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R DEVENDRA KUMAR & ASSOCIATES 205, Blue Rose Industrial Estate
CHARTERED ACCOUNTANTS Near Petrol Pump, Western Express Highway
Borivali (East), Mumbai 400 066
Tel: 2854 3755, 2854 5283, 2854 3517
Fax : 91-22-28543755
Mobile No:9821111282, 9869032387,
9412267665
E-mail: rdevndra@vsnl.com
AUDITORS’ REPORT
To,
The Members of
MAHARASHTRA STATE ROAD DEVELOPMENT CORPORATION LIMITED
MUMBAI
We have audited the attached Balance Sheet of MAHARASHTRA STATE ROAD
DEVELOPMENT CORPORATION LIMITED. as at 31st March, 2008, Profit and Loss Account
and the Cash Flow Statement for the year ended on that date annexed thereto. These financial
statements are the responsibility of the company’s management. Our responsibility is to
express an opinion on these financial statements based on our audit.
1. We conducted our audit in accordance with auditing standards generally accepted in
India. Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as evaluating the
overall financial statement presentation. Subject to our observations as stated hereunder,
we believe that our audit provides a reasonable basis for our opinion.
2. As required by the Companies (Auditor’s Report) Order, 2003 as amended by the
Companies (Auditor’s Report) (amendment) Order 2004, issued by the Government of
India in terms of Sub-section (4A) of Section 227 of the Companies Act, 1956, and on the
basis of such checks as we considered appropriate, and according to the information and
explanations given to us, we enclose in the Annexure a statement on the matters specified
in paragraphs 4 and 5 of the said Order to the extent applicable to the company.
Based on our audit as aforesaid, we report that:
3. Attention is invited to following matters appearing in the Notes forming part of
accounts with regard to pending compliances of Accounting Standards(AS) issued by
The Institute of Chartered Accountants of India and specified under Section 211(3C)
of the Companies Act 1956 :
i) Note No. 3.14 regarding accounting of interest expenditure in Annuity
payments Rs.876 lacs as ‘Compensation for collecting toll right” which is not in
accordance with AS-16 on Borrowing Costs and AS-26 on Intangible Assets.
_______________________________________________________________________________________ 1
MSRDC LTD. Statutory Audit Report 2007-08
R DEVENDRA KUMAR & ASSOCIATES 205, Blue Rose Industrial Estate
CHARTERED ACCOUNTANTS Near Petrol Pump, Western Express Highway
Borivali (East), Mumbai 400 066
Tel: 2854 3755, 2854 5283, 2854 3517
Fax : 91-22-28543755
Mobile No:9821111282, 9869032387,
9412267665
E-mail: rdevndra@vsnl.com
ii) Note No. 12(IX) regarding pending Compliance of applicable provisions of
Accounting Standard-15.
iii) Note No. 12(VI) regarding non recognition of Deferred Tax liability in respect
of timing differences arising out of depreciation in terms of AS22: Accounting
for Taxes on income;
iv) Note No. 12(VIII) regarding pending assessment of impairment :AS 28 on
Impairment of Assets;
4. Attention is further invited to the following notes, Impact, if any, of which on accounts
has not been ascertained :
i) Accounting Policy 1.2,11.4 and Notes No.3.2, 3.3,3.4,3.5 & 3.12 regarding
accounting of income and expenditure, capitalization of cost of assets and
Capital work in progress on the basis other than accrual;
ii) Note No 3.3 regarding capitalization and amortization of assets on basis of
G.R./other information, where useful life is not determined.
iii) Note No. 6.1 regarding pending compliance of Section 205C of the
Companies Act 1956 with regard to amounts transferable to Investor
Protection fund;
iv) Note No. 6.4 regarding accounting of Advance toll receipts of Rs.4000.00 lacs
as “Other liabilities” instead of amortizing over the life of the concession
period.
v) Note No. 2.4 regarding transfer of Unsecured Loan Rs. 13860.00 lacs to
Capital Reserve pending approval of Govt. of Maharashtra.
vi) Note No. 3.9 regarding projects being considered as active as certified by the
management and interest during Construction being capitalized.
vii) Note No.8.1 regarding collection and recognition in accounts of toll, after
expiry of toll period specified by GOM.
viii) Note No.11, 3.13 regarding pending confirmations/reconciliation and
various items stated there in, records maintained at projects sites and other
items being under reconciliation as mentioned in other notes to accounts.
_______________________________________________________________________________________ 2
MSRDC LTD. Statutory Audit Report 2007-08
R DEVENDRA KUMAR & ASSOCIATES 205, Blue Rose Industrial Estate
CHARTERED ACCOUNTANTS Near Petrol Pump, Western Express Highway
Borivali (East), Mumbai 400 066
Tel: 2854 3755, 2854 5283, 2854 3517
Fax : 91-22-28543755
Mobile No:9821111282, 9869032387,
9412267665
E-mail: rdevndra@vsnl.com
ix) Notes No.5.1, 4.7,6.5, 6.6,7.6 & 7.8 regarding non-provision of Unsecured
Loan of Rs. 30256.00 lacs; Guarantee fees of Rs. 82567.00 lacs, maintenance
charges to railways , advance of Rs.89.49 lacs, arrears of salaries and prepaid
taxes of Rs.239.53 lacs.
x) Note No.14 and 2.1 regarding Internal Control procedures requiring further
strengthening.
xi) Earning per share as stated in Note No.12(X) is subject to our observations
herein.
5. Subject to our observations in paragraphs 3 to 4 above, we report that :
a) We have obtained all information and explanations, which to the best of our
knowledge and belief were necessary for the purpose of our audit;
b) In our opinion, proper books of accounts, as required by law have been kept by
the Company in so far as it appears from our examination of such books;
c) The Balance Sheet and the Profit & Loss Account referred to in this report are in
agreement with the books of accounts;
d) In our opinion, the Balance Sheet and the Profit & Loss Account, subject to our
comments in paragraph 3 above, comply with the Accounting Standards
referred in sub-section 3C of Section 211 of the Companies Act, 1956.
e) Pursuant to the notification number GSR 829(E) dated 17.07.2003 issued by the
Government of India, the provisions of Sec.274 (1) (g) of the Companies Act,
1956 are not applicable to the company.
f) The overall consequential impact of our comments in para 3 & 4 on the Loss for
the year with the subsequent impact on assets and liabilities which may be
material, has remained unascertained due to the reasons stated therein.
g) Subject to our observations in 3 & 4 above ,in our opinion and to best of our
information and according to the explanations given to us, the said accounts
read together with Statement of Accounting policies and Notes to Accounts
(Schedule20) both forming part of the accounts, gives the information required
by the Companies Act, 1956 in the manner so required and gives a true and fair
view in conformity with the accounting principles generally accepted in India:
_______________________________________________________________________________________ 3
MSRDC LTD. Statutory Audit Report 2007-08
R DEVENDRA KUMAR & ASSOCIATES 205, Blue Rose Industrial Estate
CHARTERED ACCOUNTANTS Near Petrol Pump, Western Express Highway
Borivali (East), Mumbai 400 066
Tel: 2854 3755, 2854 5283, 2854 3517
Fax : 91-22-28543755
Mobile No:9821111282, 9869032387,
9412267665
E-mail: rdevndra@vsnl.com
(i) In the case of Balance Sheet, of the state of affairs of the company as at
31st March, 2008;
(ii) In the case of Profit and Loss Account, of the Loss for the year ended
on that date and
(iii) In the case of cash flow statement, for the cash flows for the year ended
on that date.
For and on behalf of
R.Devendra Kumar & Associates
Chartered Accountants
Sd/-
(D.K.Gupta)
FCA
Partner
M.No.09032
30th November, 2009
_______________________________________________________________________________________ 4
MSRDC LTD. Statutory Audit Report 2007-08
R DEVENDRA KUMAR & ASSOCIATES 205, Blue Rose Industrial Estate
CHARTERED ACCOUNTANTS Near Petrol Pump, Western Express Highway
Borivali (East), Mumbai 400 066
Tel: 2854 3755, 2854 5283, 2854 3517
Fax : 91-22-28543755
Mobile No:9821111282, 9869032387,
9412267665
E-mail: rdevndra@vsnl.com
ANNEXURE TO THE AUDITORS REPORT REFERRED TO IN PARAGRAPH 2 OF OUR
REPORT OF EVEN DATE OF MAHARASHTRASTATE ROAD DEVELOPMENT
CORPRATION LIMITED FOR THE YEAR ENDED ON 31ST MARCH 2008.
1.1 The company is explained to be in the process of updating its Fixed Asset Register in order to
provide for proper particulars, including quantitative details and situation, of the fixed
assets.(Refer Note No.3.1)
1.2 The company is in the process of implementing a system of physical verification of assets and
there was no physical verification of asset conducted during the period. Therefore material
discrepancies, if any, on verification are therefore not available with the management.(Refer
Note No.3.1)
1.3 As per the accounts of the company, no substantial portion of fixed assets has been disposed of
by the company during the year.
2.1 No inventories are maintained by the company as per its books of accounts, therefore the
requirements are not applicable.
2.2 Not Applicable (refer 2.1 hereinabove)
2.3 Not Applicable (refer 2.1 hereinabove)
3 The relevant provisions of Section 301 of the Companies Act are exempted to the Corporation
being a Government Company falling within the section 617 of the Companies Act,1956 and in
view of this provisions of clause 4(iii)(a) to 4(iii) (g) of the order are not applicable to the
company for the period.
4 In our opinion and according to the information and explanations given to us, the company
needs to strengthen internal control procedures to be commensurate with the size of the
company and nature of its business with regard to purchase/maintenance of fixed assets. The
company needs to correct weaknesses in internal control.
5 According to the information and explanations given to us, there are no contracts or
arrangements to companies or other parties which need to be entered in the register
maintained under section 301 of the Companies Act, 1956. Hence clause 4(v) and 4 (v) (b) are
not applicable for the period.
6 According to the information and explanations given to us, the company has not accepted
deposits from the public within the meaning of the provisions of section 58 A of the Companies
Act, 1956 and rules framed there under.
_______________________________________________________________________________________ 5
MSRDC LTD. Statutory Audit Report 2007-08
R DEVENDRA KUMAR & ASSOCIATES 205, Blue Rose Industrial Estate
CHARTERED ACCOUNTANTS Near Petrol Pump, Western Express Highway
Borivali (East), Mumbai 400 066
Tel: 2854 3755, 2854 5283, 2854 3517
Fax : 91-22-28543755
Mobile No:9821111282, 9869032387,
9412267665
E-mail: rdevndra@vsnl.com
7 The Company has internal audit function through an outside firm of Chartered Accountant, in
our opinion the internal audit is adequate but the scope needs to be enlarged to cover areas
relating pending accounting adjustments, rectification of issues raised,
reconciliations/information in order to be commensurate with the size and nature of its
business.(Refer Note N. 14,2.1)
8 As per the information and explanations furnished to us, maintenance of cost records and
accounts has not been prescribed by the Government of India under section 209(1)(d) of the
Companies Act,1956.
9.1 As per the explanations furnished, the undisputed statutory dues including Provident Fund,
Employees State Insurance, Investor Education and Protection Fund, Income Tax, Sales Tax,
Wealth Tax, Service Tax, Customs Duty, Excise Duty, Cess and any other statutory dues have
been generally deposited with the appropriate authorities. There are no undisputed statutory
dues except in respect of Service Tax amounting to Rs.50.22 lacs remaining unpaid for a period
more than 6 months from the date they became payable. The accounts relating to statutory
dues are however pending reconciliation.
9.2 According to the information and explanation given & representation made to us, there are
dues amounting to Rs.791 lacs relating to payments of income-tax (TCS & TDS), which have
not been deposited on account of an dispute with the relevant authorities.
10. The accumulated losses of the corporation at the end of the financial year more than its net
worth. The company has incurred cash losses during this financial year and also in the
immediately preceding financial year.
11. In our opinion and according to the information and explanations given to us and as shown by
the books, the company has not defaulted in repayment of dues to the banks, financial
institutions and debentures holders during the period except delays in repayment as stated in
Note no.4.4, however our verification has remained limited to the transactions recorded in the
books for the period under audit.
12. According to the information and explanation given to us, the company has not granted any
loans or advances against pledge of shares, debentures or other securities.
13. The company is not a Chit fund company or Nidhi / Mutual Benefit Fund / Society, hence
clause 4(xiii) of the order is not applicable.
14. In our opinion and according to the information and explanation given to us, the company is
not dealer or trader in securities.
15. According to the information and explanation given to us, the company has not given any
guarantee for loans taken by others from bank or financial institutions except in cases of loans
taken by its subsidiaries wherein the company has acted as confirming party. There are no
_______________________________________________________________________________________ 6
MSRDC LTD. Statutory Audit Report 2007-08
R DEVENDRA KUMAR & ASSOCIATES 205, Blue Rose Industrial Estate
CHARTERED ACCOUNTANTS Near Petrol Pump, Western Express Highway
Borivali (East), Mumbai 400 066
Tel: 2854 3755, 2854 5283, 2854 3517
Fax : 91-22-28543755
Mobile No:9821111282, 9869032387,
9412267665
E-mail: rdevndra@vsnl.com
formal terms and conditions for such arrangement, however this assertion is as stated by the
management.
16. As per the information provided to us, looking to the present business model, it is not possible
for the company to fully apply the term loans for the purpose they were obtained The
corporation has a practice whereby all the loan proceeds are pooled and thereafter applied for
ultimate business objectives of the company.
17. According to the information and explanation given to us, and on overall examination of the
balance sheet of the company, in our opinion there are no funds raised on short term basis
which have been used for long term investments.
18. The company has not made any preferential allotment of shares during the year ended on 31st
March, 2008.
19. The company has not issued any debentures during the year.
20. The company has not raised any money by making a issue of shares during the period covered
by our report.
21. During the curse of our examination of the books and records of the Company during the year,
carried out in accordance with the generally accepted auditing practices in India, we have
neither come across any instances of material fraud being noticed or reported on or by the
company nor we have been informed of any such instances by the management.
