Mar 31, 2021
Pursuant to the Company''s request for refinancing of the existing outstanding principal Rupee Term Loan (RTL) of the Company aggregating to '' 6550 Crores under RBI circular dated 15.12.2014 on âFlexible Structuring of Existing Long Term Project Loans to Infrastructure and Core Industriesâ & additional RTL of '' 1680 Crores ( '' 1080 Crores under RTL-A for payment to pressing creditors and '' 600 Crores under RTL-B for long term working capital), all the lenders except LIC of India, sanctioned the refinanced facility of '' 6550 crore.
The refinanced RTL of '' 6550 Crores ( ''1950 under Tranche-I & '' 4600 Crores under Tranche-II) & additional RTL of '' 1610 Crores ''1080 Crores under RTL-A (disbursed ''1080 Crore) for payment to pressing creditors and '' 530 Crores (disbursed '' 495 crore) under RTL-B for long term working capital) from IDBI Bank led consortium banks is secured by way of first charge ranking pari-passu on (i) mortgage of about 41 KM land of Yamuna Expressway, (ii) mortgage on part of Land in Jaganpur, Mirzapur, Agra & Tappal having a valuation cover of 1.5 times for Tranche-I RTL ( ''1950 Crores) & RTL-A ( ''1080 Crores) & RTL-B ( '' 600 Crores) and valuation of 2 times for Tranche-II RTL ( '' 4600 Crores), (iii) Hypothecation of all the movables of the company, company''s book debts and receivables, (iv)Assignment of all the rights, title, interest, benefit from claim and demand in the Concession Agreement,(v) Debt Service Reserve Account (DSRA) for an amount equal to 1.5 times of the principal & interest amount due for ensuing quarter to the Rupee Term Lenders,(vi) pledge of 51% shares of the fully paid up equity shares of the Company and (vii) personal guarantee of Shri Manoj Gaur.
'') The Term Loan from SREI Equipment Finance Limited mentioned at (ii) above is secured by way of mortgage of 40.79 Acres of Land for Development at Tappal having carrying value of '' 2815.33 lakhs.
The period of continuing default as on 31.03.2021 in repayment of loans to banks/financial institutions/NBFC amounting to '' 21,19,25.26 lakhs stated under âTerm Loan /NCDs from Banks / Financial Institutions'' under âCurrent Maturities of Long-term Debts'' in Note no. 21 ranges from 90 days to 2029 days. The period of continuing default as on 31.03.2021 in payment of interest to banks/financial institutions amounting to '' 760482.00 lakhs included under âInterest Accrued and due on borrowings'' in Note no. 21 ranges from 1293 day to 1948 days as per the original agreement, however, payment of said dues was subject to outcome of CIRP
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Corporate Insolvency Resolution Process (CIRP)
a. Pursuant to the directive of Reserve Bank of India (RBI) dated 15th June, 2017 IDBI Bank Limited, the lead lender for consortium of lenders filed an application under section -7 of the Insolvency and Bankruptcy Code, 2016 read with Rule - 4 of the Insolvency and Bankruptcy Code, 2016 (IBC) at Hon''ble National Company Law Tribunal (NCLT) at Allahabad to initiate Insolvency Resolution Process at the Company.
The Company, has been undergoing Corporate Insolvency Resolution Process (âCIRPâ) since 09.08.2017 in terms of the provisions of the Insolvency & Bankruptcy Code, 2016 (âIBCâ) vide order dated 09.08.2017 and 14.08.2018 passed by the Hon''ble National Company Law Tribunal (âNCLTâ) Allahabad read with order dated 09.08.2018 passed by the Hon''ble Supreme Court of India in Writ Petition (Civil) No. 744/2017 and order dated 06.11.2019 passed by the Hon''ble Supreme Court of India in the matter of Jaiprakash Associates Ltd. &Anr. Vs. IDBI Bank Ltd. &Anr. (Civil Appeal bearing Diary No 27229 of 2019 and Civil Appeal No 6486 of 2019).
In terms of Hon''ble Supreme Court order dated 06.11.2019, the Committee of Creditor (âCoCâ) approved the Resolution Plan ofNBCC India Limited (âNBCCâ) on 16.12.2019. The approved resolution plan was filed with Adjudicating Authority for its approval. The Hon''ble NCLT, Principal Bench (Delhi) vide its order dated 03.03.2020 approved the Resolution Plan of NBCC with certain modifications.
The Successful Resolution Applicant (NBCC) preferred to file an appeal before the Hon''ble National Company Law Appellate Tribunal (âNCLATâ) against the Hon''ble NCLT order dated 03.03.2020 against certain modifications made to its Resolution Plan.
Hon''ble NCLAT vide its order dated 22 April 2020 states that, till further orders, the approved âResolution Plan'' may be implemented subject to outcome of this Appeal. The Interim Resolution Professional may constitute âInterim Monitoring Committee'' comprising of the âSuccessful Resolution Applicant'', i.e. the Appellant and the three major Institutional Financial Creditors, who are Members of the âCommittee of Creditors''.
Meanwhile, The Hon''ble Supreme Court in the Civil Appeal Diary No(s). 14741/2020 between Jaypee Kensington Boulevard Apartments Welfare Association &Ors. Vs NBCC (India) Ltd &Ors. vide its order dated 06.08.2020 transferred all the pending appeals/cases with NCLAT to itself. In the meantime, Hon''ble Supreme Court directed the IRP to manage the affairs of Jaypee Infratech Limited and there shall be ad-interim stay of the operations of the Hon''ble NCLAT''s order dated 22 April 2020.
In the Judgement dated March 24, 2021, Hon''ble Supreme Court has placed order inter-alia as below:
The IRP to complete the CIRP within the extended time of 45 days from the date of this judgment. For this purpose, it will be open to the IRP to invite modified/fresh resolution plans only from Suraksha Realty and NBCC, giving them time to submit the same within 2 weeks from the date of this judgment. It is made clear that the IRP shall not entertain any expression of interest by any other person nor shall be required to issue any new information memorandum.
With regard to the amount of '' 750 crores, which was deposited by Jaiprakash Associates Ltd.(JAL) pursuant to the orders passed by this Court in the case of Chitra Sharma, and accrued interest thereupon, is the property of JAL. However, the said sum of '' 750 crores stood transferred to NCLT.
To reconcile the accounts between JAL and company be taken up under the supervision of NCLT, Delhi.Pursuant to the directions of the Hon''ble Supreme Court, the Hon''ble NCLT, Delhi vide order dated 31.03.2021 appointed Grant Thornton Bharat LLP (GT) as the independent accounting expert for carrying out the reconciliation exercise within 10 days from the date of the order. GT has carried out reconciliation &submitted its report in sealed cover envelope to Hon''ble NCLT, Delhi on 16.06.2021.
Pursuant to the directions of Hon''ble Supreme Court order dated March 24, 2021 passed, the Interim Resolution Professional invited fresh/ modified Resolution Plan from NBCC and Suraksha Realty. Consequently, both applicants have submitted their bids on 07.04.2021. Upon discussion of said resolution plan in CoC from time to time, both applicants have revised their bids.
The CoC sought extension from Hon''ble Supreme Court till 07.07.2021 to complete the CIR process.
Both the applicants have submitted their final resolution plan which are put to vote by the CoC. The last date for completion of CIRP of the company is 07.07.2021 as per the extension sought from Hon''ble Supreme Court.
All assets/liabilities shall be restated consequent upon implementation of Resolution Plan. IRP is currently managing the operations of the company and accordingly, the financial statements have been prepared on going concern basis.
b. The expenses incurred on CIRP(including IMC expenses) during the period 01st April 2020 to 31st March 2021 aggregates to ''416.62lakhs (for the year ended 31st March
2020 ''1033.41 lakhs).
c. The outstanding overdue fixed deposits as on 31st March
2021 aggregates to ''11,316.81 lakhs (as on 31st March 2020 ''11,316.81 lakhs). The Fixed Deposit Holders, being the financial creditor under Insolvency & Bankruptcy Code, 2016, the repayment thereof is incumbent upon successful resolution plan of the Company.
d. The terms & conditions for borrowing by the Company from IDBI led consortium did inter alia provide for furnishing of Bank guarantee /letter of Credit in lieu of Debt Service Reserve Account (DSRA) in favour of the Lenders.
In compliance thereto bank guarantee aggregating to ''212 Crores were provided by Jaiprakash Associates Limited (JAL) in favour of IDBI Trusteeship Services Limited, trustee for on behalf of the lenders. The said guarantees were subsequently invoked by the IDBI Bank, the lead bank for settling the outstanding over dues interest.
The said sum of ''212 Crores was considered as part of âPromoter'' funds by the lenders while considering a restructuring scheme for the Company''s debt under RBI circular No. DBR.BPBC.No.82/ 21.01.132 2015-16 dated February 25, 2016. The said sum was accordingly classified by the Company as âEquity: Other Equity: Promoter''s Contributionâ in its financial statement as on 31.03.2017. However, in F.Y2017-18, when the lenders decided to move to NCLT for initiating CIRP proceeding and withdrawal of the
restructuring scheme under consideration, the same was classified as other financial liability in the financial statement as on 31.03.2018. This has been consistently followed since then including the current financial statement as on 31.03.2021.
On commencement of CIR process under Insolvency & Bankruptcy Code, 2016 against the Company, Jaiprakash Associates Limited (JAL) filed the claim of ''212 Crores on account of aforementioned invocation of Bank Guarantee of Jaiprakash Associates Limited by IDBI Bank. IRP rejected the said claim of '' 212 Crores by JAL as it was considered equity contribution.
e. The Finance Cost inclusive of the Interest on debt for the year ended 31st March 2021 aggregating to '' 204123.59 lakhs (for the year ended 31st March 2020 '' 178523.80 lakhs) (Cumulative '' 620255.76 lakhs as at 31st March 2021), shall be restated on the implementation of approved resolution plan for the Company by the Successful Resolution Applicant.
f. Pursuant to an application filed by Resolution Professional at Hon''ble National Company Law Tribunal (NCLT) Allahabad under section 66,43,45 & 60 (5) (i) read with section 25(2) (i) of IBC 2016 inter alia for release or discharge of security interest created by the Company on the land (referred to in Note 37), the Hon''ble NCLT vide its order dated 16th May 2018 passed the order for release and discharge of security interest created by the Company on 758 acres of land in favour of the Lenders of Jaiprakash Associates Limited (JAL) and has further said that the properties mortgaged shall be deemed to be vested in the Company from the date of order. On an appeal preferred by the lenders of JAL against the said order before Hon''ble NCLAT The Hon''ble NCLAT vide its order dated 1st August, 2019 set aside the impugned order dated 16th May, 2018 passed by Hon''ble NCLT. The Home buyers, IRP and India Infrastructure Finance Company Limited (Lender of the company) challenged the Hon''ble NCLAT order before the Hon''ble Supreme Court of India. The Hon''ble Supreme Court vide its order dated 26.02.2020 reversed and set aside the order dated 01.08.2019 passed by Hon''ble NCLAT. The Company has requested lenders of JAL for release and discharge of security interest on the said land. Further review petition filed by State Bank of India and ors. and Axis Bank Limited and ors. under review petition (Civil) Diary Nos. 13559/2020 and 13684/2020 for review of judgement dated 26 February 2020 passed by the Hon''ble Supreme Court in the subject matter (Civil Appeal Nos. 8512-8527 of 2019 and connected cases) have been dismissed by Hon''ble Supreme Court vide order dated 18 August 2020. The company has filed letters/reminder letters with JAL Lenders for release of mortgage. Standard Chartered Bank has given no objection certificate to release its exclusive mortgage over 25.004 acres of land at Sector 128 Noida and execution of release deed for said mortgage is in process. For remaining mortgage, no objection certificate to release mortgage is not received.
g. The total income from operations is inclusive of revenue from real estate aggregating to '' 3625.75 lakhs for the year ended 31.03.2021. Since January 2020, the delayed rebate is not appropriated/adjusted while raising demands to customers. As a matter of prudence, provision has been made in books of accounts for delayed rebate to customers. The total amount of provision for delayed rebate provided in books of accounts from 01.01.2020 to 31.03.2021 is '' 2973.34 lakhs.
Further, Revenue from real estate development is nett off '' 6979 lakhs Cumulative till 31.03.2021 being delayed rebate already appropriated /adjusted upon issuance of Offer of possession to 2224 numbers of home buyers, pending for execution of sub-lease deed execution as on 31.03.2021.
h. Consequent upon initiation of CIRP at the Company, the IRP appointed CBRE South Asia Private Limited (CBRE) as Project Management Consultant (PMC) on 01.11.2017 to assist the RP / IRP in overseeing the construction activity at site and duly informed to COC. The IRP upon constitution of Interim Monitoring committee, replaces CBRE with Mott MacDonald Pvt. Ltd. as PMC with effect from 18.08.2020. Since then all RA bills for the work done by the principal contractor pursuant to the subsisting work contracts are being verified by them.
RA Bills raised during CIR Period interalia includes RA Bills aggregating to ''10009.11 lakhs against which CBRE communicated on 29.07.2020 that the work of ''5560.38 lakhs relates to pre CIRP '' 895.96 lakhs has been withhold pending submission of the requisite documents and a sum of '' 3552.76 lakhs was rejected till 31.03.2020.
Pursuant to Hon''ble Supreme Court order dated 24.03.2021 and various clarifications sought by GT team during JAL and the company''s reconciliation the IRP requested the CBRE to provide pending certificates / other details for reconciliation purpose.
In response to above, the RA Bills of ''10009.11 lakhs was recertified by CBRE as '' 6262.27 lakhs related to pre CIRP '' 811.51 lakhs as withhold pending submission of requisites documents/information, work bills of ''677.60 lakhs was rejected and balance amount of '' 2257.73 lakhs is certified as work done by JAL.
Further, RA Bills of JAL amounting to ''7432.33 lakhs were submitted to Mott Macdonald Private Limited against which work was certified for '' 5024.16 lakhs only till 31.03.2021.
The sum payable /receivable from JAL is further subject to reconciliation which is under process under the supervision of Hon''ble NCLT, Delhi.
In view of the severe health hazard associated with COVID-19 pandemic, the Government of India declared a lock down effective from March 25, 2020 which was initially till April 14, 2020, later on extended till 31 May 2020 and then till July 31,2020 with certain relaxations. Further in April 2021 state-wide lock down was imposed which was lasted till 07th June 2021.
Owing to continued lockdown, it is reasonably assumed that appearance of pandemic Covid -19 is dynamic, thereby affecting business operations of the Company.
The operations of the company have been / shall resume in a phased manner in compliance with the directives of both State and Central Governments. There is an uncertainty about the complete lifting of the lockdown and the time required for things to get normal. As per current assessment there is no significant impact on carrying amounts of inventories, trade receivables, investments and other financial assets otherwise than as stated in the financial statements.
The eventual outcome of the impact of the global health pandemic may be different from those estimated as on date of the approval of the financial results.
15 the Hon''ble ITAT has confirmed the decision of CIT(A), Noida which was in Company''s favor. However, the Income Tax Department has filed an appeal in the High Court of adjudicature at Allahabad against the said orders.
Besides, there is an outstanding demand of '' 60.31 lakhs per intimation u/s 143(1) of the Income Tax Act, 1961 received by the company for AY 2015-16 towards short credit of TDS by the Income Tax Department for which the company is following up with the Income Tax Department
*Includes demand of ''169,541.00 lakhs raised by Yamuna Expressway Industrial Development Authority (YEIDA) towards additional compensation at the rate of 64.7% to farmers, the arbitration award which has subsequently been given in favour of the Company. YEIDA has challenged the said arbitration award in District Court Gautam Budh Nagar and same is pending for adjudication.
The company has deposited till date (under protest) an amount ''3,542.25 lakhs as on 31st March, 2021 with Yamuna Expressway Industrial Development Authority (YEIDA).
*Relief of ''35.51 lakhs out of total demand of ''35.77 lakhs granted in 1st Appeal and the relief amount was adjusted against demand of ''53.67 lakhs for the AY 2015-16.
** For AY 2015-16 ''35.51 lakhs adjusted against relief granted in 1st Appeal order for AY 2010-11. So the effective deposit for AY 2015-16 was of ''18.16 lakhs.
National Stock Exchange (NSE) has vide letter dated
b) Income Tax matters under appeal: The Company is entitled for tax holiday for 10 years effective F.Y 2008-09 (A.Y 2009-10) u/s 80IA (4)(i) read with Explanation (a) of the Income Tax Act, 1961(the Act). However, the Income Tax Department issued notice (s) u/s 263 of the Income Tax Act for A.Y 2009-10 and 2010-11 which along-with all proceedings related thereto were quashed by the Hon''ble Income Tax Appellate Tribunal (ITAT), Delhi Bench, New Delhi vide its orders dated 13th April 2015 and 20th September 2017 respectively. Hon''ble ITAT has held that the Company is eligible for deduction under said section 80IA(4)(i) read with Explanation(a). However, the Income Tax Department has filed an appeal in the High Court of judicature at Allahabad against the said order. The Hon''ble ITAT vide its order dated 06th September 2016 has also accepted the Company''s contention of its claim u/s 80IA(4)(i) read with explanation (a) of the Act for the Assessment Year 2011-12. However, the Income Tax Department has filed an appeal in the High Court of judicature at Allahabad against the said order. For the assessment year 2012-13, the Income Tax Department has not accepted the Company''s claim u/s 80IA(4)(i) read with explanation (a) of the Act. Moreover, additions have been made on account of revenue subsidy for the said Assessment Year leading to outstanding demand of ''143014.35 lakhs (net)including interest of Rs 4168.45 lakhs. The Company has filed an appeal before Hon''ble ITAT against the said order. The CIT(A), Noida has also levied penalty u/s 271(1) (c) on the additions made by him on account of addition of revenue subsidy. The demand notice u/s 156 of the IT Act, 1961 in respect of penalty levied has not been received so far. The Company has filed an appeal before the ITAT, New Delhi against the said order. The Income Tax Department has also not accepted the Company''s claim u/s 80IA(4)(i) read with explanation (a) of the Act for AY 2013-14 & 201415. Though the demand is NIL for both the said assessment years, the company has filed an appeal before CIT(A) against disallowance of deduction u/s 80IA(4)(i) of the Act.
c) The total value of matters under appeals are estimated at ''143016.12 lakhs (net), including '' 1.77 lakhs related to TDS demand and the penalty for A.Y2011-12, AY 2012-13, AY 2013-14 and AY 2014-15) In case of TDS matters (interest on EDC) for AY 2011-12, AY 2012-13 , AY 2013-14, & AY 2014-
November 30, 2017 imposed a fine for delay in declaring financial results for the quarter ended 30th September 2017 under Regulation 33 of Listing Regulations. However, the management is taking up the matter with NSE for waiver of the same. Accordingly, an amount of '' 120.07 lakhs has not been recognized as a liability.
As per the terms of the Provisional Allotment letter / Agreement, discount (rebate) to be offered by the company to the home buyers shall be given to the home buyer(s) on issuance of Offer of possession (OOP) / at the time of execution of Indenture of Conveyance.
Accordingly, the Company is accounting for said discount (rebate) on the basis of actuals as provided to the home buyers and the same has been netted off from the revenue as recognized in the Statement of Profit and Loss account. Outstanding amount of bank guarantee as on 31.03.2021 is ''30lakhs (as on 31.03.2020 ''40 lakhs).
The Company has provided the following as security/ undertaking/guarantee for the financial assistance availed by Jaypee Healthcare Limited (JHCL, the Subsidiary Company):
a) A shortfall undertaking to the consortium lenders led by Yes Bank Limited in respect of financial assistance aggregating to '' 32,500.00 lakhs.
b) Letter (s) of continuing guarantee to Yes Bank Limited in respect of financial assistance of ''12,500.00 lakhs.
Yes Bank Ltd had served a Notice for invocation the said letter (s) of continuing guarantee dated 18th February 2016 and 29th February 2016 on dated 22th August 2017 to the Company which has not been admitted by the Resolution Professional/ Interim Resolution Professional since invocation was initiated after commencement of CIR Process.
c) Pledge of 51% of paid up equity share capital (including 21% of Paid-up Capital under non-disposal-undertaking) of JHCL with IL&FS Trust Company Limited (Trustee) as collateral security for financial assistance of '' 32,500.00 lakhs.
d) Extension of Pledge on 51% of paid up equity share capital (including 21% of Paid-up Capital under non-disposalundertaking) of JHCL with IL&FS Trust Company Limited (Trustee) as collateral security for financial assistance of '' 2,500.00 lakhs.
e) Pledge of 30% of paid up equity share capital of JHCL held by the company such that Yes Bank Ltd. has 30% shares pledged exclusively in its favour (including the shares pledged under '' 32,500.00 lakhs facility)for a financial assistance of '' 10,000.00 lakhs.
- Yes Bank Limited had issued a Recall Notice on 08th November 2019 to JHCL and has subsequently filed an application under section 7 of IBC at NCLT, Allahabad which is yet to be admitted. Further, Yes Bank Ltd filed an application with Hon''ble Supreme Court, New Delhi which is merged with the ongoing case in respect of the company. Hon''ble Supreme Court, vide its Order dated 24.03.21 stipulates resolution of this issue by the parties concerned, who will work out a viable solution as per relevant paras of the Order.
NOTE NO. 34
In accordance with Schedule II of the Companies Act, 2013, the revenue from toll road was reviewed by the Management during the financial year and the projected revenue based upon the traffic study conducted by Dun & Bradstreet Information Services Pvt Ltd dated 04.06.2019, has been adjusted to reflect changes in the estimates on account of COVID-19 pandemic. Accordingly, amortization of the Toll Road has been done based on the projected revenue as reviewed by the Management. The effect of change in estimates on the Statement of Profit and Loss for the year is not material.
NOTE NO. 35: INCOME TAX
(i) The major components of income tax expense for the year ended March 31,2021 and March 31,2020 are as under:
(a) Income tax recognised in Statement of Profit and Loss
In view of low virtual certainty of taxable profits in near future and availability of deferred tax assets to be set off, the deferred tax (net assets) upto 31st March 2021 has not been considered and accounted for in the Financial Statements for the year ended 31st March 2021. However, this may change consequent to implementation of Resolution Plan.
