GIRISH MURTHY & KUMAR€¦ · GIRISH MURTHY & KUMAR Chartered Accountants 4502, High Point IV, 45,...

GIRISH

MURTHY & KUMAR

Chartered Accountants

4502, High Point IV, 45, Palace Road, Bangalore – 560 001. Ph : 223 81 473 / 305 20 511

AUDITORS' REPORT

TO THE MEMBERS OF GMR ENERGY TRADING LIMITED

We have audited the attached Balance Sheet of GMR ENERGY TRADING LIMITED as on 31st March

2010 and the Profit and loss account and Cash Flow Statement, annexed thereto for the year ended on that

date. These financial statements are the responsibility of the Company's management. Our responsibility is

to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in India. Those

Standards require that we plan and perform the audit to obtain reasonable assurance about whether the

financial statements are free of material misstatement. An audit includes examining, on a test basis,

evidence supporting the amounts and disclosures in the financial statements. An audit also includes

assessing the accounting principles used and significant estimates made by management, as well as

evaluating the overall financial statement presentation. We believe that our audit provides a reasonable

basis for our opinion.

Further, we report that,

1. We have obtained all the information and explanations which to the best of Our Knowledge and belief, were necessary for the purpose of our audit.

2. In our opinion, proper books of account, as required by law have been kept by the company, so for as appears from our examination of the books.

3. The said Balance Sheet, the Profit and Loss Account and the Cash Flow Statement are in agreement with books of account.

4. In our opinion, the Balance Sheet, the Profit and Loss Account and the Cash Flow Statement complies with the mandatory Accounting Standards referred in Section 211 (3C) of the Companies Act, 1956,

and

5. On the basis of written representations received from the directors as at 31st March 2010 and taken on record by the board of directors, we report that none of the directors is disqualified as on 31st March

2010 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the

companies act,1956.

GIRISH

MURTHY & KUMAR



In our opinion, and to the best of our information and according to the explanations given to us, the said

accounts, together with and subject to notes annexed thereto, give the information required, and give a

true and fair view:

a. In the case of Balance Sheet of the state of affairs of the company as at 31st March 2010;

b. In the case of Profit and Loss Account, of the Profit for year ended on that date; and

c. In case of the Cash Flow Statement, of the cash flows for the year ended on that date.

PLACE : BANGALORE FOR GIRISH MURTHY & KUMAR

Chartered Accountant DATED : 20

th May, 2010

(A.V SATISH KUMAR)

Partner.

M. No. 26526

GIRISH

MURTHY & KUMAR



ANNEXURE TO AUDITORS’ REPORT

As required by the Companies (Auditors report) order, 2003 issued by the company law board, and on

the basis of such checks as considered appropriate and according to the information and explanations

given to us during the course of our audit, we report that: -

i) (a) The Company is maintaining proper records showing full particulars including quantitative details and situation of fixed assets.

(b) The fixed assets are physically verified by the management according to a phased programme

designed to cover all the items over a period of three years, which in our opinion, is reasonable

having regard to the size of the company and the nature of its assets. Pursuant to the programme, a

portion of the fixed assets has been physically verified by the management during the year and no

material discrepancies between the book records and the physical inventory have been noticed.

(c) In our opinion and according to the information and explanations given to us, a substantial part of

fixed assets has not been disposed of by the Company during the year.

ii) Since the company is doing Power Trading business, stocks of finished goods, stores, spare parts and raw materials during/ at the end of the year are not applicable.

iii) The company has not taken loans from companies or other parties listed in the register maintained under section 301 of the Companies Act, 1956 and/or from the companies under the same management as

defined under section 370 (I-B) of the companies act, 1956.

iv) The company has not granted any loans, secured or unsecured to the companies, firms or other parties listed in the register maintained under section 301 of the companies act 1956, and/or to the companies

under the same management as defined under section 370 (I-B) of the companies act, 1956.

v) In our opinion, for the purchase of inventory, fixed assets & electrical energy, there is an adequate internal control procedure commensurate with the size of the company and the nature of its business.

