,204,963 0.001% compulsory Convertible Debentures of Rs. 100 each were converted into 307,869,478 fully paid-up equity shares.

g) *** 239,800 preference shares of GVK Airport Developers Limited held by Sutara Roads & Infra Limited have been pledged for loans taken by the Company.

Note: a) Previous year figures are in parenthesis except for receivable/(payable) at year end -

b) Refer note 26 for equity commitments.

c) * Pledge of 81,148,236 (March 31, 2015: 81,148,236) shares of GVK Energy Limited, 22,495,000 (March 31, 2015: 22,495,000) shares of GVK Transportation Private Limited and 48,000,000 (March 31, 2015: 48,000,000) shares of GVK Airport Developers Limited

d) Refer note 5 (a) (b) and 7 for security provided by subsidiaries for loans availed by the Company.

e) The advances/loans and guarantees have been provided to meet normal business needs of respective entity.

f) ** 78,204,963 0.001% compulsory Convertible Debentures of Rs. 100 each were converted into 307,869,478 fully paid-up equity shares.

g) *** 239,800 preference shares of GVK Airport Developers Limited held by Sutara Roads & Infra Limited have been pledged for loans taken by the Company.

1. Details of loan given to subsidiaries, associates, parties in which directors are interested Subsidiaries

i) GVK Oil & Gas Limited

Balance as at March 31, 2016 Rs. Nil (March 31, 2015: Rs. 10,156)

Maximum amount outstanding during the year was Rs. 10,156 (March 31, 2015: Rs. 17,746)

The aforesaid loan was repayable on demand.

ii) GVK Perambalur SEZ Private Limited

Balance as at March 31, 2016 Rs. 6,732 (March 31, 2015: Rs. 6,719)

Maximum amount outstanding during the year was Rs. 6,732 (March 31, 2015:Rs. 6,719)

The aforesaid loan is repayable on demand.

iii) Goriganga Hydro Power Private Limited

Balance as at March 31, 2016 Rs. 4,771 (March 31, 2015: Rs. 4,767)

Maximum amount outstanding during the year was Rs. 4,771 (March 31, 2015: Rs. 4,767)

The aforesaid loan is repayable on demand.

iv) GVK Airport Developers Limited

Balance as at March 31, 2016 Rs. 28,493 (March 31, 2015: Rs. 76,242)

Maximum amount outstanding during the year was Rs. 76,242 (March 31, 2015: Rs. 84,162)

The aforesaid loan is repayable on demand.

v) GVK Developmental Projects Private Limited

Balance as at March 31, 2016 Rs. 0 (March 31, 2015: Rs. 4,033)

Maximum amount outstanding during the year was Rs. 4,033 (March 31, 2015: Rs. 5,583)

The aforesaid loan is repayable on demand.

vi) GVK Transportation Private Limited

Balance as at March 31, 2016 Rs. 5,306 (March 31, 2015: Rs. 0)

Maximum amount outstanding during the year was Rs. 6,928 (March 31, 2015: Rs. 21,249)

The aforesaid loan is repayable on demand.

vii) GVK Ratle Hydro Electrical Projects Private Limited

Balance as at March 31, 2016 Rs. 1 (March 31, 2015: Rs. 1)

Maximum amount outstanding during the year was Rs. 1 (March 31, 2015: Rs. 1)

The aforesaid loan is repayable on demand.

viii) Alaknanda Hydro Power Company Limited

Balance as at March 31, 2016 Rs. Nil (March 31, 2015: Rs. Nil)

Maximum amount outstanding during the year was Rs. Nil (March 31, 2015: Rs. 2)

The aforesaid loan was repayable on demand.

ix) GVK Power (Goindwal Sahib) Limited

Balance as at March 31, 2016 Rs. 22 (March 31, 2015: Rs. 16)

Maximum amount outstanding during the year was Rs. 22 (March 31, 2015: Rs. 156)

The aforesaid loan was repayable on demand.

x) GVK Coal (Tokisud) Company Private Limited

Balance as at March 31, 2016 Rs. 0 (March 31, 2015: Rs. 0)

Maximum amount outstanding during the year was Rs. 0 (March 31, 2015: Rs. 0)

The aforesaid loan is repayable on demand.

xi) GVK Energy Limited

Balance as at March 31, 2016 Rs. 40 (March 31, 2015: Rs. 80)

Maximum amount outstanding during the year was Rs. 217 (March 31, 2015: Rs. 127)

The aforesaid loan is repayable on demand.

xii) GVK Coal Developers (Singapore) Pte Limited

Balance as at March 31, 2016 Rs. Nil (March 31, 2015: Rs. 3)

Maximum amount outstanding during the year was Rs. 3 (March 31, 2015: Rs. 3)

The aforesaid loan is repayable on demand.

xiii) GVK Bagodara Vasad Expressway Private Limited

Balance as at March 31, 2016 Rs. 4 (March 31, 2015: Rs.3)

Maximum amount outstanding during the year was Rs. 4 (March 31, 2015: Rs. 3)

The aforesaid loan is repayable on demand.

xiv) GVK Jaipur Expressway Private Limited

Balance as at March 31, 2016 Rs. 1 (March 31, 2015: Rs. 3)

Maximum amount outstanding during the year was Rs. 4 (March 31, 2015: Rs. 3)

The aforesaid loan is repayable on demand.

xv) Bangalore International Airport Limited

Balance as at March 31, 2016 Rs. 1 (March 31, 2015: Rs. 8)

Maximum amount outstanding during the year was Rs. 8 (March 31, 2015: Rs. 8)

The aforesaid loan is repayable on demand.

xvi) GVK Industries Limited

Balance as at March 31, 2016 Rs. 141 (March 31, 2015: Rs.135)

Maximum amount outstanding during the year was Rs. 141 (March 31, 2015: Rs. 593)

The aforesaid loan is repayable on demand.

2.. Contingent liabilities

a. Direct and indirect taxes:

(i) Income tax demand for assessment year 2008-09 for Rs. 73 (March 31, 2015: Rs. 73), for assessment year 2009-10 Rs. 10 (March 31, 2015: Rs. 10), for assessment year 2010-11 for Rs. 279 (March 31, 2015: 279), for assessment year 2011-12 for Rs. 11 (March 31, 2015: Rs. 11) and for assessment year 2012-13 Rs. 44 (March 31, 2015: Rs. 44).

(ii) The Company had received a notice dated February 4, 2008 from the Office of the District Registrar of Assurances, Hyderabad demanding payment of stamp duties of Rs. 2,829 on transfer of shares to the shareholders of GVK Industries Limited vide the scheme of arrangement approved by the Andhra Pradesh High Court. The Company has obtained an order from the Andhra Pradesh High Court staying the above notice on March 13, 2008 until such further orders from the said court.

Management based on its internal assessment and/or legal advice is confident that the cases will be decided in the Company''s favour.

b. Security against loans taken by others

(i) The Company had provided security by way of pledge of 183,000,000 (March 31, 2015: 183,000,000) shares of GVK Airport Developers Private Limited for loans taken by the aforesaid subsidiary.

(ii) The Company had provided security by way of pledge of 230,960,770 (March 31, 2015: 87,910,588) shares of GVK Energy Limited for loans taken by the aforesaid subsidiary.

(iii) The Company has provided security by way of corporate guarantees amounting to Rs 254,295 (March 31, 2015: Rs. 227,919) to subsidiaries and Rs. 1,441 to an associate (March 31, 2015: Rs. 1,441) for various fund and nonfund based facility availed by them.

(iv) The Company has provided security by way of corporate guarantees amounting to Rs. 2,006 (March 31, 2015: Rs. 3,941) for securing loans obtained by GVK Projects and Technical Services Limited.

(v) The Company has provided security by way of guarantee amounting to Rs. 377,027 (March 31, 2015: Rs. 320,189) for securing loans obtained by GVK Coal Developers (Singapore) Pte Limited.

Management is of the opinion that the aforesaid companies will be able to meet their obligations as they arise and consequently no adjustment is required to be made to the carrying value of the security and guarantees provided.

3. Capital and other commitments

z) The Company has outstanding equity commitments to fund subsidiaries under construction stage aggregating to Rs. 133,802 (March 31, 2015: Rs. 146,614).

(b) The company has given undertaking to infuse equity aggregating to Rs. 392,416 (March 31, 2015: Rs. 333,258) in GVK Coal Developers (Singapore) Pte. Limited, towards shortfall, if any, of its loan repayment obligations. Further, the Company has pledged 81,148,236 (March 31, 2015: 81,148,236), 22,495,000 (March 31, 2015: 22,495,000) and 48,000,000 (March 31, 2015: 48,000,000) shares of GVK Energy Limited, GVK Transportation Private Limited and GVK Airport Developers Private Limited respectively for securing loan obtained by GVK Coal Developers (Singapore) Pte. Limited, an entity in which Company has 10% stake. Management believes that GVK Coal Developers (Singapore) Pte. Limited will be able to meet its obligations.

(c) During the year ended March 31, 2011, the Company, GVK Energy Limited (subsidiary Company) and certain private equity investors (‘investors'') had entered into an investment agreement pursuant to which the Company has undertaken to conduct an initial public offering of the GVK Energy Limited''s equity shares (‘Qualified IPO'' or ‘QIPO'') within 72 months from the date of investment agreement (preferred listing period). If the GVK Energy Limited does not make a QIPO during the preferred listing period and no offer for sale or demerger takes place within 12 months of the preferred listing period, then, at any time thereafter, the investors will have a put option with respect to all of the securities held by the Investor (“Put Right”) on the Company and the GVK Energy Limited at the higher of i) 20% IRR from the date of investment to the date of receipt of proceeds from the investor (“Put IRR”) and ii) the fair market value of the investor''s shares. Provided the Put IRR shall be reduced to 15%, if at least 3 private sector initial public offerings with an issue size of Rs.100,000 or more each have not taken place in India between the 48th month to the 72nd month from date of investment agreement.

The Company believes that the subsidiary company would be able to successfully conduct QIPO in the preferred listing period or successfully complete offer for sale or demerger. The Company further believes that return guaranteed would be subjected to regulations of Reserve Bank of India.

4. Micro, small and medium enterprises

The identification of micro, small and medium enterprise suppliers as defined under the provisions of “Micro, small and medium enterprises Act, 2006” is based on Management''s knowledge of their status. There are no dues to micro, small and medium enterprises as on March 31, 2016 or March 31, 2015.

5. Segment information

In accordance with Accounting Standard 17 - Segment Reporting, segment information has been given in the consolidated financial statements of the Company and therefore no separate disclosure on segment information is given in these financial statements.

6. The Honourable Supreme Court vide its decision of September 24, 2014 held that allotment of various coal blocks including those allotted to GVK Coal (Tokisud) Company Private Limited, subsidiary of GVK Energy Limited is arbitrary and illegal and has cancelled the allotment. Subsequently, the government promulgated The Coal Mines (Special Provisions) Ordinance 2014, which intends to take appropriate action to deal with situation arising pursuant to the Honourable Supreme Court''s judgment. The subsidiary company has filed writ petition before the Hon''ble High Court of Delhi impugning the decision of the Nominated Authority, Ministry of Coal which quantified the compensation payable to the subsidiary company for taking over the Tokisud Coal Block as Rs. 11,129 against the carrying value of assets of Rs. 34,862 in the books of subsidiary company. The Management believes that the subsidiary will be appropriately reimbursed for cancelled coal mine and accordingly the cancellation of coal mine will not have any material impact upon the financial statements.

