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Annual Report 2008-09 | 1
Building a robust organisation
Som e m en see things as they are and say, W hy?I dream of
things that never w ere and say, W hy not?
G eorge Bernard Shaw
The G M R G roup is a Bangalore headquartered global infrastructure
m ajor w ith interests in Infrastructure and A gri-business. Founded in
1978, the G roup is w ell diversified and professionally m anaged.
O ver tim e the G roup has built a distinct identity for itself by
em phasising on grow th through innovation, entrepreneurship
and value based practices across all its transactions w ith its diverse
stakeholders.
H aving proven its credentials as a leading infrastructure
conglom erate in India, the G roup is expanding its operations
globally. Tow ards this, it has form ed a separate division - G M R
International headquartered in London, to m anage its overseas
operations.
The underlying philosophy of the G roup is captured in its vision
statem ent To build entrepreneurial organisations that m ake a
difference to society through creation of value.
It is this fusion of vision, values and philosophy that translates
into a tangible delivery for the benefit to the G roups m ultiple
stakeholders w ithin and outside the country.
O f particular relevance is the G roups em phasis on inclusive grow th
w here special attention is given to com m unities w hich need
attention and care such as the m arginalised and w eaker sections
of society.
2 | GMR Infrastructure Limited | 13
th
Annual Report 2008-09
G eneral Inform ation
G M Rao
Executive C hairm an
Srinivas Bom m idala
G roup D irector
G B S Raju
M anaging D irector
Kiran Kum ar G randhi
G roup D irector
B V N agesw ara Rao
G roup D irector
O Bangaru Raju
D irector
A run K Thiagarajan
Independent D irector
K R Ram am oorthy
Independent D irector
D r. Prakash G A pte
Independent D irector
R S S L N Bhaskarudu
Independent D irector
U daya H olla
Independent D irector
U day M C hitale
Independent D irector
Board of D irectors
C om pany Secretary & C om pliance O fficer
C . P. Sounderarajan
Bankers
C entral Bank of India
IC IC I Bank Lim ited
IN G Vysya Bank Lim ited
U nited Bank of India
Registered O ffice
Skip H ouse, 25/1, M useum Road,
Bangalore - 560 025
Tel N o.: 080 40534000
Fax: 080 22279353
w w w .gm rgroup.in
A udit C om m ittee
K R Ram am oorthy C hairm an
A run K Thiagarajan M em ber
R S S L N Bhaskarudu M em ber
U day M C hitale M em ber
ShareholdersTransfer & G rievance C om m ittee
U daya H olla C hairm an
K R Ram am oorthy M em ber
G B S Raju M em ber
B V N agesw ara Rao M em ber
Statutory A uditors
Price W aterhouse
C hartered A ccountants
8-2-293/82/A /1131A , Road N o. 36,
Jubilee H ills, H yderabad - 500 034.
Registrar and Share Transfer A gent
Karvy C om putershare Private Lim ited
N o. 17-24, Vittalrao N agar, M adhapur
H yderabad - 500 081
GMR Infrastructure Limited | 13
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Annual Report 2008-09 | 3
Values and Beliefs
Values build
Strategy is vital; values are
indispensable
A steadfast commitment to timeless values
represents the core of our existence. In the
long run only a values-driven organization
can be sustainably successful. Ethical
behavior for the Group is more than just
practice; it represents the DNA of its
existence.
This is backed by a well formulated
governance framework that focuses on
transparency, honesty and integrity.
So much so that there is a growing public
respect for the Group and what It
demonstrates consistently. In 2008, GMR was
selected as one of the leading 25 sound
governance-practising companies by the
Institute of Company Secretaries of India
(ICSI), an example that reiterates this
commitment.
Humility
We value intellectual modesty
and dislike false pride and
arrogance.
Entrepreneurship
We seek opportunities - they
are everywhere.
Teamwork and relationships
Going beyond the individual -
encouraging boundary less
behaviour.
Deliver the promise
We value a deep sense of
responsibility and self discipline,
to meet and surpass on
commitments made.
Learning
Nurturing active curiosity - to
question, share and improve.
Social responsibility
Anticipating and meeting
relevant and emerging needs
of society.
Respect for individual
We will treat others with
dignity, sensitivity and honour.
I dont think m uch of a m an w ho is not w iser today than he w as
yesterday.
A braham Lincoln
The G M R G roup firm ly believes that its distinct organisational
characteristics w ill be driven through its strong values and beliefs.
These values and beliefs in turn drive the organisations culture, lay
the foundation for institution-building and help define its goals.
It has also helped build the reputation capital of the G roup w hich
over tim e has enhanced and sustained its standing as a leading
and respected player in the infrastructure dom ain.
4 | GMR Infrastructure Limited | 13
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Annual Report 2008-09
C hairm ans letter to the shareholders
D ear Shareholders,
The last fiscal has seen an econom ic cataclysm , not w itnessed
in several decades. The credit crisis in the U .S. has triggered an
econom ic recession w ith global ram ifications characterised by
liquidity crunch, instability of key businesses, m ounting fiscal
deficit and decline in consum er w ealth and econom ic activity.
C onsequentially, every sector of the econom y including real
estate, aviation, hospitality, infrastructure to nam e a few , has been
adversely im pacted.
W e how ever share the optim ism of Indias billion plus populace
that is buoyed by a stable and strong political leadership at the
centre com m itted to reform s; a renew ed thrust on infrastructure
sector and signs of global econom ic recovery.
W e continue to operate w ith the underlying conviction that every
challenge presents a unique opportunity. The econom ic contagion
has reinvigorated our focus on achieving perform ance excellence
through elim ination of w astage and unproductive practices.
Tow ards this objective, w e have introduced the Value for M oney
(VFM ) initiatives across the organisation seeking to achieve
the highest order of efficiencies in processes and excellence in
execution. To this effect, w e have decided to review the short
term grow th plans of all our businesses to align our strategy w ith
m arket realities.
O ur business m odel is based on enduring relationships w ith
our partners and diverse stakeholders. O ur success in garnering
funds for projects through banks and other financial institutions
dem onstrates the faith reposed by our stakeholders in us. This has
enabled us to achieve significant project m ilestones in the previous
year, despite the global m eltdow n.
Business D evelopm ents and Financials
O ur vision to give D elhi a w orld-class airport received a leg up
w ith the inauguration of the new dom estic departure term inal
(T1D ) on February 26, 2009. Earlier, on A ugust 21, 2008, the
third runw ay w as inaugurated at the Indira G andhi International
A irport (IG IA ). The D elhi International A irport Private Lim ited (D IA L)
also successfully com pleted the m odernisation of the existing
international term inal at IG IA in June, 2008.
D uring this period, w e leased out plots for com m ercial property
developm ent at the IG IA . It w as heartening to note that D IA L
received 60 bids for the developm ent of the hospitality district
despite the current econom ic depression. This reflects the value
potential and econom ic opportunity offered by the A ero-city
project. The construction of the new integrated term inal at IG IA ,
Term inal 3 (T3), is proceeding in full sw ing to m eet the launch
deadline in 2010. W e are confident that T3 w ill m eet the high
expectations of all our stakeholders.
Rajiv G andhi International A irport (RG IA ) at H yderabad has also
com pleted one year of successful operations.
O ur energy business continued to fuel our grow th. G M R Pow er
C orporation Private Lim ited successfully com pleted a decade of
operations achieving its best ever perform ance in term s of plant
load factor and heat rate. G M R Energy Lim ited (G EL) perform ed
successful m erchant operations since N ovem ber 2008 w hile the
Vem agiri Pow er G eneration Lim ited (VPG L) resum ed operations
While I believe that people resources drive
the group's collective strength, of particular
relevance is our emphasis on inclusive growth
- G M Rao
A irports
42 aircraft parking stands (12 contact stands+ 30 rem ote
stands) and five dedicated stands for freighter aircraft.
142 C om m on U ser Term inal Equipm ent (C U TE) check-in desks
of w hich 16 are self check-in
46 im m igration counters.
M odular term inal building equipped w ith state-of-the-art IT
technology.
A contem porary H otel under N ovotel brand equipped w ith a
spa, business conference facilities, restaurants and bars
C ar park facility for 3700 cars.
17 bed A pollo hospital in the Passenger Term inal Building
Fuel farm w ith open access to all oil com panies; currently
utilised by five com panies
First A irport in India to get LEED (Leadership in Energy &
Environm ental D esign) Silverrating.
Aw arded the Routes A irport M arketing Aw ard for the Indian
subcontinent at the Routes A sia 2009 conference held in India
for the first tim e at H yderabad.
The airport is strategically located providing excellent opportunity
to develop it as a hub for dom estic and international passenger
and cargo traffic. The futuristic airport reflects the long term vision
of its developers to build it as a m ajor dom estic and international
hub.
Energy
G M R Pow er C orporation Pvt. Ltd.
Installed capacity: 200 M W
Location: C hennai, India
Year of com m issioning: N ovem ber 1999
Fuel type: LSH S based
Key features
Tam il N adus first independent pow er producer
Entire pow er off take by Tam il N adu State Electricity Board
under a 15-year PPA valid till 2014.
G erm an technology for tw o-stroke diesel engine from M A N
B& W .
Established a unique sophisticated sew age treatm ent unit that
treats 7200 cubic m eters of raw sew age per day from C hennai
M etropolitan & Sew erage Board to produce 5400 cubic m eters
of clean w ater for its ow n use.
Incorporation of reverse-osm osis technology for the final stage
of purification to neutralize harm ful pollutants.
A chieved ISO 14001 and O H SA S 18001 certifications from
D et N orske Veritas for its eco-friendly initiatives.
Aw arded The M .S. Sw am inathan Aw ard for Environm ent
Protection.
O ur C oal A ssets
W ith the aim to secure fuel supply for energy business, the G roup
has acquired 100% stake in a coal m ine, PT BSL, Indonesia w hich
has m ine life of approxim ately 25 years. The group has also
acquired 33.34% stake in H om eland Energy G roup (H EG ) a
C anadian listed entity, w hich through its subsidiaries in
South A frica ow ns controlling interest in already operational
Kendel m ines, fully explored Eloff M ines and also other exploration
areas w ith total m ineable reserves of around 300 M n M T.
D etails of projects under im plem entation
Project / Location C apacity Fuel Type of C oncession Expected C oD
Kam alanga, O rissa 1050 M W C oal Build O w n & O perate 2012
C hhattisgarh 1200 M W C oal Build O w n & O perate 2013
Vem agiri Phase II, A ndhra Pradesh 750 M W N atural G as Build O w n & O perate 2012
A laknanda, H im achal Pradesh 300 M W H ydro BO O T for 45 years from im plem entation
agreem ent
2014
Talong, A runachal Pradesh 160 M W H ydro Run of River on BO O T basis for a concession
period of 40 years from C oD
2014
Bajoli H oli, H im achal Pradesh 180 M W H ydro Run of River on BO O T basis for a concession
period of 40 years from C oD
2015
U pper Karnali, N epal 300 M W H ydro Build, O w n, O perate & Transfer 30 years
from generation license
2015
U pper M arsyangdi, N epal 250 M W H ydro Build, O w n, O perate & Transfer 30 years
from generation license
2015
GMR Infrastructure Limited | 13
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Annual Report 2008-09 | 13
H ighw ays
G M R G roup is a leading developer and operator of highw ays
business in India and holds concessions for six highw ay projects
m easuring a total length of around 421 km . These projects are
a diversified m ix of three annuity (around 255 km ) and three
toll-based projects (166 km ) and w ere aw arded by the N ational
H ighw ays A uthority of India (N H A I) under N ational H ighw ays
D evelopm ent Program m e (N H D P). The G roup has recently w on
tw o road projects, the 181 km H yderabad - Vijayaw ada project in
A ndhra Pradesh on toll basis and 29 km C hennai O uter Ring Road
state project in Tam il N adu on annuity basis. Both the projects w ill
be built on BO T basis. G oing forw ard, G M R G roup w ill participate
in six-laning and other corridor projects of the N H D P in India and is
also exploring opportunities in Turkey, East Europe and A frica.
Q uality of C onstruction and O perational safety is of utm ost
priority at G M R G roup and highw ays are being constructed taking
into consideration all safety aspects. Safety m easures adopted
by the G roup com prise the construction of pedestrian fencing
along service roads, installation of appropriate caution and safety
boards, provision of exclusive bus bays, installation of reflective
road delineators at sharp curves etc. The G roup also provided
state-of-the-art illum ination, w ith special high-m ast lighting at
all m ajor junctions and fly overs. A 24-hour highw ay patrol and
first-aid facilities provide assistance to travellers.
Key features
The Tam baram -Tindivanam road developm ent project in Tam il
N adu w as com pleted 29 days ahead of schedule, earning
a bonus from N H A I. The project includes tw o m ajor ridges,
three railw ay over-bridges, tw o toll plazas, four fly overs and
one trum pet interchange.
The Tuni- A nakapalli project in A ndhra Pradesh w as com pleted
on schedule. This w as achieved inspite of facing constraints
related to land acquisition issues, w hich w as resolved by
strategic co-ordination w ith N ational H ighw ays A uthority of
India
G M R Varalakshm i Foundation
the G ifted C hildren Schem e and through scholarships and
interest-free loans for professional courses.
Provides m id-day m eals to children at schools.
H ealth, H ygiene and Sanitation
Provides am bulance service in geographically rem ote areas.
Its m obile m edical units provide regular support in villages,
catering to over 3000 senior patients (age 60+) by delivering
doorstep healthcare.
H as initiated health clinics in areas lacking in health facilities.
C onducts various health aw areness sessions (including A ID S
aw areness), health cam ps, health rallies and skits at various
locations for different age groups.
H as initiated nutrition centres for pregnant and lactating
w om en in H yderabad. Pregnant w om en are provided w ith a
diet supplem ent prepared in consultation w ith the N ational
Institute of N utrition.
H as facilitated public sanitation for the disadvantaged through
running 14 public toilets used by about 4,000 people a day.
Em pow erm ent and livelihoods
Runs several institutes to provide skill training and
entrepreneurship developm ent for dropout youths in a variety
of skills. Follow ing training, the institutes also help the youth
in getting jobs or setting up m icro-enterprises. A bout 4000
youth are trained every year.
W orks w ith 80 self-help groups (SH G s), providing facilitation,
capacity building, m otivation support and training in
em pow ering w om en financially.
C om m unity developm ent
H as encouraged the form ation of youth and children clubs
to enhance youth aw areness and participation in com m unity
developm ent program m es.
H as established com m unity libraries in villages to reinforce the
reading habit and help com m unities bond better.
Prom otes w om en literacy through adult literacy program m es.
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9
.
26 | GMR Infrastructure Limited | 13
th
Annual Report 2008-09
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4
GMR Infrastructure Limited | 13
th
Annual Report 2008-09 | 27
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28 | GMR Infrastructure Limited | 13
th
Annual Report 2008-09
C om panys Philosophy on C orporate G overnance
A ttainm ent of the right results through right m eanssum m arises
G M Rs w ay of C orporate governance. For us C orporate
governance is not destination, but a journey, a journey w herein w e
seek to perpetually im prove the conscience of the w ell balanced
interests of all the stakeholders as w e w alk the m iles, spend the
years, do m ore projects and spread our presence through
continents to touch m ore and m ore lives. Balancing the
interests of all the stakeholders is a challenge that w e constantly
face in this m arathon.
Report on C orporate G overnance
Relationship betw een D irectors interse.
N am e of the D irector Relationship
M r. G . M . Rao Father of M r. G . B. S. Raju and M r. Kiran Kum ar G randhi, father-in-law of M r. Srinivas Bom m idala
M r. G . B. S. Raju Son of M r. G . M . Rao, brother of M r. Kiran Kum ar G randhi, brother-in-law of M r. Srinivas Bom m idala
M r. Srinivas Bom m idala Son-in-law of M r. G . M . Rao, brother- in-law of M r. G . B. S. Raju and M r. Kiran Kum ar G randhi
M r. Kiran Kum ar G randhi Son of M r. G . M . Rao, brother of M r. G .B.S Raju, brother-in-law of M r. Srinivas Bom m idala
W hile w e go beyond the legal provisions of C orporate governance,
the statutory com pliances in this regard are set forth below .
1. Board of D irectors
a. C om position of the Board
A s on M arch 31, 2009, the Board consists of tw elve directors,
including one Executive C hairm an and one M anaging D irector.
10 D irectors are N on-Executive D irectors; out of them 6 are
Independent D irectors. The Independent D irectors are professionals
w ith high credentials, w ho actively contribute in the deliberations
of the Board, covering all strategic policy m atters and strategic
decisions.
The Board com prises of the follow ing D irectors:
Sl.
N o.
N am e of the D irector
D irector
Identification
N um ber (D IN )
C ategory
N um ber of other D irectorships
held in other Public Lim ited
C om panies as on 31-03-2009
#
N um ber of com m ittee
C hairm anships / m em berships held
in other Public Lim ited C om panies
as on 31-03-2009
*
C hairm an D irector C hairm an M em ber
1 M r. G .M . Rao 00574243 Executive C hairm an 4 1
2 M r. G .B.S. Raju 00061686 M anaging D irector 5 1
3 M r. Srinivas Bom m idala 00061464 N EPD 9 4 1 5
4 M r. Kiran Kum ar G randhi 00061669 N EPD 6 1
5 M r. B.V. N agesw ara Rao 00051167 N ED 6 7 1 5
6 M r. K. Balasubram anian** 00009132 N ED N A N A N A N A
7 M r. O . Bangaru Raju 00082228 N ED 8 6
8 M r. A run K. Thiagarajan 00292757 N EID 11 1 5
9 M r. K.R. Ram am oorthy 00058467 N EID 1 9 2 6
10 D r. Prakash G . A pte 00045798 N EID 5 5
11 M r. R.S.S.L.N . Bhaskarudu 00058527 N EID 1 5 3 2
12 M r. U daya H olla 00245641 N EID 3
13 M r. U day M . C hitale 00043268 N EID 5 3 1
14 M r. T.R. Prasad** 00084175 N EID N A N A N A N A
N EPD N on-Executive Prom oter D irector, N ED N on- Executive D irector, N EID N on-Executive Independent D irector,
# O ther com panies do not include alternate directorships, directorships of private lim ited com pany, Section 25 com panies and com panies incorporated outside India.
* C om m ittee m eans A udit C om m ittee and ShareholdersTransfer & G rievance C om m ittee.
** D irectors resigned during the year
GMR Infrastructure Limited | 13
th
Annual Report 2008-09 | 29
b. Board M eetings:
Five Board M eetings w ere held during the financial year
ended M arch 31, 2009. These m eetings w ere held on M ay
20, 2008, July 29, 2008, O ctober 27, 2008, January 29, 2009 and
M arch 24, 2009. The m axim um gap betw een tw o m eetings w as
93 days.
c. D irectorsA ttendance Record:
The attendance of D irectors at the Board m eetings held during the
financial year ended M arch 31, 2009 and at the previous G eneral
M eetings w as as under.
N am e of the D irector
Board M eetings
during the period
A pril 01, 2008 to
M arch 31, 2009
W hether
present
at the
previous
A G M held
on A ugust
19, 2008
W hether
present
at the
previous
EG M held
on June 9,
2009
H eld A ttended
#
M r. G . M . Rao 5 5 Yes Yes
M r. G . B. S. Raju 5 5 Yes N o
M r. Srinivas Bom m idala 5 3 N o Yes
M r. Kiran Kum ar G randhi 5 4 Yes N o
M r. B. V. N agesw ara Rao 5 4 N o Yes
M r. K. Balasubram anian
+
3 2 Yes N A
M r. O .Bangaru Raju 5 5 Yes N o
M r. A run K. Thiagarajan 5 4 Yes N o
M r. K. R. Ram am oorthy 5 5 Yes Yes
D r. Prakash G A pte 5 4 N o N o
M r. R.S.S.L.N . Bhaskarudu 5 3 Yes Yes
M r. U daya H olla 5 2 N o N o
M r. U day M . C hitale 5 5 Yes Yes
M r. T.R. Prasad* 3 2 Yes N A
+Resigned as D irector w ith effect from January 23, 2009
*Resigned as D irector w ith effect from January 13, 2009
#
A ttendance include participation through video conference
d. Profile of D irectors being appointed in the ensuing A nnual
G eneral M eeting to be held on A ugust 31, 2009.
i) M r. U day M C hitale 59, Independent D irector, has been on
C om panys Board since Septem ber, 2005. H e is also a director on
the Board of VPG L, a subsidiary of the C om pany. M r. C hitale is a
C hartered A ccountant of over 35 yearsstanding in the profession
and is the Senior Partner of M .P. C hitale & C o, M um bai. H e is / has
been director of som e prom inent com panies including IC IC I Bank
Lim ited, IC IC I Securities Lim ited, JSW Steel Lim ited and N ational
C om m odity & D erivatives Exchange. H e is currently a m em ber
of the global board of directors and Vice President A sia Pacific
of D FK International, a w orldw ide association of independent
professional firm s. M r. C hitale has served on several expert
com m ittees set up by governm ent and regulatory organizations
including RBI, SEBI, IRD A and professional bodies such as the
Institute of C hartered A ccountants of India, Bom bay C hartered
A ccountants Society and Indian BanksA ssociation. A part from
being a respected senior professional accountant and auditor,
M r. C hitale is acknow ledged as a m anagem ent and business
advisor. H is special interests include international business
negotiations and com m ercial dispute resolution; he has received
accreditation as C ertified M ediatorfrom the C entre for Effective
D ispute Resolution (C ED R), U K. M r. C hitale is one of the pioneers
w ho has contributed to the developm ent of A lternative D ispute
Resolution in India and is the founder D irector of Indian C ouncil
for D ispute Resolution.
H e holds 15000 equity shares of the C om pany under joint nam es
as on M arch 31, 2009.
D etails of M r. U day M C hitales directorships and com m ittee
m em berships are as follow s:
N am e of the C om pany
(D irectorship)
C om m ittee C hairm anship
/ M em berships
G M R Infrastructure Lim ited
M em ber
A udit C om m ittee,
C orporate G overnance
C om m ittee
D FK C onsulting Services (India)
Private Lim ited
D FK International (Incorporated in
N etherlands)
e. D etails of rem uneration paid during the financial year ended M arch 31, 2009 to the D irectors are furnished here under.
N am e Salary &
C om m ission (Rs.)
Perquisites (Rs.) Sitting Fees (Rs.) Total (Rs.) N o. of shares held
M r. G . M . Rao 51,705,265 289,229 51,994,494 126,665
M r. G . B. S. Raju 31,025,145 171,551 31,196,696 225,830
M r. Srinivas Bom m idala 225,830
M r. Kiran Kum ar G randhi 225,830
M r. B. V. N agesw ara Rao 75,000
M r. K. Balasubram anian * N A
M r. O .Bangaru Raju 20,000
M r. A run K. Thiagarajan 210,000 210,000 18,000
M r. K. R. Ram am oorthy 290,000 290,000 N IL
D r. Prakash G A pte 90,000 90,000 15,000
M r. R.S.S.L.N . Bhaskarudu 90,000 90,000 N IL
M r. U daya H olla 100,000 100,000 N IL
M r. U day M . C hitale 250,000 250,000 15,000
M r. T. R. Prasad ** 40,000 40,000 N A
*Resigned as director w ith effect from January 23, 2009
**Resigned as director w ith effect from January 13, 2009
N ote: The rem uneration paid to Executive C hairm an and M anaging D irector do not include provision for gratuity, super annuation and
prem ium for personal accident policy, as the sam e are determ ined for the com pany as a w hole.
The C om pany does not have any stock option plan or perform ance-linked incentive for the D irector(s).
34 | GMR Infrastructure Limited | 13
th
Annual Report 2008-09
4. ShareholdersTransfer and G rievance C om m ittee
a. C onstitution of the C om m ittee:
The ShareholdersTransfer and G rievance C om m ittee com prises of
the follow ing D irectors as m em bers:
N am es D esignation
M r. U daya H olla C hairm an
M r. K. R. Ram am oorthy M em ber
M r. G .B.S.Raju M em ber
M r. B.V.N agesw ara Rao M em ber
The com position of the com m ittee m eets the requirem ent of
C lause 49 of the Listing A greem ent w ith the stock exchanges.
M r. C . P. Sounderarajan, C om pany Secretary and C om pliance
O fficer, acts as Secretary to the ShareholdersTransfers and
G rievance C om m ittee.
b. M eetings and A ttendance during the year:
D uring the financial year ended on M arch 31, 2009, four m eetings
w ere held on M ay 20, 2008, July 29, 2008, O ctober 27, 2008 and
January 29, 2009. The attendance of the ShareholdersTransfer
and G rievance C om m ittee m em bers is as under:
N am es
N o. of the M eetings
H eld A ttended
M r. U daya H olla 4 2
M r. K. R. Ram am oorthy 4 4
M r. G .B.S.Raju 4 3
M r. B.V.N agesw ara Rao 4 3
c. The term s of reference of the ShareholdersTransfer and
G rievance C om m ittee are as under:
A llotm ent of all types of securities to be issued by the
C om pany.
Transfer, transposition and transm ission of securities.
Issuance of duplicate shares or other securities.
D ealing w ith com plaints about non-receipt of declared
dividend, non-receipt of A nnual Reports, etc.
Investigate into other investors com plaints and take necessary
steps for redressal thereof.
To perform all functions relating to the interests of
shareholders / investors of the C om pany as m ay be required
by the provisions of the C om panies A ct, 1956, Listing
A greem ents w ith stock exchanges and guidelines issued by
SEBI or any other regulatory authority.
A uthorise C om pany Secretary or other persons to take
necessary action on the above m atters.
A ppointm ent and fixation of rem uneration of the Registrar
and Share transfer A gent and D epositories and to review their
perform ance.
The details of the com plaints received during the financial year
2008-09 and the status of the sam e are as below :
i.
ii.
iii.
iv.
v.
vi.
vii.
viii.
Particulars
N o. of
C om plaints
received
N o. of
C om plaints
resolved
Pending
C om plaints
N on-Receipt of
A nnual Reports
11 11 0
N on-Receipt of
Refund O rders
10 10 0
N on-Receipt of
Electronic C redit
23 23 0
N on-Receipt of
Share C ertificates
11 11 0
N on- receipt of
D ividend w arrants
23 23 0
Total 78 78 0
5. M anagem ent C om m ittee
a. C onstitution of M anagem ent C om m ittee:
The M anagem ent C om m ittee com prises of the follow ing D irectors
as m em bers:
N am es D esignation
M r. G .M .Rao C hairm an
M r. G .B.S. Raju M em ber
M r. Srinivas Bom m idala M em ber
M r. Kiran Kum ar G randhi M em ber
M r. B.V.N agesw ara Rao M em ber
M r. K. Balasubram anian* M em ber
*C eased to be a m em ber of the C om m ittee w ith effect from January 23, 2009.
M r. C P Sounderarajan, C om pany Secretary and C om pliance
O fficer, acts as Secretary to the M anagem ent C om m ittee.
b. M eetings and A ttendance during the year:
D uring the financial year ended on M arch 31, 2009, five m eetings
of the C om m ittee w ere held on June 13, 2008, July 11, 2008,
July 21, 2008, D ecem ber 22,2008 and M arch 13, 2009 and the
attendance of m em bers are as follow s:
N am es
N o. of the M eetings
H eld A ttended
M r. G .M .Rao 5 5
M r. Srinivas Bom m idala 5 1
M r. G .B.S. Raju 5 2
M r. Kiran Kum ar G randhi 5 1
M r. B.V.N agesw ara Rao 5 3
M r. K. Balasubram anian * 4 3
*C eased to be a m em ber of the C om m ittee w ith effect from January 23, 2009.
c. The term s of reference of the M anagem ent C om m ittee are as
under:
D ecision-m aking relating to operational m atters like
investm ents in new projects, financial m atters, capital
expenditure, purchases and contracts non-capital (including
services), sales and m arketing, long-term contracts, stores, H R
related m atters, establishm ent and adm inistration, w riting-off
of assets, etc.
D ecision-m aking relating to IPO m atters like quantum of
issue, issue price, appointm ent of lead m anagers and other
i.
ii.
GMR Infrastructure Limited | 13
th
Annual Report 2008-09 | 35
interm ediaries, registrars to the issue, bankers to the issue,
listing of shares, execution of all the docum ents pertaining
to IPO , etc.
The Board of D irectors from tim e to tim e also delegate specific
pow ers to the M anagem ent C om m ittee.
6. D ebentures A llotm ent C om m ittee
a. C onstitution of D ebentures A llotm ent C om m ittee:
The D ebentures A llotm ent C om m ittee com prises of the follow ing
D irectors as m em bers:
N am es D esignation
M r. Srinivas Bom m idala M em ber
M r. G .B.S. Raju M em ber
M r. B.V.N agesw ara Rao M em ber
M r. K. Balasubram anian * M em ber
*C eased to be a m em ber of the C om m ittee w ith effect from January 23, 2009.
M r. C P Sounderarajan, C om pany Secretary and C om pliance
O fficer, acts as Secretary to the D ebentures A llotm ent
C om m ittee.
b. M eetings and A ttendance during the year:
N o m eeting of D ebentures A llotm ent C om m ittee w as held during
the financial year 2008-09.
c. The term s of reference of the D ebentures A llotm ent C om m ittee
are as under:
Issuance and allotm ent of debentures on such term s and
conditions as m ay be prescribed from tim e to tim e in this regard.
7. Treasury C om m ittee
a. C onstitution of Treasury C om m ittee:
The Board has constituted the Treasury C om m ittee vide resolution
dated January 9, 2008 and the com m ittee com prises of the
follow ing m em bers:
N am es D esignation
M r. K. R. Ram am oorthy C hairm an
M r. G .B.S.Raju M em ber
M r. K. Balasubram anian* M em ber
M r. A .Subba Rao M em ber
M r. R. Ram M ohan M em ber
D r. Prakash G A pte M em ber
*C eased to be a m em ber of the C om m ittee w ith effect from January 23, 2009.
b. M eetings and A ttendance during the year:
D uring the financial year ended on M arch 31 2009, one
C om m ittee m eeting w as held on A pril 18, 2008 and the
attendance of m em bers is as under:
N am es
N o. of the M eetings
H eld A ttended
M r. K. R. Ram am oorthy 1 1
M r. G .B.S.Raju 1 0
M r. K. Balasubram anian* 1 0
M r. A . Subba Rao 1 1
M r. R. Ram M ohan 1 1
D r Prakash G A pte 1 1
*C eased to be a m em ber of the C om m ittee w ith effect from January 23, 2009.
c. The term s of reference of the Treasury C om m ittee are as
follow s:
Form ulate the policy for short-term deploym ent of funds, decide
the type of instrum ents, m anner and structure of investm ents or
placem ent of funds.
The Board of D irectors in their m eeting held on M arch 24, 2009
dissolved the Treasury C om m ittee.
8. C orporate G overnance C om m ittee
a. C onstitution of C orporate G overnance C om m ittee:
The Board has constituted the C orporate governance
C om m ittee on January 29, 2009 com prising of the follow ing
m em bers:
N am es D esignation
M r. A run K Thiagarajan C hairm an
D r. Prakash G A pte M em ber
M r. R S S L N Bhaskarudu M em ber
M r. U day M C hitale M em ber
M r. C P Sounderarajan, C om pany Secretary and C om pliance
O fficer, acts as Secretary to the C orporate G overnance
C om m ittee.
b. M eetings and A ttendance during the year:
D uring the financial year ended on M arch 31 2009, one
C om m ittee m eeting w as held on M arch 24, 2009 and the
attendance of m em bers is as under:
N am es
N o. of the M eetings
H eld A ttended
M r. A run K Thiagarajan 1 1
D r. Prakash G A pte 1 0
M r. R S S L N Bhaskarudu 1 1
M r. U day M C hitale 1 1
c. The term s of reference of the C orporate G overnance C om m ittee
are as follow s:
To review and recom m end best C orporate governance
practices including Board processes, disclosure practices, policy
on ethics / code of conduct etc.
To continuously review and reinforce the C orporate
governance practices w ithin the C om pany.
To lay dow n process for induction of directors after due
diligence.
A ny other m atter as the C om m ittee m ay deem appropriate
after approval of the Board of D irectors or as m ay be directed
by the Board of D irectors from tim e to tim e.
i.
ii.
iii.
iv.
36 | GMR Infrastructure Limited | 13
th
Annual Report 2008-09
9. G eneral Body M eetings
a. A nnual G eneral M eetings
Venue, date and tim e of the A nnual G eneral M eetings held during the preceeding three years and the Special Resolutions passed there
at are as under:
Year Venue D ate & Tim e Special Resolutions passed
2007-08 Jnana Jyothi A uditorium ,
C entral C ollege C am pus,
Bangalore 560 001
A ugust 19, 2008,
2.30 p.m .
N o Special Resolution w as passed.
2006-07 C onvention C entre, N IM H A N S,
H osur Road,
Bangalore 560 029
A ugust 30, 2007
10.30 a.m .
1. U nder Section 163 of the C om panies A ct, 1956, approval
for keeping of register of m em bers etc. at the office of Karvy
C om putershare Private Lim ited, Registrar and Share Transfer
A gent of the C om pany, w ithin the city of Bangalore.
2. U nder Section 31 of the C om panies A ct, 1956, alteration of
A rticle 82 of A rticles of A ssociation pertaining to the pow ers of
the Board w ith regard to borrow ing.