Further we have not noticed any evidence of persisting failures to correct major weakness in internal

control.

vi) In our opinion and according to the information and explanation given to us, the particulars of contracts or arrangements referred to in section 301 of the Act have been entered in the register required to be

maintained under that section. Further as per the information and explanation given to us, the

transactions made in pursuance of such contracts or arrangements and exceeding the value of Rupees

five Lakhs in respect of any party during the year have been made at prices which are reasonable having

regard to the prevailing market prices at the relevant time.

vii) The company has not accepted deposits from the public during the year to which the provisions of section 58A and 58AA of the companies Act, 1956 and the rules framed there under are applicable.

GIRISH

MURTHY & KUMAR



viii) In our opinion, the company's present Internal Audit system is commensurate with the size and nature of its business.

ix) The central government has not prescribed the maintenance of cost records by the companies under section 209(i)(d) of the companies act, 1956.

x) The Company is regular in payment of, income tax, wealth tax & Provident Fund and Employees State Insurance Scheme, We are informed by the company that the Investor education and

protection fund, sales tax, excise, customs and cess are not applicable to the Company.

xi) There are no undisputed amounts payable in respect of income tax, wealth tax, and Provident fund as at 31st march 2008, which are outstanding for a period of more the than six months from the

date they become payable.

xii) The company has not granted any loans/advances on the basis of security by way of shares, debenture etc. As such no records and documents have been maintained.

xiii) The accumulated losses of the Company as at March 31, 2010 are Less than fifty percent of its networth. The Company has also incurred cash losses in the financial year ended March 31, 2010.

xiv) In our opinion, the Company is not a dealer or trader in shares, securities, debentures and other investments.

xv) We have been informed by the company that it has not given any guarantee for any loans taken by the others from banks and financial institutions.

xvi) In our opinion, and on the basis of our examination and according to the information and explanations given to us, on an overall examination of the balance sheet of the Company, we

report that during the year, prima facie, the Company has not used funds raised on short- term

basis for long-term investment. .

xvii) No Preferential allotment of shares is made by the company to parties and companies covered in the registers maintained under section 301 of the act.

xviii) The company has not issued any debentures and therefore no securities have been created.

xix) As per information and explanations given to us there was no fraud on or by the company have been noticed or reported during the year.

GIRISH

MURTHY & KUMAR



xx) The company is not covered under special statutory provisions applicable to the chit fund, Nidhi or mutual benefit societies.

PLACE : BANGALORE FOR GIRISH MURTHY & KUMAR

Chartered Accountant DATED : 20

th May, 2010

(A.V SATISH KUMAR)

Partner.

M. No. 26526

(Amount in Rs.)

I. Sources of Funds

1. Shareholders’ Funds

a) Capital 1 520,000,000 210,000,000

b) Reserves and Surplus 2 - 11,133,419

520,000,000 221,133,419

Total 520,000,000 221,133,419

II. Application of Funds

1. Fixed Assets 3

a) Gross Block 389,856 -

b) Less : Depreciation 34,735 -

c) Net Block 355,121 -

d) Capital Work in Progress (including

capital advances) - -

355,121 -

2. Investments 4 470,447,562 198,264,701

3. Current Assets, Loans and Advances

a) Sundry Debtors 5 474,511,853 469,485,141

b) Cash and Bank Balances 6 4,409,285 35,160

c) Loans and Advances 7 30,377,278 21,149,012

509,298,416 490,669,313

Less : Current Liabilities and Provisions 8

a) Liabilities 470,443,573 466,322,043

b) Provisions 814,037 1,478,552

471,257,610 467,800,595

Net Current Assets 38,040,806 22,868,718

4. Profit & Loss Account 2 11,156,511 -

Statement on Significant Accounting Policies 14

and Notes to the Accounts

Total 520,000,000 221,133,419

The Schedules referred to above form an integral part of the Balance Sheet

This is the Balance Sheet referred to in our report of even date

For and on behalf of For and on behalf of the Board

Girish Murthy & Kumar


A V Satish Kumar G K Raghunandanan Ashis Basu

Partner Director Director

Place : Bangalore

Date :

Raja Karthik

Company Secretary

31st March 2010 31st March 2009

GMR ENERGY TRADING LIMITEDBalance Sheet as at 31st March, 2010

Schedule

(Amount in Rs.)