7. The Company has made investments aggregating to Rs. 39,071 (March 31, 2015: Rs. 34,886) by way of advances, subscription of shares and share application money and provided guarantees and commitments aggregating to Rs. 769,444 to lenders of GVK Coal Developers (Singapore) Pte Limited (GVK Coal) against its borrowings, an entity in which Company owns 10%. GVK Coal is currently under development phase and is making losses and its current liabilities exceed current assets by USD 900 million (March 31, 2015: USD 885 million) i.e. Rs. 574,160 (March 31, 2015: Rs. 553,929) (includes USD 758 million due to non-controlling shareholder who has extended time for repayment from time to time, the most recent extension until July 15, 2016), based on unaudited financial statements for the year ended June 30, 2015. In addition to aforesaid commitments, the Company has also given assurance for financial assistance, if required. The prices of the coal have significantly fallen since GVK coal had acquired stake in the coal mines. GVK Coal has not been able to achieve financial closure resulting in delays in commencement of mine development activity when compared to scheduled date, delays in entering into definitive agreements for port and rail development and agreement for sale of coal. Further, certain lenders of GVK Coal have classified the loan as non- performing and the lenders had abridgement option on the loans either on October 2015 or every year thereafter.

GVK coal is in discussion with non- controlling shareholders to realign the option exercise dates, looking for additional funding from potential investors and working with lenders to reach to optimal solution. Management believes that while the prices of coal have fallen, the fall in prices of other commodities and services would offset the impact of fall in coal prices on the project by reducing capital and operating cost requirements and hence, GVK Coal would be able to establish profitable operations, meet its obligations and its current liabilities being in excess of current assets is temporary in nature and will not impact ability of the GVK Coal to continue in operation in foreseeable future. The aforesaid will not have any material adverse impact upon cash flows of the Company and accordingly no adjustment is required to receivable, investments, share application money and guarantees and commitments.

8. The Company had applied to Central government on May 13, 2013 for waiver of excess managerial remuneration amounting to Rs. 21 for the year ended March 31, 2013 paid to a director in excess of the limits prescribed under Schedule XIII of the Companies Act, 1956. The Company believes approval will be obtained in due course and would not have any material impact upon the financial statements.

9. Uncertainties faced by GVK Energy Limited

a The subsidiary companies of GVK Energy Limited viz. GVK Industries Limited (GVKIL) and GVK Gautami Power Limited (GVKGPL) (collectively ‘subsidiary companies'') had commenced construction of phase III and phase II power plants respectively on which they have incurred aggregated cost of Rs. 15,651 (March 31, 2015: Rs. 15,655). Due to lower supply/availability of gas, the subsidiary companies have temporarily suspended the construction activities and intend to resume construction once natural gas is available which Management expects to happen in foreseeable future. Further, phase II of GVKIL and Phase I of GVKGPL having fixed assets with Written Down Value of Rs. 183,249 (March 31, 2015: Rs. 196,252) have during the current financial year achieved 6% PLF (March 31, 2015: Nil) and 2.6% PLF (March 31, 2015: Nil) respectively. Also, GVKIL and GVKGPL have incurred losses of Rs. 4,751 (March 31, 2015: Rs. 6,916) and Rs. 21,968 (March 31, 2015: Rs. 20,474) respectively. Further, certain banks have classified loan balances of GVKIL as non-performing asset. Further, the Company is confident that Government of India will continue to take necessary steps/initiatives to improve the situation of natural gas for e.g. scheme envisaging supplying of domestic gas to gas based upto the target plant load factor (‘PLF''), selected through a reverse e-bidding process and also intervention/sacrifices to be collectively made by all stakeholders. Further, Management based on its rights under power purchase agreement to recover capacity charges and in view of installing alternate fuel equipment and on the basis of aforesaid discussions believes the subsidiary companies will continue to be in operation in foreseeable future despite continued losses.

b. GVK Goindwal (Sahib) Limited, subsidiary company of GVK Energy Limited has subsequent to year completed construction of its 540 MW power project with carrying value of Rs. 466,972 and has completed commercial test but not declared availability in the absence of coal. In the wake of cancellation of coal mine as referred in note 36, Management has obtained coal linkage for six months, taken opinion for running plant on imported coal, tied up for importing coal and is mulling other options such as, obtaining coal linkage locally and has filed petition with Punjab State Electricity Regulatory Commission (PSERC) for re-negotiation of terms of power purchase agreement such as rate revision, approval for using imported coal etc. claiming force majeure and change in law as envisaged under Power Purchase Agreement. PSERC in its interim order has allowed the subsidiary company to run the plant on imported fuel for upto two and half years within which the Company should make arrangements for coal on long term basis. Management based on internal assessment/ legal advice believes that cancellation of coal mine will not impact the operations of the power project.

The Company accordingly believes that investments, including Compulsory Convertible Debentures, in subsidiary company with carrying value of Rs. 108,323 is recoverable in normal course of business and no provision for diminution is necessary.

10. As at March 31, 2016, the Company has accumulated losses of Rs.9,953 and the Company has incurred losses of Rs. 12,961 and Rs. 12,983 in the current and previous year respectively. The Company has delayed payment of loans and interest and certain loan accounts have been classified as nonperforming by banks. Further, as discussed in notes 25b, and 26, the Company has provided guarantees and commitments on behalf of various entities and as further detailed in notes 31, 32 and 34 uncertainties are being faced by various projects in the Group such as delays in development of coal mines in an overseas project where Company has provided guarantees and commitments for the borrowings, losses incurred by gas based plants in the absence of gas and litigations on rights to claim capacity charge, cancellation of coal linkage to coal based plant and re-negotiation of terms of PPA of coal based plant. Notwithstanding the above, the financial statements of the Company have been prepared on going concern basis as Management believes that the Company would be able to establish profitable operations, meet its commitments, reduce debt by stake sale and the entities on whose behalf guarantees/ commitments have been extended would be able to meet their obligations. Further, the Management is confident that aforesaid entities would win litigations; obtain approvals of regulators; will reach an optimal solution with non-controlling shareholders and lenders; obtain requisite gas/coal allocation etc. as required and despite current macro- economic environment challenges would establish profitable operations.

11. During the earlier year, Termination Notice was served by GVK Oil & Gas Limited, a subsidiary involved in oil & gas activity on Ministry of Petroleum and Natural Gas (Ministry) for termination of Production Sharing Contract. The subsidiary had alleged that it has not been able to effectively carry out exploration operations in the Blocks allotted to it due to Ministry of Defense clearance issues. While the Management continues to pursue with Ministry for reimbursement of costs, the Company has written off investments and advances made to subsidiary aggregating to Rs. 10,161 (March 31, 2015: Rs. 7,590).

12. On January 17, 2013 and subsequently from time to time, Securities and Exchange Board of India (SEBI) made amendment to SEBI (Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines, 1999 and Equity Listing Agreement, pursuant to which listed entities have been prohibited from framing any employee benefit schemes involving acquisition of own securities from secondary market in excess of 10% of total assets of the scheme. The Company had formed GVK Employee Welfare Trust on July 15, 2009 which currently holds 18,083,890 own equity shares which were acquired from secondary market. SEBI circular requires such Trust to dispose shares within five years from October 28, 2014 or to align the Trust with SEBI (ESOS and ESPS) Guidelines. Management is evaluating options available in the circular and believes that application of this circular will not have any material impact on statement of profit and loss.

13. The financial statements contain certain amounts reported as “0“which are less than Rs. 1.

14. Previous year figures

Previous year figures have been regrouped/reclassified, where necessary, to conform to this year''s classification.


Mar 31, 2015

A) Terms/rights attached to equity shares

The Company has only one class of equity share having par value of Rs.1 per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

a. Term loan aggregating to Rs. 16,667 is secured by first pari-passu charge on the current assets, present and future of the Company, second pari-passu charge on the current assets and fixed assets of GVK Industries Limited and pledge of 10% shares of GVK Industries Limited and presently carries interest of 13.15% per annum. The loan is repayable in six equal quarterly installments after a moratorium of eighteen months from the date of first drawdown viz. March 8, 2013.

b. Term loan aggregating to Rs. 14,968 is secured by mortgage of property, admeasuring 2,683.90 acres of land adjoining the NH 46 connecting to Chennai to Perambalur belonging to GVK Perambalur SEZ Private Limited and presently carries interest of 13.25% per annum. The loan is repayable after a period of 35 months from the date of first drawdown viz. September 27, 2012.

The Company has not made payment of principal dues in certain cases. The details of payments not made are as follows:

Term loan aggregating to Rs. 42,880 currently carries interest of 11.50% per annum and secured by (i) charge on loans and advances of the Company to GVK Airport Developers Limited ("GVKADL") and also loans and advances provided by GVKADL to GVK Airport Holdings Private Limited ("GVKAHPL") and Bangalore Airport & Infrastructure Developer Private Limited ("BAIDPL"); (ii) exclusive charge on shares of GVKADL to the extent of two times of facility amount; (iii) exclusive charge on shares of GVKAHPL and BAIDPL not exceeding 30% of the shares of the Companies and the no. of shares to be pledged would be in proportion to the lenders at GVKADL; (iv) first pari passu charge on Himayatsagar and Paigah House property, Hyderabad; (v) second pari passu charge on land of 2,683.90 acres of land adjoining the NH 46 connecting to Chennai to Perambalur belonging to GVK Perambalur SEZ Private Limited; (vii) proportionate proceeds of liquidity event at GVKADL, GVK AHPL and BAIDPL and (viii) charge on shares of GVKADL, GVK AHPL and BAIDPL along with HDFC and SREI or any other future lender representing at least 61% of the paid up share capital of the Company.

2. Gratuity benefit

The company operates one defined benefit plan, viz., gratuity, for its employees. Under the gratuity plan, every employee who has completed at least five years of service gets a gratuity on retirement or termination at 15 days of last drawn salary for each completed year of service. The scheme is funded.

The following tables summarize the components of net benefit expense recognised in the statement of profit and loss and the funded status and amounts recognised in the balance sheet for the plan.

3. Related party disclosures

Disclosure as required by Notified Accounting Standard 18 (AS -18) "Related Party Disclosures" are as follows: Names of the related parties and description of relationship:

(a)Related parties where control exists

Subsidiaries GVK Industries Limited

GVK Jaipur Expressway Private Limited Alaknanda Hydro Power Company Limited GVK Airport Developers Limited (GVKADL)

GVK Coal (Tokisud) Company Private Limited

Goriganga Hydro Power Private Limited

GVK Power (Goindwal Sahib) Limited

GVK Perambalur SEZ Private Limited

GVK Oil & Gas Limited

GVK Developmental Projects Private Limited

GVK Energy Limited

GVK Gautami Power Limited

GVK Airport Holdings Private Limited (GVKAHPL)

PT.GVK Services, Indonesia.