For and on behalf of
R.Devendra Kumar & Associates
Chartered Accountants
Sd/-
(D.K.Gupta)
FCA
Partner
MNo.09032
30th November, 2009
_______________________________________________________________________________________ 7
MSRDC LTD. Statutory Audit Report 2007-08
MAHARASHTRA STATE ROAD DEVELOPMENT CORPORATION LIMITED
BALANCE SHEET AS AT 31st March, 2008
(Rs. in Lacs)
PARTICULARS SCH AS ON 31.03.08 AS ON 31.03.07
A) SOURCES OF FUND
1) SHAREHOLDERS' FUND
a) Capital 1 500.01 500.01
b) Reserves & Surplus 2A 166,318.86 142,777.01
166,818.87 143,277.02
2) DEFERRED GOVT. GRANTS 2B 10,615.90 10,953.00
3) LOAN FUNDS
a) Secured Loans 3 401,611.56 393,088.74
b) Unsecured Loans 4 46,665.68 19,562.68
4) ADVANCE RECEIPTS 5 87,654.62 101,942.25
535,931.86 514,593.67
TOTAL ( 1 + 2 ) 713,366.63 668,823.69
B) APPLICATION OF FUNDS
1) FIXED ASSETS
a) Gross Block 6 597,731.40 557,192.96
b) Less : Depreciation-to-date 121,660.96 100,021.33
c) Net Block 476,070.44 457,171.63
d) Capital Work in Progress 83,526.31 92,748.27
559,596.75 549,919.90
2) INVESTMENTS 7 135.00 135.00
3) CURRENT ASSETS, LOANS & ADVANCES
a) Interest accrued on Fixed Deposits 1,753.91 1,550.84
b) Sundry Debtors 8 1,016.78 7,896.52
c) Cash & Bank Balance 9 44,585.37 27,853.06
d) Loans, Advances & Deposits 10 11,232.01 10,577.95
58,588.07 47,878.37
Less : Current Liabilities & Provisions 11 133,684.67 115,666.51
NET CURRENT ASSETS (75,096.60) (67,788.14)
4) a) MISCELLANEOUS EXPENDITURE
(To the extent not written off or adjusted) 12 - -
b) PROFIT AND LOSS ACCOUNT 228,831.48 186,656.93
Less : Balance in General Reserve 100.00 228,731.48 100.00 186,556.93
TOTAL ( 1 + 2 + 3 + 4 ) 713,366.63 668,823.69
Notes to Accounts 20 (0.00) (0.00)
Schedules referred to above form an integral part of Balance Sheet
For Indentification For and on behalf of the Board of
In terms of our Separate Report Maharashtra State Road Development Corporation Limited
For R Devendra Kumar & Associates
Chartered Accountants
Sd/- Sd/- Sd/- Sd/-
(D K Gupta) (Satish M Gavai) J T Nashikkar G M Kandhare
FCA Vice Chairman & Managing Director Jt Managing Director I Director
Partner
Member No. 09032
Sd/- Sd/-
(K.S. Pandav) (J.C. Desai)
Secretary & Financial Advisor Deputy Company Secretary
30 November, 2009
MAHARASHTRA STATE ROAD DEVELOPMENT CORPORATION LIMITED
PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31st March, 2008
(Rs. in Lacs)
PARTICULARS SCH AS ON 31.03.08 AS ON 31.03.07
A. INCOME
From Operation 13 29,982.70 27,731.79
Cess from Govt. of Maharashtra - 6,984.00
(Refer Note 19 of Notes to Accounts)
Other Income 14 179.48 280.03
TOTAL 30,162.18 34,995.82
B. EXPENDITURE
Personnel Expenses 15 642.75 656.59
Operating & Other Expenses 16 834.29 1,045.54
Operation & Maintainence of Projects 17 1,605.80 1,636.18
Finance Charges 18 42,563.32 38,112.07
Depreciation 6 23,311.88 21,702.83
Less : Transfer from Revaluation Reserve 161.98 161.98
Transfer from Deferred Govt. Grants 324.38 22,825.52 345.61 21,195.24
Preliminary Expenses Written Off - 5,513.58
TOTAL 68,471.69 68,159.20
PROFIT / (LOSS) BEFORE TAX AND PRIOR PERIOD
ADJUSTMENTS ( A - B ) (38,309.50) (33,163.38)
Less : Prior Period Adjustement (Net) 19 3,848.85 595.80
LOSS BEFORE TAX (42,158.35) (33,759.17)
Less : Provision for Tax for - Fringe Benefit Tax 16.20 15.65
LOSS AFTER TAX (42,174.55) (33,774.82)
Balance brought forward 186,656.93 152,882.10
Balance carried forward to Balance Sheet 228,831.48 186,656.93
Basic & Diluted Earning Per Share (In Rupees) (843.49) (675.50)
Schedules referred to above form an integral part of Profit & Loss Account
For Indentification For and on behalf of the Board of
In terms of our Separate Report Maharashtra State Road Development Corporation Limited
For R Devendra Kumar & Associates
Chartered Accountants
Sd/- Sd/- Sd/- Sd/-
(D K Gupta) (Satish M Gavai) J T Nashikkar G M Kandhare
FCA Vice Chairman & Managing Director Jt Managing Director I Director
Partner
Member No. 09032
Sd/- Sd/-
(K.S. Pandav) (J.C. Desai)
Secretary & Financial Advisor Deputy Company Secretary
30 November, 2009
MAHARASHTRA STATE ROAD DEVELOPMENT CORPORATION LIMITED.
CASH FLOW STATEMENT FOR THE YEAR ENDED 31st March, 2008
(Rs. in Lacs)
A CASH FLOW FROM OPERATING ACTIVITIES As on 31st March 08 As on 31st March, '07
Net Profit / (Loss) Before Tax (42,174.51) (33,606.92)
Adjusted for :
Depreciation 22,825.52 21,195.89
Miscellaneous Expenses Written off / Amortised - 1.10
Deffered Interest Written off - 5,265.09
Loss on Sale of Assets - 22.69
Dividend / Incentives on Investments Received - (8.00)
Income from Deployment of Temporary Funds 2,413.71 (2,347.05)
Interest 42,563.32 38,112.06
67,802.55 62,241.78
Operating Profit, before Working Capital Changes 25,628.04 28,634.86
Adjusted for :
Trade & Other Receivable 6,391.14 164.69
Trade Payable & Other Liabilities 13,977.41 9,146.21
20,368.56 9,310.90
Cash Generated from Operations 45,996.60 37,945.76
Direct Taxes Paid (368.58) (33.50)
NET CASH FLOW FROM OPERATING ACTIVITIES 45,628.02 37,912.26
B CASH FLOW FROM INVESTING ACTIVITIES
Purchase of Fixed Assets (24,195.82) (25,533.39) -
Sale of Fixed Assets - 7.39 -
Investments in Subsidariy - -
Purchase of Investments - -
Sale of Investments - -
Dividend / Incentives Received on Investments - 8.00
Income from Deployment of Temporary Funds (2,413.71) 2,347.05
NET CASH FLOW FROM INVESTING ACTIVIES (26,609.53) (23,170.95)
C CASH FLOW FROM FINANCING ACTIVITIES
Grants Received from Government 9,831.10 3,972.77
Interest Paid including During Construction Period Interest (47,315.49) (39,479.75)
Proceeds from borrowing 66,200.65 26,154.52
Repayments of borrowings (16,714.82) (25,127.08)
Appropriation of Advance Income (14,287.62) (13,855.69)
Securisation - Toll Collection Thane Ghodbunder - 4,000.00
NET CASH FLOW FROM FINANCING ACTIVIES (2,286.18) (44,335.23)
NET INCREASE / (DECREASE) IN CASH & CASH EQUIVALENT A+B+C 16,732.31 (29,593.92)
Cash & Cash Equivalents as on 1st April, 2007 27,853.07 57,446.99
Cash & Cash Equivalents as on 31st March, 08 44,585.38 27,853.07
As per our report of even date attached
For Indentification For and on behalf of the Board of
In terms of our Separate Report Maharashtra State Road Development Corporation Limited
For R Devendra Kumar & Associates
Chartered Accountants
Sd/- Sd/- Sd/-
(D K Gupta) (Satish M Gavai) J T Nashikkar
FCA Vice Chairman & Managing Director Joint Managing Director I
Partner
Member No. 09032
Sd/- Sd/- Sd/-
G M Kandhare (K.S. Pandav) (J.C. Desai)
Director Secretary & Financial Advisor Deputy Company Secretary
30 November, 2009
SCHEDULES 1 to 20 FORMING INTEGRAL PART OF BALANCE SHEET AS AT 31.03.08 AND
PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31.03.08
(Rs. in Lacs)
PARTICULARS AS ON 31.03.08 AS ON 31.03.07
SCHEDULE : 1
CAPITAL:
A ) Authorised
2,00,00,000 ( 2,00,00,000) Equity Shares 2,000.00 2,000.00
of Rs. 10/- each.
2,000.00 2,000.00
B ) Issued, subscribed & Paid Up
50,00,070 (50,00,070) Equity Shares of Rs. 10/-
each fully paid up in cash. 500.01 500.01
TOTAL 500.01 500.01
SCHEDULE : 2 A
RESERVES & SURPLUS :
A ) CAPITAL RESERVE:
Opening Balance 3,949.79 3,558.08
Add : Received during the year
Toll Collections (Refer Note No. 2.1) 650.17 391.71
4,599.96 3,949.79
B ) REVALUATION RESERVE
Opening Balance 14,616.20 14,778.18
Add : Revaluation of Assets
Less : Depreciation Charge transferred
to Profit and Loss Account 161.98 161.98
14,454.22 14,616.20
C ) GOVERNMENT GRANTS - CAPITAL RESERVE
Opening Balance 124,211.02 120,690.83
Add : Received during the year 23,053.66 3,520.19
(Refer note no. 2.2 of Notes to Accounts)
147,264.68 124,211.02
TOTAL ( A + B ) 166,318.86 142,777.01
SCHEDULE : 2 B
DEFERRED GOVT. GRANTS
Opening Balance 10,953.00 11,258.94
Add : Transfer of Assets - 60.87
Less : Depreciation Charge transferred
to Profit and Loss Account 324.38 345.61
Less : Depreciation Charge transferred
to Previous Period Expenses / Adjustment 12.72 21.20
(Refer note no. 2.6 of Notes to Accounts) 10,615.90 10,953.00
SCHEDULE : 3
A. SECURED LOANS :
(Refer note no. 4 of Notes to Accounts)
1) Secured Non - Convertible Redeemable Bonds
14.15% B Bond Series II Instrument B 34,655.00 34,655.00
14.15% C Bond Series II Instrument C 803.00 803.00
14.15% D Bond Series II Instrument D 3,261.00 3,261.00
38,719.00 38,719.00
2) Secured Non - Convertible Redeemable Bonds
13.50% A Bond Series III Type A 4,100.00 4,100.00
13.10% B Bond Series III Type B 500.00 500.00
4,600.00 4,600.00
3) Secured Non - Convertible Redeemable Bonds
13.50% A Bond Series IV Type A 1,400.00 1,400.00
1,400.00 1,400.00
4) Secured Non - Convertible Redeemable Bonds
13.50% A Bond Series V Type A 9,488.00 9,488.00
13.10% B Bond Series V Type B 4,008.00 4,008.00
13,496.00 13,496.00
MAHARASHTRA STATE ROAD DEVELOPMENT CORPORATION LIMITED
SCHEDULES 1 to 20 FORMING INTEGRAL PART OF BALANCE SHEET AS AT 31.03.08 AND
PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31.03.08
(Rs. in Lacs)
PARTICULARS 31-Mar-08 31-Mar-07
5) Secured Non - Convertible Redeemable Bonds
13.50% A Bond Series VI Type A 368.00 368.00
13.10% B Bond Series VI Type B 100.00 100.00
13.10% C Bond Series VI Type C 250.00 250.00
718.00 718.00
6) Secured Non - Convertible Redeemable Bonds
13.50% A Bond Series VII Type A 20.00 20.00
13.10% B Bond Series VII Type B 255.00 255.00
13.10% C Bond Series VII Type C 138.00 138.00
413.00 413.00
7) Secured Non - Convertible Redeemable Bonds
13.50% C Bond Series VIII Instrument C 18,700.00 18,700.00
18,700.00 18,700.00
8) Secured Non - Convertible Redeemable Bonds
12.50% C Bond Series IX Instrument C 3,480.00 3,480.00
12.25% D Bond Series IX Instrument D 100.00 100.00
3,580.00 3,580.00
9) Secured Non - Convertible Redeemable Bonds
12.50% C Bond Series X Instrument C 3,802.00 3,802.00
12.50% D Bond Series X Instrument D 1,002.00 1,002.00
4,804.00 4,804.00
10) Secured Non - Convertible Redeemable Bonds
13.50 % Bond Series XI 2,500.00 2,500.00
2,500.00 2,500.00
11) Secured Non - Convertible Redeemable Bonds
13.50 % Bond Series XII 3,600.00 3,600.00
3,600.00 3,600.00
12) Secured Non - Convertible Redeemable Bonds
13.50 % Bond Series XIII 3,900.00 3,900.00
3,900.00 3,900.00
13) Secured Non - Convertible Redeemable Bonds
12.00% Bond Series XIV (Inst. A) - 400.00
12.50% Bond Series XIV (Inst. B) 4,000.00 4,000.00
4,000.00 4,400.00
14) Secured Non - Convertible Redeemable Bonds
13.00% Bond Series XV (Inst. A) 2,000.00 2,000.00
13.00% Bond Series XV (Inst. B) 1,100.00 1,100.00
3,100.00 3,100.00
15) Secured Non - Convertible Redeemable Bonds
11.00 % Bond Series XVI (Inst. A) 2,888.00 3,688.00
11.25% Bond Series XVI (Inst. B) 3,235.00 3,235.00
11.50% Bond Series XVI (Inst. C) 4,670.00 4,670.00
11.72% Bond Series XVI (Inst. D) 2,150.00 2,150.00
12,943.00 13,743.00
MAHARASHTRA STATE ROAD DEVELOPMENT CORPORATION LIMITED
SCHEDULES 1 to 20 FORMING INTEGRAL PART OF BALANCE SHEET AS AT 31.03.08 AND
PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31.03.08
(Rs. in Lacs)
PARTICULARS 31-Mar-08 31-Mar-07
16) Secured Non - Convertible Redeemable Bonds
11.00 % Bond Series XVII (Inst.A) - 4,806.00
11.25% Bond Series XVII (Inst. B) 1,193.00 1,193.00
11.50% Bond Series XVII (Inst. C) 4,585.00 4,585.00
11.72% Bond Series XVII (Inst. D) 947.00 947.00
6,725.00 11,531.00
17) Secured Non - Convertible Redeemable Bonds
11.00 % Bond Series XVIII (Option .A) - 400.00
11.72 % Bond Series XVIII (Option .B) 1,298.00 1,298.00
11.50 % Bond Series XVIII (Inst. .A) - 40.00
12.00 % Bond Series XVIII (Inst. B) 150.00 150.00
12.50 % Bond Series XVIII (Inst. C) 15,671.00 15,671.00
17,119.00 17,559.00
18) Secured Non - Convertible Redeemable Bonds
Zero Coupon Bond Series XIX (Option .A) 14,998.20 14,998.20
19) Secured Non - Convertible Redeemable Bonds
10.00 % Bond Series XX 7,000.00 7,000.00
20) Secured Non - Convertible Redeemable Bonds
10.00 % Bond Series XXI 5,500.00 5,500.00
21) Secured Non - Convertible Redeemable Bonds
Zero Coupon Bond Series XXII (Option .A) 8,202.42 8,202.42
Zero Coupon Bond Series XXII (Option .B) 5,000.49 5,000.49
13,202.91 13,202.91
22) Secured Regular Return Appreciation Non - Convertible Redeemable Bonds 37,998.08 37,998.08
Option 2
219,016.19 225,462.19
Term Loans
From Raigad Dist. Central Co-op. Bank Ltd. 2,948.32 4,160.83
From Canara Bank (BWSLP) 4,542.04 5,046.76
From Canara Bank (Cess - 360) 27,411.85 29,122.85
From Dena Bank (- NASGM) 5,372.78 6,045.87
From Vijaya Bank (- Solapur) 2,224.98 2,278.54
From Vijaya Bank (- Pune) 7,264.09 7,797.27
From Central Bank of Inida (- NASGM) 9,086.42 10,000.00
From Bank of India (- Nanded) 4,844.72 5,831.42
From Union Bank of India (- BWSLP) 5,036.12 5,036.09
From Bank of India (- Aurangabad) 2,424.47 2,541.00
From Indian Overseas Bank (- BWSLP) 10,000.00 10,084.98
From Canara Bank (BWSLP) 10,076.44 10,076.48
From Canara Bank (SKNH) 6,715.61 7,031.25
From Indian Bank (BWSLP) 4,997.13 5,028.80
From Canara Bank (Baramati) 2,477.51 -
From Canara Bank (Amaravati) 2,359.54 -
From Allahabad Bank (SKNH) 4,742.99 -
From Syndicate Bank (SKNH) 7,333.36 -
(Includes Interest Accured and Due of Rs.1,380.94) 119,858.37 110,082.14
Amount Due to Jammu & Kashmir Bank Ltd. - 65.24
Advances from Subsidiaries 8,667.71 26,345.97
Term Loans
MMRDA - BWSLP 17,723.20 5,000.00
Mega City - MMRDA Loan - Subway 495.59 566.05
MMRDA - Flyover & MPEW 28,093.00 15,608.09
(Includes Interest Accured and Due of Rs.2,723.20) 46,311.79 21,174.14
SUB TOTAL ( A ) 393,854.05 383,129.68
B) Bank Overdrafts With
Canara Bank & Others 7,757.50 9,959.06
SUB TOTAL ( B ) 7,757.50 9,959.06
TOTAL ( A + B ) 401,611.56 393,088.74
MAHARASHTRA STATE ROAD DEVELOPMENT CORPORATION LIMITED
SCHEDULES 1 to 20 FORMING INTEGRAL PART OF BALANCE SHEET AS AT 31.03.08 AND
PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31.03.08
(Rs. in Lacs)
PARTICULARS 31-Mar-08 31-Mar-07
SCHEDULE : 4
UNSECURED LOANS :
Western Coal Fields Ltd. 113.00 113.00
MMRDA - Soft Loan Term 33,963.28 -
CIDCO Ltd. ( Airoli Bridge ) 382.53 382.53
MMRDA ( CIDCO ) Loan Airoli Bridge - 29.30
Contingency Loan - Govt. of Maharashtra 1,883.06 13,860.00
Bank of India BWSLP 5,039.69 5,000.00
Term Loan - MMRDA - Water Transport 126.88 80.00
Advance- Mumbai Inland Passenger Water Transport Co. 97.62 97.85
Dena Bank - Short Term Loan 3,043.13 -
Loan from Collector - Nanded 2,016.49 -
(Includes Interest Accured and Due of Rs.2,247.54) -
TOTAL 46,665.68 19,562.68
SCHEDULE : 5
ADVANCE RECEIPTS
(Income related to more than year realised in advance)
(a) Ideal Road Builders - Toll at Mumbai Entry Points 42,750.00 42,750.00
Less : Transfer to Toll Income 38,551.50 4,198.50 31,956.75 10,793.25
(b) Ideal Road Builders - Agst. Toll at MPEW and NH4 91,800.00 91,800.00
Less : Transfer to Toll Income 20,565.60 71,234.40 14,226.28 77,573.72
(c) Ideal Road Builders - Toll at Thane Ghodbunder 14,040.00 14,040.00
Less : Transfer to Toll Income 2,882.96 11,157.04 1,585.83 12,454.17
Bharati Telesonic - Lease Line - Ducts 11.80 12.80
Gail India Ltd - Lease Line - Ducts 16.01 16.61
HPCL - Petrol Pump at Taje 101.42 105.91
Giga Solution Pvt Ltd - Lease Line - Ducts 3.55 3.70
HPCL - Petrol Pump at Taje 217.08 230.35
IOC - Petrol Pump at Kusgaon 29.21 30.49
IOC - Petrol Pump at Sanjgaon 125.66 131.23
B G Broad Band - Lease Rent - Ducts 6.54 7.11
BPCL - Valvan 543.36 568.34
Tata Power - Lease Rent - Ducts 2.28 2.48
Tata Tele - Thane Ghodbunder 1.45 1.58
MGL - Thane Ghodbunder 2.38 3.88
Reliance Industries - Thane Ghodbunder 2.84 5.47
Mac Glit Chem Co. - Land Rent 0.57 0.60
Singhad Technical - Land Rent 0.47 0.49
S S Garade - Land Rent 0.06 0.07
TOTAL 87,654.62 101,942.25
SCHEDULE : 7
INVESTMENTS :
LONG TERM INVESTMENTS
Trade - Long Term (Un Quoted; at Cost)
200001 (200001) Equity Shares of
Raigad District Central Co-Op. Bank Ltd.