I. Income

Sales 9 3,458,912,395 4,707,323,754

Other Income 10 6,158,992 13,474,301

3,465,071,387 4,720,798,055

II. Expenditure

Purchases 11 3,433,746,994 4,685,709,460

Administration and Other Expenses 12 52,867,813 18,458,634

Finance Charges 13 711,775 337,184

Depreciation 34,735 -

3,487,361,317 4,704,505,278

III. Profit Before Taxation (22,289,930) 16,292,777

Provision for Taxation

- Current - 5,064,358

- Fringe Benefit Tax - 95,000

IV. Profit After Taxation (22,289,930) 11,133,419

Surplus brought forward from Previous Year 11,133,419 -

V. Available surplus carried to Balance Sheet (11,156,511) 11,133,419

Earnings Per Share (Rs.) - Basic and Diluted (0.43) 0.53

Statement on Significant Accounting Policies and Notes to the Accounts 14

The Schedules referred to above form an integral part of the Profit & Loss Account

This is the Balance Sheet referred to in our report of even date






Place : Bangalore

Date :

Raja Karthik

Company Secretary

31st March 2010 Schedule 31st March 2009

GMR ENERGY TRADING LIMITED Profit and Loss Account for the year ended 31st March, 2010

(Amount in Rs.)

Capital

Authorised

52,000,000 (2008-09 - 21,000,000 Shares) Equity Shares of Rs. 10 each 520,000,000 210,000,000

520,000,000 210,000,000

Issued , Subscribed and Paid up

52,000,000 (2008-09 - 21,000,000 Shares) Equity Shares of Rs. 10 each 520,000,000 210,000,000

(Out of above, 42,119,897 Equity shares of Rs. 10 each are held by

holding company, GMR Infrastructure Ltd)

520,000,000 210,000,000

(Amount in Rs.)

Reserves & Surplus

Balance in the Profit and Loss Account (11,156,511) 11,133,419

(11,156,511) 11,133,419

(Amount in Rs.)

Investments

Current

Other than Trade - Unquoted*

Birla Sunlife Savings Fund Institutional - Daily Divindend 135,521,678 -

(1,35,42,958.59 (2009: Nil) units of Rs.10.0068 per unit)

Birla Sunlife Cash Plus Institutional - Daily Divindend 3,003,154 -

(2,99,730.93 (2009: Nil) units of Rs.10.0195 per unit)

UTI Tresuary Advantage Fund Institutional - Daily Dividend 331,922,729 -

(3,31,851.68 (2009: Nil) units of Rs.1000.2141 per unit)

UTI Cash Liquidity Fund - Institutaional - Daily Dividend - 198,264,701

(Nil (2009: 1,94,482.846) units of Rs.1019.4457 per unit)

470,447,562 198,264,701

Notes:

* Aggregate Net Asset Value as at March 31, 2010 Rs. 470,447,861

GMR ENERGY TRADING LIMITED

Schedules forming part of the Balance Sheet as at 31st March, 2010

Total

Total

Schedule 2 31st March 2010



31st March 2009

31st March 2009

31st March 2009


Schedules forming part of the Balance Sheet as at 31st March, 2010

(Amount in Rs.)

Sundry Debtors

(Trade and considered good)

Unsecured 474,511,853 469,485,141

Considered doubtfull 4,665,776 4,665,776

479,177,629 474,150,917

Less : Provision for doubtfull debts 4,665,776 4,665,776

474,511,853 469,485,141

474,511,853 469,485,141

(Amount in Rs.)

Cash and Bank Balances

Cash on hand 67,537 16,910

Balances with Scheduled Banks

- On Current Accounts 4,341,748 18,250

4,409,285 35,160

(Amount in Rs.)

Loans and Advances

(Unsecured and considered good, unless otherwise stated)

Loans to Employees 252,493 658,500

Advances recoverable in cash or in kind or for value to be received 3,675,985 41,712

Deposits with Government Authorities 4,500,000 1,000,000

Deposits with others 21,948,800 19,448,800

30,377,278 21,149,012

(Amount in Rs.)