Year wise tax losses and MAT credit available as per assessment for offsetting against future taxable profit are given as under:
* The Company has entered in to an âAgreement to Sell'' dated 15th December, 2009 for said land with JAL and has received the entire sale consideration.
The Company do not foresee any impact on account of uncertainty for items except revenue subsidy. However, based on legal opinion, the company appears to have a good case for succession on the issue of revenue subsidy.
$ Out of the said Land, the Company has entered in to an âAgreement to Sell'' dated 15th December, 2009 for 2.56 acres of land with JAL and has received the entire sale consideration.
# The Company has entered in to an âAgreement to Sell'' for the said 38.20 acres of land with Jaypee Hotels Limited (Since merged with JAL) and has received the entire sale consideration.
ii. The Company has provided the following security for the financial assistance availed by Jaiprakash Associates Limited (JAL), the holding company. As per section 43 of the IBC, 2016, relevant period for the impugned transaction is starting from 10th August 2015 to 09th August 2017 (date of starting of CIRP). So Mortgage Deed dated 12.05.2014 for 100 acres of land situated at village Tappal, Tehsil Khair, District Aligarh, Uttar Pradesh, executed by the companyin favour of ICICI Bank limited against the facility agreement dated 12.12.2013 granting rupee Term Loan of '' 1500 crore and overdraft for an amount of '' 175 Crores to JAL, will not come under the relevant time as provided under section 43 of the IBC code:
iii. The Company had provided the following as security for the financial assistance availed by Jaiprakash Associates Limited (JAL), the holding company.The Hon''ble Supreme Court order vide its order dt. 26.02.2020 has directed for release and discharge of security interest created by the Company on 758.3747 acres of land in favour of the Lenders of Jaiprakash Associates Limited (JAL) and has further said that the properties mortgaged shall be deemed to be vested in the Company. The Company has requested lenders of JAL for release and discharge of security interest on the said land vide its letter dated 26th May 2020, 01st September 2020, 26th November 2020, 18th January 2021, 08th February 2021, 02nd April 2021 and 15th June 2021. In this regard Standard Chartered Bank has issued NOC to release the 25.004 acres land situated at Land Parcel-1, Noida. Execution and registration of the release deed is in process. NOC''s for balance land is yet to be received[refer Note 31(f)];
NOTE NO. 41
(a) Provident Fund - Defined contribution Plan.
All employees are entitled to Provident Fund benefits as per law. The employers'' contribution to PF/EDLI during the year is '' 54.99 lakhs (Previous Year '' 59.46 lakhs).
(b) The Liability for Gratuity is provided on the basis of actuarial valuation made at the end of each financial year. The actuarial valuation is made on Projected Unit Credit method as per IND AS-19. Jaiprakash Associates Limited (JAL) (the holding company) has constituted a gratuity fund trust under the name of "Jaiprakash Associates Employees Gratuity Fund Trustâ vide Trust Deed dated 30th March, 2009 for JAL and its subsidiaries and have appointed SBI Life Insurance Co. Ltd. for the management of the trust funds for the benefit of employees. As a subsidiary of JAL, the Company is participating in the trust fund by contributing its liability accrued up to the close of each financial year to the trust fund.
(c) Provision has been made for Gratuity and Leave Encashment as per actuarial valuation as below (Previous year figures are
(a) The company has launched 37,510 Units till 31st March 2021 (37,510 Units till 31st March 2020) across its land parcel 1 i.e. Noida; Land parcel 3 i.e. Mirzapur& land parcel 5 i.e. Agra. Out of the said 37,510 Units, the company has sold 32,747 Units (Out of the same, Occupancy Certificate (OC) applied/ received for 13,237 Units and Offer of Possession were issued for 12,917Units) till 31st March 2021.
(b) CBRE South Asia Private Limited has carried out an assessment for cost to complete (comprising of civil cost, consent and approval cost, Internal Infrastructure Development Cost, Architect Fee and contingencies) as on 31.03.2019 for the real estate projects being developed by the Company at its land parcel 1 i.e. Noida and Land parcel 3 i.e. Mirzapur. The balance cost to complete as on 31.03.2021 is based upon the said assessment as reduced by the actual work done during FY 2019-20 & 2020-21.
NOTE NO. 39Operating Leases - Company as Lessor
The company has leased out road side facilities under noncancellable operating leases as per the agreed terms of the contract. All leases include a clause to enable upward revision of the rental charge on a periodical basis according to prevailing market conditions. Moreover, the company also has a variable rental income component dependent on the sales/ gross receipts of the lessees.
The total lease rent recognized as income during the year is '' 727.25 lakhs (Previous Year '' 1008.24 lakhs). Out of the above, a total of '' 299.21 lakhs (previous year '' 380.75 lakhs) is the variable rent which has been recognized as income during the period.
The Future minimum rentals receivables have not been disclosed since the non-cancellable periods under the operating leases have
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Expenditure incurred on Corporate Social Activities (CSR):
The Company has framed its CSR policy pursuant to the Companies Act, 2013. Due to inadequacy of the average profits, the Company has not spent any amount on CSR during the year.
Related Party Disclosures, as required in accordance with Ind AS-24 are given below:
Relationships (Related party relationships are as identified by the Company and relied upon by the Auditors)
A. Holding Company
1. Jaiprakash Associates Limited (JAL)
B. Subsidiary Company
1. Jaypee Healthcare Limited (JHL) (wholly owned subsidiary of the company)
C. Fellow Subsidiary Companies (being Subsidiaries of Holding Company JAL)
1. Bhilai Jaypee Cement Limited (JV subsidiary of JAL)
2. Himalyan Expressway Limited (Wholly owned subsidiary of JAL)
3. Gujarat Jaypee Cement & Infrastructure Limited (JV subsidiary of JAL)
4. Jaypee Ganga Infrastructure Corporation Limited (Wholly owned subsidiary of JAL)
5. Jaypee Agra Vikas Limited (Wholly owned subsidiary of JAL)
6. Jaypee Fertilizers & Industries Limited (Wholly owned subsidiary of JAL)
7. Jaypee Cement Corporation Limited (Wholly owned subsidiary
of JAL)
8. Himalyaputra Aviation Limited (Wholly owned subsidiary of JAL)
9. Jaypee Assam Cement Limited (Wholly owned subsidiary of JAL)
10. Jaypee Infrastructure Development Limited (new name of Jaypee Cement Cricket (India) Limited w.e.f. 21.02.2017) (wholly owned subsidiary of JAL)
11. Jaypee Cement Hockey (India) Limited (wholly owned subsidiary of JAL)
12. Jaiprakash Agri Initiatives Company Limited (wholly owned subsidiary of JCCL)
13. Yamuna Expressway Tolling Limited (new name of Yamuna Expressway Tolling Private Limited w.e.f. 05.04.2017; which again was the new name of Jaypee Mining Ventures Private Limited w.e.f. 24.03.2017) (subsidiary of JAL w.e.f. 25.03.2017 & wholly owned subsidiary of JAL w.e.f. 20.04.2017)
14. Jaypee Uttar Bharat Vikas Private Limited (JUBVPL) (JV Associate Co. till 25.07.2017. It became wholly owned subsidiary of JFIL/JAL w.e.f. 26.07.2017)
15. Kanpur Fertilizers & Cement Limited (JV Associate Co. till
25.07.2017. It became subsidiary of JUBVPL/JFIL/JAL w.e.f. 26.07.2017)
D. D. Associate Companies (being Associate Companies of Holding Company JAL)
1. Jaiprakash Power Ventures Limited (JPVL) (w.e.f. 18.02.2017, it became an Associate Company of JAL in place of a subsidiary)
2. Jaypee Powergrid Limited (Associate company upto24.03.2021) (It was JV subsidiary of JPVL upto 17.02.2017) (w.e.f.
18.02.2017, it became an Associate Company of JAL in place of a subsidiary)
3. Jaypee Arunachal Power Limited (Wholly owned subsidiary of JPVL) (w.e.f. 18.02.2017, it became an Associate Company of JAL in place of a subsidiary)
4. Sangam Power Generation Company Limited (Wholly owned subsidiary of JPVL) (w.e.f. 18.02.2017, it became an Associate Company of JAL in place of a subsidiary)
5. Jaypee Meghalaya Power Limited (Wholly owned subsidiary of JPVL) (w.e.f. 18.02.2017, it became an Associate Company of JAL in place of a subsidiary)
6. Bina Power Supply Limited (Wholly owned subsidiary of JPVL) (w.e.f. 18.02.2017, it became an Associate Company of JAL in place of a subsidiary)
7. MP Jaypee Coal Limited (JV Associate Co. of JAL)
8. MP Jaypee Coal Fields Limited (JV Associate Co. of JAL)
9. Madhya Pradesh Jaypee Minerals Limited (JV Associate Co. of JAL)
10. Jaypee Infra Ventures Private Limited (JIVPL) [new name of âJaypee Infra Ventures (A Private Company With Unlimited Liability)'' w.e.f. 03.04.2018]
11. Mahabhadra Constructions Limited (MCL) (new name of Jaypee Development Corporation Limited w.e.f. 21.04.2020 (Wholly owned subsidiary of JIVPL)
12. Andhra Cements Limited (Subsidiary of MCL)
13. JIL Information Technology Limited (JILIT) (Subsidiary of JIVPL)
14. Gaur &Nagi Limited (wholly owned subsidiary of JILIT)
15. Jaypee International Logistics Company Private Limited (wholly
owned subsidiary of JIVPL) (dissolved w.e.f. 04.06.2018)
16. Tiger Hills Holiday Resort Private Limited (wholly owned subsidiary of MCL)
17. Indesign Enterprises Private Limited (IEPL) (subsidiary of JIVPL)
18. Ibonshourne Limited (subsidiary of IEPL)
19. RPJ Minerals Private Limited (RPJMPL)
20. Sarveshwari Stone Products Private Limited (wholly-owned subsidiary of RPJMPL)
21. Rock Solid Cement Limited (wholly-owned subsidiary of RPJMPL)
22. Sonebhadra Minerals Private Limited
E Associate Cos. (being KMP based associate companies of Holding Company JAL)
1. Ceekay Estates Private Limited
2. Jaiprakash Exports Private Limited
3. Jaypee Jan SewaSansthan (âNot For Profit'' Private Limited Company)
4. Think Different Enterprises Private Limited
5. Jaypee Hotels Limited
6. Jaypee Technical Consultants Private Limited
7. Bhumi Estate Developers Private Limited
8. JC World Hospitality Private Limited
9. JC Wealth & Investments Private Limited
10. CK World Hospitality Private Limited
11. Librans Venture Private Limited
12. KramInfracon Private Limited
13. First Light Estates Private Limited
14. Samvridhi Advisors LLP
15. AVU Enterprises Private Limited
16. Dixit Holdings Private Limited
17. iValue Advisors Private Limited
18. Kenbee Consultants LLP
19. JAL KDSPL JV (Joint Venture)
20. Siddharth Utility Private Limited
8. H.B. Stockholdings Limited
9. HB Leasing & Finance Co. Limited
10. RRB Master Securities Delhi Limited
11. RRB Housing Finance Pvt Limited
12. HB Estate Developers Limited
13. Pal Properties (India) Pvt Ltd
14. HB Portfolio Limited
15. HBB Properties Pvt Ltd
16. HB Financial Consultants Private Limited
17. ALMR Gems & Trading Pvt Ltd
18. HB Telecommunication Limited
19. Bhasin Investments Ltd
20. Merrygold Investments Ltd
21. Leos Portfolios Pvt Ltd
22. Har Sai Investments Ltd
23. Bhasin Share & Stock Brokers Ltd
24. Raja Ram Bhasin Share & Stock Brokers Ltd
25. CHL (South) Hotels Ltd
26. AHL Hotels Ltd
27. RRB Securities Ltd
H. AS PER COMPANIES ACT, 2013
A. Subsidiary Companies (As Per Companies Act, 2013)
As per Section 2(87) of the Companies Act, 2013, Definitions, read with Rule No. 2(1)(r) of the Companies (Specifications of Definitions Details) Rules, 2014, the Subsidiary Companies as on 31.03.2021 are the same subsidiary companies as mentioned above (as per IND AS 24)
B. Related Parties (As per Companies Act, 2013)
In addition to the above Companies following are Related Parties as per Section 2(76) of the Companies Act, 2013
I. 1. Jaypee Spa Infocom Limited
2. OHM Products Private Limited
3. Trust Cap Private Limited
4. Conservation Corporation of India Private Limited
5. New Kenilworth Hotel Private Limited
6. Mata Securities India Private Limited
7. Malnad Projects Private Limited
* The advance is recoverable from the RA Bills to be raised by JAL pursuant to the work contract awarded to JAL.
** The sum receivable from JC World Hospitality Private Limited is secured against the mortgage of 177 number of units as per the registered Mortgage deed dated 13th February 2017 in favour of the Company. The amounts receivable as on 31st March 2021 aggregating to '' 3,000.00 lakhs is overdue ranging from 31st December 2017 to 31stMarch 2021. The company has created provision for full amount as expected credit loss. The Company had filed application for termination of SubLease agreement with JC World Hospitality Private Limited before Honâble NCLT Allahabad. The said application for termination was disposed-off vide Honâble NCLT Principal Bench order dated 03.03.2020. However, JC World Hospitality Private Limited was admitted under Section 7 of Insolvency & Bankruptcy Code, 2016 for initiation of Corporate Insolvency Resolution Process proceedings on 13 December 2019.
*** Receivable in annual tranches beginning from 30th September 2020 and ending on or before 30th September 2033 equivalent to '' 2,000.00 lakhs calculated on Net Present Value (NPV) basis @ 12% discounting factor.
$ includes an amount of '' 5182.26 lakhs in the payables to Jaiprakash Associates Limited which pertains to pre CIRP period.
Further, details of securities for loans/NCDs taken by JAL from banks/financial institutions, and details of corporate guarantee/securities for Jaypee Healthcare Limited, subsidiary company are stated in note no. 37& 33(i) of the Accounts respectively. Also, balances with JAL are subject to confirmation since JAL and the companyâs reconciliation is subject to outcome of NCLT Order as per directions of Honâble Supreme Court.
NOTE NO. 46 : CAPITAL MANAGEMENT
The Company is undergoing CIR process, details given in Note 31. It manages its capital to ensure that the company will be able to continue as going concern while maximising the return to stakeholders through the optimization of the debt and equity balance.
The capital structure of the Company consists of net debt (borrowings as detailed in notes 16, and 21 (Current maturity of long term borrowings offset by cash and bank balances) and total equity of the company.
The Company''s management reviews the capital structure of the Company at periodical intervals.
Gearing ratio:-
The gearing ratio at end of the reporting period was as follows.
The Company has disclosed financial instruments such as trade receivables, loans and advances, other financial assets, trade payables, borrowings and other financial liabilities at carrying value because their carrying amounts are reasonable approximation of the fair values except where fair value is lesser than carrying value
Fair value hierarchy
The fair value of financial instruments have been classified into three categories depending on the inputs used in the valuation technique
The categories used are as follows:
Level 1: Quoted prices for identical instruments in an active market
Level 2: Directly or indirectly observable market inputs, other than Level 1 inputs
Level 3: Inputs which are not based on observable market date
NOTE NO. 48 : FINANCIAL RISK MANAGEMENT
The company''s activities expose to variety of financial risk: market risk, credit risk and liquidity risk. The company focus to foresee the unpredictability of financial markets and seek to minimize potential adverse effect on its financial performance.
Market Risk
The company''s activities expose to the financial risks of changes in foreign currency exchange rates and interest rates.
a) Foreign currency risk management
The company does not have any material foreign currency exposure.
b) Interest rate risk management
The company is exposed to interest rate risk because company borrows funds at both fixed and floating interest rates.
Since the company is under corporate insolvency resolution process andresolution plan is yet to be approved, the company is not exposed to any interest rate change. Accordingly, the impact of interest rate changes on the financial statements has not been considered.
c) Credit risk management
Credit risk refers to the risk that counterparty will default on its contractual obligations resulting in financial loss to the Company. The company has adopted a policy of only dealing with creditworthy counterparties and obtaining sufficient collateral, where appropriate, as a means of mitigating the risk of financial loss from defaults.
The expected credit loss on company''s trade receivables in respect of real estate projects have been provided on the basis of lifetime expected credit loss. In respect of other trade receivables under the road side facilities, the Company consider provision for lifetime expected credit loss. Given the nature of business operations, the Company''s trade receivables have low credit risk since the Company has taken adequate security deposits as part of the agreement entered with respective entity.
d) Liquidity risk management
The Company has established an appropriate liquidity risk management framework for the management of the company''s short-term, medium-term and long-term funding and liquidity management requirements. The company manages liquidity risk by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities.
Liquidity risk is subject to the implementation of the approved resolution plan by the Successful Resolution Applicant. Accordingly, the Company''s remaining contractual maturity for its non-derivative financial liabilities has not been considered in the financial statements.
The Standalone Financial statements of the Company comprise of only one segment i.e. Yamuna Expressway Project, an integrated and indivisible project which inter-alia includes construction, operation and maintenance of Yamuna Expressway and rights for land development of 25 million sq.mtr. along the Expressway. Accordingly, the same is treated as a single cash generating unit for the purpose of impairment testing.
Jaypee Healthcare Limited (JHCL), subsidiary of the company, has incurred losses in current year as well as previous year(s) and its net worth has been fully eroded. Based upon current valuation report available total liabilities of JHCL exceeds its enterprises value. In view of this, the company has provided impairment loss of '' 42750 lakhs in investment inequity shares of JHCL.
The Company does not have any long- term contracts including
derivative contracts for which there are any material foreseeable losses as at 31st March, 2021.
a) All the figures have been presented in Rupees in lakhs, except when otherwise indicated.
b) Previous year figures have been reworked/regrouped/ rearranged wherever necessary to conform to those of current year
Events after the reporting period
There are no other events observed after the reported period which have a material impact on the Company''s operation.
The balances of creditors, debtors, lenders, YEIDA, advances paid/received, and other liabilities appearing in the balance sheet are subject to balance confirmation / reconciliation at year end. The Company is in the process of obtaining the respective confirmations. However, in some cases company has received balance confirmation /statement of accounts from the above said parties.
Approval of financial statement
As the powers of the Board of Directors have been suspended, the financial statements have not been adopted by the Board of Directors. However, the same has been reviewed and signed by IRP & signed by Company Secretary. The position of CFO had become vacant pursuant to resignation of former CFO since July 31,2020.
Signatures to Notes No. 1 to 55
For Dass Gupta & Associates Surender Kumar Mata
Chartered Accountants Company Secretary
Firm Registration No. 000112N M. No.: ACS 7762
CA Pankaj Mangal Anuj Jain
Partner (Interim Resolution Professional)
M. No. 097890 IBBI/IPA-001/IP-P00142/2017-18/10306
Place : Noida Dated : 22.06.2021
Mar 31, 2018
1. General Information of the Company:-
Jaypee Infratech limited is a public limited company and subsidiary of Jaiprakash Associates Ltd and was incorporated on 5th April, 2007 under the Companies Act, 1956. The shares of the Company are listed on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE). The Company is the concessionaire for Yamuna Expressway Project, which inter alia includes construction of 165 kms long six lane access controlled expressway from Greater Noida to Agra with provision for expansion to eight lane with service roads and associated structures on build, own, operate and transfer basis. The Concession provides for operation and maintenance of Yamuna Expressway for 36 years, collection of toll and the rights for development of 25 million sq. meters of land for Residential, Commercial, Institutional, Amusement and Industrial purposes at five land parcels along the expressway.
(iii) Terms/rights/restrictions attached to equity shares:
The company has issued only one class of Equity Shares at par value of Rs. 10 per share.
Each holder of equity shares is entitled to one vote per share and entitled for pro-rata dividend.
(iii) The redeemable Non-Convertible Debentures (NCDs) of Rs. 10,00,000/- each aggregating to Rs.211.95 Crores, mentioned at (i) & (ii) above, are secured by exclusive charge on (i) mortgage of land admeasuring 124.73 acres at Tappal (ii) letter of comfort from Jaiprakash Associates Limited (iii) Corporate Guarantee of Jaiprakash Associates Limited and (iv) personal guarantee of Shri Manoj Gaur, Shri Sunil Kumar Sharma and Shri Sameer Gaur.
(iii) Pursuant to the Company''s request for refinancing of the existing outstanding principal Rupee Term Loan (RTL) of the Company aggregating to Rs.6550 Crores under RBI circular dated 15.12.2014 on âFlexible Structuring of Existing Long Term Project Loans to Infrastructure and Core Industriesâ & additional RTL of Rs.1680 Crores (Rs.1080 Crores under RTL-A for payment to pressing creditors and Rs.600 Crores under RTL-B for long term working capital), all the lenders except LIC of India, sanctioned the refinanced facility of Rs.6550 crore.
The refinanced RTL of Rs.6550 Crores (Rs.1950 under Tranche-I & Rs.4600 Crores under Tranche-II) & additional RTL of Rs.1610 Crores Rs.1080 Crores under RTL-A (disbursed Rs.1080 Crore) for payment to pressing creditors and Rs.530 Crores (disbursed Rs.495 crore) under RTL-B for long term working capital) from IDBI Bank led consortium banks is secured by way of first charge ranking pari-passu on (i) mortgage of about 41 KM land of Yamuna Expressway, (ii) mortgage on part of Land in Jaganpur, Mirzapur, Agra & Tappal having a valuation cover of 1.5 times for Tranche-I RTL (Rs.1950 Crores) & RTL-A (Rs.1080 Crores) & RTL-B (Rs.600 Crores) and valuation of 2 times for Tranche-II RTL (Rs.4600 Crores), (iii) Hypothecation of all the movables of the company, company''s book debts and receivables, (iv)Assignment of all the rights, title, interest, benefit from claim and demand in the Concession Agreement,(v) Debt Service Reserve Account (DSRA) for an amount equal to 1.5 times of the principal & interest amount due for ensuing quarter to the Rupee Term Lenders,(vi) pledge of 51% shares of the fully paid up equity shares of the Company and (vii) personal guarantee of Shri Manoj Gaur.
