Afcon Book.indd - Afcons Infrastructure Ltd.

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CONSOLIDATED FINANCIAL STATEMENT OF AFCONS INFRASTRUCTURE LIMITED AND ITS SUBSIDIARIES,ASSOCIATED AND JOINT VENTURES (AFCONS GROUP)Notes :i) Premium is paid to LIC under Group Gratuity Scheme of LIC.ii) The estimates of future salary increases, considered in actuarial valuation, take account of inflation, seniority, promotion and other relevantfactors such as supply and demand in the employment market. The above information is certified by the actuary and relied upon by the Auditors.iii) The details of experience adjustments on account of Plan Liability and Plan Asset as required by Para 120 (n) (ii) of AS-15 is Rs. 25.71 Lacs(loss) and Rs. 2.78 Lacs (gain) respectively. However, as the details of experience adjustments on account of Plan Liability and Plan Assetfor earlier periods are not readily available in valuation reports and hence not furnished.iv) Contributions expected to be paid to the plan during the annual period beginning after the Balance Sheet date is Rs. 120 Lacs.v) The expected return on plan assets is determined considering several applicable factors which includes mainly the composition of plan assetsheld, assessed risks of asset management and historical result of the return on plan asset.vi) In the absence of detailed information regarding investment pattern of plan assets from Life Insurance Corporation of India, the same hasnot been disclosed by the Company.8. Segment information:i) Segment information for Primary reporting (by business segment)The Company has only one reportable business segment of construction business, hence information for primary business segment is not given.ii) Segment information for Secondary segment reporting (by geographical segment)The Company has two reportable geographical segments based on location of customers.a) Revenue from customers within India- Local projectsb) Revenue from customers outside India- Foreign projectsSecondary: Geographical (Location of customers)(Rs. in Lacs)Local projects Foreign projects TotalA. Income from Operations 139,241.84 88,980.91 228,222.75(182,635.64) (31,312.72) (213,948.36)B. Carrying amount of assets (Excluding Taxes on Income and Investment) 157,400.71 43,136.32 200,537.03(159,775.05) (23,105.83) (182,880.88)C. Addition to fixed assets 2347.00 493.72 2,840.72(11,353.19) (749.92) (12,103.11)Figures in parenthesis are those of previous year.9. Related Party Disclosures(a) Related Party where Control existsHolding Company(s)Shapoorji Pallonji & Company Limited (Ultimate Holding Company)Fellow Subsidiary(s)Sterling Investments Corporation Private LimitedFloreat Investments LimitedAssociate of the CompanyAfcons (Mideast) Construction and Investments Private LimitedPartnership firm in which the Company is a partnerAfcons Pauling Joint VentureJointly Controlled EntityAfcons SMCC Joint VentureAfcons Gunanusa Joint VentureStrabag AG Afcons Joint VentureSaipem Afcons Joint VentureTranstonnelstroy Afcons Joint VentureKey Management PersonnelMr. C.P. Mistry – ChairmanMr. K. Subrahmanian – Managing DirectorMr. S. Paramasivan – Executive Director (Finance & Commercial)Mr. A. N. Jangle – Executive Director (Business Development) upto 30 th September, 200910. Details of transactions with related parties during the yearUltimate HoldingCompanyAssociateCompany114Key ManagementPersonnelEnterprisesExercisingSignificant InfluenceManagerial Remuneration paid - - 187.75 - 187.75(-) (-) (189.32) (-) (189.32)Sitting Fees paid - - 0.80 - 0.80(-) (-) (0.90) (-) (0.90)Finance Lease charges - - - - -(-) (0.74) (-) (-) (0.74)Interest paid on loan - 5.85 - - 5.85(-) (5.85) (-) (-) (5.85)Hire charges ad other- - - - -expenses(-) (-) (-) (-) (-)Outstanding amount of- - - -5000.00 -5000.00guarantee given / (taken)(-) (-) (-) (-5000.00) (-5000.00)Outstanding amount Dr / (Cr) -15.31 -90.00 - - -105.31(-387.32) (-90.00) (-) (-) (-477.32)Utilisation of Duty Credit Scrip 55.95 - - - 55.95(386.70) (-) (-) (-) (386.70)Purchase of Assets - - - - -(-) (-) (-) (-) (-)Figures in parenthesis are those of the year ended 31st March, 2009Total
CONSOLIDATED FINANCIAL STATEMENT OF AFCONS INFRASTRUCTURE LIMITED AND ITS SUBSIDIARIES,ASSOCIATED AND JOINT VENTURES (AFCONS GROUP)11. Major components of deferred tax assets and (liabilities) are as under: Previous yearRupees (in Lacs) Rupees (in Lacs)Differences in the value of depreciable assets between books and tax records (2,859.02) (2,248.08)Provision for Gratuity 83.92 0.69Provision for Doubtful Debts 811.00 103.88Deferred revenue expenditure 1.22 (58.74)Arbitration awards 2742,38 2518.76Others 261.68 376.18Net deferred tax liability (4,443.58) (4,344.83)12. Derivative Instruments:Secured Loan taken in foreign currency as at the balance sheet date not covered by forward contracts are in Euro Nil equivalent to Rs. NilLacs (Previous year Euro 2,098,192 equivalent to Rs. 1,445.86 Lacs).Payable and Receivables in foreign currency as at the balance sheet date not covered by forward contracts are Rs. 15,332.34 Lacs (as at 31stMarch 2009 Rs. 7,462.07 Lacs) and Rs. 21,752.74 Lacs (as at 31st March 2009 Rs. 11,234.99 Lacs) respectivelyEmployee Stock Option Plan.On 22nd December, 2006, the Company has granted 721,150 Stock options to its eligible employees at a price of Rs.17/- per option in termsof Employees Stock Option Scheme 2006 of the Company as approved by the Share holders at the Extra Ordinary General meeting held on22nd December, 2006.a) The particulars of the option distributed under ESOP 2006 are as follows:Particulars ESOP 2006EligibilityEmployees and Directors of the Company and its subsidiaries and its holding Company.Vesting period for options Not less than One year and not more than Five years from the date of grant.granted during the yearExercise PeriodThree years beginning from date of vestingMethod of SettlementEquity SharesExercise PriceThe Exercise price shall be equal to the fair market value of the shares as determined by the independentvaluer.No. of Options Granted 721,150.