The interim condensed Consolidated and Company financial
statements are for the six months ended 30 September 2014. The
comparative information required by IAS 1 were determined using IAS
34 and include comparative information as follows:
Statement of financial position 31 March 2014 being the end of immediately
: preceding financial year.
Income statement, statement of Six months ended 30 September 2013
comprehensive income, statement being the comparable interim period
of changes in equity and statement of the immediate preceding financial
of cash flows year.
1.4. Basis of preparation
These interim condensed Consolidated and Company financial
statements have been prepared under International Accounting
Standards-34- "Interim Financial Reporting" as adopted by the
European Union.
These interim condensed Consolidated and Company financial
statements have been prepared on the historical cost convention and
on an accrual basis, except for the following:
-- derivative financial instruments that are measured at fair value;
-- financial instruments that are designated as being at fair
value through profit or loss account upon initial recognition are
measured at fair value;
-- available-for-sale financial assets that are measured at fair value; and
-- Net employee defined benefit (asset) / liability that are measured at fair value.
The financial statements of the Group and the Company have been
presented in United States Dollars ('US $'), which is the
presentation currency of the Company. All amounts have been
presented in thousands, unless specified otherwise.
Balances represent consolidated amounts for the Group, unless
otherwise stated. The Company's financial statement represents
separate financial statement of KPVP.
The financial statements have been prepared on going concern
basis which assumes the Group and the Company will have sufficient
funds to continue its operational existence for the foreseeable
future covering twelve months. The Group requires funds both for
short-term operational needs as well as for long-term capital
investment programmes primarily at KMPCL and ancillary
infrastructure projects for its power plants. The Group currently
has net current liabilities of US $ 358,647. A number of the
facilities that are due to expire by 30 September 2015 are
typically extended and have rollover clause in a number of cases
that would ultimately translate to non-current liabilities or
sustained by nature of working capital facilities.
The Group continue to generate cash flows from the current
operations which together with the available cash and short term
deposits provides liquidity both in short-term as well as in
long-term. Anticipated future cash flows and undrawn long term
committed facilities of US $ 521,441 together with cash and short
term deposits of US $ 194,091 as at 30 September 2014 on a
consolidated basis are expected to be utilised to meet the
liquidity requirement of the Group in the near future.
The Group's forecast and projections, taking into account
reasonable possible changes in trading performance, show that the
Group has sufficient financial resources, together with assets that
are expected to generate free cash flow to the Group. As a
consequence, the Directors have a reasonable expectation that the
Company and the Group are well placed to manage their business
risks and continue in operational existence for the foreseeable
future. Accordingly, the Directors continue to adopt the going
concern basis of accounting when preparing these financial
statements.
2. Changes in accounting policy and disclosure
The accounting policies adopted are consistent with those of the
previous financial year.
3. Significant accounting judgements, estimates and assumptions
There have been no significant changes in the significant
accounting judgments, estimates and assumptions applied for the
purposes of the preparation of these interim condensed Consolidated
and Company financial statements.
2.
4. Dilution of ownership interest in a subsidiary
a. Qualified Institutional Placement (QIP) by KSK Energy
Ventures Limited ('KEVL')
During the period ended 30 September 2014, KEVL issued
additional 40,404,040 equity shares of face value of Rs. 10 (US $
0.17) each at a premium of Rs. 89 (US $ 1.48) per share in the
Indian domestic market by way of Qualified Institutional Placement
(QIP). The issue was fully subscribed and KEVL raised Rs.
3,911,991,680 (US $ 64,976) net of share issue expenses of Rs
88,008,280 (US $ 1,462).
Pursuant to the issuance of the additional equity shares the
ownership interest of the Group in KEVL decreased from 74.94
percent to 67.61 percent resulting in a 7.33 percent deemed partial
disposal of the Group's controlling interest in a subsidiary
without loss of control.
The partial disposal of the investment in a subsidiary without
loss of control is accounted as an equity transaction, and no gain
or loss is recognised in the consolidated income statement. The
difference of US $ 6,867, between the fair value of the net
consideration received (US $ 64,976) and the amount by which the
minority interest are adjusted (US $ 58,109), is credited to 'other
reserve' within consolidated statement of changes in equity and
attributed to the owners of the Company.
b. During the period ended 30 September 2014, the Group has
issued additional 370,000,000 shares in KSK Mahanadi Power Company
Limited ("KMPCL") to KSK Energy Ventures Limited ("KEVL") and Sai
Regency Power Corporation Private Limited ("SRPCPL") at a face
value of Rs 10 (US $ 0.17) at par. The above transaction has
resulted in dilution of 0.31 % of interest in subsidiary to
non-controlling interest.
The dilution of interest in subsidiary to non-controlling
interest is accounted as an equity transaction, and accordingly no
gain or loss is recognised in the consolidated income statement.
The difference of US $ (5) between the fair value of the net
consideration paid (US $ Nil) and the amount by which the
non-controlling interest US $ 5 is adjusted are debited to 'other
reserve' within consolidated statement of changes in equity and
attributed to the owners of the Company.
5. Investments and other financial assets
Consolidated Company
---------------------- ----------------------
30 September 31 March 30 September 31 March
2014 2014 2014 2014
------------ -------- ------------ --------
Current
Financial assets at fair value through
profit or loss
- held-for-trading 2,549 130 - -
- Derivative assets 422 - - -
Loans and receivables 78,402 72,333 29 4
Loans to and receivables from JV partners 1,851 777 - -
83,224 73,240 29 4
------------ -------- ------------ --------
Non-current
Financial assets at fair value through
profit or loss
- Derivative assets 49,604 50,196 - -
Available-for-sale investments 22,860 22,865 - -
Deposit with banks 10,346 10,953 - -
Loans and receivables 35,127 39,336 5,525 5,660
Loans to and receivables from JV partners 31,068 31,227 - -
Loans to and receivable from subsidiaries - - 166,068 133,873
Investment in subsidiaries - - 227,167 227,234
------------ -------- ------------ --------
149,005 154,577 398,760 366,767
------------ -------- ------------ --------
Total 232,229 227,817 398,789 366,771
------------------------------------------ ------------ -------- ------------ --------
Impairment of financial assets
During the period ended 30 September 2014, the Group's
available-for-sale financial asset of US $ 33 (31 March 2014: US $
2,986) and loans and receivable of US $ Nil (31 March 2014: US $
1,657) were collectively impaired.
During the period ended 30 September 2014, the Company's loans
and receivable of US $ Nil (31 March 2014: US $ 335) were
collectively impaired.
6. Cash and short-term deposits
Cash and short-term deposits comprise of the following:
Consolidated Company
----------------------- ----------------------
30 September 31 March 30 September 31 March
2014 2014 2014 2014
------------ --------- ------------ --------
Cash at banks and on hand 39,189 55,810 1,358 173
Short-term deposits 154,902 138,244 - -
------------ --------- ------------ --------
Total 194,091 194,054 1,358 173
-------------------------------- ------------ --------- ------------ --------
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