Current Liabilities and Provisions

A) Liabilities

Sundry Creditors

Dues to Micro and Small Scale Industrial Undertakings - -

Dues to other than Micro and Small Scale Industrial Undertakings 469,300,742 465,807,192

469,300,742 465,807,192

Book Overdraft - 219,335

Other Liabilities 1,142,831 295,516

470,443,573 466,322,043

B) Provisions

Provision for Tax (Net of Payments) - 1,346,536

Provision for Employee Benefits 814,037 132,015

814,037 1,478,552

31st March 2010

31st March 2010

Total

Total

Total

Total

Schedule 7

Total

31st March 2010

31st March 2010

Schedule 8

Schedule 5

Schedule 6

31st March 2009

31st March 2009

31st March 2009

31st March 2009

GMR Energy Tading Ltd

Schedule - 3

Fixed Assets

(Rs. In Lakhs)

As at April 1st

2009 Additions

Deletions for the

year

As at March

31st 2010

As at April 1st

2009 Additions

Deletions for

the year

As at March

31st 2010

As at March

31st 2010

As at April 1st

2009

Computers - 389,856 - 389,856 - 34,735 - 34,735 355,121 -

Total - 389,856 - 389,856 - 34,735 - 34,735 355,121 -

Previous Year - - - - - - - - - -

Description Gross Block Depreciation Net Block

(Amount in Rs.)

Sales

Income from sale of Energy 3,271,847,673 4,711,172,488

Less: Prompt Payment Rebate 44,292,437 65,604,663

3,227,555,235 4,645,567,825

Schedule Cancellation Charges received 70,977,600 -

Open Access Charges recoverd 160,379,559 61,755,929

3,458,912,395 4,707,323,754

(Amount in Rs.)

Other Income

Interest on deposits (Gross) - 3,484,553

(TDS - Nil (2008-09 - Rs. 7,17,822))

Income from investments - other than trade (Gross) 6,147,592 9,988,148

Miscellaneous Income 11,400 1,600

6,158,992 13,474,301

(Amount in Rs.)

Purchases

Purchase of Energy 3,248,482,421 4,686,044,863

Less : Prompt payment Rebate 45,161,234 62,136,332

3,203,321,187 4,623,908,531

Schedule Cancellation Charges paid 70,031,232 -

Open Access Charges paid 160,394,575 61,800,929

3,433,746,994 4,685,709,460

Total

Schedule 10

31st March 2010

Total

Schedule 9

31st March 2010

Total



Schedules forming part of the Profit and Loss Account for the year ended 31st March 2010

31st March 2009

31st March 2009

31st March 2009


Schedules forming part of the Profit and Loss Account for the year ended 31st March 2010

(Amount in Rs.)

Administration and Other Expenses

Salaries, allowances and benefits to employees 10,848,741 1,089,680

Contribution to Provident and Other Funds 825,571 124,297

Staff Welfare Expenses 99,766 1,748

Rent 11,101,262 1,827,012

Rates and Taxes 7,298,912 2,726,013

Insurance 34,809 337

Consultancy and other Professional charges 10,317,933 3,286,568

Electricity Charges 1,124,558 67,058

Business Promotion 286,552 1,634,258

Remuneration to Auditors

- Audit fees 11,030 22,266

- Tax Audit Fees 11,030 11,030

- Others 11,030 11,236

Travelling and Conveyance 2,903,111 1,106,867

Communication Expenses 219,428 207,501

Membership & Subscription 594,383 1,441,139

Office Maintenance 1,109,603 -

Donation & Charities 5,776,000 -

Provision for Doubtfull Debts - 4,665,776

Miscellaneous Expenses 294,093 235,847

52,867,813 18,458,634

(Amount in Rs.)

Finance Charges

Bank / Other Finance Charges 711,775 337,184

711,775 337,184

31st March 2009

31st March 2009

Total

31st March 2010

31st March 2010 Schedule 12

Schedule 13

Total

GMR Energy Trading Limited

Schedule 14 Statement on Significant Accounting Policies and Notes to the Accounts

I. Significant Accounting Policies

1. Accounting Assumptions These accounts have been prepared under the historical cost convention on the basis of a going

concern, with revenues recognized and expenses accounted on their accrual and amounts

determined as payable or receivable during the year, except those with significant uncertainties,

and in accordance with the applicable Accounting Standards as issued by the Institute of

Chartered Accountants of India and the relevant provisions of the Companies Act, 1956.

2. Revenue Recognition: Revenue is recognized on the basis of billings to consumers and includes unbilled revenues up to

the end of the accounting year.

3. Fixed Assets Fixed Assets are stated at cost of acquisition less depreciation. Cost of acquisition is inclusive of

freight, insurance, duties, levies, and all incidentals attributable to bringing the asset to its

working condition.