(b) The particulars of number of options granted , exercised and lapsed and the Price of Stock Options for ESOP 2006 are as follows:Previous YearParticulars Quantity QuantityAuthorised to be Granted 1,785,000 1,785,000Granted and Outstanding at the beginning of the year 629,500 654,550Granted during the year Nil NilForfeited during the year Nil NilExercised during the year 296,134 4380Lapsed during the year 29,906 20,670Granted and outstanding at the end of the year 303,460 629,500Fair value of the ESOP on the date of Grant Rs. 9.41 Rs. 9.41(c)The Company has followed the intrinsic value-based method of accounting for stock options granted based on Guidance Note onAccounting on Employee Share-based Payments, issued by the Institute of Chartered Accountants of India. The exercise price of the optiongranted is based on the fair value of the Company’s share as on the date of the Grant. The Fair Value of the Share has been calculated by anindependent valuer by applying Rule 1D of the Wealth Tax Rules, 1957. As the exercise price of the option granted is based on the fair valueas on the date of the Grant, the intrinsic value of the option is NIL.Fair value of Options calculated by external valuer using Black Scholes Model is lower than the exercise price and hence the options areconsidered to be antidilutive in nature and the effect of this is ignored in calculating diluted earnings per share in accordance with AccountingStandard 20 viz. Earnings Per share issued by the Institute of Chartered Accountants of the India.Had the company followed fair value method for accounting the stock option, compensation expenses would have been higher by Rs. 28.56Lacs (Previous Year Rs. 59.24 Lacs). Consequently profit after tax would have been lower by like amount and Basic Earning per share wouldhave been lower by Rs.0.04 per share (Previous Year Rs. 0.08) and Diluted Earnings per share would have been lower by Rs. 0.01 (PreviousYear Rs. 0.02) per share .d) The Method and significant assumptions used to estimate the Fair Value of the Options are as under:The Fair value of Options has been calculated by an independent valuer. The valuation has been done using the Black-Scholes model basedon the assumptions given by the management, which are as under:i) Expected Life of the Options:These stock options will vest in the following proportion from the date of grant and can be exercised during a period of four years fromthe date of vesting.Year 1 from the date of Grant - 20% of the Options Granted;Year 2 from the date of Grant - 25% of the Options Granted;Year 3 from the date of Grant - 25% of the Options Granted;Year 4 from the date of Grant - 30% of the Options Granted115
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AFCONS INFRASTRUCTURE LIMITEDDIRECT
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AFCONS INFRASTRUCTURE LIMITED12. AW
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AFCONS INFRASTRUCTURE LIMITEDB. Oth
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AFCONS INFRASTRUCTURE LIMITEDC. COM
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AFCONS INFRASTRUCTURE LIMITEDSCHEDU
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AFCONS INFRASTRUCTURE LIMITEDSCHEDU
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AFCONS INFRASTRUCTURE LIMITEDiv) Co
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AFCONS INFRASTRUCTURE LIMITEDAssump
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AFCONS INFRASTRUCTURE LIMITEDDetail
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AFCONS INFRASTRUCTURE LIMITED17. Ma
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AFCONS INFRASTRUCTURE LIMITEDAdditi
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AFCONS INFRASTRUCTURE LIMITEDFINANC
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HAZARAT & COMPANY PRIVATE LIMITEDCO
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HAZARAT & COMPANY PRIVATE LIMITEDBA
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HAZARAT & COMPANY PRIVATE LIMITED7.
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SSS ELECTRICALS (INDIA) PRIVATE LIM
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AFCONS OFFSHORE AND MARINE SERVICES
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AFCONS OFFSHORE AND MARINE SERVICES
Page 65 and 66: AFCONS OFFSHORE AND MARINE SERVICES
Page 67 and 68: AFCONS CONSTRUCTION MIDEAST (LLC),
Page 75 and 76: AFCONS INFRASTRUCTURE INTERNATIONAL
Page 84 and 85: AFCONS MADAGASCAR OVERSEAS S.A.R.LD
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Page 95 and 96: AFCONS GULF INTERNATIONAL PROJECTS
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Page 99 and 100: CONSOLIDATED FINANCIAL STATEMENT OF
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