3. U nder Section 81(1A ) of the C om panies A ct, 1956, approval
for issue of equity shares / convertible securities to any person.
4. U nder Section 61 of the C om panies A ct, 1956, approval for
variation in utilization of IPO proceeds.
2005-06 C hancery H all, Taj W est End
H otel, M G Road,
Bangalore - 560 001
A ugust 07, 2006
3.30 p.m .
N o Special Resolution w as passed.
b. Extraordinary G eneral M eetings
Venue, date and tim e of the Extraordinary G eneral M eetings held during the preceeding three years and the Special Resolutions passed
there at are as follow s:
Year Venue D ate & Tim e Special Resolutions Passed
2007-08 D r. A m bedkar Bhavan,
M illers Road, Vasanth N agar,
Bangalore 560 052.
N ovem ber 26, 2007
11:00 a.m .
U nder Section 81 (1A ) of the C om panies A ct, 1956, issue of
securities through Q ualified Institutional Placem ents (Q IP)
2006-07 25/1, Skip H ouse, M useum
Road, Bangalore 560 025
M ay 20, 2006
11:00 a.m .
N o Special Resolution w as passed.
The Parliam ent Room ,
H otel Taj M ahal,
M ansingh Road,
N ew D elhi - 110 001
A pril 25, 2006
12:00 N oon
1. A pproval for preferential issue of equity shares to the IC IC I
Trusteeship Services Lim ited (IC IC I Em erging Sectors Fund).
2. U nder Section 31 of the C om panies A ct, 1956, replacing
w ith new set of A rticles of A ssociation of the C om pany.
25/1, Skip H ouse, M useum
Road, Bangalore 560 025
A pril 19, 2006
11:00 a.m .
A pproval for preferential issue of equity shares to the India
D evelopm ent Fund (ID F).
2005-06 25/1, Skip H ouse,
M useum Road,
Bangalore 560 025
February 28, 2006
11:00 a.m .
1. U nder Sections 16 and 94 of the C om panies A ct, 1956,
increase of authorized share capital of the C om pany and
consequently alteration of M em orandum of A ssociation.
2. U nder Section 81(1A ) of the C om panies A ct, 1956 approval
for issue of equity shares or convertible securities or any other
securities.
25/1, Skip H ouse,
M useum Road,
Bangalore 560 025
Septem ber 29, 2005
11:00 a.m .
1. U nder Sections 16 and 94 of the C om panies A ct, 1956,
reclassifying preference shares to equity shares. Increase of
authorized share capital of the C om pany and consequently
alteration of M em orandum of A ssociation.
2. U nder Section 31 of the C om panies A ct, 1956, alteration of
A rticle 95 of the A rticles of A ssociation pertaining to num ber
of directors.
3. Issue of Bonus shares.
N ote: D uring the year 2008-09, no Extraordinary G eneral M eeting w as held.
GMR Infrastructure Limited | 13
th
Annual Report 2008-09 | 37
c. Special Resolutions passed through postal ballot:
N o special resolution w as passed during the last year through
postal ballot.
10. D isclosures
a. D isclosures on m aterially significant related party transactions
i.e., transactions of the C om pany of m aterial nature, w ith
its prom oters, D irectors or their relatives, m anagem ent, its
subsidiaries etc., that m ay have potential conflict w ith the
interests of the C om pany at large.
The transactions w ith related parties are m entioned at page
no. 123 m ay be verified in the A nnual Report. N one of the
transactions w ith related parties w ere in conflict w ith the
interests of the C om pany at large.
b. D etails of non-com pliance by the C om pany, penalties, strictures
im posed on the C om pany by the stock exchanges or SEBI or any
statutory authority, on any m atter related to capital m arkets,
during the last three years.
There has been no instance of non-com pliance by the C om pany
on any m atter related to capital m arkets during the last three
years hence no penalties or strictures have been im posed by
the stock exchange or SEBI or any statutory authority.
11. M eans of C om m unication
The C om pany has been sending A nnual Reports, notices and
other com m unications to each household of shareholders through
post or courier.
The quarterly / annual results of the C om pany as per the
statutory requirem ent under C lause 41 of the Listing A greem ent
w ith stock exchanges are generally published in the Business
Standardand Sam yukta Karnataka(a regional daily in Kannada
language). The C om pany also publishes its consolidated
financial statem ents in Econom ic Tim es, Business Line and
Financial Express. Q uarterly and A nnual Financial Statem ents,
along w ith segm ent report and Q uarterly shareholding pattern
are posted on the G M R G roup w ebsite (w w w .gm rgroup.in),
BSE w ebsite (w w w .bseindia.com ) and N SE w ebsite
(w w w .nseindia.com ). The presentations m ade to analysts and
others are also posted on the G M R G roup w ebsite.
12. M anagem ent D iscussion and A nalysis Report
(M D A )
M D A form s part of the D irectorsReport and the sam e is attached
separately in this A nnual Report.
13. G eneral Shareholder Inform ation
a. D ate, tim e and venue of the 13th A G M :
M onday, A ugust 31, 2009 at 2.30 p.m . at C onvention C entre,
N IM H A N S, H osur Road, Bangalore - 560 029, Karnataka, India.
b. Financial C alendar:
The Financial year is 1
st
A pril to 31
st
M arch and financial results are
proposed to be declared as per the follow ing tentative schedule.
Particulars Tentative Schedule
Financial reporting for the quarter ending
June 30, 2009
second fortnight of
July 2009
Financial reporting for the quarter / half
year ending Septem ber 30, 2009
second fortnight of
O ctober 2009
Financial reporting for the quarter / nine
m onths ending D ecem ber 31, 2009
second fortnight of
January 2010
Financial reporting for the quarter / year
ending M arch 31, 2010
second fortnight of
M ay 2010
A nnual G eneral M eeting for the year
ending M arch 31, 2010
A ugust / Septem ber
2010
c. Book C losure D ate:
The Register of M em bers and Share Transfer Books of the
C om pany w ill be closed from M onday, A ugust 24, 2009
to M onday, A ugust 31, 2009 (both days inclusive) for the
purpose of the 13th A nnual G eneral M eeting.
d. D ividend Paym ent D ate:
In order to conserve funds for projects w hich are in developm ent,
expansion and im plem entation stages, the Board has not
recom m ended any dividend for the financial year 2008-09.
e. Listing on Stock Exchanges:
(i) Equity Shares:
The C om panys shares are listed on the follow ing stock exchanges
w ith effect from A ugust 21, 2006.
N am e of the
Stock Exchange
A ddress Stock C ode
N ational Stock
Exchange of
India Lim ited
Exchange Plaza,Plot no. C /1,
G Block, Bandra-Kurla
C om plex, Bandra (E),
M um bai - 400 051.
G M RIN FRA
Bom bay Stock
Exchange
Lim ited
Phiroze Jeejeebhoy Tow ers,
D alal Street, M um bai - 400 001
532754
A nnual listing fees for the year 2009-10 has been paid by the
C om pany to both the Stock Exchanges.
(ii) Privately Placed D ebt Instrum ents:
The C om panys privately placed debt instrum ents are listed on
the Bom bay Stock Exchange Lim ited. The stock code is 934728,
934729, 934730 and 934751.
A nnual listing fees for the year 2009-10 has been paid by the
C om pany.
f. Stock M arket D ata relating to Shares Listed
(A m ount in Rs.)
M onth
N SE BSE
H igh Low H igh Low
A pril 2008 164.70 139.00 164.80 138.60
M ay 2008 169.90 132.00 169.90 132.00
June 2008 135.80 79.00 135.25 78.80
July 2008 96.70 76.40 96.80 76.50
A ugust 2008 120.00 88.50 112.15 90.70
Septem ber 2008 109.00 77.60 107.95 77.00
O ctober 2008 91.80 45.50 91.75 45.60
N ovem ber 2008 79.05 49.30 79.90 49.00
D ecem ber 2008 78.00 51.10 78.00 50.50
January 2009 86.95 62.10 86.95 62.00
February 2009 84.80 68.20 85.15 68.05
M arch 2009 102.80 67.00 103.10 67.10
38 | GMR Infrastructure Limited | 13
th
Annual Report 2008-09
Perform ance of the share price of the com pany in com parison to BSE Sensex and S & P C N X N ifty
GMR Infrastructure Limited Sensex SNP CNX Nifty
Apr-08 May-08 Jun-08 Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09
118
107
96
85
74
63
52
41
30
B
a
s
e
1
0
0
d
a
t
a
f
o
r
G
I
L
a
n
d
I
n
d
i
c
e
s
g. Registrar & Share Transfer A gent (RTA )
M ain O ffice:
Karvy C om putershare Private Lim ited
U nit: G M R Infrastructure Lim ited, Plot no. 17 to 24,
Vittal Rao N agar, M adhapur, H yderabad - 500 081
Tel. : 040 2342 0819 to 24
Fax N o. 040 2342 0814
Em ail : einw ard.ris@ karvy.com
Branch O ffice:
Karvy C om putershare Private Lim ited
N o. 51/2, TKN C om plex, Vani Vilas Road, O pp. N ational C ollege,
Basavanagudi, Bangalore - 560 004.
Tel. : 080 4120 4350
Fax : 080 2662 1169
Em ail : bangalore@ karvy.com
h. Share Transfer procedure:
The share transfers w hich are received in physical form are
processed and the share certificates are returned w ithin a period
of 7 days from the date of receipt, subject to the docum ents being
valid and com plete in all respects. The Board of D irectors of the
C om pany has delegated pow ers of approving transfers and
transm ission of securities to the Shareholders Transfer and
G rievance C om m ittee. The com m ittee has authorised each
m em ber of the com m ittee to approve the transfer of shares up
to 20000 shares per transfer deed and C om pany Secretary and
other specified executives of the C om pany to approve the transfer
of shares up to 10000 shares per transfer deed. A sum m ary of the
transfer, transm issions/ dem aterialisation request/rem aterialisation
requests approved by the C om m ittee/Executives is placed before
the C om m ittee. The C om pany obtains half-yearly certificates
from a C om pany Secretary in Practice on com pliance regarding
share transfer form alities and subm its a copy thereof to the Stock
Exchanges in term s of C lause 47 (c) of the Listing A greem ent.
i. D istribution of Shareholding as on M arch 31, 2009
D istribution by category
74.91%
7.14%
8.52%
9.43%
Promoters Foreign Holdings Banks/FIs/MFs Others
GMR Infrastructure Limited | 13
th
Annual Report 2008-09 | 39
D istribution by C ategory
D escription N o. of Shareholders Total Shares % Equity
Banks 40 81,165,599 4.46
C learing M em bers 390 2,208,299 0.12
Foreign Institutional Investors 173 167,916,521 9.22
Indian Financial Institutions 16 62,982,034 3.46
Bodies C orporates 3,080 26,060,878 1.43
M utual Funds 21 10,916,420 0.60
N on Resident Indians 4,198 3,769,976 0.21
Prom oters Individuals 11 1,320,549 0.07
Prom oters 5 1,362,523,238 74.84
Resident Individuals 452,598 101,630,901 5.58
Trusts 15 163,673 0.01
Total 460,547 1,820,658,088 100.00
D istribution by size
Range of equity
shares held
M arch 31, 2009 M arch 31, 2008
N o. of share
holders
% N o. of shares %
N o. of share
holders
% N o. of shares %
1 500 426,682 92.65 50,393,009 2.77 394,487 92.28 45,962,224 2.53
501 1000 20,006 4.34 15,904,160 0.87 18,642 4.36 14,993,076 0.82
1001 2000 8,389 1.82 12,948,478 0.71 8,152 1.91 12,722,569 0.70
2001 3000 2,132 0.46 5,422,191 0.30 2,257 0.53 5,753,290 0.32
3001 4000 820 0.18 2,976,888 0.16 864 0.20 3,116,402 0.17
4001 5000 669 0.15 3,189,652 0.18 816 0.19 3,896,859 0.21
5001 10000 874 0.19 6,509,500 0.36 1,016 0.24 7,602,649 0.42
10001 and above 975 0.21 1,723,314,210 94.65 1,243 0.29 1,726,611,019 94.83
Total 460,547 100.00 1,820,658,088 100.00 427,477 100.00 1,820,658,088 100.00
j. D em aterialisation of Shares and Liquidity
The C om panys shares are available for dem aterialization in both
the D epositories i.e, N ational Securities D epository Lim ited (N SD L)
and C entral D epository Services (India) Lim ited (C D SL). Total
99.86 % of shares have been dem aterialized as on M arch 31,
2009.
ISIN : IN E776C 01021 (Fully Paid Shares)
IN S9776C 01029 (Partly Paid Shares)
D escription N o. of
Shareholders
N o. of Shares % Equity
PH YSIC A L 439 2,514,907 0.14
N SD L 316,455 1,790,237,932 98.33
C D SL 143,653 27,905,249 1.53
Total 460,547 1,820,658,088 100.00
k. O utstanding G D Rs/A D Rs/W arrants or any convertible
instrum ents, conversion date and likely im pact on equity:
N ot A pplicable
l. Investor correspondence:
Registered office address
Skip H ouse, 25/1, M useum Road, Bangalore - 560 025
Telephone N o. +91 80 40534000 Fax N o. +91 80 22279353
W ebsite: w w w .gm rgroup.in
C om pany Secretary and C om pliance O fficer
M r. C . P. Sounderarajan
Skip H ouse, 25/1, M useum Road, Bangalore - 560 025
Telephone N o. +91 80 4053 4281 Fax N o. +91 80 22279353
E-m ail: sounderarajan.cp@ gm rgroup.in
A ssociate C om pany Secretary
M r. N arendra Singh
Skip H ouse, 25/1, M useum Road, Bangalore - 560 025
Telephone N o. +91 80 40534126 Fax N o. +91 80 22279353
E-m ail: narendra.singh@ gm rgroup.in
m . Prevention of Insider Trading:
In accordance w ith the requirem ents of SEBI (Prohibition of
Insider Trading) Regulations, 1992, the C om pany has instituted a
com prehensive code of conduct for prohibition of insider trading
in the C om panys shares.
40 | GMR Infrastructure Limited | 13
th
Annual Report 2008-09
n. Secretarial A udit for Reconciliation of C apital:
A s stipulated by SEBI, a qualified practicing com pany secretary
carries out the secretarial audit to reconcile the total adm itted
capital w ith N ational Securities D epository Lim ited (N SD L) and
C entral D epository Services (India) Lim ited (C D SL) and the total
issued and paid- up capital. This audit is carried out every quarter
and the report there on is subm itted to the stock exchanges, N SD L
and C D SL and is placed before the ShareholdersTransfer and
G rievance C om m ittee of the Board of D irectors of the C om pany.
The audit, inter alia, confirm s that the total listed and paid-up
capital of the C om pany is in agreem ent w ith the aggregate of the
total num ber of shares in dem aterialized form held w ith N SD L and
C D SL and total num ber of shares in physical form .
o. C orporate Identity N um ber (C IN )
C orporate Identity N um ber (C IN ) of the C om pany, allotted
by the M inistry of C orporate A ffairs, G overnm ent of India is
L45203KA 1996PLC 034805.
p. C om pliance C ertificate of the A uditors
C ertificate from the A uditors of the C om pany, M /s. Price
W aterhouse, C hartered A ccountants, confirm ing com pliance
w ith the conditions of C orporate G overnance as stipulated under
C lause 49 of the Listing A greem ent, is annexed hereinafter.
q. U nclaim ed Shares
A s per the provisions of C lause 5A (a) of Listing A greem ent, the
unclaim ed shares lying in the escrow account shall be transferred to
dem at suspense account if there is no response even after sending
three rem inder notices to the persons concerned. A s on M arch
31, 2009, there are 15 allottees pertaining to 13250 unclaim ed
equity shares of the C om pany and the sam e are lying in the escrow
account.
In accordance w ith the said C lause 5A (a) of the Listing A greem ent,
the C om pany has sent one rem inder to all the persons concerned
vide letter dated June 23, 2009.
r. A doption of non-m andatory requirem ents of C lause 49
The C om pany has constituted a Rem uneration C om m ittee,
C orporate G overnance C om m ittee, M anagem ent C om m ittee
and D ebenture A llotm ent C om m ittee of the Board, notes on
w hich are given elsew here in this report.
The C om pany is in the regim e of unqualified, audit report,
financial statem ents.
W histle blow er policy is in place.
1.
2.
3.
To
The M em bers of G M R Infrastructure Lim ited
Sub: D eclaration by the C EO under C lause 49 (I) (D ) (II) of the
Listing A greem ent
I, G .B.S. Raju, M anaging D irector of G M R Infrastructure Lim ited, to
the best of m y know ledge and belief, declare that all the m em bers
of the Board of D irectors and senior m anagem ent personnel have
affirm ed com pliance w ith the code of conduct of the C om pany for
the year ended M arch 31, 2009.
Place: Singapore
D ate : June 04, 2009
Sd/-
G . B. S. Raju
M anaging D irector
GMR Infrastructure Limited | 13
th
Annual Report 2008-09 | 41
C EO / C FO C ertification
To the Board of D irectors,
G M R Infrastructure Lim ited.
W e hereby certify that:
a) W e have review ed the financial statem ents and the cash flow
statem ent of the C om pany for the year ended M arch 31, 2009
and to the best of our know ledge and belief:
These statem ents do not contain any m aterially untrue
statem ent or om it any m aterial fact or contain statem ents that
m ight be m isleading;
These statem ents together present a true and fair view of
the C om panys affairs and are in com pliance w ith existing
accounting standards, applicable law s and regulations.
b) There are, to the best of our know ledge and belief, no
transactions entered into by the C om pany during the year w hich
are fraudulent, illegal or violative of the C om panys code of
conduct.
c) W e accept responsibility for establishing and m aintaining
internal controls for financial reporting and that w e have evaluated
the effectiveness of the internal control system s of the C om pany
pertaining to financial reporting and w e have disclosed to the
auditors and the A udit C om m ittee, deficiencies in the design or
operation of such internal controls, if any, of w hich w e are aw are
and the steps w e have taken or propose to take to rectify these
deficiencies.
d) W e have indicated to the auditors and the A udit C om m ittee:
Significant changes in internal control over financial reporting
during the year;
Significant changes in accounting policies during the year and
that the sam e have been disclosed in the notes to the financial
statem ents; and
Instances of significant fraud of w hich w e have becom e aw are
and the involvem ent therein, if any, of the m anagem ent or an
em ployee having a significant role in the C om panys internal
control system over financial reporting
e) The disclosures have been received from the senior m anagem ent
personnel relating to the financial and com m ercial transactions in
w hich they or their relatives m ay have personal interest. H ow ever,
none of these transactions have conflict w ith the interest of the
C om pany at large.
For G M R Infrastructure Lim ited For G M R Infrastructure Lim ited
Sd/-
G . B. S. Raju
M anaging D irector
(Place: Singapore)
Sd/-
A . Subba Rao
G roup C FO
Place: Bangalore
D ate : June 04, 2009
i.
ii.
i.
ii.
iii.
A uditorsC ertificate regarding C om pliance of conditions of
C orporate G overnance
To the M em bers of G M R Infrastructure Lim ited
W e have exam ined the com pliance of conditions of C orporate
G overnance by G M R Infrastructure Lim ited (the C om pany), for
the year ended M arch 31, 2009, as stipulated in C lause 49 of the
Listing A greem ents of the said C om pany w ith stock exchanges in
India.
The com pliance of conditions of the C orporate G overnance is the
responsibility of the C om panys m anagem ent. O ur exam ination w as
carried out in accordance w ith the G uidance N ote on C ertification
of C orporate G overnance (as stipulated in C lause 49 of the Listing
A greem ent), issued by the Institute of C hartered A ccountants
of India and w as lim ited to procedures and im plem entation
thereof, adopted by the C om pany for ensuring the com pliance
of the conditions of C orporate G overnance. It is neither an audit
nor an expression of opinion on the financial statem ents of the
C om pany.
In our opinion and to the best of our inform ation and according
to the explanations given to us, w e certify that the C om pany
has com plied w ith the conditions of C orporate G overnance as
stipulated in the above m entioned Listing A greem ent.
W e state that such com pliance is neither an assurance as to the
future viability of the C om pany nor the efficiency or effectiveness
w ith w hich the m anagem ent has conducted the affairs of the
C om pany.
Place: Bangalore
D ate : July 08, 2009
Sd/-
Thom as M athew
Partner
M em bership N um ber 50087
For and on behalf of
Price W aterhouse
C hartered A ccountants
42 | GMR Infrastructure Limited | 13
th
Annual Report 2008-09
M anagem ent D iscussion and A nalysis
Forw ard-looking Statem ents
C ertain statem ents contained in this docum ent constitute forw ard-
looking statem ents based on the currently held beliefs and
assum ptions of the m anagem ent of G M R Infrastructure Lim ited,
w hich are expressed in good faith and in their opinion reasonable.
For these purposes, forw ard-looking statem ents are statem ents
that address activities, events, conditions or developm ents that
the com pany expect or anticipate m ay occur in the future. Such
forw ard-looking statem ents involve risks and uncertainties that
m ay cause actual events, results or perform ance to differ m aterially
from those indicated by such statem ents. G M R Infrastructure
Lim ited disclaim s any obligation to update these forw ard-looking
statem ents to reflect future events or developm ents.
M anagem ent D iscussion and A nalysis
A bout U s
The C om pany together w ith its subsidiaries / associates
(the C om pany) is one of the leading infrastructure conglom erates
in India having proven track record in the developm ent and
operation of pow er plants, road projects, and w orld-class airports
at D elhi, H yderabad and Istanbul. G M R Infrastructure Lim ited (G IL)
is a holding com pany, w hich conducts all its business operations
through its subsidiaries in various sectors i.e. airports, energy,
highw ays and urban infrastructure and others. G IL, as a stand-alone
entity, does not have any independent revenues except interest
/ dividends from investm ents. H ence, the C om panys revenues,
expenditure and the results of operations are presented through
consolidated financial statem ents. The C om panys subsidiaries
/ associates have projects in various parts of the w orld and the
follow ing picture depicts the location of the corporate office of the
C om pany and the G lobal presence of the C om panys businesses
G eographical presence of our businesses
The C om pany, over the last decade, has setup projects across
the geographic stretch of India. In the past couple of years, the
C om pany has forayed into international arena w ith sizeable
investm ents in airport and energy sectors. The C om pany has
strategic plans to further expand its operations to m arkets across
the globe in the infrastructure space.
Australia
(InterGen)
Upper Karnali, Nepal
300 MW Hydro Power Project
Himtal Nepal
250 MW Hydro Power Project
Philippines
(InterGen)
Istanbul, Turkey
(SGIA Airport)
Netherlands
(InterGen)
UK
(InterGen)
Mexico
(InterGen)
Bangalore
Group Corporate
Office
South Sumatra
PT Barasentosa
Lestari Coal Mine
South Africa
Kendel & Eloff Coal Mines
(Homeland Energy Group)
Andhra Pradesh
59 Km Tuni - Anakapalli Road Project
388.5 MW gas based Vemagiri Power Plant
Rajiv Gandhi International Airport
103 Km Pochanpalli Road Project
59 Km Thondapalli - Jadcherla Road Project
181Km Hyderabad - Vijayawada Road Project
Arunachal Pradesh
160 MW Hydro Power Project
Bangalore
Group Corporate Office
Chhattisgarh
1200 MW Coal based
Power Project
Delhi
Indira Gandh International
Airport (T3)
i
Haryana - Punjab
35 Km Ambala - Chandigarh
Road Project
Himachal Pradesh
180 MW Hydro Power Project
Karnataka
220 MW Barge
Mounted Power Plant
Orissa
1050 MW Coal based
Power Project
Tamil Nadu
200 MW LSHS based Chennai
Power Plant
93 Km Tambaram -
Tindivanam Road Project
73 Km Tindivanam -
Ulundurpet Road Project
29.65 Km Chennai Outer Ring Road
1
2
4
5
3
6
7
8
9
10
1
2
3
4
5
6
7
8
9
10
Operating Asset Under Development
Singapore
(Island Power Corporation)
GMR Infrastructure Limited | 13
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Annual Report 2008-09 | 43
Early entry into Infrastructure Business
The C om pany forayed into the infrastructure business w ith the
setting up and com m issioning of the C hennai pow er plant in
1999. Ever since, the C om pany has been an early entrant in all
the infrastructure sectors it is operating currently. The follow ing
diagram presents the tim e of our entry in various business sectors/
projects and som e of our key strengths.
Airport Energy
Urban Infrastructure & Highways
and Other Opportunities
Ventured into the Power sector
Commercial operation of 200MW in
Chennai Power Plant
Commercial operation of 220MW in
Mangalore Power Plant
Ventured in Airport Sector
Awarded Hyderabad Airport
Awarded operation, management and
development of Delhi International
Airport
Awarded 300 MW Alaknanda
Commercial operation of Tambaram
Tindivanam and Tuni Anakapalli
Krishnagiri SEZ Project, Tamil Nadu
Two Hyderabad Airport SEZ
Established a Sports franchisee,
Delhi Daredevils
MoU for 160 MW Talong
MoU for 1,200 MW Plant in Chhattisgarh
Awarded 180 MW Bajoli Holi
Awarded 250 MW Upper Marsyangdi
Awarded 300 MW Upper Karnali
Acquired 100% Stake in PT Barasentosa
Lestari - Indonesia coal mine
Acquired 33.34% stake in Homeland Energy
Group (HEG)
Acquired 50% stake for US $ 1.1 bn in
InterGen N.V
Commercial operation of
Adloor Yellareddy - Gundla Pochanpalli
Thondapalli - Jadcherla
Ambala - Chandigarh
2007-08
2008-09
Commenced operation at the Hyderabad
International Airport
First International foray - Awarded the
Operation and development of Sabiha Gokcen
International Airport, Istanbul, Turkey
Commercial Operation of 388.5 MW
Vemagiri Power Plant
MoU for 1,050 MW Kamalanga Power
Plant in Orissa
2003-04
2006-07
2005-06
2004-05
2001-02
2000-01
1998-99
1996-97
F
i
n
a
n
c
i
a
l
Y
e
a
r
Excellent track record
The com pany has an excellent project execution track record across
the sectors it operates. The diagram below show cases som e of the
key project execution tim elines.
Project Execution Timelines
Adloor-Yellareddy-Kaikallu
Ambala - Chandigarh
Thondapalli - Jadcherla
Tindivaram - Ulundurpet
GHIAL
DIAL Runway
Terminal T1D
Terminal T3
Mar-06 Mar-07 Mar-08 Mar-09 Mar-10
Actual Construction Scheduled CoD
Consistent track record of completing projects simultaneously on or before scheduled dates
D iversified Revenue Stream s and A sset m ix
O ne of the key strategies of the C om pany is to have a healthy
m ix in revenue and asset portfolio am ongst its various lines of
business through diversification. This is achieved through its
presence in diverse businesses, balancing revenue stream s that
are predeterm ined by contractual arrangem ents and that vary
w ith m arket conditions, expanding the geographic location and
coverage of the assets and reducing reliance on any one business
or technology, as w ell as having diverse custom er base from the
private sector and public sector. The diversification is at various
levels, in term s of type of assets, type of input, location of assets
and fixed com pared to open m arket pricing, am ong others.
D iversified Infrastructure D eveloper
Airports Power Roads Others
36% 37% 8% 19%
(1)
Balanced Revenue M ix
29%
71%
65%
35%
39%
61%
Power Airports Roads
Market Linked Regulated
(2) (3) (4)
Based on C apital Em ployed as on M arch 31, 2009
O thers includes urban infrastructure and corporate assets
For pow er - percentage of PPA and m erchant capacity
For airports - percentage of aeronautical and non-aero revenues
For roads- percentage of annuity and toll based kilom eters
1.
2.
3.
4.
44 | GMR Infrastructure Limited | 13
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Annual Report 2008-09
Som e of the key efforts in diversification are:
Foray into international arena such as expansion and operation
of Istanbul A irport in Turkey w here the com pany has a 40%
stake in the equity and exercises joint operational control;
D evelopm ent of 800 M W gas-fired pow er project in Singapore
w hich w ill be the C om panys first fully ow ned pow er project
outside India;
M erchant sale of pow er from the barge m ounted pow er plant
at M angalore; The com pany has plans to relocate the plant to
Kakinada in A ndhra Pradesh and to convert it into gas-fired
plant to be fuelled by natural gas from the KG basin;
D evelop com m ercial property and hotels around the airports
to ensure m axim ization of value from these assets. Som e
of the key developm ents include setting up of N ovotel in
H yderabad and signing up w ith M A S A erospace Engineering
for setting up a 50:50 joint venture M aintenance, Repair and
O verhaul (M RO ) com pany in H yderabad, developm ent of retail
and hospitality district at D elhi airport etc.
In the Energy Sector, the com pany has achieved financial
closure in the coal-fired 1050 M W Kam alanga pow er project in
O rissa. The com pany is also developing hydro pow er projects
in India and N epal.
The com pany has bought coal m ine in Indonesia. It has also
acquired a strategic stake in H om eland Energy G roup, w hich,
through its subsidiaries, ow ns controlling stakes in operational
coal m ines, fully explored m ines w ith proven reserves and
other exploration areas in South A frica
Industry Structure and D evelopm ents
The com prehensive m acro-econom ic and structural reform s
initiated by the G overnm ent of India (G oI) in 1991 focused on
im plem enting fundam ental econom ic reform s, deregulation of
industries, attracting foreign investm ent and pushing forw ard a
disinvestm ent program m e in public sector units.
The Indian econom y has show n strong real G D P grow ths in
FY 2008 (9.0% ) and FY 2009 (6.7% ) w ith an expected G D P
grow th of 6.0% for the FY 2010 (source: RBI). The average real
G D P registered is around 6 per cent over the last decade. Follow ing
the initial phase of subdued grow th, the econom y has alm ost
taken off and India has em erged as one of the fastest grow ing
econom ies. The rate of grow th in the econom y in the first four
years of the Tenth Plan averaged at 6.3% .
The global m elt-dow n and its spiralling effects on global econom y
had its reverberations on the infrastructure industry. Slow dow n in
the econom y has been w itnessed in the Indian infrastructure sector
and in the G D P grow th during the last tw o quarters of 2008-09.
H ow ever, the XI plan period envisages substantial investm ents in
building the infrastructure of the country and the share of the
private sector in infrastructure investm ent w ill rise substantially
from about 20% anticipated in the Tenth Plan to around 30% in
the Eleventh Plan.
The thrust in the infrastructure spending in the XI Plan and the
em phasis on the private sector participation is quite evident
from the planned allocation m ade for the sector. C harts below
dem onstrate this im petus of the Planning C om m ission pointers.
i.
ii.
iii.
iv.
v.
C om parison of planned expenditure in Tenth and Eleventh Plan
A ll figures in Rupees Billions
2,919
6,665
1,449
3,142
1,034
2,584
1,197
2,618
141
880
68
310
Power Roads Telecom Railways Ports Airports
X Plan XI Plan
Source: Eleventh Five Year Plan (2007-2012), D evelopm ent of Infrastructure, published
by The Planning C om m ission of India,
Eleventh Plan Breakup betw een private participation and other
participation
A ll figures in Rupees Billions
Public
Private
Airports
Ports
Railways
Telecom
Roads
Power
0 1000 2000 3000 4000 5000 6000 7000
Source: Eleventh Five Year Plan (2007-2012), D evelopm ent of Infrastructure, published
by The Planning C om m ission of India,
The A irport Sector
The Indian aviation industry has experienced de-grow th during
the econom ic slow dow n. Passenger traffic at 108.9 m illion in the
financial year 2008-09 w as dow n by 6.8% on a year-on-year basis.
Sim ilarly, the air-cargo m ovem ents for financial year 2008-09, at
1.70 m illion tonnes, w ere m arginally low er than the previous years
m ovem ent of 1.72 m illion tonnes. H ow ever, the C A G R grow th in
passenger and the freight traffic for the past five financial years at
16.4% and 7.3% respectively, give an indication of the pace of
grow th of the industry.
Favourable dem ographics and rapid econom ic grow th point to a
continued high grow th phase in dom estic passenger traffic and
international outbound traffic. International inbound traffic is also
expected to grow w ith increasing investm ent and trade activity
and as Indias rich heritage and natural beauty are m arketed
to international leisure travellers. This has led to an increase in
dem and for im provem ent in the aviation infrastructure in the
country. Vision 2020 by the M inistry of C ivil Aviation envisages
creating infrastructure to handle 280 m illion passengers by 2020
w ith investm ent opportunities of U S$110 billion - U S$80 billion
in new aircraft and U S$30 billion in developm ent of airport
GMR Infrastructure Limited | 13
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Annual Report 2008-09 | 45
infrastructure (source: Investm ent C om m ission of India report
titled India: O pportunities in the w orlds largest dem ocracy).
This show s the huge untapped potential for the industry w hich can
lead trem endous grow th in the aviation sector and the scenario is
encouraging over the long term .
A irports are the largest gatew ay of foreign passengers and are
the first point of contact to any country. H ence, the quality of
airport infrastructure and services are vital com ponents for a
countrys im age and also for the overall transportation netw ork,
contributing directly to a countrys econom y in term s of flow of
foreign investm ent.