GVK Transportation Private Limited

GVK Ratle Hydro Electrical Projects Private Limited

GVK Energy Venture Private Limited

GVK Bagodara Vasad Expressway Private Limited

GVK Deoli Kota Expressway Private Ltd

Bangalore Airport & Infrastructure Developers Private Limited (BAIADPL)

Mumbai International Airport Private Limited GVK Power (Khadur Sahib)

Private Limited GVK Airports International Pte Ltd GVK Airport Services

Private Limited GVK Shivpuri Dewas Expressway Private Limited

b) Associates :

Bangalore International Airport Limited

Seregraha Mines Limited

(c) Key management personnel

Dr. GVK Reddy - Chairman and Managing director

Mr. G V Sanjay Reddy - Director

Mr A Issac George - Director

Mr Krishna Ram Bhupal - Director

(d) Enterprises over which the key management personnel exercise significant influence

TAJ GVK Hotels & Resorts Limited

Orbit Travels & Tours Private Limited

GVK Technical & Consultancy Services Private Limited

Pinakini Share and Stock Broker Limited

GVK Foundation

GVK Projects and Technical Services Limited

GVK Employee Welfare Trust

GVK Coal Developers (Singapore) Pte Ltd

4. Details of loan given to subsidiaries, associates, parties in which directors are interested

Subsidiaries

i) GVK Oil & Gas Limited

Balance as at March 31,2015 Rs. 10,156 (March 31,2014: Rs. 17,740) Maximum amount outstanding during the year was Rs. 17,746 (March 31,2014: Rs. 17,740) The aforesaid loan is repayable on demand.

ii) GVK Perambalur SEZ Private Limited

Balance as at March 31,2015 Rs. 6,719 (March 31,2014: Rs. 6,710) Maximum amount outstanding during the year was Rs. 6,719 (March 31,2014:Rs. 6,710) The aforesaid loan is repayable on demand.

iii) Goriganga Hydro Power Private Limited

BBalance as at March 31,2015 Rs. 4,767 (March 31,2014: Rs. 4,759) Maximum amount outstanding during the year was Rs. 4,767 (March 31,2014: Rs. 4,759) The aforesaid loan is repayable on demand.

iv) GVK Airport Developers Limited

Balance as at March 31,2015 Rs. 76,242 (March 31,2014: Rs. 51,802) Maximum amount outstanding during the year was Rs. 84,162 (March 31,2014: Rs. 58,302) The aforesaid loan is repayable on demand.

v) GVK Developmental Projects Private Limited

Balance as at March 31,2015 Rs. 4,033 (March 31,2014: Rs. 5,579) Maximum amount outstanding during the year was Rs. 5,583 (March 31,2014: Rs. 17,959) The aforesaid loan is repayable on demand.

vi) GVK Transportation Private Limited

Balance as at March 31,2015 Rs. 0 (March 31,2014: Rs. 17,089) Maximum amount outstanding during the year was Rs. 21,249 (March 31,2014: Rs. 17,089) The aforesaid loan is repayable on demand.

vii) GVK Ratle Hydro Electrical Projects Private Limited

Balance as at March 31,2015 Rs. 1 (March 31,2014: Rs. 0 ) Maximum amount outstanding during the year was Rs. 1 (March 31,2014: Rs. 4,268) The aforesaid loan is repayable on demand.

viii) Alaknanda Hydro Power Company Limited

Balance as at March 31,2015 Rs. Nil (March 31,2014: Rs. 2) Maximum amount outstanding during the year was Rs. 2 (March 31,2014: Rs. 2) The aforesaid loan was repayable on demand.

ix) GVK Power (Goindwal Sahib) Limited

Balance as at March 31,2015 Rs. 16 (March 31,2014: Rs. 0) Maximum amount outstanding during the year was Rs. 156 (March 31,2014: Rs. 1,325) The aforesaid loan was repayable on demand.

Notes to financial statements for the year ended March 31, 2015

(All amounts expressed in Indian Rupees Lakhs unless otherwise stated)

x) GVK Coal (Tokisud) Company Private Limited

Balance as at March 31,2015 Rs. 0 (March 31,2014: Rs. 0) Maximum amount outstanding during the year was Rs. 0 (March 31,2014: Rs. 0) The aforesaid loan is repayable on demand.

xi) GVK Energy Limited

Balance as at March 31,2015 Rs. 80 (March 31,2014: Rs. 6) Maximum amount outstanding during the year was Rs. 127 (March 31,2014: Rs. 907) The aforesaid loan is repayable on demand.

xii) GVK Coal Developers (Singapore) Pte Limited Limited

Balance as at March 31,2015 Rs. 3 (March 31,2014: Rs. 3) Maximum amount outstanding during the year was Rs. 3 (March 31,2014: Rs. 165) The aforesaid loan is repayable on demand.

xiii) GVK Bagodara Vasad Expressway Private Limited

Balance as at March 31,2015 Rs. 3 (March 31,2014: Rs.1) Maximum amount outstanding during the year was Rs. 3 (March 31,2014: Rs. 1) The aforesaid loan is repayable on demand.

xiv) GVK Jaipur Expressway Private Limited

Balance as at March 31,2015 Rs. 3 (March 31,2014: Rs. 1) Maximum amount outstanding during the year was Rs. 3 (March 31,2014: Rs. 1) The aforesaid loan is repayable on demand.

xv) Bangalore International Airport Limited

Balance as at March 31,2015 Rs. 8 (March 31,2014: Rs. Nil) Maximum amount outstanding during the year was Rs. 8 (March 31,2014: Rs. Nil) The aforesaid loan is repayable in demand.

xvi) GVK Industries Limited

Balance as at March 31,2015 Rs. 135 (March 31,2014: Rs. Nil) Maximum amount outstanding during the year was Rs. 593 (March 31,2014: Rs. Nil) The aforesaid loan is repayable in demand.

5. Contingent liabilities

a. Direct and indirect taxes:

(i) Income tax demand for assessment year 2008-09 for Rs. 73 (March 31, 2014: Rs. 73), for assessment year 2009-10 Rs. 10 (March 31,2014: Rs. Nil), for assessment year 2010-11 for Rs. 279 (March 31,2014: 279), for assessment year 2011-12 for Rs. 11 (March 31,2014 : Rs. 11) and for assessment year 2012-13 Rs. 44 (March 31,2014: Rs. Nil).

(ii) The Company had received a notice dated February 4, 2008 from the Office of the District Registrar of Assurances, Hyderabad demanding payment of stamp duties of Rs. 2,829 on transfer of shares to the shareholders of GVK Industries Limited vide the scheme of arrangement approved by the Andhra Pradesh High Court. The Company has obtained an order from the Andhra Pradesh High Court staying the above notice on March 13, 2008 until such further orders from the said court.

Management based on its internal assessment and/or legal advice is confident that the cases will be decided in the Company's favour

b. Security against loans taken by others

(i) The Company had provided security by way of pledge of 1,83,000,000 (March 31,2014: 170,800,000) shares of GVK Airport Developers Limited for loans taken by the aforesaid subsidiary.

(ii) The Company had provided security by way of pledge of 87,910,588 (March 31, 2014: 87,910,588) shares of GVK Energy Limited for loans taken by the aforesaid subsidiary.

(iii) The Company has provided security by way of corporate guarantees amounting to Rs 227,919 (March 31,2014: Rs. 212,371) to subsidiaries and Rs. 1,441 to an associate (March 31,2014: Rs. 1,441) for various fund and non- fund based facility availed by them.

(iv) The Company has provided security by way of corporate guarantees amounting to Rs. 3,941 (March 31,2014: Rs. 5,635) for securing loans obtained by GVK Projects and Technical Services Limited.

(v) The Company has provided security by way of guarantee amounting to Rs. 320,189 (March 31, 2014: Rs. 294,489) for securing loans obtained by GVK Coal Developers (Singapore) Pte Limited.

Management is of the opinion that the aforesaid Companies will be able to meet their obligations as they arise and consequently no adjustment is required to be made to the carrying value of the security and guarantees provided.

6. Capital and other commitments

(a) The Company has outstanding equity commitments to fund subsidiaries under construction stage aggregating to Rs. 146,614 (March 31,2014: Rs. 161,416).

(b) The company has given undertaking to infuse equity aggregating to Rs. 333,258 (March 31, 2014: Rs. 306,509) in GVK Coal Developers (Singapore) Pte. Limited, towards shortfall, if any, of its loan repayment obligations. Further, the Company has pledged 81,148,236 (March 31, 2014: 81,148,236), 22,495,000 (March 31, 2014: 22,495,000) and 48,000,000 (March 31, 2014: 44,800,000) shares of GVK Energy Limited, GVK Transportation Private Limited and GVK Airport Developers Limited respectively for securing loan obtained by GVK Coal (Singapore) Pte. Limited, an entity in which Company has 10% stake. Management believes that GVK Coal Developers (Singapore) Pte. Limited will be able to meet its obligations.

(c) During the year ended March 31, 2011, the Company, GVK Energy Limited (subsidiary Company) and certain private equity investors ('investors') had entered into an investment agreement pursuant to which the Company has undertaken to conduct an initial public offering of the GVK Energy Limited's equity shares ('Qualified IPO' or 'QIPO') within 60 months from the date of investment agreement (preferred listing period).

If the GVK Energy Limited does not make a QIPO during the preferred listing period and no offer for sale takes place within 12 months of the preferred listing period, then, at any time thereafter, the investors will have a put option with respect to all of the securities held by the Investor ("Put Right") on the Company and the GVK Energy Limited at the higher of i) 20% IRR from the date of investment to the date of receipt of proceeds from the investor ("Put IRR") and ii) the fair market value of the investor's shares. Provided the Put IRR shall be reduced to 15%, if at least 3 private sector initial public offerings with an issue size of Rs.100,000 or more each have not taken place in India between the 36th month to the 60th month from date of investment agreement.

The Company believes that the subsidiary Company would be able to successfully conduct QIPO in the preferred listing period.

7. Micro, small and medium enterprises

The identification of micro, small and medium enterprise suppliers as defined under the provisions of "Micro, small and medium enterprises Act, 2006" is based on Management's knowledge of their status. There are no dues to micro, small and medium enterprises as on March 31,2015 or March 31,2014.

8. Segment information

In accordance with Accounting Standard 17 - Segment Reporting, segment information has been given in the consolidated financial statements of the Company and therefore no separate disclosure on segment information is given in these financial statements.

9 . On January 17, 2013 and subsequently from time to time, Securities and Exchange Board of India (SEBI) made amendment to SEBI (Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines, 1999 and Equity Listing Agreement, pursuant to which listed entities have been prohibited from framing any employee benefit schemes involving acquisition of own securities from secondary market in excess of 10% of total assets of the scheme. The Company had formed GVK Employee Welfare Trust on July 15, 2009 which currently holds 18,083,890 own equity shares which were acquired from secondary market. SEBI circular requires such Trust to dispose shares within five years from October 28, 2014 or to align the Trust with SEBI (ESOS and ESPS) Guidelines. Management is evaluating options available in the circular and believes that application of this circular will not have any material impact on statement of profit and loss.

10. The Company has made investments aggregating to Rs. 33,318 (March 31, 2014: Rs. 22,202) by way of advances, subscription of shares and share application money and provided guarantees and commitments aggregating to Rs. 653,448 to lenders of GVK Coal Singapore Pte Limited (GVK Coal), an entity in which Company owns 10%. GVK Coal has borrowed Rs. 653,448 (March 31,2014: Rs. 600,998) as at March 31,2015 from its lender against the aforesaid guarantees and commitments. GVK Coal is currently under development phase and is making losses and its current liabilities exceed current assets by USD 885 million (Rs. 553,929) based on unaudited financial statements for the year ended June 30, 2014. In addition to aforesaid commitments, the Company has also given assurance for financial assistance, if required. The prices of the coal have significantly fallen since GVK coal had acquired stake in the coal mines. GVK coal is also in discussion with non- controlling shareholders to realign the option exercise dates and additional funding from potential investors.

Management believes that GVK Coal would be able to establish profitable operations, meet it's obligations and it's current liabilities being in excess of current assets is temporary situation and will not impact ability of the company to continue in operation in foreseeable future and accordingly will not have any material adverse impact upon operations and cash flows of the Company.

11. The Company had applied to Central government on May 13, 2013 for waiver of excess managerial remuneration amounting to Rs. 21 for the year ended March 31, 2013 paid to a director in excess of the limits prescribed under Schedule XIII of the Companies Act, 1956. The Company believes approval will be obtained in due course and would not have any material impact upon the financial statements.

12. Uncertainties faced by GVK Energy Limited

a The subsidiary companies of GVK Energy Limited viz. GVK Industries Limited (GVKIL) and GVK Gautami Power Limited (GVKGPL) (collectively 'subsidiary companies') had commenced construction of phase III and phase II power plants respectively on which they have incurred aggregated cost of Rs. 15,655 (March 31, 2014: Rs. 15,655). Due to lower supply/availability of gas, the subsidiary companies have temporarily suspended the construction activities and intend to resume construction once natural gas is available which Management expects to happen in foreseeable future.