Assets under installation or under construction as at the balance sheet date are shown as Capital

Work in Progress.

Depreciation is provided on straight-line method at the rates and in the manner specified under

Schedule XIV to the Companies Act, 1956, except for assets less than Rs.5,000 which are fully

depreciated in the year of acquisition.

4. Investments Long Term investments are valued at cost unless there is permanent diminution in their values.

Current Investments are valued at cost or market value whichever is lower. Cost of acquisition is

inclusive of expenditure incidental to acquisition. Income from investments is recognized in the

year in which it is accrued and stated at gross.

5. Borrowing Costs Borrowing cost that is directly attributable to the acquisition, construction or production of a

qualifying asset is capitalized as part of the cost of that asset. Other borrowing costs are

recognized as an expense in the year in which they are incurred.

6. Foreign Currency Transactions All foreign currency transactions are accounted for at the exchange rates prevailing on the date of

such transactions. The original cost of fixed assets acquired through foreign currency borrowings at

the end of each financial year is adjusted for any change in liability arising out of expressing the

outstanding foreign currency loan at the rate of exchange prevailing at the date of balance sheet.

Long term foreign currency monetary assets and liabilities, which does not relate to acquisition of

fixed assets, are translated at the exchange rates prevailing on the balance sheet date and the

resultant exchange differences are accumulated in the foreign currency monetary item translation

reserve and amortized over the balance period of such long term asset/liability but not beyond March

31, 2011.

Monetary assets and monetary liabilities other than long term are translated at the exchange rate

prevailing on the balance sheet date and the resultant gain /loss is recognized in the financial

statements.


Schedule 14

7. Retirement Benefits Retirement Benefits are accounted for on accrual basis with contributions to recognized funds such

as provident fund and pension fund charged against revenue each year. Liability for gratuity is

funded through a scheme administered by an insurer. Provision for leave encashment is made on

actual basis based on balance leave as at the year end.

8. Earnings Per Share The earnings considered in ascertaining the Company’s Earnings per Share (EPS) comprise of

the net profit after tax. The number of shares used for computing the basic EPS is the weighted

average number of shares outstanding during the year.

9. Taxes on Income Current tax is determined based on the amount of tax payable in respect of taxable income for the

year. Deferred tax is recognized on timing differences being the difference between the taxable

income and accounting income that originate in one year and are capable of reversal in one or more

subsequent years. Deferred tax assets and liabilities have been computed on the timing differences

applying the enacted tax rates.

II. Notes to the Accounts

1. Capital Commitments - Nil

2. Further, the Company’s business relates to Trading of power, which in the context of Accounting Standard 17 “Segment Reporting” issued by the Institute of Chartered Accountants of India is

considered as the only segment. Hence, reporting under the requirements of the said standard

does not arise.

3. Employee benefits

Effective April 1, 2007, the company has adopted Accounting Standard 15(Revised) on

“Employee Benefits” issued by the Institute of Chartered Accountants of India. Pursuant to the

adoption, the transitional obligation of the company on account of defined contribution plans and

defined benefit plans has been recognized in the opening balance of the general reserve.


Schedule 14

a) Defined benefit Plans

The following table sets forth the status of the Gratuity Plan of the Company and the amounts

recognized in the Balance sheet and Profit and Loss Account.

(Rs. In Lakhs)

Particulars 31st March,

2010

31st March,

2009

Projected benefits obligation at the beginning of the period 0.57 -

Current Service Cost 1.06 0.57

Interest Cost 0.04 -

Benefits Settled - -

Transfer to other Company - -

Actuarial loss/(gain) (0.07) -

Obligation at the end of the period 1.60 0.57

Change in Plan Assets

Plans Assets as on 01-04-2009, at Fair value - -

Expected return on plan assets 0.05 -

Actuarial gain/(Loss) 0.05 -

Contributions (Less risk premium etc) 1.17 -

Fund Transfer - -

Benefits Settled - -

Plans Assets as on 31-03-2010, at fair value 1.27 -

Funded status of the plans (Assets)/Liability 0.33 0.57

Gratuity Cost

Service Cost 1.06 0.57

Interest cost 0.04 -

Expected return on plan assets (0.05) -

Net actuarial (gain)/loss (0.06) -

Net Gratuity Cost 0.99 0.57

Assumption

Discount Rate 8.00% 7.00%

Estimated rate of return on assets 8.00% 8.00%

Expected rate of compensation increase 6.00% 6.00%

Attrition Rate 5.00% 5.00%

Retirement Expectancy 60 60

b) Liability towards leave encashment based on actuarial valuation amounts to Rs. 1.60 Lakhs as at March 31, 2010 (March 2009: Rs. 0.59 Lakhs)


