DELHI AIRPORT METRO EXPRESS PRIVATE LIMITED

ANNUAL ACCOUNTS FOR

THE FY 2014-15
A S P & CO
CHARTERED ACCOUNTANTS

INDEPENDENT AUDITOR’S REPORT

TO THE MEMBERS OF DELHI AIRPORT METRO EXPRESS PRIVATE LIMITED

1. Report on the Financial Statements

We have audited the accompanying financial statements of Delhi Airport Metro Express
Private Limited (“the Company”), which comprise the Balance Sheet as at 31stMarch,
2015, the Statement of Profit and Loss, the Cash Flow Statement for the year then
ended, and a summary of significant accounting policies and other explanatory
information.

2. Management’s Responsibility for the Financial Statements

The Company’s Board of Directors is responsible for the matters stated in Section 134(5)
of the Companies Act, 2013 (“the Act”) with respect to the preparation of these financial
statements that give a true and fair view of the financial position, financial performance
and cash flows of the Company in accordance with the accounting principles generally
accepted in India, including the Accounting Standards specified under Section 133 of the
Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also
includes maintenance of adequate accounting records in accordance with the provisions
of the Act for safeguarding the assets of the Company and for preventing and detecting
frauds and other irregularities; selection and application of appropriate accounting
policies; making judgments and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial controls, that were
operating effectively for ensuring the accuracy and completeness of the accounting
records, relevant to the preparation and presentation of the financial statements that
give a true and fair view and are free from material misstatement, whether due to fraud
or error.

3. Auditor’s Responsibility
Our responsibility is to express an opinion on these financial statements based on our
audit.

We have taken into account the provisions of the Act, the accounting and auditing
standards and matters which are required to be included in the audit report under the
provisions of the Act and the Rules made thereunder.

We conducted our audit in accordance with the Standards on Auditing specified under
Section 143(10) of the Act. Those Standards require that we comply with ethical
requirements and plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts
and the disclosures in the financial statements. The procedures selected depend on the
auditor’s judgment, including the assessment of the risks of material misstatement of
the financial statements, whether due to fraud or error. In making those risk

Head Office:11 A, Gobind Mansion, IInd Floor, H-Block, Connaught Circus, New Delhi -110001
Phone : 41513219 Fax :43595776 e-mail : aspco.ca@gmail.com
A S P & CO
CHARTERED ACCOUNTANTS

assessments, the auditor considers internal financial control relevant to the Company’s
preparation of the financial statements that give a true and fair view in order to design
audit procedures that are appropriate in the circumstances, but not for the purpose of
expressing an opinion on whether the Company has in place an adequate internal
financial controls system over financial reporting and the operating effectiveness of such
controls. An audit also includes evaluating the appropriateness of the accounting
policies used and the reasonableness of the accounting estimates made by the
Company’s Directors, as well as evaluating the overall presentation of the financial
statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinion on the financial statements.

4. Opinion
In our opinion and to the best of our information and according to the explanations
given to us, the aforesaid financial statements give the information required by the Act
in the manner so required and give a true and fair view in conformity with the
accounting principles generally accepted in India, of the state of affairs of the Company
as at 31st March, 2015, and its profit and its cash flows for the year ended on that date.

5. Emphasis of Matter
a) Note 21 in the financial statements regarding termination of concession agreement
with effect from 1st July 2013. Pending resolution of the dispute and finalization of
the outcome of arbitration proceedings of terminated concession agreement, the
necessary adjustment entries for claim settlement with Delhi Metro Rail Corporation
(DMRC) for the handing over of the project and other claims have not been passed in
the books of accounts.

b) Note 30 in the financial statements regarding accumulated losses exceeding the net
worth of the company and pending resolution of the dispute and finalization of the
outcome of the arbitration proceedings of terminated concession agreement the
financial statements being prepared on going concern basis.

Our opinion is not qualified in these respects.

6. Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order, 2015 (“the Order”) issued by
the Central Government of India in terms of sub-section (11) of section 143 of the
Act, we give in the Annexure a statement on the matters specified in paragraphs 3
and 4 of the Order.

2. As required by section 143(3) of the Act, we report that:

(a) We have sought and obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purposes of our audit.

Head Office:11 A, Gobind Mansion, IInd Floor, H-Block, Connaught Circus, New Delhi -110001
Phone : 41513219 Fax :43595776 e-mail : aspco.ca@gmail.com
A S P & CO
CHARTERED ACCOUNTANTS

(b) In our opinion, proper books of account as required by law have been kept by the
Company so far as it appears from our examination of those books.
(c) The Balance Sheet, the Statement of Profit and Loss, and the Cash Flow
Statement dealt with by this Report are in agreement with the books of account.
(d) In our opinion, the aforesaid financial statements comply with the Accounting
Standards specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014.
(e) Pursuant to certain events of default by DMRC, the Company has terminated the
concession agreement and all the assets and operations have been handed over
to DMRC w.e.f. 1st July, 2013. The claims and counter claims of the Company on
DMRC are under arbitration/ litigation. Refer para 5(a) above)
(f) On the basis of the written representations received from the directors as on
31st March, 2015 taken on record by the Board of Directors, none of the
directors is disqualified as on 31st March, 2015 from being appointed as a
director in terms of Section 164 (2) of the Act.
(g) With respect to the other matters to be included in the Auditor’s Report in
accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in
our opinion and to the best of our information and according to the explanations
given to us:
i. The Company has disclosed the impact of pending litigations on its financial
position in its financial statements - Refer Note 20 & 21 to the financial
statements.
ii. The Company did not have any long-term contracts including derivative
contracts, for which there were any material foreseeable losses.
iii. There were no amounts which were required to be transferred to the Investor
Education and Protection Fund by the Company.

For ASP & Co.

Chartered Accountants
(Firm Registration No. 00576N)

Rajendra Prasad
Place: New Delhi Partner
Date: M.N. 098941

ANNEXURE REFERRED TO IN PARAGRAPH 6(1) OF OUR REPORT OF EVEN DATE

Head Office:11 A, Gobind Mansion, IInd Floor, H-Block, Connaught Circus, New Delhi -110001
Phone : 41513219 Fax :43595776 e-mail : aspco.ca@gmail.com
A S P & CO
CHARTERED ACCOUNTANTS

On the basis of such checks as we considered appropriate and according to the information
and explanation given to us during the course of our audit, we report that:

1. The company has handed over all the assets to DMRC upon the termination of
concession agreement with effect from 1st July 2013, however, due to pending
arbitration proceedings, the fixed assets have been continued to be shown in the books
of accounts of the company. So, paragraphs 3 (i) (a) and (b) of the Order are not
applicable.