Further, phase II of GVKIL and Phase I of GVKGPL having fixed assets with Written Down Value of Rs. 196,252 (March 31,2014: Rs. 209,670) has during the current financial year achieved Nil PLF (March 31, 2014: Nil) and Nil PLF (March 31,2014: Nil) respectively. Also, GVKIL and GVKGPL have incurred losses of Rs. 6,916 (March 31,2014: Rs. 7,888) and Rs. 20,474 (March 31,2014: Rs. 21,103) respectively. However, GVKIL is in the process of tying up of additional loans and GVKGPL has already obtained moratorium for payments. Further, the Company and Association of Power Producers are closely monitoring the situation and evaluating various approaches to deal with the situation and Management of the Company is confident that Government of India will take necessary steps/initiatives to improve the situation of natural gas. Further, Management based on its rights under power purchase agreement to recover capacity charges and in view of installing alternate fuel equipment and on the basis of aforesaid discussions believes the subsidiary companies will continue to be in operation in foreseeable future despite continued losses.

b. GVK Goindwal (Sahib) Limited, subsidiary company is presently constructing 540 MW power project with carrying value of Rs. 388,986 which was dependent upon GVK coal mine for fuel. In the wake of cancellation of coal mine as referred in note 36, Management has obtained coal linkage for six months, taken opinion for running plant on imported call, tied up for importing coal and is mulling other options such as, obtaining coal linkage locally and has filed petition with Punjab State Electricity Regulatory Commission for re- negotiation of terms of power purchase agreement such as rate revision, approval for using imported coal etc. claiming force majeure and change in law as envisaged under Power Purchase Agreement. Management based on legal advise believes that cancellation of coal mine will not impact the operations of the upcoming power project.

The Company accordingly believes that investments, including Compulsory Convertible Debentures, in subsidiary company with carrying value of Rs. 108,323 (includes gas and non-gas based projects) is recoverable in normal course of business and no provision for diminution is necessary.

13. During the previous year, Termination Notice was served by GVK Oil & Gas Limited, a subsidiary involved in oil & gas activity on Ministry of Petroleum and Natural Gas (Ministry) for termination of Production Sharing Contract. The subsidiary had alleged that it has not been able to effectively carry out exploration operations in the Blocks allotted to it due to Ministry of Defence clearance issues. The Management believes that Ministry will reimburse subsidiary for costs incurred by it and accordingly no adjustment is required to balance carrying value of investments and advances aggregating to Rs. 10,161 (net of written off Rs. 7,590) (March 31,2014: Rs. 17,745) and guarantee aggregating to Rs. Nil (March 31,2014: Rs. 813) issued by the Company for subsidiary.

14. The Honourable Supreme Court vide is decision of September 24, 2014 held that allotment of various coal blocks including those allotted to GVK Coal (Tokisud) Company Private Limited, subsidiary of GVK Energy Limited is arbitrary and illegal and has cancelled the allotment. Subsequently, the government promulgated The Coal Mines (Special Provisions) Ordinance 2014, which intends to take appropriate action to deal with situation arising pursuant to the Honourable Supreme Court's judgment. The subsidiary company has filed writ petition before the Hon'ble High Court of Delhi impugning the decision of the Nominated Authority, Ministry of Coal which quantified the compensation payable to the subsidiary company for taking over the Tokisud Coal Block as Rs. 11,129 against the carrying value of assets of Rs. 35,575 in the books of subsidiary company. The Management believes that the subsidiary will be appropriately reimbursed for cancelled coal mine and accordingly no provision is required to be made to investments, including Compulsory Convertible Debentures, in GVK Energy Limited with carrying value of Rs. 108,323

15. The financial statements contain certain amounts reported as "0"which are less than Rs. 1.

16. Previous year figures

Previous year figures have been regrouped/reclassified, where necessary, to conform to this year's classification.


Mar 31, 2014

1. Corporate information

GVK Power & Infrastructure Limited (''the Company'' or ''GVKPIL'') provides operation and maintenance services, manpower and consultancy services and incidental services to owners of power plants, airports etc. The Company has also acquired substantial ownership interest into power companies, airports, roads and companies providing infrastructure facilities.

2. Basis of preparation

The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in India (Indian GAAP). The Company has prepared these financial statements to comply in all material respects with the accounting standards notifed under the Companies (Accounting Standards) Rules, 2006, (as amended) and the relevant provisions of the Companies Act, 1956 read with General Circular 8/2014 dated April 4, 2014, issued by the Ministry of Corporate Afairs. The financial statements have been prepared on an accrual basis and under the historical cost convention. The accounting policies adopted in the preparation of financial statements are consistent with those of previous year.

3. Gratuity benefit

The company operates one defined benefit plan, viz., gratuity, for its employees. Under the gratuity plan, every employee who has completed at least five years of service gets a gratuity on retirement or termination at 15 days of last drawn salary for each completed year of service. The scheme is funded.

The following tables summarize the components of net benefit expense recognised in the statement of profit and loss and the funded status and amounts recognised in the balance sheet for the plan.

4. Related party disclosures

Disclosure as required by Notified Accounting Standard 18 (AS -18) "Related Party Disclosures" are as follows: Names of the related parties and description of relationship: (a)Related parties where control exists

Subsidiaries GVK Industries Limited

GVK Jaipur Expressway Private Limited Alaknanda Hydro Power Company Limited

GVK Airport Developers Private Limited

GVK Coal (Tokisud) Company Private Limited

Goriganga Hydro Power Private Limited

GVK Power (Goindwal Sahib) Limited

GVK Perambalur SEZ Private Limited

GVK Oil & Gas Limited

GVK Developmental Projects Private Limited

GVK Energy Limited

GVK Gautami Power Limited

GVK Airport Holdings Private Limited

PT.GVK Services, Indonesia.

GVK Transportation Private Limited

GVK Ratle Hydro Electrical Projects Private Limited

GVK Energy Venture Private Limited

GVK Bagodara Vasad Expressway Private Limited

GVK Deoli Kota Expressway Private Ltd

Bangalore Airport & Infrastructure Developers Private Limited (BAIADPL)

Mumbai International Airport Private Limited

GVK Power (Khadur Sahib) Private Limited

GVK Airports International Pte Ltd

GVK Shivpuri Dewas Expressway Private Limited

b) Associates

Bangalore International Airport Limited Seregraha Mines Limited

(c) Key management personnel

Dr. GVK Reddy, Chairman and Managing director Mr. G V Sanjay Reddy, Director Mr A Issac George, Director Mr Krishna Ram Bhupal, Director

(d) Enterprises over which the key management personnel exercise significant influence

TAJ GVK Hotels & Resorts Limited

Orbit Travels & Tours Private Limited

GVK Technical & Consultancy Services Private Limited

Pinakini Share and Stock Broker Limited

GVK Foundation

GVK Projects and Technical Services Limited

GVK Employee Welfare Trust

GVK Coal Developers (Singapore) Pte Ltd

24. Details of loan given to subsidiaries, associates, parties in which directors are interested

Subsidiaries

i) GVK Oil & Gas Limited

Balance as at March 31, 2014 Rs. 17,740 (March 31, 2013: Rs. 17,620)

Maximum amount outstanding during the year was Rs. 17,740 (March 31, 2013: Rs. 17,620)

The aforesaid loan is repayable on demand.

ii) GVK Perambalur SEZ Private Limited

Balance as at March 31, 2014 Rs. 6,710 (March 31, 2013: Rs. 6,692)

Maximum amount outstanding during the year was Rs. 6,710 (March 31, 2013:Rs. 6,692)

The aforesaid loan is repayable on demand.

iii) Goriganga Hydro Power Private Limited

Balance as at March 31, 2014 Rs. 4,759 (March 31, 2013: Rs. 4,751)

Maximum amount outstanding during the year was Rs. 4,759 (March 31, 2012: Rs. 4,751)

The aforesaid loan is repayable on demand.

iv) GVK Airport Developers Private Limited

Balance as at March 31, 2014 Rs. 51,802 (March 31, 2013: Rs. 57,302)

Maximum amount outstanding during the year was Rs. 58,302 (March 31, 2012: Rs. 81,590)

The aforesaid loan is repayable on demand.

v) GVK Developmental Projects Private Limited

Balance as at March 31, 2014 Rs. 5,579 (March 31, 2013: Rs. 15,112)

Maximum amount outstanding during the year was Rs. 17,959 (March 31, 2013: Rs. 15,112)

The aforesaid loan is repayable on demand.

vi) GVK Transportation Private Limited

Balance as at March 31, 2014 Rs. 43,070 (March 31, 2013: Rs. 35,782)

Maximum amount outstanding during the year was Rs. 43,070 (March 31, 2013: Rs. 37,191)

The aforesaid loan is repayable on demand.

vii) GVK Ratle Hydro Electrical Projects Private Limited

Balance as at March 31, 2014 Rs. 0 (March 31, 2013: Rs. 4,258)

Maximum amount outstanding during the year was Rs. 4,268 (March 31, 2013: Rs. 4,258)

The aforesaid loan is repayable on demand.

viii) Alaknanda Hydro Power Company Limited

Balance as at March 31, 2014 Rs. 2 (March 31, 2013: Rs. Nil)

Maximum amount outstanding during the year was Rs. 2 (March 31, 2013: Rs. Nil)

The aforesaid loan was repayable on demand.

ix) GVK Power (Goindwal Sahib) Limited

Balance as at March 31, 2014 Rs. 0 (March 31, 2013: Rs. Nil)

Maximum amount outstanding during the year was Rs. 1,325 (March 31, 2013: Rs. 971)

The aforesaid loan was repayable on demand.

x) GVK Coal (Tokisud) Company Private Limited

Balance as at March 31, 2014 Rs. 0 (March 31, 2013: Rs. 0)

Maximum amount outstanding during the year was Rs. 0 (March 31, 2013: Rs. 0)

The aforesaid loan is repayable on demand.

xi) GVK Energy Limited

Balance as at March 31, 2014 Rs. 6 (March 31, 2013: Rs. 4)

Maximum amount outstanding during the year was Rs. 907 (March 31, 2013: Rs. 7,502) The aforesaid loan is repayable on demand.

xii) GVK Coal Developers (Singapore) Pte Limited Limited

Balance as at March 31, 2014 Rs. 3 (March 31, 2013: Rs. 88)

Maximum amount outstanding during the year was Rs. 165 (March 31, 2013: Rs. 119)

The aforesaid loan is repayable on demand.

xiii) GVK Bagodara Vasad Expressway Private Limited

Balance as at March 31, 2014 Rs. 1 (March 31, 2013: Rs. Nil)

Maximum amount outstanding during the year was Rs. 1 (March 31, 2013: Rs. Nil)

The aforesaid loan is repayable on demand.

xiv) GVK Jaipur Expressway Private Limited

Balance as at March 31, 2014 Rs. 1 (March 31, 2013: Rs. Nil)

Maximum amount outstanding during the year was Rs. 1 (March 31, 2013: Rs. Nil)

The aforesaid loan is repayable on demand.

5. Contingent liabilities

a. Direct and indirect taxes:

(i) Income tax demand for assessment year 2008-09 for Rs. 73 (March 31, 2013: Rs. 73), for assessment year 2010-11 for Rs. 279 (March 31, 2013: 871) and for assessment year 2011-12 for Rs. 11 (March 31, 2013 : Rs. Nil)

(ii) The Company had received a notice dated February 4, 2008 from the Office of the District Registrar of Assurances, Hyderabad demanding payment of stamp duties of Rs. 2,829 on transfer of shares to the shareholders of GVK Industries Limited vide the scheme of arrangement approved by the Andhra Pradesh High Court. The Company has obtained an order from the Andhra Pradesh High Court staying the above notice on March 13, 2008 until such further orders from the said court.

Management based on its internal assessment and/or legal advice is confident that the cases will be decided in the Company''s favour.

b. Security against loans taken by others

(i) The Company had provided security by way of pledge of 170,800,000 (March 31, 2013: 170,800,000) shares of GVK Airport Developers Private Limited for loans taken by the aforesaid subsidiary.

(ii) The Company had provided security by way of pledge of 87,910,588 (March 31, 2013: Nil) shares of GVK Energy Limited for loans taken by the aforesaid subsidiary.

(iii) The Company has provided security by way of corporate guarantees amounting to Rs. 212,371 (March 31, 2013: Rs. 114,322) to subsidiaries and Rs. 1,441 to an associate (March 31, 2013: Rs. 1,441) for various fund and non- fund based facility availed by them.