A irports are considered as one of the m ost im portant econom ic
drivers of the local econom y. A part from direct contributions, their
indirect contributions are im m ense. To m eet Indias huge dem and
for capacity addition in the aviation sector, it w as estim ated that
investm ents of U S$9 billion for the developm ent of airports till
2013-14 w ould be required. The quantum of investm ent m eans
that substantial portion of the total requirem ent has to com e from
the private sector. It is estim ated that approxim ately U S$6.9 billion
w ould com e from Public Private Partnerships (PPPs).
The G overnm ent has assigned high priority to im proving the
services and facilities at Indian airports and to bring them at par w ith
international standards. A ccordingly, it has decided to restructure
and develop airports by encouraging private sector participation
in the developm ent of both greenfield and brow nfield airports in
the country. The G overnm ent took initiatives to bring in private
players to w ork under Public Private Partnership (PPP) for airport
m odernization and expansion.
The Energy Sector
Energy sector reform s have evolved over tim e and created an
environm ent for private players to capture significant value from
the huge dem and for pow er in India. H istorically, the responsibility
for generation, transm ission and distribution of pow er in India
rested only w ith the C entral and the State G overnm ents. Pow er
generation capacity grew at about 4.4 per cent per annum over
the last ten years and failed to keep up w ith the dem and grow th,
leading to a situation of persistent pow er outages. To give a boost
to pow er generation, the Indian G overnm ent introduced the first
w ave of reform s in the pow er sector in 1991.
A s of M arch 31, 2009, Indias pow er system had an installed
generation capacity of approxim ately 147,965.4 M W . Therm al
pow er plants pow ered by coal, gas, diesel accounted for 63.3% of
total pow er capacity in India as of M arch 31, 2009, hydro-electric
stations for 24.9% and others (including renew able sources of
energy and nuclear stations) accounted for 11.8% . The C entral
Public Sector U ndertakings (C PSU ) accounted for approxim ately
33% of total pow er generation capacity as of M arch 31, 2009;
the various state entities accounted for 51% and private sector
com panies accounted for approxim ately 16% . (Source: C entral
Electricity A uthority)
The table below show s that the m ajority of the generation capacity
w as ow ned by state-controlled entities as on M arch 31, 2009.
Installed G enerating C apacity as M arch 31, 2009
Sector w ise State Private C entral
C apacity
(M W )
75,975.70 22,878.70 49,111.00
Percentage 51.30% 15.50% 33.20%
Source: M inistry of Pow er w ebsite, accessed on M ay 09, 2009
A lthough electricity generation capacity has increased substantially
in recent years, the dem and for electricity in India is still substantially
higher than the available supply. From A pril 2002 M arch 2009,
India faced an energy shortage of approxim ately 9% of total
energy requirem ents and 12.9% of peak dem and requirem ents.
(Source: http://pow erm in.nic.in/ accessed on M ay 08, 2009).The
follow ing table presents data show ing the gap betw een the total
requirem ent for electricity versus the total am ount of electricity
m ade available from fiscal 2003 to fiscal 2009.
Electricity D em and Vs Supply
546.0
559.3
591.4
631.8
690.6
739.3
774.3
497.8
519.4
548.1
578.8
624.5
666.0
689.0
2002-03 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09
Requirement Availability
(Billion Units)
Source: C EA , Planning W ing, Integrated Resource Planning D ivision, A pril 2009 published
by C EA
Per capita consum ption of electricity in India has grow n from 567
kw h/year in 2002 to 704 kw h/year in 2008, but in com parison w ith
other leading developed and em erging econom ies it still lags by a
large m argin (Source: http://cea.nic.in/ accessed on M ay 09, 2009).
The M inistry of Pow er is projecting per capita consum ption of 932
kw h/year in 2012. A ccording to the U N D P H um an D evelopm ent
Report 2007/2008, Indias per capita electricity consum ption w as
618kw h for the year 2004, w hile the w orld average w as 2,701
kw h per year.
The Planning C om m ission of India estim ates that the pow er sector
w ould need investm ents to the tune of U S$180 billion during the
period from FY07 to FY12. The Eleventh Plans capacity addition
schem es are also progressing w ell. The table show ing 11th Plan
estim ates is given below :
C apacity addition for XI Plan (2007-12) M W
Fuel M ix C entral
Sector
State
Sector
Private Total
Therm al 26,800 24,347 7,497 58,644
H ydro 9,685 3,605 3,263 16,553
N uclear 3,380 3,380
Total 39,865 27,952 10,760 78,577
Source: C EA
It is expected that 13,500 M W w ould be added through non-
conventional energy sources, 12,000 M W through captive pow er
plants and 10,000 M W through m erchant pow er plants to the
above figures.
The H ighw ays Sector
India has the second-largest road netw ork in the w orld, aggregating
3.3 m illion kilom eters. Roads carry about 65 per cent of the freight
and 80 per cent of the passenger traffic. W hile national highw ays/
expressw ays constitute only about 66,590 km s (2 per cent of all
roads), they carry 40 per cent of the road traffic. This signifies the
huge potential for highw ay developm ent in the country.
46 | GMR Infrastructure Limited | 13
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Annual Report 2008-09
The num ber of vehicles has been grow ing at an average pace of
10.16 per cent per annum over the last five years. For the purpose
of m anagem ent and adm inistration, roads in India are divided into
the follow ing categories: (1) N ational H ighw ays (N H ) w hich are
intended to facilitate m edium and long distance inter-city/state
passenger and freight traffic across the country (2) State H ighw ays
(SH ) w hich carry traffic along m ajor centres w ithin the state (3)
M ajor D istrict Roads (M D R) having the secondary function of
linkage betw een m ain roads and rural roads and (4) O ther district
roads and village roads w hich provide accessibility to villages to
m eet their social needs, as also the m eans to transport agricultural
produce from villages to nearby m arkets.
Length of Indian Roads
Indian Road N etw ork Kilom eters
Expressw ays 200
N ational H ighw ays 66,590
State H ighw ays 131,899
M ajor D istrict H ighw ays 467,763
Rural and O ther Roads 2,650,000
Total Length approxim ately 3,300,000
Source: N H A I W ebsite: w w w .nhai.org accessed on June 16, 2009
The share of road transport in the G D P is over 4.6% in 2007 (as
against 3.8% in 2000), accounting for over tw o-thirds of the total
transport contribution to the G D P. Road transport has em erged as
a dom inant segm ent in Indias transportation sector, grow ing at
an annual average rate of 9.5% during 2000-01 and 2005-06 as
against 6.5% grow th rate of G D P.
A ccording to the Planning C om m ission report, the road freight
industry w ill be grow ing at a com pound annual grow th rate
(C A G R) of 9.9% from 2007-08 to 2007-12. A target of 1,231
billion tonne kilom eter (BTK) has been put on road freight volum es
for 2011-12. (Source: IBEF w ebsite, accessed on M ay 15, 2009)
The Econom ic Survey 2006-07 projects an investm ent requirem ent
of over U S$ 50 billion for the m odernisation and upgradation of
highw ays during the Eleventh Five Year Plan. G iven the stress on
national highw ays, the first and the forem ost task m andated to
the N H A I is the im plem entation of N H D P - com prising the G olden
Q uadrilateral and N orth-South and East-W est C orridors. In addition
to the projects under N H D P, the N H A I is also currently responsible
for about 1,000 km of highw ays connecting m ajor ports and
som e im portant national highw ays. The length of highw ays w ith
the N H A I is currently around 14,162 km . A fter seeing the initial
success of PPP m odel, G overnm ent has taken m any new initiatives
to encourage private investm ent in roads. A new m odel concession
agreem ent directs N H A I to hand over 60 per cent to 80 per cent
of the required land area and obtain all environm ental clearances
as conditions precedent for it before the financial closure of any
project.
The G overnm ent of India has taken several initiatives to encourage
private investm ent in roads. Som e of the key initiatives are as
follow s:
The G overnm ent of India to carry out initial preparatory
w ork including land acquisition and utility rem oval. Rights
of w ay to be m ade available to concessionaries free from all
encum brances
N H A I / The G overnm ent of India m ay provide capital grant up
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70 | GMR Infrastructure Limited | 13
th
Annual Report 2008-09
Schedules form ing part of the C onsolidated Balance Sheet as at M arch 31, 2009
(Rs. in C rore)
Schedule 6 EXPEN D ITU RE D U RIN G C O N STRU C TIO N PERIO D , PEN D IN G A LLO C ATIO N (N et) M arch 31, 2009 M arch 31, 2008
Salaries, allow ances and benefits to em ployees 189.55 160.14
C ontribution to provident fund and others 5.17 5.37
Staff w elfare expenses 8.40 10.94
Rent 37.14 23.87
Repairs and M aintenance
Buildings 0.24
O thers 19.33 43.14
Rates and taxes 13.43 7.20
Insurance 19.26 8.05
C onsultancy and professional charges 358.21 262.65
D irectorsSitting Fees 0.12 0.18
Rem uneration to auditors 0.65 0.69
Travelling and conveyance 84.76 81.09
C om m unication expenses 6.30
W ealth Tax 0.01
Incom e Tax 0.41 1.11
Fringe Benefit Tax 5.12 5.85
D epreciation 8.14 6.58
Interest on term loans 82.20
Interest on fixed loans 546.31 263.10
Interest - others 21.47
Bank/ other finance charges 112.39 98.91
Loss on sale of fixed assets (N et) 0.02
M iscellaneous expenses 95.89 108.60
Bidding and support services 0.76
N egative G rant [Refer N ote 4 (vii) (b) of Schedule 19] 507.96 256.36
(i) 2,123.22 1,343.85
Less: O ther Incom e
Interest incom e (gross) 2.91 3.09
[Tax deducted at source - Rs. 0.42 (2008: Rs. 0.12)]
Incom e from current investm ents - O ther than trade (gross) 18.20 27.13
Profit on sale of current investm ents - O ther than Trade 0.04 0.17
M iscellaneous incom e 0.64 5.63
Rent received from sub lease of land 0.08 1.51
G ain/(Loss) on Exchange Fluctuations (N et) (0.91) 1.65
Interest Received - Em ployees Loans 0.77
(ii) 21.73 39.18
Total Expenditure during construction period, pending allocation (N et) - [(i) - (ii)] 2,101.49 1,304.67
Less: A pportioned over cost of Fixed A ssets 759.28 434.87
Less: C harged to Profit and Loss A ccount 15.16 26.63
Total 1,327.05 843.17
GMR Infrastructure Limited | 13
th
Annual Report 2008-09 | 71
Schedules form ing part of the C onsolidated Balance Sheet as at M arch 31, 2009
(Rs. in C rore)
Schedule 7 IN VESTM EN TS M arch 31, 2009 M arch 31, 2008
Long term - A t C ost - Trade, U nquoted
In Equity Shares of C om panies
G M R C hhattisgarh Energy Pvt Lim ited
[(4,500 (2008 : N il) Equity shares of Rs.10 each]
0.01
G M R H ighw ays Private Lim ited #
[N il (2008: 25,000) Equity shares of Rs.10 each)]
0.03
Business India Publications Lim ited
[5,000 (2008: 5,000) Equity shares of Rs.10 each]
0.06 0.06
Ram pia C oal M ine and Energy Private Lim ited
[5,217,430 (2008: 5,217,430) Equity Shares of Re. 1 each fully paid up]
0.50 0.50
Vem agiri Pow er Services Lim ited
[5,000 (2008: 5,000) Equity shares of Rs.10 each]
0.01 0.01
U jjivan Financial Services Private Lim ited
[5,000 (2008: 5,000) Equity shares of Rs.10 each]
0.05 0.05
G M R Ferro A lloys & Industries Lim ited
[407,329 (2008: 407,329) Equity Shares of Rs.10 each]
0.37 0.37
Idea Space Solutions
[1,725 (2008:N il) Equity Shares of Rs. 10 each]
In Equity Shares of O ther Body C orporates
Lim ak G M R M A H B, Turkey
[2,575 (2008:N il) Equity shares of Turkish Lira 1 each, Fully Paid up]
0.01
H om eland M ining & Energy SA Private Lim ited, South A frica
[N il (2008: 1) com m on shares representing 1 percent ow nership interest]
11.89
In Preference Shares of C om panies
W hite Rose Finance Private Lim ited
[N il (2008: 150,000) Preference Shares of Rs.100 each]
1.50
Rushil C onstructions (India) Private Lim ited
[2,599,600 (2008:N il) Preference Share of Rs. 100 each fully paid up]
26.00
In D ebentures of O ther Body C orporates
G M R H olding (M alta) Lim ited, M alta
[164,248,904 (2008:N il) C om pulsory C onvertible debentures of U SD 1 each, pending
allotm ent][Refer N ote 4(x)(e) of Schedule 19]
845.06
In Equity Shares of O ther Body C orporates, Q uoted @
H om eland Energy G roup Lim ited, C anada
[75,792,027 (2008: N il) N on - A ssessable C om m on Shares representing 33.34 percent
ow nership interest]
123.77
(i) 995.84 14.41
C urrent - O ther than trade - unquoted
(Purchased during the year)
M utual Funds *
BSL Infrastructure Fund
[4,723,346 (2008: N il ) units of Rs. 10 per unit]
3.50
Prudential IC IC I Liquid Fund Super Institutional D aily D ividend
[12,322,669 (2008: 557,297,607) units of Rs. 10 per unit]
16.00 507.33
U TI - Liquid C ash Plan Institutional - D aily Incom e O ption
[194,482 (2008: 7,883,928) units of Rs. 1,000 per unit]
19.82 971.64
U TI - Liquid C ash Plan Institutional
[16,530,046 (2008: N il) units of Rs. 10 per unit]
40.65
U TI M oney M arket Fund
[27,666,334 (2008: N il) units of Rs. 10 per unit]
68.09
Reliance Liquid Fund
[996,783 (2008: N il) units of Rs. 10 per unit]
1.53
SBI Insta C ash Fund G row th O ption
[28,207,337 (2008: N il) units of Rs. 10 per unit]
55.36
Sold during the year
Birla Sunlife Liquid Plus Fund
[N il (2008: 298,819,629) units of Rs. 10 per unit]
- 299.30
BSL Interval Incom e Fund
[N il (2008: 50,396,318) units of Rs. 10 per unit]
- 50.40
72 | GMR Infrastructure Limited | 13
th
Annual Report 2008-09
Schedules form ing part of the C onsolidated Balance Sheet as at M arch 31, 2009
(Rs. in C rore)
Schedule 7 IN VESTM EN TS (contd.) M arch 31, 2009 M arch 31, 2008
Birla Sunlife D ynam ic Bond Fund
[N il (2008: 71,256,199) units of Rs. 10 per unit]
75.00
Birla Sunlife Infrastructure Fund
[N il (2008: 4,953,793) units of Rs. 10 per unit]
6.46
D SP M errill Lynch Liquid Plus Fund
[N il (2008: 502,253) units of Rs. 1,000 per unit]
50.26
D W S M oney Plus Fund
[N il (2008: 54,017,581) units of Rs. 10 per unit]
54.06
H D FC Floating Rate Incom e Fund
[N il (2008: 52,008,282) units of Rs. 10 per unit]
52.43
H SBC Liquid Plus Fund
[N il (2008: 89,733,525) units of Rs. 10 per unit]
89.94
LIC Liquid Fund D aily D ividend
[N il (2008: 31,452,681) units of Rs. 10 per unit]
31.59
Prudential IC IC I Interval Fund - Q uarterly Interval Plan
[N il (2008: 110,641,974) units of Rs. 10 per unit]
110.64
Prudential IC IC I Fixed M aturity Plan
[N il (2008: 85,182,924) units of Rs. 10 per unit]
85.18
Prudential IC IC I - Flexible Incom e Plan
[N il (2008: 29,175,596) units of Rs. 10 per unit]
30.85
IN G Liquid Fund
[N il (2008: 451,333,620) units of Rs. 10 per unit]
549.27
IN G Fixed M aturity Fund
[N il (2008: 25,000,000) units of Rs. 10 per unit]
25.00
IN G Vysya G lobal Real Estate Fund
[N il (2008: 10,000,000) units of Rs. 10 per unit]
10.00
JM H igh Liquidity Fund
[N il (2008: 1,565,396) units of Rs. 10 per unit]
1.57
JM M oney M anager Fund
[N il (2008: 50,658,756) units of Rs. 10 per unit]
50.68
JM Interval Fund - Q uarterly Plan
[N il (2008: 50,000,000) units of Rs. 10 per unit]
50.00
Kotak Flexi D ebt Fund
[N il (2008: 102,008,526) units of Rs. 10 per unit]
102.33
Kotak Liquid Fund
[N il (2008: 84,700,180) units of Rs. 10 per unit]
128.03
LIC M utual Liquid Fund
[N il (2008: 83,973,128) units of Rs. 10 per unit]
92.20
LIC M utual Liquid Plus Fund
[N il (2008: 29,676,826) units of Rs. 10 per unit]
29.68
Lotus India Liquid Plus Fund
[N il (2008: 77,270,552) units of Rs. 10 per unit]
77.39
Principal Floating Rate Fund
[N il (2008: 98,742,856) units of Rs. 10 per unit]
98.87
Reliance Fixed H orizon Fund
[N il (2008: 50,000,000) units of Rs. 10 per unit]
50.00
Reliance Liquidity Fund
[996,784 (2008: 442,550) units of Rs. 1,000 per unit]
44.30
Principal Fund Fixed M aturity Plan
[N il (2008: 10,000,000) units of Rs. 10 per unit]
10.00
GMR Infrastructure Limited | 13
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Annual Report 2008-09 | 73
Schedules form ing part of the C onsolidated Balance Sheet as at M arch 31, 2009
(Rs. in C rore)
Schedule 7 IN VESTM EN TS (contd.) M arch 31, 2009 M arch 31, 2008
Reliance Liquid Fund - D aily D ividend O ption
[N il (2008: 219,136,522) units of Rs. 10 per unit]
224.15
TATA D ynam ic Bond Fund
[N il (2008: 98,352,594) units of Rs. 10 per unit]
100.00
TATA Floater Fund
[N il (2008: 78,596,175) units of Rs. 10 per unit]
78.88
Tata Fixed H orizon Fund
[N il (2008: 25,000,000) units of Rs. 10 per unit
25.19
TATA Liquid Super H igh Investm ent Fund
[N il (2008: 453,186)units of Rs. 1000 per unit]
50.51
U TI Fixed M aturity Plan
[N il (2008: 125,206,873) units of Rs. 10 per unit]
125.20
U TI - Fixed Incom e Interval Fund
[N il (2008: 100,398,256) units of Rs. 10 per unit]
100.40
A BN A m ro Flexible Short Term Plan - Q uarterly D ividend
[N il (2008: 10,000,000) units of Rs. 10 per unit]
10.00
A BN A m ro Interval Fund - Q uarterly Plan H Interval D ividend
[N il (2008: 30,000,000) units of Rs. 10 per unit]
30.00
Standard C hartered Fixed M aturity Plan
[N il (2008: 10,270,940) units of Rs. 10 per unit]
10.27
SBI Liquid Fund
[N il (2008: 174,502,798) units of Rs. 10 per unit]
175.08
Principal C ash M anagem ent Liquid Fund
[N il (2008: 25,873,606) units of Rs. 10 per unit]
25.88
A IG India Liquid Fund
[N il (2008: 549,946) units of Rs. 1,000 per unit]
55.04
U TI Liquid Plus Fund Institutional Plan
[N il (2008: 689,125) units of Rs. 1,000 per unit]
68.93
Bonds *
9.20% C entral bank of India Bonds
[N il (2008: 50) Bonds of Rs.1,000,000 each]
5.00
8.95% C entral bank of India Bonds
[N il (2008:100) Bonds of Rs. 1,000,000 each]
10.00
(ii) 204.95 4,828.93
O ther than Trade - Q uoted
G overnm ent Securities**
6.35% G overnm ent of India 2020
[1,500,000 (2008: 1,500,000) units of Rs. 100 per unit]
14.10 13.01
6.05% G overnm ent of India 2019
[500,000 (2008: 500,000) units of Rs. 100 per unit]
4.64 4.26
5.59% G overnm ent of India 2016
[1 (2008: 1) unit of Rs. 10.00 C rore per unit]
8.83 8.83
7.38% G overnm ent of India 2015
[1 (2008: 1) unit of Rs. 10.00 C rore per unit]
10.45 10.45
7.46% G overnm ent of India 2017
[1 (2008: 5) unit of Rs. 1.00 C rore per unit]
1.04 4.91
C ertificate of D eposits***
State Bank of India
[5,000 (2008: N il) units of Rs. 100,000 per unit]
48.27
(iii) 87.33 41.46
74 | GMR Infrastructure Limited | 13
th
Annual Report 2008-09
Schedules form ing part of the C onsolidated Balance Sheet as at M arch 31, 2009
(Rs. in C rore)
Schedule 7 IN VESTM EN TS (contd.) M arch 31, 2009 M arch 31, 2008
Equity Shares****
Purchased during the year
Federal Bank Lim ited
[218,959 (2008: 950) shares of Rs.10 each, fully paid up]
5.03 0.04
IN G Vysya Bank Lim ited
[384,910 (2008: 282,810) shares of Rs. 10 each, fully paid up]
4.81 2.56
Karur Vysya Bank Lim ited
[80,000 (2008: 80,000) shares of Rs. 10 each]
1.24 1.24
Kasturi Foods Lim ited
[15,000 (2008: 15,000) shares of Rs. 10 each]
0.02 0.02
Brigade Enterprises Lim ited
[274,746 (2008: N il) shares of Rs. 10 each, fully paid up]
4.66
G okaldas Exports Lim ited
[50,000 (2008: N il) shares of Rs.5 each, fully paid up]
0.91
Kalyani Steels Lim ited
[25,000 (2008: N il) shares of Rs.10 each, fully paid up]
0.55
N oida Toll Bridge
[250,000 (2008: N il) shares of Rs. 10 each, fully paid up]
1.03
O il & N atural G as C orporation Lim ited
[4,431 (2008: N il) shares of Rs.10 each, fully paid up]
0.30
H industan Petroleum C orporation Lim ited
[7,676 (2008: N il) shares of Rs. 10 each, fully paid up]
0.20
ITC Lim ited
[7,751 (2008: N il) shares of Rs. 1 each, fully paid up]
0.13
H D FC Bank Lim ited
[1,335 (2008: N il) shares of Rs.10 each, fully paid up]
0.12
H ousing D evelopm ent Finance C orporation Lim ited
[1,817 (2008: 2,114) shares of Rs.10 each, fully paid up]
0.28 0.50
KEC International Lim ited
[5,425 (2008: 4,128) shares of Rs.10 each, fully paid up]
0.10 0.27
Rural Electrification C orporation Lim ited
[13,952 (2008: N il) shares of Rs. 10 each, fully paid up]
0.10
M cleod Russel India Lim ited
[18,019 (2008: N il) shares of Rs. 5 each, fully paid up]
0.09
Bharati A irtel Lim ited
[1,417 (2008: N il) shares of Rs. 10 each, fully paid up]
0.08
U nited Phosphorous Lim ited
[7,199 (2008: N il) shares of Rs. 2 each, fully paid up]
0.08
M phasis BFL Lim ited
[1,577 (2008: N il) shares of Rs. 10 each, fully paid up]
0.04
Reliance C om m unications Lim ited
[75,000 (2008: N il) shares of Rs. 5 each fully paid up]
3.75
Reliance Industries Lim ited
[2,898 (2008: 2,863) shares of Rs.10 each, fully paid up]
0.37 0.65
Siem ens Lim ited
[27,546 (2008: N il) shares of Rs 2 each fully paid up]
1.16
Sterlite Industries Lim ited
[22,776 (2008: N il) shares of Rs. 10 each fully paid up]
1.47
U TV Softw are C om m unications Lim ited
[10,000 (2008: N il) shares of Rs. 10 each fully paid up]
0.77
N TPC Lim ited
[98,000 (2008: N il) shares of Rs.10 each, fully paid up]
1.64
Transform ers & Rectifiers Lim ited
[500 (2008: 500) shares of Rs. 10 each, fully paid up]
0.02 0.02
GMR Infrastructure Limited | 13
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Annual Report 2008-09 | 75
Schedules form ing part of the C onsolidated Balance Sheet as at M arch 31, 2009
(Rs. in C rore)
Schedule 7 IN VESTM EN TS (contd.) M arch 31, 2009 M arch 31, 2008
Sold during the year
W ebtel-SI-Energy System s Lim ited
[N il (2008: 16,042) shares of Rs.10 each, fully paid up]
0.40
A kruthi city Lim ited
[N il (2008: 5,000) shares of Rs. 10 each fully paid up]
0.39
D evelopm ent C redit Bank Lim ited
[N il (2008: 15,000) shares of Rs. 10 each fully paid up]
0.13
Edelw eiss Securities Lim ited
[N il (2008: 8,000) shares of Rs. 10 each fully paid up]
0.66
IC RA Lim ited
[N il (2008: 10,000) shares of Rs. 10 each, fully paid up]
0.66
Kotak Bank Lim ited
[N il (2008: 5,000) shares of Rs. 10 each]
0.31
Ram co Industries Lim ited
[N il (2008: 21,221) shares of Rs 10 each fully paid up]
1.56
Suraj D iam onds Lim ited
[N il (2008: 50,000) shares of Rs. 10 each, fully paid up]
0.30
A IA Engineering Lim ited
[N il (2008: 2,442) shares of Rs.10 each, fully paid up]
0.37
BA SF India Lim ited
[N il (2008:13,462) shares of Rs.10 each, fully paid up]
0.26
Bharath Earth M overs Lim ited
[N il (2008: 3,916) shares of Rs.10 each, fully paid up]
0.39
C ontainer C orporation of India Lim ited
[N il (2008: 2,301) shares of Rs.10 each, fully paid up]
0.40
C orom andel Fertilisers Lim ited
[N il (2008: 24,952) shares of Rs. 2 each, fully paid up]
0.29
C rom pton G reaves Lim ited
[N il (2008: 12,084) shares of Rs. 2 each, fully paid up]
0.33
G reat O ffshore Lim ited
[N il (2008: 4,666) shares of Rs.10 each, fully paid up]
0.30
H industan D orr O liver Lim ited
[N il (2008: 27,826) shares of Rs. 2 each, fully paid up]
0.26
IC IC I Bank Lim ited
[N il (2008: 5,665) shares of Rs.10 each, fully paid up]
0.44
Larsen and Turbo Lim ited
[N il (2008: 2,350) shares of Rs. 2 each, fully paid up]
0.71
M oser Baer ( I ) Lim ited
[N il (2008: 14,153) shares of Rs.10 each, fully paid up]
0.22
N avin Flourine International Lim ited
[N il (2008: 12,369) shares of Rs.10 each, fully paid up]
0.27
Reliance Energy Lim ited
[N il (2008: 2,259) shares of Rs.10 each, fully paid up]
0.28
W elspun G ujarat Stahl Rohren Lim ited
[N il (2008: 7,354) shares of Rs. 5 each, fully paid up]
0.28
G am m on India Lim ited
[N il (2008: 9,404) shares of Rs. 2 each, fully paid up]
0.36
Less: Provision for dim inution in the value of Investm ents (6.57) (0.47)
(iv) 22.38 14.40
76 | GMR Infrastructure Limited | 13
th
Annual Report 2008-09
Schedules form ing part of the C onsolidated Balance Sheet as at M arch 31, 2009
(Rs. in C rore)
Schedule 7 | IN VESTM EN TS (contd.) M arch 31, 2009 M arch 31, 2008
O ther than Trade - U n Q uoted
Equity Shares
Sai Rayalaseem a Paper M ills Lim ited
[323,210 (2008: 323,210) shares of Rs.10 each, fully paid up]
0.39 0.39
(v) 0.39 0.39
Total (i)+(ii)+(iii)+(iv)+(v) 1,310.89 4,899.59
N otes:
* A ggregate N et A sset Value of M utual Funds and Bonds - Rs. 205.13 (2008: Rs. 4,830.42)
** A ggregate M arket value of G overnm ent Securities - Rs. 39.92 (2008: Rs. 41.46)
*** A ggregate M arket Value of C ertificate of D eposits - Rs. 48.27 (2008: N il)
**** A ggregate M arket Value of short term quoted equity shares - Rs. 23.62 (2008: Rs. 14.40)
@ A ggregate M arket Value of Long term quoted equity shares - Rs.74.41 (2008: Rs.N il)
# C onsidered as Subsidiary in the C urrent Financial year
[Investm ents include Rs.N il (2008: Rs.104.34) on account of PSF (Security C om ponent) balances]
(Rs. in C rore)
Schedule 8 | IN VEN TO RIES M arch 31, 2009 M arch 31, 2008
(at low er of cost and net realisable value)
Stores and spares 33.35 14.62
Raw M aterials 89.48 23.41
Finished G oods - Traded Fuel Stock 9.05
Total 131.88 38.03
(Rs. in C rore)
Schedule 9 | SU N D RY D EBTO RS M arch 31, 2009 M arch 31, 2008
(Trade, unless otherw ise stated)
D ebts outstanding for a period exceeding six m onths:
U nsecured - considered good 83.73 53.00
U nsecured - considered doubtful 44.07 20.95
Less Provision for doubtful debts (44.07) (20.95)
83.73 53.00
O ther debts:
U nsecured - considered good* 564.84 371.68
U nsecured - considered doubtful 3.83 14.66
Less Provision for doubtful debts (3.83) (14.66)
564.84 371.68
U nsecured - other than trade - considered good 12.34 5.89
Total 660.91 430.57
* includes unbilled revenue am ounting to Rs. 206.39 (2008: Rs 187.32)
[D ebtors include Rs. 27.61 (2008: Rs.28.83) on account of PSF (Security C om ponent) balances]
GMR Infrastructure Limited | 13
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Annual Report 2008-09 | 77
Schedules form ing part of the C onsolidated Balance Sheet as at M arch 31, 2009
(Rs. in C rore)
Schedule 10 | C A SH A N D BA N K BA LA N C ES M arch 31, 2009 M arch 31, 2008
C ash and C heques on hand 1.08 0.29
Balances w ith scheduled banks
O n C urrent A ccount - Balance of unutilised m onies raised by w ay of IPO 0.02
O n C urrent accounts - O thers* 239.92 273.63
O n D eposit accounts** 1,882.50 557.14
O n U npaid D ividend A ccounts 3.66
O n M argin M oney*** 85.22 39.85
Balances w ith banks other than scheduled banks
O n C urrent accounts 235.68 23.56
O n D eposit accounts 18.46
Total 2,466.52 894.49
* Balances in C urrent A ccounts w ith Scheduled banks include Rs. 1.22 (2008: Rs. N il) on account of PSF (Security C om ponent)
balances.
**1. Balances in D eposit A ccounts w ith Scheduled banks include Rs. 78.14 (2008:Rs. 32.21) on account of PSF (Security C om ponent)
balances.
2. Balances in D eposit A ccounts includes deposit of Rs.65 (2008:Rs.N il) pledged in favour of debenture holders.
***1. Includes Rs. N il (2008: Rs. 6.54) out of balance of unutilised m onies raised by w ay of IPO .
2.The m argin m oney are tow ards letters of credit and bank guarantees issued by the bankers on behalf of the C om pany.
(Rs. in C rore)
Schedule 11 | O TH ER C U RREN T A SSETS M arch 31, 2009 M arch 31, 2008
(U nsecured and C onsidered G ood)
Interest accrued but not due on deposits 16.84 5.21
C laim s receivable 0.87 0.59
G rant receivable from authorities 0.04 0.04
Total 17.75 5.84
(Rs. in C rore)
Schedule 12 | LO A N S A N D A D VA N C ES M arch 31, 2009 M arch 31, 2008
(U nsecured and considered good, unless otherw ise stated)
Loans to Em ployees 1.44 1.25
A dvance tow ards share application m oney 28.62 1.40
Loans to O thers 181.98
A dvances recoverable in cash or in kind or for value to be received
C onsidered G ood 486.13 294.90
C onsidered doubtful 6.43 0.43
Less: Provision for doubtful advances (6.43) (0.43)
D eposit w ith G overnm ent A uthorities 113.23 111.30
D eposits w ith others * 313.30 57.77
Balances w ith custom s, excise, etc., 56.68 76.15
A dvance tax (net of provision) 65.94 42.29
M AT C redit entitlem ent 13.91 13.91
Total 1,261.23 598.97
* includes Rs.164.67 (2008: Rs. N il) deposited w ith a bank tow ards security by w ay of participation am ount against a loan granted to a
subsidiary com pany.