of Rs. 50/- Each fully paid up. 100.00 100.00
Other Investment (Un Quoted; at Cost)
(a) Equity Shares in Subsidary (SPV's) 30.00 30.00
(Refer note no. 6 Notes of the Accounts)
(b) Equity Shares in Maharashtra Airport Development Corp. 5.00 5.00
50000 (50000) Equity Shares of Rs. 10 each fully paid.
TOTAL 135.00 135.00
MAHARASHTRA STATE ROAD DEVELOPMENT CORPORATION LIMITED
SCHEDULES FORMING PART OF BALANCE SHEET AS AT 31ST MARCH 2008
Schedule - 6 FIXED ASSETS : (At Cost less Depreciation)
S.No. Particulars of Assets GROSS BLOCK DEPRECIATION NET BLOCK
GROSS BLOCK as Additions Deductions Gross Block as Accumulated For the Year Deductions / Accumulated WDV as on WDV as on
on 1.42007 during the year / on 31.03.2008 Depcreciation as Adjustments Depcreciation 31.03.2008 31.03.2007
Adjustment on 01.04.2007 during the as on 31.03.2008
s during year
the year
1 Leasehold Land 15,930.99 - - 15,930.99 1,410.36 160.92 - 1,571.28 14,359.71 14,520.63
-
2 Buildings --
a Office Premises 123.95 - - 123.95 11.23 2.02 - 13.25 110.71 112.73
b Nepeansea Road Premises 145.83 - - 145.83 19.81 2.38 - 22.19 123.64 126.02
c Leasehold Building 104.85 - - 104.85 9.28 1.06 - 10.34 94.51 95.57
d Residential Premises 260.44 - - 260.44 36.20 4.24 - 40.44 219.99 224.23
-
3 Office Equipment 140.66 1.73 - 142.39 45.65 6.63 - 52.29 90.10 95.01
-
4 Furniture & Fixture 237.03 1.23 - 238.26 80.40 14.97 - 95.37 142.89 156.63
-
5 Vehicles 62.20 6.79 - 68.98 34.70 6.17 - 40.86 28.12 27.50
6 Flyovers & Bridges
a Flyovers 101,964.06 769.33 - 102,733.39 25,001.98 3,539.58 (2,084.06) 26,457.50 76,275.90 76,962.08
b Flyover Junctions 1,552.73 - - 1,552.73 420.67 51.89 (35.48) 437.08 1,115.65 1,132.06
c Bridges 11,969.89 - - 11,969.89 2,227.86 260.13 - 2,487.99 9,481.90 9,742.03
d Toll Plaza 2,067.79 - - 2,067.79 368.88 69.06 - 437.95 1,629.84 1,698.90
e Toll Plaza Computer 203.13 - - 203.13 198.01 5.12 - 203.13 - 5.12
f Bridge - Wardha Nakoda 767.65 - - 767.65 58.42 12.51 - 70.93 696.73 709.24
g Kalyan Bhiwandi Road 1,511.98 - - 1,511.98 123.36 24.65 - 148.01 1,363.98 1,388.62
-
7 Bandra Worli Sea Link - 16,072.24 - - 16,072.24 2,940.18 422.65 (498.27) 2,864.56 13,207.68 13,132.06
-
8 Mumbai Pune Express Way 209,616.96 834.15 - 210,451.11 40,872.17 7,176.66 12.49 48,061.31 162,389.79 168,744.79
8a MPEW-Toll Plaza - Computer 68.12 - - 68.12 64.21 3.88 - 68.09 0.03 3.91
8b MPEW-Toll Plaza - Toll 1,788.36 - - 1,788.36 273.67 201.19 508.72 983.58 804.78 1,514.69
-
9 Rail Over Bridges -
a Rail Over Bridges - Phase I 8,530.21 213.51 - 8,743.72 3,061.63 578.96 - 3,640.58 5,103.14 5,468.59
b Rail Over Bridges - Phase II 10,933.12 190.06 - 11,123.18 4,076.04 757.23 - 4,833.27 6,289.91 6,857.08
c Rail Over Bridges -Toll Plaza 44.78 - - 44.78 5.83 1.50 - 7.33 37.45 38.95
d Rail Over Bridges -Toll Computer 30.50 - - 30.50 25.35 4.29 - 29.64 0.86 5.15
-
10 Subways 1,888.89 - - 1,888.89 397.28 67.88 (35.69) 429.47 1,459.42 1,491.61
11 Computers 167.36 5.92 - 173.28 136.65 12.61 - 149.26 24.02 30.71
-
12 Thane Ghodbunders 7,082.47 133.32 - 7,215.78 1,677.13 389.31 75.94 2,142.38 5,073.40 5,405.33
13 IRDP - Nagpur 25,857.06 122.63 2.10 25,977.59 3,353.72 992.43 40.13 4,386.28 21,591.31 22,503.34
14 IRDP - Pune 8,434.12 4,568.07 6.25 12,995.94 717.98 452.94 1.82 1,172.74 11,823.20 7,716.14
15 Latur IRDP 3,249.71 0.98 - 3,250.70 867.63 171.22 0.26 1,039.11 2,211.58 2,382.08
16 N'pur A'bad Sinner Ghoti Mum 32,144.19 17,088.55 2.48 49,230.26 2,500.58 1,864.55 35.76 4,400.89 44,829.37 29,643.62
17 PWD - Nagpur Circle 1,474.60 - - 1,474.60 339.60 49.89 - 389.49 1,085.12 1,135.01
18 IRDP - Aurangabad 1,079.14 2,466.20 - 3,545.35 236.34 136.89 109.00 482.24 3,063.11 842.80
19 IRDP - Amaravati 3,027.36 3,531.42 4.55 6,554.23 160.34 351.60 107.99 619.93 5,934.30 2,867.02
20 IRDP - Baramati 3,763.70 11.04 - 3,774.74 194.65 155.65 (12.85) 337.45 3,437.29 3,569.04
21 IRDP - Solapur 3,092.84 6,588.79 - 9,681.63 112.98 305.90 61.70 480.58 9,201.05 2,979.86
22 IRDP - Nanded - 3,031.62 - 3,031.62 - 59.49 9.30 68.79 2,962.83 -
23 IRDP - Nandurbar - 264.68 - 264.68 - 11.03 29.41 40.44 224.24 -
24 Toll Plaza others 24.21 - - 24.21 2.67 0.81 - 3.47 20.73 21.54
25 Satara Chalkewadi Ghanbi Patan Rd. 1,974.28 - - 1,974.28 287.24 67.48 0.06 354.78 1,619.50 1,687.04
26 Satara Kagal to Kolhapur NH4 78,004.13 1,143.03 420.61 78,726.55 7,436.98 4,832.47 10.70 12,280.14 66,446.41 70,567.15
Satara Kagal to Kolhapur -Toll 259.06 - - 259.06 20.45 8.65 (9.31) 19.79 239.27 238.60
27 Marathwada Vikas Karyam 1,095.33 - - 1,095.33 166.03 39.97 - 206.00 889.33 929.30
28 ROB at Nandgaon 447.05 1.37 - 448.42 47.20 33.42 0.14 80.77 367.65 399.85
TOTAL ( 1 to 21 ) 557,192.96 40,974.42 435.99 597,731.40 100,021.32 23,311.88 (1,672.25) 121,660.96 476,070 457,171.64
Previous Year 506,033.99 51,247.49 88.52 557,192.96 78,087.15 21,702.83 231.35 100,021.33 457,171.63 427,946.84
22 Capital Work in Progress : -
a Flyover Project 1,350.32 1,082.87
b Mumbai Pune Expressway - 574.87
c Nagpur Sinner Ghoti Mumbai 9,629.37 22,402.16
d Worli- Bandra Sea Link Pro. 53,031.18 38,705.77
e Road Improvement Projects 17,046.41 28,272.79
f Preoperative Expenditure (not backed by Physical assets) 2,469.03 1,709.82
Less : Deposit Works
Total Rs.( 10a to 10f ) 83,526.31 92,748.27
Previous Year 92,748.28 108,942.13
MAHARASHTRA STATE ROAD DEVELOPMENT CORPORATION LIMITED
SCHEDULES 1 to 20 FORMING INTEGRAL PART OF BALANCE SHEET AS AT 31.03.08 AND
PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31.03.08
(Rs. in Lacs)
PARTICULARS 31-Mar-08 31-Mar-07
SCHEDULE : 8
SUNDRY DEBTORS :
(Unsecured & Considered Good)
Debts outstanding for a period exceeding 6 months 147.62 312.61
Other debts. 869.16 599.91
1,016.78 912.52
Unsecured & Considered Doubtful 403.21 344.76
Less : Provision for Doubtful Debts (403.21) (344.76)
Dues from Govt. of Maharashtra - 6,984.00
TOTAL 1,016.78 7,896.52
SCHEDULE : 9
CASH & BANK BALANCES :
Cash in hand 0.84 0.41
Cheques on Hand 17,635.42 -
Balances with Banks
In Current Accounts with : -
Scheduled Banks 6,945.81 3,784.38
With Other Bank
- Raigad District Central Co. Op Bank Ltd. 1.01 6,946.82 1.01 3,785.38
(Maximum balance Rs.1,00,900 ( P.Y. Rs.1,00,900) )
In Fixed Deposits With : -
Scheduled Banks 20,002.29 24,067.27
(Incl Rs. 15000 lacs under lien towards overdraft with Canara Bank)
TOTAL 44,585.37 27,853.06
SCHEDULE : 10
LOANS AND ADVANCES :
Unsecured and considered Good :
(a) Advances to Subsidaries
Special Purpose Vehicle - Companies 358.23 2.29
(Refer note no. 7.5 Notes of the Accounts)
(b) Advances recoverable in cash or in
kind or for value to be received 597.63 804.37
Advances to Govt. of Maharashtra - Andheri Flyover. 7,101.46 7,409.80
Advances to Govt. of Maharashtra - Land Acq - MPEW. 1,876.25 1,855.04
Advances towards Share Application Money - MADC Ltd- 495.00 -
Advance to Baramati Muncipal Corporation 59.25 231.90
Advance to Mumbai Maritime Board 30.18
( c) Balances with Revenue Authorities
Prepaid Taxes including TDS 596.55 227.96
Prepaid Service Tax 70.95 -
SUB TOTAL ( A ) 11,185.50 10,531.36
DEPOSITS :
Unsecured and Considered Good :
Other Deposit 46.51 46.59
SUB TOTAL ( B ) 46.51 46.59
TOTAL ( A + B ) 11,232.01 10,577.95
MAHARASHTRA STATE ROAD DEVELOPMENT CORPORATION LIMITED
SCHEDULES 1 to 20 FORMING INTEGRAL PART OF BALANCE SHEET AS AT 31.03.08 AND
PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31.03.08
(Rs. in Lacs)
PARTICULARS 31-Mar-08 31-Mar-07
SCHEDULE : 11
CURRENT LIABILITIES & PROVISIONS :
A CURRENT LIABILITIES :
Sundry Creditors:
(a) Dues of Small & Medium Creditors - -
(refer Notes to Accounts no. 13 (XIII)
(b) Creditors for Projects 5,292.93 8,950.15
Retention Money held of Contractors 8,391.49 8,950.68
Guarantee Commission payable to Govt. of Maharashtra 55,249.74 49,047.74
(Refer note no. 4.7 Notes of the Accounts)
Interest & Principal on Bond Money Payable 723.92 558.41
Cheques overdrawn - 34.77
Creditors for Advance & Deposits :
For Earnest Money Deposit 1,210.99 1,926.34
For Security Deposit 3,814.22 2,481.14
For Contribution works 16,258.57 6,514.75
Advance Income :
Income Received in Advance 1,493.37 1,038.21
Credit Balance of Sundry Debtors 615.20 267.45
Other Liabilities
Creditors for Expenses 635.48 688.35
For Others 843.38 190.66
Creditors for Statutory Dues 189.78 179.66
Interest accrued but not due 38,764.62 34,723.88
(Refer note no. 4.8 Notes of the Accounts)
SUB TOTAL ( A ) 133,483.69 115,552.19
PROVISIONS :
Provision for Taxation 64.10 46.28
Provision for Others 62.98 -
Provision for Staff Benefits
- Leave Encashment 46.44 39.28
- Gratuity 27.46 28.76
SUB TOTAL ( B ) 200.98 114.32
TOTAL ( A + B ) 133,684.67 115,666.51
SCHEDULE : 12
MISCELLANEOUS EXPENSES TO THE EXTENT
NOT WRITTEN OFF OR ADJUSTED :
Preliminary Expenses :
Opening Balance - 1.10
Less : Written off to Profit and Loss Account - - 1.10 -
Deferred Interest Cost during Gestation period :
Opening Balance - 5,512.48
Less : Write off during the Year - - 5,512.48 -
TOTAL - -
MAHARASHTRA STATE ROAD DEVELOPMENT CORPORATION LIMITED
SCHEDULES 1 to 20 FORMING INTEGRAL PART OF BALANCE SHEET AS AT 31.03.08 AND
PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31.03.08
(Rs. in Lacs)
PARTICULARS 31-Mar-08 31-Mar-07
SCHEDULE : 13
INCOME FROM OPERATION :
Toll Income 27,892.84 26,039.97
Tender & Processing Fees 81.91 67.99
Lease Rental & Others Receipts from use of Facilities 1,817.59 1,391.87
Centages Charges 190.36 231.96
TOTAL 29,982.70 27,731.79
SCHEDULE: 14
OTHER INCOME :
Miscellaneous Receipts 179.48 280.03
TOTAL 179.48 280.03
SCHEDULE : 15
PERSONNEL EXPENSES :
Managerial Remuneration :
Salary and Allowances 24.67 18.08
Cont. to PF and other funds (including 5.60 7.72
Pension contribution & other reimbursements)
30.27 25.80
30.27 25.80
Others Expenses:
Salary and Allowances 522.33 510.46
(Incl. provision for Gratuity & Earned Leave)
Contribution to PF, ESIC & Other Funds 47.48 46.64
Staff Welfare & Other Expenses 42.67 73.69
TOTAL 642.75 656.59
MAHARASHTRA STATE ROAD DEVELOPMENT CORPORATION LIMITED
SCHEDULES 1 to 20 FORMING INTEGRAL PART OF BALANCE SHEET AS AT 31.03.08 AND
PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31.03.08
(Rs. in Lacs)
31-Mar-08 31-Mar-07
SCHEDULE : 16
OPERATING & OTHER EXPENSES :
Advertisement 97.76 102.85
Auditors Remuneration 5.52 6.24
Books & Periodicals 0.43 0.57
Car Hire Charges 85.39 102.24
Computer and Software Expenses 16.05 6.44
Conveyance & Travelling 36.82 37.32
Electricity Charges 13.72 13.49
Insurance Charges 0.68 1.26
Legal, Consultancy & Professional Fee 225.92 228.00
Meeting & Seminar Expenses 8.27 13.67
Membership & Subscription 0.20 11.82
Miscellaneous Expenses 8.25 7.18
Motor Car Expenses 27.88 25.75
Postage & Telephone expenses 25.97 30.61
Printing & Stationery 46.25 47.73
Rent, Rates & Taxes 5.26 5.32
Repairs & Maintenance - Buildings 6.19 3.67
Repairs & Maintenance - Others 29.35 35.54 18.13 21.80
Security Charges 9.35 14.99
Loss on Sale of Motor Car - 22.69
Loss on closure on Subsidiary Companies 17.84 0.81
Provision for Doubtfull debts 103.34 344.76
Sundry Balance Written off 63.85 -
TOTAL 834.29 1,045.54
SCHEDULE: 17
OPERATION & MAINTENANCE FOR PROJECT
Operation & Maintenance - Flyover 1,024.72 1,011.07
Operation & Maintenance - MPEW 59.78 189.03
Operation & Maintenance - Thane Ghodbunder 45.81 58.26
Operation & Maintenance - ROB's 7.66 39.31
Operation & Maintenance - Satara Kagal 289.06 111.25
Operation & Maintenance - Nagpur 0.81 28.18
Operation & Maintenance - Kalyan Bhiwandi 53.64 112.83
Operation & Maintenance - NASGM 18.41 17.94
Operation & Maintenance - Others 64.10 47.71
Toll Expenses 41.81 20.60
TOTAL 1,605.80 1,636.18
SCHEDULE : 18
FINANCE CHARGES :
Interest on :
Fixed Loans 47,105.99 42,794.55
Bank Overdraft 112.12 47,218.11 603.66 43,398.21
Bank Charges 11.26 11.69
Loan & Bond Issue Expenses 338.57 0.49
Guarantee Commission 6,202.00 6,446.00
53,769.94 49,856.39
Less : Expenditure Capitalized on Projects