Schedule 14

4. Related Party transactions a. Names of Related Parties and description of Relationship.

(i) Enterprises that control the

Company

GMR Infrastructure Limited (GIL)

GMR Holdings Private Limited (GHPL)

(ii)

Fellow Subsidiary Companies

GMR Energy Limited

GMR Kamalanga Energy Limited

GMR Power Corporation Limited (GPCL)

GMR Vemagiri Power Generation Limited (VPGL)

GMR Rajahmundry Energy Limited (GREL)

GMR (Badrinath) Hydro Power Generation Limited

(GBHPL)

GMR Consulting Services Private Limited (GCSPL)

Himtal Hydropower Company Private Limited (HHCPL)

GMR Energy (Mauritius) Limited (GEML)

GMR Upper Karnali Hydropower Company Private Limited

(GUKCPL)

GMR Lion Energy Limited (GLEL)

GMR Mining and Energy Private Limited (GMEPL)

GMR Coastal Energy Private Limited (GMRCEPL)

GMR Bajoli Holi Hydropower Private Limited (GBHHPL)

GMR Energy (Cyprus) Limited (GECL)

GMR Energy (Netherlands) B. V. (GENBV)

GMR Londa Hydropower Private Limited (GLHPL)

Londa Hydro Power Private Limited (LHPL)

PT Barasentosa Lestari (PT BSL), Indonesia

PT Dwikarya Sejati Utama (PT DSU), Indonesia

PT Dutasarana Internusa (PT DSI),Indonesia

PT Unsoco, Indonesia (PTU)

Badrinath Hydro Power Generation Pvt. Ltd.(BHPL)

GMR Chhattisgarh Energy Private Limited (GCEPL)

SJK Powergen Limited

Lion Energy Tuas Pte Ltd, Singapore

EMCO Energy Ltd.

Dhruvi Securities Private Limited

GMR Infrastructure Overseas Sociedad Limitada

GMR Airports Holding Limited

GMR Aviation Private Limited

GMR Campus Private Limited

GMR Corporate Affairs Private Limited

GMR Corporate Centre Limited

GMR Energy (Global) Ltd

GMR Headquarters Private Limited

GMR Infrastructure (Cyprus)Ltd

GMR Infrastructure (Global) Ltd


Schedule 14

GMR Infrastructure (Mauritius) Limited

GMR Infrastructure (Singapore) PTE Ltd

Island Power Company PTE Limited

Island Power Intermediary PTE Limited

Island Power Supply PTE Limited

GMR Infrastructure (UK) Ltd

GMR International (Malta) Ltd

Advika Properties Private Limited

Aklima Properties Private Limited

Amartya Properties Private Limited

Baruni Properties Private Limited

Camelia Properties Private Limited

Eila Properties Private Limited

Gerbera Properties Private Limited

Lakshmi Priya Properties Private Limited

Honeysuckle Properties Private Limited

Idika Properties Private Limited

Krishnapriya Properties Private Limited

Nadira Properties Private Limited

Prakalpa Properties Private Limited

Purnachandra Properties Private Limited

Shreyadita Properties Private Limited

Sreepa Properties Private Limited

Bougainvillea Properties Private Limited

GMR SEZ and Port Holdings Private Limited (Earlier GMR

Oil and Natural Gas Private Limited)

GMR Krisnagiri SEZ Limited

GMR Ambala – Chandigarh Expressways

GMR Highways Limited

GMR Hyderabad Vijaywada Expressways Private Limited

GMR Jadcherla Expressways Private Limited

GMR Pochanpalli Expressways Limited

GMR Tambaran – Tindivan Expressways Private Limited

GMR Tuni – Anakapalli Expressways Private Limited

GMR Ulundurpet Expressways Private Limited

GMR OSE Hungund Hospet Highways Private Limited

GMR Chennai Outer Ring Road Private Limited

Delhi Aerotropolis Private Limited

Delhi Aviation Fuel Facility Private Limited

Delhi International Airports Private Limited (DIAL)

