1. SEGMENT INFORMATION
(a) The Company has disclosed Business Segment as the primary segment.
Segments have been identified taking into account the nature of the
products, the differing risks and returns, the organization structure
and internal reporting system.
(b) The Company''s operations predominantly relate to Road
Infrastructure Projects. Other business segments reported are real
estate development sector.
(c) The Company''s activities are restricted within India and hence no
separate geographical segment disclosure is considered necessary.
(d) For the purpose of reporting, business segment are primary segment
and the geographic segment is a secondary segment.
(e) Segment Revenue, Segment Results, Segment Assets and Segment
Liabilities include the respective amounts identifiable to each of the
segments as also amounts allocated on a reasonable basis.
(f) The net expenses, which are not directly attributable to the
Business Segment, are shown as unallocated corporate cost.
(g) Assets and Liabilities that cannot be allocated between the
segments are shown as a part of unallocated corporate assets and
liabilities respectively.
Footnotes:- 1. Segment Assets exclude the following:- (a) Advance
payment of income tax (net of tax provisions) Rs. 25,789,526/- (Previous
year
Rs. 109,344,256/-) (b) Miscellaneous Expenditure (to the extent not
written off or adjusted) Rs. 9,098,031/- (Previous year Rs. 9,102,368/-) 2.
Segment Liabilities exclude the following:- (a) Provision for fringe
benefit tax (net of advance tax payments) – Rs. 1,034,634/- (Previous
year Rs. 1,034,079/-)
(b) Deferred Tax Liabilities (net) Rs. 232,079,314/- (Previous year Rs.
267,230,591/-)
2. RELATED PARTY DISCLOSURES I. Names of Related Parties
(a) Enterprises owned or significantly influenced by key management
personnel or their relatives (Enterprises)
A. J. Tolls Private Limited, Anuya Enterprises, Aryan Construction,
D.S. Enterprises, Deepali Construction, Dattakrupa Enterprises, Global
Safety Vision Private Limited, Ideal Inflow are 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 Toll Road Private Limited,
Mhaiskar Udyog, Rideema Enterprises, Rideema Toll Private Limited, V.D.
Mhaiskar (HUF), VCR Toll Services Private Limited, Virendra Builders,
D.P. Mhaiskar (HUF), Ideal Energy Projects Limited, Ideal Hospitality
Private Limited, Raima Ventures Private Limited, Sudha Productions.
(b) Key Management Personnel Mr. V. D. Mhaiskar and Mrs. D. V.
Mhaiskar. Mr. D. P. Mhaiskar and Mr. J.D. Mhaiskar were key management
personnel''s till 31 March, 2010.
(c) Relatives of Key Management Personnel Mr. D. P. Mhaiskar (Father of
Mr. V. D. Mhaiskar), Mr. J. D. Mhaiskar (Brother of Mr. V. D.
Mhaiskar), Mr. S.G. Kelkar (Father in law of Mr. V. D. Mhaiskar), Mrs.
S.D. Mhaiskar (Wife of Mr. D. P. Mhaiskar)
3. Contingent Liabilities not provided for
Particulars March 31, 2011 March 31, 2010
Rs. Rs.
a) Claims against the Company not a
cknowledged as debts
For Service Tax, ESIC, Customs Duty a
nd Stamp Duty matters 120,153,962 120,153,962
for Others 174,432,000 174,432,000
b) Guarantees and Counter Guarantees
given by the Company on 4,925,547,177 3,737,578,945
behalf of subsidiaries to suppliers,
Govt.bodies and Performance Guarantee
c) Corporate Guarantee given by the
Company for Subsidiaries NIL 400,000,000
Total 5,220,133,139 4,432,164,907
In respect of (a), future cash outflows in respect of contingent
liabilities are determinable on only receipt of judgement pending at
various forums/authorities.
