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Corporate office: A —
Wing, 20th Floor, Marathon Futurex, Ni My Joshi Marg, Lower Parel Mumbai — 400013
VaibhaAbVijay
ESSEL LUCKNOW RAEBARELI TOLL ROADS LIMITED(Formerly known as Essel Lucknow Raebareli Toll Roads Private Limited)
Tel: +91 22 71084444 9 Fax: +91 22 71084500
30.052017
To,
BSE Limited
Corporate Relationship Department,Phiroze Jeejeebhoy Towers, Dalal Street,
Mumbai ~ 400 001
Ref: Security ID: From 905ELR17D To 905ELR282
Subject: Audited Standalone Financial Results for The half Year and Year Ended Slst March, 2017
pursuant to the Regulation 52 of SEBI (LODR) Regulation, 2015
Dear Sir,
With reference to the above noted subject, we wish to inform you that the Board of Directors of the
Company at its meeting held on May 30, 2017, inter alia, has considered and approved the Unaudited
Financial Results of the Company for the half year and year ended March 31, 2017 in accordance with
provisions of the 81381 (Listing Obligation and Disclosure Requirements) Regulations, 2015 read with
SEBl Circular dated August 10, 2016 vizi Circular Ref N01 ClR/lMD/Dll'l/69/2016.
Pursuant to aforesaid regulation we hereby submit the following documents:
- Independent Auditors Report- Statement of Audited Standalone Financial Results for the half Year And Year Ended 31st
March, 2017
a Declaration
o Certificates
Further we will submit the Letter from lDBl Trustee as per Regulation 52(5) in due course.
We further confirm that we are in compliance with the terms of issue of the NCDS and Regulation 57(2)of SEBI (LODR) 2015,
Thanking You,
Yours Faithfully
Kulkarni
Company Secretary
Encl: a/a
/,,I
Registered office: Essel House, 810, Lawrence Road, Industrial Area, New Delhi, Delhi110035.
i Corporate Identification Number: U45200DL2011PLC229484
CHATURVEDI & PARTNERS
Chartered Accountants212A, Chiranjiv Tower. 43 Nehru Place, New Delhi-110019
Phone : 011-46654665 Fax'
011416654655
Email delhi@chaturvedica com
To the Board of Directors of Essel Lucknow Raebareli Toll Roads Limited:
1. We have audited the accompanying statement of financial results (“the Statement”) of Essel
Lucknow Raebareli Toll Roads Limited (“the Company”) for the year ended on March 31,
2017 attached herewith, being submitted by the Company pursuant to the requirement of
Regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015,
(as amended). This statement, which is the responsibility of the company's management and
approved by the Board of Directors has been compiled from the related financial statements
which has been prepared in accordance with the accounting principles generally accepted in
India, including the Indian Accounting Standards specified under Section 133 of the Companies
Act 2013, read with relevant rules issued thereunder and other accounting principles generally
accepted in India. Our responsibility is to express an opinion on the statement based on our
audit of such financial statements.
We conducted our audit in accordance with the Auditing Standards generally accepted in India.
Those standards require that we plan and perform the audit to obtain reasonable assurance
whether the statement is free from material misstatement. An audit includes examining, on a
test basis, evidence supporting the amount disclosed as financial results. An audit Includes
assessing the accounting principles used and significant estimates made by management.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our audit opinion on the Statement.
In our opinion and to the best of our information and according to the explanations given to us,
the Statement:
i. is presented in accordance with the requirements of Regulation 52 of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015, as amended in this regard;
and
ii. give a true and fair view in conformity with the aforesaid Indian Accounting Standards
and other accounting principles generally accepted in India of the net profit, total
comprehensive income and other financial information for the year ended on March 31,
2017.
The Statement includes the results for the half year ended March 31, 2017 being the balancing
figure between the audited figures in respect of the full financial year and the published figures
of the first half year of the current financial year, which were subject to limited review.
For CHATURVEDI & PARTNERS
Chartered Accountants
Firm Registration N . 7068!?