DIAL Cargo Private Limited

East Delhi Waste Processing Company Private Limited

GMR Hotels and Resorts Limited


Schedule 14

GMR Hyderabad Aerotropolis Limited

GMR Hyderabad Airport Resources Management Limited

GMR Hyderabad Aviation SEZ Limited

GMR Hyderabad International Airport Limited

GMR Hyderabad Multi Product SEZ Limited

Hyderabad Airport Security Services Limited

Hyderabad Menzies Air Cargo Private Limited

Gateways for India Airports Private Limited

(iii) Enterprises where significant

influence exists

(iv) Enterprises where key management

personnel and their relative exercise

significant influence

(v) Key Management Personnel Mr. G. K. Raghunandanan

b) Summary of transactions with the above related parties is as follows: (Rs. In Lakhs)

Particulars 31st March, 2010 31

st March, 2009

1. Purchase of Energy

a) Fellow Subsidiary – GMR Energy Ltd 18,224.28 34,268.94

2. Allotment of Equity Shares

Holding Company

a) GMR Infrastructure Ltd 2,511.00 -

Fellow Subsidiary

a) GMR Energy Ltd 589.00 360.99

b) GVL Investments Pvt Ltd - 608.01

c) Summary of Closing Balance with Related Parties. (Rs. In Lakhs)

Particulars 31st March 2010 31

st March 2009

GMR Energy Ltd 4,685.21 4,621.03

* Transactions and outstanding balances in the nature of reimbursement of expenses incurred by one

company on behalf of the other have not been considered above.


Schedule 14 5. A) Finance Lease: NIL

B) Operating Lease :

The Company has entered into certain cancelable operating lease agreements mainly for office

premises and Guest House. The lease rentals charged during the year as per the agreement are as

follows:

(Rs. In Lakhs)

Particulars 31st

March 10 31st March 09

Lease Rentals under cancelable leases 111.01 18.27

Lease Rentals under non-cancelable leases - -

6. Earnings Per Share (EPS)

Calculation of EPS – (Basic and Diluted)

Particulars Year ended

31st

March 10 31st March 09

Nominal Value of Equity Shares (Rs. per Share) 10 10

Total number of Equity Shares outstanding at the beginning of the

year

2,10,00,000 20,00,000

Add: Additional Shares issued during the year 3,10,00,000 190,00,000

Total number of Equity Shares outstanding at the end of the year 5,20,00,000 210,00,000

Weighted average number of Equity Shares outstanding during the

year

5,20,00,000 210,00,000

Profit after Taxes (Rs. In Lakhs) (222.90) 111.33

EPS – Basic (Amount in Rupees) (0.43) 0.53

Notes: Since company did not have any diluted securities, the basic and diluted earnings per share are

the same.

7. Investments purchased and sold during year. (Rs. In Lakhs)

Sl.

No Script Name

Purchase Sale

Quantity Value Quantity Value

Mutual Fund:- Units Rs. In Lakhs Units Rs. In Lakhs

1

Birla Sun life Cash Manager – Daily

Dividend

3,08,01,269.02 3,081.05 3,08,01,269.02 3,081.05

(-) (-) (-) (-)

2 UTI Liquid Cash Plan Institutional -

Growth Option

- - - -

(5,04,604.91) (7,215.00) (5,04,604.91) (7,238.00)

Note : Amount mentioned in brackets are previous year figures

8. Quantitative information in respect of purchase and sale of power, (Rs. In Lakhs)

Particulars Quantity in Million Units Gross Value in Rupees

31st

March 10 31st March 09 31

st March 10 31

st March 09

Sales 615.14 632.02 32,718.48 47,111.73

Purchases 615.14 632.02 32,484.82 46,860.45


Schedule 14

9. Additional information pursuant to Para 3, 4, 4C and 4D of Part II of Schedule VI to the Companies Act, 1956.

a) Expenditure in Foreign Currency (Rs. In Lakhs)

b) CIF Value of Imports - Nil

c) Since the company is in trading business, License & Installed Capacity of Machinery, Fuel Consumption, Consumption of Raw Materials, Spares & Stores are not applicable.