4. Derivative Instruments and Unhedged Foreign Currency Exposure:
In respect of outstanding derivative contracts of Interest rate swaps
which are stated below, there is a net unrealized loss/(provision
reversal) as on March 31, 2011 which has been recognised in the books
for Rs. 467,817,392/- (including provision for derivative losses of Rs.
549,708,235/-) (Previous year : Rs. 6,379,503/-), considering the
principles of prudence as enunciated in AS-1 ‘‘Disclosure of Accounting
Policies'''' notified in the Companies (Accounting Standards) Rules,
2006. Derivative contracts entered into by the Company for hedging
interest rate related risks and are for hedging purpose only.
5. Intra-group Turnover and Profits on BOT Construction Contracts
The BOT contracts are governed by Service concession agreements with
government authorities (grantor). Under these agreements, the operator
does not own the road, but gets toll collection rights against the
construction services incurred. Since the construction revenue earned
by the operator is considered as exchanged with the grantor against
toll collection rights, profit from such contracts is considered as
realized. Accordingly, BOT contracts awarded to group companies
(operator), where work is subcontracted to fellow subsidiaries, the
intra group transactions on BOT contracts and the profits arising
thereon are taken as realised and not eliminated for consolidation
under Accounting Standard 21.
The revenue and profit in respect of these transactions during the year
is Rs. 15,295,985,552/-(Previous Year - Rs. 8,116,507,870) and Rs.
5,036,951,731/- (Previous Year - Rs. 2,656,353,406) respectively.
6. Gratuity and other post-employment benefit plans:
(a) Defined Contribution Plan
Amount recognized as an expense and included in the Schedule 16 -
Contributions to Provident and other funds of Profit and Loss account
– Rs. 43,991,223/- (Previous year Rs. 35,260,209/-). There are no other
obligations other than the contribution payable to the respective
trusts.
(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/-
(Previous year Rs. 350,000/-).
7. Resurfacing expenses
The Group has a contractual obligation to maintain, replace or restore
infrastructure at the end of each concession period. The Group has
recognised the provision in accordance with Accounting Standard (AS) –
29, Provision, Contingent Liabilities and Contingent Assets i.e. at the
best estimate of the expenditure required to settle the present
obligation at the balance sheet date. Resurfacing expenses are to be
paid out at the end of the concession period.
The above provisions are based on current best estimation of expenses
that may be required to fulfill the resurfacing obligation at the end
of the concession period. The actual expense incurred end of the
concession period may vary from the above. No reimbursements are
expected from any sources against the above obligation.
8. Temporary premises are obtained at sites for employee
accommodation and material storage on operating lease. The lease term
are short-term in nature ranging upto 11 months and renewable for at
the option of the lessor. These leases are cancellable at option of
either lessor or lessee on a notice period ranging 1-2 month. There are
no escalation clauses in the lease agreements. There are no
restrictions imposed by lease arrangements. The Company has not
subleased any premises. The lease payments recognised in the statement
of profit and loss for the period is Rs. 5,569,426/- (Previous year Rs.
5,258,299/-)
9. Gross income from agency toll collection is Rs. 210,688,649/-
(Previous year Rs. Nil) and gross payment of toll to NHAI Rs. 198,853,397/-
(Previous year Rs. Nil).
10. Investment under Portfolio Management Scheme (PMS)
Aryan Infrastructure Investment Private Limited (subsidiary of the
Company) has also entered into an agreement with Kotak Securities to
invest a sum of Rs. 20,000,000 under a portfolio management scheme called
Incubator Equity Portfolio Scheme respectively and agreed for a lock
in period of Company''s portfolio for a period up to March 31, 2011. The
investment under the scheme have been disclosed as Current Investments
in Schedule 6 and valued accordingly.
11. Figures pertaining to the subsidiary companies have been
reclassified wherever necessary to bring them in line with the Group
financial statements.
12. Previous Year Comparatives
Previous year''s figures have been regrouped wherever necessary to
conform to current year''s classification. |