9
ANU MAHANSA A
NEW DELHI Partner
May 30, 2017 Membership No. 500819
Other Offices : Kolkata . Mumbai o~ChennaI . Lucknow . Hyderabad
Essel Lucknow Raebarefi Toll Roads Limited
Registered Office: Essez House 8-3.0, Lawrence Roads, industnafi Area, Dem-110035
(tin-hue520091.2013flC22958é, emau-id: esse;infragroep@;nfra.esse}group.com_. website; http://esse3infrapro}ects.com/LucknowRaebareii/indexhtmiSTATEMENT OF FlNANCtAL RESULTS FOR THE HALF YEAR AND YEAR ENDED MARCH 31, 2017
Rs. In
Half Year Year Ended
31.03.2016 31.03.2016AU DETED AUDITED AUDITED AUDITED
PARTICULARS 31.03.2017
from
Revenue from & maintenance
Interest on financiai assets
Income
ota! Income
& Maintenance
Benefit
Finance Cost
and Amortization
otai
before Items and Tax
Items
before tax
ax
Current Tax
Deferred Tax
for the
net of
ota! Income ix +
up Equity Share Capital (Face value Rs. 10 per share)
Share:
Basic
Diluted
Reserve
worth
Service Ratio
Service Ratio
Ratio Note
Annualised
AUDITED STATEMENT OF ASSETS AND LIABILITIES
( Rs. In Lakhs)
PARTICULARSAS at As at
March 31, 2017 March 31, 2016
ASSETS
I NON—CURRENT ASSETS
a. Property, Plant and Equipment 27 29b. Financial Assets
(i) Others Financials Assets52,930 55,750
c. Non-Current tax assets (net) 447 223
II CURRENT ASSETS
a. Financial Assets
(i) Trade Receivables203 -
(ii) Cash and cash equivalents323 567
(iii) Bank balances other than(ii) above3,275 1,915
(iv) Loans and advances0 -
(v) Other Financial Assets10,098 10,099
b. Other current assets251 15
TOTAL (I + II)67,554 68,598
EQUITY AND LIABILITIES
I Equity
(a) Eduity share capital13,190 13,190
(b) Other Equity(5,184) (6,454)Total Equity8,006 6,736
Ii LIABILITIES
NON-CURRENT LIABILITIES
(a) Financial liabilities
(i) Borrowings52,031 55,323
(ii) Otherfinancial liabilities55 49
(b) Provision605 275
CURRENT LIABILITIES
(a) Financial Iiabilities
(i) Borrowing3,067 2,792
(ii) Trade payables253 202
(iii Other financial liabilities3,526 3,219
(b) Other Current Liabilities8 3
(c) Provisions3 —
Total Liabilities (II)59543 51,353
Total Equity and Liabilities ( I +Il )67,554 53,599
Notes:
; i’he above rcsscslts were rear/sowed and recommended by tire Audit (' ... '“
. I ems”, ,.
J "" "
‘im... y tz-y the 8mm of Director: at {heir respecwc meetings held on May 30. 90: '1 the. StatutoryAuditor of the momma: has carried out the audit of the aforesoizii
7
This statesmen: furs beers: piéffiili‘éid in accordance wish the Conioenies {ludian Accounting; Standards) Rules 2015 (ind AS) prescizbed under Section 133 oi‘thc Comoaiiios Act. 2013 and other recognizzdaccounting: practices; and policies. er; the: extent applicable Seginning Aprii 1, 2016 the Company has for the first time adopted lnd A5 with a. transmorr date oi Anni 1, 2015
3 I
The Company exercised iirsl lime adoption under IND AS 10} and has elect to continue with the carrying mine of its Finariciai Assets inriuding corresponding obiigation, as recognised in the financialstatements as at the dam 0! transition measured as per this previous GAAP and uses. chat as its deemed cost as at date of transition.
.: of not reoorteci in accordance with ludian GM? to tote! income in accordance with Ind AS is given below:
Holy ended 31.3.2016 Year Ended 31.03.2016
assets
The reconciliation of in accordance with lndian GAAP and in accordance with Ind AS is given below:
Year Ended 31.03.2016
The Figures of hair year (i.e., six months ended on March 31, 2017) and the corresponding previous half {i.e. six months ended March 31, 2016 )are the balancing figures between the audited figures ofthe full financial year and the pubiisiied year to date figures upto the end of first half year oi the respectively financial year.