(iv) The Term Loan from SREI Equipment Finance Limited mentioned at (ii) above is secured by way of mortgage of 40.79 Acres of Land for Development at Tappal.
d) The period of continuing default as on 31.03.2018 in repayment of loans to banks/financial institutions/NBFC amounting to Rs.910,52,78,609 stated under âTerm Loan from Banks / Financial Institutions'' under âCurrent Maturities of Long-term Debts'' in Note no. 21 ranges from 89 days to 933 days. The period of continuing default as on 31.03.2018 in payment of interest to banks/financial institutions amounting to Rs.2259,00,65,360 included under âInterest Accrued and due on borrowings'' in Note no. 21 ranges from 197 day to 852 days as per the original agreement, however, payment of said dues is subject to outcome of NCLT/ Hon''ble Supreme court order.
NOTE NO.2
The Company is undergoing Corporate Insolvency Resolution Process (CIR Process) under the provisions of the Insolvency and Bankruptcy Code 2016 (IBC) in terms of order dated August 9, 2017 passed by Hon''ble National Company Law Tribunal (NCLT), Allahabad Bench. Pursuant to the initiation of CIR Process, vide aforesaid order, the adjudicating authority of the Bench appointed Mr. Anuj Jain, as Interim Resolution Professional (IRP) to carry the functions as mentioned under the Code and later on Committee of Creditors (CoC) approved the appointment of Mr. Anuj Jain, the IRP as Resolution Professional (RP). Since then, the Company''s business and assets are being managed by the RP on going concern basis. The matter is also pending in Hon''ble Supreme Court in writ petition (Civil) No. 744/2017. Any outcome of CIR Process is subject to final decision of Hon''ble Supreme Court of India in the above matter.
The Hon''ble Supreme Court has ordered JAL, the Holding company of Jaypee Infratech Limited to deposit Rs.2000 crores. JAL, the holding company has since deposited a sum of Rs.550 Crores till 31.03.2018 and thereafter additional Rs.200 crores aggregating to Rs.750 Crores till the date of signing of the Balance Sheet, the utilization whereof shall be subject to the outcome of the proceedings in the said Writ Petition(s) (Civil) No. 744/2017 pending before the Hon''ble Supreme Court of India and shall be accounted for accordingly.
As per the Corporate Insolvency Resolution Process (CIRP), the Resolution Plan submitted by prospective Resolution Applicant has not been approved by CoC within the mandatory 270 days period. Until further directions from Hon''ble Supreme Court the financial statements for the year ended 31st March, 2018 have been prepared on a Going Concern Basis.
Expenditure on Corporate Insolvency Resolution Process (CIRP)
The expenses incurred on CIR Process since 09.08.2017 to 31.03.2018 aggregates to Rs.11.68 crores
* Includes demand of Rs.1695.41 Crore raised by Yamuna Expressway Industrial Development Authority (YEIDA) towards the additional compensation at the rate of 64.7%.
The Concession Agreement entered between the Company & YEIDA inter alia provides for transfer of land for development to the Company (the Concessionaire) at the sole premium that shall be equivalent to the acquisition cost plus a lease rent of Rs.100/- (Rupees One Hundred only) per hectare per year. The Company has been advised that the additional compensation or no litigation incentive not being part of the acquisition cost under the land acquisition Act 1984 and rules framed thereunder the demand raised by YEIDA shall not survive.
b) Income Tax matters under appeal: The Company is entitled for tax holiday for 10 years effective F.Y 2008-09 (A.Y 200910) u/s 80I A (4)(i) read with Explanation (a) of the Income Tax Act, 1961(the Act). However, the Income Tax Department issued notice (s) u/s 263 of the Income Tax Act for A.Y 2009-10 & 2010-11 which alongwith all proceedings related thereto have been quashed by the Hon''ble Income Tax Appellate Tribunal (ITAT), Delhi Bench, New Delhi vide its order dated 13.04.2015 & 20.09.2017. Hon''ble ITAT has held that the Company is eligible for deduction under said 80IA(4)(i) read with Explanation(a). However, the Income Tax Department has filed an appeal in the High Court of judicature at Allahabad against the said orders, which is yet to be admitted. The Income Tax Appellate Tribunal (ITAT) has also accepted the Company''s claim u/s 80IA(4)(i) read with explanation (a) of the Act for the Assessment Year 2011-12 vide its order dated 06.09.2016. However, the Income Tax Department has filed an appeal in the High Court of judicature at Allahabad against the said order, which is yet to be admitted. For assessment year 2012-13, the Income Tax Department has not accepted the Company''s claim u/s 80IA(4)(i) read with explanation (a) of the Act. Moreover, additions have been made on account of revenue subsidy for the said Assessment Year leaving an outstanding demand of Rs.1119.83 Crores. The Company has filed an appeal before Hon''ble ITAT against the said order. The CIT(A), Noida has also levied penalty u/s 271(1)(c) on the additions made by him on account of addition of revenue subsidy. The demand notice u/s 156 of the IT Act, 1961 in respect of penalty levied has not been received so far. The Company has filed an appeal before the ITAT, NCR against the said penalty order. The Income Tax Department has also not accepted the Company''s claim u/s 80IA(4)(i) read with explanation (a) of the Act for AY 2013-14 & 2014-15. Though the demand is NIL for both said years, the company has filed appeal before CIT(A) for the disallowance of deduction u/s 80IA(4)(i) of the IT Act, 1961.
c) The total value of matters under appeals are estimated at Rs.1119.87 Crores (including Rs.362,744 related to TDS demand including the penalty for A.Y 2011-12, 2012-13, 2013-14 & 2014-15) In case of TDS matters for AY 2011-12, AY 2012-13 & AY 2013-14, the Hon''ble ITAT has confirmed the decision of CIT(A), Noida which was in Company''s favor. However, the Income Tax Department has filed an appeal in the High Court of judicature at Allahabad against the said orders, which is yet to be admitted.
The Company has been legally advised that, based on the decisions of the ITAT and Appellate Authorities and the interpretation of relevant tax provisions, the above additions are likely to be set aside or substantially reduced. As per decision of the Income Tax Appellate Tribunal in Company''s favour in AY 2009-10, AY 2010-11 & AY 2011-12, the Company is sanguine to succeed in its similar claims U/s 80 IA (4) for the above years.
There is also an outstanding demand of Rs.60,31,230/- as per intimation u/s 143(1) of the Income Tax Act, 1961 for AY 201516 against short credit of TDS by the Department for which the company is following up with the Income Tax Department.
f) There has been delay in repayment of fixed deposit since the company has been facing liquidity problems for various reasons beyond control of the company. The Company has sought extension of time for repayment of such fixed deposits from the Hon''ble National Company Law Tribunal (NCLT), Allahabad Bench which was granted by the Hon''ble NCLT vide its various orders. The next date of hearing in the matter is 22.05.2018.
In compliance to the said orders of the Hon''ble NCLT the Company had been making repayment of such fixed deposits along with interest till date of maturity.
g) As per the terms of the said Agreement discount (rebate) to be offered by the company to the home buyers shall be given to the home buyer(s) at the time of execution of Indenture of Conveyance.
The Company is accordingly accounting for said discount (rebate) on the basis of actuals paid to the home buyers for the built-up Unit for which Indenture of Conveyance is executed by the Company.
There is material uncertainty in respect of estimation of liability on account of discount (Rebate) to customer for likely delay in possession of Built up Units under construction as the same is dependent upon Resolution Plan, if any approved by the adjudicating authority and / or further outcome of the ongoing proceedings before the Hon''ble Supreme Court of India. The accounting of such discount (rebate) shall be done in accordance with the outcome of the proceedings before NCLT/ Hon''ble Supreme Court of India
i) The Company has provided the following as security/ undertaking/guarantee for the financial assistance availed by Jaypee Healthcare Limited (JHCL) (Subsidiary Company):
a) A shortfall undertaking to the consortium lenders led by Yes Bank Limited in respect of financial assistance aggregating to Rs.325 Crores.
b) Letter (s) of continuing guarantee to Yes Bank Limited in respect of financial assistance of Rs.125 Crores (Rupees One Hundred Twenty Five Crores only).
Yes Bank Ltd has served a Notice for invocation the said letter (s) of continuing guarantee dated 18.02.2016 & 29.02.2016 to the Company which has not been admitted by the Resolution Professional since invocation was initiated after commencement of CIR Process.
c) Pledge of 51% of paid up equity share capital (including 21% of Paid-up Capital under non-disposal-undertaking) of JHCL with IL&FS Trust Company Limited as collateral security for financial assistance of Rs.325 Crores (Rupees Three Hundred Twenty Five Crores only).
d) Extension of Pledge on 51% of paid up equity share capital (including 21% of Paid-up Capital under nondisposal-undertaking) of JHCL with IL&FS Trust Company Limited as collateral security for financial assistance of Rs.25 Crore (Rupees Twenty Five Crores)
e) Pledge of 30% of paid up equity share capital of JHCL by additional promotor shareholding in the borrower such that Yes Bank Ltd. has 30% shares pledged exclusively in its favour (including the shares pledged under v 325 crore facility) for a financial assistance of Rs.100 Crores.
NOTE NO. 3
Provision for Current Income Tax is NIL. The Company shall account for the MAT credit of Rs.1072 Crores at the time of actual utilization of MAT against payment of normal taxin view of virtual certainty of taxable profits in near future.
NOTE NO. 4. DEFERRED TAX
Deferred tax is provided using the balance sheet approach on temporary differences at the reporting date between the tax base of assets and liabilities and their carrying amounts for financial reporting purpose at reporting date. Deferred tax assets and liabilities are measured using tax rates and tax laws that have been enacted or substantively enacted as on balance sheet date and are expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of changes in tax rates on deferred income tax assets and liabilities is recognized as income or expense in the period that includes the enactment or the substantive enactment date. A deferred tax asset is recognized to the extent that it is probable that future taxable profit will be available against which the deductible temporary differences and tax losses can be utilized.
Management reviewed the deferred tax assets/ liabilities on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purpose at reporting date and in view of virtual certainty of taxable profits in near future and availability of deferred tax assets to be set off, since the Company is under CIRP the deferred tax(net assets) of Rs.349.19 crores for the reporting financial year i.e. 01.04.2017 to 31.03.2018 has not been considered.
NOTE No. 5
Debenture Redemption Reserve of ''13,57,46,606 has not been created in view of inadequacy of profit during the year.
NOTE NO. 6
The Company has provided the following as security for the financial assistance availed by Jaiprakash Associates Limited (JAL) from its lenders;
* The Company has entered in to an âAgreement to sell'' dated 15th December, 2009 for said land with JAL and has received the entire sale consideration.
$ Out of the said Land, the Company has entered in to an âAgreement to sell'' dated 15th December, 2009 for 2.56 acres of land with JAL and has received the entire sale consideration.
# The Company has entered in to an âAgreement to sell'' for the said 38.20 acres of land with Jaypee Hotels Limited (Since merged with JAL) and has received the entire sale consideration.
The said security is subject to the final outcome of the application bearing No.26 of 2018 [Company Petition (IB) No. 77/ALD/2017] at NCLT Allahabad filed by Resolution Professional under section 66,43,45 & 60 (5) (i) read with section 25(2) (i) of IBC 2016 inter alia for release or discharge of security interest created by the Company on the said land towards the Financial Assistance availed by JAL, the holding Company.
NOTE NO.7
(a) Provident Fund - Defined contribution Plan.
All employees are entitled to Provident Fund benefit as per law. The amount debited to financial statements is Rs.54,69,864/during the year (Previous Year Rs.1,02,41,020/-).
(b) The Liability for Gratuity is provided on the basis of actuarial valuation made at the end of each financial year. The actuarial valuation is made on Projected Unit Credit method as per IND AS-19. Jaiprakash Associates Limited (JAL) (the holding company) has constituted a gratuity fund trust under the name of âJaiprakash Associates Employees Gratuity Fund Trustâ vide Trust Deed dated 30th March, 2009 for JAL and its subsidiaries and appointed SBI Life Insurance Co. Ltd. for the management of the trust funds for the benefit of employees. As a subsidiary of JAL, the Company is participating in the trust fund by contributing its liability accrued up to the close of each financial year to the trust fund.
(c) Provision has been made for Gratuity and Leave Encashment as per actuarial valuation as below (Previous year figures are mentioned in brackets) :
NOTE NO.8
The Company has negative revenue for the year ended 31st March, 2018, primarily on account of change in balance cost to complete, pursuant to independent consultant''s report (October, 2017) on balance cost to complete as at 31.07.2017.
NOTE NO.9
The interest on debt for the period from 09.08.2017 to 31.03.2018 as provided in the books of accounts is subject to outcome of CIR Process aggregating to Rs. 861.84 crores (Rupees Eight Hundred Sixty One Crores Eighty Four Lacs)
NOTE NO.10
Expenditure incurred on Corporate Social Activities (CSR):
The Company has framed its CSR policy pursuant to the Companies Act, 2013. Due to inadequacy of the average profits, the Company has not spentany amount on CSR during the year.
NOTE NO. 11 CAPITAL MANAGEMENT
The Company manages its capital to ensure that the company will be able to continue as going concern while maximising the return to stakeholders through the optimization of the debt and equity balance.
The capital structure of the Company consists of net debt (borrowings as detailed in notes 16, and 21 (Current maturity of long term borrowings offset by cash and bank balances) and total equity of the company.
The Company''s risk management committee reviews the capital structure of the Company at regular interval.
NOTE NO. 12:FINANCIAL RISK MANAGEMENT
The company''s activities expose to variety of financial risk: market risk, credit risk and liquidity risk. The company''s focus to foresee the unpredictability of financial markets and seek to minimize potential adverse effect on its financial performance.
Market Risk
The company''s activities expose to primarily to the financial risks of changes in foreign currency exchange rates and interest rates.
a) Foreign currency risk management
The company does not have any material foreign currency exposure.
b) Interest rate risk management
The company is exposed to interest rate risk because company borrows funds at both fixed and floating interest rates. The risk is managed by the company maintaining an appropriate mix between fixed and floating rate borrowings. The company''s exposures to interest rates on financial assets and financial liabilities are detailed in the liquidity risk management section of this note.
c) Credit risk management
Credit risk refers to the risk that counterparty will default on its contractual obligations resulting in financial loss to the Company. The company has adopted a policy of only dealing with creditworthy counterparties and obtaining sufficient collateral, where appropriate, as a means of mitigating the risk of financial loss from defaults. The company only transacts with entities that are rated the equivalent of investment grade and above. This information is supplied by independent rating agencies where available and, if not available, the company uses other publicly available financial information and its own trading records to rate its major customers. The company''s exposure and the credit ratings of its counterparties are continuously monitored and the aggregate value of transactions concluded is spread amongst approved counterparties.
d) Liquidity risk management
Ultimate responsibility for liquidity risk management rests with the board of directors, which has established an appropriate liquidity risk management framework for the management of the company''s short-term, medium-term and long-term funding and liquidity management requirements. The company manages liquidity risk by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities. The Company is currently facing financial stress inter-alia due to overall economic scenario and lower revenue realization than expected.
Liquidity and interest risk tables
The following tables show the Company''s remaining contractual maturity for its non-derivative financial liabilities with agreed repayment periods. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the company can be required to pay.
NOTE NO. 13
The Yamuna Expressway Project is an integrated project which inter alia includes construction, operation and maintenance of Yamuna Expressway and right for land development of 25 million sq.mtrs. along the Expressway. Keeping this in view, segment information is not provided since the Company has only one segment.
NOTE NO. 14
The Company does not have any long term contracts including derivative contracts for which there are any material foreseeable losses as at March 31, 2018
NOTE NO. 15
a) All the figures have been rounded off to the nearest rupee.
b) Previous year figures have been reworked/regrouped/rearranged wherever necessary to conform to those of current year.
NOTE NO. 16
Approval of financial statement
The standalone financial statements were approved by Chairman-Cum- Managing Director, Vice Chairman & Chief Financial Officer and taken on record by Mr Anuj Jain, Resolution Professional (RP).
Mar 31, 2017
1. General Information of the Company:-
jaypee infratech limited is a public limited company and subsidiary of jaiprakash Associates Ltd and was incorporated on 5th April, 2007 under the Companies Act, 1956. The shares of the Company are listed on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE). The Company is the concessionaire for Yamuna Expressway Project, which inter alia includes construction of 165 kms long six lane access controlled expressway from Greater noida to Agra with provision for expansion to eight lane with service roads and associated structures on build, own, operate and transfer basis. The Concession provides for operation and maintenance of Yamuna Expressway for 36 years, collection of toll and the rights for development of 25 million sq. meters of land for Residential, Commercial, institutional, Amusement and industrial purposes at five land parcels along the expressway.
(i) The redeemable Non-Convertible Debentures (NCDs) of Rs.10,00,000/- each aggregating to Rs.400 Crores, mentioned at (i) above, are secured by exclusive charge on (i) mortgage of land admeasuring 100.0179 acres at Tappal (ii) Letter of comfort from jaiprakash Associates Limited (iii) Corporate Guarantee of jaiprakash Associates Limited and (iv) personal guarantee of Shri Manoj Gaur, Shri Sunil Kumar Sharma and Shri Sameer Gaur. These NCDs have since been pre-redeemed during the year ended 31.03.2017.
(ii) The redeemable Non-Convertible Debentures (NCDs) of Rs.10,00,000/- each aggregating to Rs.211.95 Crores (Previous Year - Rs.400 Crores), mentioned at (ii) & (iii) above, are secured by exclusive charge on (i) mortgage of land admeasuring 124.73 acres at Tappal
(iii) Corporate Guarantee of jaiprakash Associates Limited (iii) Letter of comfort from jaiprakash Associates Limited and (iv) personal guarantee of Shri Manoj Gaur, Shri Sunil Kumar Sharma and Shri Sameer Gaur.
(vii) The redeemable Non-Convertible Debentures (NCDs) of Rs.10,00,000/- each aggregating to Rs.500 Crores, mentioned at (iv) above, were secured by exclusive charge on (i) mortgage of land and building of companyâs corporate office at Noida on 9.86 acres of land
(ii) Letter of comfort from jaiprakash Associates Limited and (iii) personal guarantee of Shri Manoj Gaur, Shri Sunil Kumar Sharma and Shri Sameer Gaur. These NCDs have since been redeemed/pre-redeemed during the year ended 31.03.2016 along with premium.
(iii) Pursuant to the Companyâs request for refinancing of the existing outstanding principal Rupee Term Loan (RTL) of the Company aggregating to Rs.6550 Crores under RBi circular dated 15.12.2014 on âFlexible Structuring of Existing Long Term Project Loans to infrastructure and Core industriesâ & additional RTL of Rs.1680 Crores (Rs.1080 Crores under RTL-A for payment to pressing creditors and Rs.600 Crores under RTL-B for long term working capital), all the lenders except LiC of india, sanctioned the refinanced facility of Rs.6550 crore.
The refinanced RTL of Rs.6550 Crores (Rs.1950 under Tranche-i & Rs.4600 Crores under Tranche-ii) & additional RTL of Rs.1610 Crores (Rs.1080 Crores under RTL-A (disbursed Rs.1080 Crore) for payment to pressing creditors and Rs.530 Crores (disbursed Rs.495 crore) under RTL-B for long term working capital) from iDBi Bank led consortium banks is secured by way of first charge ranking pari-passu on (i) mortgage of about 41 KM land of Yamuna Expressway, (ii) mortgage on part of Land in Jaganpur, Mirzapur, Agra & Tappal having a valuation cover of 1.5 times for Tranche-i RTL (Rs.1950 Crores) & RTL-A (Rs.1080 Crores) & RTL-B (Rs.600 Crores) and valuation of 2 times for Tranche-ii RTL (Rs.4600 Crores), (iii) Hypothecation of all the movables of the company, companyâs book debts and receivables, (iv) Assignment of all the rights, title, interest, benefit from claim and demand in the Concession Agreement,(v) Debt Service Reserve Account (DSRA) for an amount equal to 1.5 times of the principal & interest amount due for ensuing quarter to the Rupee Term Lenders,(vi) pledge of 51% shares of the fully paid up equity shares of the Company and (vii) personal guarantee of Shri Manoj Gaur.
(iv) The Term Loan from SREi Equipment Finance Limited mentioned at (ii) above is secured by way of mortgage of 40.79 Acres of Land for Development at Tappal.
d) The period of continuing default as on 31.03.2017 in repayment of loans to banks/financial institutions amounting to Rs.452,98,00,943 stated under âTerm Loan from Banks / Financial institutionsâ under âCurrent Maturities of Long-term Debtsâ in Note no. 21 ranges from 16 days to 568 days. The period of continuing default as on 31.03.2017 in payment of interest to banks/financial institutions amounting to Rs.976,37,09,180 included under âinterest Accrued and due on borrowingsâ in Note no. 21 ranges from 1 day to 486 days.
The Central Government vide Gazette Notification No. S.O. 1216 (E) dated 19th April, 2017 has appointed 1st May, 2017 as the date on which the applicable provisions of Real Estate (Regulation and Development) Act, 2016 shall come into force. The Government of Uttar Pradesh (GoUP) has also notified Uttar Pradesh Real Estate (Regulation and Development) Rules, 2016 vide Gazette Notification No. 1438/Eight-3-16-65 Vividh/16 dated 27th October, 2016.