during Construction Period 8,792.91 9,397.27
Interest on Temporary Deployment of Funds 2,413.71 2,347.05
11,206.62 11,744.32
TOTAL 42,563.32 38,112.07
SCHEDULE : 19
ADJUSTMENT OF EARLIER PERIOD :
Expenditure :
Depreciation (1,672.25) 272.63
Rebate on Toll Income of previous year 1.03 8.63
Interest Expenditure 4,488.81 -
Interest During the Constructions period 991.71 (37.99)
Sundry Expenses 39.54 19.65
Toll Income - 507.61
3,848.85 770.53
Less : Income
Other Income - 174.73
- 174.73
TOTAL 3,848.85 595.80
Maharashtra State Road Development Corporation Limited
Schedules Forming Part of Accounts as on 31st March, 2008
Schedule – 20
Significant Accounting Policies and Notes to Accounts – 31st March, 2008
A Significant Accounting Policies
1 Basis Of Preparation Of Accounts
1.1 The Financial statements have been prepared under the historical cost convention on
the basis of a going concern. They also comply in all material aspects with applicable
accounting principles in India, the mandatory Accounting Standards issued by the
Institute of Chartered Accountants of India (ICAI) and the relevant provisions of the
Companies Act 1956.
1.2 The Company generally follows the mercantile system of accounting and recognizes
income and expenditure on accrual basis, except in case of Interest on delayed
payments of tolls, Interest on machinery and mobilization advance, Employers
contributions to PF etc for staff on deputation; centage on projects supervised.
1.3 The preparation of financial statements is in conformity with generally accepted
accounting principles and requires the management to make estimates and assumption
that affect the reported assets, liabilities, revenues, expenses and disclosure of
contingent liabilities at the date of financial statements and the results of operations for
the reporting period. The difference between the actual results and estimated figures
are reconciled in the period in which the results are known or materialized.
1.4 These financial statements have been prepared assuming the Company will continue as
a going concern. Accordingly, the financial statements do not include any adjustments
regarding the recoverability of assets and classification of liabilities that might result
should the company be unable to continue as a going concern.
2 Fixed Assets
2.1 Fixed Assets are stated at original cost of acquisition/construction, including duties,
taxes and other expenses incidental to installation, acquisition or improvement.
2.2 Lease hold assets which are transferred to the Corporation by GOM at nominal cost
are shown at revalued cost, including payment of lease premium. Amount equivalent
to revaluation difference is transferred to Revaluation Reserve on the date of
Revaluation and is amortized over the lease period remaining on the revaluation date.
2.3 Expenditure on renewal and/or modernization of fixed assets, resulting in significant
improvement in operational efficiency is capitalized along with the concerned assets.
2.4 Fixed Assets which are in the nature of BOT assets and other Project assets, are
capitalized on the basis of substantial completion certificate received from the Engineer
in charge.
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Maharashtra State Road Development Corporation Limited
Schedules Forming Part of Accounts as on 31st March, 2008
2.5 Capital work in progress reflected under Fixed Assets include :On account payments
and advances given for acquisition of fixed assets during the period of construction of
projects and are carried forward under the respective project accounts and also
includes expenses incurred and incidental to implementation of projects and interest
during construction period. Common expenses relating to each project are carried as
Capital work in progress till the final completion and are capitalized along-with final
cost of each project.
3 Borrowing Costs
Borrowing 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 necessarily
takes a substantial period of time to get ready for its intended use or sale. All other
borrowing costs are charged to revenue.
4 Depreciation
Depreciation is provided as follows:
4.1 Premium paid on Leasehold assets including revalued cost is being amortized over the
period of Lease... Depreciation on revalued component of the Fixed Assets is
transferred from the revaluation reserve account.
4.2 Build Operate Transfer (BOT) project assets and assets where the toll collection period
is dependent on the recovery of costs, are amortized on a pro-rata basis over the period
beginning from the month the asset is substantially completed till the time the
Corporation is entitled to collect revenue The period of toll collection/revenue is
derived on the basis of G.R./notifications issued/other available
documents/information.
4.3 BOT project assets where toll collection period is not determined in terms of concession
agreement / arrangement, and “other Fixed Assets” are depreciated on Straight Line
method at the rates specified and in the manner prescribed in Sch. XIV of the
Companies Act, 1956.
4.4 Depreciation on additions/disposals of fixed assets except in cases where rates as
specified under Schedule XIV are followed, during the year is provided on pro-rata
wherein fixed assets put to use/disposed during the first 15 days of a month are
charged depreciation for the whole month whereas those put to use /disposed after
that are charged from the following month.
5 Investments:
Investments those are intended to be held for more than a year from the date of acquisition
are classified as long term investments and are carried at cost less any provision for
permanent diminution in value. Investments other than long term investments being
current investments are valued at cost or fair value whichever is lower.
Dividend income on equity investments is accounted for on the dates when right to receive
accrues to the Corporation.
6 Prior Period Adjustments:
2
Maharashtra State Road Development Corporation Limited
Schedules Forming Part of Accounts as on 31st March, 2008
As per the Accounting Standard – 5, issued by the ICAI, Prior Period Adjustments as a
result of errors or omission in the preparation of Financial Statements of one or more prior
periods are separately disclosed in the Profit and Loss Account.
7 Revenue Recognition –
7.1 Toll Collections: -
a) Toll receipts, net of claims and expenses towards repairs and maintenance thereof,
transferred by the GOM in respect of certain Bridges to the Corporation, has been
treated as a Capital Receipt and Credited to Capital Reserve in line with principles
mentioned in Accounting Standard - 12 on Accounting of Government Grants issued by
the ICAI. The underlying assets on which the GOM is collecting toll are not accounted
for in the books of the Corporation as the said assets are not owned by the Company.
b) Toll income in respect of the projects is recognized as income on accrual basis except
those with significant uncertainties.
c) Income from toll securitization is accounted for on estimated discounted cash flow over
the contract period.
d) Toll is also recognized as income in case of projects undertaken by the Company, where
the costs incurred is equal to or more than 25% of the total project costs of such projects.
7.2 Cess:
As per the provisions made in Annual Budget by the GOM for payments to MSRDC out of
additional tax collected by GOM as Cess on petrol & Diesel, Income is accounted for in the
year in which budgetary provision is made and approved by GOM.
7.3 Lease Rentals:
Incomes from lease rentals, land rents, ducts, advertisements, etc are accounted for on time
basis.
8 Impairment of Assets:
At the end of each year, the Company determines whether a provision should be made for
impairment loss on fixed assets by considering the indication that an impairment loss may
have occurred in accordance with Accounting Standard 28 on “Impairment of Assets”
issued by the ICAI. Where the recoverable amount of any fixed assets is lower than its
carrying amount, a provision for impairment loss on fixed assets is made for the difference.
9 Miscellaneous Expenditure
Miscellaneous Expenditure includes preliminary expenses and deferred revenue
expenditure.
10 Treatment of Contingent Liabilities:
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Maharashtra State Road Development Corporation Limited
Schedules Forming Part of Accounts as on 31st March, 2008
10.1 Contingent Liabilities in respect of show cause notices received are considered only
when they are converted into demands. Payments in respect of such demands, if any
are shown as advances.
10.2 Contingent Liabilities under various fiscal laws includes those in respect of which the
company/ department is in appeal.
10.3 Claims / rebate from contractors/consultants are not recognized and treated as
contingent liabilities till the final assessed amount is approved by the competent
authority.
11 Retirement/ Staff Benefits :
11.1 Company’s contribution to Provident Fund and other Funds for the year is accounted
for on accrual basis and charged to Profit & Loss Account for the year.
11.2 Liability for Gratuity and Leave encashment benefits is provided for on the basis of
actuarial valuation.
11.3 Liability for company’s contribution in respect of mandatory retirement and other staff
benefits such as provident fund, family pension fund and pension contribution fund
whenever applicable is accounted for on cash basis for the staff on deputation.
11.4 Short term compensated benefits accruing to the employee are accounted for as and
when paid.
12 Foreign Currency Transactions :
12.1 The transactions in foreign currencies on revenue accounts are stated at the rate of
exchange prevailing on the date of transaction.
12.2 The difference on account of fluctuation in the rate of exchange prevailing on the date
of transaction and the date of realization is treated as revenue.
12.3 Differences on translation of Current Assets and Current Liabilities remaining
unsettled at the year end are recognized in the Profit & Loss Account.
12.4 The premium in respect of forward exchange contract, if any, is amortized over the life
of contract. The net gain or loss on account of any exchange difference, cancellation or
renewal of such forward exchange contracts are recognized in the Profit & Loss
account in the reporting period.
13 Government Grants:
13.1 Government grants/support received from Government/other Government agencies
towards assets/ projects undertaken by the Corporation are treated in the nature of
promoter’s contribution as Capital Reserve – Government Grant.
13.2 Government grants received in the form of complete and incomplete assets are
transferred to the Corporation. The costs of such assets, which have already been
incurred by the Government, are treated as “Deferred Government Grants”.
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Maharashtra State Road Development Corporation Limited
Schedules Forming Part of Accounts as on 31st March, 2008
In line with the principles mentioned in Accounting Standard AS-12 on Deferred
Government Grant issued by ICAI, the Corporation recognizes the proportionate
amount of such grants towards depreciation in its Profit and Loss account.
13.3 Government Grants are accounted for on receipt basis.
14. Taxation :
Tax expenses comprises of current, deferred and fringe benefit taxes. Current income tax
and fringe benefit tax is measured at the amount to be paid to the tax authorities in
accordance with the Indian Income Tax Laws. A deferred tax reflects the impact of current
year timing differences between taxable income and accounting income for the year and
reversal of timing difference of earlier years. Deferred tax is measured based on the tax rates
and the tax laws enacted or substantively enacted at the Balance Sheet date.