10. Previous year’s figures have been re-grouped and reclassified, wherever necessary, to confirm to those of current year.






Place : Bangalore

Date : 20.05.2010

Raja Karthik S

Company Secretary

Particulars 31st

March ‘10 31st March ‘09

Foreign Travel 0.34 Nil

(Amount in Rupees)

31st March 2010 31st March 2009

A. CASH FLOW FROM OPERATING ACTIVITIES

Net Profit Before Tax and Extraordinary Items (22,289,930) 16,292,777

Adjustments for :

Depreciation 34,735 -

(Profit) / Loss from Sale of Investments (net) - (2,300,394)

Interest Income - (3,484,553)

Income from investments (6,147,592) (7,687,754)

Finance charges 711,775 337,184

Operating Profit Before Working Capital Changes (27,691,012) 3,157,260

Adjustments for :Changes in Trade and Other Receivables (13,404,978) (490,383,285)Changes in Deferred Revenue Expenses - -

Changes in Trade Payables 3,457,015 466,203,191

Cash generated from Operations (37,638,975) (21,022,834)

Income Taxes paid 800,000 (3,717,822)

Fringe Benefit Taxes paid 50,000 (95,000)

Net Cash Flow from Operating Activities (38,488,975) (24,835,656)

B. CASH FLOW FROM INVESTING ACTIVITIES

Purchase of Fixed Assets (389,856) -

(net of foreign exchange fluctuations)

(Purchase)/Sale of Long term investments - - (Purchase)/Sale of short term investments (net) (272,182,860) (198,264,701)

(Profit) / Loss from Sale of Investments (net) - 2,300,394

Income from investments 6,147,591 7,687,754

Interest Received - 3,484,553

Net Cash used in Investing Activities (266,425,125) (184,792,000)

C. CASH FLOW FROM/(USED IN) FINANCING ACTIVITIES

Proceeds from Share Capital 310,000,000 190,000,000

Finance Charges paid (711,775) (337,184)

Net Cash used in Financing Activities 309,288,225 189,662,816

Net increase / (decrease) in Cash and Cash Equivalents 4,374,125 (19,964,840)

Cash and Cash Equivalents at the beginning of the year 35,160 20,000,000

Cash and Cash Equivalents at the end of the year 4,409,285 35,160

Notes: 0

1.The above Cash Flow Statement has been prepared under the 'Indirect Method' as set out in the Accounting

Standard 3 on Cash Flow Statements issued by the Institute of Chartered Accountants of India.

2. Previous year's figures have been regrouped and reclassified to conform to those of the current year.

This is the Cash Flow Statement referred to in our report of even date.






Place : BangaloreDate :

Raja Karthik

Company Secretary


Cash Flow Statement for the year ended 31st March, 2010

1 Registration Details

Registration No. U31200KA2008PLC045104 State Code 08

Balance Sheet Date 31st March, 2010

2 Capital Raised during the year (Amount in Rupees)

Public Issue Nil Rights Issue Nil

Bonus Issue Nil Private Placement 310,000,000

3 Position of Mobilisation and Development of Funds ( Amount in Rupees )

Total Liabilities 520,000,000 Total assets 520,000,000

Sources of Funds

Paid Up Capital 520,000,000 Reserves & Surplus -

Secured Loans Nil Unsecured Loans Nil

Application of Funds

Net Fixed Assets Nil Investments 470,447,562

Net Current Assets 38,040,806 Misc. Expenditure Nil

Pre-Operative Expenses -

Accumulated Losses -

4 Performance of company ( Amount in Rupees )

Gross Income 31,324,393 Total Expenditure 53,614,322

+ / - Profit / Loss Before Tax (22,289,930) + / - Profit / Loss After Tax (22,289,930)

Earning Per Share in Rs. (0.43) Dividend Rate % Nil

5 Generic Names of Three Principal Products / Services of Company (as per monetary terms)

Item Code No. : Product Description:

For and on behalf of the Board

G K Raghunandanan Ashis Basu Raja Karthik

Director Director Company Secretary

Place : Bangalore

Date:

BALANCE SHEET ABSTRACT AND COMPANY'S GENERAL BUSINESS PROFILE

Purchasing and selling of Power/Energy


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