[Loans & A dvances includes Rs.43.38 (2008:Rs.20.49) pertaining to PSF (Security C om ponent) balances]
78 | GMR Infrastructure Limited | 13
th
Annual Report 2008-09
Schedules form ing part of the C onsolidated Balance Sheet as at M arch 31, 2009
(Rs. in C rore)
Schedule 13 | C U RREN T LIA BILITIES A N D PRO VISIO N S M arch 31, 2009 M arch 31, 2008
a) Liabilities
Sundry C reditors
D ues to m icro and sm all enterprises [Refer N ote 4 (x)(d) of schedule 19] 2.62
D ues to other than m icro and sm all enterprises 848.33 786.15
848.33 788.77
Book overdraft 9.62 48.20
Share A pplication M oney refunds - not claim ed 0.05 0.07
A dvances/D eposits from custom ers/concessionaires 357.41 112.32
Retention M oney 161.59 120.56
N egative G rant / U tilisation fee payable 306.96
O ther liabilities 190.08 243.07
Interest accrued but not due on loans 12.43 9.76
1,886.47 1,322.75
b) Provisions
D ividend distribution tax 0.13
Provision for W ealth Tax 0.07
Provision for em ployee benefits 7.64 4.57
Provision for D ebenture Redem ption Prem ium 23.82
Provision for O perations and M aintenance (net of advances) [Refer N ote 4 (xv)
of Schedule 19]
46.69 83.46
78.22 88.16
Total 1,964.69 1,410.91
[Liabilities includes Rs.161.77 (2008:Rs.33.26) pertaining to PSF (Security C om ponent) balances]
Schedules form ing part of the C onsolidated Profit and Loss account for the year ended M arch 31, 2009
(Rs. in C rore)
Schedule 14 | SA LES A N D O PERATIN G IN C O M E M arch 31, 2009 M arch 31, 2008
Pow er
Incom e from sale of electrical energy* 2,012.87 1,578.17
Less: Prom pt Paym ent Rebate 46.97 36.97
Incom e from m anagem ent and other services 169.31
2,135.21 1,541.20
Roads
A nnuity incom e from expressw ays 141.38 139.62
Toll incom e from expressw ays 10.52
Incom e from variation w orks - Expressw ays 0.08
151.90 139.70
A irports
A eronautical 581.34 323.80
N on - A eronautical** 828.42 348.79
C argo O perations 253.45 203.96
1,663.21 876.55
O thers
Incom e from M anagem ent and O ther Services 46.09 30.65
C onstruction Revenue 304.17
Interest Incom e (gross)
[Tax deducted at source - Rs. 8.79 (2008: Rs. 0.84)]
61.22 19.30
D ividend Incom e on current investm ents (other than trade) (gross) 109.26 79.25
Profit on Sale of C urrent Investm ents (O ther than Trade)
[N et of Loss on sale of Investm ents of Rs. 0.08 (2008: Rs. 19.89)]
5.13 11.26
525.87 140.46
Total 4,476.19 2,697.91
* Includes Rs. 138.60 (2008: Rs. N il) from energy trading operations.
** Includes Rs. 209.08 (2008: Rs. N il) from fuel trading operations.
GMR Infrastructure Limited | 13
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Annual Report 2008-09 | 79
Schedules form ing part of the C onsolidated Profit and Loss account for the year ended
M arch 31, 2009
(Rs. in C rore)
Schedule 15 | O TH ER IN C O M E M arch 31, 2009 M arch 31, 2008
Incom e from current investm ents- other than trade (gross) 13.91 19.59
Liabilities/Provisions no longer required, w ritten back 1.79 12.91
G ain on account of foreign exchange fluctuations (net) 15.80
Profit on sale of current investm ents [N et of loss on sale of investm ents of Rs. 9.97
(2008:Rs.0.89)]
0.22 14.93
M iscellaneous incom e 5.45 6.52
Total 21.37 69.75
(Rs. in C rore)
Schedule 16 | G EN ERATIO N A N D O PERATIN G EXPEN SES M arch 31, 2009 M arch 31, 2008
C onsum ption of fuel and lubricants 1,356.02 1,031.26
Purchase of Traded G oods
C ost of Pow er Purchased for re-sale 129.88
C ost of Jet Fuel Purchased for re-sale 209.38
O perations and m aintenance 121.41 75.51
[N et of claim s relating to earlier years and w arranty claim s - Rs. N il (2008 : Rs. 0.61) and
includes stores and spare parts consum ed Rs. 20.13 (2008 : Rs. 13.87)]
C ost of variation w orks 0.07
A irport operator fee 27.29 18.14
C ost of m aterial for C onstruction A ctivity 204.61
C argo handling charges 17.56 14.24
Insurance 9.24 4.09
Technical consultancy fee 11.48 5.66
Salaries, allow ances and benefits to em ployees 34.54 2.06
C ontribution to provident fund and others 0.13 0.08
Electricity and w ater charges 53.60 23.86
Repairs and m aintenance:
Plant and m achinery (net of claim s) 36.66 0.35
Buildings 26.89 19.10
O thers 41.11 18.56
Lease rentals [net of sub-lease rentals - Rs. 0.28 (2008: Rs 0.28)] 6.49 8.25
O thers 5.35 8.51
2,291.64 1,229.74
(Increase) / D ecrease in Stock in Trade:
Stock as at A pril 1,
Traded Fuel Stock
Less: Stock as at M arch 31,
Traded Fuel Stock 9.05
(Increase) / D ecrease in Stock in Trade (9.05)
Total 2,282.59 1,229.74
80 | GMR Infrastructure Limited | 13
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Annual Report 2008-09
Schedules form ing part of the C onsolidated Profit and Loss account for the year ended
M arch 31, 2009
(Rs. in C rore)
Schedule 17 | A D M IN ISTRATIO N A N D O TH ER EXPEN SES M arch 31, 2009 M arch 31, 2008
Salaries, allow ances and benefits to em ployees 189.57 82.60
O peration support cost paid to A irports A uthority of India 115.34 108.05
C ontribution to Provident and other funds 9.89 5.88
Staff w elfare expenses 25.68 12.64
Rent 32.73 19.37
Repairs and m aintenance
Buildings 0.04 0.08
O thers 1.87 0.76
Rates and taxes 13.92 3.65
Insurance 8.10 8.28
C onsultancy and other professional charges 121.58 56.14
D irectorsSitting Fee 0.51 0.46
Electricity charges 1.41 1.62
Rem uneration to auditors 1.27 1.03
A dvertisem ent 13.53 22.46
Travelling and C onveyance 24.67 37.01
C om m unication expenses 9.00 3.87
Printing and Stationary 4.76 3.64
Provision for doubtful advances and debtors 17.83 17.52
Provision for dim inution in value of investm ents 5.98 6.66
D onations 6.62 17.39
Loss on account of foreign exchange fluctuations (net) 0.20
Bad D ebts w ritten off 5.73
Loss on sale of fixed assets 0.08 0.68
M iscellaneous expenses 65.26 51.02
Total 669.84 466.54
(Rs. in C rore)
Schedule 18 | IN TEREST A N D FIN A N C E C H A RG ES M arch 31, 2009 M arch 31, 2008
Interest on term loans (N et) 444.44 184.70
Less: Interest incom e on deposits (G ross)
[Tax deducted at source - Rs. 17.78 (2008: Rs. 9.97)]
(96.67) (42.22)
Interest - others 5.29 3.25
Bank and other finance charges 15.14 22.98
Total 368.20 168.71
GMR Infrastructure Limited | 13
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N otes form ing part of the C onsolidated A ccounts
Schedule 19 | Statem ent on Significant A ccounting Policies and N otes to the C onsolidated A ccounts
1. D ESC RIPTIO N O F BU SIN ESS
G M R Infrastructure Lim ited (G ILor the C om pany) and its consolidated subsidiaries, an associate and Joint Ventures (hereinafter
collectively referred to as G roup) are m ainly engaged in generation of pow er, developm ent of expressw ays, airport infrastructure facilities
and special econom ic zones. G IL is a holding com pany w ith its investm ents m ainly w ithin the group com panies. It is also involved in the
developm ent of the infrastructure and other projects as m entioned above.
Pow er business
C ertain entities of the G roup are involved in the generation of pow er. These are separate special purposes vehicles form ed w hich have
entered into Pow er Purchase A greem ents w ith the electricity distribution com panies of the respective state governm ents either on
M em orandum of U nderstanding basis or on bid basis. C ertain entities of the G roup are involved in energy trading activities.
A irport Infrastructure Business
C ertain entities of the G roup are engaged in developm ent of airport infrastructure i.e the G reenfield International A irport at H yderabad
on build, ow n, operate and transfer basis along w ith a consortium of sponsors like A irport A uthority of India, State G overnm ent of
A ndhra Pradesh and M alaysian A irport H oldings Berhad under concessionaire agreem ent and the operations and m odernization of
D elhi A irport as a joint venture betw een the G roup and A irports A uthority of India and operations and m odernisation of Sabiha G okcen
International A irport in Turkey as a joint venture w ith Lim ak and M alaysian A irport H oldings Berhad.
D evelopm ent of Expressw ays
C ertain entities of the G roup are engaged in developm ent of expressw ays on build, operate and transfer basis. These are special purpose
vehicles w hich have entered into concessionaire agreem ents w ith N ational H ighw ays A uthority of India for carrying out these projects.
2.PRIN C IPLES O F C O N SO LID ATIO N
The consolidated financial statem ents include accounts of G M R Infrastructure Lim ited (the C om pany) and its subsidiaries, an associate
and joint ventures. Subsidiary undertakings are those com panies in w hich G IL, directly or indirectly, has an interest of m ore than one
half of voting pow er or otherw ise has pow er to exercise control over the operations. Subsidiaries are consolidated from the date on
w hich effective control is transferred to the G roup till the date such control ceases. The consolidated financial statem ents are prepared
in accordance w ith historical cost convention and to com ply in all m aterial aspects w ith the applicable accounting principles in India, the
accounting standards notified under Sub-section (3C ) of Section 211 of the C om panies A ct, 1956 of India (The A ct) and other relevant
provisions of the A ct.
A ll inter-com pany transactions, balances and unrealized surpluses and deficits on transactions betw een group com panies are
elim inated.
Investm ents in the A ssociates have been accounted in these consolidated statem ents as per A ccounting Standard 23 on A ccounting
for Investm ents in A ssociates in C onsolidated Financial Statem ents. Investm ents in associate com panies w hich have been m ade for
tem porary purposes have not been considered for consolidation.
Investm ents in the Joint Ventures have been accounted in the consolidated statem ents as per A ccounting Standard 27 on Financial
Reporting of Interests in Joint Ventures.
The C om panies considered in the consolidated financial statem ents in each of the years are listed below :
N am e of the C om pany
C ountry of
Incorporation
Relationship
Percentage of O w nership Interest
(D irectly and Indirectly)
M arch 31, 2009 M arch 31, 2008
G M R Energy Lim ited (G EL) India Subsidiary 100.00% 100.00%
G M R Pow er C orporation Private Lim ited (G PC PL) India Subsidiary 51.00% 51.00%
Vem agiri Pow er G eneration Lim ited (VPG L) India Subsidiary 100.00% 100.00%
G M R (Badrinath) H ydro Pow er G eneration Private Lim ited
(G BH PL)
India Subsidiary 100.00% 100.00%
Badrinath H ydro Pow er G eneration Private Lim ited (BH PG L) India Subsidiary 100.00%
G M R M ining & Energy Private Lim ited (G M EL) India Subsidiary 89.00% 89.00%
G M R Kam alanga Energy Lim ited (G KEL) India Subsidiary 100.00% 100.00%
G M R Energy Trading Lim ited (G ETL) India Subsidiary 51.00% 51.00%
G M R C onsulting Engineers Private Lim ited (G C EL) India Subsidiary 100.00% 100.00%
G M R C oastal Energy Private Lim ited (G C EPL) India Subsidiary 100.00%
G M R Bajoli H oli H ydropow er Private Lim ited (G BH H PL) India Subsidiary 100.00%
82 | GMR Infrastructure Limited | 13
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N am e of the C om pany
C ountry of
Incorporation
Relationship
Percentage of O w nership Interest
(D irectly and Indirectly)
M arch 31, 2009 M arch 31, 2008
G M R C hhattisgarh Energy Private Lim ited (G C H EPL) India A ssociate 45.00%
G M R Londa H ydropow er Private Lim ited (G LH PL) India Subsidiary 100.00%
Londa H ydropow er Private Lim ited (LH PL) India Subsidiary 100.00%
H im tal H ydro Pow er C o. Private Lim ited (H H PC L) N epal Subsidiary 80.00% 80.00%
G M R U pper Karnali H ydropow er Lim ited (G U KH L) N epal Subsidiary 50.50%
G M R Energy (M auritius) Lim ited (G EM L) M auritius Subsidiary 100.00% 100.00%
G M R Lion Energy Lim ited (G LEL) M auritius Subsidiary 69.18%
G M R Energy (C yprus) Lim ited (G EC L) C yprus Subsidiary 100.00%
G M R Energy (N etherlands) B.V. (G EN BV) N etherlands Subsidiary 100.00%
PT D w ikarya Sejati U tm a (PT D SU ) Indonesia Subsidiary 100.00%
PT D uta Sarana Internusa (PT D SI) Indonesia Subsidiary 100.00%
PT Barasentosa Lestari (PTBSL) Indonesia Subsidiary 100.00%
G M R H ighw ays Private Lim ited (G H IPL) India Subsidiary 100.00% 50.00%
G M R Tam baram -Tindivanam Expressw ays Private Lim ited
(G TTEPL)
India Subsidiary 60.77% 60.77%
G M R Tuni-A nakapalli Expressw ays Private Lim ited (G TA EPL). India Subsidiary 60.77% 60.77%
G M R A m bala C handigarh Expressw ays Private Lim ited
(G A C EPL)
India Subsidiary 100.00% 100.00%
G M R Jadcherla Expressw ays Private Lim ited (G JEPL) India Subsidiary 100.00% 100.00%
G M R Pochanpalli Expressw ays Private Lim ited (G PEPL) India Subsidiary 100.00% 100.00%
G M R U lundurpet Expressw ays Private Lim ited (G U EPL) India Subsidiary 100.00% 100.00%
G M R H yderabad International A irport Lim ited (G H IA L) India Subsidiary 63.00% 63.00%
G atew ays For India A irports Private Lim ited (G FIA PL) India Subsidiary 86.49% 86.49%
H yderabad M enzies A ir C argo Private Lim ited (H M A C PL) India Subsidiary 32.13% 32.13%
H yderabad A irport Security Services Lim ited (H A SSL) India Subsidiary 63.00% 63.00%
G M R H yderabad A irport Resource M anagem ent Lim ited
(G H A RM L)
India Subsidiary 63.00% 63.00%
G M R H yderabad A erotropolis Private Lim ited (G H A PL) India Subsidiary 63.00% 63.00%
G M R H yderabad Aviation SEZ Lim ited (G H A SL)* India Subsidiary 63.00%
G M R H yderabad M ultiproduct SEZ Lim ited (G H M SL)* India Subsidiary 63.00%
G M R A irport H andling Services Lim ited (G A H SL) India Subsidiary 63.00%
D elhi International A irport Private Lim ited (D IA L) India Subsidiary 50.10% 50.10%
D IA L C argo Private Lim ited (D C PL) India Subsidiary 50.10% 50.10%
D elhi A erotropolis Private Lim ited (D A PL) India Subsidiary 50.10% 50.10%
East D elhi W aste Processing C om pany Private Lim ited
(ED W PC PL)
India Subsidiary 40.08%
G VL Investm ents Private Lim ited (G VL) India Subsidiary 100.00% 100.00%
G M R Aviation Private Lim ited (G A PL) India Subsidiary 100.00% 100.00%
G M R Krishnagiri SEZ Lim ited (G KSEZL) India Subsidiary 100.00% 100.00%
A dvika Real Estate Private Lim ited (A REPL) India Subsidiary 100.00%
A klim a Real Estates Private Lim ited (A KREPL) India Subsidiary 100.00%
A m artya Real Estates Private Lim ited (A M REPL) India Subsidiary 100.00%
Baruni Real Estates Private Lim ited (BREPL) India Subsidiary 100.00%
C am elia Real Estates Private Lim ited (C REPL) India Subsidiary 100.00%
Eila Real Estate Private Lim ited (EREPL) India Subsidiary 100.00%
G erbera Estates Private Lim ited (G EPL) India Subsidiary 100.00%
H iral Real Estates Private Lim ited (H REPL) India Subsidiary 100.00%
N otes form ing part of the C onsolidated A ccounts
Schedule 19 | Statem ent on Significant A ccounting Policies and N otes to the C onsolidated A ccounts (contd.)
GMR Infrastructure Limited | 13
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N am e of the C om pany
C ountry of
Incorporation
Relationship
Percentage of O w nership Interest
(D irectly and Indirectly)
M arch 31, 2009 M arch 31, 2008
H oneysuckle Properties Private Lim ited (H PPL) India Subsidiary 100.00%
Idika Real Estate Private Lim ited (IREPL) India Subsidiary 100.00%
Krishnapriya Real Estates Private Lim ited (KREPL) India Subsidiary 100.00%
N adira Real Estate Private Lim ited (N REPL) India Subsidiary 100.00%
Purnachandra Real Estates Private Lim ited (PREPL) India Subsidiary 100.00%
Shreyadita Real Estate Private Lim ited (SH REPL) India Subsidiary 100.00%
Sreepa Real Estates Private Lim ited (SREPL) India Subsidiary 100.00%
G M R O il and N atural G as Private Lim ited (G O N G PL) India Subsidiary 100.00%
G M R Infrastructure (M auritius) Lim ited (G IM L) M auritius Subsidiary 100.00% 100.00%
G M R Infrastructure (C yprus) Lim ited (G IC L) C yprus Subsidiary 100.00% 100.00%
G M R Infrastructure O verseas Sociedad Lim itada (Spain)
(G IO SL)
Spain Subsidiary 100.00% 100.00%
G M R Infrastructure (U K) Lim ited (G IU KL) U nited Kingdom Subsidiary 100.00%
G M R International Lim ited, M alta (G ILM ) M alta Subsidiary 100.00%
Istanbul Sabiha G okcen U luslararasi H avalim ani Yatirim
Yapim Ve Isletm e A noni Sirketi (ISG )
Turkey Joint Venture 40.00% 40.00%
Istanbul Sabiha G okcen U luslararasi H avalim ani Yer
H izm etleri A nonim Sirketi (SG H )
Turkey Joint Venture 29.00%
Lim ak G M R C onstruction JV (LG C JV) Turkey Joint Venture 50.00%
G M R Infrastructure (G lobal) Lim ited (G IG L) Isle of M an Subsidiary 100.00%
G M R Energy (G lobal) Lim ited (G EG L) Isle of M an Subsidiary 100.00%
G M R Infra (Singapore) PTE Lim ited (G ISPL) Singapore Subsidiary 100.00%
* A s at D ecem ber 31, 2008
3 SIG N IFIC A N T A C C O U N TIN G PO LIC IES - G RO U P C O RPO RATE PO LIC IES
i. REVEN U E REC O G N ITIO N
In case of pow er generating com panies, revenue from sale of energy is recognised on accrual basis in accordance w ith the provisions
of the Pow er Purchase A greem ent (PPA ) and includes unbilled revenue accrued upto the end of the accounting year and in other cases
revenue is recognised in accordance w ith billings m ade to consum ers based on the units of energy delivered.
C laim s for delayed paym ent charges and any other claim s, w hich the com pany is entitled to under the Pow er Purchase A greem ent, on
grounds of prudence, are accounted for in the year of acceptance. The PPA provides for paym ent of fixed tariff based on cum ulative
availability of plant and also the fuel cost at a predeterm ined station heat rate.
Incom e from m anagem ent/technical services is recognised as per the term s of the agreem ent on the basis of services rendered.
Insurance claim s are accounted on finalization and acceptance.
In case of com panies involved in construction and m aintenance of roads, toll revenue from operation is recognized on receipt basis
and in annuity based projects, revenue recognition is based on annuity accrued on tim e basis in accordance w ith the provisions of the
C oncessionaire A greem ent entered into w ith N ational H ighw ays A uthority of India (N H A I). C laim s raised on N H A I under C oncessionaire
A greem ent, on grounds of prudence, are accounted for in the year of acceptance.
In case of airport infrastructure com panies, revenue is recognised on accrual basis and is net of service tax, applicable discounts and
collection charges, w hen services are rendered and it is possible that an econom ic benefit w ill be received w hich can be quantified reliably.
Revenue from C argo O perations is recognized at the point of departure for exports and at the point w hen goods are cleared in case of
im ports.
C onstruction revenue and costs are recognised by reference to the stage of com pletion of the construction activity at the balance sheet
date, as m easured by the proportion that contract costs incurred for w ork perform ed to date bear to the estim ated total contract costs.
W here the outcom e of the construction cannot be estim ated reliably, revenue is recognised to the extent of the construction costs
incurred if it is probable that they w ill be recoverable. C onstruction C osts are recognised as expenses in the year in w hich they are
incurred. Provision is m ade for all losses incurred to the Balance Sheet date plus any further losses that are foreseen in bringing contracts
to com pletion.
N otes form ing part of the C onsolidated A ccounts
Schedule 19 | Statem ent on Significant A ccounting Policies and N otes to the C onsolidated A ccounts (contd.)
84 | GMR Infrastructure Limited | 13
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D ividend incom e on investm ents is accounted for w hen the right to receive the paym ent is established. Interest on Investm ents and bank
deposits are booked on a tim e proportion basis taking into account the am ounts invested and the rate of interest.
Expenditure including pre-operative and other incidental expenses incurred by the C om pany on behalf of the projects that are in the
process of com m issioning, being recoverable from the respective special purpose vehicles/subsidiaries created or to be created by the
C om pany for carrying out these projects, are not charged to the Profit and Loss A ccount and are treated as advances to special purpose
vehicles/ subsidiaries.
ii. A N N U A L FEE/C O N C ESSIO N FEE
In case of airport infrastructure com panies, the annual fee com puted as a percentage of revenues, pursuant to the term s and conditions
of the O perations, M aintenance and D evelopm ent A greem ent (O M D A ) is recognised as a charge in the Profit and Loss A ccount.
iii. O PERATIO N S A N D M A IN TEN A N C E
Pow er generating com panies have entered into a Long Term Service A greem ent (LTSA ) for m aintenance of the m ain plant, O perations
and M aintenance A greem ent for regular and m ajor m aintenance and Long Term A ssured Parts Supply A greem ent (LTA PSA ) for supply of
parts for planned and unplanned m aintenance over the term of the agreem ent. A m ounts payable under the agreem ents are charged to
the Profit and Loss A ccount based on actual factored fired hours of the G as Turbines during the period on the basis of average factored
hour cost including C ustom s D uty applicable at the current prevailing rate. Periodical m inim um paym ents are accounted as and w hen
due.
O perations and M aintenance A greem ents have been entered by certain subsidiary com panies for operations, regular and m ajor
m aintenance of the C arriagew ays. A m ounts payable under such agreem ents are charged to the Profit and Loss A ccount on accrual
basis.
iv. FIXED A SSETS
Fixed A ssets are stated at cost of acquisition less depreciation. C ost of acquisition is inclusive of freight, duties, levies and all incidentals
attributable to bringing the asset to its w orking condition. A ssets under installation or under construction as at the balance sheet date
are show n as C apital W ork in Progress.
A ssets under construction and the related advances as at the Balance Sheet date are show n as C apital W ork in Progress.
Borrow ing 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 tim e to get ready for its intended use or sale. O ther borrow ing costs not
attributable to the acquisition of any capital asset or investm ents are recognised as expenses in the period in w hich they are incurred.
A ll the fixed assets are assessed for any indication of im pairm ent at the end of each financial year. O n such indication, the im pairm ent
(being the excess of carrying value over the recoverable value of the asset) is charged to the profit and loss account in the respective
financial year. The im pairm ent loss recognised in the prior years is reversed w here the recoverable value exceeds the carrying value of the
asset upon re-assessm ent in the subsequent years.
Intangible A ssets
In case of airport infrastructure com panies, am ounts in the nature of upfront fee and other costs paid to A irports A uthority of India
(A A I) pursuant to the term s and conditions of the O M D A are recognised as Intangible assets and the carrying am ounts of such assets
are review ed at each balance sheet date to assess w hether they are carried in excess of their recoverable am ount.
C arriage w ays representing com m ercial rights in relation to toll roads to collect toll fee and in the case of annuity based projects has
been accounted at the cost incurred on the project activity tow ards reconstruction, strengthening, w idening, rehabilitation of the toll
roads on build, operate and transfer basis. It includes all direct m aterial, labor and sub-contracting costs, inw ard freight, duties, taxes
and any directly attributable expenditure on m aking the C om m ercial right ready for its intended use.
v. D EPREC IATIO N
Tangible A ssets
The G roup provides depreciation on fixed assets, other than those specifically stated below , on straight line m ethod at the rates specified
under Schedule XIV to the C om panies A ct, 1956 except for assets costing less than Rs. 5,000, w hich are fully depreciated in the year of
acquisition. Leasehold im provem ents are am ortised over the period of the lease or estim ated useful life w hichever is shorter. D epreciation
on adjustm ents to the historical cost of the assets on account of foreign exchange fluctuations is provided prospectively over the residual
useful life of the asset.
A ssets acquired under finance leases are depreciated on a straight line basis over the lease term or at the rates prescribed under Schedule
XIV of the C om panies A ct, 1956, w hichever is higher.
a.
b.
N otes form ing part of the C onsolidated A ccounts
Schedule 19 | Statem ent on Significant A ccounting Policies and N otes to the C onsolidated A ccounts (contd.)
GMR Infrastructure Limited | 13
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O verseas subsidiaries and Joint venture com panies provide depreciation based on estim ated useful life of the assets as determ ined by
such subsidiaries/joint ventures.
Intangible A ssets
Intangible assets representing upfront fees and other paym ents m ade to A irports A uthority of India pursuant to the term s and conditions
of O M D A are am ortized over the period of the respective C oncessionaire A greem ents.
In the case of C arriage w ays, depreciation of toll roads and am ortisation of land use rights in relation to toll roads are calculated to w rite
off their cost on an units-of-usage basis w hereby depreciation and am ortisation are provided based on the proportion of actual traffic
volum e for a particular period over the total projected traffic volum e throughout the periods w ithin w hich the com pany is granted the
rights to operate those roads. A dditional allow ance of depreciation and am ortisation w ill be provided to account for such reduction
in traffic volum e. It is the com panys policy to review regularly the total projected traffic volum e throughout the operating periods of
respective toll roads. Based on Independent professional traffic study perform ed, appropriate adjustm ents w ill be m ade should there be
a m aterial change in the projected traffic volum e.
Intangible A ssets representing C arriage W ays from annuity based projects are am ortized over the period of the respective C oncessionaire
A greem ents on a straight line basis.
vi. IN VESTM EN TS
Long term investm ents are carried at cost less provision m ade to recognize any decline, other than tem porary, in the value of such
investm ents. C urrent investm ents are valued at cost or m arket value w hichever is low er. C ost of acquisition is inclusive of expenditure
incidental to acquisition. Incom e from investm ents is recognised in the year in w hich it is accrued and stated at gross.
G ains/losses, on investm ent in futures, both equity and index, being the difference betw een the contracted rate and the rate on the
settlem ent or sale date, w hichever is earlier, are recognised in the Profit and Loss A ccount on settlem ent/sale. The open contracts as at
the year-end are m arked-to-m arket and the resultant loss, if any, is charged to the Profit and Loss A ccount.
(vii) IN VEN TO RIES
Inventories are valued at low er of cost or net realisable value. C ost is determ ined on a w eighted average basis and includes all applicable
costs incurred in bringing goods to their present location and condition.
viii. RETIREM EN T BEN EFITS
a. D efined C ontribution Plans
C ontributions paid/payable to defined contribution plans com prising of provident fund and pension fund are charged on accrual basis.
The C om pany also has a defined contribution superannuation plan (under a schem e of Life Insurance C orporation of India) covering all its
em ployees and contributions in respect of such schem e are charged on accrual basis in the Profit and Loss A ccount. The C om pany m akes
m onthly contributions and has no further obligations under the plan beyond its contributions.
b. D efined Benefit Plan
G ratuity for em ployees is covered under a schem e of Life Insurance C orporation of India and contributions in respect of such schem e are
recognised in the Profit and Loss A ccount. The liability as at the Balance Sheet date is provided for based on the actuarial valuation in
accordance w ith the requirem ents of revised A S 15 as at the end of the year.
c. O ther Long term em ployee benefits
O ther Long term em ployee benefits com prise of leave encashm ent w hich is provided for based on the actuarial valuation carried out in
accordance w ith revised A S 15 as at the end of the year.
d. Short term em ployee benefits
Short term em ployee benefits including accum ulated com pensated absences as at the Balance Sheet date are recognised as an expense
as per C om panys schem es based on the expected obligation on an undiscounted basis.
ix. FO REIG N C U RREN C Y TRA N SA C TIO N S
A ll foreign currency transactions are accounted for at the exchange rates prevailing on the date of such transactions. M onetary assets
and liabilities are translated at the exchange rate prevailing on the balance sheet date and the resultant gain /loss is recognized in the
financial statem ents. The original cost of fixed assets acquired through foreign currency borrow ings 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.
N otes form ing part of the C onsolidated A ccounts
Schedule 19 | Statem ent on Significant A ccounting Policies and N otes to the C onsolidated A ccounts (contd.)
86 | GMR Infrastructure Limited | 13
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Long term foreign currency m onetary assets and liabilities are translated at the exchange rate prevailing on the balance sheet date and
the resultant exchange differences are accum ulated in a foreign currency m onetary item translation difference account and am ortized
over the balance period of such long term asset/liability but not beyond M arch 31, 2011.
In case of forw ard exchange contracts or any financial instrum ents not intended for trading or speculation, the prem ium or discount
arising at the inception of the contract is am ortised as expense or incom e over the life of the contract.
In respect of non-integral foreign operations, the assets and liabilities, both m onetary and non-m onetary are translated at the closing rates
and the incom e and expenses are translated at the dates of the transaction and all the resulting exchange differences are accum ulated in
foreign exchange fluctuation reserve until the disposal of the investm ent.
x. EA RN IN G S PER SH A RE
The earnings considered in ascertaining the C om panys Earnings per Share (EPS) com prise of the net profit after tax less dividend
(including dividend distribution tax) on preference shares. The num ber of shares used for com puting the basic EPS is the w eighted
average num ber of shares outstanding during the year. The num ber of shares used in com puting D iluted EPS com prises of w eighted
average shares considered for deriving basic EPS, and also the w eighted average num ber of equity shares w hich could have been issued
on the conversion of all dilutive potential equity shares. D ilutive potential equity shares are deem ed converted as of the beginning of
the year, unless they have been issued at a later date. The num ber of shares and potentially dilutive shares are adjusted for bonus shares
issued.
xi. G O VERN M EN T G RA N TS
G overnm ent grants in the nature of capital subsidy are treated as C apital Reserve.
xii. TA XES O N IN C O M E
C urrent tax is determ ined based on the am ount of tax payable in respect of taxable incom e for the year. D eferred tax is recognised on
tim ing differences; being the difference betw een the taxable incom e and the accounting incom e that originate in one year and are capable
of reversal in one or m ore subsequent years. D eferred tax assets and liabilities are com puted on the tim ing differences applying the tax
rates and tax law s that have been enacted or substantively enacted by the Balance Sheet date. D eferred tax assets arising on account
of unabsorbed depreciation or carry forw ard of tax losses are recognised only to the extent that there is virtual certainty supported by
convincing evidence that sufficient future taxable incom e w ill be available against w hich such deferred tax assets can be realized.
M inim um A lternate tax (M AT) paid in accordance to the tax law s, w hich give rise to the future econom ic benefits in the form of
adjustm ent of future incom e tax liability, is considered as an asset if there is convincing evidence that the C om pany w ill pay norm al
incom e tax in future. A ccordingly, M AT is recognized as an asset in the balance sheet w hen it is probable that the future econom ic benefit
associated w ith it w ill flow to the C om pany and the asset can be m easured reliably.
4. N O TES TO TH E C O N SO LID ATED A C C O U N TS
(i) a. C ontingent Liabilities
(Rs. in C rore)
Particulars A s at M arch 31, 2009 A s at M arch 31, 2008
C orporate guarantees 7,100.10 62.50
C laim s against com panies not acknow ledged as debts 0.01
M atters relating to incom e tax under dispute 0.03 3.24
M atters relating to w ater cess under dispute 1.68
M atters relating to custom duty under dispute 90.45 4.60
b. In case of D IA L, the A irports A uthority of India, w .e.f. June 1, 2007 has claim ed service tax on the annual fee payable to them
considering the sam e as rental incom e from im m oveable property. D IA L has disputed the grounds of the levy as w ell as liability arising out
of it under provisions of the O peration, M anagem ent and D evelopm ent A greem ent (O M D A ). A s the m atter is under dispute and pending
w ith H onble H igh C ourt of D elhi, the im pact of the sam e, if any has not been considered.
c. In case of D IA L, the C om pany has received a provisional dem and of Rs. 233.11 C rore from A irports A uthority of India (A A I) on account
of reim bursem ent of voluntary retirem ent com pensation, payable upon expiry of the operational support period on M ay 2, 2009. Pending
acceptance and determ ination of the claim , the sam e has not been considered in the financial statem ents. A ny paym ent tow ards the
settlem ent of the claim w ill be recognised as an intangible asset and am ortised over the period of A irport concession rights.
N otes form ing part of the C onsolidated A ccounts
Schedule 19 | Statem ent on Significant A ccounting Policies and N otes to the C onsolidated A ccounts (contd.)
GMR Infrastructure Limited | 13
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N otes form ing part of the C onsolidated A ccounts
Schedule 19 | Statem ent on Significant A ccounting Policies and N otes to the C onsolidated A ccounts (contd.)