2. Since, the company did not have any inventory, clauses 3 (ii) (a), (b) and (c) of the Order
is not applicable to the Company.

3. The company has not granted any loans to companies, firms or other parties listed in
the register maintained under Section 189 of the Companies Act, hence paragraphs 3 (iii)
(a) and (b) of the Order are not applicable to it.

4. In our opinion and according to the information and explanations given to us, there is
adequate internal control system commensurate with the size of the Company and the
nature of its business with regard to the purchase of inventory, fixed assets and with
regard to the sale of goods and services. Further, on the basis of our examination of the
books and records of the Company, and according to the information and explanations
given to us, we have neither come across nor have been informed of any continuing
failure to correct major weaknesses in the aforesaid internal control system.

5. According to the information and explanations given to us, the company has not
accepted any deposit from the public within the meaning of Section 73 to 76 or any
other relevant provisions of the Companies Act and rules framed there under.

6. On the basis of records produced before us, we are of the opinion that, prime facie; the
cost records prescribed by the Central Government of India under Section 148(1) of the
Companies Act have been maintained. However, we are not required to and have not
carried out any detailed examination of such accounts and records.

7. a) According to the books and records as produced and examined by us in accordance

with generally accepted auditing practices in India, the Company is generally regular
in depositing with the appropriate authorities, undisputed statutory dues in respect
of Provident Fund, Employees State Insurance, Income Tax, Wealth Tax, Sales Tax, ,
Service Tax, Custom Duty, Excise Duty, Value Added Tax, Cess and any other material
statutory dues as applicable. There are no outstanding statutory dues as at 31st
March, 2015 for a period of more than six months from the date they became
payable.

Head Office:11 A, Gobind Mansion, IInd Floor, H-Block, Connaught Circus, New Delhi -110001
Phone : 41513219 Fax :43595776 e-mail : aspco.ca@gmail.com
A S P & CO
CHARTERED ACCOUNTANTS

b) According to the records of the company, there are no disputed dues of sales tax,
income tax, duty of customs, wealth tax, service tax, value added tax and cess which
have not been deposited except disclosed below:
Name of Nature of Period to which it Forum where
Amt. in (Rs.)
Statue dues relates dispute is pending
Finance Act, Cenvat Assessment year
65,01,43,929/- CESTAT
1994 Penalty 2010-11 &2011-12

c) According to the information and explanation given to us, no amount is required to

be transferred to investor education and protection fund in accordance with the
relevant provisions of the Companies Act, 1956 (1 of 1956) and rules made there
under.

8. The accumulated losses of the Company exceeded the networth of the company.
Further, the company has incurred cash losses during the financial year covered by our
audit and in the immediately preceding financial year.

9. Based on our audit procedures and as per the information and explanations given by the
management, there have been delays in the repayment of bank dues amounting to Rs.
69.20 crores (Approx.) (including interest); delays ranging from 1 to 5 days. However,
there were no overdue amounts as at the year end.

10. According to information and explanations given to us, during the year, the Company
has not given any guarantee for loans taken by others from Banks or Financial
Institutions.

11. In our opinion, the term loans have been applied for the purpose for which they were
raised.

12. According to the information and explanation to us, no fraud on or by the Company has
been noticed or reported during the course of our audit.

For ASP & Co.

Chartered Accountants
(Firm Registration No. 00576N)

Rajendra Prasad
Place: New Delhi Partner
Date: M.N. 098941

Head Office:11 A, Gobind Mansion, IInd Floor, H-Block, Connaught Circus, New Delhi -110001
Phone : 41513219 Fax :43595776 e-mail : aspco.ca@gmail.com
 DELHI AIRPORT METRO EXPRESS PRIVATE LIMITED
BALANCE SHEET AS AT 31.03.2015

Notes As at Mar 31, 2015 As at Mar 31, 2014

( Rs. ) ( Rs. )

I. EQUITY & LIABILITIES

1. Share Holders Fund
(a) Share Capital 2 1,00,000 1,00,000
(b) Reserves and Surplus 3 (7,23,65,24,368) (7,23,64,24,368) (7,16,57,19,992) (7,16,56,19,992)

2. Non Current Liabilities

(a) Long Term Borrowings 4 36,52,60,12,852 35,60,11,19,926
(b) Other Long Term Liabilities 5 - -
(c) Long Term Provisions 6 35,04,967 36,52,95,17,819 31,04,120 35,60,42,24,046

3. Current Liabilities
(a) Trade Payable 7 5,17,27,276 5,55,49,150
(b) Other Current Liabilities 8 3,60,22,07,155 2,02,25,23,254
(c) Short Term Provisions 6 22,78,969 3,65,62,13,400 4,69,598 2,07,85,42,002

TOTAL 32,94,93,06,851 30,51,71,46,056

II. ASSETS
1. Non Current Assets
(a) Fixed Assets 9
i) Tangible Assets A 9,08,01,857 9,08,01,857
ii) Intangible Assets B 27,12,45,50,887 27,21,53,52,743 27,06,07,11,697 27,15,15,13,553

(b) Long Term Loan & Advances 10 47,13,49,312 47,69,67,875

2. Current Assets
(a) Current Investments 11 1,86,84,259 5,79,78,575
(b) Inventories - -
(c) Trade Receivables 12 1,56,28,677 3,93,12,426
(d) Cash & Cash Equivalent 13 3,60,01,262 3,43,45,439
(e) Short Term Loan & Advances 14 5,19,22,90,598 5,26,26,04,796 2,75,70,28,188 2,88,86,64,628

TOTAL 32,94,93,06,851 30,51,71,46,056

- -
Summary of significant accounting policies Note 1.2

The accompanying notes are an integral part of the financial statements 20-31

In terms of our report of even date attached

For and on Behalf of For and on behalf of the Board
ASP & Co.
(Firm Registration No. 000576N)
Chartered Accountants

Rajendra Prasad Abhay Kumar Mishra N.S. Shekhawat

Partner Whole Time Director Director
M No 098941 DIN : 02132305 DIN : 05317775

Date:
Place: New Delhi
 DELHI AIRPORT METRO EXPRESS PRIVATE LIMITED
STATEMENT OF PROFIT AND LOSS
FOR THE YEAR ENDED 31 March,2015

YEAR ENDED
Particulars March 31, 2015 March 31, 2014
Notes
(Rs.) (Rs.)