(iv) The Company has provided security by way of corporate guarantees amounting to Rs. 5,635 (March 31, 2013: Rs. 6,879) for securing loans obtained by GVK Projects and Technical Services Limited.

(v) The Company has provided security by way of guarantee amounting to Rs. 332,601 (March 31, 2013: Rs. 281,432) for securing loans obtained by GVK Coal Developers (Singapore) Pte Limited.

Management is of the opinion that the aforesaid Companies will be able to meet their obligations as they arise and consequently no adjustment is required to be made to the carrying value of the security and guarantees provided.

6. Capital and other commitments

(a) The Company has outstanding equity commitments to fund subsidiaries under construction stage aggregating to Rs. 161,416 (March 31, 2013: Rs. 63,625).

(b) The company has given undertaking to infuse equity aggregating to Rs. 346,177 (March 31, 2013: Rs. 292,919) in GVK Coal Developers (Singapore) Pte. Limited, towards shortfall, if any, of its loan repayment obligations. Further, the Company has pledged 81,148,236 (March 31, 2013: 73,217,647), 22,495,000 (March 31, 2013: 22,495,000) and 44,800,000 (March 31, 2013: 44,800,000) shares of GVK Energy Limited, GVK Transportation Private Limited and GVK Airport Developers Private Limited respectively for securing loan obtained by GVK Coal (Singapore) Pte. Limited, an entity in which Company has 10% stake. Management believes that GVK Coal Developers (Singapore) Pte. Limited will be able to meet it''s obligations.

(c) During the year ended March 31, 2011, the Company, GVK Energy Limited (subsidiary Company) and certain private equity investors (''investors'') had entered into an investment agreement pursuant to which the Company has undertaken to conduct an initial public ofering of the GVK Energy Limited''s equity shares (''Qualifed IPO'' or ''QIPO'') within 60 months from the date of investment agreement (preferred listing period).

If the GVK Energy Limited does not make a QIPO during the preferred listing period and no ofer for sale takes place within 12 months of the preferred listing period, then, at any time thereafer, the investors will have a put option with respect to all of the securities held by the Investor ("Put Right") on the Company and the GVK Energy Limited at the higher of i) 20% IRR from the date of investment to the date of receipt of proceeds from the investor ("Put IRR") and ii) the fair market value of the investor''s shares. Provided the Put IRR shall be reduced to 15%, if at least 3 private sector initial public oferings with an issue size of Rs. 100,000 or more each have not taken place in India between the 36th month to the 60th month from date of investment agreement.

The Company believes that the subsidiary Company would be able to successfully conduct QIPO in the preferred listing period.

7. Micro, small and medium enterprises

The identifcation of micro, small and medium enterprise suppliers as Defined under the provisions of "Micro, small and medium enterprises Act, 2006" is based on Management''s knowledge of their status. There are no dues to micro, small and medium enterprises as on March 31, 2014 or March 31, 2013.

8. Segment information

In accordance with Accounting Standard 17 - Segment Reporting, segment information has been given in the consolidated financial statements of the Company and therefore no separate disclosure on segment information is given in these financial statements.

9. On January 17, 2013, May 13, 2013 and November 29, 2013, Securities and Exchange Board of India (SEBI) made amendment to SEBI (Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines, 1999 and Equity Listing Agreement, pursuant to which listed entities have been prohibited from framing any employee benefit schemes involving acquisition of own securities from secondary market. The Company had formed GVK Employee Welfare Trust on July 15, 2009 which currently holds 18,083,890 own equity shares which were acquired from secondary market. SEBI circular requires such Trust to dispose shares by June 30, 2014 or to align the Trust with SEBI (ESOS and ESPS) Guidelines. Management is evaluating options available in the circular and believes that application of this circular will not have any material impact on Statement of profit and loss.

10. The Company has made investments aggregating to Rs. 22,202 by way of subscription of shares and share application money and provided guarantees and commitments aggregating to Rs. 678,778 to GVK Coal Singapore Pte Limited (GVK Coal), an entity in which Company owns 10%. GVK Coal is currently under development phase and is making losses and its current liabilities exceed current assets by USD 259 mn based on unaudited financial statements for the year ended June 30, 2013. In addition to aforesaid commitments, the Company has also given assurance for financial assistance, if required. GVK coal is also in discussion with non- controlling shareholders to realign the option exercise dates and additional funding from potential investors.

Management believes that GVK Coal would be able to establish profitable operations and current liabilities being in excess of current assets is temporary and accordingly will not have any impact upon investments/guarantees of the Company.

11. The Company had applied to Central government on May 13, 2013 and April 24, 2012 for waiver of excess managerial remuneration for the year''s ended March 31, 2013 and March 31, 2012 amounting to Rs. 137 and Rs. 207 respectively paid to two directors in excess of the limits prescribed under Schedule XIII of the Companies Act, 1956. During the current year, one of the directors has refunded excess remuneration and the Company is awaiting approval for excess managerial remuneration paid to another director for the year''s ended March 31, 2013 and March 31, 2012 amounting to Rs. 21 and Rs. 112 respectively which the Company believes will be obtained in due course and would not have any material impact upon the financial statements.

12. The subsidiary companies of GVK Energy Limited viz. GVK Industries Limited (GVKIL) and GVK Gautami Power Limited (GVKGPL) (collectively ''subsidiary companies'') had commenced construction of phase III and phase II power plants respectively on which they have incurred aggregated cost of Rs. 15,655 (March 31, 2013: Rs. 15,659). Due to lower supply/availability of gas, the subsidiary companies have temporarily suspended the construction activities and intend to resume construction once natural gas is available which Management expects to happen in foreseeable future. Further, phase II of GVKIL and Phase I of GVKGPL having fixed assets with Written Down Value of Rs. 209,670 (March 31, 2013: Rs. 220,491) has during the current financial year achieved Nil PLF (March 31, 2013: 29.49%) and Nil PLF (March 31, 2013: 24.52%) respectively. Also, GVKIL and GVKGPL have incurred losses of Rs. 7,888 (March 31, 2013: Rs. 8,547) and Rs. 21,103 (March 31, 2013: Rs. 15,332) respectively. However, both the Companies have already tied up with lead bankers and majority of other consortium lenders for additional loans/ moratorium for payments of loan and are confident of receiving approval from the remaining lenders. Further, the Company and Association of Power Producers are closely monitoring the situation and evaluating various approaches such as installing alternate fuel equipment (already done by GVKGPL and GVKIL) etc. to deal with the situation and Management of the Company is confident that Government of India will take necessary steps/initiatives to improve the situation of natural gas. Further, Management based on its rights under power purchase agreement to recover capacity charges and receipt of the approval from majority of the consortium lenders, believes the subsidiary companies will continue to be in operation in foreseeable future despite continued losses. The Company accordingly believes that investments, including Compulsory Convertible Debentures, in subsidiary company with carrying value of Rs. 108,323 (includes gas and non-gas based projects) is recoverable in normal course of business and no provision for diminution is necessary.

13. During the year Termination Notice has been served by GVK Oil & Gas Limited, a subsidiary involved in oil & gas activity on Ministry of Petroleum and Natural Gas (Ministry) for termination of Production Sharing Contract. The subsidiary has alleged that it has not been able to efectively carry out exploration operations in the Blocks allotted to it due to Ministry of Defence clearance issues. The Management believes that Ministry will reimburse subsidiary for costs incurred by it and accordingly no adjustment is required to carrying value of investments and advances aggregating to Rs. 17,745 and guarantee aggregating to Rs. 813 issued by the Company for subsidiary.

14. The financial statements contain certain amounts reported as "0"which are less than Rs. 1.

15. Previous year figures

Previous year figures have been regrouped/reclassified, where necessary, to conform to this year''s classification.


Mar 31, 2013

1. Corporate information

GVK Power & Infrastructure Limited (''the Company'' or ''GVKPIL'') provides operation and maintenance services, manpower and consultancy services and incidental services to owners of power plants, airports etc. The Company has also acquired substantial ownership interest into power companies, airports, roads and companies providing infrastructure facilities.

2. Basis of preparation

The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in India (Indian GAAP). The Company has prepared these financial statements to comply in all material respects with the accounting standards notified under the Companies (Accounting Standards) Rules, 2006, (as amended) and the relevant provisions of the Companies Act, 1956. The financial statements have been prepared on an accrual basis and under the historical cost convention. The accounting policies adopted in the preparation of financial statements are consistent with those of previous year.

3. Gratuity benefit

The company operates one defined benefit plan, viz., gratuity, for its employees. Under the gratuity plan, every employee who has completed at least five years of service gets a gratuity on retirement or termination at 15 days of last drawn salary for each completed year of service. The scheme is funded.

The following tables summarize the components of net benefit expense recognised in the statement of profit and loss and the funded status and amounts recognised in the balance sheet for the plan.

4. Related party disclosures

Disclosure as required by Notified Accounting Standard 18 (AS -18) "Related Party Disclosures" are as follows: Names of the related parties and description of relationship:

(a)Related parties where control exists

Subsidiaries GVK Industries Limited

GVK Jaipur Expressway Private Limited

Alaknanda Hydro Power Company Limited

GVK Airport Developers Private Limited

GVK Coal (Tokisud) Company Private Limited

Goriganga Hydro Power Private Limited

GVK Power (Goindwal Sahib) Limited

GVK Perambalur SEZ Private Limited

GVK Oil & Gas Limited

GVK Developmental Projects Private Limited

GVK Energy Limited

GVK Gautami Power Limited

GVK Airport Holdings Private Limited

PT.GVK Services, Indonesia.

GVK Transportation Private Limited

GVK Ratle Hydro Electrical Projects Private Limited

GVK Energy Venture Private Limited

GVK Bagodara Vasad Expressway Private Limited

GVK Deoli Kota Expressway Private Ltd

Bangalore Airport & Infrastructure Developers Private Limited Mumbai International Airport Private Limited (was associate till October 17, 2011)

GVK Power (Khadur Sahib) Private Limited

GVK Airports International Pte Ltd

GVK Shivpuri Dewas Expressway Private Limited

b) Associates

Bangalore International Airport Limited Seregraha Mines Limited

(c) Key management personnel

Dr. G V K Reddy, Chairman and Managing director

Mr. G V Sanjay Reddy, Director

Mr A Issac George, Director

Mr Krishna Ram Bhupal, Director

(d) Enterprises over which the key management personnel exercise significant influence

TAJ GVK Hotels & Resorts Limited

Orbit Travels & Tours Private Limited

GVK Technical & Consultancy Services Private Limited

Pinakini Share and Stock Broker Limited

GVK Foundation

GVK Projects and Technical Services Limited

GVK Employee Welfare Trust

GVK Coal Developers (Singapore) Pte Ltd

5. Details of loan given to subsidiaries, associates, parties in which directors are interested Subsidiaries

i) GVK Oil & Gas Limited

Balance as at March 31, 2013 Rs. 17,620 (March 31, 2012: Rs. 16,906)

Maximum amount outstanding during the year was Rs. 17,620 (March 31, 2012: Rs. 16,906)

The aforesaid loan is repayable on demand.

ii) GVK Perambalur SEZ Private Limited

Balance as at March 31, 2013 Rs. 6,692 (March 31, 2012: Rs. 6,638)

Maximum amount outstanding during the year was Rs. 6,692 (March 31, 2012:Rs. 6,638)

The aforesaid loan is repayable on demand.

iii) Goriganga Hydro Power Private Limited

Balance as at March 31, 2013 Rs. 4,751 (March 31, 2012: Rs. 4,674)

Maximum amount outstanding during the year was Rs. 4,751 (March 31, 2012: Rs. 4,674)

The aforesaid loan is repayable on demand.

iv) GVK Airport Developers Private Limited

Balance as at March 31, 2013 Rs. 57,302 (March 31, 2012: Rs. 81,437)

Maximum amount outstanding during the year was Rs. 81,590 (March 31, 2012: Rs. 83,894)