The estimated cost of real estate projects under development as on 31.03.2017 has been arrived at by the Company as per the provisions contained under the said Act read with the applicable rules and the revenue from âLand for developmentâ has been worked out and recognized accordingly. The working of the cost estimates may require further review in F.Y. 2017-18 post promulgation of Real estate regulations by GoUP.
b) income Tax matters under appeal: The Company is entitled for tax holiday for 10 years effective F.Y 2008-09 (A.Y 2009-10) u/s 80iA (4)(i) read with Explanation (a) of the income Tax Act, 1961(the Act). The notice issued by the income Tax Department for A.Y 2009-10 u/s 263 of the said Act and all proceedings related thereto have been quashed by the Honâble income Tax Appellate Tribunal (iTAT), Delhi Bench, New Delhi vide its order dated 13.04.2015. Vide its said order, iTAT has held that the Company is eligible for deduction under said 80iA(4)(i) read with Explanation(a). However, The income Tax Department has filed an appeal in the High Court of judicature at Allahabad against the said order, which is yet to be admitted, the income Tax Department has also issued a show cause u/s 263 of the Act for the A.Y2010-11 and the assessment proceedings for the A.Y2010-11 have been set aside, to be made denovo. The Company has filed an appeal against the said order with iTAT and is sanguine that the appeal would be decided in its favour, more so in view of the order passed by iTAT in the similar appeal for A.Y2009-10. As per directions of CiT u/s 263 AO has revised the assessment against which the company has filed appeal before the requisite authorities. However, the CiT(A) has passed the order on 31.03.2017 not accepting the Companyâs claim u/s 80iA (4)(i) read with explanation (a) of the Act & moreover additions of Rs.2949,97,48,034/- have been made on account of revenue subsidy for the said Assessment Year however, demand notice u/s 156 of the iT Act, 1961 have not been received so far. The said order was received by Company on 10.04.2017. The Company is planning to file an appeal before Honâble iTAT against the said order. The income Tax Appellate Tribunal (iTAT) has accepted the Companyâs claim u/s 80iA(4)(i) read with explanation (a) of the Act for the Assessment Year 2011-12 vide its order dated 06.09.2016. The department has given the appeal effect of the Honâble iTAT order and the demand has been reduced to NIL. For assessment year 2012-13, the income Tax Department has not accepted the Companyâs claim u/s 80iA(4)(i) read with explanation (a) of the Act moreover additions of Rs.2949,97,48,034/- have been made on account of revenue subsidy for the said Assessment Year however, demand notice u/s 156 of the iT Act, 1961 have not been received so far. The Company is planning to file an appeal before Honâble iTAT against the said order. Also, the income Tax Department has not accepted the Companyâs claim u/s 80iA(4)(i) read with explanation (a) of the Act for AY 2013-14 & 2014-15. However, the demand is NiL for both said years. However, the company has filed appeal before CiT(A) for the disallowance of deduction u/s 80iA(4)(i) of the iT Act, 1961.
c) The value of matters under appeals are estimated at Rs.120,46,92,360/- (including Rs.362,744 related to TDS for A.Y2011-12, 2012-13, 2013-14 & 2014-15) net. The Company has been legally advised that, based on the decisions of the iTAT and Appellate Authorities and the interpretation of relevant tax provisions, the above additions are likely to be set aside or substantially reduced. As per decision of the income Tax Appellate Tribunal in Companyâs favour in AY. 2009-10 and AY 2011-12, the Company is sanguine to succeed in its similar claims U/s 80 iA (4) for the above years.
d) Service Tax matters under Appeal are as below:
NOTE NO. 2
The Company has provided the following as security for the financial assistance availed by jaiprakash Associates Limited (jAL) from its lenders;
The Company has provided the following as security/undertaking/ guarantee for the financial assistance availed by Jaypee Healthcare Limited (JHCL) (Subsidiary Company):
i) A shortfall undertaking to the consortium lenders led by Yes Bank Limited in respect of financial assistance aggregating to Rs.325 Crores.
ii) A corporate guarantee to Yes Bank Limited in respect of financial assistance of Rs.125 Crores.
iii) Pledge of 51% of paid up equity share capital (including 21% of Paid-up Capital under non-disposal-undertaking) of JHCL with iL&FS Trust Company Limited as collateral security for financial assistance to JHCL.
iv) Extension of Pledge on 51% of paid up equity share capital (including 21% of Paid-up Capital under non-disposal-undertaking) of JHCL with iL&FS Trust Company Limited as collateral security for financial assistance to JHCL of Rs.25 Crore.
v) Pledge of 30% of paid up equity share capital of JHCL by additional promotor shareholding in the borrower such that Yes Bank Ltd. has 30% shares pledged exclusively in its favour (including the shares pledged under Rs.325 crore facility) for a financial assistance of Rs.100 Crores.
NOTE NO. 3
Disclosure of details of Specified Bank Notes (SBN) held and transacted during the period 08.11.2016 to 30.12.2016:
(a) Provident Fund - Defined contribution Plan.
All employees are entitled to Provident Fund Benefit as per law. The amount debited to financial statements is Rs.1,02,41,020/during the year (Previous Year Rs.1,27,73,513/-).
(b) The Liability for Gratuity is provided on the basis of actuarial valuation made at the end of each financial year. The actuarial valuation is made on Projected Unit Credit method as per iND AS-19. Jaiprakash Associates Limited (JAL) (the holding company) has constituted a gratuity fund trust under the name Jaiprakash Associates Employees Gratuity Fund Trust vide Trust Deed dated 30th March, 2009 for JAL and its subsidiaries and appointed SBi Life insurance Co. Ltd. for the management of the trust funds for the benefit of employees. As a subsidiary of JAL, the Company is participating in the trust fund by contributing its liability accrued up to the close of each financial year to the trust fund.
(c) Provision has been made for Gratuity and Leave Encashment as per actuarial valuation as below (Previous year figures are mentioned in brackets) :
NOTE NO. 4
Expenditure incurred on Corporate Social Activities (CSR):
The Company has framed its CSR policy pursuant to the Companies Act, 2013. The Company has spent Rs. Nil-(Previous Year Rs.17,00,00,000/-) during the year, as per the provisions of Companies Act, 2013.
NOTE NO. 5
Related Party Disclosures, as required in accordance with ind AS-24are given below:
Relationships (Related party relationships are as identified by the Company and relied upon by the Auditors)
A. Parent Company: Jaiprakash Associates Limited (JAL)
B. Subsidiary Company: Jaypee Healthcare Limited (JHCL)
C. Fellow Subsidiary Companies:
1. Jaiprakash Power Ventures Limited (JPVL) (subsidiary of JAL till 17.02.2017)
2. Jaypee Powergrid Limited (JV subsidiary of JPVL) (subsidiary of JAL till 17.02.2017)
3. Jaypee Arunachal Power Limited (JV subsidiary of JPVL) (subsidiary of JAL till 17.02.2017)
4. Sangam Power Generation Company Limited (subsidiary of JPVL) (subsidiary of JAL till 17.02.2017)
5. Prayagraj Power Generation Company Limited (subsidiary of JPVL) (subsidiary of JAL till 17.02.2017)
6. Jaypee Meghalaya Power Limited (subsidiary of JPVL) (subsidiary of JAL till 17.02.2017)
7. Bina Power Supply Limited (new name of Himachal Karcham Power Company Limited w.e.f. 28.09.15) (subsidiary of JPVL) (subsidiary of JAL till 17.02.2017)
8. Bhilai Jaypee Cement Limited (JV subsidiary of JAL)
9. Himalyan Expressway Limited (subsidiary of JAL)
10. Gujarat Jaypee Cement & infrastructure Limited (JV subsidiary of JAL)
11. Jaypee Ganga infrastructure Corporation Limited (subsidiary of JAL)
12. Jaypee Agra Vikas Limited (subsidiary of JAL)
13. Jaypee Fertilizers & industries Limited (subsidiary of JAL)
14. Jaypee Cement Corporation Limited (JCCL) (subsidiary of JAL)
15. Himalyaputra Aviation Limited (subsidiary of JAL)
16. Jaypee Assam Cement Limited (subsidiary of JAL)
17. Jaypee infrastructure Development Limited (new name of Jaypee Cement Cricket (india) Limited w.e.f. 21.02.2017) (subsidiary of JAL)
18. Jaypee Cement Hockey (india) Limited (subsidiary of JAL)
19. Jaiprakash Agri initiatives Company Limited (subsidiary of JCCL)
20. Yamuna Expressway Tolling Limited (new name of Yamuna Expressway Tolling Private Limited w.e.f. 05.04.2017, which again is a new name of Jaypee Mining Venture Private Limited w.e.f. 24.03.2017) (subsidiary of JAL w.e.f. 25.03.2017 only.)
Note 1: As on 31.03.17, JiL has 13 fellow subsidiaries, excluding S. No. 1 to 7 above.
Note 2: Jaiprakash Power Ventures Limited (JPVL) ceased to be a subsidiary of JAL as it allotted 51% of its share capital to its various lenders on 18.02.2017 and consequently, JALâs holding in JPVL reduced to 29.74%. Accordingly, six subsidiaries of JPVL (as mentioned at Sl. No. 2 to 7 above) also ceased to be subsidiaries of JAL from that date. JPVL & the said six subsidiaries of JPVL became Associate Companies of JAL w.e.f. 18.02.2017.
Note 3: Himachal Baspa Power Company Limited (subsidiary of JPVL till 07.09.15; No more a subsidiary w.e.f. 08.09.15)
Note 4: Jaypee Sports international Limited (JPSi) ceased to be a subsidiary of JAL as it amalgamated into JAL on 16.10.15 w.e.f. the Appointed Date 01.04.14)
D. Associate Companies:
1. Jaiprakash Power Ventures Limited (JPVL) (w.e.f. 18.02.2017, it became an Associate Company in place of a subsidiary)
2. Jaypee Powergrid Limited (JV subsidiary of JPVL) (w.e.f. 18.02.2017, it became an Associate Company in place of a subsidiary)
3. Jaypee Arunachal Power Limited (JV subsidiary of JPVL) (w.e.f. 18.02.2017, it became an Associate Company in place of a subsidiary)
4. Sangam Power Generation Company Limited (subsidiary of JPVL) (w.e.f. 18.02.2017, it became an Associate Company in place of a subsidiary)
5. Prayagraj Power Generation Company Limited (subsidiary of JPVL) (w.e.f. 18.02.2017, it became an Associate Company in place of a subsidiary)
6. Jaypee Meghalaya Power Limited (subsidiary of JPVL) (w.e.f. 18.02.2017, it became an Associate Company in place of a subsidiary)
7. Bina Power Supply Limited (new name of Himachal Karcham Power Company Limited w.e.f. 28.09.15) (subsidiary of JPVL) (w.e.f. 18.02.2017, it became an Associate Company in place of a subsidiary)
8. MP Jaypee Coal Limited (JV Associate Co.)
9. MP Jaypee Coal Fields Limited (JV Associate Co.)
10. Madhya Pradesh Jaypee Minerals Limited (JV Associate Co.)
11. Jaypee Uttar Bharat Vikas Private Limited (JV Associate Co.)
12. Kanpur Fertilizers & Cement Limited (JV Associate Co.)
13. Jaypee infra Ventures (A Private Company With Unlimited Liability) (JiV)
14. Jaypee Development Corporation Limited (JDCL) (Subsidiary of JiV)
15. Andhra Cements Limited (subsidiary of JDCL)
16. JiL information Technology Limited (JiLiT) (Subsidiary of JiV)
17. Gaur & Nagi Limited (Subsidiary of JiLiT)
18. Jaypee international Logistics Company Private Limited (subsidiary of JiV)
19. Tiger Hills Holiday Resort Private Limited (subsidiary of JDCL)
20. Anvi Hotels Private Limited (subsidiary of JiV) (dissolved w.e.f. 16.07.16)
21. indesign Enterprises Private Limited (iEPL) (subsidiary of JiV)
22. ibonshourne Limited (subsidiary of iEPL w.e.f. 11.01.16)
23. RPJ Minerals Private Limited (RPJMPL)
24. Sarveshwari Stone Products Private Limited (subsidiary of RPJMPL)
25. Rock Solid Cement Limited (subsidiary of RPJMPL)
26. Sonebhadra Minerals Private Limited
KMP based Associate Companies.
1. Jaiprakash Kashmir Energy Limited (KMP based Associate Co.) (controlled by Shri Manoj Gaur, Shri Sunny Gaur & their relatives)
[JAL holds 14.29% shares, Shri Manoj Gaur & his relatives hold 57.14% shares] [This company is in the process of striking off by ROC]
2. Yamuna Expressway Tolling Private Limited (new name of Jaypee Mining Ventures Private Limited w.e.f. 24.03.2017) (KMP based Associate Co. till 24.03.2017) (controlled by Shri Sunil Kumar Sharma/ Shri Sunny Gaur). (w.e.f. 25.03.2017, it became a subsidiary of JAL) (w.e.f. 05.04.2017, its name has been changed to Yamuna Expressway Tolling Limited)
3. Ceekay Estates Private Limited (KMP based Associate Co.) (controlled by relative of Shri Manoj Gaur/ Shri Sunny Gaur)
4. Jaiprakash Exports Private Limited (KMP based Associate Co.) (controlled by relatives of Shri Manoj Gaur/ Shri Sunny Gaur)
5. Bhumi Estate Developers Private Limited (KMP based Associate Co.) (Jointly controlled by relative of Shri Manoj Gaur/ Shri Sunny Gaur and also by relative of Shri Rahul Kumar)
6. Pac Pharma Drugs and Chemicals Private Limited (KMP based Associate Co.) (controlled by relative of Shri Sunil Kumar Sharma) (Dissolved on 16.04.2016)
7. Jaypee Jan Sewa Sansthan (âNot For Profitâ Private Limited Company) (KMP based Associate Co.) (controlled by relatives of Shri Manoj Gaur/ Shri Sunny Gaur)
8. Think Different Enterprises Private Limited (KMP based Associate Co.) (contolled by relative of Shri Manoj Gaur)
9. jC World Hospitality Private Limited (KMP based Associate Co.) (controlled by relative of Shri Manoj Gaur/ Shri Sunny Gaur)
10. jC Wealth & investments Private Limited (KMP based Associate Co.) (jointly controlled by relative of Shri Manoj Gaur/ Shri Sunny Gaur)
11. CK World Hospitality Private Limited (KMP based Associate Co.) (jointly controlled by relative of Shri Manoj Gaur/ Shri Sunny Gaur)
12. Librans Venture Private Limited (KMP based Associate Co.) (jointly controlled by relative of Shri Manoj Gaur/ Shri Sunny Gaur)
13. Librans Real Estate Private Limited (KMP based Associate Co.) (jointly controlled by relative of Shri Manoj Gaur/ Shri Sunny Gaur)
14. Samvridhi Advisors LLP (KMP based partnership firm) (Controlled by Shri R.N. Bhardwaj and his relatives)
15. iValue Advisors Private Limited (KMP based Associate Co.) (Controlled by Smt. Rekha Dixit)
16. Dixit Holdings Private Limited (KMP based Associate Co.) (Controlled by Smt. Rekha Dixit)
17. OHM Products Private Limited (Shri Rakesh Sharma holds 25% and all relatives are directors)
18. Sparton Growth Fund Private Ltd. (Shri Gaurav jain holds 1.20% wife is also a Director)
19. Human Energy Research Centre (KMP based Associate Co.) (Controlled by Shri R.C. Vaish)
20. HB StockHoldings Limited (KMP based Associate Co.) (Controlled by Shri Lalit Bhasin)
21. Pal Properties (india) Private Ltd. (KMP based Associate Co.) (Controlled by Shri Lalit Bhasin)
22. H.B. Portfolio Private Ltd. (KMP based Associate Co.) (Controlled by Shri Lalit Bhasin)
23. H.B. Financial Consultants Private Ltd. (KMP based Associate Co.) (Controlled by Shri Lalit Bhasin)
24. ALMR Gems & Trading Private Ltd. (KMP based Associate Co.) (Controlled by Shri Lalit Bhasin)
25. Bhasin Share and Stock Brokers Limited (KMP based Associate Co.) (Controlled by Shri Lalit Bhasin)
26. Raja Ram Bhasin Share & Stock Brokers Limited (KMP based Associate Co.) (Controlled by Shri Lalit Bhasin)
27. CHL (South) Hotels Limited (KMP based Associate Co.) (Controlled by Shri Lalit Bhasin)
28. AHL Hotels Limited (KMP based Associate Co.) (Controlled by Shri Lalit Bhasin)
29. Kram infracon Private Limited (KMP based Associate Co.)
30. jaypee Hotels Limited (KMP based Associate Co.)
31. jaypee institute of information Technology Society (KMP based Associate (society))
E. Key Managerial Personnel:
Directors of Jaypee Infratech Limited (JIL)
1. Shri Manoj Gaur
2. Shri Sunil Kumar Sharma
3. Shri Sameer Gaur
4. Smt. Rekha Dixit
5. Shri Rakesh Sharma
6. Shri Sachin Gaur (resigned w.e.f. 31.12.2016)
7. Shri Gaurav jain
8. Shri Anand Bordia
9. Shri B.B. Tandon
10. Shri B. K. Goswami
11. Dr. R.C. Vaish (resigned w.e.f. 08.12.2016)
12. Shri S.C. Gupta (resigned w.e.f. 24.08.2016)
13. Shri Sundaram Balasubramanian
14. Shri Lalit Bhasin
15. Shri Arun Balakrishnan
16. Smt. Salila George
17. Shri Sham Lal Mohan, independent Director (appointed w.e.f. 23.11.2016)
18. Sh. Pramod K Aggarwal (in the previous year (till 31.12.2015))
KMP of jiL and jAL (Parent Company), alongwith their close relatives:
1 Shri Manoj Gaur
2 Shri Sunil Kumar Sharma
3 Shri Suresh Chand Rathi, (LiC Nominee)
4 Shri Shailesh Verma, (SBi Nominee)
5 Shri Subrat Kumar Mohapatra, (iDBi Nominee)
6 Shri Raj Narayan Bhardwaj
7 Shri Basant Kumar Goswami
8 Ms. Homai A. Daruwalla
9 Shri Kailash Nath Bhandari
10 Shri Satish Charan Kumar Patne
11 Shri Chandra Prakash jain
12 Shri Keshav Prasad Rau
13 Shri Tilak Raj Kakkar
14 Shri Sunny Gaur
15 Shri Pankaj Gaur
16 Shri Ranvijay Singh
17 Shri Rahul Kumar
18 Shri Subhash Chandra Bhargava (resigned w.e.f. 22.04.17)
19 Shri SK jain (till 06.06.16 only)
20 Shri Madhav P. Phadke (iDBi Nominee) (from 10.06.15 to 27.11.16)
21 Shri Shiva Dixit (till 20.07.15 only)
The Company manages its capital to ensure that the company will be able to continue as going concerns while maximising the return to stakeholders through the optimization of the debt and equity balance.
The capital structure of the Company consists of net debt (borrowings as detailed in notes 16, and 21 (Current maturity of long term borrowings offset by cash and bank balances) and total equity of the company.
The Companyâs risk management committee reviews the capital structure of the Company at regular interval.
Gearing ratio:-
The gearing ratio at end of the reporting period was as follows.
The companyâs activities expose to variety of financial risk: market risk, credit risk and liquidity risk. The companyâs focus to foresee the unpredictability of financial markets and seek to minimize potential adverse effect on its financial performance.
The Corporate Treasury function reports at regular interval to the companyâs risk management group that monitors risks and policies implemented to mitigate risk exposures.
Market Risk
The companyâs activities expose to primarily to the financial risks of changes in foreign currency exchange rates and interest rates.
a) Foreign currency risk management
The company does not have any material foreign currency exposure.
b) Interest rate risk management
The company is exposed to interest rate risk because company borrows funds at both fixed and floating interest rates. The risk is managed by the company maintaining an appropriate mix between fixed and floating rate borrowings.
The companyâs exposures to interest rates on financial assets and financial liabilities are detailed in the liquidity risk management section of this note.
c) Credit risk management
Credit risk refers to the risk that counterparty will default on its contractual obligations resulting in financial loss to the Company. The company has adopted a policy of only dealing with creditworthy counterparties and obtaining sufficient collateral, where appropriate, as a means of mitigating the risk of financial loss from defaults. The company only transacts with entities that are rated the equivalent of investment grade and above. This information is supplied by independent rating agencies where available and, if not available, the company uses other publicly available financial information and its own trading records to rate its major customers. The companyâs exposure and the credit ratings of its counterparties are continuously monitored and the aggregate value of transactions concluded is spread amongst approved counterparties. Credit exposure is controlled by counterparty limits that are reviewed and approved by the risk management committee annually.
d) Liquidity risk management
Ultimate responsibility for liquidity risk management rests with the board of directors, which has established an appropriate liquidity risk management framework for the management of the companyâs short-term, medium-term and long-term funding and liquidity management requirements. The company manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities.
Liquidity and interest risk tables
The following tables show the Companyâs remaining contractual maturity for its non-derivative financial liabilities with agreed repayment periods. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the company can be required to pay.
The Yamuna Expressway Project is an integrated project which inter alia includes construction, operation and maintenance of Yamuna Expressway and right for land development of 25 million sq.mtrs. along the Expressway. Keeping this in view, segment information is not provided since the Company has only one segment.
NOTE NO. 6
Provision for current taxation is NIL (Previous year Rs. NIL/-).
NOTE NO. 7
The Company does not have any long term contracts including derivative contracts for which there are any material foreseeable losses as at March 31, 2017
NOTE NO. 8
a) All the figures have been rounded off to the nearest rupee.
b) Previous year figures have been reworked/regrouped/rearranged wherever necessary to conform to those of current year.
Signatures to Notes No. 1 to 48
Mar 31, 2016
Note No.1(a)
The redeemable Non-Convertible Debentures (NCDs) of ''10,00,000/- each aggregating to '' 500 Crores, mentioned at (i) above, were secured by exclusive charge on (i) mortgage of land and building of company''s corporate office at Noida on 9.86 acres of land (ii) Letter of comfort from Jaiprakash Associates Limited and (iii) personal guarantee of Shri Manoj Gaur, Shri Sunil Kumar Sharma and Shri Sameer Gaur. These NCDs have since been redeemed/pre-redeemed during the year along with premium.
Note No.2(b)
The redeemable Non-Convertible Debentures (NCDs) of ''10,00,000/- each aggregating to '' 400 Crores, mentioned at (ii) above, are secured by exclusive charge on (i) mortgage of land admeasuring 100.0179 acres at Tappal (ii) Letter of comfort from Jaiprakash Associates Limited
(iii) Corporate Guarantee of Jaiprakash Associates Limited and (iv) personal guarantee of Shri Manoj Gaur, Shri Sunil Kumar Sharma and Shri Sameer Gaur.
Note No.3(c)
The redeemable Non-Convertible Debentures (NCDs) of ''10,00,000/- each aggregating to '' 400 Crores, mentioned at (iii) & (iv) above, are secured by exclusive charge on (i) mortgage of land admeasuring 124.73 acres at Tappal (ii) Corporate Guarantee of Jaiprakash Associates Limited (iii) Letter of comfort from Jaiprakash Associates Limited and (iv) personal guarantee of Shri Manoj Gaur, Shri Sunil Kumar Sharma and Shri Sameer Gaur.