Revenue From Operations 15 - 9,29,13,586

Other Income 16 3,05,19,761 2,17,57,416

3,05,19,761 11,46,71,002

Employees Benefit Expenses 17 3,87,29,803 10,08,19,354

Electricity Expenses - 5,15,03,207
DMRC Concession Fee - 14,11,16,967
Finance Cost 18 44,92,841 59,13,10,758
Depreciation / Amortization - 2,42,83,536
Other Expenses 19 5,81,01,492 16,17,25,302
10,13,24,137 1,07,07,59,125

Loss before Exceptional and extraordinary items &Tax (7,08,04,376) (95,60,88,123)

Loss before Tax

- Current Tax - -

Loss for the Period (7,08,04,376) (95,60,88,123)

Earnings per equity share (Nominal value of Rs 10) 28

- Basic (Rs. Per Share) (7,080) (95,609)
- Diluted (Rs. Per Share) (7,080) (95,609)

Summary of significant accounting policies 1.2

The accompanying notes are an integral part of the financial 20-31
statements

In terms of our report of even date attached

In terms of our report of even date attached

For and on Behalf of For and on behalf of the Board
ASP & Co.
(Firm Registration No. 000576N)
Chartered Accountants

Rajendra Prasad Abhay Kumar Mishra N.S. Shekhawat

Partner Whole Time Director Director
M No 098941 DIN : 02132305 DIN :05317775

Date:
Place: New Delhi
DELHI AIRPORT METRO EXPRESS PRIVATE LIMITED

CASH FLOW STATEMENT

FOR THE YEAR ENDED ON 31.03.2015

Particulars Year ended 31.03.2015 Year ended 31.03.2014

Amount(Rs) Amount(Rs)
(A) Cash flow from Operating Activities
Net Profit /(Loss) after tax (7,08,04,376) (95,60,88,123)
Adjustment for:
Depreciation - 2,42,83,536
Interest and Finance Charges 44,92,841 59,13,10,758
Interest Income (64,172) (32,63,352)
Dividend Income (25,84,300) (60,99,206)
Foreign Exchange Fluctuation (1,90,90,534) 4,51,42,401
Capital Gain on mutual fund (8,71,384) -
Cash loss from operating before Working Capital Changes (8,89,21,925) (30,47,13,986)

Adjustment for:
(Increase)/Decrease in Inventories - 3,84,93,423
(Increase)/Decrease in Other Current Assets (2,41,14,78,661) (2,24,06,43,870)
Increase/(Decrease) in Current Liabilities 1,57,58,62,027 (1,37,89,76,317)
Increase/(Decrease) in Non Current Liabilities - (7,19,33,065)
Increase/(Decrease) in Provisions 22,10,218 (1,87,11,070)
Cash flow from Operating Activities (A) (92,23,28,341) (3,97,64,84,884)

(B) Cash Flow from Investing Activities

Fixed Assets / Intangibles (6,38,39,190) (65,97,07,092)
Capital gain on mutual fund 8,71,384 -
Interest Received 64,172 32,63,352
Dividend Received 25,84,300 60,99,206
(Increase)/Decrease in Investment 3,92,94,316 2,49,00,794
(Increase)/Decrease in Long term Loans & Advances 56,18,563 5,78,19,655
Cash Flow from Investing Activities (B) (1,54,06,455) (56,76,24,085)

(C) Cash flow from Financing Activities

Secured Loans 74,48,92,926 53,09,89,357
Unsecured Loans 18,00,00,000 4,57,70,67,716
Financial Expenses (44,92,841) (59,13,10,758)
Foreign Exchange Fluctuation 1,90,90,534 (4,51,42,401)
Cash flow from Financing Activities (C) 93,94,90,619 4,47,16,03,914

(D) Net Increase/(Decrease) in Cash and Cash equivalents (A+B+C) 17,55,823 (7,25,05,055)

Opening Balance of Cash and Cash equivalents 3,37,87,566 10,62,92,621

Closing Balance of Cash and Cash equivalents 3,55,43,389 3,37,87,566
Net Increase/(Decrease) in Cash and Cash equivalents 17,55,823 (7,25,05,055)

- -
In terms of our report of even date attached
For and on Behalf of For and on behalf of the Board
ASP & Co.
(Firm Registration No. 000576N)
Chartered Accountants

Rajendra Prasad Abhay Kumar Mishra N.S. Shekhawat

Partner Whole Time Director Director
M No 098941 DIN : 02132305 DIN : 05317775

Date:
Place: New Delhi
DELHI AIRPORT METRO EXPRESS PRIVATE LIMITED
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31,2015

As at Mar 31, 2015 As at Mar 31, 2014

Particulars
Amount (Rs.) Amount (Rs.)
2. SHARE CAPITAL

Authorized
870,000,000 (PY 870,000,000) Equity Shares of Rs. 10/- each 8,70,00,00,000 8,70,00,00,000

8,70,00,00,000 8,70,00,00,000
Issued, Subscribed & Fully Paid up
10,000 (PY 10,000) Equity Shares of Rs. 10/- each 1,00,000 1,00,000

1,00,000 1,00,000

(a) Reconciliation of the shares outstanding at the

No of Shares No of Shares
beginning and at the end of the year
Balance at the beginning of the year 10,000 10,000
Add: Shares issued during the year - -
Balance at the end of the year 10,000 10,000

(b) Rights, preferences and restrictions attached to shares

The Company has only one class of equity shares having a par value of Rs. 10/- each. Each shareholder is eligible for one vote per share
held. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the company after distribution of
all preferential amounts, in proportion to their shareholding.

(c) Shares held by holding company

As at Mar 31, 2015 As at Mar 31, 2014
Equity Shares No of Shares Percentage No of Shares Percentage
Spice Commerce and Trade Private Limited 6,500 65% 6,500 65%

(d) Shares held by each shareholder holding more than 5% shares

As at Mar 31, 2015 As at Mar 31, 2014
Equity Shares No of Shares Percentage No of Shares Percentage
Reliance Infrastructure Limited 3,000 30% 3,000 30%
Spice Commerce and Trade Private Limited 6,500 65% 6,500 65%

3. RESERVES AND SURPLUS

As at Mar 31, 2015 As at Mar 31, 2014
Surplus/(deficit) in the statement of profit and loss Amount (Rs.) Amount (Rs.)