6 The company is eligible for deduction under Section 8001 o!" the Income Tax Act, 1961 and the concession period of the Company's project falls within the tax hoiiday period as defined in Section 80M.Since deferred tax on temporary difference between Accounting income and Taxable Income that arise during the year is reversing during such tax holiday period and hence no Deferred Tax Assets is notbeing created in the accounts.
7 Ratios have been computed as under :
Debt Service Coverage Ratio .~ Earnings before Interest on long Term Debt and Tax / (Interest on Long Term Debt + Principal Repayment of Long Term Debt during the period}
interest Service Coverage Ratio a Earnings before Interests en song Term Debt and Tax I Interest on Long Term Debt
Debt Equity Ratio = long Yerm Borrowings including current Matuirity / Equity8 Asset Cover: 103%- tho cumulative annuity to be received IS. higher than the principal amount of the debentures.9 Details of due datcwisc in of Secured Non Convertible debentures as on March 2017 are as follows'
Previous Date (October 1,2016 till March 31. 2017)“ New Date (April 1,2017 till September 30. 2017)’
NA
NA
NA
interest and Principal amount of above debentures
10 Credit Rating ol‘the Non~Convertibie Debenture (NCO) is 'AAA (50) Siabie' as awarded by CARE Ratings and 'AAA (SO) Negative‘ as awarded by India Ratings & Research limited.11 Details of number of investor complaints for the Ital! year ended March 31, 2017: Beginning; Nil, Received. Nil, Disposed oif- Nii, Pending~ Nil.12 The Company is engaged in "Road Infrastructure Projects" which in the context of ind AS 108 "Operating Segment"
and hence no separate geographical segment disclosure is considered necessary.
13 Previous year figures have been regrouped/reciassified wherever necessary.
is considered as the only segment. The Company’s activities are restricted wit hm India
Place: New DelhiBy order of the Board
Date.~ 30May-17For
Lucicnow Raebarell Toll Roads Limited
Director «.3
Deepak Sethi
DIN: 07527637
G) )U
Essel Lucknow Raebareli Toii Roads Private Limited
Corporate Office: SIB/A, 5'" Floor, Kohinoor City, Kirol Road, Kuria (W), Mumbai — 400 070.
Tel: +91 22 66012323 0 Fax: +9l 22 6600300
Date: 30th May 2017
To,
The Secretary,
BSE Limited,
24th Floor, P J Towers,
Dalal Street, Mumbai - 400001
Ref.: Security ID: From 905ELR17D To 905ELR28Z
SUB: Declaration regarding Audit Report with Unmodified Opinion for the year ended 31St March 2017
Dear Sir,
We hereby confirm and declare that M/s Chaturvedi & Partners, Chartered Accountants, Statutory Auditor
of the company have issued the Audit Report on Financial Statements ofthe company for the year ended
31-03—2017 with unmodified opinion.
This is for your kind information and record.
Thanking You,
Your's faithfully,
For Essel Lucknow Raebareli Toll Roads Limited
Deep"
Sethi
Director
ClN-U45200DL2011PLC229484
Registered Office: Essel House, B—IO, Lawrence Road, industrial Area, New Delhi - 110 035.
Corporate identity Number: U45200DL201TPTC229484O C
T0
CHATURVEDI & PARTNERSChartered Accountants
212A, Chiranjiv Tower, 43 Nehru Place. New Delhi-110019Phone 01146854665 Fax 011-46654655
Email delhi@chaiurvedica com
W
The Board of Directors
Essel Lucknow Raebarell Toll Roads Limited
Essel House, B-10,
Lawrance Roads, Industrial Area,
Delhi - 110035
Independent Auditor's Certificate on the Statement of Net Worth as at March 31, 2017
1. This Certificate is issued In accordance with the terms of our engagement letter dated May 21,
2017.
The accompanying Statement of Net Worth as at March 31, 2017 (hereinafter referred together as
the “Statement”), contains the Statement of Net Worth, which we have lnltlailed for identification
purposes only.
Management’s Responsibility for the Statement
3. The preparation of the Statement is the responsibility of the Management of Essel Lucknow
Raebarell Toll Roads Limited (hereinafier the “Company”) including the preparation and
maintenance of all accounting and other relevant supporting records and documents. This
responsibility includes the design, implementation and maintenance of Internal control relevant to
the preparation and presentation of the Statement and applying an appropriate basis of
preparation; and making estimates that are reasonable in the circumstances.