Note No.4.(i)
Pursuant to the Company''s request for refinancing of the existing outstanding principal Rupee Term Loan (RTL) of the Company aggregating to '' 6550 Crores under RBI circular dated 15.12.2014 on âFlexible Structuring of Existing Long Term Project Loans to Infrastructure and Core Industriesâ & additional RTL of '' 1680 Crores ('' 1080 Crores under RTL-A for payment to pressing creditors and '' 600 Crores under RTL-B for long term working capital), all the lenders except LIC of India,sanctioned the refinanced facility of '' 6550 crore.
The refinanced RTL of '' 6550 Crores ('' 1950 under Tranche-I & '' 4600 Crores under Tranche-II) & additional RTL of '' 1610 Crores (? 1080 Crores under RTL-A (disbursed '' 1080 Crore) for payment to pressing creditors and '' 530 Crores (disbursed '' 477 crore) under RTL-B for long term working capital) from IDBI Bank led consortium banks is secured by way of first charge ranking pari-passu on (i) mortgage of about 41 KM land of Yamuna Expressway, (ii) mortgage on part of Land in Jaganpur, Mirzapur, Agra & Tappal having a valuation cover of 1.5 times for Tranche-I RTL ('' 1950 Crores) & RTL-A (? 1080 Crores) & RTL-B ('' 600 Crores) and valuation of 2 times for Tranche-II RTL (? 4600 Crores), (iii) Hypothecation of all the movables of the company, company''s book debts and receivables, (iv)Assignment of all the rights, title, interest, benefit from claim and demand in the Concession Agreement,(v) Debt Service Reserve Account (DSRA) for an amount equal to 1.5 times of the principal & interest amount due for ensuing quarter to the Rupee Term Lenders,(vi) pledge of 51% shares of the fully paid up equity shares of the Company and (vii) personal guarantee of Shri Manoj Gaur.
Note No.5(ii)
The Term Loan from SREI Equipment Finance Limited mentioned at (ii) above is secured by way of mortgage of 40.79 Acres of Land for Development at Tappal.
Note No.6
The period of continuing default as on 31.03.2016 in repayment of loans to banks/financial institutions amounting to '' 3,000,000,000 stated under âTerm Loan from Banks / Financial Instituions'' under âCurrent Maturities of Long-term Debts'' in Note no. 9 ranges from 81 days to 203 days. The period of continuing default as on 31.03.2016 in payment of interest to banks/financial institutions amounting to '' 1,930,760,850 included under âInterest Accrued and due on borrowings'' in Note no. 9 ranges from 1 day to 212 days.
Note No.7
The New Delhi Bench of the Hon''ble Company Law Board has vide its order dated 31.03.2016, granted six months time till 30.09.2016 for repayment of fixed deposits along with interest, in respect of maturing deposits.
b) Income Tax matters under appeal: The Company is entitled for tax holiday for 10 years effective F.Y 2008-09 (A.Y 200910) u/s 80IA (4)(i) read with Explanation (a) of the Income Tax Act, 1961(the Act). The notice issued by the Income Tax Department for A.Y 2009-10 u/s 263 of the said Act and all proceedings related thereto have been quashed by the Hon''ble Income Tax Appellate Tribunal (ITAT), Delhi Bench, New Delhi vide its order dated 13.04.2015. Vide its said order, ITAT has held that the Company is eligible for deduction under said 80IA(4)(i) read with Explanation(a). However, The Income Tax Department has filed an appeal in the High Court of judicature at Allahabad against the said order, which is yet to be admitted, the Income Tax Department has also issued a show cause u/s 263 of the Act for the A.Y2010-11 and the assessment proceedings for the A.Y2010-11 have been set aside, to be made de-novo. The Company has filed an appeal against the said order with ITAT and is sanguine that the appeal would be decided in its favour, more so in view of the order passed by ITAT in the similar appeal for A.Y2009-10. However, the Assessing Officer has passed the de-novo assessment order on 30.03.2016 not accepting the Company''s claim u/s 80IA (4)(i) read with explanation (a) of the Act for the said Assessment Year. The Income Tax Department has also not accepted the Company''s claim u/s 80IA(4)(i) read with explanation (a) of the Act for the Assessment Year 2011-12 & 2012-13. The value of matters under appeal are estimated at Rs,7,86,53,28,910 (including Rs,3,99,33,046 related to TDS for A.Y2011-12,12-13,13-14 & 14-15) [Amount deposited against the same is Rs, 11,53,72,093/-]. However, the income tax department vide rectification advice u/s 154 of Income Tax Act,1961 has allowed to avail MAT credit u/s 115 JAA of Income Tax Act of Rs,99,81,97,488 for A.Y 2010-11 in A.Y 2011-12. The Company has been legally advised that, based on the decisions of the ITAT and Appellate Authorities and the interpretation of relevant tax provisions, the above additions are likely to be set aside or substantially reduced.
NOTE NO.8
Commitments:
Estimated amount of contracts, remaining to be executed on capital account '' 30,00,00,000 (Previous Year '' 49,00,00,000).
NOTE NO. 9
a) The Company has provided the following as security for the financial assistance availed by Jaiprakash Associates Limited(JAL) from its lenders;
* The Company has entered in to an âAgreement to sellâ dated 15th December, 2009 for said land with JAL and has received the entire sale consideration.
** Out of the said 20.84 acres of land, the Company has entered in to an âAgreement to sellâ dated 15th December, 2009 for 10.84 acres of land with JAL and has received the entire sale consideration.
# The Company has entered in to an âAgreement to sellâ for the said 38.20 acres of land with Jaypee Hotels Limited (Since merged with JAL) and has received the entire sale consideration.
VII. Enterprises best estimate of contribution during next year:
(i) Gratuity : Rs,22,49,196
(ii) Leave encashment : Rs, 40,53,702
VIII. Actuarial Assumptions
(i) Discount Rate : 8.00%
(ii) Mortality Table : IALM (2006-08)
(iii) Turnover Rate : Up to 30 years - 2%, 31-44years -5%,
Above 44 years -3%
NOTE NO.10
Expenditure incurred on Corporate Social Activities (CSR):
The Company has framed its CSR policy pursuant to the Companies Act, 2013. The Company has spent Rs, 17,00,00,000/-(Previous Year Rs, 19,12,09,721/-) during the year, as per the provisions of Companies Act,2013.
NOTE NO.11
Related Party Disclosures, as required in terms of âAccounting Standard [AS] -18'' are given below:
Relationships (Related party relationships are as identified by the Company and relied upon by the Auditors)
A. Holding Company: Jaiprakash Associates Limited (JAL)
B. Subsidiary Company : Jaypee Healthcare Limited (JHCL)
C. Fellow Subsidiary Companies:
1. Jaiprakash Power Ventures Limited (JPVL) (subsidiary of JAL)
2. Jaypee Powergrid Limited (JV subsidiary of JPVL)
3. Himalayan Expressway Limited (HEL) (subsidiary of JAL)
4. Jaypee Arunachal Power Limited (JV subsidiary of JPVL)
5. Sangam Power Generation Company Limited (subsidiary of JPVL)
6. Prayagraj Power Generation Company Limited (subsidiary of JPVL)
7. Jaypee Meghalaya Power Limited (subsidiary of JPVL)
8. Bina Power Supply Limited (new name w.e.f. 28.09.15 of Himachal Karcham Power Company Limited) (subsidiary of JPVL)
9. Bhilai Jaypee Cement Limited (JV subsidiary of JAL)
10. Gujarat Jaypee Cement & Infrastructure Limited (JV subsidiary of JAL)
11. Jaypee Ganga Infrastructure Corporation Limited (subsidiary of JAL)
12. Jaypee Agra Vikas Limited (subsidiary of JAL)
13. Jaypee Fertilizers & Industries Limited (subsidiary of JAL)
14. Jaypee Cement Corporation Limited (JCCL) (subsidiary of JAL)
15. Himalyaputra Aviation Limited (subsidiary of JAL)
16. Jaypee Assam Cement Limited (subsidiary of JAL)
17. Jaypee Cement Cricket (India) Limited (subsidiary of JAL)
18. Jaypee Cement Hockey (India) Limited (subsidiary of JAL)
19. Jaiprakash Agri Initiatives Company Limited (subsidiary of JCCL) Note-1:Bokaro Jaypee Cement Limited (BoJCL) ceased to be a subsidiary of JAL w.e.f. 29th November 2014, consequent to sale of JAL''s entire 74% stake in BoJCL.)
Note-2:Jaypee Sports International Limited (JPSI) ceased to be a subsidiary of JAL as it amalgamated into JAL on 16.10.15 w.e.f. the Appointed Date 01.04.14)
Note-3: Himachal Baspa Power Company Limited (was a subsidiary of JPVL till 07.09.15)
D. Associate Companies:
1. MP Jaypee Coal Limited (JV Associate Co.)
2. MP Jaypee Coal Fields Limited (JV Associate Co.)
3. Madhya Pradesh Jaypee Minerals Limited (JV Associate Co.)
4. Jaypee Uttar Bharat Vikas Private Limited (JV Associate Co.)
5. Kanpur Fertilizers & Cement Limited (JV Associate Co.)
6. Jaypee Infra Ventures (A Private Company With Unlimited Liability) (JIV)
7. Jaypee Development Corporation Limited (JDCL) (Subsidiary of JIV)
8. Andhra Cements Limited (subsidiary of JDCL)
9. JIL Information Technology Limited (JILIT) (Subsidiary of JIV)
10. Gaur & Nagi Limited (Subsidiary of JILIT)
11. Jaypee International Logistics Company Private Limited (subsidiary of JIV) (under process of striking off under Section 560 of the Companies Act, 1956)
12. Tiger Hills Holiday Resort Private Limited (subsidiary of JDCL)
13. Anvi Hotels Private Limited (subsidiary of JIV) (under process of striking off under Section 560 of the Companies Act, 1956)
14. RPJ Minerals Private Limited (RPJMPL)
15. Sarveshwari Stone Products Private Limited (subsidiary of RPJMPL)
16. Rock Solid Cement Limited (subsidiary of RPJMPL)
17. Sonebhadra Minerals Private Limited
18. Jaiprakash Kashmir Energy Limited (under process of striking off under Section 560 of the Companies Act, 1956)
19. Indesign Enterprises Private Limited (IEPL) (subsidiary of JIV)
20. Ibonshourne Limited (subsidiary of IEPL w.e.f 11.01.2016)
21. Jaypee Hotels Limited (KMP based associate company) (KMP based associate company)
22. Jaypee Mining Ventures Private Limited (KMP based associate company)
23. Ceekay Estates Private Limited (KMP based associate company)
24. Jaiprakash Exports Private Limited(KMP based associate company)
25. Bhumi Estate Developers Private Limited(KMP based associate company)
26. Pac Pharma Drugs and Chemicals Private Limited (under process of striking off under Section 560 of the Companies Act, 1956) (KMP based associate company)
27. Jaypee Technical Consultants Private Limited (KMP based associate company)
28. Jaypee Jan Sewa Sansthan (Company Limited by Shares not for profit u/s 25 of the Companies Act, 1956) (KMP based associate company)
29. Think Different Enterprises Private Limited (KMP based associate company)
30. OHM Products Private Limited (KMP based associate company)
31. Sparton Growth Fund Private Limited(KMP based associate company)
32. iValue Advisors Private Limited (KMP based associate company)
33. JC World Hospitality Private Limited (KMP based associate company)
34. Dixit Holdings Private Limited (KMP based associate company)
35. Librans Venture Private Limited(KMP based associate company)
36. Librans Real Estate Private Limited(KMP based associate company)
37. CK World Hospitality Private Limited (KMP based associate company)
38. JC Wealth & Investment Private Limited (KMP based associate company)
E. Key Managerial Personnel (KMP):
1. Shri Manoj Gaur, Chairman cum Managing Director.
2. Shri Sameer Gaur, Joint Managing Director.
3. Shri Rakesh Sharma, Whole Time Director.
4. Shri Sachin Gaur, Whole Time Director & CFO.
5. Smt. Rekha Dixit, Whole Time Director.
6. Shri Gaurav Jain, Whole Time Director.
7. Shri Pramod Kumar Aggarwal. (upto 31.12.2015)
Details of securities for loans/NCDs taken by Jaiprakash Associates Ltd, holding company from banks/financial institutions, and details of corporate guarantee/securities for Jaypee Healthcare Limited, subsidiary company are stated elsewhere in the Accounts
NOTE NO.37
The Yamuna Expressway Project is an integrated project which inter alia includes construction, operation and maintenance of Yamuna Expressway and right for land development of 25 million sq.mtrs. along the Expressway. Keeping this in view, segment information is not provided since the Company has only one segment.
NOTE NO.12
Provision for current taxation is NIL (Previous year Rs, 89,90,00,000/-).
NOTE NO.13
The Company does not have any long term contracts including derivative contracts for which there are any material foreseeable losses as at March 31, 2016
NOTE NO.14
a) All the figures have been rounded off to the nearest rupee.
b) Previous year figures have been reworked/regrouped/rearranged wherever necessary to conform to those of current year resignation from the closing of business hours of 31.12.2015
The Board places on record its appreciation for the valuable contributions by Shri Pramod Kumar Aggarwal, Shri P Uma Shankar and Shri G.A. Tadas during their tenure as Directors of the company
Mar 31, 2015
Note No.1 (a)
Pursuant to the Company's request for refinancing of the existing
outstanding principal Rupee Term Loan (RTL) of the Company aggregating
to ' 6550 Crores under RBI circular dated 15.12.2014 on "Flexible
Structuring of Existing Long Term Project Loans to Infrastructure and
Core Industries" & additional RTL of Rs. 2000 Crores (Rs. 1400 Crores
under RTL-A for payment to pressing creditors and Rs. 600 Crores under
RTL-B for long term working capital), IDBI Bank has sanctioned
refinance assistance of Rs. 4200 Crores and a fresh RTL of Rs. 450
Crores vide their LOI No. HO.PAD/JIL/1135 dated 24.03.2015 duly
modified vide letter no. HO.PAD/JIL/1167 dated 28.04.2015. IIFCL has
also sanctioned a RTL of Rs. 900 Crores under 'Takeout Finance Scheme'
vide its letter no. IIFCL: Takeout: 2015:8828 dated 27th March, 2015
duly modified vide letter no. IIFCL/ Credit/2014-15/9913 dated 12th
May, 2015. As part of the Takeout Finance Scheme, IIFCL shall take out
RTL of Rs. 900 Crores from IDBI Bank out of their existing outstanding
principal amount of RTL. Besides, ICICI Bank & IFCI have sanctioned
and disbursed a sum of ' 300 Crores & Rs. 230 Crores respectively as
part of RTL-A. State Bank of Hyderabad has also sanctioned RTL of Rs.
100 Crores under RTL-A (disbursement Rs. 24 Crores) & Rs. 80 Crores
under RTL-B. The Company's request with other lenders for refinancing
of the existing RTL and the additional RTL is under advance stage of
sanction.
(b) The existing Rupee Term Loan from IDBI Bank, led consortium banks
is secured by (i) mortgage of about 41 KM land of Yamuna Expressway (ii)
Hypothecation of all the movables of the company, company's book debts
and receivables (iii) pledge of 51% shares of the issued share capital
of the Company (iv) first charge ranking pari-passu on mortgage on part
of Land for development at Mirzapur, Jaganpur, Agra & Tappal having a
valuation cover of 1.2 times for Rs. 1950 Crores and 2 times for Rs.
4600 Crores and (v) personal guarantee of Shri Manoj Gaur.
(c) The refinanced RTL of Rs. 6550 Crores (Rs. 1950 under Tranche-I &
Rs.4600 Crores under Tranche-II) & additional RTL of Rs. 2000 Crores
(Rs. 1400 Crores under RTL-A for payment to pressing creditors and Rs.
600 Crores under RTL-B for long term working capital) from IDBI Bank
led consortium banks would be secured by way of first charge ranking
pari-passu on (i) mortgage of about 41 KM land of Yamuna Expressway,
(ii) mortgage on part of Land in Jaganpur, Mirzapur, Agra & Tappal
having a valuation cover of 1.5 times for Tranche-I RTL (Rs. 1950
Crores) & RTL-A (Rs. 1400 Crores) & RTL-B (Rs.600 Crores) and valuation
of 2 times for Tranche-II RTL (Rs. 4600 Crores), (iii) Hypothecation of
all the movables of the company, company's book debts and receivables,
(iv)Assignment of all the rights, title, interest, benefit from claim
and demand in the Concession Agreement,(v) Debt Service Reserve Account
(DSRA) for an amount equal to 1.5 times of the principal & interest
amount due for ensuing quarter to the Rupee Term Lenders,(vi) pledge of
51% shares of the fully paid up equity shares of the Company and (vii)
personal guarantee of Shri Manoj Gaur.
(d) The Hon'ble National Green Tribunal (NGT) vide its order dated
28.10.2013 had directed that no completion certificate shall be issued
by the Authority concerned for such buildings being constructed within
10 Km radius of Okhla Bird Sanctruy till the Ministry of Environment &
Forests (MoEF) in consultation with National Wildlife Board issues
Notification for declaring Eco Sensitive Zone area around Okhla Bird
Sanctury & the matter is finally decided by the Supreme Court of India.
The said order has restrained the New Okhla Industrial Development
Authority (NOIDA) from issuing the completion certificate for the
completed Units ready for handing over the possession to the customers.
This also led to increase in the finished inventory and declining Real
estate sales which adversely affected the cash flow of the Company. The
stalemate continues at the time of adoption of accounts. Interest
accured and due on borrowings aggregating to Rs. 162,34,19,479/-
mentioned in 'Other Current Liabilities' as at 31.03.2015 is the amount
due on various loans for the period from January 2015 to March, 2015.
On the day of adoption of accounts by the Board of Directors, the
interest accrued and due amount to Rs. 18,41,14,575/-.
(e) The Term Loan from SREI Equipment Finance Limited mentioned at (iv)
above is secured by way of mortgage of 27 Acres of Land for Development
at Tappal.
The New Delhi Bench of the Hon'ble Company Law Board has vide its order
dated 29.04.2015, granted thirty days time from 30.04.2015 to clear
matured Axed deposits and six months time from 30.04.2015 to clear pre
matured fixed deposits alongwith interest.
NOTE NO.2
Commitments;
Estimated amount of contracts, remaining to be executed on capital
account: ' 49,00,00,000 (Previous Year ' 164,00,00,000).
NOTE No. 3
a) The Company has provided a letter of comfort to ICICI Bank Plc, U.K.
and ICICI Bank, Canada, in respect of financial assistance, equivalent
to USD 50 million each, sanctioned to Jaiprakash Associates Limited
(JAL). In the event of default, if any, in repayment of said facilities
by JAL,the liability of the lenders of the Company shall have priority.
b) The Company has mortgaged 105.8935 acres of land situated at Noida
in favour of :
(i) IDBI Trusteeship Services Limited - 40.1735 acres for the term loan
of Rs. 850 Crores provided by Standard Chartered Bank to JAL.
(Out of the said 40.1735 acres of land, the Company has entered into an
Agreement to Sell' dated 15th December, 2009 for 15.1695 acres of land
with JAL and has received the entire sale consideration. The Company
has requested for substitution of the mortgage for the said land, which
is under consideration by the bank).
(ii) Axis Trustee Services Limited- 27.52 acres for a term loan
aggregating to Rs. 600 Crores, (Axis Bank Limited - Rs. 350 Crores, The
South Indian Bank Limited - Rs. 100 Crores and State Bank of
Travencore- Rs. 150 Crores) availed by JAL. (Out of the said 27.52
acres of land, the Company has entered into an "Agreement to Sell"
dated 18.10.2007 for 10 acres of land with Jaiprakash Enterprises
Limited (since merged with JAL) and an "Agreement to Sell" dated
15.12.2009 for 17.52 acres of land with JAL and has received the entire
sales consideration.)
(iii) HDFC Limited- 38.20 acres land for a term loan of Rs. 450 Crores
sanctioned by HDFC Limited to JAL for which an Agreement to Sell' was
executed with Jaypee Hotels Limited (since merged with JAL) on 12th
January, 2006 and the entire sales consideration has been received.
c) The Company has mortgaged 433.345 acres of land situated at Jaganpur
and 151.0063 acres of land situated at Tappal in favour of IDBI
Trusteeship Services Limited for a term loan of Rs. 1500 crores
sanctioned by ICICI Bank Limited to JAL.
d) The Company has mortgaged 100 acres of land situated at Tappal in
favour of ICICI Bank limited for term loan aggregating to Rs. 3000
crores and Working Capital Demand Loan of Rs. 175 crores sanctioned by
ICICI Bank Limited to JAL.
e) The Company has mortgaged 166.9615 acres of land situated at Tappal
and 167.229 acres of land situated at Agra in favour of Axis Trustee
Services Limited for a term loan of Rs. 2000 crores sanctioned by State
Bank of India & NCDs of Rs. 1250 crores subscribed by Axis Bank Limited
to JAL.
f) The Company has given an undertaking to ICICI Bank Limited to
exercise the option to purchase the outstanding amount of the facility
of Rs. 250 crores sanctioned by ICICI Bank Ltd to M/s Jaypee Sports
International Limited, a fellow subsidiary Company, by way of
Optionally Convertible Cumulative Redeemable Preference Shares(OCCRPS),
after five years with effect from F.Y.2010-11 or under the
circumstances as stipulated under the terms and conditions of the
sanction.
NOTE NO.4
Corporate Undertaking and Securities for Subsidiaries:
i) The Company has given a shortfall undertaking to Yes Bank Limited in
respect of financial assistance of Rs. 325 Crores to Jaypee Healthcare
Limited (JHCL) (Subsidiary of the Company).
ii) The Company has pledged 51% of Paid Up Capital (including 21% of
Paid Up Capital under non disposal undertaking) of JHCL with IL&FS
Trust Company Limited as collateral security for the financial
assistance to JHCL.
NOTE NO.5
In the opinion of Board of Directors the assets, other than fixed
assets and non- current investments, have a value on realization in the
ordinary course of business at least equal to the amount at which they
are stated in the Balance Sheet.
NOTE NO.6
Unbilled receivables under Note No.18 -"Other Current Assets"
represents revenue recognized based on Percentage of completion method
over and above the amount due from the customers as per the agreed
payment plans.
NOTE NO.7
(a) Provident Fund - Defined contribution Plan.