Balance as per last Balance Sheet (7,16,57,19,992) (6,20,96,31,869)

Add: Profits/(Loss) for the year (7,08,04,376) (95,60,88,123)

Balance at the end of the year (7,23,65,24,368) (7,16,57,19,992)

 DELHI AIRPORT METRO EXPRESS PRIVATE LIMITED
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31,2015

4. LONG TERM BORROWINGS

Non Current Current
Particulars As at Mar 31, 2015 As at Mar 31, 2014 As at Mar 31, 2015 As at Mar 31, 2014
Amount (Rs.) Amount (Rs.)
Secured
Loan from Banks
Indian Rupee Term Loan 14,09,66,75,328 14,36,59,18,328 23,67,78,000 15,08,50,000
Foreign Currency Loan 1,64,52,61,768 3,04,10,19,831 1,52,44,30,228 2,76,45,908

Loan from Others

Foreign Currency Loan From Financial 3,21,09,08,040 3,13,99,14,051 5,06,98,548 3,24,53,892
Institution

Unsecured
Loan from related Party
Subordinate Debt 14,50,20,27,794 14,50,20,27,794 - -
0% Subordinate Debt 2,33,89,00,000 - - -
Inter Corporate Deposit 73,22,39,922 55,22,39,922 - -

Total 36,52,60,12,852 35,60,11,19,926 1,81,19,06,776 21,09,49,800

Repayment Terms of Long Term Borrowings

a. The Rupee Term loan from Banks and Foreign Currency loan from financial institution is repayable by quarterly installment of 0.25%
starting from 1st April 2012 to January 2015 of the disbursed amount. The quarterly installment shall increase by 0.25% every year
after 31st March 2015.
b. The Foreign Currency Loan from Canara Bank, London Branch is repayable in 21 quarterly installment of $ 42,000 (Approx Rs.
2,628,814) starting from 31st March 2012 and one final installment of $ 26,118,000 (Approx Rs. 1,634,746,514) payable on 30th June
2017. The Foreign Currency Loan from Axis Bank Ltd, Dubai Branch is repayable in 13 quarterly installment of $ 62,500 (Approx Rs.
3,911,925) starting from 1st April 2012 and one final installment of $ 24,187,500 (Approx Rs. 1,513,914,975) payable on 30th June
2015.
c. 0% Subordinate Debts are repayable by mutual consent of the parties only after the primary lenders (Banks and financial Institution)
are paid in full and in installments as may be mutually agreed between the company and investors.
d. Subordinate Debt and Inter Corporate deposits carries zero percent interest and are repayable after one year from the balance sheet
date as mutual consent of the parties.

Secured Loan carries following Interest Rate (range)

Rupee Term Loan 12.90%-13.00%
Foreign Currency Loan from Bank 4.4290% - 4.8535%
Foreign Currency Loan from Others 5.1790%-5.2357%

Security for Term Loans

Indian Rupee Term Loan and Foreign Currency Loan from banks and others, are secured by first charge against moveable and
Immovable properties, machinery, machinery spares, equipment, tools and accessories, vehicles, and all other movable assets except
project assets, both present and future and the borrower’s other assets, book debts, operating cash flow, commission, outstanding
moneys including claims etc.

A Corporate Undertaking had been provided by the Investing Company, M/s Reliance Infrastructure Ltd to Consortium Lenders (Banks
and Financial Institution) for debt servicing.
DELHI AIRPORT METRO EXPRESS PRIVATE LIMITED
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31,2015

Non Current Current

Particulars As at Mar 31, 2015 As at Mar 31, 2014 As at Mar 31, 2015 As at Mar 31, 2014
Amount (Rs.) Amount (Rs.)
5. OTHER LONG TERM LIABILITIES

Refundable Security Deposit - - 4,14,03,151 5,42,86,349

Total - - 4,14,03,151 5,42,86,349

6. Provisions
Provision for Employee Benefits
-Provision for Leave Encashment 35,04,967 31,04,120 22,78,969 4,69,598

Total 35,04,967 31,04,120 22,78,969 4,69,598

DELHI AIRPORT METRO EXPRESS PRIVATE LIMITED
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31,2015

As at Mar 31, 2015 As at Mar 31, 2014

Particulars
Amount (Rs.) Amount (Rs.)
7. TRADE PAYABLE

Creditors for purchase of goods and services 5,17,27,276 5,55,49,150

Total 5,17,27,276 5,55,49,150

There are no outstanding dues to Micro, Medium and Small Scale Business Enterprises. This information as required to be disclosed under the
Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis
of information available with the Company

8. OTHER CURRENT LIABILITIES

(i) Current Maturities of Long Term Borrowings (Refer note -4) 1,81,19,06,776 21,09,49,800
(ii) Interest accrued but not due on borrowings 13,21,419 23,72,479
(iii) Interest accrued and due on borrowings 2,16,70,537 2,20,46,248
(iv) Security Deposit received from customers (Refer note - 5) 4,14,03,151 5,42,86,349
(v) Other Payables
Payable for Capital Goods 45,34,81,680 47,73,47,283
Retention Payable 7,70,89,725 7,23,69,609
Concession Fee Payable 72,38,61,637 72,38,61,637
Expenses Payable 3,27,08,092 1,76,41,218
BG Encashment 43,26,90,727 43,26,90,727
Employee Benefit Payable 14,76,357 30,50,629
Statutory Dues Payable 45,97,054 39,41,876
Others - 1,72,59,05,272 19,65,400 1,73,28,68,378

Total 3,60,22,07,155 2,02,25,23,254

DELHI AIRPORT METRO EXPRESS PRIVATE LIMITED -
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31,2015 -

9. FIXED ASSETS (Amount in Rs.)

GROSS BLOCK ( AT COST ) DEPRECIATION NET BLOCK
Description As at Additions Deletion Adjustments As at As at For the On Deletions Upto As at As at
01.04.2014 During the Year During the Year As at Mar 31, 2015 01.04.2014 Year During the Year As at Mar 31, 2015 As at Mar 31, 2015 As at Mar 31, 2014
-
Tangible Assets (A)*
Leasehold Property Improvement 1,51,51,163 - - - 1,51,51,163 1,51,51,163 - - 1,51,51,163 - -