B Notes to Accounts
1. Share Capital
Entire paid up capital of the company has been subscribed by/through Government of
Maharashtra (GOM).
2. Capital Reserve
2.1 In order to strengthen the resources base, GOM has vide GR dated 01.12.98,
29.05.98 and 22.09.98 decided to transfer toll collections in respect of 44 (Forty
Four) Bridges in favor of the Corporation. The amount is being collected by the
GOM and subsequently transferred to the Corporation and is in the nature of
promoter’s non-refundable contribution. The said collections to the extent received
up-to 31st March, 2008 amounting to Rs. 4,599.96 Lacs (Rs. 3,949.79 lacs) has been
treated as Capital Receipt and accounted under “Capital Reserves” in the Balance
Sheet. The Corporation is in the process of strengthening sufficient internal control
mechanism in order to ensure that entire collections envisaged in Govt. Resolutions
as aforesaid are received and accounted for. Presently such amounts to the extent
received are shown under “Capital Reserve”.
2.2 The Corporation has received during the year an amount of Rs. 23,053.66 lacs
(Previous year Rs. 5,683.54 lacs) as grants/supports for the various projects
undertaken. The total grants received up-to 31st March, 2008 amounts to
Rs.1,47,264.68 lacs (Rs.1,24,211.02 lacs). These grants/ contributions are received
for specific projects in terms of G.R./notification issued by Government but since
these grants can not be linked to a particular assets and the correlation between the
cost of assets and amounts of grant is not specifically established, as per the
decision taken by the management of Corporation, these are treated in the nature
of promoter’s non-refundable contribution and are therefore in accordance with
Capital Approach as per the provisions of AS 12, and included under “Capital
Reserve-Government Grant”.
2.3 Corporation has been sanctioned Government Grants amounting to Rs.1,45,291.00
lacs (Rs.1,39,485.00 lacs) which are yet to be received and in accordance with the
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Maharashtra State Road Development Corporation Limited
Schedules Forming Part of Accounts as on 31st March, 2008
accounting policy followed in this respect these grants have not been recognized in
the accounts.
2.4 During the year the Corporation has transferred to Capital Reserve an amount of
Rs.13,860.00 lacs being loan received from GOM which as per the decision taken by
the Board has been retained with the Corporation and to be adjusted against
outstanding dues of GOM. Confirmation from GOM in this respect is however
awaited. The said amount was being included under “Unsecured Loans” till
previous year.
2.5 The Corporation has received grant from NHAI for an amount of Rs.23,310.00 lacs
towards improvement of Satara Kagal NH-4 highway. The Corporation is yet to
receive appropriate part of NHAI grant in terms of concession agreement executed
and as per the management, there is no surplus to be shared with NHAI. The
amount of grant of Rs.23,310.00 lacs, received from NHAI, has been treated as
“promoter’s non-refundable contribution” and is included under “Capital
Reserve”.
2.6 The PWD of the GOM which undertakes various projects have handed over certain
complete and incomplete projects for further execution and toll collection
thereafter to the Corporation in terms of various orders of GOM. The amount
incurred by the PWD, GOM on such incomplete projects has been treated as
“Deferred Govt. Grant” and is being accounted for in accordance with the
accounting policy followed. In case of many of these incomplete projects, the toll
collection period is dependent on the recovery of the entire cost of the project.
During the year an amount of Rs. Nil (Rs. 60.87 Lacs) has been credited to Capital
Reserve and year end balance is Rs. 10,615.93 lacs ( Rs.10,953.00 lacs)
3. Fixed Assets :
3.1 The Corporation is in the process of updating the Fixed Assets register in order to
provide for item-wise details of assets with locations thereof. A system of periodical
verification of assets is also being framed in order to ensure periodical physical
verification of fixed assets.
3.2 In accordance with the accounting policy followed by the Corporation, Project assets
are being capitalized on the basis of substantial completion certificate. The
Corporation is in the process of devising system of identification of the date of the
assets being put to use. Further during the period, assets worth Rs.9287.10 lacs
completed and put to use are capitalized on the basis of certificate of the
management/other available information.
3.3 BOT project assets worth (Gross Block Rs. 5,80,542.42 lacs ; Accum. Dep.
Rs.1,19,665.69 lacs) have been capitalized on the basis of G.R. /notification and other
available documents/information pending execution of Concession agreement / BOT
agreement, The capitalized cost of these assets is being amortized over the concession
period derived in accordance with the accounting policy followed. These also include
assets capitalised and depreciation charged where toll collection is yet to start. The
actual period over which the Corporation is entitled to collect the toll revenue which
is dependent on the recovery of cost, is presently not ascertainable. The useful life of
6
Maharashtra State Road Development Corporation Limited
Schedules Forming Part of Accounts as on 31st March, 2008
these assets and amount required to be amortized annually in respect thereof, may
therefore undergo change depending upon the toll collection period.
3.4 Certain bridges and other assets ( Gross Block 13258.00 lacs; Accum. Dep. 468.00lacs)
under “Flyover and Bridges” where toll collection period is not determined since no
G.R. has been issued, are being depreciated as per the rates specified in Sch. XIV of the
Companies Act,1956 in accordance with the Accounting policy followed. Period of
charging depreciation in case of these assets is to be reviewed/reworked to equate
with the toll collection period at the time the same is ascertained.
3.5 As per the accounting practice consistently followed, Project Assets are capitalized on
the basis of and to the extent of bills paid at the time of capitalization. The capitalized
cost is subsequently adjusted towards additional/final bills/escalations, for which
information is received at a later date. Fixed Assets therefore includes certain assets
amounting to Rs.10,115.69 lacs (Rs. 2,782.71 lacs) put to use in earlier years, but
capitalized during the year on the basis of available information /additional bills
received in the current year. Due to this :
a) Depreciation amounting to Rs. 416.68 lacs from the date, when the assets
was put to use till the previous year end is charged during the year and
shown as Prior Period Adjustments.
b) Interest amounting to Rs.991.71 lacs from the date when the assets was
put to use till the previous year end which is included in Capital Work in
Progress is charged to the Profit & Loss Account as Prior Period
adjustments.
3.6 In case of Satara Chalke wadi –Ganbi- Patan road (Gross Block Rs.1,974.28 lacs;
Accum. Dep. Rs. 354.78 lacs ), the Corporation has not been able to commence toll
collection in terms of notification issued by GOM, in-view of public
agitation/decision taken by the management Corporation is in correspondence with
Government and its agencies for recovery of cost incurred and the Corporation is
hopeful of recovering the same and hence the asset is being carried at cost.
3.7 Office Building includes superstructures Gross Block Rs. 57.20 lacs, accumulated
depreciation Rs.7.48 lacs on the land for which the Corporation does not possess any
title for such use. These superstructure are being depreciated at the rates prescribed
under Schedule XIV of the Companies Act, 1956 as applicable to office building.
3.8 As per the accounting policy followed by the Corporation, BOT assets and projects
where toll collection period has been determined, are being amortized over such
period. Since the rate at which these assets are amortized are computed on the basis of
period of cost recovery, these rates are different from those specified under Schedule
XIV of the Companies Act, 1956. The applicable rates have been stated as per
Annexure I.
3.9 Capital work in progress includes Rs. 2,469.03 lacs (Previous year Rs. 1,709.82 lacs)
being preoperative project expenses in respect of projects where physical activity is
yet to commence. These are expenses during construction period to be allocated to
specific project assets on its being commenced. Such expenses being a technical matter
and requiring professional engineering skills and expertise, is being stated in the
7
Maharashtra State Road Development Corporation Limited
Schedules Forming Part of Accounts as on 31st March, 2008
Balance Sheet as verified and certified by the Independent consultants and also by the
management of the Corporation. Similarly there are projects worth Rs. 9,567.04 lacs
included under CWIP where there has been no substantially activity, which are
considered as active based on certificates of the management. Interest during
construction is being capitalized in case of these cases.
3.10 In respect of certain Flyovers/ fly-over junction and subways, there have been a
change in concession period adopted in earlier years. Depreciation in case of these
assets has been recalculated from the date of initial capitalization and resultant
difference on depreciation amounting to Rs.2,155.21 lacs has been charged to Prior
period expenses.
3.11 In accordance with the accounting policy followed, where assets are depreciated on
the basis of rates specified under Schedule XIV of the Companies Act, 1956, the
Corporation is consistently following method of calculation of depreciation for 100%
of the Gross Block of Asset instead of 95% as prescribed under Schedule XIV. In the
opinion of the management there is no material impact of the above practice.
3.12 Heither-to Capital work in progress included expenditure incurred and advances
given till year end however during the current year there has been a change in the
method of accounting and Capital work in progress is accounted for on the basis of on
account payments made till the year end. Consequent to the above change, Capital
work in progress has been reduced to the extent of Rs.3,786.76 lacs with
corresponding reduction in Sundry Creditors (Projects).
3.13 Capital work in progress includes Rs 53,031.18 lacs in respect of project related to
Bandra- Worli Sea Link, carried as per the payments made till the year end. The cost is
to be reconciled with the information/data/ certificate of Engineer in charge.
3.14 The Corporation has taken over work of Solapur Hogti Road Auj Kanbas Karajagi Rd.
3/00 –21/00 under Solapur IRDP with date of completion being 30/06/2005,
amounting to Rs. 2,000 lacs on an annuity payment basis. Heither-to the annuity
payments were accounted for on the basis of revised contract price of Rs.1,124.00 lacs
and differential of annuity payments were accounted as interest expenditure. During
the year there has been a change in accounting practice in this regard and the sum
total of annuity Rs.2,000.00 lacs payable over the period of 9 years has been
considered as Cost of the project with differential of annuity payment being treated as
compensation for surrendering the toll rights and capitalized. Since the nature of
transaction has been inadvertently mentioned as “annuity” in the agreement, the
Corporation proposes to enter into supplemental agreement. Depreciation charged on
differential of annuity payments amounting to Rs.66.63 lacs has been charged to Prior
period Expenses. During the year the Company has repaid Rs. 243.75 lacs ( Rs. 218.75
lacs) in this regard.
4. SECURED LOANS
4.1 Details of the Secured Bonds: - Details are given in Annexure II to this Schedule.
4.2 Details of the Secured Term Loans: -
(Rs. in Lacs)
Sr Name of the Amount Security & Mortgage
No. Bank
1 Raigad District 2,948.32 Charge on Phase – II – ROBs and first charge
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Maharashtra State Road Development Corporation Limited
Schedules Forming Part of Accounts as on 31st March, 2008
Central Co-op (4,160.82) on all debts, all receivables/income including
Bank Ltd toll receipts
2 Canara Bank 4,542.04 Charge on all assets relating to the BWSLP,
(5,046.76) Pari passu with the other lenders for the
project. Security is pending creation in favour
of the lenders.
3 Jammu & Nil Charge on Phase – I – ROBs and first charge
Kashmir Bank (65.24) on all debts, all receivables/income including
toll receipts
4 Vijaya Bank 7,264.09 First Charge on the IRDP Pune Project assets
(Pune) (7,797.27) and over receivables, income from the project.
Pari Passu Charge on the IRDP Solapur
5 Vijaya Bank 2,224.98 Project and over revenue receipts from the
(Solapur) (2,278.54) project.
6 Dena Bank 5,372.78 Charge on NASGM Highway Project assets
(NASGM) (6,045.87) and over receivables from the project.
7 Canara Bank 27,411.85 Charge on additional tax collected on sale of
(Cess) (29,122.85) petrol and diesel in Mumbai and Navi
Mumbai & Thane.
8 Bank of India 4,844.72 Charge on book debt and other receivables
(Nanded) (5,831.42) from IRDP Nanded project.
9 Union Bank of 5,036.12 Charge on the BWSLP assets and receivables
India (5,036.09) of they project.
10 Bank of India 2,424.47 Charge on IRDP Aurangabad book debts and
(2,541.00) other receivables from the project.
11 Central Bank of 9,086.42 Charge on the NASGM Project assets and
India (10,000.00) over receivables from the project.
12 Indian 10,000.00 Charge on BWSLP assets and all operating
Overseas Bank (10,084.98) cash flows from the project.
13 Canara Bank 10,076.44 Charge on the BWSLP assets and over toll &
(10,076.48) other receivables from the project.
14 Canara Bank 6,715.61 Charge on the SKNH – 4 Project assets and
(7,031.25) over toll & other receivables from the project.
15 Syndicate Bank 7,333.36 Charge on the SKNH – 4 Project assets and
(Nil) over toll receipts & other receivables from the
project.
16 Allahabad Bank 4,742.99 Charge on book debts and other receivables
(Nil) from the SKNH – 4 project.
17 Indian Bank 4,997.13 Charge on the BWSLP assets and over toll &
(5,028.8) other receivables from the project
18 Canara Bank 2,477.51 Charge on the Baramati – 4 Project assets and
(Nil) over toll & other receivables from the project.
19 Canara Bank 2,359.55 Charge on the Amravati – 4 Project assets and
(Nil) book debts & other receivables from the
project.
Total 1,19,858.37
(1,10,082.13)
4.3 (a)Details of Advance from Subsidiary Companies reflected under Secured Loans as under: -
(Rs. in Lacs)
Name of Subsidiary Name of Banks Closing balance as Security Details
9
Maharashtra State Road Development Corporation Limited
Schedules Forming Part of Accounts as on 31st March, 2008
on 31 3.08
1 Satara Kagal a) Jammu & 6,422.65 Charge on the SKNH
Highway Kashmir Bank (19,125.19) – 4 Project assets and
Construction over toll & other
Company Ltd. receivables from the
project.
2 Solapur City Allahabad 2,245.06 Pari Passu Charge on
Integrated Road Bank (2,260.27) the IRDP Solapur
Development Project and over
Company Ltd. revenue receipts
from the project.
3 Baramati City Road Canara Bank Nil -
Development (2,533.35)
Company Ltd.
4 Amravati City Road Canara Bank Nil -
Development (2,427.17)
Company Ltd.
Total 8,667.1
(26,345.98)
The above loans represent loans obtained by the subsidiary companies created as a special
purpose vehicle where the Corporation is a confirming party. The funds out of the loans have
been utilized by the Corporation and assets created out of the Loan are also accounted for in the
books of the Corporation. These amounts have therefore been shown as “advances from
subsidiaries” and have been secured against security of toll receivables of respective projects for
which assets have been created in the books of the Corporation. Interest on these advances is
being paid at the rate at which the subsidiary company concerned pays on its borrowings
specific to these loans to their respective Banks. Subsequent to the Balance Sheet date, these
loans have been transferred to the Corporation by respective Banks
4.3 (b) Details of security in case of Other secured Loans:
S.No. Name of the lender Amount Security
Outstanding
Rs. In lacs
01 MMRDA /MPEW 28,093.00 The loan is sanctioned as secured against
Flyover second charge on project assets and
Guarantee of Govt. of Maharashtra.
How-ever, the security creation as
stipulated is pending execution.
02 MMRDA pedestal 495.59 The loan has been sanction as secured
Subway Loan against pari passu charge on Toll
receivables from Mumbai flyover project.
The charge creation with Canara Bank
being security trustee is however
pending.
03. MMRDA BWSLP 17,723.20 The loan has been sanctioned as secured
against second charge on Toll collection
of the project and Guarantee of GOM.
Charge creation is however pending.