The aforesaid loan is repayable on demand.

v) GVK Developmental Projects Private Limited

Balance as at March 31, 2013 Rs. 15,112 (March 31, 2012: Rs. 92)

Maximum amount outstanding during the year was Rs. 15,112 (March 31, 2012: Rs. 92)

The aforesaid loan is repayable on demand.

vi) GVK Transportation Private Limited

Balance as at March 31, 2013 Rs. 35,782 (March 31, 2012: Rs. 32,854)

Maximum amount outstanding during the year was Rs. 37,191 (March 31, 2012: Rs. 38,147)

The aforesaid loan is repayable on demand.

vii) GVK Ratle Hydro Electrical Projects Private Limited

Balance as at March 31, 2013 Rs. 4,258 (March 31, 2012: Rs. 3,649)

Maximum amount outstanding during the year was Rs. 4,258 (March 31, 2012: Rs. 3,650)

The aforesaid loan is repayable on demand.

viii) Alaknanda Hydro Power Company Limited

Balance as at March 31, 2013 Rs. Nil (March 31, 2012: Rs. Nil)

Maximum amount outstanding during the year was Rs. Nil (March 31, 2012: Rs. 3)

The aforesaid loan was repayable on demand.

ix) GVK Power (Goindwal Sahib) Limited

Balance as at March 31, 2013 Rs. Nil (March 31, 2012: Rs. Nil)

Maximum amount outstanding during the year was Rs. 971 (March 31, 2012: Rs. Nil)

The aforesaid loan was repayable on demand.

x) GVK Coal (Tokisud) Company Private Limited

Balance as at March 31, 2013 Rs. 0 (March 31, 2012: Rs. Nil)

Maximum amount outstanding during the year was Rs. 0 (March 31, 2012: Rs. Nil)

The aforesaid loan is repayable on demand.

xi) GVK Energy Limited

Balance as at March 31, 2013 Rs. 4 (March 31, 2012: Rs. Nil)

Maximum amount outstanding during the year was Rs. 7,502 (March 31, 2012: Rs. Nil)

The aforesaid loan is repayable on demand.

xii) GVK Coal Developers (Singapore) Pte Limited Limited

Balance as at March 31, 2013 Rs. 88 (March 31, 2012: Rs. 40)

Maximum amount outstanding during the year was Rs. 119 (March 31, 2012: Rs. 718)

The aforesaid loan is repayable on demand.

6. Contingent liabilities

a. Direct and indirect taxes:

i) Income tax demand for assessment year 2008-09 for Rs. 73 (March 31, 2012: Rs. 73) and for assessment year 2010-11 for Rs. 871 (March 31, 2012: Nil)

ii) The Company had received a notice dated February 4, 2008 from the Office of the District Registrar of Assurances, Hyderabad demanding payment of stamp duties of Rs. 2,829 on transfer of shares to the shareholders of GVK Industries Limited vide the scheme of arrangement approved by the Andhra Pradesh High Court. The Company has obtained an order from the Andhra Pradesh High Court staying the above notice on March 13, 2008 until such further orders from the said court.

Management based on its internal assessment and/or legal advice is confident that the cases will be decided in the Company''s favour.

b. Security against loans taken by others

i) The Company has provided security by way of pledge of 170,800,000 (March 31, 2012: 180,000,000) shares of GVK Airport Developers Private Limited for loans taken by the aforesaid subsidiary.

ii) The Company has provided security by way of corporate guarantees amounting to Rs. 1 14,322 (March 31, 2012: Rs. 88,220) to subsidiaries and Rs. 1,441 to an associate (March 31, 2012: Rs. 1,441) for various fund and non-fund based facility availed by them.

iii) The Company has provided security by way of corporate guarantees amounting to Rs. 6,879 (March 31, 2012: Rs. 9,074) for securing loans obtained by GVK Projects and Technical Services Limited.

iv) The Company has provided security by way of guarantee amounting to Rs. 281,432 (March 31, 2012: Rs. 220,587) for securing loans obtained by GVK Coal Developers (Singapore) Pte Limited.

Management is of the opinion that the aforesaid Companies will be able to meet their obligations as they arise and consequently no adjustment is required to be made to the carrying value of the security and guarantees provided.

7. Capital and other commitments

a) The Company has outstanding equity commitments to fund subsidiaries under construction stage aggregating to Rs. 30,617 (March 31, 2012: Rs. 29,565).

b) The company has given undertaking to infuse equity aggregating to Rs. 292,919 (March 31, 2012: Rs. 229,590) in GVK Coal Developers (Singapore) Pte. Limited, towards shortfall, if any, of its loan repayment obligations. Further, the Company has pledged 73,217,647 (March 31, 2012: 73,217,647), 22,495,000 (March 31, 2012: 22,495,000) and 44,800,000 (March 31, 2012: Nil) shares of GVK Energy Limited, GVK Transportation Private Limited and GVK Airport Developers Private Limited respectively for securing loan obtained by GVK Coal (Singapore) Pte. Limited, an entity in which Company has 10% stake.

c) During the year ended March 31, 2011, the Company, GVK Energy Limited (subsidiary Company) and certain private equity investors (''investors'') had entered into an investment agreement pursuant to which the Company has undertaken to conduct an initial public offering of the GVK Energy Limited''s equity shares (''Qualified IPO'' or ''QIPO'') within 60 months from the date of investment agreement (preferred listing period).

If the GVK Energy Limited does not make a QIPO during the preferred listing period and no offer for sale takes place within 12 months of the preferred listing period, then, at any time thereafter, the investors will have a put option with respect to all of the securities held by the Investor ("Put Right") on the Company and the GVK Energy Limited at the higher of i) 20% IRR from the date of investment to the date of receipt of proceeds from the investor ("Put IRR") and ii) the fair market value of the investor''s shares. Provided the Put IRR shall be reduced to 15%, if at least 3 private sector initial public offerings with an issue size of Rs.100,000 or more each have not taken place in India between the 36th month to the 60th month from date of investment agreement.

The Company believes that the subsidiary Company would be able to successfully conduct QIPO in the preferred listing period.

8. Micro, small and medium enterprises

The identification of micro, small and medium enterprise suppliers as defined under the provisions of "Micro, small and medium enterprises Act, 2006" is based on Management''s knowledge of their status. There are no dues to micro, small and medium enterprises as on March 31, 2013 or March 31, 2012.

9. Operating leases

The Company has entered into commercial leases which are in the nature of operating lease agreements for office spaces for period up to 3 years. There are no restrictions placed upon the company by entering into these leases. Further there are no renewal or escalation clauses in the lease.

10. On January 17, 2013 and May 13, 2013, Securities and Exchange Board of India (SEBI) made amendment to SEBI (Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines, 1999 and Equity Listing Agreement, pursuant to which listed entities have been prohibited from framing any employee benefit schemes involving acquisition of own securities from secondary market. The Company had formed GVK Employee Welfare Trust on July 15, 2009 which currently holds 18,083,890 own equity shares which were acquired from secondary market. SEBI circular requires such Trust to dispose shares by December 31, 2013 or to align the Trust with SEBI (ESOS and ESPS) Guidelines. Management is evaluating options available in the circular and believes that application of this circular will not have any material impact on statement of profit and loss.

11. The Reserve Bank of India (''RBI'') had issued guidelines for Core Investment Companies (CIC) on January 5, 2011 pursuant to which Systematically Important Core Investment Companies (SI-CIC) are required to apply for registration with RBI within six months from the date of issue of the guidelines. The Company had applied to RBI for granting Certificate of Registration and was awaiting approval. During the current year, the Company based on legal advice and internal assessment concluded that since its income from financial assets in the year ended March 31, 2012 are less than 50% of the gross income, the Company is not a Non- Banking Financial Company and accordingly not required to register with RBI. The Company vide its letter dated September 20, 2012 to RBI indicated that it is not a Non-Banking Financial Company and is withdrawing its application for registration.

12. The Company has applied to Central government on May 13, 2013 and April 24, 2012 for waiver of excess managerial remuneration for the year''s ended March 31, 2013 and March 31, 2012 amounting to Rs. 137 and Rs. 207 respectively paid to two directors in excess of the limits prescribed under Schedule XIII of the Companies Act, 1956. The Company believes that approval will be obtained in due course and would not have any material impact upon the financial statements.

13. The subsidiary companies of GVK Energy Limited viz. GVK Industries Limited (GVKIL) and GVK Gautami Power Limited (GVKGPL) (collectively ''subsidiary companies'') had commenced construction of phase III and phase II power plants respectively on which they have incurred aggregated cost of Rs. 15,659 as at March 31, 2013. Due to lower supply/availability of gas, the subsidiary companies have temporarily suspended the construction activities and intend to resume construction once natural gas is available which Management expects to happen in foreseeable future. Further, phase II of GVKIL and Phase I of GVKGPL having fixed assets with Written Down Value of Rs. 220,491 as at March 31, 2013 has during the current financial year achieved PLF of 29.49% and 24.52% respectively and have provided for refund of capacity charge and disincentives aggregating to Rs. 10,608 (March 31, 2012: Rs. 2,510) and Rs. 24,114 (March 31, 2012: Rs. 7,009) respectively. The Company and Association of Power Producers are closely monitoring the situation and evaluating various approaches such as installing alternate fuel equipment (already done by GVKGPL and GVKIL is in the process of installing) etc. to deal with the situation and Management is confident that Government of India will take necessary steps/initiatives to improve the situation of natural gas. The Company accordingly believes that investments, including Compulsory Convertible Debentures, in subsidiary company with carrying value of Rs. 108,323 (includes gas and non-gas based projects) is recoverable in normal course of business and no provision for diminution is necessary.

14. Segment information

In accordance with Accounting Standard 17 - Segment Reporting, segment information has been given in the consolidated financial statements of the Company and therefore no separate disclosure on segment information is given in these financial statements.

15. The financial statements contain certain amounts reported as "0"which are less than Rs. 1.

16. Previous year figures

Previous year figures have been regrouped/reclassified, where necessary, to confirm to this year''s classification.


Mar 31, 2012

1. Corporate information

GVK Power & Infrastructure Limited ('the Company' or 'GVKPIL') provides operating and maintenance services, manpower and consultancy services and incidental services to owners of power plants, airports etc. The Company has also acquired substantial ownership interest into power generating assets, airports, roads and companies providing infrastructure facilities.

2. Basis of preparation

The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in India (Indian GAAP). The Company has prepared these financial statements to comply in all material respects with the accounting standards notified under the Companies (Accounting Standards) Rules, 2006, (as amended) and the relevant provisions of the Companies Act, 1956. The financial statements have been prepared on an accrual basis and under the historical cost convention. The accounting policies adopted in the preparation of financial statements are consistent with those of previous year, except for the change in accounting policy explained below.

a) Terms/rights attached to equity shares

The Company has only one class of equity share having par value of Rs.1 per share. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

Vehicle loan from bank carries interest at 8.5% p.a. The loan is repayable in 36 monthly installments of Rs.3.15 from the date of loan, viz., January 29, 201 1. The loan is secured by charge over fixed asset i.e. vehicle, for which finance is provided by the lender.

a. Overdraft facility is unsecured and carries interest rate of 10.85%.

b. Term loan aggregating to Rs.20,000 is secured by first charge on the current assets, present and future of the Company and carries interest at base 150 bps i.e. 11.50% per annum

c. Term loan aggregating to Rs.1,870 presently carries interest of 12% per annum and scured by (i) charge on loans and advances of the Company to GVK Airport Developers Private Limited ("GVKADPL") and also loans and advances provided by GVKADPL to GVK Airport Holdings Private Limited ("GVKAHPL") and Bangalore Airport & Infrastructure Developer Private Limited ("BAIDPL") (ii) exclusive charge on shares of GVKADPL to the extent of two times of facility amount. (iii) exclusive charge on shares of GVKAHPL and BAIDPL not exceeding 30% of the shares of the Companies and the no. of shares to be pledged to be in proportion to the lenders at GVKADPL.

d. Term loans aggregating to Rs.15,000 is unsecured and carries interest rate of 11.75%.

