1. Nature of operations
IRB Infrastructure Developers Limited is a Company incorporated in 1998
under the Companies Act, 1956. During the year, the Company was
engaged in carrying out the construction works of it''s certain
subsidiaries as per EPC contract entered between the Company and the
subsidiaries and collection of toll from Toll Plazas as perthe contract
entered with the regulatory authorities. The Company is the Holding
Company, with subsidiaries engaged in development of various
2. Basis of preparation
The financial statements have been prepared to comply in all material
respects with the Accounting Standards notified by the Companies
(Accounting Standards) Rules, 2006 (as amended) and the relevant
provisions of the Companies Act, 1956. The financial statements have
been prepared under the historical cost convention on an accrual basis.
The accounting policies have been consistently applied by the Company
and are consistent with those used in the previous years except for
change in accounting policy explained below.
4 Segment reporting-
As permitted by paragraph 4 of Accounting Standard-17, Segment
Reporting, notified by the Companies (Accounting Standard) Rules, 2006
(as amended), if a single financial report contains both consolidated
financial statements and the separate financial statements of the
parent, segment information need to be presented only on the basis of
the consolidated financial statements. Thus, disclosure required by
Accounting Standard-17, Segment Reporting are given in consolidated
a. Terms/rights attached to equity shares
The Company has only one class of equity shares having par value of Rs.
10/- per share. Each holder of equity shares is entitled to one vote
The Company declares and pays dividend in Indian rupees. The dividend
proposed by the Board of Directors is subject to the approval of the
shareholders in the ensuing Board Meeting.
During the year ended March 31, 2012, the amount of per share dividend
recognised as distributions to equity shareholders was Rs. 1.80 (For the
year ended March 31, 2011: Rs. 1.50).
In the event of liquidation of the Company, the holders of equity
shares will be entitled to receive remaining assets of the Company,
after distribution of all preferential amounts. The distribution will
be in proportion to the number of equity shares held by the
NOTE NO. 3 : GRATUITY AND OTHER POST-EMPLOYMENT BENEFIT PLANS
(a) Defined contribution plan
Amount recognized as an expense in Statement of Profit and Loss Rs.
5,281,325 (Previous yearRs. 3,431,168) on account of provident fund.
There are no other obligations other than the contribution payable to
the respective authorities.
(b) Defined benefit plan
The Company has an unfunded defined benefit gratuity plan. Every
employee who has completed five years or more of service gets a
gratuity on departure at 15 days salary (last drawn salary) for each
completed year of service as per the provision of the Payment of
Gratuity Act, 1972 with total ceiling on gratuity of Rs. 1,000,000/-.
The following tables summaries the components of net benefit expense
recognised in the statement of profit and loss and the funded status
and amounts recognised in the balance sheet for the gratuity plan.
NOTE NO. 4 : GRATUITY AND OTHER POST-EMPLOYMENT BENEFIT PLANS (Contd.)
The estimates of future salary increases, considered in actuarial
valuation, take account of inflation, seniority, promotion and other
relevant factors, such as supply and demand in the employment market.
The overall expected rate of return on assets is determined based on
the market prices prevailing on that date, applicable to the period
over which the obligation is to be settled. There has been significant
change in expected rate of return on assets due to change in the market
NOTE NO. 5 : Gross income from agency toll collection is Rs.
975,272,420/- (Previous year Rs. 210,688,649/-) and gross payment of toll
to NHAI Rs. 998,493,509/- (Previous year Rs. 198,853,397/-).
NOTE NO. 6 : LEASES
Rent/lease payments under operating lease are recognised as an expense
in the statement of Profit and Loss on a straight-line basis over the
NOTE NO. 7 : RELATED PARTY DISCLOSURES -
a) Names of Related Parties Subsidiaries
Aryan Toll Road Private Limited
ATR Infrastructure Private Limited
IDAA Infrastructure Private Limited
Ideal Road Builders Private Limited
IRB Infrastructure Private Limited
Mhaiskar Infrastructure Private Limited
Modern Road Makers Private Limited
Thane GhodbunderToll Road Private Limited
Aryan Infrastructure Investment Private Limited
NKT Road & Toll Private Limited
IRB Surat DahisarTollway Private Limited
IRB Ahmedabad Vadodara Super Express Tollway Private Limited
(incorporated on May 31, 2011)
IRB Kolhapur Integrated Road Development Company Private Limited
Aryan Hospitality Private Limited
IRB Sindhudurg Airport Private Limited
IRB Pathankot AmritsarToll Road Private Limited
IRB Talegaon Amravati Tollway Private Limited
IRB Jaipur Deoli Tollway Private Limited
IRB Goa Tollway Private Limited
IRB TumkurChitradurga Tollway Private Limited
MRM Cement Private Limited
MMKToll Road Private Limited
J J Patel Infrastructural and Engineering Private Limited (w.e.f.
November 28, 2011)
Key Management Personnel
Mr. Virendra D. Mhaiskar and Mr. Mukeshlal Gupta
Relatives of Key Management Personnel
Mrs. D. V. Mhaiskar (Wife of Mr. Virendra D. Mhaiskar) Mr. D. R
Mhaiskar (Father of Mr. Virendra D. Mhaiskar) Mrs. S. D. Mhaiskar
(Mother of Mr. Virendra D. Mhaiskar) Mr. J. D. Mhaiskar (Brother of Mr.
Virendra D. Mhaiskar) Mr. S. G. Kelkar (Father-in-law of Mr. Virendra
Enterprises Owned or significantly influenced by key management
personnel or their relatives
A.J. Tolls Private Limited, Anuya Enterprises, D.S. Enterprises,
Deepali Construction, Dattakrupa Enterprises, Global Safety Vision
Private Limited, Ideal Infoware Private Limited, Ideal Softtech Park
Private Limited, JDV Finlease Private Limited, Ideal Toll and
Infrastructure Private Limited, J.D. Mhaiskar (HUF), Jan Transport,
Jayant Construction Company, JDV Udyog, MEP Infrastructure Private
Limited, Mhaiskar Udyog, Rideema Enterprises, Rideema Toll Private
Limited, VD. Mhaiskar (HUF)/Aryan Construction, VCR Toll Services
Private Limited, Virendra Builders, D.R Mhaiskar (HUF), Ideal Energy
Projects Limited, Ideal Hospitality Private Limited, Raima Ventures
Private Limited, Sudha Productions, MAASK Entertainment Private
Limited, MEP Infrastructure Developers Private Limited, IEPL Power
Trading Company Private Limited, Ideal Brands Private Limited.
NOTE NO. 8 : PREVIOUS YEAR FIGURES
Till the year ended March 31, 2011, the Company was using pre-revised
Schedule VI to the Companies Act, 1956, for preparation and
presentation of its financial statements. During the year ended March
31, 2012, the revised Schedule VI notified under the Companies Act,
1956, has become applicable to the Company. Except accounting for
dividend on investments in subsidiaries, the adoption of revised
Schedule VI does not impact recognition and measurement principles
followed for preparation of financial statements. However, it
significantly impacts presentation and disclosures made in the
financial statements, particularly presentation of Balance Sheet. The
Company has reclassified previous year figures to conform to this