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Maharashtra State Road Development Corporation Limited
Schedules Forming Part of Accounts as on 31st March, 2008
Amounts due for repayment out of Secured and Unsecured loans in next 12 months is Rs.
95,739.00 Lacs (Rs. 25,745.00 Lacs) including overdue payments of Rs.7,409.17 lacs.
4.4 The Corporation has been generally regular in repayment of installment and interest of
loans taken from various Banks/financial institution. There is no default though there are
instance of occasional delays in transferring of funds due to administrative matters. The
instances also include delays on the part of banks to recover the dues from Corporations’
accounts maintained with them.
4.5 As per the exercise undertaken by the Corporation, there have been instances of excess
recovery of interest by different Banks to the extent identified Rs.654.00 lacs. Steps have
been initiated to take up the matter with respective Banks and reconcile the accounts. Since
such recovery is to be confirmed by the bankers, no accounting action for the same has been
taken. Similarly no provision has been made for a demand of Rs.33.04 lacs from one of the
Banks since the same is not accepted by the Corporation..
4.6 The loans taken by the Corporation are generally sanctioned specific to a project . However
as per accounting practice followed by the Corporation, all the borrowings are pooled and
therefore project wise utilization of the funds borrowed is not maintained. The management
therefore maintains that all its borrowings are made “generally” and the funds are used for
obtaining various qualifying assets and hence interest capitalization (Rs. 87.92 lacs
during the year), to respective asset takes place based on monthly weighted average cost
computed on the basis of month end balances as per books of accounts which in some cases
are to be reconciled with the records of respective lender. The Corporation has however
been following the practice consistently.
4.7 Guarantee commission on guarantee issued by GOM to secure the Bonds and Loans of the
Corporation has been provided @ 2.00% amounting to Rs 6,202.00 Lacs (Rs. 6,446.00 Lacs)
on outstanding loan and including interest accrued during the year. The total amount due
as per the books of the Corporation, on this account to GOM as on 31st March, 2008 is Rs.
55,249.75 Lacs (Rs. 49,047.74 Lacs). Guarantee fee has been calculated and accounted for on
annual accrual basis on the year end balances instead of half yearly basis as specified in the
Government Notification. The Corporation has represented before the GOM to convert the
Guarantee commission payable into the Contribution from Government and as per the
information available with the Corporation, it is hopeful of such conversion into Share
Capital of Rs. 45,400.00 lacs out of the above while for balance, follow up with GOM is being
made. Therefore no provision for penal interest @16%/24% p.a. as per the terms and
conditions of the guarantee, has been made in accounts. As per the information available on
records total of such un-recognized amount of guarantee fee and interest amounts to
Rs.82,567.00 lacs.
4.8 Details of the Interest Accrued but not due on Secured and Unsecured Loans:
(Rs.in Lacs)
Sr No. Name of the Lender 2007-08
1 Secured Non – Convertible Bonds 33,838.82
2 MMRDA for Mega City 3,353.42
3 MMRDA – Subway 5.63
4 MMRDA – Loans 1,566.75
Total 38,764.62
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Maharashtra State Road Development Corporation Limited
Schedules Forming Part of Accounts as on 31st March, 2008
4.9 Over draft from Banks
Overdraft from Banks reflected under Secured Loans amounting to Rs. 7,757.50 lacs (Rs.
9,959.06 lacs) is secured by pledge of or against fixed deposits of Rs. 15000.00 lacs
(Rs.24,067.27 lacs ) of the Corporation placed with them as follows: -
(Rs.in Lacs)
Particulars Fixed deposits Current Previous
pledged Year Year
Canara Bank 15,000.00 7,757.50 2,748.23
State Bank of India 0 0 4,762.85
Vijaya Bank 0 0 2,447.98
Total 15,000.00 7,757.50 9,959.06
5. UNSECURED LOANS
5.1 The Corporation has been sanctioned out of MMRDA funds a loan assistance of
Rs.22,300.00 lacs towards Mumbai-Pune Expressway and Rs.30,200.00 lacs towards
Mumbai flyovers. Against which the Corporation has actually received a sum of
Rs.22,244.00 lacs. In terms of agreement entered into during the year, the loan amount
received along-with unpaid-interest of Rs.5,894.00 lacs during the moratorium period
has been capitalized and is reflected under “Unsecured Loans”. MMRDA has adjusted
balance amount of Rs.30,256.00 lacs against various other loan/dues and outstanding
principal/interest of earlier released portion of the loan. As per the agreement the said
loan amount of Rs.30,256.00 lacs is also carrying an interest of 12% p.a. The adjustment
of Rs.30,256.00 lacs has not been accepted/ acknowledged by the Corporation and
pending settlement of the same, liability to the extent of Rs.30,256.00 lacs has not been
recognized and no provision for interest thereon is made in accounts. Provision has also
not been made in respect of penal interest amounting to Rs.247.00 lacs and processing
fees of Rs.525.00 lacs on the loan amount claimed by MMRDA. The same has however
been disclosed as “Contingent Liability”.
5.2 The Corporation had during earlier years received a sum of Rs.113.00 lacs in terms of
agreement entered into with M/s Western Coal Fields Ltd. towards construction of
bridge at River Wardha near Nakoda. The loan carried a simple interest of 9% p.a.
which was being provided for since 2003. The loan amount was repayable from the net
toll income after meeting all other loan liability. Considering the status of the project
,the management is of the opinion that there shall not be interest liability in this respect
and hence interest charged during the earlier years amounting to Rs.69.50 lacs has been
reversed by credit to Prior Period Expenses. And the loan balance is being carried in the
books of accounts as such. Confirmation of such treatment with WCL is however
pending.
5.3 Corporation had in earlier years taken over Airoli Bridge in Mumbai City at partially
completed stage from CIDCO. The unpaid amount of net residual of assets and
liabilities taken over from CIDCO on the project transferred to MSRDC has been
recognized as unsecured loan of Rs.382.50 lacs. No provision for interest payable in
respect of the loan amount so recognized, has been made in accounts since the terms of
agreement does not provide for any such payment.
6. Current Liabilities
12
Maharashtra State Road Development Corporation Limited
Schedules Forming Part of Accounts as on 31st March, 2008
6.1 Current Liabilities include unpaid amount of interest on Bonds/unpaid maturity
proceeds amounting to Rs.723.91 lacs. The management is in the process of
compiling/reconciling the data in order to arrive at year wise break up along-with
details of bondholders to whom the amounts relate and reconciling the same with the
records maintained with RTA. Since the reconciliation and consequential adjustments
are pending, the amount, if any, required to be transferred to Investor Protection Fund
in terms of section 205C of the Companies Act,1956 shall be dealt with in due course.
6.2 The Corporation had awarded contract of four lanning and improvements to Mumbai-
Pune Section of NH-4 with Self Finance of Contractor along with award of Operation,
Maintenance and Toll Collection Rights on NH-4 and existing Mumbai Pune
Expressway for 15 years from August 2004. The Corporation has received Rs. 91,800.00
Lacs towards net consideration, which is accounted as “Advance Receipts”. As per the
tender document the contractor has arrived the above after netting the Gross amounts
of Rs.1,32,093.00 lacs from the estimated capital cost and operation and maintenance
expenditure amounting to Rs.40,293.00 lacs. The net amount of Rs.91,800.00 lacs is
recognized as income based on the projected cash flow for each year as specified in the
Contract discounted over the contract period.
6.3 The Corporation has awarded contract for collection of Toll, Operation Maintenance of
Thane Ghodbunder Road for 15 years. The Corporation had received Rs. 14,040.00 lacs
towards net consideration, which as per the tender documents have been arrived by the
contractor after netting the gross amount of Rs.23,786.83 lacs from estimated capital cost
of Rs. 9,746.83 lacs . The net amount of Rs. 14,040.00 Lacs is being apportioned based on
the projected cash flow for each year as specified in the contract discounted over the
contract period.
6.4 The Corporation has awarded contract for collection of Toll Operation, Maintenance of
Kalyan Bhiwandi Shil Phata for 6 years 8 months and 4 days. The Corporation has
received Rs. 4,000.00 lacs towards net consideration, which is to meet capital
expenditure amounting to Rs.4,000.00 lacs . During the previous year the said amount
of Rs.4,000.00 lacs was accounted for as advance toll receipt, to be apportioned over the
life of the contract, the accounting practice has been changed during the current period
to consider the committed expenditure of Rs.4,000.00 lacs and accordingly the net
residual amount of Rs. 3,600.47 Lacs has been included under “Sundry Creditors”. The
Corporation has also granted rights for toll collection against the said sum of Rs.4,000.00
lacs and in the opinion of management, income will accrue only after the completion of
present contract period.
6.5 In case of ROBs ( Gross Block Rs.19,941.18 lacs and Accum. Dep. 8,510.82 lacs)
constructed by IRCON which are either in defect liability period or being maintained
by the Corporation, the Corporation is liable to pay maintenance charges to Railways at
the rates specified in the contract. Since there has been no claim from the Railways in
this regard, no provision has been considered necessary in this respect. The precise
amount of such charges payable, if any, is presently not ascertained.
6.6 The Corporation has undertaken on behalf of GOM the project of rehabilitation of
Orissa Cyclone affected people during the period 2000-2001 to 2004-2005, which is
administered under the direction of the designated Chief Engineer. The Corporation
has, on revenue neutral basis, received aggregate sum of Rs. 3,200.00 Lacs (Rs 3,200.00
Lacs) on this account from GOM. The Corporation has spent an aggregate sum of Rs.
3,178.33 Lacs (Rs. 3,178.33 Lacs) against the said sum. The back up and supporting data
13
Maharashtra State Road Development Corporation Limited
Schedules Forming Part of Accounts as on 31st March, 2008
for receipt and expenditure is to be compiled and reconciled with the relevant records.
The resultant adjustments, if any , required shall be carried out on such reconciliation.
The balance amount of Rs. 21.17 Lacs (Rs. 21.17 Lacs) is shown as payable to GOM and
is reflected under Sundry Creditors (others).
6.7 Provision for arrears of salaries payable towards wage revision under VI Pay
Commission is under compilation and shall be dealt with in due course.
7. LOANS AND ADVANCES
7.1 Loans and Advances includes an amount of Rs. 7101.46 Lacs (Rs. 7,409.80 Lacs) paid
towards the project of Andheri Flyover undertaken by PWD, GOM as dues from GOM
as the said project was not a part of the flyover project of Mumbai for which
Corporation collects toll. Corporation has represented before the Government for the
recovery of the above amount through extension in concession period/levy of cess
which is yet to be approved. Since the matter is yet to be settled, the Corporation is
hopeful of recovering the amount paid and no provision in this respect is considered
necessary.
7.2 The Corporation has also advanced an amount of Rs.1,876.25 Lacs (Rs. 1,855.04 Lacs)
included under Loans and Advances and shown the same as dues from GOM towards
acquisition of Land for MPEW project, since the land for MPEW was to be provided by
GOM. Confirmation from GOM for payment of the above amount is yet to be received.
In the opinion of the management, the amount is to be recovered either through the
extension of concession period of MPEW or is to be paid by the GOM. Since the matter
is yet to be settled, the amount has been considered as recoverable and no provision is
considered necessary.
7.3 During the year the Corporation has acquired the ownership of Assets under ROBs -
Phase-I, by repayment of entire loan to J&K Bank , for which documentation is in the
process of being done.
7.4 In respect of ROBs-Phase II, constructed on behalf of the Corporation by IRCON, the
Corporation has borrowed money from various lenders and periodic payments have
been made to IRCON towards cost of these ROBs for which the Bills and other
documents are in possession of IRCON. IRCON has been submitting certified
statements of Cost. An amount of Rs.120.33 lacs as accepted by the management has
been shown as payable to IRCON under “Current Liabilities”. There are also claims
from different contractors amounting to Rs.82,449.00 lacs which are yet to be accepted
and are shown under “Contingent Liabilities”. Rs. 120.33 lacs being payable to IRCON
is subject to confirmation and acceptance and consequential adjustments, if any. The
legal ownership of these ROBs however vests with the Corporation and the toll thereon
will also be collected by the Corporation.
7.5 As per the investment strategy approved by the Board of MSRDC, 6 SPVs in the form
of subsidiary companies were incorporated wherein 100% equity is held by the
Corporation/nominees of the Corporation. There is an aggregate amount of Rs.358.23
lacs appearing as advances to these subsidiaries which relates to preliminary expenses
incurred in formation and subsequent expenditure incurred on behalf of these
subsidiary companies. These balances appearing in the books are subject to
confirmation and reconciliation by each of the subsidiary company. In view of
14
Maharashtra State Road Development Corporation Limited
Schedules Forming Part of Accounts as on 31st March, 2008
substantial losses in these subsidiary companies and since the management has already
decided to takeover the assets and liabilities of these companies, a provision of Rs.17.84
lacs representing accumulated losses (as per latest available Balance Sheet) and
preliminary expenses ( to the extent not written off) has been made and is included
under “Provisions”.
7.6 In terms of decision taken by the Board, it was decided to make an investment
Rs.500.00 lacs towards equity contribution of Mumbai Airport Development
Corporation Ltd. as allocated by Government of Maharashtra. The Corporation had
paid an amount of Rs.5.00 lacs as initial equity investment and during the year an
additional amount of Rs.495.00 lacs was paid. However no shares have been allotted for
the said amount and subsequent to the accounting period, the Corporation has received
back a sum of Rs.405.51 lacs and for balance amount matter is under dispute. Since the
amount paid has not been applied towards equity investment, the said amount has
been shown as recoverable under “Loans and Advances”. No provision has been
considered necessary for balance un-recovered amount of Rs. 89.49 lacs since the
Corporation is hopeful of recovering the same.
7.7 Loans and advances also include Rs.46.37 lacs relating to income tax refunds for which
assessments have been completed but refunds are still awaited. The Corporation is in
the process of follow up with the department for the same. Pre paid Taxes of Rs. 243.47
lacs is to be reconciled with year-wise breakup as per tax returns.
7.8 Amount of TDS paid Rs.195.55 lacs and works contract tax Rs..43.98 lacs included
under Loans and advances relating to earlier years are receivable from respective
revenue authorities and are treated as recoverable since the process of recovery is at
various stages.
7.9 Amount receivable from RTA M/s Kirloskar Computer Services Rs. 16.40 lacs on
account of excess payment of interest on bonds in the year 2002-2003 has been
considered as recoverable since the matter under correspondence with them.
7.10 Amount of Rs. 32.77 lacs due from Mumbai Maritime Board which were charged to
revenue in earlier years have been included under the loans and advances and are
considered as recoverable since the efforts for recovery are on.
7.11 The GOM has issued GR on 22nd August, 2002, which provides that the “additional tax
and cess on sale of petrol & diesel” collected in Mumbai, Thane and Navi Mumbai to
be provided to MSRDC in the budget, to compensate for any shortfall in the revenue
collection by the Corporation as compared to the revenue calculated at the initial toll
rates. In absence of information about actual cess collection, the Corporation has an
accounting policy to accrue the short fall in revenue collection based on budget
allocation of GOM. However, during the period, GOM has not provided the cess in the
Budget, so therefore, no provision on account of cess receivable is made.