3. Gratuity benefit

The company operates one defined benefit plan, viz., gratuity, for its employees. Under the gratuity plan, every employee who has completed at least five years of service gets a gratuity on retirement or termination at 15 days of last drawn salary for each completed year of service. The scheme is unfunded.

The following tables summarize the components of net benefit expense recognized in the statement of profit and loss and the funded status and amounts recognized in the balance sheet for the plan.

* During the previous year, the Company has transferred certain employees to its subsidiary GVK Energy Limited pursuant to which liability of Rs.30 was transferred to aforesaid subsidiary.

4. Related party disclosures

Disclosure as required by Notified Accounting Standard 18 (AS -18) "Related Party Disclosures" are as follows: Names of the related parties and description of relationship:

a) Related parties where control exists

Subsidiaries

GVK Industries Limited GVK Jaipur Expressway Private Limited Alaknanda Hydro Power Company Limited GVK Airport Developers Private Limited GVK Coal (Tokisud) Company Private Limited Goriganga Hydro Power Private Limited GVK Power (Goindwal Sahib) Limited

5. Details of Loan given to subsidiaries, associates, parties in which directors are interested Subsidiaries

i) GVK Oil & Gas Limited

Balance as at March 31, 2012 Rs.16,906 (March 31, 2011: Rs.15,225)

Maximum amount outstanding during the year was Rs.16,906 (March 31, 2011: Rs.15,225)

The aforesaid loan is repayable on demand

ii) GVK Perambalur SEZ Private Limited

Balance as at March 31, 2012 Rs.6,638 (March 31, 2011: Rs.6,302)

Maximum amount outstanding during the year was Rs.6,638 (March 31, 2011:Rs.6,302)

The aforesaid loan is repayable on demand

iii) Goriganga Hydro Power Private Limited

Balance as at March 31, 2012 Rs.4,674 (March 31, 2011: Rs.4,309) Maximum amount outstanding during the year was Rs.4,674 (March 31, 2011: Rs.4,309)

The aforesaid loan is repayable on demand

iv) GVK Airport Developers Private Limited

Balance as at March 31, 2012 Rs.81,437 (March 31, 2011: Rs.58,485) Maximum amount outstanding during the year was Rs.83,894 (March 31, 2011: Rs.83,285)

The aforesaid loan is repayable on demand

v) GVK Developmental Projects Private Limited

Balance as at March 31, 2012 Rs.92 (March 31, 2011: Rs.92) Maximum amount outstanding during the year was Rs.92 (March 31, 2011: Rs.95)

The aforesaid loan is repayable on demand

vi) GVK Transportation Private Limited

Balance as at March 31, 2012 Rs.32,854 (March 31, 2011: Rs.191) Maximum amount outstanding during the year was Rs.38,147 (March 31, 2011: Rs.191 )

The aforesaid loan is repayable on demand

vii) GVK Ratle Hydro Electrical Projects Private Limited

Balance as at March 31, 2012 Rs.3,649 (March 31, 2011: Rs.3,574) Maximum amount outstanding during the year was Rs.3,650 (March 31, 2011:Rs.3,574)

The aforesaid loan is repayable on demand

viii) Alakananda Hydro Power Company Limited

Balance as at March 31, 2012 Rs.Nil (March 31, 2011: Rs.Nil) Maximum amount outstanding during the year was Rs.3 (March 31, 2011:Rs.28)

The aforesaid loan was repayable on demand

ix) GVK Power (Goindwal Sahib) Limited

Balance as at March 31, 2012 Rs.Nil (March 31, 2011: Rs.Nil)

Maximum amount outstanding during the year was Rs.Nil (March 31, 2011:Rs.500)

The aforesaid loan was repayable on demand

x) GVK Coal (Tokisud) Company Private Limited

Balance as at March 31, 2012 Rs.Nil (March 31, 2011: Rs.Nil)

Maximum amount outstanding during the year was Rs. Nil (March 31, 2011:Rs.1,023)

The aforesaid loan was repayable on demand

xi) GVK Energy Limited

Balance as at March 31, 2012 Rs.Nil (March 31, 2011: Rs.Nil)

Maximum amount outstanding during the year was Rs. Nil (March 31, 2011:Rs.3,279)

The aforesaid loan was repayable on demand

6. Micro, small and medium enterprises

The identification of micro, small and medium enterprise suppliers as defined under the provisions of "Micro, small and medium enterprises Act, 2006" is based on Management's knowledge of their status. There are no dues to micro, small and medium enterprises as on March 31, 2012 or March 31, 2011.

7. Segment information

In accordance with Accounting Standard 17 - Segment Reporting, segment information has been given in the consolidated financial statements of the Company and therefore no separate disclosure on segment information is given in these financial statements.

8. The Reserve Bank of India ('RBI') had issued guidelines for Core Investment Companies (CIC) on January 5, 2011 pursuant to which Systematically Important Core Investment Companies (SI-CIC) are required to apply for registration with RBI within six months from the date of issue of the guidelines. The Company had applied to RBI for granting Certificate of Registration and is awaiting approval. As a SI-CIC, the Company is required to comply with requirements of capital requirements and leverage ratios. The Company is not in compliance with the aforesaid requirements and in the process of submitting an application to

Reserve Bank of India for granting additional time to meet the compliance requirements. The Company based on legal advice/ internal assessment believes that RBI would look favourably into the matter. Further, the Company based on legal advise/ internal assessment believes that since its income from financial assets in the year ended March 31, 2012 are less than 50% of the gross income, the Company is not a Non- Banking Financial Company in the current year.

9. The Company has applied to Central government on April 24, 2012 for waiver of excess managerial remuneration amounting to Rs.207 paid to two directors during the year beyond the limits specified in Part II of Section II (B) and Section III of Schedule XIII of the Companies Act, 1956. The Company believes that approval will be obtained in due course and would not have any material impact upon the financial statements.

10. The financial statements contain certain amounts reported as "0"which are less than Rs.1.

11. Previous year figures

Till the year ended March 31, 2011, the Company was using pre-revised Schedule VI to the Companies Act 1956, for preparation and presentation of its financial statements. During the year ended March 31, 2012, the revised Schedule VI notified under the Companies Act 1956, has become applicable to the company. The company has reclassified previous year figures to conform to this year's classification.


Mar 31, 2011

1. Nature of operations

GVK Power & Infrastructure Limited ("the Company or "GVKPIL") provides operating and maintenance services, manpower and consultancy services and incidental services to owners of power plants and infrastructure companies. It has also acquired substantial ownership interest into power generating assets and companies engaged in providing infrastructure facilities.

2. Employee benefits

The Company has a defined benefit gratuity scheme. Every employee who has completed five years or more of service gets a gratuity on retirement or termination at 15 days salary (last drawn salary) for each completed year of service. The scheme is unfunded.

The following tables summarize the components of net benefit recognized in the profit and loss account and amounts recognized in the balance sheet for the gratuity scheme.

3. Related party transaction

Disclosure as required by Notified Accounting Standard 18 (AS -18) "Related Party Disclosures" are as follows: Names of the related parties and description of relationship:

b) Associates Mumbai International Airport Private Limited **

Bangalore International Airport Limited**

Seregraha Mines Limited**

** through subsidiary Company

c) Key management personnel

Dr G V Krishna Reddy - Chairman & Managing Director

Mr G V Sanjay Reddy - Vice Chairman

Mr A Issac George - Director & CFO

Mr Krishna Ram Bhupal - Director

d) Enterprises over TAJ GVK Hotels & Resorts Limited which the key Orbit Travel & Tours Private Limited management GVK Novopan Industries Limited personnel exercise GVK Technical & Consultancy Services Private Limited significant influence Gautami Power (Samalkot) Private Limited (merged with GVK Gautami Power Limited) Pinakini Share & Stock Broker Limited GVK Projects & Technical Services Limited GVK Foundation GVK Employees Welfare Trust

5. Details of Loan given to subsidiaries, associates, parties in which directors are interested and companie under same management Subsidiaries:

i) GVK Gautami Power Limited

Balance as at March 31, 2011 Rs. Nil (Previous Year Rs. Nil)

Maximum amount outstanding during the year was Rs. Nil (Previous Year Rs. 155,500)

The aforesaid loan was repayable on demand

ii) GVK Industries Limited

Balance as at March 31, 2011 Rs. Nil (Previous Year Rs. Nil)

Maximum amount outstanding during the year was Rs. Nil (Previous Year Rs. 83,401)

The aforesaid loan was repayable on demand

iii) GVK Power (Goindwal Sahib) Limited

Balance as at March 31, 2011 Rs. Nil (Previous Year Rs. 50,000)

Maximum amount outstanding during the year was Rs. 50,000 (Previous Year Rs. 196,938)

The aforesaid loan is repayable on demand

iv) GVK Oil & Gas Limited

Balance as at March 31, 2011 Rs. 1,522,535 (Previous Year Rs. 9)

Maximum amount outstanding during the year was Rs. 1,522,535 (Previous Year Rs. 9)

The aforesaid loan was repayable on demand

v) GVK Perambalur SEZ Private Limited

Balance as at March 31, 2011 Rs. 630,224 (Previous Year Rs. Nil)

Maximum amount outstanding during the year was Rs. 630,224 (Previous Year Rs. Nil)

The aforesaid loan was repayable on demand

vi) Goriganga Hydro Power Private Limited

Balance as at March 31, 2011 Rs. 430,886 (Previous Year Rs. 543)

Maximum amount outstanding during the year was Rs. 430,886 (Previous Year Rs. 543)

The aforesaid loan was repayable on demand

vii) GVK Airport Developers Private Limited

Balance as at March 31, 2011 Rs. 5,848,477 (Previous Year Rs. 4,863,760)

Maximum amount outstanding during the year was Rs. 8,328,477 (Previous Year Rs. 4,911,160)

The aforesaid loan is repayable on demand

viii) GVK Coal (Tokisud) Company Private Limited

Balance as at March 31, 2011 Rs. Nil (Previous Year Rs. 102,267)

Maximum amount outstanding during the year was Rs. 102,267 (Previous Year Rs. 140,302)

The aforesaid loan is repayable on demand

ix) GVK Developmental Projects Private Limited

Balance as at March 31, 2011 Rs. 9,226 (Previous Year Rs. 6)

Maximum amount outstanding during the year was Rs. 9,513 (Previous Year Rs. 102,002)

The aforesaid loan is repayable on demand

x) GVK Jaipur Expressway Private Limited

Balance as at March 31, 2011 Rs. Nil (Previous Year Rs. Nil)

Maximum amount outstanding during the year was Rs. Nil (Previous Year Rs. 60,000)

The aforesaid loan was repayable on demand

xi) GVK Transportation Private Limited

Balance as at March 31, 2011 Rs. 19,143 (Previous Year Rs. Nil)

Maximum amount outstanding during the year was Rs. 19,143 (Previous Year Rs. Nil)

The aforesaid loan was repayable on demand

Notes to Accounts

(All amounts expressed in Indian Rupees Thousands unless otherwise stated)

xii) GVK Energy Limited

Balance as at March 31, 2011 Rs. Nil (Previous Year Rs. Nil)

Maximum amount outstanding during the year was Rs. 327,894 (Previous Year Rs. Nil)

The aforesaid loan is repayable on demand

xiii) Alaknanda Hydro Power Company Limited

Balance as at March 31, 2011 Rs. Nil (Previous Year Rs. Nil)

Maximum amount outstanding during the year was Rs. 2,758 (Previous Year Rs. Nil)

The aforesaid loan is repayable on demand

xiv) Mumbai International Airport Limited

Balance as at March 31, 2011 Rs. Nil (Previous Year Rs. Nil)

Maximum amount outstanding during the year was Rs. 275 (Previous Year Rs. Nil)

The aforesaid loan is repayable on demand

xv) Bangalore International Airport Limited

Balance as at March 31, 2011 Rs. 872 (Previous Year Rs. Nil)

Maximum amount outstanding during the year was Rs. 872 (Previous Year Rs. Nil)

The aforesaid loan is repayable on demand

xvi) GVK Ratle Hydro Electrical Project Private Limited

Balance as at March 31, 2011 Rs. 357,424 (Previous Year Rs. Nil)

Maximum amount outstanding during the year was Rs. 357,424 (Previous Year Rs. Nil)

The aforesaid loan was repayable on demand

4. Contingent liability

a. Direct and indirect taxes

i) Income tax demand for assessment year 2008-09 for Rs. 7,298 (March 31, 2010 Rs. Nil).

ii) The Company has received a notice dated February 4, 2008 from the Office of the District Registrar of Assurances, Hyderabad demanding payment of stamp duties of Rs. 282,960 on transfer of shares to the shareholders of GVK Industries Limited vide the scheme of arrangement approved by the Andhra Pradesh High Court. The Company has obtained an order from the Andhra Pradesh High Court staying the above notice on March 13, 2008 until such further orders from the said court.