(ii) C apital C om m itm ents
(Rs. in C rore)
Particulars A s at M arch 31, 2009 A s at M arch 31, 2008
Estim ated value of contracts rem aining to be executed on capital am ount, not
provided for (net of advances)
8,666.16 5,528.93
iii. Equity Shares
Pursuant to the decision of the shareholders of the C om pany at the Extra O rdinary G eneral M eeting held on N ovem ber 26, 2007,
165,238,088 equity shares of face value of Rs. 2 each have been allotted to Q ualified Institutional Buyers at a prem ium of Rs. 238
per share on D ecem ber 12, 2007 and received an am ount of Rs. 3,965.71 C rore. The net proceeds after the issue expenses w ill be
utilized tow ards capital expenditure for various projects under developm ent (either directly or through our subsidiaries, joint ventures
or affiliates), general corporate purposes including w orking capital and strategic initiatives and acquisitions in India and abroad.
Pending utilization for the purposes described above the balance of funds has been invested in Fixed D eposits and M utual funds.
Pursuant to the decision of the shareholders of the C om pany at the Extra O rdinary G eneral M eeting held on February 28, 2006,
38,136,980 equity shares of face value of Rs. 10 each have been allotted by w ay of Initial Public O ffer (IPO ) on A ugust 17, 2006 and
A ugust 24, 2006. The details of funds received and their utilisation up to M arch 31, 2009 are given below :
(Rs. in C rore)
Particulars M arch 31, 2009 M arch 31, 2008
Funds received
Equity Share C apital 38.14 38.14
Share Prem ium (Refer N ote (a) below ) 756.78 756.78
Interest on delayed paym ent of call m oney 0.06 0.06
Less: C alls unpaid 0.02
Total 794.98 794.96
U tilisation of Funds
Investm ent in Subsidiary C om panies (including Share A pplication M oney, pending
allotm ent) Refer N ote (b) below
519.50 509.95
Repaym ent of U nsecured Loans 55.00 55.00
Paym ent to G M R H oldings Private Lim ited and G M R O perations Private Lim ited for
acquisition of equity shares of G VL Investm ents Private Lim ited
155.86 155.86
Expenses incurred tow ards the IPO 64.62 64.59
D eposit w ith Bom bay Stock Exchange (BSE) 3.00
M argin M oney tow ards Bank G uarantee issued to BSE 6.54
Total U tilisation 794.98 794.94
Balance of unutilised m onies out of IPO , details of w hich are given below : 0.02
A m ount lying in current accounts 0.02
Total 0.02
N otes:
In case of 5,669,425 equity shares allotted to the retail investorscategory, a discount of five percent on the issue price w as given in
accordance w ith the term s of the C om panys prospectus dated A ugust 7, 2006.
Represent investm ent m ade directly by the com pany, through its subsidiary com panies and by w ay of repaym ent of loans taken for
the purpose of investm ent in subsidiary com panies.
iv. Reserves and Surplus
G H IA L has received a grant of Rs. 107.00 C rore from G overnm ent of A ndhra Pradesh tow ards A dvance D evelopm ent Fund G rant,
as per the State Support A greem ent. This is in the nature of financial support for the project, and the G roups share am ounting to
Rs. 67.41 C rore has been included in Schedule 2- Reserves and Surplus.
G A PL purchased the aircraft division of G M R Industries Ltd under slum p sale on O ctober 01, 2008 for a purchase consideration
of Rs. 29.00 C rore on a going concern basis and the transaction w as concluded during the year. A ccordingly, an am ount of
Rs. 3.41 C rore being the excess of net value of the assets acquired (based on a valuation report) over the purchase consideration has
been recognized as capital reserve.
a.
b.
a.
b.
a.
b.
88 | GMR Infrastructure Limited | 13
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Annual Report 2008-09
v. Secured Loans
In case of G TTEPL and G TA EPL, the Secured Loans as at M arch 31, 2009 are in the nature of advances received tow ards the assignm ent
of future A nnuity/Receivables under the C oncession A greem ent w ith N ational H ighw ay A uthority of India and are further secured by
w ay of m ortgage of all the present and future im m ovable fixed assets of the com pany and by w ay of hypothecation over the m ovable
fixed assets.
vi. Foreign C urrency Transactions
The M inistry of C orporate A ffairs, G overnm ent of India has vide its N otification N o G SR 225(E) dated M arch 31, 2009 has announced
C om panies A ccounting Standards (A m endm ent) Rules 2009 prescribing changes to A ccounting Standard 11 on The Effects of C hanges
in Foreign Exchange Rates.
The G roup has, pursuant to the adoption of such principles of C om panies (A ccounting Standards) A m endm ent Rules 2009, exercised the
option of recognising the exchange differences arising on reporting of foreign currency m onetary item s at rates different from those at
w hich they w ere recorded earlier, in the original cost of such depreciable fixed assets in so far such exchange differences arose on foreign
currency m onetary item s relating to the acquisition of a depreciable asset as below :
Exchange differences am ounting to Rs.20.40 C rore hitherto recognized as incom e in the Profit and Loss A ccount in respect of the
financial year ended M arch 31, 2008, has now been adjusted to the cost of assets by carrying out a corresponding adjustm ent of
Rs. 18.19 C rore against the opening balance of Profit and Loss A ccount and Rs.2.21 C rore against the opening balance of M inority
Interest.
A n am ount of Rs. 180.53 C rore being the exchange loss arising in the financial year ended M arch 31, 2009 has now been added to
the cost of the depreciable assets. Such exchange fluctuation differences w ere previously recognized in the Profit and Loss A ccount.
A n am ount of Rs. 9.28 C rore, being the exchange gain on other long term m onetary assets arising in the financial year ended M arch
31, 2009 has now been accum ulated in a Foreign C urrency M onetary Item Translation D ifference A ccount and is am ortised over the
balance period of such long term m onetary asset in the Profit and Loss A ccount. The unam ortised balance as at M arch 31, 2009
am ounts to Rs. 6.87 C rore. Such exchange fluctuation differences w ere previously recognised in the Profit and Loss A ccount. This
change in accounting policy has resulted in a decrease in the current years Profit by Rs. 6.87 C rore.
vii. Expenditure during construction period, pending allocation (N et)
In respect of C om panies in construction stage, no Profit and Loss A ccount has been draw n up. A ll expenditure incurred (net of
incom e earned) during the construction stage are grouped and disclosed under Expenditure during construction period, pending
allocation (N et)in Schedule 6.
In accordance w ith the term s of the concession agreem ents entered into w ith N ational H ighw ays A uthority of India (N H A I) by
G A C EPL, G JEPL and G U EPL, dated N ovem ber 16, 2005, February 20, 2006 and A pril 19, 2006 respectively, the C om panies have an
obligation to pay an am ount of Rs. 507.96 C rore by w ay of N egative G rant to N H A I and accordingly paid an aggregate am ount of
Rs. 256.36 C rore till M arch 31, 2009 tow ards N egative G rant to N H A I. The entire value of negative grant is show n under Expenditure
incurred D uring C onstruction Period Pending A llocation (N et) in Schedule 6. The balance am ount payable over the concession period
has been included in Schedule 13.
viii. Sundry D ebtors
In case of G PC PL, claim s/counterclaim s arising out of the Pow er Purchase A greem ent and Land Lease A greem ent in respect of the
dues recoverable from Tam il N adu Electricity Board (TN EB) on account of Sale of Energy including reim bursem ent tow ards Interest
on W orking C apital and M inim um A lternate Tax and paym ent of land lease rentals to TN EB respectively are pending settlem ent/
reconciliation. The m anagem ent is confident of recovering these am ounts.
In case of G EL, the G overnm ent of Karnataka vide its O rder N o.EN 540 N C E 2008 dated January 1, 2009 (O rder) invoked Section 11
of the Electricity A ct, 2003 and directed the com pany to supply pow er to the State G rid for the period January 1, 2009 to M ay 31,
2009 at a specified rate. The com pany had an existing contract w ith a buyer till 31st January, 2009 at a selling rate higher than such
specified rate and, as such, filed a petition before the H onble H igh C ourt of Karnataka challenging the O rder. Revenue recognition
in respect of pow er supplied for the m onth of January 2009 has been m ade in the books as per the original contracted rate, based
on a legal opinion obtained by the trading entity and pending disposal of the m atter at an appropriate court of law . The differential
revenue, as such recognized in the books, am ounts to Rs. 44.04 C rore.
In the interim , as per the directions of the H onble H igh C ourt of Karnataka, Karnataka Electricity Regulatory C om m ission, being the
appropriate authority for determ ination of tariff, has recom m ended a higher bandw idth of tariff than the specified rate in the O rder.
H ow ever, revenue recognition for the m onths of February and M arch, 2009, has been m ade, on a prudent basis, as per the rate specified
in the O rder. A ccordingly, the differential am ount of Rs. 45.12 C rore not been recognized in the books as revenue.
a.
b.
c.
a.
b.
a.
b.
N otes form ing part of the C onsolidated A ccounts
Schedule 19 | Statem ent on Significant A ccounting Policies and N otes to the C onsolidated A ccounts (contd.)
GMR Infrastructure Limited | 13
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ix. O perating Incom e
In case of airport infrastructure com panies, the passenger service fee charged from the departing passengers have tw o com ponents
viz Facilitation C om ponent and Security C om ponent. In accordance w ith the various governm ent orders issued from tim e to tim e, the
passenger service fee collections are held by the C om pany in fiduciary capacity on behalf of G overnm ent of India and are deposited in an
escrow account utilized for m eeting the security related expenses.
A sum m ary of the passenger service fee balances are given below :
(Rs. in C rore)
D escription M arch 31, 2009 M arch 31, 2008
Passenger Service fee (Security C om ponent) 195.99 151.44
Interest and other incom e 12.61 208.60 11.99 163.43
Less: Expenses 164.64 79.30
N et Incom e 43.96 84.13
Surplus brought forw ard 161.20 77.07
Total 205.16 161.20
Fixed A ssets(N et) 216.58 8.59
Investm ents - 104.34
Receivables 27.61 28.83
O ther A ssets 43.38 20.49
C ash and Bank balance in Escrow A ccount 79.36 32.21
366.93 194.46
Less: O ther Liabilities 161.77 33.26
Total 205.16 161.20
x. O thers
D epreciation / A m ortization for the year includes Rs. 37.14 C rore tow ards am ortization of U tilisation fee payable by an overseas joint
venture entity.
Pursuant to the expiry of the pow er purchase agreem ent w ith Karnataka Pow er Transm ission C orporation Lim ited on June 8, 2008,
G EL is currently generating and exporting pow er to consum ers based on short term pow er supply agreem ents. The com pany is also
exploring various alternate business opportunities for the pow er plant.
G H IA L has declared com m ercial operations on M arch 23, 2008 and accordingly, the Runw ays, Buildings, Plant and M achinery etc
have been capitalised as on that date. O ut of the total Expenditure during construction period, pending allocation (N et)as at
that date am ounting to Rs. 436.90 C rore, an am ount of Rs. 410.29 C rore directly identifiable to the cost of construction has been
apportioned over the cost of the fixed assets and the rem aining am ount of Rs. 26.61 C rore has been charged to the Profit and Loss
A ccount under the relevant heads of account (included in Schedule 16) during the year ended on M arch 31, 2008.
There are no M icro and Sm all Enterprises, to w hom the C om pany ow es dues, w hich are outstanding for m ore than 45 days as
at M arch 31, 2009. This inform ation, as required to be disclosed under the M icro, Sm all and M edium Enterprises D evelopm ent
A ct, 2006, has been determ ined to the extent such parties have been identified on the basis of inform ation available w ith the
C om pany.
The C om pany, through its step-dow n subsidiary, G M R Energy G lobal Lim ited, has entered into necessary arrangem ents to acquire
50% equity stake in Intergen N V by m eans of C om pulsory C onvertible D ebentures (C C D ). The C om pany has also given a corporate
guarantee up to a m axim um of U SD 1.38 billion to the lenders on behalf of a fellow subsidiary to enable it to raise debt for financing
the aforesaid acquisition. Intergen N V is a global energy com pany, w hich operates 8086 M W capacity across five countries in four
continents and is further developing 4686 M W . The financial results of Intergen N V have not been considered in the consolidated
results of the C om pany pending conversion of such C C D s.
In case of H M A C PL, during the year, there w ere delays in filing of statutory form s under Foreign Exchange M anagem ent A ct, 1999 to
Reserve Bank of India w ith respect to inw ard rem ittance of foreign currency tow ards Share C apital application m onies, intim ation of
allotm ent of shares to a N on-resident shareholder. Further, the am ount for w hich the shares w ere not allotted is yet to be refunded.
H M A C PL, had declared preference dividend on January 16, 2009 am ounting to Rs.1.62 C rore, equity dividends on O ctober 14, 2008
and January 16, 2009 am ounting to Rs.1.02 C rore and Rs.1.02 C rore respectively. The C om pany deposited the unpaid dividend to
a.
b.
c.
d.
e.
f.
g.
N otes form ing part of the C onsolidated A ccounts
Schedule 19 | Statem ent on Significant A ccounting Policies and N otes to the C onsolidated A ccounts (contd.)
90 | GMR Infrastructure Limited | 13
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U npaid D ividend A ccount. H ow ever, there have been delays in rem ittance of preference dividend am ounting to Rs.0.002 C rore
and Equity D ividend am ounting to Rs.1.04 C rore to the H olding C om pany (G H IA L) w hich is not in conform ity w ith the requirem ents
of Section 207 of the C om panies A ct, 1956. Since Foreign D irect Investm ent has not been taken on record by Reserve Bank of India,
Preference D ividend of Rs. 1.62 C rore and Equity D ividend of Rs. 1.00 C rore have not been rem itted to a N on-resident shareholder.
xi. Effective A pril 1, 2007, the C om pany has adopted the A ccounting Standard 15 (Revised) on Em ployee Benefitsissued by the
Institute of C hartered A ccountants of India. Pursuant to the adoption, the transitional obligation of the C om pany am ounting to Rs. 0.51
C rore has been adjusted against the opening balance of the revenue reserves during the financial year ended M arch 31, 2008.
D efined benefit plan
The follow ing table sets forth the status of the G ratuity Plan of the C om pany and the am ounts recognized in the Balance Sheet and Profit
and Loss A ccount.
(Rs. in C rore)
Particulars
Year Ended M arch 31,
2009 2008
Projected Benefit O bligation at the beginning of the year 2.87 2.41
C urrent Service cost 1.74 1.18
Interest C ost 0.20 0.19
A ctuarial Loss / (G ain) (0.53) (0.62)
Benefits Paid (0.05) 0.28
Projected Benefit O bligation at the end of the year 4.24 2.87
A m ounts Recognized in the Balance Sheet
Projected Benefit O bligation at the end of the year 4.25 2.87
Fair Value of Plan assets at the end of the year 5.58 3.30
Funded Status of Plan - (A sset) / Liability (1.33) (0.42)
(A sset) / Liability recognized in the Balance Sheet (1.33) (0.42)
C ost for the Year
C urrent Service C ost 1.74 1.18
Interest C ost 0.20 0.19
Expected Return on Plan A ssets (0.34) (0.13)
N et A ctuarial (G ain)/Loss recognized in the year (0.53) (0.62)
N et C ost 1.07 0.63
A ssum ptions
D iscount Rate 7% 8%
Estim ated Rate of Return on Plan A ssets 8% 8%
Expected Rate of salary increase 6% 6%
A ttrition Rate 5% 5%
Leave encashm ent liability provided based on actuarial valuation am ounting to Rs. 4.58 C rore (2008: Rs.2.73 C rore) as at M arch 31,
2009.
xii. Leases
a. Finance Lease
The group has also entered into tw o finance lease arrangem ents w ith regard to a com puter server and a steam turbine generator for a
period of 4 years and 5 years respectively. The lease has a prim ary period, w hich is fixed and non-cancelable. The com pany has an option
to renew the lease for a further period of 1 year. The agreem ents provide for revision of lease rental in the event of changes in taxes, if
any, leviable on the lease rentals. There are no exceptional/restrictive covenants in the lease agreem ents.
N otes form ing part of the C onsolidated A ccounts
Schedule 19 | Statem ent on Significant A ccounting Policies and N otes to the C onsolidated A ccounts (contd.)
GMR Infrastructure Limited | 13
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Annual Report 2008-09 | 91
N otes form ing part of the C onsolidated A ccounts
Schedule 19 | Statem ent on Significant A ccounting Policies and N otes to the C onsolidated A ccounts (contd.)
(Rs. in C rore)
Particulars
M inim um Lease
Paym ent
Present Value of
M inim um Lease
M inim um Lease
Paym ent
Present Value of
M inim um Lease
A s at
M arch 31, 2009
A s at
M arch 31, 2009
A s at
M arch 31, 2008
A s at
M arch 31, 2008
(i) Payable not later than 1 year 1.66 1.56 1.31 1.24
(ii) Payable later than 1 year and not later than 5 years 3.34 2.67 3.28 2.69
(iii) Later than 5 years
Total (i)+(ii)+(iii) = (iv) 5.00 4.23 4.59 3.93
Less: Future finance charges (v) 0.77 0.66
Present Value of M inim um Lease Paym ents [(iv) (v)] 4.23 3.93
b. O perating Leases
The G roup has entered into certain cancelable operating lease agreem ents m ainly for office prem ises and certain non-cancelable operating
lease agreem ents. The lease rentals charged during the year (included in Schedule 6, 16 and 17) and the m axim um obligation on the long
term non-cancelable operating lease payable as per the agreem ent are as follow s:
(Rs. in C rore)
Particulars Year ended M arch 31, 2009 Year ended M arch 31, 2008
Lease rentals under cancelable leases 34.47 28.50
Lease rentals under non-cancelable leases 3.07 3.49
O bligations on non-cancelable leases
N ot later than one year 5.38
Later than one year and not later than five years 21.68
xiii. Earnings Per Share (EPS)
Particulars Year ended M arch 31, 2009 Year ended M arch 31, 2008
N om inal Value of Equity Shares (Rs. per Share) [Refer N ote (c) below ] 2 2
Total num ber of Equity Shares outstanding at the beginning of the
year
1,820,658,088 1,655,420,000
A dd: Issue of Equity Shares through (Q IP) - 165,238,088
Total num ber of Equity Shares outstanding at the end of the year 1,820,658,088 1,820,658,088
W eighted average num ber of Equity Shares outstanding at the end of
the year
1,820,649,979 1,705,071,192
N et Profit after tax (Rs. in C rore) 279.45 210.08
EPS Basic and D iluted (Rs.) 1.53 1.23
N otes:
A s at M arch 31, 2009, Rs. 2,750 (2008: Rs. 11,625) w as receivable tow ards Equity Shares and for the com putation of w eighted
average num ber of Equity Shares outstanding at the end of the year, these have been considered as partly paid-up shares.
Since the com pany did not have any dilutive securities, the basic and diluted earnings per share are the sam e.
Pursuant to the approval for the subdivision of the equity shares of the C om pany in the A nnual G eneral M eeting held on A ugust 30,
2007, each equity share carrying a face value Rs. 10 each has been subdivided into 5 equity shares of Rs. 2 each on O ctober 8, 2007,
being the record date. A ccordingly, the w eighted average num ber of shares for both the current and corresponding previous periods
has been adjusted to reflect such subdivision w hile calculating the earnings per share.
a.
b.
c.
92 | GMR Infrastructure Limited | 13
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Annual Report 2008-09
N otes form ing part of the C onsolidated A ccounts
Schedule 19 | Statem ent on Significant A ccounting Policies and N otes to the C onsolidated A ccounts (contd.)
xiv. D eferred Tax
D eferred Tax (A sset) / Liability com prises m ainly of the follow ing as at M arch 31,
(Rs. in C rore)
Sl. N o. Particulars
2009 2008
D eferred Tax A sset D eferred Tax Liability D eferred Tax A sset D eferred Tax Liability
1 D epreciation 245.21 83.30
2 Prelim inary Expenses 0.32
3 O ther 43B disallow ances 0.29 0.13
4 C arry forw ard losses 110.44 40.35
5 C arry forw ard depreciation 104.74
6 O thers 10.59
Total 226.06 245.21 40.80 83.30
D eferred Tax (A sset) / Liability (N et) 19.15 42.50
In case of G EL and VPG L, deferred tax asset to the extent not reversing w ithin the tax holiday period of the C om pany has not been
recognised on the grounds of prudence in view of the m anagem ents assessm ent of future profitability of these com panies.
In case of G PC PL, G TA EPL and G TTEPL, as the tim ing differences are originating and reversing w ithin the tax holiday period of
the C om pany under the provisions of section 80-IA of the Incom e Tax A ct, 1961, deferred tax has not been recognised by these
C om panies.
In case of PT BSL, deferred tax asset has not been recognised on the grounds of prudence in view of the m anagem ents assessm ent
of future profitability.
G H IA L has recognized deferred tax asset on unabsorbed depreciation and carried forw ard losses as at M arch 31, 2009, on the basis
of prudence, only to the extent of deferred tax liability on depreciation as at M arch 31, 2009, after considering the tim ing differences
originating on or before the balance sheet date and not reversing w ithin the tax holiday period. A ccordingly, there is no im pact on
the Profit and Loss A ccount for the current year.
xv. Provisions
(Rs. in C rore)
Particulars
A s at
A pril 01, 2008
Provision m ade
during the year
A m ount used
during the year
A s at
M arch 31, 2009
Provision for operations and m aintenance 83.46 12.42 49.19 46.69
(77.84) (10.10) (4.48) (83.46)
N ote: Previous year figures are m entioned in brackets.
xvi. Inform ation on Joint Ventures as per A ccounting Standard 27
N am e
C ountry of
Incorporation
Percentage of O w nership
interest (D irectly and Indirectly)
as at M arch 31, 2009
Percentage of O w nership
interest (D irectly and Indirectly)
as at M arch 31, 2008
Istanbul Sahiba G okcen
U luslararasi H avalim ani Yatirim Yapim
Ve Isletm e A noni Sirketi (ISG )
Turkey 40% 40%
Istanbul Sahiba G okcen
U luslararasi H avalim ani Yer H izm etleri
A nonim Sirketi (SG H )
Turkey 29%
Lim ak G M R C onstruction JV (LG C JV) Turkey 50%
a.
b.
c.
d.
GMR Infrastructure Limited | 13
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Annual Report 2008-09 | 93
The C om panys aggregate share of each of the assets, liabilities, incom e and expenses etc (each after elim ination of, the effect of
transactions betw een the C om pany and the joint ventures) related to its interests in the above joint ventures, based on the audited
financial statem ents are as follow s:
(Rs. in C rore)
Particulars M arch 31,2009 M arch 31,2008
I. A ssets
1. Fixed A ssets 23.67 0.34
2. C apital W ork-in-Progress 420.00
3. Expenditure D uring C onstruction Period, pending allocation (N et) 80.42 1.55
4. D eferred Tax (N et) 6.92
5. C urrent A ssets, Loans and A dvances
a) Inventories 30.49
b) Sundry D ebtors 97.51
c) C ash and Bank Balances 101.06 21.16
d) O ther C urrent A ssets 0.25
e) Loans and A dvances 229.62 0.32
II. Liabilities
1. Secured Loans 545.86
2. U nsecured Loans 0.06
3. D eferred Tax (N et) 0.02
4. C urrent Liabilities and Provisions
- Liabilities 289.63 0.40
III. Incom e
1. Sales 592.27
2. O ther Incom e 0.08
IV. Expenses
1. O perating Expenses 443.71
2. A dm inistration and other expenses 62.58
3. D epreciation 41.93
4. Interest and Finance C harges (0.79)
5. Provision for Taxation (including D eferred Taxation) 15.77
V. O ther M atters
1. C apital C om m itm ents 208.58
2. O perating Lease rentals under C ancelable leases 1.97
3. Reserves as at A pril 1, -
A dd: G roup Share of Profits for the year 29.16
Reserves as at M arch 31, 29.16
xvii. Segm ent Reporting:
The segm ent report of G IL and its consolidated subsidiaries and associate (the G roup) has been prepared in accordance w ith A S 17
Segm ent Reportingas referred to Sub-section (3C ) of Section 211 of the C om panies A ct, 1956 of India.
The corporate strategy of the G roup aim s at creating m ultiple drivers of grow th anchored on its core com petencies. The G roup is
currently focused on four business groups: Pow er, Roads, A irport Infrastructure and O thers. The G roups organizational structure
and governance processes are designed to support effective m anagem ent of m ultiple businesses w hile retaining focus on each one
of them .
The G roups activities are predom inantly w ithin India. The C om pany has three geographic segm ents: India, Rest of A sia and Rest
of the W orld. Significant portion of the segm ent assets are in India. Revenue from geographic segm ents based on dom icile of the
custom ers is outlined below .
For the purpose of reporting, business segm ents are prim ary segm ents and the geographic segm ent is a secondary segm ent.
a.
b.
c.
d.
N otes form ing part of the C onsolidated A ccounts
Schedule 19 | Statem ent on Significant A ccounting Policies and N otes to the C onsolidated A ccounts (contd.)
94 | GMR Infrastructure Limited | 13
th
Annual Report 2008-09
N otes form ing part of the C onsolidated A ccounts
Schedule 19 | Statem ent on Significant A ccounting Policies and N otes to the C onsolidated A ccounts (contd.)
The various business segm ents com prise of the follow ing com panies:
Sl. N o. Segm ent N am e of the C om pany
1. Pow er G M R Energy Lim ited
Vem agiri Pow er G eneration Lim ited
G M R Pow er C orporation Private Lim ited
G M R Energy (M auritius) Lim ited
G M R M ining & Energy Private Lim ited
H im tal H ydro Pow er C o. Private Lim ited
G M R C onsulting Engineers Private Lim ited
G M R Energy Trading Lim ited
G M R Kam alanga Energy Lim ited
G M R (Badrinath) H ydro Pow er G eneration Private Lim ited
Badrinath H ydro Pow er G eneration Private Lim ited
G M R C oastal Energy Private Lim ited
G M R Bajoli H oli H ydropow er Private Lim ited
G M R C hhattisgarh Energy Private Lim ited
G M R U pper Karnali H ydropow er Public Lim ited
G M R Londa H ydropow er Private Lim ited
Londa H ydropow er Private Lim ited
G M R Lion Energy Lim ited
G M R Energy (N etherlands) B.V.
G M R Energy (C yprus) Lim ited
G M R Energy (G lobal) Lim ited
PT D w ikarya Sejati U tm a
PT D uta Sarana Internusa
PT Barasentosa Lestari
2. Roads G M R Pochanpalli Expressw ays Private Lim ited
G M R Jadcherla Expressw ays Private Lim ited
G M R A m bala C handigarh Expressw ays Private Lim ited
G M R Tam baram -Tindivanam Expressw ays Private Lim ited
G M R Tuni-A nakapalli Expressw ays Private Lim ited
G M R H ighw ays Private Lim ited
G M R U lundurpet Expressw ays Private Lim ited
3. A irport Infrastructure G M R H yderabad International A irport Lim ited
H yderabad A irport Security Services Lim ited
G M R H yderabad A irport Resource M anagem ent Lim ited
H yderabad M enzies A ir C argo Private Lim ited
G M R H yderabad M ultiproduct SEZ Lim ited
G M R H yderabad Aviation SEZ Lim ited
G M R A irport H andling Services Lim ited
G atew ays For India A irports Private Lim ited
Istanbul Sabiha G okcen U luslararasi H avalim ani Yatirim Yapum Ve Isletm e Sirketi
Istanbul Sabiha G okcen U luslararasi H avalim ani Yer H izm etleri A nonim Sirketi
D elhi International A irport Private Lim ited
D IA L C argo Private Lim ited
4. O thers G M R Infrastructure Lim ited
G VL Investm ents Private Lim ited
G M R Krishnagiri SEZ Lim ited
G M R Aviation Private Lim ited
e.
GMR Infrastructure Limited | 13
th
Annual Report 2008-09 | 95
Sl. N o. Segm ent N am e of the C om pany
G M R O il and N atural G as Private Lim ited
G M R Infrastructure (M auritius) Lim ited
A dvika Real Estate Private Lim ited
A klim a Real Estates Private Lim ited
A m artya Real Estates Private Lim ited
Baruni Real Estates Private Lim ited
C am elia Real Estates Private Lim ited
Eila Real Estate Private Lim ited
G erbera Estates Private Lim ited
H iral Real Estates Private Lim ited
H oneysuckle Properties Private Lim ited
Idika Real Estate Private Lim ited
Krishnapriya Real Estates Private Lim ited
N adira Real Estate Private Lim ited
Prakalpa Properties Private Lim ited
Purnachandra Real Estates Private Lim ited
Shreyadita Real Estate Private Lim ited
Sreepa Real Estates Private Lim ited
G M R Infrastructure (G lobal) Lim ited
G M R Infrastructure (C yprus) Lim ited
G M R Infrastructure O verseas Sociedad Lim itada (Spain)
Lim ak G M R C onstruction JV
G M R Infrastructure (U K) Lim ited
G M R Infra (Singapore) PTE Lim ited
G M R International (M alta) Lim ited
D elhi A erotropolis Private Lim ited
G M R H yderabad A erotropolis Private Lim ited
East D elhi W aste Processing C om pany Private Lim ited
N otes form ing part of the C onsolidated A ccounts
Schedule 19 | Statem ent on Significant A ccounting Policies and N otes to the C onsolidated A ccounts (contd.)
96 | GMR Infrastructure Limited | 13
th
Annual Report 2008-09
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GMR Infrastructure Limited | 13
th
Annual Report 2008-09 | 97
N otes form ing part of the C onsolidated A ccounts
Schedule 19 | Statem ent on Significant A ccounting Policies and N otes to the C onsolidated A ccounts (contd.)
The C om pany has three geographic segm ents : India, Rest of A sia and Rest of the W orld. Significant portion of the segm ent assets are
in India.
Revenue from geographic segm ents based on dom icile of the
custom ers is outlined below :
(Rs. in C rore)
Revenue - G eography
Year ended M arch 31,
2009 2008
India 3,255.78 2,294.78
Rest of A sia 594.12
Rest of the W orld 169.32
Total 4,019.22 2,294.78
Total A ssets from geographic segm ents is outlined below :
(Rs. in C rore)
A ssets - G eography
A s at M arch 31,
2009 2008
India 20,221.69 16,636.77
Rest of A sia 846.75 23.37
Rest of the W orld 1,223.30
Total 22,291.74 16,660.14
xviii. Related Party Transactions
a. N am es of related parties and description of relationship:
Sl. N o. Relationship N am e of the Parties
(i) H olding C om pany G M R H oldings Private Lim ited (G H PL)
(ii) Shareholdershaving substantial interest/ Enterprises in
respect of w hich the reporting enterprise is an associate
/ Joint Venture Enterprises exercising significant influence
over the Subsidiary com panies.