Fixture & Furniture 7,22,71,733 - - - 7,22,71,733 1,53,99,535 - - 1,53,99,535 5,68,72,198 5,68,72,198

Vehicles 8,55,731 - - - 8,55,731 2,48,058 - - 2,48,058 6,07,673 6,07,673

Office Equipment 1,76,57,921 - - - 1,76,57,921 27,50,008 - - 27,50,008 1,49,07,913 1,49,07,913

- -
IT & Communication equipments 3,27,71,797 - - 3,27,71,797 1,43,57,724 - - 1,43,57,724 1,84,14,073 1,84,14,073
-
Total (A) 13,87,08,345 - - - 13,87,08,345 4,79,06,488 - - 4,79,06,488 9,08,01,857 9,08,01,857
(13,85,52,407) (1,55,938) - - (13,87,08,345) (4,55,27,643) (23,78,845) - (4,79,06,488) (9,08,01,857)

Intangible Assets (B)*

Software 4,03,312 - - - 4,03,312 3,83,146 - - 3,83,146 20,166 20,166

Rights Under Concession Agreement 27,14,12,96,222 6,38,39,191 - - 27,20,51,35,413 8,06,04,691 - - 8,06,04,691 27,12,45,30,722 27,06,06,91,531

Total (B) 27,14,16,99,534 6,38,39,191 - - 27,20,55,38,725 8,09,87,837 - - 8,09,87,837 27,12,45,50,887 27,06,07,11,697

(26,48,21,48,380) (9,89,50,431) - (56,06,00,723) (27,14,16,99,534) (5,90,83,146) (2,19,04,691) - (8,09,87,837) (27,06,07,11,696)
-

* Pursuant to certain events of default by Delhi Metro Rail Corporation (DMRC), Delhi Airport Metro Express Private Limited (DAMEPL), “the company” has terminated the concession agreement with effect from 1st Jul 2013 and entire assets have been handed over to DMRC and the
Company ceases to provide depreciation/ amortisation. However, due to pending the settlement of cases through arbitration, acceptance of termination by DMRC and based on legal opinion, the assets including project assets, have been continued to be shown in the books of accounts of
the company.

Breakup of "Rights Under Concession Agreement"

Assets As on 31st March
2015
Depot, Workshop & other Civil works 4,25,09,01,736
Electrical & Mechanical Equipments 11,97,74,68,321
Trains and Track Works 10,97,67,65,356
Total 27,20,51,35,413
DELHI AIRPORT METRO EXPRESS PRIVATE LIMITED
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31,2015

Particulars As at Mar 31, 2015 As at Mar 31, 2014

Amount (Rs.) Amount (Rs.)
10. Long Term Loans and Advances
(Unsecured considered good)
Advances for project - 41,11,845
Security Deposits 4,09,48,021 4,24,54,739
CENVAT Credit Receivable [Refer note - 20(4)] 43,04,01,291 43,04,01,291

Total 47,13,49,312 47,69,67,875

11. CURRENT INVESTMENTS (Quoted, Non-Trade)

Investment in Mutual Funds (valued at lower of Cost or market rate)

Reliance Money Manager Fund-Daily Dividend Reinvestment(66.171 66,354 62,401
units @ 1,002.7641 each)
Reliance Liquid Fund-Treasury Plan-Daily Dividend Option Plan 1,683 1,672
(1.101 units @ 1528.74 each)
Reliance Liquidity Fund- Daily Dividend Reinvestment Option 1,86,16,222 -
(18606.733 units @ 1000.51 each)
Reliance Liquidity Fund- Direct Growth Plan Growth Option - 5,79,14,502
(Aggregate market value of Quoted Investment Rs 18,684,259 P.Y. Rs 58,023,744)

Total 1,86,84,259 5,79,78,575

12. TRADE RECEIVABLES

a) Debts outstanding for a period exceeding six months
(i) Secured considered good 18,13,213 42,37,938
(ii) Unsecured considered good 1,38,15,464 1,56,28,677 3,50,74,488 3,93,12,426

b) Other receivables - -

Total 1,56,28,677 3,93,12,426

13. CASH AND CASH EQUIVALENT

Cash and Cash Equivalent
Balances with Banks
Current Accounts 3,55,43,389 3,37,87,566
Fixed Deposits - 3,55,43,389 - 3,37,87,566

Cash in Hand - -
Other Bank Balance
Margin Money deposit* 4,57,873 5,57,873

Total 3,60,01,262 3,43,45,439

* Margin Money deposits given as guarantees

Margin money deposits are given as guarantees to various government departments.

14. Short Term Loans and Advances

Trade Advances 46,35,047 43,41,943

Prepaid Expenses 16,635 17,50,943
Advance Tax and Tax Deducted at Source ( Net of Provision of Rs. 398,071) 1,52,62,022 1,47,36,403
Other Receivables
- Recoverable from DMRC [Refer note - 21(a)]* 5,16,85,28,681 2,72,34,38,823
- Interest Receivable on FDR 1,79,306 1,66,844
Receivable from Gratuity Fund - 81,92,107
Other Advances 36,68,907 44,01,125

Total 5,19,22,90,598 2,75,70,28,188

* DMRC Recoverable includes:

Foreign Exchange Loss on repayemnt 30,08,21,833 4,28,58,498
Interest Expense 3,91,82,51,059 1,69,70,93,983
Liquidated Damages 43,47,91,606 43,47,91,606
Bank Guarantee Encashed 55,00,00,000 55,00,00,000
DELHI AIRPORT METRO EXPRESS PVT LTD
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31,2015

Particulars 2014-15 2013-14

( Rs. ) ( Rs. )

15. REVENUE FROM OPERATIONS

Sale of services
Revenue from Fare Collection - 7,19,51,203
Rental Income - 75,85,745
Advertisement Income - 7,10,000
Communication Lease Income - 1,26,66,639

Total - 9,29,13,586

16. OTHER INCOME

Interest received on
Fixed Deposits 64,172 32,63,352
Dividend Income from current Investment 25,84,300 60,99,206
Capital Gain 8,71,384 -
Written Back of Miscellanous Liabilities no long required 77,22,115 99,52,409
Others Miscellaneous Income 1,87,256 24,42,449
Foreign Exchange Fluctuation (net) 1,90,90,534 -