All employees are entitled to Provident Fund Benefit as per law. Amount
debited to financial statements is Rs. 1,29,52,921/- during the year
(Previous Year Rs. 1,00,08,853/-).
(b) The Liability for Gratuity is provided on the basis of actuarial
valuation made at the end of each financial year. The actuarial
valuation is made on Projected Unit Credit method as per AS-15
(revised). Jaiprakash Associates Limited (JAL) (the holding company)
has constituted a gratuity fund trust under the name Jaiprakash
Associates Employees Gratuity Fund Trust vide Trust Deed dated 30th
March,2009 for JAL and its subsidiaries and appointed SBI Life
Insurance Co. Ltd. for the management of the trust funds for the
benefit of employees. As a subsidiary of JAL, the company is
participating in the trust fund by contributing its liability accrued
up to the close of each financial year to the trust fund.
NOTE NO.8
Related Party Disclosures, as required in terms of 'Accounting Standard
[AS] -18' are given below:
Relationships (Related party relationships are as identified by the
Company and relied upon by the Auditors)
(a) Holding Company: Jaiprakash Associates Limited (JAL)
(b) Subsidiary Company: Jaypee Healthcare Limited (JHCL)
(c) FellowSubsidiaryCompanies:
(1) Jaiprakash Power Ventures Limited (JPVL) (Subsidiary of JAL)
(2) Jaypee Powergrid Limited (JV Subsidiary of JPVL)
(3) Himalayan Expressway Limited (HEL) (Subsidiary of JAL)
(4) Jaypee Agra Vikas Limited (Subsidiary of JAL)
(5) Jaypee Sports International Limited (JPSI) (Subsidiary of JAL)
(6) Jaypee Ganga Infrastructure Corporation Limited (Subsidiary of JAL)
(7) Bhilai Jaypee Cement Limited (JV Subsidiary of JAL)
(8) Gujarat Jaypee Cement & Infrastructure Limited (JV Subsidiary of
JAL)
(9) Jaypee Assam Cement Limited (Subsidiary of JAL)
(10) Himalyaputra Aviation Limited (Subsidiary of JAL)
(11) Jaypee Arunachal Power Limited (JV Subsidiary of JAL)
(12) Sangam Power Generation Company Limited (Subsidiary of JPVL)
(13) Prayagraj Power Generation Company Limited (Subsidiary of JPVL)
(14) Jaypee Fertilizers & Industries Limited (Subsidiary of JAL)
(15) Jaypee Meghalaya Power Limited (Subsidiary of JPVL)
(16) Jaypee Cement Corporation Limited (JCCL) (Subsidiary of JAL)
(17) Jaypee Cement Cricket (India) Limited (Subsidiary of JPSI)
(18) Jaypee Cement Hockey (India) Limited (Subsidiary of JPSI)
(19) Jaiprakash Agri Initiatives Company Limited (Subsidiary of JCCL)
(20) Himachal Baspa Power Company Limited (Subsidiary of JPVL w.e.f.
14.03.2014)
(21) Himachal Karcham Power Company Limited (Subsidiary of JPVL w.e.f.
14.03.2014) (Note: Bokaro Jaypee Cement Limited ceased to be a
subsidiary of JAL w.e.f 29.11.2014, consequent to sale of its entire
stake of 74% in it.)
(d) Associate Companies:
(1) Jaypee Infra Ventures (A Private Company with Unlimited Liability
(JIV)
(2) Jaypee Development Corporation Limited (JDCL)(Subsidiary of JIV)
(3) JIL Information Technology Limited (JILIT)(Subsidiary of JIV)
(4) Andhra Cements Limited (Subsidiary of JDCL)
(5) Gaur & Nagi Limited (Subsidiary of JILIT)
(6) Indesign Enterprises Private Limited (IEPL)(Subsidiary of JIV)
(7) Madhya Pradesh Jaypee Minerals Limited
(8) Jaiprakash Kashmir Energy Limited
(9) Sonebhadra Minerals Private Limited
(10) RPJ Minerals Private Limited
(11) Jaypee International Logistics Company Private Limited (Subsidiary
of JIV)
(12) Tiger Hills Holiday Resort Private Limited (Subsidiary of JDCL)
(13) Sarveshwari Stone Products Private Limited (Subsidiary of RPJ
Minerals Private Limited)
(14) Rock Solid Cement Limited (Subsidiary of RPJ Minerals Private
Limited)
(15) MP Jaypee Coal Limited
(16) MP Jaypee Coal Fields Limited
(17) Anvi Hotels Private Limited (Subsidiary of JIV)
(18) Jaypee Uttar Bharat Vikas Private Limited
(19) Kanpur Fertilizers & Cement Limited
(20) Jaypee Hotels Limited (KMP based associate company)
(21) Jaypee Mining Ventures Private Limited (KMP based associate
company)
(22) Ceekay Estates Private Limited (KMP based associate company)
(23) Jaiprakash Exports Private Limited (KMP based associate company)
(24) Bhumi Estate Developers Private Limited (KMP based associate
company)
(25) Pac Pharma Drugs and Chemicals Private Limited (KMP based
associate company)
(26) Jaypee Technical Consultants Private Limited (KMP based associate
company)
(27) Jaypee Jan Sewa Sansthan ('Not for Profit' Private Limited
Company) (KMP based associate company)
(28) Think Different Enterprises Private Limited (KMP based associate
company)
(29) OHM Products Private Limited (KMP based associate company)
(30) Sparton Growth Fund Private Limited (KMP based associate company)
(31) iValue Advisors Private Limited (KMP based associate company)
(32) JC World Hospitality Private Limited (KMP based associate company)
(33) Dixit Holdings Private Limited (KMP based associate company)
(e) Key Managerial Personnel/Relative:
(1) Shri Manoj Gaur, Chairman cum Managing Director.
(2) Shri Sameer Gaur, Joint Managing Director.
(3) Shri Rakesh Sharma, Whole Time Director.
(4) Shri Sachin Gaur, Whole Time Director & CFO.
(5) Smt. Rekha Dixit, Whole Time Director.
(6) Shri Gaurav Jain, Whole Time Director.(w.e.f.26.05.2014)
(7) Shri Pramod Kumar Aggarwal, Whole Time Director.(w.e.f.26.05.2014)
(8) Shri Manu Bhaskar Gaur (Relative of Key Managerial Personnel)
(9) Smt. Archana Sharma (Relative of Key Managerial Personnel)
NOTE NO.9
The Yamuna Expressway Project is an integrated project which inter alia
includes construction, operation and maintenance of Yamuna Expressway
and right for land development of 25 million sq.mtrs. along the
Expressway. Keeping this in view, segment information is not provided
since the company has only one segment.
NOTE NO.10
(a) Provision for current taxation of Rs. 89,90,00,000/- (Previous year
Rs. 83,94,00,000/-) towards Minimum Alternative Tax (MAT) as tax
payable under section 115JB of Income Tax Act,1961 has been made.
As per the 'Framework for the Preparation and Presentation of Financial
Statements' and the 'Guidance Note on Accounting for credit available
in respect of Minimum Alternate Tax (MAT) under the Income Tax Act
1961', issued by the Institute of Chartered Accountants of India, the
Company has recognized MAT aggregating to Rs.89,90,00,000/- as MAT
credit asset for the year. This relates to MAT credit available for
adjustment against normal income tax in subsequent years computed on
income and tax projections and of which the Company believes there is
virtual certainty of availability for future set off.
(b) Provision for Deferred Tax Liability aggregating to Rs.
73,84,53,992/-(Previous year Rs.17,34,56,859/-) has been made arising
due to the timing differences on account of depreciation on fixed
assets. However, the provision for deferred tax assets has not been
created as a matter of prudence.
NOTE NO.11
a) All the figures have been rounded off to the nearest rupee.
b) Previous year figures have been reworked/regrouped/rearranged
wherever necessary to conform to those of current year.
Mar 31, 2014
NOTE No. 1.1(a)
The redeemable Non-Convertible Debentures (NCDs) of Rs.10,00,000/- each
aggregating to Rs. 400 Crores, mentioned at (ii) above, are secured by
subservient charge on (i) 41 KM land of Yamuna Expressway, (ii) Land
for Development admeasuring approx. 1032.7518 acres at Mirzapur, 150
acres at Jaganpur and 151.0063 acres at Tappal (iii) all the moveable
properties (including all receivables/ revenues) relating to the Yamuna
Expressway both present and future and (iv) personal guarantee of Shri
Manoj Gaur, Shri Sunil Kumar Sharma and Shri Sameer Gaur.
Note No.1.1(b)
The redeemable Non-Convertible Debentures (NCDs) of Rs.10,00,000/- each
aggregating to Rs. 500 Crores, mentioned at (iii) above, are secured by
exclusive charge on (i) mortgage of land and building admeasuring 9.86
acres of company''s corporate office at Noida (ii) Letter of comfort
from Jaiprakash Associates Limited and (iii) personal guarantee of Shri
Manoj Gaur, Shri Sunil Kumar Sharma and Shri Sameer Gaur.
Note No.1.1(c)
The redeemable Non-Convertible Debentures (NCDs) of Rs.10,00,000/- each
aggregating to Rs. 400 Crores, mentioned at (iv) above, are secured by
exclusive charge on (i) mortgage of land admeasuring 100.0179 acres at
Tappal (ii) second pari passu charge by mortgage of land and building
admeasuring 9.86 acres of company''s corporate office at Noida (iii)
Letter of comfort from Jaiprakash Associates Limited (iv) Corporate
Guarantee of Jaiprakash Associates Limited and (v) personal guarantee
of Shri Manoj Gaur, Shri Sunil Kumar Sharma and Shri Sameer Gaur.
NOTE No. 1.2(a)
IDBI Bank has sanctioned a Rupee term loan facility aggregating to Rs
6,600 Crores (Rs 4,800 Crores sanctioned/underwritten by IDBI and Rs
1,800 Crores to be syndicated by IDBI ) for refinancing of existing
Rupee Term Loan of the company.Pursuant to said Rupee term loan
facility,IDBI led consortium has disbursed a sum of Rs 5,650 Crores as
on 31.03.2014 which has been utilized for refinancing of the existing
rupee term loan of Rs 5,400 Crores. IDBI led consortium plans to
disburse another Rs 900 Crores to prepay the balance outstanding of
ICICI Bank & IIFCL.
Note No.1.2(b)
The Term Loan from the IDBI led consortium Banks is secured by way of
first charge on (i) mortgage of about 41 KM land of Yamuna Expressway
(ii) hypothecation of all the movables of the company (iii) the
company''s book debts and receivables (iv) pledge of 51% shares of the
issued share capital of the Company (v) first charge ranking pari-passu
on mortgage on part of Land for Development at Mirzapur,Jaganpur,Agra &
Tappal having a valuation cover of 1.2 times for Rs 2000 Crores and 2
times for Rs 4600 Crores and (vi) personal guarantee of Shri Manoj
Gaur.
Note No.1.2(c)
The Term Loans from the ICICI Bank and IIFCL pending prepayment are
secured by way of registered mortgage ranking pari passu on (i) about
41 KM land of Yamuna Expressway (ii) Land for Development admeasuring
approximately 749.4060 acres at Mirzapur, 433.3458 acres at Jaganpur &
151.0063 acres at Tappal (iii) charge on all the moveable properties
(including all receivables/ revenues),Intangible Assets relating to the
Yamuna Expressway both present and future (iv) pledge of 51% shares of
the issued share capital of the Company held by Jaiprakash Associates
Limited (JAL) and (v) personal guarantee of Shri Manoj Gaur.
NOTE No. 2
As at As at
31.03.2014 31.03.2013
Contingent Liabilities
(to the extent not provided for):
a) Claims against the Company not
acknowledged as debts: 87,91,000 28,00,000
b) Outstanding amount
of Bank Guarantees: 214,37,00,000 2,37,00,000
(Including BGS issued by Jaiprakash Associates Limited Rs
212,00,00,000/-)
c) The Company is entitled fortax holiday for 10 years effective F.Y
2008-09(A.Y 2009-10) u/s 80IA(4)(i) read with explanation (a) of the
Income Tax Act 1961. However, the Income Tax Department has issued a
show cause u/s 263 of the said Act and the assessment proceedings for
the Assessment Year 2009- 10, been set aside, to be made de-novo.
Accordingly, the Company''s claim for Assessment Year 2011-12 has also
not been accepted by the Income Tax Department u/s 80IA(4)(i) read with
explanation (a) of the said Act. Tax Value of matters under appeal is
estimated at Rs. 361,70,00,972/- (including Rs. 25,88,42,718/- relating to
TDS for A.Y 2011-12 to A.Y 2013-14). The Company has been legally
advised that based on the decision of the Appellate authorities and the
interpretation of relevant tax provisions, the additions made in the
assessments are likely to be set aside or substantially reduced.
Without prejudice to the Company''s claim u/s 80IA(4)(i) read with
explanation (a), the company is alternatively eligible for deduction
u/s 80IA (6). Accordingly, in compliance of the provisions contained
therein, a ''Special Reserve'' aggregating Rs. 2800,69,08,052 (F.Y.2008-09
Rs. 255,36,26,035/-; F.Y. 2009- 10 Rs. 362,48,77,424/-; F.Y.2010-11 Rs.
1168,12,74,807/- & F.Y.2011-12 Rs. 1014,71,29,786/-) has been created
during the year for the respective years. Since the said sum has been
utilized by the Company for development of the infrastructure facility
(the Yamuna Expressway) during the respective years, an aggregate
amount of Rs. 2800,69,08,052/- (F.Y. 2008-09 Rs. 255,36,26,035/-
;F.Y2009-10Rs. 362,48,77,424/-; F.Y.2010-11 Rs. 1168,12,74,807/- &
F.Y.2011-12 Rs. 1014,71,29,786/-) has been transferred from ''Special
Reserve Account'' to ''Special Reserve utilization Account'' during the
year, for the respective years.
NOTE NO.3
Commitments;
Estimated amount of contracts, remaining to be executed on capital
account: Rs. 164 Crores. (Previous Year Rs. 37 Crores).
NOTE NO.4
a) The Company has provided a letter of comfort to ICICI Bank Plc, U.K.
and ICICI Bank, Canada, in respect of financial assistance, equivalent
to USD 50 million each, to Jaiprakash Associates Limited(JAL). In the
event of default, if any, in repayment of said facilities the liability
of the lenders of the Company shall have priority.
b) The Company has mortgaged 106.4935 acres of land situated at Noida
in favour of ;
(i) IDBI Trusteeship Services Ltd. - 40.1735 acres for the term loan of
Rs. 850 Crores provided by the Standard Chartered Bank to JAL.
(Out of the said 40.1735 acres of land, the Company has entered into an
Agreement to Sell'' dated 15th December, 2009 for 15.1695 acres of land
with JAL and has received the entire sale consideration. The Company
has requested for substitution of the mortgagor for the said land,
which is under consideration by the bank).
(ii) Axis Trustee Services Limited- 28.12 acres for a term loan
aggregating to Rs. 600 Crores, (Axis Bank Limited- Rs. 350 Crores, The
South Indian Bank Limited ÂRs. 100 Crores and State Bank of Travencore -
Rs. 150 Crores) availed by JAL for which a ''sub lease deed'' was executed
on 15th December,2009 with JAL and the entire sales consideration has
been received.
(iii) HDFC Limited - 38.20 acres for a term loan of Rs. 450 Crores
sanctioned by HDFC Ltd to JAL for which a ''sub lease deed'' was executed
with Jaypee Hotels Limited (since merged with JAL) on 12th January,
2006 and the entire sales consideration has been received.
c) The Company has mortgaged 100 acres of land situated at Tappal in
favour of ICICI Bank Limited for term loan of Rs. 1500 Crores sanctioned
by ICICI Bank Ltd to JAL.
d) The Company has given an Undertaking to ICICI Bank Ltd to exercise
the option to purchase the outstanding amount of the facility of Rs. 250
crores sanctioned by ICICI Bank Ltd to M/s Jaypee Sports International
Ltd, a fellow subsidiary Company, by way of Optionally Convertible
Cumulative Redeemable Preference Shares (OCCRPS), after five years with
effect from F.Y.2010-11 or under the circumstances as stipulated under
the terms and conditions of the sanction.
NOTE NO.5
Corporate Undertaking and Securities for Subsidiaries:
a) The Company has given a shortfall undertaking to Yes Bank Limited in
respect of financial assistance of Rs. 325 Crores to Jaypee Healthcare
Limited (JHCL) (Subsidiary of the Company).
b) The Company has pledged 51% of Paid Up Capital (Previous Year Nil)
(including 21% of Paid Up Capital under non disposal undertaking) of
JHCL with IL&FS Trust Company Limited as collateral security for the
financial assistance to JHCL.
NOTE NO.6
In the opinion of Board of Directors the assets, other than fixed
assets and non- current investments, have a value on realization in the
ordinary course of business at least equal to the amount at which they
are stated in the Balance Sheet.
NOTE NO.7
Unbilled receivables under Note No.18 Â"Other Current Assets"
represents revenue recognized based on Percentage of completion method
over and above the amount due from the customers as per the agreed
payment plans.
NOTE NO.8
(a) Provident Fund - Defined contribution Plan.
All employees are entitled to Provident Fund Benefit as per law. Amount
debited to financial statements is Rs.1,00,08,853/- during the year
(Previous YearRs. 86,36,059/-).
(b) The Liability for Gratuity is provided on the basis of actuarial
valuation made at the end of each financial year. The actuarial
valuation is made on Projected Unit Credit method as per AS-15
(revised). Jaiprakash Associates Limited (JAL) (the holding company)
has constituted a gratuity fund trust under the name Jaiprakash
Associates Employees Gratuity Fund Trust vide Trust Deed dated 30th
March,2009 for JAL and its subsidiaries and appointed SBI Life
Insurance Co. Ltd. for the management of the trust funds for the
benefit of employees. As a subsidiary of JAL, the company is
participating in the trust fund by contributing its liability accrued
up to the close of each financial year to the trust fund.
(c) Provision has been made for Gratuity and Leave Encashment as per
actuarial valuation as below (Previous year figures are mentioned in
brackets):
NOTE No. 9
Related Party Disclosures, as required in terms of ''Accounting Standard
[AS] -18'' are given below:
Relationships (Related party relationships are as identified by the
Company and relied upon by the Auditors)
(a) Holding Company : Jaiprakash Associates Limited (JAL)
(b) Subsidiary Company : Jaypee Healthcare Limited (JHCL)
(c) Fellow Subsidiary Companies:
(1) Jaiprakash Power Ventures Limited (JPVL)
(2) Jaypee Powergrid Limited (subsidiary of JPVL)
(3) Himalyan Expressway Limited
(4) Jaypee Agra Vikas Limited
(5) Jaypee Sports International Limited
(6) Jaypee Ganga Infrastructure Corporation Limited
(7) Bhilai Jaypee Cement Limited
(8) Bokaro Jaypee Cement Limited
(9) Gujarat Jaypee Cement & Infrastructure Limited
(10) Jaypee Assam Cement Limited.
(11) Himalyaputra Aviation Limited.
(12) Jaypee Arunachal Power Limited
(13) Sangam Power Generation Company Limited
(14) Prayagraj Power Generation Company Limited
(15) Jaypee Fertilizers & Industries Limited
(16) Jaypee Meghalaya Power Limited
(17) Jaypee Cement Corporation Limited
(18) Jaypee Cement Cricket (India) Limited
(19) Jaypee Cement Hockey (India) Limited
(20) Jaiprakash Agri Initiatives Company Limited
(21) Jaypee Uttar Bharat Vikas Private Limited
(22) Kanpur Fertilizers & Cement Limited
(23) Himachal Baspa Power Company Limited (w.e.f. 14.03.2014)
(24) Himachal Karcham Power Company Limited (w.e.f.14.03.2014)
(d) Associate Companies:
(1) Jaypee Infra Ventures (A Private Company with Unlimited
Liability)(JIV)
(2) Jaypee Development Corporation Limited (JDCL)(subsidiary of JIV)
(3) JIL Information Technology Limited (JILIT)(subsidiary of JIV)
(4) Andhra Cements Limited (subsidiary of JDCL)
(5) Gaur & Nagi Limited (subsidiary of JILIT)
(6) Indesign Enterprises Private Limited (subsidiary of JIV)
(7) Madhya Pradesh Jaypee Minerals Limited
(8) Jaiprakash Kashmir Energy Limited
(9) Sonebhadra Minerals Private Limited
(10) RPJ Minerals Private Limited
(11) Jaypee International Logistics Company Private Limited (subsidiary
of JIV)
(12) Tiger Hills Holiday Resort Private Limited (subsidiary of JDCL)
(13) Sarveshwari Stone Products Private Limited (subsidiary of RPJ
Minerals Private Limited)
(14) Rock Solid Cement Limited (subsidiary of RPJ Minerals Private
Limited)
(15) MP Jaypee Coal Limited
(16) MP Jaypee Coal Fields Limited
(17) Anvi Hotels Private Limited (subsidiary of JIV)
(e) Key Managerial Personnel:
(1) Shri Manoj Gaur, Chairman cum Managing Director.
(2) Shri Sameer Gaur, Joint Managing Director.
(3) Shri Rakesh Sharma, Managing Director.
(4) Shri Sachin Gaur, Whole Time Director & CFO.
(5) Smt. Rekha Dixit, Whole Time Director.
NOTE NO.10
The Yamuna Expressway Project is an integrated project which inter alia
includes construction, operation and maintenance of Yamuna Expressway
and right for land development of 25 million sq.mtrs. along the
Expressway. Keeping this in view, segment information is not provided
since the company has only one segment.
NOTE NO.11
(a) Provision for current taxation of Rs. 83,94,00,000/-(Previous yearRs.
173,70,00,000/- ) towards Minimum Alternative Tax (MAT) as tax payable
under section 115JB of Income Tax Act,1961 has been made. The MAT paid
by the company for the year is allowed to be carried forward for a
period upto next ten years to be adjusted against the normal tax
payable, if any, in those years.
(b) Provision for Deferred Tax Liability aggregating to Rs.
362,12,78,145/-(including Rs. 344,78,21,286/- for earlier years) has been
made arising due to the timing differences on account of depreciation
on fixed assets. However, the provision for deferred tax assets has not
been created as a matter of prudence.