A irports A uthority of India (A A I)
M alaysia A irports H oldings Berhad (M A H B)
G overnm ent of A ndhra Pradesh (G oA P)
Fraport A G Frankfurt A irport Services W orldw ide (FA G )
M alaysia A irports (M auritius) Private Lim ited (M A M P)
U E D evelopm ent India Private Lim ited (U ED I)
India D evelopm ent Fund (ID F)
Istanbul Sabiha G okcen U luslararasi H avalim ani Yatirim Yapim Ve
Isletm e A nonim Sirketi (ISG )
M enzies Aviation cargo (hyd) Lim ited (M A C H L)
Lim ak Insaat San. Ve Tic. A .S (LISVT)
SELC O International Lim ited. (SIL)
O deon Lim ited (O D L)
G M R C hhattisgarh Energy Private Lim ited (G C H EPL)
(iii) Enterprises w here key m anagerial personnel and their
relatives exercise significant influence
G M R Varalakshm i Foundation (G VF)
Lobelia Properties Private Lim ited (LPPL)
(iv) Fellow Subsidiary G M R Industries Lim ited (G ID L)
Raxa Security Services Lim ited (RSSL)
G M R Properties Private Lim ited (G PPL)
G M R Projects Private Lim ited (G M RPPL)
G M R H ighw ays Private Lim ited (G M RH PL)
G M R Sports Private Lim ited (G SPL)
G M R H olding (M alta) Lim ited (G H M L)
(v) Key M anagem ent Personnel M r. G .M .Rao
M r. G .B.S.Raju
M r. Kiran Kum ar G randhi
M r. B.V.N agesw ara Rao
M r. Srinivas Bom m idala
M r. O .Bangaru Raju
98 | GMR Infrastructure Limited | 13
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Annual Report 2008-09
N otes form ing part of the C onsolidated A ccounts
Schedule 19 | Statem ent on Significant A ccounting Policies and N otes to the C onsolidated A ccounts (contd.)
b. Sum m ary of transactions w ith the above related parties is as follow s:
(Rs. in C rore)
N ature of transaction 2009 2008
Purchase of equity shares
- H olding C om pany
Share A pplication M oney paid and allotted
0.03 0.99
- Shareholdershaving substantial interest/ Enterprises in respect of w hich the
reporting enterprise is an associate/ Joint Venture
21.96
Share A pplication M oney received and allotted
- Shareholdershaving substantial interest/ Enterprises in respect of w hich the
reporting enterprise is an associate/ Joint Venture
249.50
Share A pplication M oney paid and refunded
-Fellow Subsidiary
1.39
Share A pplication M oney Received
- Shareholdershaving substantial interest/ Enterprises in respect of w hich the
reporting enterprise is an associate/ Joint Venture
662.64 314.60
Share application m oney refunded
41.63 - Shareholdershaving substantial interest/ Enterprises in respect of w hich the
reporting enterprise is an associate/ Joint Venture
- H olding C om pany 0.06
U nsecured Loans repaid
- Shareholdershaving substantial interest/ Enterprises in respect of w hich the
reporting enterprise is an associate/ Joint Venture
- H olding C om pany
5.23
2.21
Fixed A ssets Purchased
- Shareholdershaving substantial interest/ Enterprises in respect of w hich the
reporting enterprise is an associate/ Joint Venture
0.02
Fixed A ssets Sold
-Key M anagem ent Personnel
-Fellow Subsidiary
- Shareholdershaving substantial interest/ Enterprises in respect of w hich the
reporting enterprise is an associate/ Joint Venture
0.05
0.01
0.09
Purchase of A ircraft D ivision
-Fellow Subsidiary 29.00
Interest on unsecured loans
- H olding C om pany 0.02
Redem ption of preference shares
- Enterprises w here significant influence exists 47.82
Rent Paid
- Fellow Subsidiary 9.12 12.84
U nsecured Loan taken
- Shareholdershaving substantial interest/ Enterprises in respect of w hich the
reporting enterprise is an associate/Joint Venture 26.00
O peration and M aintenance Services
- Shareholdershaving substantial interest/ Enterprises in respect of w hich the
reporting enterprise is an associate/Joint Venture 11.52
Rem uneration
-Key M anagem ent Personnel 14.39 20.45
D onations
- Enterprises w here key m anagerial personnel and their relatives exercise
significant influence 5.03 12.27
GMR Infrastructure Limited | 13
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Annual Report 2008-09 | 99
N otes form ing part of the C onsolidated A ccounts
Schedule 19 | Statem ent on Significant A ccounting Policies and N otes to the C onsolidated A ccounts (contd.)
b. Sum m ary of transactions w ith the above related parties is as follow s:
(Rs. in C rore)
N ature of transaction 2009 2008
Security Services Rendered
-Fellow Subsidiary 9.16 7.39
A ircraft U sage C harges received
- Fellow Subsidiary 2.62
A ircraft U sage C harges
- Fellow Subsidiary 5.94 20.30
Services Received
-Fellow Subsidiary
- Shareholdershaving substantial interest/ Enterprises in respect of w hich the
reporting enterprise is an associate/ Joint Venture
0.83
0.26 0.24
Fees received for services rendered
- Fellow Subsidiary 169.31 15.50
C apital expenditure tow ards Engineering, Procurem ent and C onstruction
contract (including m obilization advance)
- Fellow Subsidiary
974.44
783.23
Rent D eposit Paid
- Fellow Subsidiary 6.19
Rent D eposit Refunded
- Fellow Subsidiary 6.18 1.96
Logo License Fee
- H olding C om pany 5.39
Preference shares alloted
- Shareholdershaving substantial interest/ Enterprises in respect of w hich the
reporting enterprise is an associate/Joint Venture 18.00
M anagem ent Fee
- Shareholdershaving substantial interest/ Enterprises in respect of w hich the
reporting enterprise is an associate/Joint Venture 6.80
Interest on Sub - debt
- Shareholdershaving substantial interest/ Enterprises in respect of w hich the
reporting enterprise is an associate/Joint Venture 0.26
A nnual Fee
- Shareholdershaving substantial interest/ Enterprises in respect of w hich the
reporting enterprise is an associate/Joint Venture 456.97 402.71
O peration Support C ost
- Shareholdershaving substantial interest/ Enterprises in respect of w hich the
reporting enterprise is an associate/Joint Venture 125.33 83.65
D ividend declared - Equity
- Shareholdershaving substantial interest/ Enterprises in respect of w hich the
reporting enterprise is an associate/Joint Venture 1.00
D ividend declared - Preference
- Shareholdershaving substantial interest/ Enterprises in respect of w hich the
reporting enterprise is an associate/Joint Venture 1.62
C apital W ork in Progress
- Shareholdershaving substantial interest/ Enterprises in respect of w hich the
reporting enterprise is an associate/Joint Venture 4.54
100 | GMR Infrastructure Limited | 13
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Annual Report 2008-09
b. Sum m ary of transactions w ith the above related parties is as follow s:
(Rs. in C rore)
N ature of transaction 2009 2008
U nsecured Loans given
- Shareholdershaving substantial interest/ Enterprises in respect of w hich the
reporting enterprise is an associate/Joint Venture
177.92
Share A pplication M oney Paid
- Shareholdershaving substantial interest/ Enterprises in respect of w hich the
reporting enterprise is an associate/Joint Venture
27.50
Aviation Services availed
- Fellow Subsidiary
2.25
A irport O perators A greem ent
- Shareholdershaving substantial interest/ Enterprises in respect of w hich the
reporting enterprise is an associate/Joint Venture
35.63 28.01
Balance Payable /(Recoverable)
- H olding C om pany
- Shareholdershaving substantial interest/ Enterprises in respect of w hich the
reporting enterprise is an associate/Joint Venture
- Shareholdershaving substantial interest/ Enterprises in respect of w hich the
reporting enterprise is an associate/Joint Venture
0.48
25.66
50.31
(177.99)
- Fellow Subsidiary
- Fellow Subsidiary
- Key m anagem ent personnel
15.88
(1.86)
2.21
(23.01)
(94.04)
8.53
N otes:
The C om pany has provided securities by w ay of pledge of investm ents for loans taken by certain com panies.
C ertain Key M anagem ent Personnel have extended personal guarantees as security tow ards borrow ings of the C om pany and other
bodies corporate. Sim ilarly the holding com pany has pledged certain shares held in the C om pany and other bodies corporate as
security tow ards the borrow ings of the C om pany.
Transactions and outstanding balances in the nature of reim bursem ent of expenses incurred by one com pany on behalf of the other
have not been considered above.
xix. Previous years figures have been regrouped and reclassified, w herever necessary, to conform to those of the current year.
For and on behalf of the Board of D irectors
G . M . Rao
Executive C hairm an
G . B. S. Raju
M anaging D irector
(Place: Singapore)
A .Subba Rao
G roup C FO
Place: Bangalore
D ate: June 04, 2009
C .P.Sounderarajan
C om pany Secretary
a.
b.
c.
N otes form ing part of the C onsolidated A ccounts
Schedule 19 | Statem ent on Significant A ccounting Policies and N otes to the C onsolidated A ccounts (contd.)
GMR Infrastructure Limited | 13
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Annual Report 2008-09 | 101
G M R Infrastructure Lim ited
C onsolidated C ash Flow Statem ent for the year ended M arch 31, 2009
(Rs. in C rore)
M arch 31, 2009 M arch 31, 2008
A . C A SH FLO W FRO M /(U SED IN ) O PERATIN G A C TIVITIES
Profit before taxation 330.13 321.03
A djustm ents for :
D epreciation 389.83 178.51
Provision for dim inution in value of investm ents 5.98 6.66
Provisions no longer required, w ritten back (1.79) (12.91)
(Profit)/Loss from sale of current investm ents (net) (0.22) (14.93)
(Profit)/Loss from sale/w rite off of fixed assets (net) 0.08 0.68
Provision for doubtful advances/claim s/debts etc. 17.83 17.52
Exchange differences on translation of Subsidiaries/Joint Ventures 96.10 0.18
Incom e from investm ents (13.91) (19.59)
D ividend Incom e (109.26) (79.25)
Interest incom e (61.22) (19.30)
Interest and Finance charges 368.20 168.71
Bad D ebts W ritten off - 5.73
O perating Profit Before W orking C apital C hanges 1,021.75 553.04
A djustm ents for :
Inventories (93.85) (7.62)
(Increase)/D ecrease in Trade and other receivables (886.78) (394.51)
Increase/(D ecrease) in Trade Payables 433.20 259.64
C ash generated from /(used in) operations (547.43) (142.49)
D irect taxes paid (including fringe benefit tax) (99.79) (61.15)
N et C ash from /(U sed in)O perating A ctivities 374.53 349.40
B. C A SH FLO W FRO M /(U SED IN ) IN VESTIN G A C TIVITIES
(Purchase)/Sale of fixed assets (net) (6,584.15) (4,795.44)
(Purchase) / Sale of investm ents (net) 3,386.82 (4,628.91)
Incom e from investm ents 13.91 19.59
Interest received 49.31 23.21
D ividend received 109.26 79.25
N et C ash from /(used in) Investing A ctivities (3,024.85) (9,302.30)
102 | GMR Infrastructure Limited | 13
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Annual Report 2008-09
(Rs. in C rore
M arch 31, 2009 M arch 31, 2008
C . C A SH FLO W FRO M /(U SED IN ) FIN A N C IN G A C TIVITIES
Issue of equity shares (including share prem ium ) (Refer N ote 2 below ) - 3,902.10
Issue of com m on stock in consolidated entities (including share application m oney) 698.06 533.95
Proceeds/(Repaym ents) from /of Borrow ings (N et) 3,866.33 4,270.41
Interest and Finance charges paid (341.71) (159.06)
D ividend paid (including dividend distribution tax) (0.33) (0.05)
N et C ash from /(used in) Financing A ctivities 4,222.35 8,547.35
N et increase/(decrease) in C ash and C ash Equivalents 1,572.03 (405.55)
C ash and C ash Equivalents as at A pril 1, 894.49 1,300.04
C ash and C ash Equivalents as at M arch 31, 2,466.52 894.49
N otes:
The above C ash Flow Statem ent has been prepared under the Indirect M ethodas set out in the A ccounting Standard - 3 on C ash
Flow Statem entsas referred to in Section 211(3C ) of the C om panies A ct, 1956.
Represents am ount received tow ards issue of Equity Shares under Q ualified Institutional Placem ent for the year ended M arch 31,
2008, net of issue expenses.
C ash and cash equivalents as at M arch 31, 2009 include restricted C ash and Bank balance am ounting to Rs. 88.88
(2008: Rs 39.85).
C ash and C ash Equivalents as at M arch 31, 2009 includes Rs.79.36 (2008: Rs.32.21) on account of PSF (Security C om ponent) balance
[Refer N ote 4 (ix) of Schedule 19].
Previous periods figures have been regrouped and reclassified to conform to those of the current year.
This is the C onsolidated C ash Flow referred to in our report of even date.
For and on behalf of the Board of D irectors
Thom as M athew
Partner
M em bership N um ber: 50087
For and on behalf of
Price W aterhouse
C hartered A ccountants
G . M . Rao
Executive C hairm an
G . B. S. Raju
M anaging D irector
(Place: Singapore)
A . Subba Rao
G roup C FO
Place: Bangalore
D ate: June 04, 2009
C .P.Sounderarajan
C om pany Secretary
1.
2.
3.
4.
5.
G M R Infrastructure Lim ited
C onsolidated C ash Flow Statem ent for the year ended M arch 31, 2009
GMR Infrastructure Limited | 13
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Annual Report 2008-09 | 103
Standalone Financial Statem ents
A U D ITO RSREPO RT TO TH E M EM BERS O F G M R
IN FRA STRU C TU RE LIM ITED
W e have audited the attached Balance Sheet of G M R
Infrastructure Lim ited (the C om pany) as at M arch 31, 2009,
and the related Profit and Loss A ccount and the C ash Flow
Statem ent for the year ended on that date annexed thereto,
w hich w e have signed under reference to this report. These
financial statem ents are the responsibility of the C om panys
m anagem ent. O ur responsibility is to express an opinion on
these financial statem ents based on our audit.
W e conducted our audit in accordance w ith the auditing
standards generally accepted in India. Those Standards require
that w e plan and perform the audit to obtain reasonable
assurance about w hether the financial statem ents are free
of m aterial m isstatem ent. A n audit includes exam ining, on a
test basis, evidence supporting the am ounts and disclosures
in the financial statem ents. A n audit also includes assessing
the accounting principles used and significant estim ates m ade
by m anagem ent, as w ell as evaluating the overall financial
statem ent presentation. W e believe that our audit provides a
reasonable basis for our opinion.
A s required by the C om panies (A uditors Report) O rder,
2003, as am ended by the C om panies (A uditors Report)
(A m endm ent) O rder, 2004 (together the O rder), issued
by the C entral G overnm ent of India in term s of sub-section
(4A ) of Section 227 of The C om panies A ct, 1956of India
(the A ct) and on the basis of such checks of the books and
records of the C om pany as w e considered appropriate and
according to the inform ation and explanations given to us, w e
give in the A nnexure a statem ent on the m atters specified in
paragraphs 4 and 5 of the said O rder.
1.
2.
3.
Further to our com m ents in the A nnexure referred to in
paragraph 3 above, w e report that:
W e have obtained all the inform ation and explanations,
w hich to the best of our know ledge and belief w ere
necessary for the purposes of our audit;
In our opinion, proper books of account as required by
law have been kept by the C om pany so far as appears
from our exam ination of those books;
The Balance Sheet, the Profit and Loss A ccount and the
C ash Flow Statem ent dealt w ith by this report are in
agreem ent w ith the books of account;
In our opinion, the Balance Sheet, the Profit and Loss
A ccount and the C ash Flow Statem ent dealt w ith by this
report com ply w ith the accounting standards referred to
in sub-section (3C ) of Section 211 of the A ct;
O n the basis of w ritten representations received from the
directors, as on M arch 31, 2009 and taken on record by
the Board of D irectors, none of the directors is disqualified
as on M arch 31, 2009 from being appointed as a director
in term s of clause (g) of sub-section (1) of Section 274 of
the A ct;
In our opinion and to the best of our inform ation and
according to the explanations given to us, the said
financial statem ents together w ith the notes thereon
and attached thereto give in the prescribed m anner the
inform ation required by the A ct and give a true and
fair view in conform ity w ith the accounting principles
generally accepted in India:
in the case of the Balance Sheet, of the state of affairs
of the C om pany as at M arch 31, 2009;
in the case of the Profit and Loss A ccount, of the
profit for the year ended on that date; and
in the case of the C ash Flow Statem ent, of the cash
flow s for the year ended on that date.
Place: Bangalore
D ate: June 04, 2009
Thom as M athew
Partner
M em bership N o. 50087
For and on behalf of
Price W aterhouse
C hartered A ccountants
4.
a.
b.
c.
d.
e.
f.
i.
ii.
iii.
104 | GMR Infrastructure Limited | 13
th
Annual Report 2008-09
A nnexure to A uditorsReport
[Referred to in paragraph 3 of the A uditorsReport of even date
to the m em bers of G M R Infrastructure Lim ited on the financial
statem ents for the year ended M arch 31, 2009]
1 a. The C om pany is m aintaining proper records show ing full
particulars including quantitative details and situation of fixed
assets.
b. The fixed assets are physically verified by the m anagem ent
according to a phased program m e designed to cover all the
item s over a period of three years, w hich in our opinion,
is reasonable having regard to the size of the com pany
and the nature of its assets. Pursuant to the program m e, a
portion of the fixed assets has been physically verified by the
m anagem ent during the year and no m aterial discrepancies
betw een the book records and the physical inventory have
been noticed.
c. In our opinion and according to the inform ation and
explanations given to us, a substantial part of fixed assets
has not been disposed of by the com pany during the year.
2. The C om pany is a holding com pany w ith its investm ents
m ainly w ithin the group com panies and as such does not hold
any physical inventory. A ccordingly clause (ii) of paragraph 4
of the O rder is not applicable to the C om pany.
3 a. The com pany has granted unsecured loans to tw o com panies
covered in the register m aintained under Section 301 of the
A ct, during the year ended M arch 31, 2008. The m axim um
am ount involved during the year and the year-end balance
of such loans aggregate to Rs. 740,000,000 and Rs.N il
respectively.
b. In our opinion, the rate of interest and other term s and
conditions of such loans are not prim a facie prejudicial to
the interest of the com pany
c. In respect of the aforesaid loans, the parties are regular in
repaying the principal am ounts as stipulated and are also
regular in paym ent of interest, w here applicable.
d. In respect of the aforesaid loans, there is no overdue am ount
m ore than Rupees 1 lakh
e. The C om pany has not taken any loans, secured or
unsecured, from com panies, firm s or other parties covered
in the register m aintained under Section 301 of the A ct.
A ccordingly clauses (iii) (f) and (iii) (g) of paragraph 4 of
the said O rder are not applicable to the com pany for the
current year.
4. In our opinion and according to the inform ation and
explanations given to us, there is an adequate internal
control system com m ensurate w ith the size of the
C om pany and the nature of its business for the purchase of
fixed assets. The activities of the C om pany did not involve
the purchase of inventory and sale of goods and services.
Further, on the basis of our exam ination of the books and
records of the C om pany, and according to the inform ation
and explanations given to us, w e have neither com e across
nor have been inform ed of any continuing failure to correct
m ajor w eaknesses in the aforesaid internal control system .
5. A ccording to the inform ation and explanations given to us,
there are no contracts or arrangem ents, the particulars of
w hich need to be entered in the register m aintained under
Section 301 of the A ct during the year. A ccordingly, clause
(v) of paragraph 4 of the said O rder is not applicable to the
C om pany for the current year.
6. The C om pany has not accepted any deposits from the public
w ithin the m eaning of Sections 58A and 58A A of the A ct and
the rules fram ed there under.
7. In our opinion, the C om pany has an internal audit system
com m ensurate w ith its size and nature of its business.
8. The C entral G overnm ent has not prescribed cost records
under section 209 (1) (d) of the A ct for any of the activities of
the C om pany and accordingly clause (viii) of paragraph 4 of
the O rder is not applicable to the C om pany.
9 a.A ccording to the inform ation and explanations given to us and
the records of the C om pany exam ined by us, in our opinion,
the C om pany is generally regular in depositing the undisputed
statutory dues including provident fund, incom e-tax and other
m aterial statutory dues as applicable w ith the appropriate
authorities. A ccording to the inform ation and explanations
given to us, and the records of the C om pany exam ined by
us, investor education and protection fund, em ployeesstate
insurance, sales tax, w ealth tax, custom s duty, service tax,
excise duty, and cess are not applicable to the C om pany for
the current year.
b. A ccording to the inform ation and explanations given to us
and the records of the com pany exam ined by us, there are
no dues of incom e-tax w hich have not been deposited on
account of any dispute. A ccording to the inform ation and
explanations given to us and the records of the com pany
exam ined by us, sales tax, w ealth tax, service tax, custom s
duty, excise duty and cess are not applicable to the C om pany
for the current year.
10. The com pany has no accum ulated loss as at M arch 31, 2009
and it has not incurred any cash loss in the financial year ended
on that date or in the im m ediately preceding financial year.
11. A ccording to the records of the C om pany exam ined by us and
the inform ation and explanation given to us, the C om pany
has not defaulted in repaym ent of dues to a bank or a financial
institution or debenture holders as at the balance sheet date.
12. The C om pany has not granted any loans and advances on the
basis of security by w ay of pledge of shares, debentures and
other securities.
13. The provisions of any special statute applicable to chit fund /
nidhi / m utual benefit fund / societies are not applicable to the
com pany.
14. In our opinion, the C om pany is not a dealer or trader in shares,
securities, debentures and other investm ents.
15. In our opinion, and according to the inform ation and
explanations given to us, the term s and conditions of the
guarantees given by the com pany, for loans taken by others
GMR Infrastructure Limited | 13
th
Annual Report 2008-09 | 105
from banks or financial institutions during the year, are not
prejudicial to the interest of the com pany.
16. In our opinion, and according to the inform ation and
explanations given to us, on an overall basis, the term loans
have been applied for the purposes for w hich they w ere
obtained.
17. O n the basis of an overall exam ination of the balance sheet of
the C om pany, in our opinion and according to the inform ation
and explanations given to us, there are no funds raised on
a short-term basis w hich have been used for long-term
investm ent.
18. The C om pany has not m ade any preferential allotm ent of
shares to parties and com panies covered in the register
m aintained under Section 301 of the A ct during the year.
19. The com pany has created security or charge in respect of
debentures issued and outstanding at the year end.
20. The com pany has not raised any m oney by public issues
during the year. The m anagem ent has disclosed the end use
of m onies during the year, out of public issue raised during the
year ended M arch 31, 2007 [Refer N ote 3 on Schedule 15 (II)]
and the sam e has been verified by us.
21. D uring the course of our exam ination of the books and
records of the C om pany, carried out in accordance w ith the
generally accepted auditing practices in India, and according
to the inform ation and explanations given to us, w e have
neither com e across any instance of fraud on or by the
C om pany, noticed or reported during the year, nor have w e
been inform ed of such case by the m anagem ent.
Place: Bangalore
D ate: June 04, 2009
Thom as M athew
Partner
M em bership N o. 50087
For and on behalf of
Price W aterhouse
C hartered A ccountants
106 | GMR Infrastructure Limited | 13
th
Annual Report 2008-09
Balance Sheet as at M arch 31, 2009
(A m ount in Rupees)
Particulars Schedules Ref M arch 31, 2009 M arch 31, 2008
I. Sources of Funds
1. ShareholdersFunds
a) C apital 1 3,641,313,426 3,641,304,551
b) Reserves and Surplus 2 53,380,937,910 57,022,251,336 52,404,369,003 56,045,673,554
2. Loan Funds
a) Secured Loans 3 4,203,010,883 4,691,761,693
b) U nsecured Loans 4 4,203,010,883 100,000,000 4,791,761,693
Total 61,225,262,219 60,837,435,247
II. A pplication of Funds
1. Fixed A ssets
a) G ross Block 5 16,599,198 17,100,604
b) Less : D epreciation 8,467,326 10,324,611
c) N et Block 8,131,872 6,775,993
2. Investm ents 6 40,618,683,534 47,803,096,209
3. D eferred Tax A sset / (Liability) (N et)
[Refer N ote 11 of Schedule 15 (II)]
2,156,458 (274,717)
4. C urrent A ssets, Loans and A dvances
a) C ash and Bank Balances 7 13,319,157,676 1,081,496,436
b) O ther C urrent A ssets 8 57,969,224 41,217,820
c) Loans and A dvances 9 7,402,076,268 12,117,733,857
20,779,203,168 13,240,448,113
Less : C urrent Liabilities and Provisions 10
a) Liabilities 174,475,912 212,141,636
b) Provisions 8,436,901 468,715
182,912,813 212,610,351
N et C urrent A ssets 20,596,290,355 13,027,837,762
Total 61,225,262,219 60,837,435,247
Statem ent on Significant A ccounting
Policies and N otes to the A ccounts
15
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 the Board of D irectors
Thom as M athew
Partner
M em bership N um ber: 50087
For and on behalf of
Price W aterhouse
C hartered A ccountants
G . M . Rao
Executive C hairm an
G . B. S. Raju
M anaging D irector
(Place: Singapore)
A .Subba Rao
G roup C FO
Place: Bangalore
D ate: June 04, 2009
C .P. Sounderarajan
C om pany Secretary
GMR Infrastructure Limited | 13
th
Annual Report 2008-09 | 107
Profit and Loss A ccount for the year ended M arch 31, 2009
(A m ount in Rupees)
Particulars Schedules Ref M arch 31, 2009 M arch 31, 2008
I. Incom e
O perating Incom e 11 1,592,003,544 1,027,670,401
O ther Incom e 12 58,182,517 94,293,238
1,650,186,061 1,121,963,639
II. Expenditure
A dm inistration and O ther Expenditure 13 371,286,309 211,601,846
Interest and Finance C harges 14 237,924,361 253,655,318
D epreciation 1,085,519 1,293,226
610,296,189 466,550,390
III. Profit Before Taxation 1,039,889,872 655,413,249
Provision for Taxation
- C urrent 57,500,000 27,500,000
- D eferred (2,431,175) 180,269
- Fringe Benefit Tax 8,087,723 750,000
IV. Profit A fter Taxation 976,733,324 626,982,980
Surplus brought forw ard from previous year 1,496,168,468 817,810,488
V. Profit available for A ppropriation 2,472,901,792 1,444,793,468
Transfer from D ebenture Redem ption Reserve (37,500,000) (51,375,000)
VI. Available Surplus carried to Balance Sheet 2,510,401,792 1,496,168,468
Earnings Per Share(Rs.) - Basic & D iluted 0.54 0.37
[Per equity share of Rs.2 each] [Refer N ote 10 of Schedule 15 (II)]
Statem ent on Significant A ccounting Policies and N otes to the A ccounts 15
The Schedules referred to above form an integral part of the Profit and Loss A ccount.
This is the Profit and Loss A ccount referred to in our report of even date.
For and on behalf of the Board of D irectors
Thom as M athew
Partner
M em bership N um ber: 50087
For and on behalf of
Price W aterhouse
C hartered A ccountants
G . M . Rao
Executive C hairm an
G . B. S. Raju
M anaging D irector
(Place: Singapore)
A .Subba Rao
G roup C FO
Place: Bangalore
D ate: June 04, 2009
C .P. Sounderarajan
C om pany Secretary
108 | GMR Infrastructure Limited | 13
th
Annual Report 2008-09
Schedules form ing part of Balance Sheet as at M arch 31, 2009
(A m ount in Rupees)
Schedule 1 | C A PITA L M arch 31, 2009 M arch 31, 2008
A uthorised
3,750,000,000 Equity shares of Rs. 2 each 7,500,000,000 7,500,000,000
7,500,000,000 7,500,000,000
Issued, Subscribed and paid up
1,820,658,088 Equity Shares of Rs. 2 each fully paid-up 3,641,316,176 3,641,316,176
N otes:
O f the above,
528,873,615 equity shares of Rs. 2 each fully paid-up w ere allotted during the year
ended M arch 31, 2006, by w ay of bonus shares by capitalising free reserves of the
com pany.
1,362,523,238 (2008: 1,333,613,610) equity shares of Rs 2 each fully paid-up are held
by the holding com pany G M R H oldings Private Lim ited.
i.
ii.
3,641,316,176 3,641,316,176
Less: C alls unpaid 2,750 11,625
Total 3,641,313,426 3,641,304,551
N ote: Refer note 10 (iii) of Schedule 15 (II) on sub division of one equity share of the com pany carrying face value of Rs.10/- each into 5
equity shares of Rs. 2 each during the year ended M arch 31, 2008.
(A m ount in Rupees)
Schedule 2 | RESERVES A N D SU RPLU S M arch 31, 2009 M arch 31, 2008
Securities Prem ium A ccount
A t the com m encem ent of the year 50,708,200,535 12,017,841,305
A dd: Received tow ards Q IP of equity shares (Refer N ote 3 & 4 on Schedule 15 (II)) 39,326,664,944
Less: U tilised tow ards share issue expenses 287,782 636,840,863
A dd: Received against C alls U npaid 123,365 535,149
(i) 50,708,036,118 50,708,200,535
D ebenture Redem ption Reserve
A t the com m encem ent of the year 200,000,000 251,375,000
Less: Transfer to Profit and Loss A ccount 37,500,000 51,375,000
(ii) 162,500,000 200,000,000
Balance in Profit and Loss A ccount (iii) 2,510,401,792 1,496,168,468
Total (i)+(ii)+(iii) 53,380,937,910 52,404,369,003
GMR Infrastructure Limited | 13
th
Annual Report 2008-09 | 109
(A m ount in Rupees)
Schedule 3 | SEC U RED LO A N S M arch 31, 2009 M arch 31, 2008
D ebentures
650 (2008: 800) Secured Redeem able N on-C onvertible D ebentures of Rs. 1,000,000 each 650,000,000 800,000,000
[These debentures bear interest at the rate of 11.93% per annum (10.40% up to Septem ber
30, 2008)]
[These debentures are secured by im m ovable property of the C om pany and further secured
by deposit of m argin m oney]
Bank O verdraft 803,010,883 1,141,761,693
[Secured by pledge of 5,000,000 fully paid-up equity shares of Rs.10 each of G M R Industries
Lim ited, held by G M R H oldings Private Lim ited and by w ay of G uarantee issued by G M R
H oldings Private Lim ited]
Term Loan
Rupee Loan
From a Financial Institution 2,750,000,000 2,750,000,000
[Secured by pledge of 80,273,416 fully paid-up equity shares of Rs. 2 each of G M R
Infrastructure Lim ited, held by G M R H oldings Private Lim ited and by w ay of G uarantee
issued by G M R H oldings Private Lim ited]
Total 4,203,010,883 4,691,761,693
(A m ount in Rupees)
Schedule 4 | U N SEC U RED LO A N S M arch 31, 2009 M arch 31, 2008
O ther than Short Term
From Banks 100,000,000
Total 100,000,000
Schedules form ing part of Balance Sheet as at M arch 31, 2009
110 | GMR Infrastructure Limited | 13
th
Annual Report 2008-09
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GMR Infrastructure Limited | 13
th
Annual Report 2008-09 | 111
Schedules form ing part of Balance Sheet as at M arch 31, 2009
(A m ount in Rupees)
Schedule 6 | IN VESTM EN TS M arch 31, 2009 M arch 31, 2008
I. Long term - A t cost
O ther than Trade - U nquoted
A . In Equity Shares of Subsidiaries
In Equity Shares of C om panies
G M R Energy Lim ited @
[586,914,708 (2008: 586,914,708) Equity Shares of Rs.10 each fully paid up]
3,962,707,176 3,962,707,176
G M R H yderabad International A irport Lim ited @
[238,139,995 (2008: 36,995) Equity Shares of Rs.10 each fully paid up]
2,381,399,950 369,950
G M R Pochanpalli Expressw ays Private Lim ited @
[124,200,000 (2008: 63,342,000) Equity Shares of Rs.10 each fully paid up]
1,242,000,000 633,420,000
G M R Jadcherla Expressw ays Private Lim ited @
[106,042,500 (2008: 54,090,675) Equity Shares of Rs.10 each fully paid up]
1,060,425,000 540,906,750
G M R A m bala C handigarh Expressw ays Private Lim ited @
[45,632,720 (2008: 45,632,720) Equity Shares of Rs.10 each fully paid up]
456,327,200 456,327,200
D elhi International A irport Private Lim ited @
[373,200,000 (2008: 217,700,000) Equity shares of Rs. 10 each fully paid up]
3,732,000,000 2,177,000,000
G M R U lundurpet Expressw ays Private Lim ited @
[178,875,000 (2008: 91,226,250) Equity shares of Rs. 10 each fully paid up]
1,788,750,000 912,262,500
G M R (Badrinath) H ydro Pow er G eneration Private Lim ited
[4,900 (2008: 4,900) Equity shares of Rs. 10 each fully paid up]
49,000 49,000
G VL Investm ents Private Lim ited
[10,995,789 (2008: 2,495,789) Equity shares of Rs. 10 each fully paid up]
6,798,262,400 3,993,262,400
G M R Aviation Private Lim ited.