The Management is also responsible for ensuring that the Company complies with the
requirements of Debenture Trust Deed and provides all relevant information to IDBI Trusteeship
Services Limited.
Practitioner’s Responsibility
5.
CP/ ESSEL/2017/5/2
It is our responsibility to provide a reasonable assurance whether:
I) the amounts in the Statement that form part of the Net Worth computation have been fairly
extracted from the audited financial statements for the year ended March 31, 2017; and the
computation of net worth is arithmetically correct; and
ii) the computation of net worth is in accordance with the methodology for calculation as set
out below:
“Net worth" means the aggregate value of the paid-up share capital and all reserves created
out of the profits and securities premium account, after deducting the aggregate value of the
accumuiated losses, deferred expenditure and miscellaneous expenditure not written off, as
per the audited balance sheet, but does not Include reserves created out of revaluation of
assets, write-back of depreciation and amalgamation.
6. The audited financial statements referred to in paragraph 5 above, have been audited by us, on
which we have issued unmodified audit opinion vide our report dated May 30, 2017. Our audit of
the financial statements was conducted in accordance with the Standards on Auditing and other
applicable authoritative pronouncements issued by the Institute of Chartered Accountants of 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.
We conducted our examination of the Statement in accordance with the Guidance Note on Reportsor Certificates for Special Purposes issued by the Institute of Chartered Accountants of India. The
Guidance Note requires that we comply with the ethical requirements of the Code of Ethics issued
by the Institute of Chartered Accountants of India. Our scope of work did not involve us
performing any audit tests in the context of calculation of Net worth. We have not performed an
audit, the objective of which would be the expression of an opinion on the specified items,accounts or items thereof that form part of the net worth calculations for the purpose of this
certificate. Accordingly we do not express such opinion.
We have complied with the relevant applicable requirements of the Standard on Quality Control
(SQC) 1, Quality Control for Firms that Perform Audits and Reviews of Historical Financial
Information, and Other Assurance and Related Services Engagements.
Conclusion
9. Based on our examination, as above, we are of the opinion that the amounts that form part of the
net worth calculation have been fairly extracted from the audited financial statements for the year
ended March 31, 2017 and net worth in the Statement is mathematically accurate and is in
accordance with the methodology of calculation as set out in paragraph 5(ii) above.
Restriction on Use
10. The certificate is addressed to and provided to the Board of Directors of the Company solely for
the purpose to enable comply with requirement of the Debenture Trust Deed and to submit the
accompanying Statement to IDBI Trusteeship Services Limited, and should not be used by any
other person or for any other purpose. Accordingly, we do not accept or assume any liability or
any duty of care for any other purpose or to any other person to whom this certificate ls shown or
Into whose hands it may come without our prior consent in writing.
For CHATURVEDI & PARTNERS
Chartered Accountants
Firm’s Registration ber 307068E
ANUJ MAHAN RIA
Partner
Membership Number 500819
New Delhi
May 30, 2017
CP/ ESSEL/2017/5/2
WA r f rre o in ur Ce ifi n h a m nt of N w rth ated Ma 0 2017
AmountParticulars
(Rs. In lakhs)Paid—up share capital 13,190Reserves out of Profit (5,184)Total (A) 8,006
Less: Miscellaneous expenditure not written off Nil
Less: Reserves created out of revaluation of Assets Nil
Less: Reserves not available for distribution to equity shareholders Nil
Total (B) -
Net Worth (A+B) 8,006
For CHATURVEDI & PARTNERS
Chartered Accountan
Membership Number 500819
New Delhi
May 30, 2017
CP/ESSEL/2017/5/2
CHATURVEDI & PARTNERS
Chartered Accountants212A, Chiraniiv Tower, 43 Nehru Place. New Delhi-110019
Phone . 011-46654665 Fax 011-46654655
Email delhi@chaiurvedica com
Wm
To
The Board of Directors
Essel Lucknow Raebareli Toll Roads Limited
Essel House, B-10,
Lawrance Roads, Industrial Area,
Delhi — 110035
Independent Auditor’s Certificate on the Statement of Financial Ratios on March 31, 2017
1. This Certificate is issued in accordance with the terms of our engagement letter dated May 21,2017.
2. The accompanying Statement of Financial Ratios as at March 31, 2017 (hereinafter referred
together as the “Statement"), contains the Statement of Financial Ratios, which we have initialled
for identification purposes only.