Total 3,05,19,761 2,17,57,416

17. EMPLOYEES BENEFIT EXPENSES

Salaries and Wages 3,41,41,828 8,03,72,049

Contribution to Providend Fund 17,32,022 55,54,548
Other Employees Related Expenses 28,55,953 1,48,92,757

Total 3,87,29,803 10,08,19,354

18. FINANCE COST

Interest on Loan - 58,10,12,111

Other interest 9,38,387 39,08,739
Other borrowing Cost (Including Bank charges) 35,54,454 63,89,908

Total 44,92,841 59,13,10,758

19. Other Expenses

Consumption of Stores and spare parts - 29,24,849
Rent 20,12,304 24,51,711
Repairs and Maintenance
- Buildings - 25,08,175
- Machinery - 1,05,11,181
- Others 2,61,358 1,17,65,222
Insurance** 58,42,708 1,15,58,233
Security Expenses - 1,72,76,653
Legal and Professional Charges* 4,02,95,705 3,55,50,737
Housekeeping Expense - 58,46,030
Foreign Exchange Fluctuation (net) - 4,51,42,401
Communication Expenses 2,64,438 34,27,779
Vehicle Hire Charges 10,19,925 34,38,478
Travelling and Conveyance 31,16,108 29,54,488
Advertisement Expenses - 29,69,411
Miscellanous Assets Written off 30,08,508 -
Other Miscellaneous Expenses 22,80,437 33,99,953

Total 5,81,01,492 16,17,25,302

* Including Auditor remeuneration (Refer Note no.23)
* Legal and Professional Charegs includes prior period expenses of Rs. 36,26,786 for F.Y 2013-14
** Insurance Charegs includes prior period expenses of Rs. 55,60,262 for F.Y 2013-14
DELHI AIRPORT METRO EXPRESS PRIVATE LIMITED
Notes to Financial Statements for the year ended 31st March 2015

OTHER NOTES

Note : 20. Contingent Liabilities and commitments

A Contingent Liability (Amount in Rupees Crores)

S. No. Particulars 31-Mar-15 31-Mar-14
1 Liquidated Damages 60.38 60.38
Delhi Metro Rail Corporation (DMRC) has demanded Rs 60.38 crores as liquidated damages for
delay in completion of the project. The Company has paid Rs. 43.48 crores against the same
under protest. The Company has disputed the demand as the delay in execution of the project is
attributable to the DMRC and matter was referred to Arbitration. Arbitrators awarded claim
amount of Rs. 23.25 crores and interest on same Rs. 1.75 crores vide order dated 27th June 2014
and sustained the balance in favour of DMRC. The company has filed the appeal against the
award by Arbitrators in the High Court. Matter being sub-judice, the amount paid to DMRC (i.e.
Rs. 43.48 crores) is considered as recoverable (Refer Note No 15).

2 Deployment cost of CISF : 15.70 15.70

The Ministry of Urban Development, Government of India had insisted on the engagement of
Central Industrial Security Force (CISF). Cost of deployment of CISF was Rs. 39.48 crores for the
period from February 2011 to June 2013. Out of the same Rs. 23.78 crores were provided in the
books and balance Rs. 15.70 cores for the period from 1st May 2012 to 30th June 2013 was not
provided in the books. The amount of Rs. 39.48 crores along with interest and other
miscellaneous claims was disputed by the Company and the matter was referred to Arbitration.
Arbitrators awarded the decision against the company vide arbitration order dated 27th June
2014. The company has filed the appeal against the order of Arbitration in the High Court.

3 Maintenance cost of Rolling Stock (CAF) : 3.28 3.28

Construcciones y Auxiliar de Ferrocarriles (CAF) has demanded Rs. 5.35 crores and Euro
703,321.59 (approx Rs. 4.75 crores) of Rolling Stock Maintenance and Euro 4,761,964 (approx
Rs. 32.15 crores) towards bank guarantee encashed by the Company. The same is disputed by
the company and the matter is referred to Arbitration. Pending final outcome of the Arbitration,
maintenance cost of Rolling stock for the period 1st April 2013 to 30th June 2013 amounting to
Rs. 1.52 crores, Euro 212,739 (approx Rs.1.44 crores) and impact of Rs. 7.78 crores on
reinstatement of bank guarantee encashed as on 31-March-2015 has not been provided in the
books of accounts.

4 CENVAT Input Credit Receivable: 65.01 -

The company had in earlier years, claimed Cenvat Input Credit of Rs. 43,04,01,291/- on
purchases of fixed assets and accordingly netted off the same from the "Right Under Concession
Agreement". The claim of Cenvat Credit is disallowed by Commisioner, vide Order
No.16/ST/COMMR/DM/RTK/2014-15, dated 12-12-2014 which was under dispute with
Commissioner (Appeals) of Customs and Excise, Delhi and imposed a penalty of Rs. 65.01 crores.
The same has not been provided in the books of accounts as the company has filed an appeal
with CESTAT against the order of commisioner.

Note 21. Termination of Consession Agreement

a) Pursuant to certain events of default by Delhi Metro Rail Corporation (DMRC), Delhi Airport Metro Express Private Limited (DAMEPL), “the
company” has terminated the concession agreement and entire assets and operations have been handed over to DMRC with effect from 1st July
2013, and DAMEPL has claimed Rs. 2823.17 crores (Previous Year Rs. 2823.17 crores) from DMRC as termination claims along with various
other claims, including interest of Rs. 391.83 crores (Previous Year Rs. 169.71 crores) on borrowings, foreign exchange loss of Rs. 0.33 crores
(Previous Year Rs. 0.13 crores) on repayment of foreign currency loans for the period from 1st Jul 2013 to 31st March 2015, unrealized loss of
Rs. 29.75 crores (Previous Year Rs. 4.16 crores) on reinstatement of foreign currency loans as on 31st March 2015 and disputed amount of
encashment of Bank Guarantee of Rs. 55.00 crores (Previous Year Rs. 55 crores) by DMRC respectively. Matter is pending in arbitration
proceedings. Pending the settlement of cases through arbitration, acceptance of termination by DMRC and based on legal opinion, the assets
including project assets and borrowings have been continued to be shown in the books of accounts of the company. The Company has ceased to
provide depreciation/ amortisation with effect from 1st Jul 2013.

b) Additional works claims

The Company had also filed claims worth Rs. 102.36 Crores on account of change in Scope Order, namely additional works for the baggage
handling system (Rs. 25.12 crores), additional works related to Passenger Tunnel at IGI Airport Station (Rs. 22.89 crores) and various other
additional works (Rs. 54.35 crores), which have not been awarded in favour of the company vide Arbitration order dated 27th June 2014. The
Company has filed the appeal against the award by Arbitrators in the High Court.