Management based on its internal assessment and/or legal advice is confident that the cases will be decided in the Companys favour.

b. Security against loans taken by others

i) During the year ended March 31, 2011 the Company has provided security amounting to Rs. 1,800,000 (Previous Year Rs. 6,047,918) by way of pledge of its investments in subsidiaries in respect of amounts borrowed by its subsidiaries.

ii) During the year ended March 31, 2011 the Company has provided security by way of corporate guarantees amounting to Rs. 11,618,821 (Previous Year 14,980,000) to subsidiaries and Rs. 144,100 to an associate (Previous Year Rs. 144,100).

iii) During the year ended March 31, 2011 the Company has provided security by way of corporate guarantees amounting to Rs. 1,004,792 (Previous Year 990,533) to GVK Projects and Technical Services Limited.

Management is of the opinion that the aforesaid Companies will be able to meet their obligations as they arise and consequently no adjustment is required to be made to the carrying value of the security and guarantees provided.

5. Segment information

In accordance with Accounting Standard 17 - Segment Reporting, segment information has been given in the consolidated financial statements of the Company and therefore no separate disclosure on segment information is given in these financial statements.

6. Additional information pursuant to the provisions of Paragraph 3, 4C and 4D of Part II of Schedule VI to the Companies Act, 1956 to the extent Nil or not applicable have not been disclosed.

7. Micro, small and medium enterprises

The identification of micro, small and medium enterprise suppliers as defined under the provisions of "Micro, small and medium enterprises development Act, 2006" is based on Managements knowledge of their status. There are no dues to micro, small and medium enterprises as on March 31, 2011.

8. Dilution of investment

During the current year, the Company, GVK Energy Limited (subsidiary Company) and certain private equity investors (investors) have entered into an investment agreement pursuant to which the Company has transferred its investments in the below mentioned subsidiaries to GVK Energy Limited and then diluted its stake by 18.05% in favour of the investors:

a. GVK Industries Limited

b. GVK Gautami Power Limited

c. GVK Coal (Tokisud) Company Private Limited

d. GVK Power (Goindwal Sahib) Limited

e. Alaknanda Hydro Power Company Limited

As per the investment agreement, the Company and GVK Energy Limited has undertaken to conduct an initial public offering of the GVK Energy Limiteds equity shares (Qualified IPO or QIPO) within 60 months from the date of investment agreement (preferred listing period).

If the GVK Energy Limited does not make a QIPO during the preferred listing period and no offer for sale takes place within 12 months of the preferred listing period, then, at any time thereafter, the investors will have a put option with respect to all of the securities held by the Investor ("Put Right") on the Company and the GVK Energy Limited at the higher of i) 20% IRR from the date of investment to the date of receipt of proceeds from the investor ("Put IRR") and ii) the fair market value of the investors shares.

Provided the Put IRR shall be reduced to 15% IRR, if at least 3 private sector initial public offerings with an issue size of Rs.10,000,000 or more each have not taken place in India between the 36th month to the 60th month from date of investment agreement.

9. Previous year comparatives

Previous year figures have been regrouped where necessary to conform to current year classification.`


Mar 31, 2010

1. Nature of operations

GVK Power & Infrastructure Limited ("the Company or "GVKPIL") provides operating and maintenance services, manpower and consultancy services and incidental services to owners of power plants and infrastructure companies. It has also acquired substantial ownership interest into power generating assets and companies engaged in providing infrastructure facilities.

2. Employee benefits

The Company has a defined Benefit Gratuity Plan. Every employee who has completed five years or more of service gets a gratuity on retirement or termination at 15 days salary (last drawn salary) for each completed year of service. The scheme is unfunded.

The following tables summarize the components of net benefit recognized in the profit and loss account and amounts recognized in the balance sheet for the respective plans.

3. Related party transaction

Disclosure as required by Notified Accounting Standard 18 (AS -18) "Related Party Disclosures" are as follows:

Names of the related parties and description of relationship:

(a) Related parties where control exists

Subsidiaries GVK Industries Limited

GVK Jaipur Expressway Private Limited

Alakananda Hydro Power Company Limited

GVK Airport Developers Private Limited

GVK Coal (Tokisud) Company Private Limited

Goriganga Hydro Power Private Limited

GVK Power (Goindwal Sahib) Limited

GVK Perambalur SEZ Private Limited (Formerly GVK Infratech Private Limited)

GVK Oil & Gas Limited (Formerly GVK Energy Limited)

GVK Developmental Projects Pvt Ltd

GVK Energy Limited

GVK Gautami Power Limited (Fomerly Gautami Power Limited)

GVK Airport Holdings Private Limited*

Bangalore Airport & Infrastructure Developers Private Limited*

* Through subsidiary Company

(b) Associates

Mumbai International Airport Private Limited ** Bangalore International Airport Limited **

Seregraha Mines Limited** ** Through subsidiary Company

(c) Key management personnel

Mr. G V Krishna Reddy Chairman and Managing director

Mr. G V Sanjay Reddy Director

Mr A Issac George Director

Mr Krishna Ram Bhupal Director

(d) Companies over which the key management personnel exercise significant influence

TAJ GVK Hotels & Resorts Limited

Orbit Travels & Tours Private Limited

GVK Novopan Industries Limited

GVK Technical & Consultancy Services Private Limited

Gautami Power (Samalkot) Private Limited

Pinakini Share and Stock Broker Limited

GVK Projects and Technical Services Limited

(Formed by merger of GVK Aviation Private Limited and Vertex Project Limited)

GVK Foundation

4. Details of Loan given to subsidiaries, associates and parties in which directors are interested Subsidiaries

(i) GVK Gautami Power Limited

Balance as at March 31, 2010 Rs. Nil (Previous Year Rs. Nil)

Maximum amount outstanding during the year was Rs. 155,500 (Previous Year Rs. 348,500)

The aforesaid loan was repayable on demand

(ii) GVK Industries Limited

Balance as at March 31, 2010 Rs. Nil (Previous Year Rs. 50,000)

Maximum amount outstanding during the year was Rs. 83,401 (Previous Year Rs. 200,000)

The aforesaid loan was repayable on demand

(iii) GVK Power (Goindwal Sahib) Limited

Balance as at March 31, 2010 Rs. 50,000 (Previous Year Rs. Nil)

Maximum amount outstanding during the year was Rs. 196,938 (Previous Year Rs. 125)

The aforesaid loan is repayable on demand

(iv) GVK Oil & Gas Limited

Balance as at March 31, 2010 Rs. 9 (Previous Year Rs. Nil)

Maximum amount outstanding during the year was Rs. 9 (Previous Year Rs. 760)

The aforesaid loan is repayable on demand

(v) GVK Perambalur SEZ Private Limited

Balance as at March 31, 2010 Rs. Nil (Previous Year Rs. Nil)

Maximum amount outstanding during the year was Rs. Nil (Previous Year Rs. 20,000)

The aforesaid loan was repayable on demand

(vi) Goriganga Hydro Power Private Limited

Balance as at March 31, 2010 Rs. 543 (Previous Year Rs. Nil)

Maximum amount outstanding during the year was Rs. 543 (Previous Year Rs. Nil)

The aforesaid loan is repayable on demand

(vii) GVK Airport Developers Private Limited

Balance as at March 31, 2010 Rs. 4,863,760 (Previous Year Rs. Nil)

Maximum amount outstanding during the year was Rs. 4,911,160 (Previous Year Rs. Nil)

The aforesaid loan is repayable on demand

(viii) GVK Coal (Tokisud) Company Private Limited

Balance as at March 31, 2010 Rs. 102,267 (Previous Year Rs. Nil)

Maximum amount outstanding during the year was Rs. 140,302 (Previous Year Rs. Nil)

The aforesaid loan is repayable on demand

(ix) GVK Developmental Projects Private Limited

Balance as at March 31, 2010 Rs. 6 (Previous Year Rs. Nil)

Maximum amount outstanding during the year was Rs. 102,002 (Previous Year Rs. Nil)

The aforesaid loan is repayable on demand

(x) GVK Jaipur Expressway Private Limited

Balance as at March 31, 2010 Rs. Nil (Previous Year Rs. Nil)

Maximum amount outstanding during the year was Rs. 60,000 (Previous Year Rs. Nil)

The aforesaid loan was repayable on demand

5. Contingent liability

a. Security against loans taken by others

(i) During the year ended March 31, 2010 the Company has provided security amounting to Rs. 6,047,918 (Previous Year Rs. 2,860,912) by way of pledge of its investments in subsidiaries in respect of amounts borrowed by its subsidiaries.

(ii) During the year ended March 31, 2010 the Company has provided security by way of corporate guarantees amounting to Rs. 14,980,000 (Previous Year 2,918,200) to subsidiaries and Rs. 144,100 to an associate (Previous Year Rs. Nil).

(iii) During the year ended March 31, 2010 the Company has provided security by way of corporate guarantees amounting to Rs. 990,533 (Previous Year 1,211,210) to GVK Projects and Technical Services Limited (formerly known as GVK Aviation Private Limited)

Management is of the opinion that the subsidiary Companies and the associate will be able to meet their obligations as they arise and consequently no adjustment is required to be made to the carrying value of the security and guarantees provided.

b. Claims against the Company not acknowledged as debt

(i) The Company has received a notice dated February 4, 2008 from the Office of the District Registrar of Assurances, Hyderabad demanding payment of stamp duties of Rs. 282,960 on transfer of shares to the shareholders of GVK Industries Limited vide the scheme of arrangement approved by the Andhra Pradesh High Court. The Company has obtained an order from the Andhra Pradesh High Court staying the above notice on March 13, 2008 until such further orders from the said court.

(ii) The Company has received a show cause notice from service tax authorities demanding the Company to pay service tax of Rs. 27,943 under the category "Management, Maintenance or Repair services" for operating and maintenance of immovable property, management of power plant and maintenance of equipment for the period from July 1, 2003 to September 30, 2008. The Company has preferred an appeal against the said order before Customs, Excise and Service Tax Appellate Tribunal, Bangalore. The consequential liability in respect of service tax for the period from July 1, 2003 to March 31, 2010 is estimated at Rs. 48,529 (Previous Year Rs. 30,624). Management, based on its internal assessment, is confident that the case will be decided in the Companys favour.

6. Segment information

In accordance with Accounting Standard 17 - Segment Reporting, segment information has been given in the consolidated financial statements of the Company and therefore no separate disclosure on segment information is given in these financial statements.

7. Additional information pursuant to the provisions of Paragraph 3, 4C and 4D of Part II of Schedule VI to the Companies Act, 1956 to the extent Nil or not applicable have not been disclosed.

8. Micro, small and medium enterprises

The identification of micro, small and medium enterprise suppliers as defined under the provisions of "Micro, small and medium enterprises development Act, 2006" is based on Managements knowledge of their status. There are no dues to micro, small and medium enterprises as on March 31, 2010.

9. Previous year comparatives

Previous year figures have been regrouped where necessary to conform to current year classification.

 
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