8. Toll and Other Revenue
8.1 The Company is authorized to collect tolls on approvals from GOM through GR. for
various projects undertaken. However, during the year in case of 13 nos. (Previous year
13 nos.) (Refer Annexure III) toll stations, the Company has collected toll amounting to
15
Maharashtra State Road Development Corporation Limited
Schedules Forming Part of Accounts as on 31st March, 2008
Rs.2,235.12 lacs after the expiry of toll period specified in the G.R. for which as per the
Management approval is being followed up with GOM.
8.2 The Corporation is working with MMRDA for projects under MUTP as a supervising
authority for works carried out in and around Mumbai. As per the agreement entered
with MMRDA, the Corporation is entitled to charge cent age @ 2.76% on the total project
cost on MUTP. During the year the Corporation has accounted for a total cent age of
Rs.118.86 Lacs (Rs.145.45 Lacs) on the basis of payments made during the year. The
amount of cent age accrued during the year is to be reconciled with the records of
MMRDA and consequential adjustments are to be made thereafter.
As per the information provided by MMRDA , the Corporation has supervised the
following projects, and cumulative expenditure which is subject to reconciliation , as on
31st March, 2008 are as follows:-
(Rs. In Lacs)
Year JVLR SCLR Total
2003 – 2004 1,405.66 209.28 1,614.94
2004 – 2005 2,968.73 2,372.21 5,340.94
2005 – 2006 3,297.06 1,253.43 4,550.49
2006 – 2007 3,778.32 2,787.20 6,565.52
2007- 2008 1600.99 1160.83 2761.82
Total 13,050.76 7,782.95 20833.71
8.3 The Corporation is working with MMRDA for projects (flyover) under MUIP as a
supervising authority for works carried out in and around Mumbai. As per the agreement
entered with MMRDA, the Corporation is entitled to charge centage @ 5% on the total
project cost. During the year the Corporation has accounted for a total centage of Rs. 71.50
Lacs (Rs.Nil Lacs) on the basis of payments made during the year. The amount of centage
accrued during the year is to be reconciled with the records of MMRDA and consequential
adjustment are to be made thereafter.
Further, the Corporation has supervised the projects, and cumulative expenditure which is
subject to reconciliation with records of MMRDA as on 31st March, 2008 are as follows:-
(Rs. In Lacs)
Year Total
2006-2007 1,730.23
2007-2008 2,377.19
Total 4,107.42
9. INVESTMENTS
The Corporation has following Subsidiary Companies, details of which are stated as under:
As on 31st March, 2008
Sl. Name of the Subsidiaries No. of Equity Cost of % of
No. Shares held Equity holdin
(Face value of Shares g
Rs. 10 each) Amt-Rs
1 Satara Kagal Highway. Construction 50,000 5,00,000/- 100%
Company Ltd
2 Solapur City Integrated Road 50,000 5,00,000/- 100%
16
Maharashtra State Road Development Corporation Limited
Schedules Forming Part of Accounts as on 31st March, 2008
Development Ltd
3 Amaravati City Road Development 50,000 5,00,000/- 100%
Company Ltd
4 Baramati Infrastructure Development 50,000 5,00,000/- 100%
Company. Ltd
5 Kolhapur City Road Development 50,000 5,00,000/- 100%
Company Ltd
6 Mumbai Inland Passenger Water 50,000 5,00,000/- 100%
Transport Company Ltd
Total 30,00,000/-
The balances are subject to confirmation. Entire Equity Capital in subsidiary companies is
held in the name of the Corporation and persons nominated by the Board . In case of
Satara Kagal Highway Construction Company Ltd., Baramati Infrastructure
Development Company limited, Kolhapur City Road Development Company Ltd. and
Solapur City Road Development Ltd., all the shares are held in the name of persons
nominated. The Corporation is in the process of transferring of shares in its name.
10. In the opinion of the Board of Directors the Current Assets, Loans & Advances have value
on realization in the ordinary course of the business at least of the amount at which they are
stated in the Financial Statements except for those which are considered doubtful &
provided for. The provision for all known liabilities is adequate.
11. Current Assets, Fixed Assets, Deposits, Loans and Advances, Current Liabilities and
Unsecured/secured Loans, income and expenses, including salaries paid are subject to
confirmation and reconciliation. The Corporation is in the process of implementing a system
of sending confirmation of balances and process of direct confirmation is pending. Fixed
Assets capitalized and Capital work in progress has been accounted for to the extent of bills
received/accounted in accounts department and is to be reconciled with relevant
supporting records Consequent adjustments thereof, if any will be given effect in to the
books of accounts in the year of adjustments. As per the practice followed by the
corporation, items relating to assets, liabilities, income and expenditure are recorded as per
the data/information available in accounts department of the Corporation and such data in
some cases are to be reconciled/updated with the information available in respective other
departments. The consequential impact of pending inter departmental reconciliation has not
been ascertained.
12. Disclosures in accordance with requirements of Schedule VI and the Accounting
standards referred to in Sec211 (3c) of the Companies Act,1956
I. Earning in Foreign Exchange Nil (Previous Year Rs. Nil)
II. Expenditure incurred in Foreign Currency
a. Foreign Traveling – Rs. Nil (Rs.6.76 lacs)
b. Consultancy fees (included during the year in Capital Work In Progress) –
Rs.187.49 Lacs (Rs. 190.67 Lacs)
III. Remuneration paid to Managing Director & Joint Managing Directors:
(Rs. in Lacs)
17
Maharashtra State Road Development Corporation Limited
Schedules Forming Part of Accounts as on 31st March, 2008
Particulars 2007- 2008 2006- 2007
A. Salaries 24.67 18.08
B. Contribution To PF and other funds 5.60 7.72
including reimbursement
IV. Auditors Remuneration includes the following:-
(Rs. in Lacs)
Particulars 2007 – 2008 2006 – 2007
Audit Fees 5.00 5.00
Service Tax 0.52 0.61
Reimbursement of Expenses 0.00 0.64
Total 5.52 6.25
V. Related Party Disclosures:
Related party disclosures as required under AS 18 on “Related Party Disclosures”
issued by the ICAI are as follows :
For the year ended 31st March, 2008
a) Key Management Personnel:-
Shri Anil Deshmukh Chairman (from 4th December 2004)
Shri Ravindra Patil Co- Chairman (from 4th December 2004)
Shri D B Deshpande Director ( from 30th June 2006)
Shri K S Jangde Director ( from 2nd January 2007)
Shri Ramanath Jha VC & MD (upto 24th May, 2007)
Shri Satish M Gavai VC & MD (from 24th May 2007)
Shri A J Jagtap Jt. Managing Director – I (upto 12th Oct
2007)
Shri J T Nassikkar Jt. Managing Director – I (from 13th Oct
2007)
Shri V. Giriraj Jt. Managing Director – II (upto 30th June
2006)
Shri Samir Biswas Jt. Managing Director – II (from 1st July
2006)
b)
Name of the Subsidiaries
1 Satara Kagal Highway Construction Company Limited
2 Solapur City Integrated Road Development Company
Limited
3 Amaravati City Road Development Company Limited
4 Baramati Infrastructure Development Company Limited
5 Kolhapur City Road Development Company Limited
6 Mumbai Inland Passenger Water Transport Company
Limited
(Rs. In Lacs)
Nature of Transactions In relation to (a) above
18
Maharashtra State Road Development Corporation Limited
Schedules Forming Part of Accounts as on 31st March, 2008
Advance Received Nil
Advance Repaid Nil
Interest paid Nil
Directors remuneration 40.44
Balance as on 31.3.2008
1 Secured Loans Nil
2 Unsecured Loans Nil
3 Loans & Advance Given Nil
Note: Related Parties are as disclosed by the Management and relied upon by the
auditors.
All the related parties are state controlled enterprises and in terms of provisions of
Accounting Standard 18, no disclosure is necessary.
For the year ended 31st March, 2007
a) Key Management Personnel:-
Shri Anil Deshmukh Chairman (from 4th December 2004)
Shri Ravindra Patil Co- Chairman (from 4th December 2004)
Shri V V Borge Director (Up to 30th November 2006)
Shri D B Deshpande Director ( from 30th June 2006)
Shri K S Jangde Director ( from 2nd January 2007)
Shri Ramanath Jha VC & MD (Upto 24th May, 2007)
Shri Satish M Gavai VC & MD (from 24th May 2007)
Shri A J Jagtap Joint Managing Director – I
(upto 12th October 2007)
Shri V. Giriraj Joint Managing Director – II
(upto 30th June 2006)
Shri S V R Srinivas Joint Managing Director –II
(upto 24th May 2007)
Shri Samir Biswas Joint Managing Director –II
(from 28th May 2007)
Shri K. S. Pandav Secretary and Financial Advisor
b) Subsidiary Companies :
Name of the Subsidiaries
1 Satara Kagal Highway Construction Company Limited
2 Solapur City Integrated Road Development Company
Limited
3 Amaravati City Road Development Company Limited
4 Baramati Infrastructure Development Company Limited
5 Kolhapur City Road Development Company Limited
6 Mumbai Inland Passenger Water Transport Company
Limited
(Rs. In Lacs)
Nature of Transactions In relation to (a)
19
Maharashtra State Road Development Corporation Limited
Schedules Forming Part of Accounts as on 31st March, 2008
above
Advance Received Nil
Advance Repaid Nil
Interest paid Nil
Directors remuneration 29.78
Balance as on 31.3.07
1 Secured Loans Nil
2 Unsecured Loans Nil
3 Loans & Advance Given Nil
Note: Related Parties are as disclosed by the Management and relied upon by the
auditors.
VI. The Company has substantial unabsorbed losses and depreciation at the year end.
Considering the present business model and revenue prospects, on a conservative
basis the Company has not recognized any deferred tax assets in respect of these
losses. The Corporation has also not recognized deferred tax liability in respect of
depreciation since the net balance arising out of losses and depreciation is a deferred
tax asset which has not been considered for recognition. Presently as the Company
does not envisage future profits in coming years, the management is of the view that
once the business is capable of generating sufficient income to absorb the losses and
depreciation, deferred tax assets would be recognized.
VII. The accumulated losses of the Corporation at the end of the financial year are more
than its net worth. The Corporation has incurred cash losses during this financial year
and in the financial year immediately proceeding this financial year. However, the
Corporation does not fall within the definition of the Sick Industrial Company as per
the definition of Sick Industrial Companies (Special Provisions) Act, 1985.
VIII. In the opinion of the management, there has been no impairment loss on the carrying
amount of fixed assets and hence no provision for impairment has been recognized in
the accounts. The management is however in the process of implementing a system
containing detailed assessment of impairment loss as envisaged in Accounting
Standard 28 and resultant adjustments if any will carried out after such assessment.
IX. Disclosures as required under Accounting Standard 15 relating to employee benefits
have not been given since the same are to be compiled with at the time of full
compliance.
X. Earnings per Share (EPS) of the Company.
(Rs. Lacs)
Particulars 2007-2008 2006-2007
(a) Net Loss as per Profit & Loss Account 42,174.51 33,774.84
Net Loss available for Equity Shareholder 42,174.51 33,774.84
(Numerator used for Calculation)
Number of Equity Shares 50,00,070 50,00,070
Basic and Diluted Earnings Per Share of (843.48) (675.50)
Rs. 10 each (Rupees) (Annualized)
20
Maharashtra State Road Development Corporation Limited
Schedules Forming Part of Accounts as on 31st March, 2008
XI. The Company is primarily engaged in the segment of Infrastructure Development
and hence there is no reportable segment as per Accounting Standard 17 of ICAI.
XII. The Company has not made provision for Wealth Tax payable on Vehicles owned by
the Company. In the opinion of management, the vehicles owned by the Company
are used for commercial purposes and not liable for Wealth Tax.
XIII. Amounts due to Micro, Small and Medium Enterprises :
a) The name of the Micro, Small & Medium Enterprises suppliers defined
under “The Micro Small & Medium Enterprises Development Act, 2006
could not be identified, as the necessary evidence is not in the possession
of the Company.
b) The name of the Small Scale Undertakings to whom the Company owe a
sum exceeding Rs. 1, 00,000/- which is outstanding for more than 30 days
could not be identified, as the necessary information is not in the
possession of the Company.
13. Contingent Liabilities are as follows: -
(Rs. in Lacs)
Sr. Particulars 31st March, 08 31st
No. March,07
1 Estimated amount of contracts remaining 1,65,750.00 1,80,217.00
to be executed on Capital Account (Net of
Advances)
2 Claims against the Corporation arising 62,779.95 33,242.30
out of construction contract under
arbitration or otherwise not
acknowledged as debts.
3 Claims of rebate from Toll Collectors not 2,400.82 14,382.00
acknowledged by Corporation in respect
of which negotiation are in progress.
4 Bank Guarantee given by the Bank on 0.60 0.60
behalf of the company.
The above data is as compiled by the management based on information to the extent
available from different departments of the Corporation.
14. The Company is in the process of strengthening the internal audit system in force with
regard to its scope and coverage including to ensure that the compliances to various issues
raised in audit conducted by C&AG are addressed expeditiously. In the opinion of the
management there is no material impact of such pending observations on the accounts.
15. Previous period figures are given in brackets and are re-grouped / rearranged wherever
required.
16. Figures as reflected in the Financial Statements are stated as Rs. in Lacs.
21
Maharashtra State Road Development Corporation Limited
Schedules Forming Part of Accounts as on 31st March, 2008
17. Information pursuant to Part IV of Schedule VI to the Companies Act 1956 is given in
Annexure IV to this Schedule.
For Identification For and on behalf of the Board of
In terms of our Separate Report Maharashtra State Road Development Corporation Ltd.
For R.Devendra Kumar &
Associates
Chartered Accountants
Sd/- Sd/-
Satish M. Gavai J.T.Nashikkar
Vice Chairman & Managing Jt. Managing Director- I
Sd/- Director
(D.K.Gupta) Sd/- Sd/-
FCA G.M.Kandhare K.S.Pandav
Partner Director Secretary & Financial
M.No.09032 Advisor
Sd/-
Jatin C Desai
30TH November, 2009 Deputy Company Secretary
22
Schedules forming part of Accounts as on 31st March, 2008
Balance Sheet Abstract & Company General Business Profile
Information pursuant to Part IV of Schedule VI to the Companies Act, 1956.
I. Registration Details State Code : 1 1
Registration No. : 1 1- 1 0 1 5 8 6
Balance Sheet Date : 31 3 2008
Date Month Year
II. Capital raised during the year (Rs. In Thousands)
Public Issue (Including Premium) Rights Issue
Nil Nil
Bonus Issue Private Placement/Promoter's Contribution
(including premium and warrant issued)
Nil Nil
Call Unpaid/Received
Nil
III. Position of Mobilistaionn and Deployment of Funds (Amount in Rs. Thousands)
Total Liabilities Total Assets
71,336,663 71,336,663
Source of Funds
Paid-up Capital Reserves and Surplus
50,001 17,693,476
Secured Loans Unsecured Loans
40,161,156 4,666,568
Advance Receipts Share application Money
8,765,462 Nil
Application of Fund
Net Fixed Assets (including CWIP) Investments
55,959,675 13,500
Net Current Assets Misc.Expenditure
(7,509,660) Nil
Deferred Tax Liability Profit and Loss account
Nil 22,873,148
IV. Performance of Company. (Rs. In Thousands)
Turnover Total Expenditure
3,016,218 7,232,054
Profit/Loss (Before Tax) Profit/Loss (After Tax)
(4,215,835) (4,217,455)
(Please tick appropriate box,+Profit,-for Loss )
Earning Per Share (In Rs.) Dividend Rate %
(843.49) Nil
V. Generic Names of Three Principal Products/Services of Company (As Per Monetary Terms)
Item Code No. (ITC Code)
Product Description (Development of Roads, Flyovers, Bridges etc.)