Management’s Responsibility for the Statement
3. The preparation of the Statement is the responsibility of the Management of Essel Lucknow
Raebareli Toll Roads Limited (hereinafter the “Company”) including the preparation and
maintenance of all accounting and other relevant supporting records and documents. This
responsibility includes the design, implementation and maintenance of internal control relevant to
the preparation and presentation of the Statement and applying an appropriate basis of
preparation; and making estimates that are reasonable in the circumstances.
4. The Management is also responsible for ensuring that the Company complies with the
requirements of Debenture Trust Deed and provides all relevant information and clarification to
IDBI Trusteeship Services Limited regarding financial ratios.
Practitioner's Responsibility
5. Pursuant to the requirements of the Debenture Trust Deed, it is our responsibility to provide a
reasonable assurance whether the amounts in the Statement that form part of the Financial Ratios
computation have been accurately extracted from the audited financial statements for the year
,ended on March 31, 2017 and the computation of ratio is arithmetically correct;
6. We conducted our examination of the Statement in accordance with the Guidance Note on Reports
or Certificates for Special Purposes issued by the Institute of Chartered Accountants of India. The
Guidance Note requires that we comply with the ethical requirements of the Code of Ethics issued
by the Institute of Chartered Accountants of India. Our scope of work did not Involve us
performing any audit tests in the context of calculation of Financial Ratios. We have not performed
an audit, the objective of which would be the expression of an opinion on the specified items,
accounts or items thereof that form part of the Financial Ratios calculations for the purpose of this
certificate. Accordingly we do not express such opinion.
CP/ESSEL/2017/5/1
Other Offices : Kolkata - Mumbai o~Chennai . Lucknow . Hyderabad
7. We have complied with the relevant applicable requirements of the Standard on Quality Control
(SQC) 1,-Quality Control for Firms that Perform Audits and Reviews of Historical Financial
Information, and Other Assurance and Related Services Engagements.
Opinion
8. Based on our examination, as above, we are of the opinion that the amounts that form part of the
financial ratios have been accurately extracted from the audited financial statements for the yearended March 31, 2017 and the computation of ratio in the Statement is mathematically accurate.
Restriction on Use
9. The certificate is addressed to and provided to the Board of Directors of the Company solely for
the purpose to enable comply with requirement of the Debenture Trust Deed and to submit the
accompanying Statement to IDBI Trusteeship Services Limited, and should not be used by anyother person or for any other purpose. Accordingly, we do not accept or assume any liability or
any duty of care for any other purpose or to any other person to whom this certificate is shown or
into whose hands it may come without our prior consent in writing.
For CHATURVEDI & PARTNERS
Chartered Accountants
Firm’s Registration er 307068E
A MAHANSA A
Partner
Membership Number 500819
New Delhi
May 30, 2017
CP/ ESSEL/2017/5/1
WAs r ferr 'n ur ificate n h men fF'nan ial R i d Ma 2 17
. _ _ Amount_Sl. No. Ratios Descriptions
(Rupees in lakhsRatio
except share data), Long term Debt including current
1 Debt Equ1ty Ratiomaturity / Equity(Net worth)
55,950/8,006 6.99
Profit before Interest on long term
2Debt Service Coverage debts and Tax / (Instaiment repayable
6'544/8'6940 75
Ratio (DSCR) within a year + interest cost during'
the year)
. Profit before interest on long term 6,544/5,2743
InterestService debts and Tax /Interest Cost during 1.24
Coverage Ratio (ISCR)the year
4 Profit After Tax 1270 -
5Earnings Per Share Net Profit After Tax / Weighted
1270/131’900'000O 96
(EPS) (Basic) Average Number of Shares'
. . . 1270/6
Earnings Per Share Net Profit After Tax /WelghtedO 96
(EPS) (Diluted) Average Number of Sharesin 900 000
'
7Debenture Redemption
855 _
Reserve
For CHATURVEDI & PARTNERS
Chartered Accountants
Firm’s Registratio u
AN J MAHANS
\
44
IA
Partner
Membership Number 500819
New Delhi
May 30, 2017
CP/ESSEL/2017l5/1
er 3070685