NOTE NO.12
a) All the figures have been rounded off to the nearest rupee.
b) Previous year figures have been reworked/regrouped/rearranged
wherever necessary to conform to those of current year.
Mar 31, 2013
NOTE No. 1.1(a)
The redeemable Non-Convertible Debentures (NCDs) of Rs. 10,00,000/-
each aggregating to Rs. 600 Crores, mentioned at (i) & (ii) above, are
secured by subservient charge on 41 KM land of Yamuna Expressway, Land
for Development admeasuring approx. 1032.7518 acres at Mirzapur, 150
acres at Jaganpur and 151.0063 acres at Tappal, and all the moveable
properties (including all receivables/revenues) relating to the Yamuna
Expressway both present and future and personal guarantee of Shri Manoj
Gaur, Shri Sunil Kumar Sharma and Shri Sameer Gaur.
NOTE No. 1.1(b)
The redeemable Non-Convertible Debentures (NCDs) of Rs.10,00,000/- each
aggregating to Rs. 500 Crores, mentioned at (iii)above, are secured by
exclusive charge on mortgage of land and building admeasuring 9.86
acres of company''s corporate office at Noida, Letter of comfort from
Jaiprakash Associates Limited and personal guarantee of Shri Manoj
Gaur, Shri Sunil Kumar Sharma and Shri Sameer Gaur
NOTE No. 1.2(a)
IDBI Bank has sanctioned a Rupee term loan facility aggregating to Rs.
6,600 Crores (Rs. 4,800 Crores sanctioned/underwritten by IDBI and Rs.
1,800 Crores to be syndicated by IDBI) for refinancing of existing
Rupee Term Loan of the company. Pursuant to said Rupee term loan
facility,IDBI Bank has disbursed a sum of Rs. 3,900 Crores as on
31.03.2013 which has been utilized for refinancing of the existing
rupee term loan (excluding ICICI Bank & IIFCL) of Rs. 3829.09 Crores.
The Rupee Term Loan of ICICI Bank & IIFCL aggregating to Rs. 2712.62
Crores shall be prepaid out of the balance disbursement.
NOTE No. 1.2(b)
The Term Loans from the ICICI Bank and IIFCL pending prepayment are
secured by way of registered mortgage ranking pari passu on (i) about
41 KM land of Yamuna Expressway (ii) Land for Development admeasuring
approximately 1032.7518 acres at Mirzapur, 150 acres at Jaganpur &
151.0063 acres at Tappal (iii) charge on all the moveable properties
(including all receivables/revenues),Intangible Assets relating to the
Yamuna Expressway both present and future, (iv) pledge of 51% shares of
the issued share capital of the Company held by Jaiprakash Associates
Limited (JAL) and (v) personal guarantee of Shri Manoj Gaur.
NOTE No. 1.2(c)
The Term Loan from the IDBI Bank is secured by way of first charge on
(i) mortgage of about 41 KM land of Yamuna Expressway (ii)
hypothecation of all the movables of the company (iii) the company''s
book debts and receivables,(iv) pledge of 51% shares of the issued
share capital of the Company (v) first charge ranking pari-passu on
mortgage on part of Land for Development at Mirzapur,Jaganpur,Agra &
Tappal having a valuation cover of 1.2 times for Rs. 2000 Crores and 2
times for Rs. 4600 Crores and (vi) personal guarantee of Shri Manoj
Gaur.
NOTE No. 2 A
Pursuant to Project Transfer Agreement dated 27th November, 2012,
entered between the Company and Jaypee Healthcare Limited (JHCL) (100%
subsidiary of the company), the company has transferred all assets and
liabilities of Jaypee Medical Center (Hospital) to Jaypee Healthcare
Limited for a consideration of Rs. 175,88,34,400/- which has been
satisfied by issue of 17,58,83,440 Equity Shares of Rs. 10 each at par
by JHCL.
NOTE No. 3
Contingent Liabilities & Commitments (to the extent not provided for):
a) Claim against the Company not acknowledged as debts: Rs. 28,00,000/-
(Previous Year Rs. 4,60,963/-).
b) Outstanding amount of Bank Guarantees: Rs. 2,37,00,000/- (Previous
Year Rs. 23,14,00,000/-).
c) Income Tax (TDS) matters under Appeal are as below:
S.No. Assessment
Year Tax Demand (Rs.) Tax Deposited (Rs.)
i 2008-09 8,78,670 75,000
ii 2009-10 4,93,100 2,50,000
NOTE No. 4
Outstanding Letters of credit : Nil (Previous year - Rs. 7.84 Crores)
Margin Money against the same : Nil (Previous year - Rs. 7.84 Crores)
NOTE No. 5
Estimated amount of contracts, remaining to be executed on capital
account (net of advances) is Rs. 37 Crores. (Previous Year Rs. 39
Crores).
NOTE No. 6
The Company has provided a letter of comfort to ICICI Bank. UK Plc.,
and ICICI Bank, Canada, in respect of financial assistance, equivalent
to USD 50 million each, to Jaiprakash Associates Limited. In the event
of default, if any, in repayment of said facilities the liability of
the lenders of the Company shall have priority.
NOTE No. 7
The Company has mortgaged 106.4935 acres of land situated at Noida in
favour of ;
(i) IDBI Trusteeship Services Ltd. - 40.1735 acres :
(a) for the benefit of Debentureholder(s) of 9000 Secured Redeemable
Non-Convertible Debentures aggregating to Rs. 900 Crores issued by
Jaiprakash Associates Limited (outstanding Rs. 75 Crores).
(b) for the Term Loan of Rs. 850 Crores provided by the Standard
Chartered Bank to Jaiprakash Associates Limited.
Out of the said 40.1735 acres of land, the Company has entered into an
''Agreement to Sell'' dated 15th December, 2009 for 15.1695 acres of
land with Jaiprakash Associates Limited and has received the entire
sale consideration. The Company has requested for substitution of the
mortgagor for the said land, which is under consideration by the bank.
(ii) Axis Trustee Services Limited- 28.12 acres :
for a term loan aggregating to Rs. 600 Crores, sanctioned by Axis Bank
Limited- Rs. 350 Crores, The South Indian Bank Limited -Rs. 100 Crores
and State Bank of Travencore - Rs. 150 Crores to Jaiprakash Associates
Limited for which a ''sub lease deed'' was executed on 15th
December,2009 with Jaiprakash Associates Limited and the entire sales
consideration has been received.
(iii) HDFC Limited - 38.20 acres :
for a term loan of Rs. 450 Crores sanctioned by HDFC Ltd to Jaiprakash
Associates Limited (JAL) for which a ''sub lease deed'' was executed
with Jaypee Hotels Limited (since merged with JAL) on 12th January,
2006 and the entire sales consideration has been received.
NOTE No. 8
The Company has given an Undertaking to ICICI Bank Ltd to exercise the
option to purchase the outstanding amount of the facility of Rs. 250
crores sanctioned by ICICI Bank Ltd to M/s Jaypee Sports International
Ltd(JPSI), a fellow subsidiary Company, by way of Optionally
Convertible Cumulative Redeemable Preference Shares (OCCRPS), after
five years with effect from F.Y 2010-11 or under the circumstances as
stipulated under the terms and conditions of the sanction.
NOTE No. 9
In the opinion of Board of Directors the assets, other than fixed
assets and non-current investments, have a value on realization in the
ordinary course of business at least equal to the amount at which they
are stated in the Balance Sheet.
NOTE No. 10
Incidental Expenditure during Construction Pending Allocation has been
prepared and grouped under capital work in progress as per Note No.
10A.
NOTE No. 11
Unbilled receivables under Note No. 18 -"Other Current Assets"
represents revenue recognized based on Percentage of completion method
over and above the amount due from the customers as per the agreed
payment plans.
NOTE No. 12
(a) Provident Fund - Defined contribution Plan.
All employees are entitled to Provident Fund Benefit as per law.
Amount debited to financial statements is Rs. 86,36,059/- during the
year (Previous Year Rs. 65,96,926/-).
(b) The Liability for Gratuity is provided on the basis of actuarial
valuation made at the end of each financial year. The actuarial
valuation is made on Projected Unit Credit method as per AS-15
(revised). Jaiprakash Associates Limited (JAL) (the holding company)
has constituted a gratuity fund trust under the name Jaiprakash
Associates Employees Gratuity Fund Trust vide Trust Deed dated 30th
March,2009 for JAL and its subsidiaries and appointed SBI Life
Insurance Co. Ltd. for the management of the trust funds for the
benefit of employees. As a subsidiary of JAL, the company is
participating in the trust fund by contributing its liability accrued
upto the close of each financial year to the trust fund.
NOTE No. 13
Related Party Disclosures, as required in terms of ''Accounting
Standard [AS] -18'' are given below: Relationships (Related party
relationships are as identified by the Company and relied upon by the
Auditors)
(a) Holding Company : Jaiprakash Associates Limited (JAL)
(b) Subsidiary Company : Jaypee Healthcare Limited (w.e.f 30.10.2012)
(c) Fellow Subsidiary Companies:
(1) Jaiprakash Power Ventures Limited (JPVL)
(2) Jaypee Powergrid Limited (subsidiary of JPVL)
(3) Himalyan Expressway Limited
(4) Jaypee Agra Vikas Limited
(5) Jaypee Sports International Limited
(6) Jaypee Ganga Infrastructure Corporation Limited
(7) Bhilai Jaypee Cement Limited
(8) Bokaro Jaypee Cement Limited
(9) Gujarat Jaypee Cement & Infrastructure Limited
(10) Jaypee Assam Cement Limited (w.e.f. 30.08.2011)
(11) Himalyaputra Aviation Limited (w.e.f. 23.07.2011)
(12) Jaypee Arunachal Power Limited (subsidiary of JPVL)
(13) Sangam Power Generation Company Limited (subsidiary of JPVL)
(14) Prayagraj Power Generation Company Limited (subsidiary of JPVL)
(15) Jaypee Fertilizers & Industries Limited
(16) Jaypee Meghalaya Power Limited (subsidiary of JPVL)
(17) Jaypee Cement Corporation Limited (JCCL)
(18) Jaypee Cement Cricket (India) Limited
(19) Jaypee Cement Hockey (India) Limited
(20) Jaiprakash Agri Initiatives Company Limited (subsidiary of JCCL)
(d) Associate Companies:
(1) Jaypee Infra Ventures (A Private Company with Unlimited
Liability)(JIV)
(2) Jaypee Development Corporation Limited (JDCL)(subsidiary of JIV)
(3) JIL Information Technology Limited (JILIT)(subsidiary of JIV)
(4) Andhra Cements Limited (subsidiary of JDCL) (w.e.f. 10.02.2012)
(5) Gaur & Nagi Limited (subsidiary of JILIT)
(6) Indesign Enterprises Private Limited (IEPL)(subsidiary of JIV)
(7) Madhya Pradesh Jaypee Minerals Limited
(8) Jaiprakash Kashmir Energy Limited
(9) Sonebhadra Minerals Private Limited
(10) RPJ Minerals Private Limited
(11) Jaypee International Logistics Company Private Limited (subsidiary
of JIV)
(12) Tiger Hills Holiday Resort Private Limited (subsidiary of JDCL)
(13) Sarveshwari Stone Products Private Limited (subsidiary of RPJ
Minerals Private Ltd.)
(14) Rock Solid Cement Limited (subsidiary of RPJ Minerals Private
Limited)
(15) MP Jaypee Coal Limited
(16) MP Jaypee Coal Fields Limited
(17) Anvi Hotels Private Limited (subsidiary of JIV)
(18) Jaypee Uttar Bharat Vikas Private Limited (w.e.f.21.06.2010)
(19) Kanpur Fertilizers & Cement Limited (subsidiary of Jaypee Uttar
Bharat Vikas Private Limited) (w.e.f. 26.09.2010)
(20) Jaypee Hotels Limited (JHL)
(21) Milestone Home Finance Pvt.Ltd. (subsidiary of JHL w.e.f 28.09.12)
(e) Key Managerial Personnel:
(1) Shri Manoj Gaur, Chairman cum Managing Director.
(2) Shri Sameer Gaur, Joint Managing Director
(3) Shri Rakesh Sharma, Managing Director
(4) Shri Sachin Gaur, Whole Time Director & CFO.
(5) Smt. Rekha Dixit, Whole Time Director
NOTE NO.14
The Yamuna Expressway Project is an integrated project which inter alia
includes construction, operation and maintenance of Yamuna Expressway
and right for land development of 25 million sq.mtrs. along the
expressway. Keeping this in view, segment information is not provided
since the company has only one segment.
NOTE No. 15
(a) Provision for current taxation of Rs. 173,70,00,000/-(Previous year
Rs. 319,61,00,000/- ) towards Minimum Alternative Tax (MAT) as tax
payable under section 115JB of Income Tax Act,1961 has been made. The
MAT paid by the company for the year is allowed to be carried forward
for a period upto next ten years to be adjusted against the normal tax
payable, if any, in those years.
(b) Provision for deferred Tax has not been made as deferred tax
liability arising due to the timing differences during the tax holiday
period is less than the deferred tax assets as per estimation done by
the company. However the provision for deferred tax assets has not been
created as a matter of prudence.
NOTE No. 16
a) All the figures have been rounded off to the nearest rupee.
b) Previous year figures have been reworked/regrouped/rearranged
wherever necessary to conform to those of current year.
Mar 31, 2012
Basis of accounting
The financial statements are prepared under historical cost convention,
on accrual basis, on the principles of going concern, in accordance
with the generally accepted accounting principles, the relevant
accounting standards and the relevant guidance notes issued by the
Institute of Chartered Accountants of India (ICAI) and the applicable
provisions of the Companies Act, 1956.
Revenue Recognition
Under the terms of the Concession Agreement with Yamuna Expressway
Industrial Development Authority (YEA), the Company has undertaken the
work of development, operation and maintenance of the six à lane access
controlled expressway along with service road and associated structures
etc. between Noida and Agra and the revenues are derived there from at
present mainly by way of transfer of constructed properties & transfer
of developed and undeveloped land allotted under the said Concession
Agreement along the proposed expressway. These revenues are recognised
as under:
Revenue from real estate development of constructed properties is
recognised on the "percentage of completion method". Total sale
consideration as per the legally enforceable agreements to sell entered
into is recognised as revenue based on the percentage of actual project
costs incurred to total estimated project cost, subject to such actual
cost incurred being 30 percent or more of the total estimated project
cost. Project cost includes cost of land, estimated cost of
construction and development of such properties. The estimates of the
saleable area and costs are reviewed periodically and effect of any
change in such estimates is recognised in the period such change is
determined. Where aggregate of the payment received from customers
provide insufficient evidence of their commitment to make the complete
payment, revenue is recognised only to the extent of payment received.
Revenue from sale/sub-lease of undeveloped land is recognised when full
consideration is received against agreement to sell / sub- lease; all
significant risks and rewards are transferred to the customer and
possession is handed over.
Revenue from sale/sub-lease of developed land/plot is recognised based
on the "percentage of completion method" when a firm agreement has been
entered into and 30 percent or more of the consideration is received
and where no significant uncertainty exists regarding the amount of the
consideration that will be derived from such sales and it is not
unreasonable to expect ultimate collection, and all significant risks
and rewards are transferred to the customer.
Use of Estimates
The preparation of financial statements in conformity with generally
accepted accounting principles requires estimates and assumptions to be
made that affect the reported amounts of assets and liabilities on the
date of the financial statements and reported amount of revenues and
expenses during the reporting period. Differences between actual
results and estimates are recognised in the period in which the results
are known/materialise.
Fixed Assets
Fixed Assets are stated at cost of acquisition or construction
inclusive of freight, erection & commissioning charges, duties and
taxes and other incidental expenses related thereto.
Capital Work in Progress
Capital work-in-progress represents capital expenditure incurred in
respect of Yamuna Expressway Project and is carried at cost. Cost
includes land, related acquisition expenses, construction costs,
borrowing costs capitalized and other direct expenditure.
Depreciation
Depreciation on Fixed Assets is provided on Straight Line Method as per
the classification and in the manner specified in Schedule XIV to the
Companies Act, 1956.
Employee Benefits.
Employee Benefits are provided in the books as per AS-15 (revised) in
the following manner:
(i) Provident Fund and Pension contributionÃas a percentage of
salary/wages is a Defined Contribution Scheme.
(ii) Gratuity and Leave Encashment is a defined benefit obligation.
The liability is provided for on the basis of actuarial valuation made
at the end of each financial year. The actuarial valuation is made on
Projected Unit Credit method.
Inventories
Inventories are valued as under:
i) Stores & Spares : At Weighted Average Cost.
ii) Project under Development : As under
The stock of land and plot is valued at cost (average cost) or as
revalued on conversion to stock-in-trade, as applicable. Cost shall
include acquisition cost of land, internal development cost and
external development charges, construction cost, material costs, cost
of services etc.
Foreign Currency Transactions:
i) Monetary assets and liabilities related to foreign currency
transactions and outstanding at the close of the year are expressed in
Indian Rupees at the rate of exchange prevailing on the date of Balance
Sheet.
ii) Transactions in foreign currency are recorded in the books of
accounts in Indian Rupees at the rate of exchange prevailing on the
date of transaction.
Lease Rentals:
i) Operating Leases: Rentals are expensed with reference to lease
ii) Finance Leases: The lower of the fair value of the assets or
present value of the minimum lease rentals is capitalised as fixed
assets with corresponding amount shown as lease liability. The
principal component in the lease rental is adjusted against the lease
liability and the interest component is charged to Statement of Profit
& Loss.
Miscellaneous Expenditure
Preliminary Expenses are written off in the year in which it is
incurred, in terms of Accounting Standard (AS Ã 26).
Expenditure during Construction Period
Expenditure incurred on the project during construction is capitalized
to project asset(s) on commissioning.
Earnings Per Share
Basic Earnings Per Equity Share is computed by dividing the net profit
or loss after tax by the weighted average number of Equity Shares
outstanding during the year. Diluted earnings per equity share is
computed by dividing adjusted net profit after tax by the aggregate of
weighted average number of equity shares and dilutive potential equity
shares outstanding during the year.
Borrowing Costs
Borrowing costs that are attributable to the acquisition or
construction of qualifying assets are capitalized as part of the cost
of such assets. A qualifying asset is one that takes substantial
period of time to get ready for intended use or sale. All other
borrowing costs are charged to revenue.
Taxes on Income
Provision for current tax is being made after taking into consideration
benefits admissible to the company under the provisions of the Income
Tax Act, 1961.
Deferred Tax Assets and Deferred Tax Liability are computed by applying
tax rates and tax laws that have been enacted or substantively enacted
by the Balance Sheet Date.
Impairment of Assets
Management periodically assesses using external and internal sources
whether there is an indication that assets may be impaired. Impairment
occurs where the carrying value exceeds the present value of future
cash flows expected to arise from the continuing use of the assets and
its eventual disposal. The impairment loss to be expensed is determined
as the excess of the carrying amount over the higher of the asset's net
sale prices or present value as determined above.
Provisions, Contingent Liabilities and contingent Assets
Provisions involving substantial degree of estimation in measurement
are recognised when there is a present obligation as a result of past
events and it is probable that there will be an outflow of resources.
Contingent Liabilities are not recognised but are disclosed in the
notes. Contingent assets are neither recognised nor disclosed in the
financial statements.
Mar 31, 2011
1) Contingent Liabilities not provided for in respect of:
a) Outstanding amount of Bank Guarantees: Rs.23,14,00,000/- (Previous
Year Rs.2,42,00,000/- ).
b) Claim against the Company not acknowledged as debts:
Rs.83,967/-(Previous year Nil ).
c) Income Tax (TDS) liability that may arise in respect of matters in
appeals Rs.13,71,770/- (Amount deposited under protest Rs.3,25,000/-)
[Previous year 6,43,810/-(Amount deposited under protest
Rs.3,25,000/-)].
2) Estimated amount of contracts, remaining to be executed on capital
account (net of advances) is 1009 Crores. (Previous Year Rs.2612
Crores)
3) The Company has provided a letter of comfort to ICICI Bank. UK Plc.,
and ICICI Bank, Canada, in respect of financial assistance, equivalent
to USD 50 million each, to Jaiprakash Associates Limited. In the event
of default, if any, in repayment of said facilities the liability of
the lenders of the Company shall have priority.
4) a) The Company has mortgaged 40 acres of land situated at Noida in
favour of IDBI Trusteeship Securities Limited for the benefit of
debenture holder(s) of 9000 Secured Redeemable Non - Convertible
Debentures aggregating to Rs. 900 Crores issued by Jaiprakash
Associates Limited.
b) Out of the said 40 acres of land, the Company has entered into an
'Agreement to Sell' dated 15th December, 2009 for 15 acres of land with
Jaiprakash Associates Limited. The Company has requested for
substitution of mortgage for the said land, which is under
consideration by the bank.
5) The Company has given an Undertaking to ICICI Bank Ltd to exercise
the option to purchase the outstanding amount of the facility of Rs.
250 crores sanctioned by ICICI Bank Ltd to M/s Jaypee Sports
International Ltd(JPSI), a fellow subsidiary Company, by way of
Optionally Convertible Cumulative Redeemable Preference Shares
(OCCRPS), after five years or under the circumstances as stipulated
under the terms and conditions of the sanction.
6) a) The Term Loan from the lenders is secured by way of registered
mortgage ranking pari passu on (i) about 41 KM land for constructing
the Yamuna Expressway (ii) Land for Development admeasuring
approximately 1032.7518 acres at Mirzapur and 150 acres each at Dankaur
& Tappal (iii) charge on all the moveable properties (including all
receivables/ revenues) relating to the Yamuna Expressway both present
and future, (iv) pledge of 51% shares of the issued share capital of
the Company held by Jaiprakash Associates Limited (JAL) and (v)
personal guarantee of Shri Manoj Gaur, Chairman cum Managing Director.
b) 2% redeemable Non-Convertible Debentures (NCDs) of Rs.10,00,000/-
each aggregating to Rs.1000 Crores are secured by subservient charge on
41 KM land for constructing the Yamuna Expressway, Land for Development
admeasuring approx. 1032.7518 acres at Mirzapur and 150 acres each at
Dankaur and Tappal, and all the moveable properties (including all
receivables/ revenues) relating to the Yamuna Expressway both present
and future, Corporate guarantee of Jaiprakash Associates Limited and
personal guarantee of the Directors namely Shri Manoj Gaur, Shri Sunil
Kumar Sharma and Shri Sameer Gaur, and are redeemable during 2012-14 in
five equal installments along with redemption premium at the rate of
approximately 10.50% p.a.