Infrastructure Development
MAHARASHTRA STATE ROAD DEVELOPMENT CORPORATION LTD
ANNEXURE I
Sr No Project Concession Period Years Months
1 Bandra Worli Sea Link Project 30.06.1999 to 30.06.2029 30 360
2 Satara Kagal 04.01.2002 to 03.01.2021 20 240
3 Marathwada 01.07.1998 to 30.06.2030 32 384
4 Satara Chalkewadi 01.04.2001 to 31.03.2032 31 372
5 Rail Over Bridges 15 180
6 IRDP Nandurbar 30.07.2004 to 29.07.2028 24 288
7 IRDP Baramati 20.04.2005 to 19.04.2025 25 300
8 IRDP Nanded 31.12.2006 to 30.12.2032 26 312
9 Mumbai Pune Expressway 01.11.2000 to 31.10.2030 30 360
10 Thane Ghodbunder 01.01.2006 to 31.12.2020 15 180
11 Flyovers 01.10.1999 to 30.09.2029 30 360
12 Flyover Junctions 01.10.1999 to 30.09.2029 30 360
13 Subways 01.10.1999 to 30.09.2029 30 360
14 IRDP Nagpur 01.01.2000 to 31.12.2029 30 360
15 IRDP Solapur 01.01.2000 to 31.12.2030 31 372
16 IRDP Pune 01.01.2000 to 31.12.2029 30 360
17 ROB at Nandgaon 01.04.2006 to 31.03.2019 13 156
18 IRDP Aurangabad 01.01.2000 to 31.12.2022 23 276
19 IRDP Amravati 01.01.2001 to 31.12.2022 22 264
20 NASGM 01.07.1998 to 30.06.2030 32 384
21 PWD Nagpur 01.01.2000 to 31.12.2029 30 360
22 IRDP Latur 01.01.2000 to 31.12.2029 30 360
MAHARASHTRA STATE ROAD DEVELOPMENT CORPORATION LTD - 31ST MARCH, 2008
Annexure-II
Details of the Security of Secured Bonds
Series Secured /Non Convertible Amount Security & Mortgage Guaranteed / Date of
No. Bond Series (Rs.in lacs) Non Redemption
Guaranteed
II 14.15% Inst. – B 34,655.00 Charge on flats at Sanpada and Nerul, Dist. Thane, Mumbai Pune Express Way, Fly- Over Guaranteed 01.09.2009
(34,655.00) Projects, Land at Latur, Pune, Kohlapur and Mumbai and on movable assets being furniture and by the GOM
10.01% Inst. – C 803.00 fixtures and on all monies in designated Accounts to be received by the Corporation from the 01.09.2009
(803.00) specific projects from sale of advertisement rights, toll revenue collection & property
10.05% Inst. – D 3,261.00 development receipts. 01.09.2011
Face Value of Rs. 1,00,000/- (3,261.00)
No. of Bonds - 38719
III 13.50% Inst. – A 4,100.00 III to VII issued by the corporation aggregating to Rs. 20,627.00 Lacs are secured by mortgage and Un Guaranteed 02.05.2015
(4,100.00) charge over flats at Nerul and project assets of Nagpur – Aurangabad – Sinner - Ghoti Road and 02.05.2008 (30%)
13.10% Inst. – B 500.00 on all monies in the designated account to be receive by the Corporation from the specific project 02.05.2009 (30%)
(500.00) from sale of advertisement rights, toll revenue collection and property development. 02.05.2010 (40%)
Face Value of Rs. 1,00,000/-
No. of Bonds - 4600
IV 13.50% Inst. – A 1,400.00 - do - Un Guaranteed 03.05.2015
Face Value of Rs. 1,00,000/- (1,400.00)
No. of Bonds - 1400
V 13.50% Inst. – A 9,488.00 - do - Un Guaranteed 09.07.2015
(9,488.00) 09.07.2008 (30%)
13.10% Inst. – B 4,008.00 09.07.2009 (30%)
Face Value of Rs. 1,00,000/- (4,008.00) 09.07.2010 (40%)
No. of Bonds - 13496
VI 13.50% Inst. – A 368.00 - do - Un Guaranteed 22.09.2015
(368.00)
13.10% Inst. – B 100.00 22.09.2008 (30%)
(100.00) 22.09.2009 (30%)
13.10% Inst. – C 250.00 22.09.2010 (40%)
Face Value of Rs. 1,00,000/- (250.00) 22.09.2010
No. of Bonds - 718
VII 13.50% Inst. – A 20.00 - do - Un Guaranteed 24.10.2015
(20.00)
13.10% Inst. – B 255.00 24.10.2010
(255.00)
13.10% Inst. – C 138.00 27.11.2010
Face Value of Rs. 1,00,000/- (138.00)
No. of Bonds - 413
VIII 13.50% Inst. – C 18,700.00 Pari Passu Charge with the holders of series I and series II on flats at Sanpada and Nerul, Dist. Guaranteed 26.02.2011
Thane, Mumbai Pune Express Way, Fly- Over Projects, Land at Latur, Pune, Kolhapur and
Face Value of Rs. 1,00,000/- (18,700.00) Mumbai and on movable assets being furniture and fixtures and on all monies in designated by the GOM
Accounts to be received by the Corporation from the specifies projects from sale of advertisment
rights, toll revenue collection & property development receipts.
No. of Bonds - 18700
IX 12.50% Inst. – C 3,480.00 IX & X issued by the Corporation aggregating to Rs. 16,290.00 Lacs are secured by Pari Passu Guaranteed
(3,480.00) charge with the holder of the bonds of series I, II, & VIII referred above namely flats at Sanpada by the GOM 01.06.2011
12.25% Inst. – D 100.00 and Nerul, Dist. Thane, Mumbai Pune Express Way, Fly- Over Projects, Land at Latur, Pune,
Face Value of Rs. 1,00,000/- (100.00) Kolhapur and Mumbai and on movable assets being furniture and fixtures and on all monies in 01.06.2013
No. of Bonds - 3580 designated Accounts to be received by the Corporation from the specifies projects from sale of
advertisment rights, toll revenue collection & property development receipts.
X 12.50% Inst. – C 3,802.00 - do - Guaranteed
(3,802.00) by the GOM 23.07.2011
12.25% Inst. – D 1,002.00 23.07.2013
Face Value of Rs. 1,00,000/- (1,002.00)
No. of Bonds - 4804
XI 13.50% Inst. – A 1,000.00 XI, XII & XIII aggregating to Rs. 10,000.00 Lacs are secured by mortgage of project of Satara to Un Guaranteed 24.07.2016
(1,000.00) Kagal being part of National Highway Development Programme and charge on Flats at Nerul,
13.50% Inst. – B 1,500.00 alongwith Bond Holders of Series III to VII. 27.07.2016
Face Value of Rs. 1,00,000/- (1,500.00)
No. of Bonds – 2500
XII 13.50% Inst. – A 1,000.00 - do - Un Guaranteed 14.08.2016
(1,000.00)
13.50% Inst. –B 1,000.00 31.08.2016
(1,000.00)
13.50% Inst. –C 1,600.00 01.09.2016
Face Value of Rs. 1,00,000/- (1,600.00)
No. of Bonds - 3600
XIII 13.50% Inst. – A 1,000.00 - do - Un Guaranteed 19.10.2016
(1,000.00)
13.50% Inst. – B 2,900.00 23.10.2016
Face Value of Rs. 1,00,000/- (2,900.00)
No. of Bonds - 3900
XIV 12.00% Inst. – A - XVI, XVII, XVIII (Option I & Option II) and XIV earlier issued by the corporation aggregating to Guaranteed 16.05.2007
Rs. 47,233 Lacs are secured by joint mortgage with the holders of Bonds of series – I,II,VIII,IX & X
(400.00) by the GOM
of flats at Sanpada and Nerul, Dist. Thane, Mumbai Pune, Fly Over Projects, Land at Latur, Pune,
12.50% Inst. – B 4,000.00 Kolhapur, Worli Bandra Sea Link Project and Mumbai and on movable assets being furniture and 16.05.2012
fixtures and on all monies in designated Accounts to be received by the Corporation from the
(4,000.00)
specifies projects from sale of advertisment rights, toll revenue collection & property
Face Value of Rs. 1,00,000/- development receipts.
No. of Bonds – 4000
XV 13.00% Inst. A 2,000.00 XV aggregating to Rs. 3,100.00 Lacs are secured by mortgage of projects covered under Un Guaranteed 13.02.2017
(2,000.00) Marathawada Vikas Karyakram and pari passu charge on flats at Nerul alongwith Bond Holders
13.00% Inst.- B 1,100.00 of Series III to VII and Series XI to XIII. 20.03.2017
Face Value of Rs. 1,00,000/- (1,100.00)
No. of Bonds - 3100
XVI 11.00% Inst. – A 2,888.00 XVI, XVII, XVIII (Option I & Option II) and XIV earlier issued by the corporation aggregating to Guaranteed 31.08.2009
(3,688.00) Rs. 45,399/- Lacs are secured by joint mortgage with the holders of Bonds of series – I,II,VIII,IX,X by the GOM
11.25% Inst. – B 3,235.00 & XIV Flats at Sanpada and Nerul, Dist. Thane, Mumbai Pune Express, Flyover Over Projects, 31.08.2009
(3,235.00) Land at Latur, Pune, Kolhapur and Mumbai, Projects assets of Bandra Worli Sea Link Project and
11.50% Inst. –C 4,670.00 on movable assets being furniture and fixtures and on all monies in designated Accounts to be 31.08.2012
(4,670.00) received by the Corporation from the specifies projects from sale of advertisment rights, toll
11.72% Inst. –D 2,150.00 revenue collection & property development receipts. 31.08.2017
Face Value of Rs. 1,00,000/- (2,150.00)
No. of Bonds - 12943
XVII 11.00% Inst. – A - - do - Guaranteed 18.11.2007
(4,806.00) by the GOM
11.25% Inst. – B 1,193.00 18.11.2009
(1,193.00)
11.50% Inst. – C 4,585.00 18.11.2011
(4,585.00)
11.72% Inst. – D 947.00 18.11.2017
Face Value of Rs. 1,00,000/- (947.00)
No. of Bonds - 6725
XVIII 11.00% Inst. – A - - do - Guaranteed 07.01.2008
(400.00) by the GOM
11.72% Inst. – B 1,298.00 07.01.2010
(1,298.00)
11.50% Inst. – A - 07.01.2008
(40.00)
12.00% Inst. – B 150.00 07.01.2010
(150.00)
12.50% Inst. – C 15,671.00 07.01.2013
Face Value of Rs. 1,00,000/- (15,671.00)
No. of Bonds - 17119
XIX Zero Coupon Bonds 14,998.20 Flat at Sanpada Guaranteed 31.12.2013
Face Value of Rs. 209005/- (14,998.20) by the GOM
No. of Bonds – 7176
XX 10% Secured redeemable 7,000.00 Secured by pari passu charge mortgage with the holders of Bonds of series –, II, VIII, IX, X, XIV, Guaranteed 12.01.2014
Non XVI, XVII & XVIII of flats at Sanpada and Nerul, Dist. Thane, Mumbai Pune Express Way, Fly-
Convertible Bonds (7,000.00) Over Projects, Land at Latur, Pune, Kolhapur, Worli Bandra Sea Link Project and on movable by the GOM
assets being furniture and fixtures and on all monies in the designated accounts to be received by
Face Value of Rs 10,00,000/ the Corporation from the specific projects from sale of advertisement rights, toll revenue
collections & property development receipts.
No. of Bonds – 700
XXI 10% Secured redeemable 5,500.00 - do - Guaranteed 15.01.2014
Convertible Bonds (5,500.00) by the GOM
Face Value of Rs 10,00,000/
No. of Bonds – 550
XXII Zero Coupon Bond Option I 8,202.42 N.A. Guaranteed 26.03.2014
Face Value of Rs. 2,32,957/- (8,202.42) by the GOM
No. of Bonds - 3521
XXII Zero Coupon Bond Option II 5,000.49 N.A. Guaranteed 26.03.2014
Face Value of Rs. 3,85,543/- (5,000.49) by the GOM
No. of Bonds - 1297
XXIII Zero Coupon Bond Option II 37,998.08 Second charge on Bandra worli Sea Link Project Guaranteed 26.03.2014
Face Value of Rs. 3,22,966/- (37,998.08) by the GOM
No. of Bonds -
MAHARASHTRA STATE ROAD DEVELOPMENT CORPORATION LIMITED
Annexure III
Sr. Notification Details of proposal for Queries raised by PWD if any &
Name of Toll Station Notification No. & Date Renewal demanded up to
No. valid upto renewal sent to PWD action taken
No. PSP-1099/Cr-69/Road- upto 31.03.2010 as the toll station will be
1 Badnera Yawatmal 28.02.2005 04.12.2006 27.04.2009
9 Dt. 01.10.2002 included in IRDP Amaravai
No. PSP-1099/Cr-75/Road-
2 Belaj Phata 14.02.2003 Closed on 11.02.2009
9 Dt. 06.09.2001
No. PSP-2004/Cr- Reply submitted to PWDf vide
3 Chalisgaon 06.03.2008 07.05.2008 31.03.2014
267/Road-8 Dt. 05.03.2005 letter dt. 20.08.2009
No. PSP-2002/Cr-48/Road- Compliance submitted vide letter
4 Fursungi 04.10.2007 04.10.2005 2012
9 Dt. 04.10.2002 dt. 29.04.2009
No. PSP-2004/Cr- Compliance submitted on dt.
5 Kendali 30.11.2007 22.03.2007 2010
203/Road-8 Dt. 14.01.2005 20.04.2009
No. PSP-2002/Cr-75/Road-
6 Kedgaon 16.04.2006 03.03.2007 No querry till date 31.03.2030
9 Dt. 16.04.2003
No. PSP-2004/Cr-25/Road-
7 Lahuki 28.02.2007 Handed over to Public Works Department on 28.07.2009 at 23.00 hours
8 Dt. 23.02.2004
No. PSP-2004/Cr-25/Road-
8 Lasur 28.02.2007 03.01.2009 Reminder on 16.07.2009 2013
8 Dt. 23.02.2004
No. PSP-2002/Cr- Reply submitted on dt.
9 Latur ROB 25.03.2006 18.12.2007 2013
147/Road-9 Dt. 25.03.2003 19.05.2009
No. PSP-2004/Cr-25/Road-
10 Nakshatrawadi 28.02.2007 03.01.2009 Reminder on 16.07.2009 2013
8 Dt. 23.02.2004
No. PSP-2004/Cr-25/Road-
11 Sawangi 28.02.2007 03.01.2009 Reminder on 16.07.2009 2013
8 Dt. 23.02.2004
No. PSP-1098/Cr-167/LB-
12 Rahuri 04.04.2005 05.01.2007 No querry till date 2030
1/Road-9 Dt. 05.04.2002
Compliance submitted to PWD
No. PSP-1099/Cr-87/Road-
13 Yelakeli 25.11.2005 24.08.2006 vide letter no. 1926 dt. 31.12.2030
9 Dt. 26.11.2002
22.01.2008
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