Note 22. Expenditure incurred in foreign currency (Amounts in Rupees)

S. No. Particulars 2014-15 2013-14
1 Professional and consultancy fees 1,39,18,967 5,24,50,850
2 Travelling expenses - -
3 Financial Charges - 8,99,77,609
Total 1,39,18,967 14,24,28,459
Note 23. Details of Remuneration to Auditors* (Amounts in Rupees)
S. No. Particulars 2014-15 2013-14
1 Audit Fees 1,00,000 3,00,000
2 Limited Review 60,000 1,20,000
3 Other Consultancy services - -
4 Certification Fees - 36,120
5 Out of pocket expenses 11,700 -
Total 1,71,700 4,56,120
*(Excluding Service Tax)

Note 24. Employees Benefit

The Company has adopted Accounting Standard-15 (revised 2005) on ‘Employees’ Benefits’. The Company has classified
various employees’ benefits as under:

(A) Defined Contribution Plan:

(a) Provident Fund;

(b) State Defined Contribution Plan:

-Employer’s Contribution to
Employees’ Pension Scheme 1995
-National Pension Scheme

The Provident Fund and State Defined Contribution Plans are operated by the Regional Provident Fund Commissioner.
Under the Scheme, the Company is required to contribute a specified percentage of payroll cost to the retirement benefit
schemes to fund the benefits. These funds are recognized by the Income Tax Authorities.

The Company has recognized the following amounts in the Profit & Loss account during the year:
(Amounts in Rupees)
S. No. Particulars 2014-15 2013-14
1 Contribution to Provident Fund 11,54,329 36,69,732
2 Contribution to Employees’ Pension Scheme 1995 68,976 6,00,687
3 Contribution to National Pension Scheme 3,59,700 8,02,644

(B) Defined Benefit Plans

Gratuity is payable to employees as per Payment of Gratuity Act. Leave Encashment is payable to eligible employees who
have earned leaves, during the employment and/ or on separation as per the Company’s Policy.

Valuations in respect of Gratuity and Leave Encashment have been carried out by independent actuary, as at the Balance
Sheet date, based on the following assumptions:

S. No. Particulars 2014-15 2013-14

1 Discount Rate (per annum) 7.80% 9.15%
2 Rate of Increase of Compensation Level 10.00% 10.00%
3 Expected Rate of Return on Assets (p.a.) 9.50% 8.00%
4 Expected Average remaining working lives of employees in no. of years 12.17 14.57

(a) Gratuity
The following table shows expense to be recognized in the Statement of Profits and Loss Account:

Particulars Amount in Rupees

31-Mar-15 31-Mar-14
Current Service Cost 5,24,536 4,40,465
Interest on defined benefit obligation 1,16,249 7,79,751
Expected return on plan assets 5,80,981 6,30,833
Net Actuarial losses/ (Gain) recognized in year (2,25,174) (79,33,560)
Past Service Cost - -
Difference in Opening Liability and Assets (9,96,592) 60,82,511
Total, included in ‘Employee Benefit Expense’ - -

The following tables set out the status gratuity plan and the amount recognized in the company’s financial statements as
at March 31, 2015:

Particulars Amount in Rupees

31-Mar-15 31-Mar-14
Change in Defined Benefit Obligation:
Opening Defined Benefit Obligation 14,90,373 93,96,655
Current Service Cost 5,24,536 4,40,465
Interest Cost 1,16,249 7,79,751
Actuarial Losses/ (Gain) 35,898 (73,76,934)
Past Service Cost - -
Liabilities assumed on Acquisition/ (settled on divestiture) - (17,49,564)
Closing Defined Benefit Obligation 21,67,056 14,90,373
Change in Fair Value of Assets
Opening fair value of plan assets 99,63,291 69,94,982
Expected return on plan assets 5,80,981 6,30,833
Actuarial Losses/ (Gain) 2,61,072 5,56,626
Contribution by Employer - 30,41,415
Benefits paid (76,95,403) (12,60,565)
Closing Fair value of plan assets 31,09,941 99,63,291

Information with respect to Assets for gratuity is as follows:

Category of Assets (% Amount in Rupees

Allocation) 31-Mar-15 31-Mar-14 31-Mar-15 31-Mar-14
Insurer Managed Funds 100% 100% 31,09,941 99,63,291

Period Ended
Particulars
31-Mar-15 31-Mar-14 31-Mar-13 31-Mar-12
Present Value of Funded Obligations 21,67,056 14,90,373 93,96,655 48,79,735
Fair Value of Plan Assets (31,09,941) (99,63,291) (69,94,982) (65,39,691)
Present Value of Unfunded Obligations - - - -

Unrecognized past Service Cost - - - -

Net Liability (9,42,885) (84,72,918) 24,01,673 (16,59,956)
Amounts in Balance Sheet
Liability - - - -
Assets - - - -
Net Liability - - - -

The following sheet provides information with respect to experience adjustment for calculation of liability towards
gratuity:

Amount in Rupees
Particulars
31-Mar-15 31-Mar-14
Defined benefit obligations 21,67,056 14,90,373
Plan Assets 31,09,941 99,63,291
Surplus/ (Deficit) 9,42,885 84,72,918
Exp. Adj. on Plan Liabilities - -
Exp. Adj. on Plan Assets - -

(b) Leave Encashment

The following table shows the amount recognized in Balance Sheet as at March 31, 2015 for liability towards leave
encashment:

Amount in Rupees
Particulars
31-Mar-15 31-Mar-14
Present Value of Funded Obligations - -
Fair Value of Plan Assets - -
Present Value of Unfunded obligations 57,83,936 35,73,718
Unrecognized Past Service Cost - -
Amount not recognized as an Asset (limit I Para 59(b)) - -
Net Liability 57,83,936 35,73,718
Amounts in Balance Sheet
Liability 57,83,936 35,73,718
Assets - -
Net Liability 57,83,936 35,73,718

The flowing table shows expense recognized in the books of account:

Amount in Rupees
Particulars
31-Mar-15 31-Mar-14
Current Service Cost 11,30,935 10,14,458
Interest on defined Benefit obligation 2,24,601 10,38,888
Net Actuarial Losses/ (Gains) recognized in year 13,03,911 (83,80,210)
Past Service Cost - -
Benefits Paid (4,49,229) (99,82,533)
Total, included in ‘Employee Benefit Expense’ 22,10,218 (1,63,09,397)
 The following sheet shows the liability of leave encashment recognized by company in its financial statements as at March
31, 2015:

Amount in Rupees
Particulars
31-Mar-15 31-Mar-14
Change in Defined Benefit Obligation:
Opening Defined Benefit Obligation 35,73,718 1,98,83,115
Current Service Cost 11,30,935 10,14,458
Interest Cost 2,24,601 10,38,888
Actuarial losses/ (Gain) 13,03,911 (83,80,210)
Past Service Cost
Benefits paid (4,49,229) (99,82,533)
Closing Defined Benefit Obligation 57,83,936 35,73,718

The following sheet provides information with respect to experience adjustment for calculation of liability towards leave
encashment:

Amount in Rupees
Particulars
31-Mar-15 31-Mar-14
Defined benefit obligations 57,83,936 35,73,718
Plan Assets - -
Surplus/ (Deficit) (57,83,936) (35,73,718)
Exp. Adj. on Plan Liabilities - -
Exp. Adj. on Plan Assets - -

Note 25. Segment Reporting

There are no reportable segments in accordance with Accounting Standard- 17 ‘Segment Reporting’ prescribed under the
Companies (Accounting Standards) Rules, 2006.

Note 26: Related Party Disclosures

As per the Accounting Standard-18 prescribed under the Companies (Accounting Standards) Rules, 2006, the Company’s
related parties and transactions are disclosed below:

A)     Parties where control exists

Holding Company – Spice Commerce and Trade Private Limited (Trustee of Reliance Delhi Metro Trust)

B)     Other related parties where

transactions have taken place during
the year

1. Investing Party in respect of which Company is an Associate- Reliance Infrastructure Limited (R Infra)

2. Key Management Person

·         Mr. Abhay Mishra
·         Mr. Natwar Singh Sekhawat
·         Mr. Satish Kumar Mishra

C)     Companies under the significant influence of individual having significant influence over R Infra

·      Utility Powertech Ltd.(UPL)

·      Reliance General Insurance
Company Limited
·      Reliance Communications Limited

Details of transactions and closing balances

(Amounts in Rupees)
Particulars 2014-15 2013-14
Transactions
Managerial Remuneration
Mr. Natwar Singh Shekhawat - 41,58,000
Mr. Abhay Mishra 1,56,52,432 2,03,33,333

Shri Natwar Sing Shekhawat

Consultancy Charges 24,00,000 10,00,000.0

Reliance Infrastructure Limited

Subordinated Debt received - 4,02,48,27,794
0% Subordinate Debt received 2,33,89,00,000 -
Intra Corporate Deposit received 73,22,39,922 55,22,39,922
Reimbursement of Insurance Premium 58,64,708 -
Reimbursement of Expenses by the Company 2,58,434 1,31,087
Reimbursement of Expenses by Holding Co. - -
 Reliance General Insurance Company Limited
Insurance Charges - 4,26,428
Utility Powertech Limited
Hire Charges 8,85,253 62,39,349
Reliance Communications Limited
Communication Lease Income - 91,73,808
Outstanding Balances:
Spice Commerce and Trade Private Limited (Trustee for Reliance Delhi Metro Trust

Investment in Equity Share Capital 65,000 65,000

Reliance Infrastructure Limited
Investment in Equity Share Capital 30,000 30,000
Subordinated Debt 14,50,20,27,794 14,50,20,27,794
0% Subordinate Debt 2,33,89,00,000 -
Inter Corporate Deposit 73,22,39,922 55,22,39,922
Utility Powertech Limited
Sundry Creditors (16,269) -36,660
Reliance Communications Limited
Sundry Receivables 18,13,212 35,27,958
Security Deposit 2,55,00,000 2,55,00,000

The above disclosure does not include transactions with public utility service providers, viz. electricity and
communication in the normal course of business.
Bank Guarantee given by Investing Company, M/s Reliance Infrastruture Limited to Commissioner of Customs, Mumbai
Rs. 193,638,404/- (Rs. Rs. 193,638,404/- as on 31-03-2014)
A Corporate Undertaking had been provided by the Investing Company, M/s Reliance Infrastructure Ltd to Consortium
Lenders (Banks and Financial Institution) for debt servicing.

Note 27. Lease Commitment

Lease Rental debited to Statement of Profit and Loss during the year Rs.2,012,304/- (PY Rs. 2,451,711). As on 31st March
2015, the company does not have any non-cancellable lease agreement. Therefore, disclosure required by AS-19 is not
given.

Note 28. Earning per Equity Share

(Amounts in Rupees)
Particulars 31-Mar-15 31-Mar-14
Nominal Value of Equity Shares (Rs.) 10 10
Profit/ (Loss) attributable to Equity Shareholders (7,08,04,376) (95,60,88,123)
Weighted Average number of Equity Shares outstanding during the period 10,000 10,000
Basic and Diluted Earnings per Share (7,080) (95,609)

Note 29. Deferred Tax (Assets)/ Liabilities

In compliance with AS-22, "Accounting for taxes on income" issued by The Institue of Chartered Accountants of India, the
deferred tax asset arising on account of brought forward losses and unabsrobed depreciation has not been recognised in
view of consideration of prudence and uncertainty regarding the realisation of the same in the foreseeable future.

Note 30: Basis of Preparation of Financial Statements

The Company has accumulated losses which exceeded the net worth of the company. However, pending resolution of the
dispute and finalization of the outcome of the arbitration proceedings of terminated concession agreement, and the
management is confident of satisfactory resolution and continues to prepare the financial statements on going concern
basis.

Note 31. Previous years (corresponding

period)
The previous year (corresponding period) figures have been regrouped and rearranged wherever necessary.

As per our Report of even date attached

In terms of our report of even date attached

For and on Behalf of
For ASP & Co. For and on behalf of the Board
Chartered Accountants
Firm Regn. No.- 000576N

Rajendra Prasad Abhay Kumar Mishra N.S. Shekhawat

Partner Whole time Director Director
M.No.098941 DIN- 02132305 DIN-05317775

Date:
Place: New Delhi