7) The Company has repaid during the year the Secured Redeemable Non
Convertible Debentures of Rs. 500 Crores subscribed by Axis Bank Ltd on
interest reset date i.e.27th May 2010. The Company has also prepaid Rs.
700 crores to ICICI Bank Ltd against their outstanding out of the loan
of Rs. 3700 Crores as sanctioned by the consortium of Banks in January,
2010.
8) The Company had raised Rs.1,650 Crores from capital market through
Initial Public Offer in May, 2010. Jaiprakash Associates Limited (JAL),
the holding company had also simultaneously made an offer for sale of
6,00,00,000 Equity Shares of the Company held by it. The Company had
issued 16,29,33,497 Equity Shares of Rs.10/- each subsequently. The
utilization of proceeds of Initial Public Offer is in accordance with
the prospectus.
9) In the opinion of Board of Directors, the "Current Assets, Loans and
Advances" have a value on realization in the ordinary course of
business, at least equal to the amount at which they are stated in the
Balance Sheet.
10) Incidental Expenditure During Construction Pending Allocation in
Schedule "F" has been prepared giving the necessary disclosures as
required under Part II of Schedule VI to the Companies Act, 1956.
11) Capital Work à In - Progress includes Cost of Land, Civil Works,
Advance to Contractors and others including advance of
Rs.497,18,92,862/- to Jaiprakash Associates Limited (Previous year
Rs.928,25,48,030/-) Maximum balance outstanding during the year Ã
Rs.928,25,48,030/-).
12) Interest received Rs.75,75,63,278/- (TDS of Rs.7,98,60,909/-)
[Previous year Rs.9,58,14,777/- (TDS Rs.1,12,14,463/-)] on temporary
placement of funds in fixed deposit with banks, has been adjusted
against interest expense shown in Schedule 'F' and Schedule 'P' as per
AS-16.
13) (a) Provident Fund - Defined contribution Plan All employees are
entitled to Provident Fund Benefit as per law. Amount debited to
financial statements is Rs.56,63,732/- during the year (Previous year
Rs.44,64,575/-).
b) The Liability for Gratuity is provided on the basis of actuarial
valuation made at the end of each financial year. The actuarial
valuation is made on Projected Unit Credit method as per AS 15
(revised). Jaiprakash Associates Limited (JAL) (the holding company)
has constituted a gratuity fund trust under the name Jaiprakash
Associates Employees Gratuity Fund Trust vide Trust Deed dated 30th
March,2009 for JAL and its subsidiaries and appointed SBI Life
Insurance Co. Ltd. for the management of the trust funds for the
benefit of employees. As a subsidiary of JAL, the company is
participating in the trust fund by contributing its liability accrued
upto the close of each financial year to the trust fund.
Actuarial Assumptions
(i) Discount Rate 8%
(ii) Mortality LIC (1994-96)
(iii) Turnover Rate Up to 30 years - 4%, 31-44years - 4%,
Above 44 years -4%
(iv) Future Salary Increase 8.00%
17) Related Party Disclosures, as required in terms of 'Accounting
Standard [AS] - '18' are given below:
Relationships (Related party relationships are as identified by the
Company and relied upon by the Auditors)
(a) Holding Company: Jaiprakash Associates Limited (JAL)
(b) Fellow Subsidiary Companies:
(1) Jaiprakash Power Ventures Limited
(2) Jaypee Powergrid Limited (Subsidiary of Jaiprakash Power Ventures
Limited)
(3) Sangam Power Generation Company Limited (Subsidiary of Jaiprakash
Power Ventures Limited)
(4) Prayagraj Power Generation Company Limited (Subsidiary of
Jaiprakash Power Ventures Limited)
(5) Jaypee Arunachal Power Limited (Subsidiary of Jaiprakash Power
Ventures Limited)
(6) Jaypee Meghalaya Power Limited (Subsidiary of Jaiprakash Power
Ventures Limited)
(7) Bina Power Supply Limited (Subsidiary of Jaiprakash Power Ventures
Limited)
(8) Jaypee Karcham Hydro Corporation Limited (Subsidiary of Jaiprakash
Power Ventures Limited)
(9) Jaypee Ganga Infrastructure Corporation Limited
(10) Himalyan Expressway Limited
(11) Jaypee Sports International Limited
(12) Jaypee Cement Corporation Limited (wef 22.02.2011)
(13) Bhilai Jaypee Cement Limited
(14) Bokaro Jaypee Cement Limited
(15) Gujarat Jaypee Cement & Infrastructure Limited
(16) Jaypee Agra Vikas Limited
(17) Jaypee Fertilizers & Industries Limited (w.e.f.03.06.2010)
(c) Associate Companies/Concerns :
(1) Jaypee Ventures Private Limited
(2) Jaypee Development Corporation Limited (subsidiary of Jaypee
Ventures Private Limited)
(3) JIL Information Technology Limited (subsidiary of Jaypee Ventures
Private Limited)
(4) Gaur & Nagi Limited (subsidiary of JIL Information Technology
Limited)
(5) Indesign Enterprises Pvt. Limited (subsidiary of Jaypee Ventures
Private Limited)
(6) Indus Hotels UK Limited (Subsidiary of Indesign Enterprises Pvt.
Limited)
(7) GM Global Mineral Mining Private Limited (Subsidiary of Indesign
Enterprises Pvt. Limited) (wef 16.07.2010)
(8) Ibonshourne Limited (Subsidiary of Indesign Enterprises Pvt.
Limited) (wef 13.10.2010)
(9) Jaiprakash Agri Initiatives Company Limited (subsidiary of Jaypee
Ventures Private Limited)
(10) Jaypee International Logistics Company Private Limited (subsidiary
of Jaypee Ventures Private Limited)
(11) Tiger Hills Holiday Resort Private Limited (subsidiary of Jaypee
Development Corporation Limited)
(12) Anvi Hotels Private Limited (subsidiary of Jaypee Ventures Private
Limited)
(13) Jaypee Uttar Bharat Vikas Pvt. Limited (wef 21.06.2010)
(14) Kanpur Fertilisers and Cement Limited (Subsidiary of Jaypee Uttar
Bharat Vikas Pvt. Limited) (wef 26.09.2010)
(15) RPJ Minerals Private Limited
(16) Sarveshwari Stone Products Pvt. Ltd. (subsidiary of RPJ Minerals
Private Limited)
(17) Rock Solid Cement Limited (subsidiary of RPJ Minerals Private
Limited)
(18) Sonebhadra Minerals Private Limited
(19) MP Jaypee Coal Limited
(20) Madhya Pradesh Jaypee Minerals Limited
(21) MP Jaypee Coal Fields Limited
(22) Jaiprakash Kashmir Energy Limited
(23) Jaypee Infra Ventures (A Private Company with unlimited liability)
(24) Ceekay Estates Private Limited.
(25) Jaiprakash Exports Private Limited.
(26) Bhumi Estate Developers Private Limited.
(27) Jaypee Technical Consultants Private Limited.
Following Associate Companies have since merged with Jaypee Ventures
Private Limited during the year ended 31.03.2011:
(28) Pee Gee Estates Private Limited
(29) Vinamra Housing & Constructions Private Limited
(30) Vasujai Estates Private Limited
(31) Samsun Estates Private Limited
(32) Sunvin Estates Private Limited
(33) Manumanik Estates Private Limited
(34) Arman Estate Private Limited
(35) Suneha Estates Private Limited
(d) Key Managerial Personnel (KMP):
(1) Shri Manoj Gaur, Chairman cum Managing Director.
(2) Shri Sameer Gaur, Joint Managing Director.
(3) Shri O.P.Arya, Managing Director Ãcum- Chief Executive Officer
(upto 20.12.2010).
(4) Shri Sachin Gaur, Whole-time Director & CFO.
(5) Smt. Rita Dixit, Whole-time Director.
(6) Smt. Rekha Dixit, Whole-time Director (w.e.f. 01.06.2010).
(7) Shri Har Prasad, Whole-time Director.
(8) Shri Anand Bordia, Whole-time Director & C.F.O.(up to 31.01.2011).
(9) Shri S.K.Dodeja, Whole-time Director (up to 21.09.2010).
1 Details of guarantees for loans/NCDs taken by Jaiprakash Associates
Ltd, holding company and Jaypee Sports International Limited, fellow
subsidiary company from banks/ financial institutions are stated
elsewhere in the Notes
2 Previous year figures are given in brackets
18) The Yamuna Expressway Project is an integrated project which
interalia include construction, operation and maintenance of Yamuna
Expressway and right for land development of 25 million sq.mtrs.
alongwith the proposed expressway. Keeping this in view, segment
information is not provided since the company has only one segment.
19) (a) Provision for current taxation of Rs.368,34,00,000/-(Previous
Year Rs.99,86,00,000/-) towards Minimum Alternative Tax (MAT) as Tax
Payable under section 115JB of Income Tax Act,1961 has been made. The
MAT paid by the company for the year is allowed to be carried forward
for a period upto next ten years to be adjusted against the normal tax
payable, if any, in those years.
The above said provision includes wealth tax of Rs.3,39,000/- (Previous
year Rs.3,35,000/-).
b) Provision for deferred Tax has not been made as deferred tax
liability arising due to the timing differences during the tax holiday
period is less than the deferred tax assets. However the provision for
deferred tax assets has not been created as a matter of prudence.
21) All the figures have been rounded off to the nearest
22) Previous year figures have been reworked/regrouped/rearranged
wherever necessary to conform to current year classification.
Mar 31, 2010
1) Contingent Liabilities not provided for in respect of:
a) Outstanding amount of Bank Guarantees: Rs.2,42,00,000/- (Previous
year Rs.2,42,00,000/-).
b) Income Tax (TDS) matters under appeal in respect of A.Y. 2008-09
Rs.1,50,710/- & A.Y. 2009-10 Rs.4,93,100/-. Amount deposited under
protest in respect of A.Y. 2008-09 Rs.75,000/- & A.Y. 2009-10
Rs.2,50,000/- (Previous year nil).
2) Estimated amount of contracts remaining to be executed on capital
account (net of advances) is Rs.2612 Crores. (Previous year Rs.4605
Crores)
3) As per the Accounting Policy stated above, the real estate sales
from developed plots has been recognised as revenue. The revenue from
sale of 149.30 lacs sq. ft. area of built up properties under
development aggregating to Gross Value of Sales of Rs.4607.22 Crore
(Advance Collected Rs.1146.36 Crores (including Rs.9.44 Crore received
in Foreign Exchange) has not been recognised as revenue during the year
as the actual expenditure incurred thereon to total estimated project
cost is less than the threshold limit of 30%.
4) Term Loan of Rs.5,221 Crore (Previous Year Rs.1,675 Cores) disbursed
by the lenders is secured by way of registered mortgage on land for
constructing the Yamuna Expressway and Land for Development admeasuring
approx. 889 acres (439 acres at Noida and 150 acres each at Dankaur,
Mirzapur and Tappal) and a charge on all the moveable Properties
(including all receivables/revenues) relating to the Yamuna Expressway
both present and future and pledge of 51% shares of issued share
capital of the Company held by Jaiprakash Associates Limited, the
holding company and personal guarantee of Shri Manoj Gaur, Chairman.
5) The Company has issued 5000, 10% Secured Redeemable Non-Convertible
Debentures (NCDs) of Rs.10,00,000/- each aggregating to Rs.500 Crore
secured by way of registered mortgage on land for constructing the
Yamuna Expressway and Land for Development admeasuring approx. 889
acres (439 acres at Noida and 150 acres each at Dankaur, Mirzapur and
Tappal) acquired for real estate development and a charge on all the
moveable Properties (including all receivables/revenues) relating to
the Yamuna Expressway both present and future and pledge of 51% shares
of issued share capital of the Company held by Jaiprakash Associates
Limited, Corporate guarantee of Jaiprakash Associates Limited and
personal guarantee of Shri Manoj Gaur, Chairman.
The Company has served a notice dated 12th April 2010 on Axis Bank Ltd.
for prepayment of Secured Redeemable Non Convertible Debentures (SRNCD)
of Rs.500 Crores on the forthcoming interest reset date i.e. 27th May
2010.
6) a) The Company has mortgaged 50 acres of land situated at Noida in
favour of Standard Chartered Bank as security for the term loan
facility of Rs.600 Crore sanctioned by the bank to Jaiprakash
Associates Limited.
b) The Company has provided a letter of comfort to ICICI Bank. UK Plc.,
and ICICI Bank, Canada, in respect of financial assistance equivalent
to USD 50 million each to Jaiprakash Associates Limited. In the event
of default, if any, in repayment of said facilities the liability of
the lenders of the Company shall have priority.
7) a) The Company has mortgaged 40 acres of land situated at Noida in
favour of IDBI Trusteeship Securities Limited for the benefit of
debenture holder(s) of 9000 Secured Redeemable Non-Convertible
Debentures aggregating to Rs.900 Crore issued by Jaiprakash Associates
Limited.
b) Out of the said 40 acres of land, the Company has entered into an
ÃAgreement to Sell dated 15th December, 2009 for 15 acres of land with
Jaiprakash Associates Limited. The Company has requested for
substitution of mortgage for the said land, which is under
consideration by the bank.
8) The Company has raised Rs.1,650 Crore from capital market through
Initial Public Offer in May, 2010. Jaiprakash Associates Limited (JAL),
the holding company has also made an offer for sale of 6,00,00,000
Equity Shares of the company held by it. The Company had issued
16,29,33,497 Equity Shares of Rs.10/- each subsequently.
9) Share Issue Expenses have been grouped under "Miscellaneous
Expenditure" and the total expenses, except the listing fee, shall be
shared between the Company and the Selling Shareholder (JAL) in
proportion to the number of Equity Shares sold to the public as part of
the Fresh Issue or the Offer for Sale, as the case may be.
10) In the opinion of Board of Directors, the "Current Assets, Loans
and Advances" have a value on realization in the ordinary course of
business, at least equal to the amount at which they are stated in the
Balance Sheet.
11) Incidental Expenditure during construction pending allocation in
Schedule "E" has been prepared giving the necessary disclosures as
required under Part II of Schedule VI to the Companies Act, 1956.
12) Capital Work-in-Progress includes Cost of Land, Civil Works,
Advance to Contractors and others including advance of
Rs.928,25,48,030/- to Jaiprakash Associates Limited (Previous year
Rs.817,43,58,741/-) (Maximum balance outstanding during the
year-Rs.928,25,48,030/-) and of Rs.96,00,000/- to Jaypee Ventures
Private Limited (Previous year Rs.1,31,84,000/-) (Maximum balance
outstanding during the year-Rs.1,31,84,000/-).
13) Interest received Rs.9,58,14,777/- (Previous year
Rs.16,20,21,860/-) on temporary placement of funds in fixed deposit
with banks, has been adjusted against interest expense as per AS-16.
14) Current liabilities include book overdraft Rs.2,23,00,477/-
(Previous year Rs.147,89,33,045/-).
15) (a) Provident Fund-Defined Contribution Plan
All employees are entitled to Provident Fund Benefit as per law. Amount
debited to financial statements is Rs.44,64,575/- during the year
(Previous year Rs.20, 39,907/-).
(b) The Liability for Gratuity is provided on the basis of actuarial
valuation made at the end of each financial year. The actuarial
valuation is made on Projected Unit Credit Method as per AS-15
(revised). Jaiprakash Associates Limited (JAL) (the holding company)
has constituted a Gratuity Fund Trust under the name Jaiprakash
Associates Employees Gratuity Fund Trust vide Trust Deed dated 30th
March, 2009 for JAL and its subsidiaries and appointed SBI Life
Insurance Co. Ltd. for the management of the trust funds for the
benefit of employees. As a subsidiary of JAL, the company is
participating in the trust fund by contributing its liability accrued
upto the close of each financial year to the trust fund.
16) Managerial remuneration paid to Whole Time Directors (excluding
provision for gratuity and leave encashment on retirement) shown in
Profit & Loss Account and Statement of Incidental Expenditure.
17) Other additional information pursuant to provisions of paragraphs 3
and 4 of PartÃII of Schedule-VI to the Companies Act, 1956.
Earnings in Foreign Exchange-Refer note no. 3
18) Disclosure as required under Notification No. G.S.R. 719 (E) dated
16th November, 2007 issued by the Department of Company Affairs (As
certified by the Management)
19) Related Party Disclosures, as required in terms of Accounting
Standard [AS]-18 are given below:
Relationships:
(a) Holding Company: Jaiprakash Associates Limited (JAL)
(b) Fellow Subsidiary Companies:
(1) Jaiprakash Power Ventures Limited
(2) Jaypee Karcham Hydro Corporation Limited
(3) Jaypee Powergrid Limited (Joint Venture & Subsidiary of Jaiprakash
Power Ventures Limited)
(4) Himalyan Expressway Limited
(5) Jaypee Ganga Infrastructure Corporation Limited
(6) JPSK Sports Private Limited
(7) Madhya Pradesh Jaypee Minerals Limited (Joint Venture with JAL).
(8) Bhilai Jaypee Cement Limited (Joint Venture with JAL)
(9) Bokaro Jaypee Cement Limited (Joint Venture)
(10) Gujarat Jaypee Cement Infrastructure Limited (Joint Venture with
JAL).
(11) Bina Power Supply Company Limited (Subsidiary of Jaiprakash Power
Venture Limited)
(12) Jaypee Arunachal Power Limited (Joint Venture & Subsidiary of
Jaiprakash Power Venture Limited)
(13) Sangam Power Generation Company Limited. (Subsidiary of
Jaiprakash Power Ventures Limited w.e.f. 23.07.09)
(14) Prayagraj Power Generation Company Limited. (Subsidiary of
Jaiprakash Power Ventures Limited w.e.f. 23.07.09)
(15) Jaypee Agra Vikas Limited. (w.e.f. 16.11.09)
(c) Associate Company:
(1) Jaypee Ventures (P) Limited
(2) Jaypee Development Corporation Limited (Subsidiary of Jaypee
Ventures (P) Limited).
(3) JIL Information Technology Limited (Subsidiary of Jaypee Ventures
(P) Ltd.),
(4) Gaur & Nagi Limited. (Subsidiary of JIL Information Technology
Limited).
(5) Jaiprakash Kashmir Energy Limited
(6) Indesign Enterprises Pvt. Limited (Subsidiary of Jaypee Ventures
(P) Ltd.),
(7) Sonebhadra Minerals Pvt. Limited
(8) RPJ Minerals Pvt. Limited
(9) Jaypee Petroleum Private Limited (Subsidiary of Jaypee Ventures (P)
Limited).
(10) Jaypee Hydro-Carbons Private Limited (Subsidiary of Jaypee
Ventures (P) Limited)
(11) Anvi Hotels Private Limited (Subsidiary of Jaypee Ventures (P)
Limited w.e.f. 01.05.2009)
(12) M.P. Jaypee Coal Limited.
(13) Sarveshwari Stone Products Pvt. Ltd. (Subsidiary of RPJ Minerals
Pvt. Ltd. w.e.f. 23.10.2009)
(14) Tiger Hills Holiday Resorts Pvt. Ltd. (Subsidiary of Jaypee
Development Corporation Ltd.w.e.f. 27.10.2009)
(15) Vasujai Estates Private Limited (Subsidiary of Jaypee Ventures (P)
Limited w.e.f. 27.02.2010)
(16) Samsun Estates Private Limited (Subsidiary of Jaypee Ventures (P)
Limited w.e.f. 27.02.2010)
(17) Sunvin Estates Private Limited (Subsidiary of Jaypee Ventures (P)
Limited w.e.f. 27.02.2010)
(18) Manumanik Estates Private Limited (Subsidiary of Jaypee Ventures
(P) Limited w.e.f. 27.02.2010)
(19) Arman Estates Private Limited (Subsidiary of Jaypee Ventures (P)
Limited w.e.f. 27.02.2010)
(20) Suneha Estates Private Limited (Subsidiary of Jaypee Ventures (P)
Limited w.e.f. 27.02.2010)
(21) Pee Gee Estates Private Limited (Subsidiary of Jaypee Ventures (P)
Limited w.e.f. 27.02.2010)
(22) Vinamra Housing & Constructions Private Limited (Subsidiary of
Jaypee Ventures (P) Limited w.e.f. 27.02.2010)
(23) Rock Solid Cement Limited (Subsidiary of RPJ Minerals Pvt.
Limited)
(24) M.P. Jaypee Coal Fields Limited w.e.f. 04.01.2010.
(d) Key Management Personnel:
(1) Shri Manoj Gaur, Chairman
(2) Shri Sunil Kumar Sharma, Vice Chairman
(3) Shri Sameer Gaur, Director- in -Charge
(4) Shri O.P. Arya, Managing Director-cum-Chief Executive Officer
(5) Shri Sachin Gaur, Whole Time Director
(6) Smt. Rita Dixit, Whole Time Director
(7) Shri Har Prasad, Whole Time Director
(8) Shri Anand Bordia, Whole Time Director & C.F.O.
(9) Shri S.K.Dodeja, Whole Time Director
(20) The Yamuna Expressway Project is an integrated project which
interalia include construction, operation and maintenance of Yamuna
Expressway and right for land development of 25 million sq.mtrs.
alongwith the proposed expressway. Keeping this in view, segment
information is not provided since the company has only one segment.
(21) (a) Provision for taxation of Rs 99,86,00,000/- towards Minimum
Alternative Tax (MAT) as Tax Payable under section 115JB of Income Tax
Act,1961 has been made. The MAT paid by the company for the year is
allowed to be carried forward for a period upto next ten years to be
adjusted against the normal tax payable, if any, in those years. The
above said provision includes wealth tax of Rs.3,35,000/- (Previous
year Rs.7,25,000/-).
(b) Provision for Deferred Tax has not been made as Deferred Tax
Liability arising due to the timing differences during the tax holiday
period is less than the Deferred Tax Assets. However the provision for
Deferred Tax Assets has not been created as a matter of prudence.
(23) All the figures have been rounded off to the nearest rupee.
(24) Previous year figures have been reworked/regrouped/rearranged
wherever necessary to conform to current year classification