[86,440,000 (2008: 20,000,000) Equity shares of Rs. 10 each fully paid up]
864,400,000 200,000,000
G atew ays for India A irports Private Lim ited
[3,784 (2008: 3,784) Equity shares of Rs.10 each fully paid-up]
37,840 37,840
G M R Kam alanga Energy Lim ited
[100 (2008: 100 ) Equity shares of Rs.10 each fully paid-up]
1,000 1,000
G M R Krishnagiri SEZ Lim ited
[117,500,000 (2008: 50,000) Equity shares of Rs.10 each fully paid-up]
1,175,000,000 500,000
G M R O il & N atural G as Private Lim ited
[9,999 (2008: N il) Equity shares of Rs.10 each fully paid-up]
99,990
G M R H ighw ays Private Lim ited
[1,975,000 (2008: N il) Equity shares of Rs.10 each fully paid-up]
19,750,000
In Equity Shares of O ther Body C orporates
G M R Energy (M auritius) Lim ited
[5 (2008: N il) Equity share of U SD 1 fully paid up]
202
G M R Infrastructure (M auritius) Lim ited
[156,550,001 (2008: 1) Equity share of U SD 1 fully paid up]
7,175,661,500 39
Istanbul Sabiha G okcen U luslararasi H avalim ani Yatirim Yapim Ve Isletm e A nonim Sirketi @
[51,108,925 (2008: 6,681,713) Equity shares of YTL 1 each fully paid-up]
1,570,061,222 219,620,993
Istanbul Sabiha G okcen U luslararasi H avalim ani Yer H izm etleri A nonim Sirketi @
[3,502 (2008: N il) Equity shares of YTL 100 each fully paid-up]
10,317,420
G M R H olding (M alta) Lim ited @
[58 (2008: N il) Equity shares of EU R 1 each fully paid-up]
3,924
(i) 32,237,253,824 13,096,464,848
@ - Refer N ote (6) of Schedule 15 (II) for details of investm ents pledged as security in respect
of the loans availed by the C om pany and the investee com panies
B. In Preference Shares of Subsidiary C om panies
G M R Energy Lim ited
[838,142,971 (2008: 212,149,596) 1% Preference Shares of Rs. 10 each fully paid up]
8,381,429,710 2,121,495,960
(ii) 8,381,429,710 2,121,495,960
112 | GMR Infrastructure Limited | 13
th
Annual Report 2008-09
(A m ount in Rupees)
Schedule 6 | IN VESTM EN TS (contd.) M arch 31, 2009 M arch 31, 2008
II. C urrent Investm ent at cost or below
O ther than Trade - U nquoted
A . Investm ents in Bonds*
C entral Bank of India Tier II Bonds
[N il (2008: 50) Bonds of face value of Rs. 1,000,000 each]
50,000,000
B. Investm ents in M utual Funds**
Sold during the year
Birla Sun Life Liquid Plus - Instl. - D aily D ividend -Reinvestm ent
[N il (2008: 65,089,341 ) U nits of Rs.10 per unit]
651,336,026
BSL Interval Incom e Fund - IN STL - Q uarterly - Series 2-D ividend
[N il (2008: 50,396,317) U nits of Rs.10 per unit]
503,965,000
Birla D ynam ic Bond Fund - Retail - Q uarterly D ividend -Reinvestm ent
[N il (2008: 71,256,199 ) U nits of Rs.10 per unit]
750,000,000
Birla Infrastructure Fund - D ividend -Payout
[N il (2008: 4,953,792) U nits of Rs.10 per unit]
64,597,458
D SP M errill Lynch Liquid Plus Institutional Plan - D aily D ividend
[N il (2008: 502,252 ) U nits of Rs.10 per unit]
502,554,027
D W S M oney Plus Fund - Institutional Plan - D aily D ividend
[N il (2008: 54,017,580) U nits of Rs.10 per unit]
540,618,752
H D FC Floating Rate Incom e Fund - Short Term Plan - D ividend Reinvestm ent - D aily
[N il (2008: 52,008,282 ) U nits of Rs.10 per unit]
524,290,295
H SBC Liquid Plus-Inst. Plus-D aily D ividend
[N il (2008: 69,289,029) U nits of Rs.10 per unit]
693,763,333
IC IC I Prudential Institutional Liquid Plan - Super Institutional D aily D iv- Reinvest D ividend
[N il (2008: 507,300,106) U nits of Rs.10 per unit]
5,073,254,719
IC IC I Prudential Interval Fund II Q uarterly Interval Plan
[N il (2008: 35,000,000) U nits of Rs.10 per unit]
350,000,000
IC IC I Prudential FM P Series 42 - Three M onths Plan A Retail D ividend- Pay D ividend
[N il (2008: 50,000,000) U nits of Rs.10 per unit]
500,000,000
IC IC I Prudential FM P Series 42 - Three M onths Plan C Retail D ividend- Pay D ividend
[N il (2008: 25,000,000) U nits of Rs.10 per unit]
250,000,000
IC IC I Prudential - Flexible Incom e Plan D ividend - D aily- Reinvest D ividend
[N il (2008: 29,175,596) U nits of Rs.10 per unit]
308,488,168
IC IC I Prudential Interval Fund Q uarterly Interval Plan - 1 Retail D ividend- Reinvest D ividend
[N il (2008: 75,641,974) U nits of Rs.10 per unit]
756,420,000
IN G Liquid Fund Super Inst. - D aily D ividend O ption
[N il (2008: 318,315,386) U nits of Rs.10 per unit]
3,184,681,778
IN G Liquid Plus Fund - Institutional D aily D ividend
[N il (2008: 27,855,723) U nits of Rs.10 per unit]
278,649,159
IN G Fixed M aturity Fund - 42 Institutional D ividend
[N il (2008: 25,000,000) U nits of Rs.10 per unit]
250,000,000
JM M oney M anager Fund Super Plus Plan - D aily D ividend
[N il (2008: 50,658,755) U nits of Rs.10 per unit]
506,795,261
JM Interval Fund - Q uarterly Plan 4 - Institutional D ividend Plan
[N il (2008: 50,000,000) U nits of Rs.10 per unit]
500,000,000
Kotak Flexi D ebt Schem e - D aily D ividend
[N il (2008: 102,008,526) U nits of Rs.10 per unit]
1,023,257,728
LIC M F Liquid Fund - D ividend Plan
[N il (2008: 83,973,127) U nits of Rs.10 per unit]
922,033,339
LIC Liquid Plus Fund - D aily D ividend Plan
[N il (2008: 29,676,826) U nits of Rs.10 per unit]
296,768,263
Schedules form ing part of Balance Sheet as at M arch 31, 2009
GMR Infrastructure Limited | 13
th
Annual Report 2008-09 | 113
(A m ount in Rupees
Schedule 6 | IN VESTM EN TS (contd.) M arch 31, 2009 M arch 31, 2008
Lotus India Liquid Plus Fund - Institutional D aily D ividend
[N il (2008: 58,523,242) U nits of Rs.10 per unit]
586,151,240
Principal Floating Rate Fund FM P - Insti. O ption - D ividend Reinvestm ent D aily
[N il (2008: 51,681,601) U nits of Rs.10 per unit]
517,451,700
Reliance Fixed H orizon Fund - VI Series Institutional D ividend Plan
[N il (2008: 50,000,000) U nits of Rs.10 per unit]
500,000,000
Reliance Liquidity Fund - D aily D ividend Reinvestm ent O ption
[N il (2008: 409,771) U nits of Rs.1,000 per unit]
410,237,017
Reliance Liquid Plus Fund - Institutional O ption - D aily D ividend Plan
[N il (2008: 32,778) U nits of Rs.1,000 per unit]
32,814,069
Reliance D aily D ividend Reinvestm ent Plan
[N il (2008: 272,118) U nits of Rs.10 per unit]
2,722,029
TATA D ynam ic Bond Fund O ption B - D ividend
[N il (2008: 98,352,594) U nits of Rs.10 per unit]
1,000,000,000
TATA Floater Fund - D aily D ividend
[N il (2008: 78,596,175) U nits of Rs.10 per unit]
788,759,776
TATA Fixed H orizon Fund Series - Institutional Plan - Periodic D ividend
[N il (2008: 25,000,000) U nits of Rs.10 per unit]
251,870,000
U TI Liquid C ash Plan Institutional - D aily Incom e O ption - Re-investm ent
[N il (2008: 7,443,069) U nits of Rs.1,000 per unit]
7,587,805,589
U TI - Fixed M aturity Plan H FM P 03/08 - I Institutional D ividend Plan - Reinvestm ent
[N il (2008: 100,000,000) U nits of Rs. 10 per unit]
1,000,000,000
U TI Fixed Incom e Interval Fund-Q uarterly Interval Plan Series-I - Institutional D ividend Plan
- Reinvestm ent
[N il (2008: 50,000,000) U nits of Rs.10 per unit]
500,000,000
U TI Fixed Incom e Interval Fund - Q uarterly Plan Series - III- Institutional D ividend -
Reinvestm ent
[N il (2008: 50,398,255) U nits of Rs.10 per unit]
503,982,555
U TI - Fixed M aturity Plan - Q FM P (02/08-I) - Institutional D ividend Plan - Reinvestm ent
[N il (2008: 25,206,872) U nits of Rs.10 per unit]
252,068,728
IN G G lobal Real Estate
[N il (2008: 10,000,000) U nits of Rs.10 per unit]
100,000,000
(iii) 32,515,336,009
C . O ther than Trade - Q uoted
Equity Shares***
Sold during the year
A IA Engineering Lim ited
[N il (2008: 2,442) shares of Rs.10 each, fully paid up]
3,678,629
BA SF India Lim ited
[N il (2008: 13,462) shares of Rs.10 each, fully paid up]
2,614,320
Bharath Earth M overs Lim ited
[N il (2008: 3,916) shares of Rs.10 each, fully paid up]
3,880,756
C ontainer C orporation of India Lim ited
[N il (2008: 2,301) shares of Rs.10 each, fully paid up]
3,971,066
C orom andel Fertilisers Lim ited
[N il (2008: 24,952) shares of Rs.2 each, fully paid up]
2,929,365
C rom pton G reaves Lim ited
[N il (2008: 12,084) shares of Rs.2 each, fully paid up]
3,328,538
G am m on India Lim ited
[N il (2008: 9,404) shares of Rs.2 each, fully paid up]
3,618,189
Schedules form ing part of Balance Sheet as at M arch 31, 2009
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(A m ount in Rupees
Schedule 6 | IN VESTM EN TS (contd.) M arch 31, 2009 M arch 31, 2008
G reat O ffshore Lim ited
[N il (2008: 4,666) shares of Rs.10 each, fully paid up]
2,990,906
H D FC Lim ited
[N il (2008: 2,114) shares of Rs.10 each, fully paid up]
5,030,791
H industan D orr O liver Lim ited
[N il (2008: 27,826) shares of Rs.2 each, fully paid up]
2,622,600
IC IC I Bank Lim ited
[N il (2008: 5,665) shares of Rs.10 each, fully paid up]
4,358,651
KEC International Lim ited
[N il (2008: 4,128) shares of Rs.10 each, fully paid up]
2,702,395
Larsen and Turbo Lim ited
[N il (2008: 2,350) shares of Rs.2 each, fully paid up]
7,134,483
M oser Baer ( I ) Lim ited
[N il (2008: 14,153) shares of Rs.10 each, fully paid up]
2,153,379
N avin Flourine International Lim ited
[N il (2008: 12,369) shares of Rs.10 each, fully paid up]
2,727,983
Reliance Industries Lim ited
[N il (2008: 2,863) shares of Rs.10 each, fully paid up]
6,486,985
Reliance Energy Lim ited
[N il (2008: 2,259) shares of Rs.10 each, fully paid up]
2,825,670
W elspun G ujarat Stahl Rohren Lim ited
[N il (2008: 7,354) shares of Rs.5 each, fully paid up]
2,817,685
(iv) 65,872,391
D . O ther than Trade - U n Q uoted
Equity Shares
Sai Rayalaseem a Paper M ills Lim ited
[N il (2008: 323,210) shares of Rs.10 each, fully paid up]
3,927,001
(v) 3,927,001
Total (i)+(ii)+(iii)+(iv)+(v) 40,618,683,534 47,803,096,209
* A ggregate M arket Value as at M arch 31, 2009 - Rs. N il (2008: Rs. 50,000,000).
** A ggregate N et A sset Value as at M arch 31, 2009 - Rs. N il (2008: Rs. 32,465,336,009).
*** A ggregate M arket Value as at M arch 31, 2009 - Rs.N il (2008: Rs. 69,799,392).
- Refer N ote (13) of Schedule 15 (II) for details of current investm ents (O ther than trade) purchased and sold during the year.
(A m ount in Rupees)
Schedule 7 | C A SH A N D BA N K BA LA N C ES M arch 31, 2009 M arch 31, 2008
Balances w ith Scheduled Banks
- O n C urrent A ccount - Balance of unutilised m onies raised by w ay of IPO 163,592
- O n C urrent A ccounts - O thers 1,464,084,890 23,507,813
- O n D eposit A ccounts* 11,770,497,468 980,000,000
- O n M argin M oney accounts** 84,575,318 77,825,031
Total 13,319,157,676 1,081,496,436
*Includes deposit of Rs 650,000,000 (2008:N il) w hich has been offered as security in favour of debenture holders.
**Includes Rs. N il (2008: Rs. 65,400,000) out of balance of unutilised m onies raised by w ay of IPO .
**The M argin m oney deposits are tow ards Bank G uarantees issued by the bankers on behalf of the com pany.
Schedules form ing part of Balance Sheet as at M arch 31, 2009
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Schedules form ing part of Balance Sheet as at M arch 31, 2009
(A m ount in Rupees)
Schedule 8 | O TH ER C U RREN T A SSETS M arch 31, 2009 M arch 31, 2008
(U nsecured, considered good)
Interest accrued but not due 57,969,224 33,645,500
D ividend receivable 7,572,320
Total 57,969,224 41,217,820
(A m ount in Rupees)
Schedule 9 | LO A N S A N D A D VA N C ES M arch 31, 2009 M arch 31, 2008
(U nsecured and considered good, unless otherw ise stated)
Loan to Subsidiary C om panies 858,895,000
A dvance tow ards investm ent in Subsidiary / A ssociate com panies 6,848,357,513 10,541,624,264
A dvances recoverable in cash or in kind or for value to be received
C onsidered good 151,343,818 400,183,492
C onsidered doubtful 60,000,000
Less: Provision for doubtful advance (60,000,000)
A dvance Tax (N et of provisions) 43,769,537 887,501
D eposits w ith O thers 358,605,400 316,143,600
Total 7,402,076,268 12,117,733,857
(A m ount in Rupees)
Schedule 10 | C U RREN T LIA BILITIES M arch 31, 2009 M arch 31, 2008
A ) Liabilities
Sundry C reditors
D ues to M icro and Sm all Enterprise
[Refer N ote 14 of Schedule 15 (II)]
D ues to other than M icro and Sm all Enterprise 74,880,154 124,684,318
Share A pplication M oney Refunds - N ot claim ed 507,055 723,180
O ther Liabilities 19,225,703 6,871,138
Interest accrued but not due on Loans 79,863,000 79,863,000
174,475,912 212,141,636
B) Provisions
Provision for em ployee benefits 8,436,901 468,715
8,436,901 468,715
Total 182,912,813 212,610,351
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(A m ount in Rupees)
Schedule 11 | O PERATIN G IN C O M E M arch 31, 2009 M arch 31, 2008
D ividend from Subsidiary C om panies 7,572,320
D ividend from C urrent Investm ents (other than trade) (gross) 1,077,343,110 743,739,839
Incom e from m anagem ent / technical services 100,000,000
Interest Incom e - G ross 514,660,434 176,358,242
[Tax D educted at source Rs 63,698,161 (2008: Rs.7,740,891)]
Total 1,592,003,544 1,027,670,401
(A m ount in Rupees)
Schedule 12 | O TH ER IN C O M E M arch 31, 2009 M arch 31, 2008
Profit on sale of current investm ents (other than trade) 80,732,124
[N et of loss on sale of investm ents of Rs. 2,951,250 for the year ended M arch 31, 2008]
G ain on foreign exchange Fluctuations 53,374,575
M iscellaneous Incom e 4,807,942 13,561,114
Total 58,182,517 94,293,238
(A m ount in Rupees)
Schedule13 | A D M IN ISTRATIO N A N D O TH ER EXPEN SES M arch 31, 2009 M arch 31, 2008
Salaries, A llow ances and Benefits to em ployees 90,314,064 53,635,701
C ontribution to provident fund and others 10,904,030 5,872,620
Staff w elfare expenses 23,544 51,708
Rent 5,250,924
Rates and Taxes 17,897,076 8,522,768
Repairs and M aintenance 293,171 246,503
Insurance 586,902 590,302
C onsultancy and Professional C harges 74,189,969 14,479,105
D irectorssitting fees 1,080,000 1,420,000
Provision for D im inution in value of Investm ents 65,363,174
Provision for D oubtful A dvances 60,000,000
Travelling and C onveyance 31,048,355 7,267,352
Loss on foreign exchange fluctuations 6,780
Loss on Sale of current investm ent (other than trade) 36,064,690
[N et of Profit on sale of investm ent of Rs. 27,480,163 for the year ended M arch 31, 2009]
Fixed A ssets W ritten off 723,136
A dvertisem ent 7,535,805 29,202,760
Printing and Stationery 12,584,137 4,939,340
M eetings and Sem inars 2,503,965 3,730,319
D onations 6,595,000 4,485,000
M iscellaneous Expenses 18,942,465 6,537,490
Total 371,286,309 211,601,846
(A m ount in Rupees)
Schedule14 | IN TEREST A N D FIN A N C E C H A RG ES M arch 31, 2009 M arch 31, 2008
Interest on D ebentures / Fixed Period Loans 221,968,263 191,357,178
Interest - O thers 8,634,439 27,531,535
Bank and other finance charges 7,321,659 34,766,605
Total 237,924,361 253,655,318
Schedules form ing part of Profit and Loss A ccount for the year ended M arch 31, 2009
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N otes form ing part of A ccounts
Schedule 15 | I SIG N IFIC A N T A C C O U N TIN G PO LIC IES
A ccounting A ssum ptions
The Financial Statem ents are prepared in accordance w ith the historical cost convention and to com ply in all m aterial aspects w ith the
applicable accounting principles in India, the accounting standards notified under Sub-section (3C ) of Section 211 of the C om panies A ct,
1956 of India (the A ct) and other relevant provisions of the A ct. The significant accounting policies are as follow s:
Revenue Recognition
D ividend incom e on investm ents is accounted for w hen the right to receive the paym ent is established.
Interest on investm ents and bank deposits are booked on a tim e proportion basis taking into account the am ounts invested and the rate
of interest.
Incom e from m anagem ent/technical services is recognized as per the term s of the agreem ent and on the basis of services rendered.
Expenditure
Expenses are accounted for on accrual basis and provision is m ade for all know n losses and liabilities.
Fixed A ssets
Fixed A ssets are stated at cost of acquisition less depreciation. C ost of acquisition is inclusive of freight, duties, levies and all incidentals
attributable to bringing the asset to its w orking condition.
A ll the fixed assets are assessed for any indication of im pairm ent at the end of each financial year. O n such indication, the im pairm ent
(being the excess of carrying value over the recoverable value of the asset) is charged to the Profit and Loss account in the respective
financial year. The im pairm ent loss recognized in the prior years is reversed w here the recoverable value exceeds the carrying value of the
asset upon re-assessm ent in the subsequent years.
D epreciation
D epreciation is provided on straight line m ethod at the rates specified under Schedule XIV to the C om panies A ct, 1956 except for assets
of less than Rs. 5,000, w hich are fully depreciated in the year of acquisition.
Leasehold im provem ents are am ortized over the period of the lease or estim ated useful life w hichever is shorter.
Investm ents
Long term investm ents are valued at cost and provision for dim inution in value is m ade for any decline, other than tem porary, in the value
of such investm ents for each category. The C urrent investm ents are valued at cost or m arket value w hichever is low er. C ost of acquisition
is inclusive of expenditure incidental to acquisition. Incom e from investm ents is recognised in the year in w hich it is accrued and stated
at gross.
Foreign C urrency Transactions
A ll foreign currency transactions are accounted for at the exchange rates prevailing on the date of such transactions. M onetary assets
and liabilities are translated at the exchange rate prevailing on the balance sheet date and the resultant gain /loss is recognized in the
financial statem ents. The original cost of fixed assets acquired through foreign currency borrow ings 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 m onetary assets and liabilities are translated at the exchange rate prevailing on the balance sheet date and
the resultant exchange differences are accum ulated in a foreign currency m onetary item translation difference account and am ortized
over the balance period of such long term asset/liability but not beyond M arch 31, 2011.
In case of forw ard exchange contracts or any financial instrum ents not intended for trading or speculation, the prem ium or discount
arising at the inception of the contract is am ortized as expense or incom e over the life of the contract. G ain/Loss on settlem ent of
transaction arising on cancellation or renew al of a forw ard exchange contract is recognized as incom e or as expense for the year.
Retirem ent Benefits
a. D efined C ontribution Plans
C ontributions paid/payable to defined contribution plans com prising of provident fund and pension fund are charged on accrual basis.
The C om pany also has a defined contribution superannuation plan (under a schem e of Life Insurance C orporation of India) covering all its
em ployees and contributions in respect of such schem e are charged on accrual basis in the Profit and Loss A ccount. The C om pany m akes
m onthly contributions and has no further obligations under the plan beyond its contributions.
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N otes form ing part of A ccounts
Schedule 15 | SIG N IFIC A N T A C C O U N TIN G PO LIC IES
b. D efined Benefit Plan
G ratuity for em ployees is covered under a schem e of Life Insurance C orporation of India and contributions in respect of such schem e are
recognised in the Profit and Loss A ccount. The liability as at the Balance Sheet date is provided for based on the actuarial valuation in
accordance w ith the requirem ents of revised A S 15 as at the end of the year.
c. O ther Long term em ployee benefits
O ther Long term em ployee benefits com prise of leave encashm ent w hich is provided for based on the actuarial valuation carried out in
accordance w ith revised A S 15 as at the end of the year.
d. Short term em ployee benefits
Short term em ployee benefits, including accum ulated com pensated absences as at the Balance Sheet date, are recognised as an expense
as per C om panys schem es based on the expected obligation on an undiscounted basis.
Earnings Per Share
The earnings considered in ascertaining the com panys Earnings Per Share (EPS) com prise the net profit after tax less dividend (including
dividend distribution tax) on preference shares. The num ber of shares used for com puting the basic EPS is the w eighted average num ber
of shares outstanding during the year.
Taxes on Incom e
C urrent tax is determ ined based on the am ount of tax payable in respect of taxable incom e for the year. D eferred tax is recognized on
tim ing differences; being the difference betw een the taxable incom es and accounting incom e that originate in one year and are capable
of reversal in one or m ore subsequent years. D eferred tax assets and liabilities have been com puted on the tim ing differences applying the
tax rates and tax law s that have been enacted or substantively enacted by the Balance Sheet date. D eferred tax assets arising on account
of unabsorbed depreciation or carry forw ard of tax losses are recognized only to the extent that there is virtual certainty supported by
convincing evidence that sufficient future taxable incom e w ill be available against w hich such deferred tax assets can be realized.
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N otes form ing part of A ccounts
Schedule 15 | II N O TES TO A C C O U N TS
1. C ontingent Liabilities:
C orporate G uarantees issued in respect of borrow ings availed by subsidiary com panies and others Rs.71,001,000,000
(2008 Rs. 28,898,700,000).
2. C apital C om m itm ents
Investm ent in subsidiary com panies including contribution tow ards equity shares and com m itm ent tow ards subordinate debt -
Rs. 1,020,000,000 (2008 Rs. 2,424,159,200).
Investm ent in equity shares of joint venture Rs. 1,146,000,000 (2008 Rs. 882,157,843).
3. D uring the year ended M arch 31, 2007, pursuant to the decision of the shareholders of the C om pany at the Extra O rdinary G eneral
M eeting held on February 28, 2006; 38,136,980 equity shares of face value of Rs. 10 each have been allotted by w ay of Initial Public
O ffer (IPO ) on A ugust 17, 2006 and A ugust 24, 2006. The details of funds received and their utilisation upto M arch 31, 2009 are given
below :
(A m ount in Rupees)
Particulars A s at M arch 31,2009 A s at M arch 31,2008
Equity Share C apital 381,369,800 381,369,800
Share Prem ium (Refer N ote (i) below ) 7,567,867,038 7,567,867,038
Interest on delayed paym ent of call m oney 573,528 547,887
Less: C alls unpaid 40,975 173,213
Total 7,949,769,391 7,949,611,512
U tilisation
Investm ent in Subsidiary C om panies (including Share A pplication M oney, pending
allotm ent) Refer N ote (ii) below
5,194,955,264 5,099,513,690
Repaym ent of U nsecured Loans 550,000,000 550,000,000
Paym ent to G M R H oldings Private Lim ited and G M R O perations Private Lim ited for
acquisition of equity shares of G VL Investm ents Private Lim ited
1,558,564,340 1,558,564,340
Expenses incurred tow ards the IPO 646,249,787 645,969,890
D eposit w ith Securities and Exchange Board of India (SEBI) 30,000,000
M argin M oney tow ards Bank G uarantee issued to SEBI 65,400,000
Total U tilisation 7,949,769,391 7,949,447,920
Balance of unutilised m onies out of IPO , details of w hich are given below :
A m ount lying in current accounts 163,592
Total 163,592
N otes:
In case of 5,669,425 equity shares allotted to the retail investors category, a discount of five percent on the issue price w as given in
accordance w ith the term s of the C om panys prospectus dated A ugust 7, 2006.
Represents investm ent m ade directly by the com pany, through its subsidiary com panies and by w ay of repaym ent of loans taken for
the purpose of investm ent in subsidiary com panies.
4. Pursuant to the decision of the shareholders of the C om pany at the Extra O rdinary G eneral M eeting held on N ovem ber 26, 2007,
165,238,088 equity shares of face value of Rs. 2 each have been allotted to Q ualified Institutional Buyers (Q IB) at a prem ium of Rs. 238
per share on D ecem ber 12, 2007 and received an am ount of Rs. 39,657,141,120. The net proceeds after the issue expenses w ill be
utilized tow ards capital expenditure for various projects under developm ent (either directly or through our subsidiaries, joint ventures or
affiliates), general corporate purposes including w orking capital and strategic initiatives and acquisitions in India and abroad. Pending
utilization for the purposes described above, the funds have been invested in Short term M utual Funds and bank deposits.
a.
b.
i.
ii.
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N otes form ing part of A ccounts
Schedule 15 | II N O TES TO A C C O U N TS
5. Em ployee Benefits
The follow ing table sets forth the status of the G ratuity Plan of the C om pany and the am ounts recognized in the Balance Sheet:
(A m ount in Rupees)
Particulars
Year Ended
M arch 31, 2009
Year Ended
M arch 31, 2008
Projected benefits obligation at the beginning of the year 227,290 204,793
C urrent service cost 362,157 32,470
Interest cost 15,910 16,383
A ctuarial loss/(gain) (36,426) (25,875)
Benefits paid (481)
Projected benefit obligation at the end of the year 568,931 227,290
A m ounts recognized in the balance sheet
Projected benefit obligation at the end of the year 568,931 227,290
Fair value of plan assets at end of the year 723,778 661,589
Funded status of the plans asset (154,847) (434,299)
C ost for the year
C urrent service cost 362,157 32,470
Interest cost 15,910 16,383
Expected return on plan assets (52,927) (48,424)
N et actuarial (gain)/loss recognized in the year (27,164) (18,006)
N et C ost (297,976) (17,577)
A ssum ptions
D iscount Rate 7.00% 8.00%
Estim ated rate of return on plan assets 8.00% 8.00%
Expected rate of salary increase 6.00% 6.00%
A ttrition Rate 5.00% 5.00%
Leave encashm ent liability provided based on actuarial valuation am ounting to Rs. 7,867,970 (2008: Rs. 241,425) as at M arch 31, 2009.
6. The follow ing long term unquoted investm ents included in Schedule 6 have been pledged/subjected to negative lien/frozen by the
C om pany tow ards borrow ings of the C om pany or the investee com panies:
(A m ount in Rupees)
D escription N o of Shares
C arrying Value as at
M arch 31, 2009
G M R Energy Lim ited
(Equity shares of Rs. 10 each fully paid up)
32,607,413
(81,518,532)
220,157,423
(990,450,163)
G M R H yderabad International A irport Lim ited
(Equity shares of Rs. 10 each fully paid up)
151,080,552
(25,501)
1,510,805,520
(255,010)
G M R Pochanpalli Expressw ays Private Lim ited
(Equity shares of Rs. 10 each fully paid up)
37,260,000
(19,002,600)
372,600,000
(190,026,000)
G M R Jadcherla Expressw ays Private Lim ited
(Equity shares of Rs. 10 each fully paid up)
31,812,750
(16,227,202)
318,127,500
(162,272,020)
G M R A m bala C handigarh Expressw ays Private Lim ited
(Equity shares of Rs. 10 each fully paid up)
23,272,687
(13,774,800)
232,726,870
(137,748,000)
G M R U lundurpet Expressw ays Private Lim ited
(Equity shares of Rs. 10 each fully paid up)
53,662,500
(27,367,875)
536,625,000
(273,678,750)
D elhi International A irport Private Lim ited
(Equity shares of Rs. 10 each fully paid up)
93,166,904
(-)
931,669,040
(-)
G M R H olding (M alta) Lim ited
(Equity shares of EU R 1 each fully paid-up)
58
(-)
3924
(-)
Istanbul Sabiha G okcen U luslararasi H avalim ani Yatirim Yapim Ve Isletm e A nonim Sirketi
(Equity shares of YTL 1 each fully paid-up)
40,887,140
(5,345,370)
1,256,048,978
(175,696,794)
Istanbul Sabiha G okcen U luslararasi H avalim ani Yer H izm etleri A nonim Sirketi
(Equity shares of YTL 100 each fully paid-up)
3,502
(-)
10,317,420
(-)
N ote: Previous year figures are m entioned in brackets.
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7.The C om pany is a holding com pany w ith investm ents m ainly w ithin group com panies and has certain service activity. Since the incom e
from services rendered is below the threshold lim it prescribed in the A ccounting Standard 17 Segm ent Reportingas referred to in
section 211(3C ) of the C om panies A ct, 1956, no separate segm ent reporting/disclosure are considered necessary.
8. Related Party Transactions
a) N am e of Related Parties and description of relationship:
D escription of Relationship N am e of the Related Parties
H olding C om pany G M R H oldings Private Lim ited (G H PL)
Subsidiary C om panies G M R Energy Lim ited (G EL)
G M R Pow er C orporation Private Lim ited (G PC PL)
Vem agiri Pow er G eneration Lim ited (VPG L)
G M R (Badrinath) H ydro Pow er G eneration Private Lim ited (G BH PL)
Badrinath H ydro Pow er G eneration Private Lim ited (BH PL)
G M R M ining and Energy Private Lim ited (G M EPL)
G M R Kam alanga Energy Lim ited (G KEL)
G M R Energy Trading Lim ited (G ETL)
G M R C onsulting Engineers Private Lim ited (G C O EPL)
G M R C oastal Energy Private Lim ited (G C EPL)
G M R Bajoli H oli H ydropow er Private Lim ited (G BH H PL)
G M R Londa H ydropow er Private Lim ited (G LH PPL)
Londa H ydropow er Private Lim ited (LH PL)
H im tal H ydro Pow er C om pany Private Lim ited (H H PC PL)
G M R U pper Karnali H ydropow er Public Lim ited, N epal (G U KH L)
G M R Energy (M auritius) Lim ited, M auritius (G EM L)
G M R Lion Energy Lim ited, M auritius (G LEL)
G M R Energy (C yprus) Lim ited, C yprus (G EC L)
G M R Energy (N etherlands) B.V. (G EN BV)
PT D w ikarya Sejati U tm a (PTD SU )
PT D uta Sarana Internusa(PTD SI)
PT Barasentosa Lestari (PTBL)
G M R H ighw ays Private Lim ited (G M RH PL)
G M R Tuni A nakapalli Expressw ays Private Lim ited (G TA EPL)
G M R Tam baram Tindivanam Expressw ays Private Lim ited (G TTEPL)
G M R A m bala C handigarh Expressw ays Private Lim ited (G A C EPL)
G M R Jadcherla Expressw ays Private Lim ited (G JEPL)
G M R Pochanpalli Expressw ays Private Lim ited (G PEPL)
G M R U lundurpet Expressw ays Private Lim ited (G U EPL)
G M R H yderabad International A irport Lim ited (G H IA L)
G atew ays for India A irports Private Lim ited (G FIA PL)
H yderabad M enzies A ir C argo Private Lim ited (H M A C PL)
H yderabad A irport Security Services Lim ited (H A SSL)
G M R H yderabad A irport Resources M anagem ent Lim ited (G H A RM L)
G M R H yderabad A erotropolis Lim ited (G H A L)
G M R H yderabad Aviation SEZ Lim ited (G H A SL)
G M R H yderabad M ultiproduct SEZ Lim ited (G H M SL)
G M R A irport H andling Services Lim ited (G A H SL)
D elhi International A irport Private Lim ited (D IA L)
D IA L C argo Private Lim ited (D C PL)
D elhi A erotropolis Private Lim ited (D A PL)
East D elhi W aste Processing C om pany Private Lim ited (ED W PC PL)
N otes form ing part of A ccounts
Schedule 15 | II N O TES TO A C C O U N TS
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D escription of Relationship N am e of the Related Parties
G VL Investm ents Private Lim ited (G VL)
G M R Aviation Private Lim ited (G A PL)
G M R C orporate C enter Lim ited (G C C L)
G M R Krishnagiri SEZ Lim ited (G KSEZL)
A dvika Real Estate Private Lim ited (A REPL)
A klim a Real Estates Private Lim ited (A KREPL)
A m artya Real Estates Private Lim ited (A M REPL)
Baruni Real Estates Private Lim ited (BREPL)
C am elia Real Estates Private Lim ited (C REPL)
Eila Real Estate Private Lim ited (EREPL)
G erbera Estates Private Lim ited (G EPL)
H iral Real Estates Private Lim ited (H REPL)
H oneysuckle Properties Private Lim ited (H PPL)
Idika Real Estate Private Lim ited (IREPL)
Krishnapriya Real Estates Private Lim ited (KREPL)
N adira Real Estate Private Lim ited (N REPL)
Prakalpa Properties Private Lim ited (PPPL)
Purnachandra Real Estates Private Lim ited (PREPL)
Shreyadita Real Estate Private Lim ited (SH REPL)
Sreepa Real Estates Private Lim ited (SREPL)
G M R O il and N atural G as Private Lim ited (G O N G PL)
G M R Infrastructure (M auritius) Lim ited (G IM L)
G M R Infrastructure (C yprus) Lim ited (G IC L)
G M R Infrastructure O verseas Sociedad Lim itada (Spain) (G IO SL)
G M R Infrastructure (U K) Lim ited (G IU L)
G M R Infrastructure (G lobal) Lim ited (G IG L)
G M R Energy (G lobal) Lim ited (G EG L)
G M R Infrastructure ( Singapore) Pte Lim ited (G ISPL)
G M R International (M alta) Lim ited (G M RIM L)
Enterprises w here significant influence exists Sri Varalakshm i Jute Tw ine M ills Private Lim ited (SVJTM PL)
Istanbul Sabiha G okcen U luslararasi H avalim ani Yatirim Yapum Ve Isletm e Sirketi
(ISG )
Istanbul Sabiha G okcen U luslararasi H avalim ani Yer H izm etleri A nonim Sirketi (SG H )
Lim ak G M R C onstruction JV (LG C JV)
G M R C hhattisgarh Energy Private Lim ited (G C H EPL)
Enterprises w here Key M anagem ent Personnel
and their relatives exercise significant influence
G M R Varalakshm i Foundation (G VRF)
Fellow Subsidiaries G M R Industries Lim ited (G ID L)
Raxa Security Services Lim ited (RSSL)
G M R Properties Private Lim ited (G PPL)
G M R Projects Private Lim ited (G M RPPL)
G M R C orporate A ffairs Private Lim ited (G C A PL)
G M R H olding (M alta) Lim ited (G H (M )L)
Key M anagem ent Personnel and their relatives M r. G .M .Rao (Executive C hairm an)
M r. G .B.S.Raju (M anaging D irector)
M r. Kiran Kum ar G randhi (D irector)
M r. Srinivas Bom m idala (D irector)
M r. B.V.N agesw ara Rao (D irector)
M r. O .Bangaru Raju (D irector)
N otes form ing part of A ccounts
Schedule 15 | II N O TES TO A C C O U N TS
GMR Infrastructure Limited | 13
th
Annual Report 2008-09 | 123
b) Sum m ary of transactions w ith the above related parties are as follow s:
(A m ount in Rupees)
N ature of Transaction 2009 2008
D ividend received/receivable
- Subsidiary C om pany G EL 10,349,312
Service Incom e
- Fellow Subsidiary G M RPPL 112,360,000
Refund of Rent D eposit
- Fellow Subsidiary G PPL 19,593,600
D eposit given
- Subsidiary C om pany G C C L
- Fellow Subsidiary G C A PL
787,500,000
107,800,000
285,790,000
Refund of D eposit given
- Subsidiary C om pany G C C L
- Fellow Subsidiary G C A PL
792,500,000
60,000,000
Security Services rendered by
- Fellow Subsidiary RSSL 138,518
Purchase of equity shares from
- H olding C om pany - G H PL 250,000 9,999,000
Sale of equity shares
- Subsidiary C om pany G VL 2,000,000
Interest free loan recovered from
- Subsidiary C om pany - G VL 118,895,000 31,600,000
Equity Share application m oney invested in
- Subsidiary C om pany
- G H IA L 1,026,288,000
- G A C EPL 1,055,387,600 257,495,000
- G JEPL 569,518,250 270,000,000
- G PEPL 518,580,000 90,000,000
- G U EPL 876,487,500 100,000,000
- D IA L 3,732,000,000 3,265,500,000
- G EL 1,934,604,913
- G VL 2,680,000,000 5,321,512,200
- G A PL 1,815,250,000 863,500,000
- G KSEZL 1,989,660,000 455,575,000
- G FIA PL 400,000 925,000
- G O N G PL 100,000
- G IM L 7,640,695,000 1,966,461
- G M RH PL 165,000,000
- G EM L 202
- G H (M )L 3,924
-Fellow Subsidiary
- G C A PL 13,900,000
- Enterprises w here significant influence exists
- ISG 1,373,512,016
- SG H 10,317,420
Preference Share application m oney invested in
- Subsidiary C om pany- G EL 6,269,933,750
N otes form ing part of A ccounts
Schedule 15 | II N O TES TO A C C O U N TS
124 | GMR Infrastructure Limited | 13
th
Annual Report 2008-09
(A m ount in Rupees)
N ature of Transaction 2009 2008
Refund of Share application m oney
- Subsidiary C om pany
- G EL 47,603,200
- G A C EPL 1,126,604,400
- G A PL 555,187,500 274,320,000
- G FIA PL 425,000 84,548,000
- G VL 4,394,720,000 774,512,200
- G U EPL 100,000,000
- G JEPL 320,000,000
- G M RH PL 1,000,000
- G IM L 505,800,000
- G H IA L 1,531,000
- Fellow Subsidiary - G C A PL 13,900,000
- Enterprises w here significant influence exists ISG 23,071,786
Investm ent in Equity Shares
- Subsidiary C om pany (Refer N ote (c) below )
- G A C EPL 186,278,200
- G JEPL 519,518,250
- G PEPL 608,580,000
- G U EPL 876,487,500
- D IA L 1,555,000,000 1,555,000,000
- G A PL 664,400,000 190,000,000
- G KEL - 1,000
- G KSEZL 1,174,500,000 500,000
- G IM L 7,175,661,461 39
- G O N G PL 99,990
- G EM L 202
- G H IA L 2,381,030,000
- G VL 2,805,000,000
- G M RH PL 19,500,000
- G H (M )L 3,924
- Enterprises w here significant influence exists
- ISG 1,350,440,230 219,620,992
- SG H 10,317,420
Investm ent in Preference shares of
- Subsidiary C om pany - G EL 6,259,933,750 1,387,001,710
Redem ption of Preference share by
- Subsidiary C om pany
- G TA EPL
- G TTEPL
575,572,000
784,696,000
Loans G iven to
- Subsidiary C om pany
- G TA EPL
- G TTEPL
324,860,000
415,140,000
Logo Licence fee paid/payable to
- H olding C om pany - G H PL 4,776,000
A dvances given and received
- Subsidiary C om pany - D A PL 4,000,000
N otes form ing part of A ccounts
Schedule 15 | II N O TES TO A C C O U N TS
GMR Infrastructure Limited | 13
th
Annual Report 2008-09 | 125
(A m ount in Rupees)
N ature of Transaction 2009 2008
Refund of Loans G iven to
- Subsidiary C om pany
- G TA EPL
- G TTEPL
324,860,000
415,140,000
(2,000,000,000)
(200,125,874)
(2,001,258,747)
A BN A m ro M oney Plus Institutional Plan
D aily D ividend
(200,123,873)
(2,001,258,747)
(200,729,041)
(2,007,290,408)
A BN A m ro Interval Fund M onthly Plan
(20,000,000)
(200,000,000)
(20,121,350)
(201,213,497)
A IG Liquid Fund Super Institutional D aily
D ividend
(1,998,373)
(2,000,000,000)
(1,999,219)
(2,000,846,123)
A IG Treasury Plus Fund Super Institutional D aily
D ividend
(199,843,797)
(2,000,846,123)
(200,928,547)
(2,011,495,683)
Birla Sun Life C ash Plus Instl. Prem . D aily
D ividend Reinvestm ent
108,139,129
(470,532,462)
1,083,500,000
(4,714,500,000)
108,556,696
(470,830,889)
1,087,683,816
(4,717,490,090)
Birla Sun Life Liquid Plus
Instl. D aily D ividend Reinvestm ent
209,805,573
(446,386,788)
2,099,482,410
(4,466,903,313)
214,740,437
(449,694,207)
2,148,864,594
(4,500,000,000)
Birla D ynam ic Bond Fund Retail Q uarterly
D ividend - Reinvestm ent
(16,371,458)
(170,029,047)
(16,432,903)
(170,795,373)
BSL Interval Incom e Fund
IN STL Q uarterly Series 1D ividend - Payout
(50,000,000)
(500,000,000)
(50,000,000)
(500,000,000)
C an Bank ST G row th
(21,157,931)
(250,000,000)
(21,157,931 )
(252,462,298)
C an Bank Robeco Floating rate ST D aily
D ividend
(233,161,598)
(2,392,238,000)
(233,242,171)
(2,393,798,552)
C an Bank Robeco Liquid Plus Inst D aily
D ividend
(177,390,444)
(2,200,900,978)
(178,534,156)
(2,215,091,121)
D BS C hola Short Term Floating Rate Fund
D aily D iv Reinv Plan
(184,647,199)
(1,849,500,000)
(184,891,352)
(1,851,945,738)
D BS C hola Freedom Incom e STP Inst D aily
D ividend Reinvestm ent Plan
(131,361,508)
(1,313,615,076)
(131,996,325)
(1,320,084,035)
D SP M errill Lynch Liquid Plus
Institutional Plan D aily D ividend
(499,950)
(500,000,000)
(500,485)
(500,535,437)
D W S Short Term Floating Rate
C um . G row th
(21,711,566)
(250,000,000)
(21,711,566)
(255,721,288)
D W S Insta C ash Plus Fund
Institutional Plan G row th
(8,150,956)
(100,000,000)
(8,150,956)
(100,020,377)
D W S Short M aturity Fund G row th O ption
(7,579,196)
(100,020,377)
(7,579,196)
(100,437,991)
D W S Insta C ash Plus Fund Super
Institutional G row th Plan
(409,124,927)
(4,100,437,991)
(409,453,077)
(4,105,030,977)
D W S Insta C ash Plus Fund Super Institutional
Plan D aily D ividend
79,405,610
()
795,644,215
()
79,916,722
()
800,765,557
()
D W S M oney Plus A dvantage Fund
Institutional Plan
(49,621,881)
(500,000,000)
(50,228,148)
(508,796,074)
D W S C redit O pportunities C ash Fund W eekly
D ividend Plan
(49,842,001)
(500,000,000)
(50,428,199)
(506,828,613)
d.
N otes form ing part of A ccounts
Schedule 15 | II N O TES TO A C C O U N TS
GMR Infrastructure Limited | 13
th
Annual Report 2008-09 | 129
Particulars
Purchased Sold
N o. of U nits A m ount (in Rupees) N o. of U nits A m ount (in Rupees)
D W S M oney Plus Fund Institutional Plan
D aily D ividend
(246,065,158)
(2,462,669,316)
(249,795,168)
(2,500,000,000)
D W S Fixed Term Fund Series 58 Institutional
D ividend
50,000,000
()
500,000,000
()
50,000,000
()
511,056,289
()
D W S Fixed Term Fund Series 51 Institutional
G row th
25,000,000
()
250,000,000
()
25,000,000
()
249,422,500
()
G 50 G rindlays Floating Rate Fund LT Inst.
Plan B daily D ividend
105,862,654
(6,997,900)
1,059,208,784
(70,000,000)
108,437,182
(6,997,900)
1,084,968,227
(70,000,000)
H D FC Liquid Fund Prem ium Plan D ividend
D aily Reinvest
65,775,951
(163,134,798)
806,400,000
(2,000,000,000)
65,790,554
(163,161,411)
806,579,026
(2,000,326,270)
H D FC Floating Rate Incom e Fund Short Term
Plan W holesale O ption D ividend Reinvest
D aily
80,010,617
(146,419,067)
806,579,026
(1,476,035,975)
83,996,937
(148,796,238)
846,764,721
(1,500,000,000)
H SBC C ash FundInstitutional Plus D aily
D ividend
161,759,415
(237,437,035)
1,618,500,000
(2,375,700,000)
161,788,801
(237,583,498)
1,618,794,030
(2,377,165,449)
H SBC Flexi D ebt Fund Inst. G row th
(9,958,655)
(100,015,765)
(9,958,655)
(100,567,475)
H SBC C ash FundInstitutional Plus G row th
(8,145,490)
(100,567,475)
(8,145,490)
(101,626,394)
H SBC Liquid Plus Institutional Plus D aily
D ividend
28,818,724
(148,145,104)
288,550,359
(1,483,317,671)
31,236,394
(149,811,238)
312,757,518
(1,500,000,000)
H SBC Fixed Term Series 53 Inst G r 35,000,000
()
350,000,000
()
35,000,000
()
350,756,000
()
H SBC Floating Rate LTInst D aily D ividend 92,872,899
()
930,177,810
()
93,125,810
()
932,710,858
()
H SBC Interval FundPlan2Inst D ividend 49,999,500
()
500,000,000
()
49,999,500
()
500,809,992
()
IC IC I Prudential Institutional Liquid Plan
Super Institutional G row th
(44,155,569)
(500,000,000)
(44,155,569)
(514,933,413 )
IC IC I Prudential Institutional Liquid Plan
Super Institutional D aily D ivReinvest D ividend
700,886,891
(399,980,001)
7,009,219,358
(4,000,000,000)
721,028,067
(400,267,510)
7,210,641,162
(4,002,875,231)
IC IC I Flexible Incom e Plan D ividend D aily
Reinvest D ividend
10,876,247
(349,400,583)
115,000,000
(3,694,387,063)
11,176,523
(354,660,235)
118,174,960
(3,750,000,000)
IC IC I Liquid Plan Super Institutional D aily D iv
(666,846,658)
(6,668,800,000)
(667,585,607)
(6,676,189,868)
IC IC I Prudential Institutional Liquid Plan
Super Institutional D aily
(1,283,246,025)
(12,833,101,876)
(1,286,885,656)
(12,869,500,000)
FRD D IC IC I Prudential Floating Rate Plan D
D aily D ividend Reinvest D ividend
671,525,292
()
6,716,663,128
()
677,940,656
()
6,780,830,240
()
IC IC I Prudential FM P Series 44 3
M onths Plan C Retail D ividendPay D ividend
48,500,000
()
485,000,000
()
48,500,000
()
493,909,450
()
IC IC I Prudential FM P Series 47 3
M onths Plan B Retail D ividendPay D ividend
75,000,000
()
750,000,000
()
75,000,000
()
766,462,500
()
IC IC I Prudential Interval Fund II Q uarterly
Interval Plan B Retail D ividend
Reinvest D ividend
49,946,058
()
500,000,000
()
51,001,777
()
510,568,586
()
N otes form ing part of A ccounts
Schedule 15 | II N O TES TO A C C O U N TS
130 | GMR Infrastructure Limited | 13
th
Annual Report 2008-09
N otes form ing part of A ccounts
Schedule 15 | II N O TES TO A C C O U N TS
Particulars
Purchased Sold
N o. of U nits A m ount (in Rupees) N o. of U nits A m ount (in Rupees)
IC IC I Prudential Interval Fund II Q uarterly
Interval Plan D Retail D ividend
Reinvest D ividend
77,000,000
()
770,000,000
()
78,395,240
()
784,154,517
()
IC IC I Prudential FM P Series 47 Three
M onths Plan C Retail D ividendPay D ividend
46,500,000
()
465,000,000
()
46,500,000
()
475,304,400
()
ID FC Fixed M aturity Plan Q uarterly Series 39
D ividend
125,000,000
()
1,250,000,000
()
127,731,550
()
1,277,762,558
()
IN G Liquid Fund Super Institutional D aily
D ividend O ption
176,285,383
(5,073,690)
1,763,700,000
(50,761,250)
179,683,588
(8,727,659)
1,797,698,358
(87,318,478)
IN G Incom e Fund Short Term Plan G row th
O ption
(32,309,143 )
(453,587,485 )
(32,309,143 )
(457,200,767 )
IN G Liquid Fund Super Institutional G row th
O ption
(52,378,701)
(605,597,797)
(52,378,701)
(607,393,769 )
IN G Liquid Plus Fund Inst. G row th
(29,116,912 )
(300,332,214)
(29,116,912 )
(303,587,485 )
IN G Liquid Fund Super Institutional D aily
D ividend O ption
(23,988,485)
(240,000,000)
(24,004,184)
(240,157,061)
IN G Liquid Fund Super Institutional D aily
D ividend O ption
(641,134,398)
(6,414,421,422)
(643,580,094)
(6,438,890,129)
IN G Liquid Plus Fund Institutional D aily
D ividend
337,370,226
(212,241,724)
3,374,815,579
(2,123,117,639)
343,239,924
(214,985,022)
3,433,531,925
(2,150,559,669)
IN G Incom e Fund Short Term Plan G row th
(13,922,729)
(200,000,000)
(13,922,729)
(201,486,947)
IN G Liquid Fund Super Institutional G row th
O ption
(20,148,695)
(201,486,947)
(20,352,512)
(203,525,120)
IN G Fixed M aturity Fund 47 Institutional
G row th
20,000,000
()
200,000,000
()
20,000,000
()
197,400,000
()
IN G Fixed M aturity Fund46 Institutional
D ividend
20,000,000
()
200,000,000
()
20,000,000
()
203,730,637
()
JM H igh Liquidity Fund Super Institutional
Plan D aily D ividend
(199,670,544)
(2,000,000,000)
(199,808,851)
(2,001,385,354)
JM M oney M anager Fund Super Plus Plan
D aily D ividend
(249,374,079)
(2,494,763,226 )
(251,819,771 )
(2,519,230,173 )
JM H igh Liquidity Fund Super Institutional
Plan D aily D ividend (92)
100,989,622
(99,835,272 )
1,011,562,545
(1,000,000,000 )
101,707,900
(99,852,557)
1,018,814,003
(1,000,173,132 )
JM Interval Fund Q uarterly Plan 6
Institutional D ividend Plan (307)
50,000,000
()
500,000,000
()
51,114,430
()
511,261,393
()
Kotak Flexi D ebt Schem e D aily D ividend 79,771,983
(97,506,535 )
800,200,741
(978,097,800 )
82,140,003
(99,689,964 )
823,954,584
(1,000,000,000)
Kotak Flexi D ebt Schem e Institutional D aily
D ividend
183,847,954
()
1,847,212,312
()
186,026,769
()
1,869,103,958
()
Kotak Liquid (Institutional Prem ium ) D aily
D ividend
76,348,738
(245,336,561)
933,600,000
(3,000,000,000)
76,386,409
(245,489,706)
934,060,646
(3,001,872,677)
Kotak Q uarterly Interval Plan Series 3
D ividend
100,000,000
()
1,000,000,000
()
102,226,300
()
1,022,262,996
()
Kotak Q uarterly Interval Plan Series 8
D ividend
50,000,000
()
500,000,000
()
50,000,000
()
497,455,000
()
GMR Infrastructure Limited | 13
th
Annual Report 2008-09 | 131
Particulars
Purchased Sold
N o. of U nits A m ount (in Rupees) N o. of U nits A m ount (in Rupees)
LIC M F Interval Fund Series 1 M onthly
D ividend Plan
60,000,000
()
600,000,000
()
60,388,880
()
603,888,799
()
LIC M F Liquid Fund D ividend Plan
(362,889,834)
(3,984,566,661)
(364,310,273)
(4,000,163,233)
LIC Liquid Fund D ividend Plan
(475,860,876)
(5,225,000,000)
(476,193,873)
(5,228,656,349)
LIC Liquid Fund G row th Plan
(34,727,769)
(500,000,000)
(34,727,769)
(500,419,103)
LIC Plus fund D aily D ividend Plan
(541,747,959)
(5,506,755,642)
(555,100,000)
(5,551,000,000)
LIC Liquid Plus Fund G row th Plan
(33,972,018)
(400,220,071)
(33,972,018)
(406,615,056)
Lotus India Super Institutional D aily D ividend
(200,233,038)
(2,002,450,522)
(200,118,786)
(2,003,653,838)
Lotus India Liquid Plus Fund Institutional
D aily D ividend
(99,908,540)
(1,000,653,965)
(100,087,914)
(1,002,450,522)
Lotus India Short Term Plan Institutional D aily
D ividend
(39,559,916)
(400,061,515)
(39,718,540 )
(401,884,100)
Lotus India Liquid Plus Fund Institutional
D aily D ividend
(99,031,430)
(991,869,097)
(99,843,246)
(1,000,000,000)
Lotus India Liquid Fund Super Institutional
D aily D ividend
(117,569,313)
(1,175,893,000)
(117,593,633)
(1,176,136,239)
Principal C ash M anagem ent Fund Liquid
O ption Instl. Prem . Plan D ividend
Reinvestm ent D aily
49,996,500
()
500,000,000
()
50,004,838
()
500,083,388
()
Principal Floating Rate Fund FM P Insti. O ption
D ividend Reinvestm ent D aily
49,946,904
(148,207,929)
500,083,388
(1,483,902,247)
52,828,037
(149,815,727)
528,930,146
(1,500,000,000)
Principal Liquid O ption Inst. Prem . Plan D D
reinvestm ent
(299,979,001)
(3,000,000,000)
(301,166,552)
(3,001,875,642)
Reliance Liquid Fund C ash Plan D aily
D ividend O ption
4,487,726
()
50,000,000
()
4,500,360
()
50,140,759
()
Reliance Liquidity Fund D aily D ividend
Reinvestm ent O ption
171,696,774
(209,032,897)
1,717,500,000
(2,090,976,971)
171,756,631
(209,271,003)
1,718,098,750
(2,093,358,773)
Reliance Liquid Plus Fund Institutional O ption
G row th Plan
(302,758)
(321,952,406)
(302,758)
(323,729,293)
Reliance Liquidity FundG row th O ption
(42,915,194)
(500,000,000)
(42,915,194)
(506,552,406)
Reliance Liquid Plus Fund Institutional O ption
D aily D ividend Plan
1,627,328
(1,634,939)
1,629,177,777
(1,636,717,686)
1,665,541
(161,997,233)
1,667,434,483
(1,667,500,000)
Reliance M edium Term Fund D aily D ividend
Plan
34,969,472
()
597,820,606
()
35,041,256
()
598,519,501
()
SBI D ebt Fund Series 180D ays8D ividend 100,000,000
()
1,000,000,000
()
100,000,000
()
1,022,160,000
()
Stan C hart G rindlays Floating Rate FundLT
Inst Plan BD aily D iv.
(330,643,697)
(3,308,231,512)
(332,757,668)
(3,329,389,348)
Stan C hart Liquidity M anager Plus D aily
D ividend
1,058,778
(2,904,390)
1,059,000,000
(2,905,000,000)
1,058,986
(2,905,626)
1,059,208,784
(2,906,236,249)
N otes form ing part of A ccounts
Schedule 15 | II N O TES TO A C C O U N TS
132 | GMR Infrastructure Limited | 13
th
Annual Report 2008-09
Particulars
Purchased Sold
N o. of U nits A m ount (in Rupees) N o. of U nits A m ount (in Rupees)
Stan C hart Liquidity M anager
(39,950,062)
(400,000,000)
(40,149,340)
(401,995,262)
TD A D TATA D ynam ic Bond Fund O ption A
D ividend
95,478,869
()
1,007,445,291
()
96,059,365
()
1,014,338,866
()
TD BD TATA D ynam ic Bond Fund O ption B
D ividend
98,910,675
()
1,014,338,866
()
100,066,357
()
1,027,995,748
()
TATA Liquid Super H igh Investm ent Fund
D aily D ividend
717,798
(1,794,494)
800,000,000
(2,000,000,000)
718,154
(1,795,767)
800,397,375
(2,001,419,284)
TATA Floater Fund D aily D ividend 206,854,871
(120,835,775)
2,075,912,746
(1,212,659,508)
213,895,742
(124,556,579)
2,146,572,109
(1,250,000,000)
Tem pleton India Treasury M anagem ent
A ccount Super Institutional Plan D aily
D ividend Reinvestm ent
299,798
()
300,000,000
()
306,716
()
306,922,444
()
U TI Liquid Plus Fund Institutional Plan
(D aily D ividend O ption ) Reinvestm ent
3,264,499
()
3,265,197,390
()
3,285,743
()
3,286,446,029
()
U TI Liquid C ash Plan Institutional
D aily Incom e O ption Reinvestm ent
490,463
(27,759,867)
500,000,000
(28,299,677,073)
537,211
(27,811,051)
547,656,568
(28,351,856,202)
U TI Liquid Plus Fund Institutional Plan
D aily Incom e O ption Reinvestm ent
(7,558,310)
(7,559,927,472)
(7,625,751)
(7,627,382,662)
U TI Liquid Plus Fund Institutional G row th
O ption
(1,317,544 )
(1,074,616,831)
(1,332,499)
(1,086,812,911)
U TI Liquid C ash Plan G row th O ption
(830,413)
(1,073,600,000)
(830,413)
(1,074,616,831)
Total 57,896,492,331
(167,991,742,754)
58,857,808,751
(168,790,810,587)
N otes: Previous year figures are m entioned in brackets.
14. There are no m icro and sm all enterprises, to w hich the C om pany ow es dues, w hich are outstanding for m ore than 45 days as at
M arch 31, 2009. This inform ation as required under the M icro, Sm all and M edium Enterprises D evelopm ent A ct, 2006 has been
determ ined to the extent such parties have been identified on the basis of inform ation available w ith the C om pany. This inform ation
has been relied upon by the A uditors.
15. M anagerial Rem uneration
(A m ount in Rupees)
Particulars 2009 2008
a. Salaries 56,100,000 30,256,452
b. Perquisites and O ther allow ances 460,780 14,542
c. C ontributions to Provident and O ther Funds 4,488,000 2,420,516
d. Sitting Fee 1,080,000 1,420,000
e. C om m ission 22,142,410 19,741,550
Total 84,271,190 53,853,060
N otes:
The above figures do not include provision for gratuity, superannuation and prem ium for personal accidental policy, as the sam e are
determ ined for the com pany as a w hole.
N otes form ing part of A ccounts
Schedule 15 | II N O TES TO A C C O U N TS
GMR Infrastructure Limited | 13
th
Annual Report 2008-09 | 133
16. C om putation of N et Profit in accordance w ith Section 309 (5) of the C om panies A ct, 1956.
(A m ount in Rupees)
Particulars
Year Ended
2009 2008
Profit after Tax 976,733,324 626,982,980
A dd:
M anagerial Rem uneration 83,191,190 52,433,060
Provision for Taxation 63,156,548 28,430,269
D epreciation as per Profit and Loss A ccount 1,085,519 1,293,226
Less:
D epreciation as per section 350 of the C om panies A ct,1956 1,085,519 1,293,226
N et Profit in accordance w ith Section 309 (5) of the C om panies A ct,1956 1,123,081,062 707,846,309
Total rem uneration including com m ission thereon
Executive C hairm an @ 5% 56,154,053 35,392,315
M anaging D irector @ 3% 33,692,432 21,235,389
Total rem uneration including com m ission restricted to
Executive C hairm an 51,994,494 32,770,662
M anaging D irector 31,196,696 19,662,397
C om m ission payable for the year
Executive C hairm an 15,093,265 12,457,285
M anaging D irector 7,049,145 7,284,265
17. A dditional inform ation pursuant to paragraph 3, 4, 4A , 4B, 4C and 4D of part II of Schedule VI of the C om panies A ct, 1956:
a) Rem uneration to A uditors
(A m ount in Rupees)
Particulars 2009 2008
A udit fees** 1,123,600 1,123,600
Tax A udit** 168,540 168,540
O ther certification fees** 2,941,585 180,000
O ut of Pocket Expenses 50,205 57,050
Total 4,283,930 1,529,190
** Includes service tax
b) Expenditure in Foreign C urrency (on paym ent basis)
(A m ount in Rupees)
Particulars 2009 2008
Traveling expenses 17,100,136 1,588,792
Professional and C onsultancy charges 15,134,011 19,734,716
O thers 70,041 751,460
Total 32,304,188 22,074,968
N otes form ing part of A ccounts
Schedule 15 | II N O TES TO A C C O U N TS
134 | GMR Infrastructure Limited | 13
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Annual Report 2008-09
18. D isclosure as per C lause 32 of the listing agreem ent
Loans and A dvances in the nature of Loans to Subsidiaries.
(A m ount in Rupees)
N am e of the Subsidiary
A m ount O utstanding as at the
year end
M axim um am ount outstanding
during the year
Investm ent by loanee in the
C om panys Shares (N os)
G VL * -
(118,895,000)
118,895,000
(150,495,000)
N il
(N il)
G TA EPL** -
(324,860,000)
327,494,481
(325,349,515)
N il
(N il)
G TTEPL** -
(415,140,000)
418,506,615
(415,299,232)
N il
(N il)
N ote: Previous figures are show n in brackets.
* Interest free & O n C all - no repaym ent schedule.
** Includes interest accrued.
19. Inform ation pursuant to paragraphs 3, 4, 4A , 4B, 4C and 4D to the extent either N il or N ot A pplicable has not been furnished.
20. Previous years figures have been regrouped and reclassified, w herever necessary, to conform to those of the current year.
For and on behalf of the Board of D irectors
G . M . Rao
Executive C hairm an
G . B. S. Raju
M anaging D irector
(Place: Singapore)
A .Subba Rao
G roup C FO
Place: Bangalore
D ate: June 04, 2009
C .P.Sounderarajan
C om pany Secretary
N otes form ing part of A ccounts
Schedule 15 | II N O TES TO A C C O U N TS
GMR Infrastructure Limited | 13
th
Annual Report 2008-09 | 135
C ash Flow Statem ent for the year ended M arch 31, 2009
(A m ount in Rupees)
Sl. N o. Particulars M arch 31, 2009 M arch 31, 2008
A . C A SH FLO W FRO M /(U SED IN ) O PERATIN G A C TIVITIES
N et Profit Before Tax and Extraordinary Item s 1,039,889,872 655,413,249
A djustm ents for :
D epreciation 1,085,519 1,293,226
Provision for doubtful advances 60,000,000 -
Provision for dim inution in the value of investm ents 65,363,174
(Profit)/Loss on sale of current investm ents 36,064,690 (80,732,124)
Fixed A ssets w ritten off 723,136 -
D ividend Incom e (1,077,343,110) (751,312,159)
Interest Incom e (514,660,434) (176,358,242)
Interest and Finance C harges 237,924,361 253,655,318
O perating Profit Before W orking C apital C hanges (216,315,966) (32,677,558)
A djustm ents for :
(Increase) / D ecrease in Trade and other receivables 146,377,874 (640,926,021)
Increase / (D ecrease) in Trade Payables (29,697,538) 116,526,626
C ash generated from O perations (99,635,630) (557,076,953)
Incom e Taxes refund / (paid) during the year (108,469,759) (8,458,915)
N et C ash Flow from /(used in) O perating A ctivities (208,105,389) (565,535,868)
B. C A SH FLO W FRO M / (U SED IN ) IN VESTIN G A C TIVITIES
(Purchase)/Sale of Fixed A ssets (3,164,530) (14,551)
(Purchase)/Sale of Long Term Investm ents - (including Share application
m oney)
(21,707,455,980) (11,273,837,206)
(Purchase)/Sale of Investm ents - Short Term 32,549,070,711 (32,161,271,214)
Interest Incom e Received 490,336,710 186,660,329
D ividend Received 1,084,915,430 746,516,831
N et C ash Flow from /(used in) Investing A ctivities 12,413,702,341 (42,501,945,811)
C . C A SH FLO W FRO M /(U SED IN ) FIN A N C IN G A C TIVITIES
Proceeds from Secured Loans 3,125,531,290
Repaym ent of Secured Loans (488,750,809) (205,500,000)
Proceeds/(Repaym ent) from /of U nsecured Loans (N et) (100,000,000) (100,000,000)
Loan (given) to/received from a subsidiary com pany (N et of repaym ents) 858,895,000 (708,400,000)
Issue of equity shares (including share prem ium ) (Refer N ote 2 below ) (155,542) 39,020,873,906
Interest and Financial C harges paid (237,924,361) (174,723,818)
N et C ash from /(used in) Financing A ctivities 32,064,288 40,957,781,378
N et increase/(decrease) in C ash and C ash Equivalents 12,237,661,240 (2,109,700,301)
C ash and C ash Equivalents at the beginning of the year 1,081,496,436 3,191,196,737
C ash and C ash Equivalents at the end of the year 13,319,157,676 1,081,496,436
N otes:
The above C ash Flow Statem ent has been prepared under the Indirect M ethodas set out in the A ccounting Standard 3 on C ash
Flow Statem entsas referred to in Section 211 (3C ) of the C om panies A ct, 1956.
Represents am ount received tow ards issue of Equity Shares under Q ualified Institutional Placem ent for the year ended M arch 31,
2008, net of issue expenses.
C ash and C ash Equivalents includes restricted C ash and Bank balances am ounting to Rs. 734,575,318 (2008:Rs.77,825,031).
Previous years figures have been regrouped and reclassified to conform to those of the current year.
This is the cash flow statem ent referred to in our report of even date.
For and on behalf of the Board of D irectors
Thom as M athew
Partner
M em bership N um ber: 50087
For and on behalf of
Price W aterhouse
C hartered A ccountants
G . M . Rao
Executive C hairm an
G . B. S. Raju
M anaging D irector
(Place: Singapore)
A .Subba Rao
G roup C FO
Place: Bangalore
D ate: June 04, 2009
C .P.Sounderarajan
C om pany Secretary
1.
2.
3.
4.
136 | GMR Infrastructure Limited | 13
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Annual Report 2008-09
Balance Sheet A bstract
Inform ation pursuant to the Provisions of Part IV of Schedule VI to the C om panies A ct, 1956
Balance Sheet A bstract and com panys G eneral Business Profile
I Registration D etails
Registration N o.:
8 0 5 4 3 0
State C ode:
0 8
Balance Sheet D ate:
D ate M onth Year
3 1 0 3 2 0 0 9
I. C apital raised during the year (A m ount in Rs. Thousands)
Public Issue:
N I L
Rights Issue :
N I L
Bonus Issue:
N I L
Private Placem ent :
N I L
III. Position of M obilisation and D eploym ent of Funds (A m ount in Rs. Thousands)
Total Liabilities :
6 1 2 2 5 2 6 2
Total A ssets :
6 1 2 2 5 2 6 2
Sources of Funds
Paid-up capital :
3 6 4 1 3 1 3
Reserves & Surplus :
3 3 8 0 9 3 8 5
Secured Loans :
4 2 0 3 0 1 1
U nsecured Loans :
N I L
D eferred Tax Liabilities :
N I L
A pplication of Funds
N et Fixed A ssets :
8 1 3 2
Investm ents :
8 6 8 4 1 6 0 4
N et C urrent A ssets :
6 2 9 0 9 5 0 2
M isc. Expenditure :
N I L
A ccum ulated Losses :
N I L
D eferred Tax A sset :
2 1 5 6
IV. Perform ance of com pany (A m ount in Rs. Thousands)
G ross Incom e :
0 1 8 6 5 6 1
Total Expenditure :
2 9 6 0 1 6
Profit/Loss Before Tax :
9 8 9 0 3 0 1
Profit/(Loss) A fter Tax :
7 3 3 6 7 9
Earnings Per Share in Rs. :
0 . 5 4
D ividend Rate (% ) :
N I L
V. G eneric N am es of Three Principal Products / Services of C om pany (as per M onetary term s)
Infrastructure D evelopm ent & C ontract Business.
Item C ode N o. (I T C C ode)
N A
Product D escription
N A