1. TPL Financials Mar 17 PGAAP to IND AS 11 · Tata Pro impactin to the lo empowe Compan Sustaina...
158
Transcript of 1. TPL Financials Mar 17 PGAAP to IND AS 11 · Tata Pro impactin to the lo empowe Compan Sustaina...
18
Brief ouundertak
Tata Proimpactinto the loempowe
CompanSustainarecommeProjects Respons
Companunder prand augm
CompanAction in
This poli
The corpoperationprojects
Compan(TPCDT
ImplemecomprisiDepartm
Compantechnolopromote developm
Focus ar
Water aentrepre
� Establpopula
� Createlakhs m
� 115 so� Conne
hygien� Installe
conver
utline of theken are as fo
ojects, belieg and suppo
ocal area anerment of com
ny shall striveable Developended by thewill particip
se.
ny is commitrivileged Affiment their ef
ny shall play nitiatives to d
cy may be v
pus to be sns for the prshall not form
ny will imple) and other p
entation of thng: CSR co
ment.
ny shall buiogy to addres
volunteeringment.
reas of deve
and Sanitatneurs in wat
ished 115 Ration ed awarenesmembers ocial entrepr
ected RO rejene and hydred 1 desalinrting sea wat
ANNUA
Company'sollows
ves that it orting both thd areas aroummunities.
e to align witpment Goalse CSR commate in Group
tted to imprormative Actifforts in this d
an active rorive significa
iewed at web
spent on CSreceding threm part of bus
ement all CSpartners like
is policy will mmittee of t
ild partnershss societal ng to enable e
lopment sha
tion: The oter space and
RO plants to p
ss on health
reneurs wereect water in roponics in 5ation plant inter to safe dr
AL REPO
s policy, inc
has a respohe environmeund it where
th the Tata G (SDG), in li
mittee of the p CSR Initiat
ove the quaon commundirection.
le in promotant impact.
b link i.e., ww
SR shall inclee financial ysiness profits
SR activitiesNGOs, Acad
be monitorehe Board, C
hips and peeds (Centreemployees, p
all include pro
objective is d create awa
provide safe
h, water and
e promoted to8 school toil locations n Srikakulamrinking water
ORT ON C
cluding over
onsibility towent and the ce it operates
Group CSR ane with the Board and atives in the
lity of life ofity and whe
ion of inclus
ww.tataproje
ude at leasyears. Any ss of the Com
s through Tademic institut
ed and reviewCSR/AA (Affir
promote innoes of Excellepartners to c
ograms;
to provideareness on c
drinking wat
clean sani
o provide saflets reaching
m, a Hudhud r.
CSR ACTI
rview of pro
wards societcommunities
s, focusing o
and other Naschedule VI
approved by area of Skill
f members orever possib
ive growth th
cts.com
t 2% of thesurplus arisin
mpany
ata Projects tions, Gover
wed periodicrmative Actio
ovations thrence). Tata Pcontribute the
e safe drinkclean sanitati
ter to rural c
tation in 130
fe drinking wg 1500 stude
affected are
IVITIES
ojects/progra
ty. Further bs. Company on sustainab
ational and iI of the Comthe Board frol, Water, Ed
of the commble, interact w
hrough deplo
e average neng out of the
Communitynment and o
cally through on) steering
rough incubProjects shaeir skills, tale
king water on.
community be
0 locations r
water to the ruents to the c
ea benefiting
ANNEX
ams propose
believes in pshall give prility of progr
nternal goalsmpanies Act om time to tiucation and
munity, especwith identifie
oyment of Af
et profit of oe CSR progr
y Developmeother Trusts e
a three tier committee a
bation of idell continue to
ents and exp
and develo
enefitting 10
reaching aro
ural communleaner sanita
g 8 fisher folk
XURE - 1
ed to be
positively reference rams and
s like the 2013, as me. Tata Disaster
cially the ed NGOs
ffirmative
our India rams and
ent Trust etc.
structure and CSR
eas and o actively pertise for
op social
.60 lakhs
und 2.42
nity ation and
k villages
Skill Devmove to and deve
� Traineerecti(Srika
� 176 RTelan
� 490 SDeve
� A totaand 2
Educatioinitiatives
� � P� 4� A
i� T
(� C
e� P
M
S. No.
CSRor Id
1 De
2 WSa
velopment: a virtuous celopment
ed 1409 canion at 3 cenakulam), out RO techniciangana and MScheduled Clopment Proal of 2075 ca244 others)
on To impros of other Co
1600 GovernProvided Ed4 Additional Adopted 62 interventionsTPL employe(Volunteer 2 Chairman's education tillProvided FA
Manner in whic
R Project Activity entified
Swpc
Skill evelop-ment
Em-envocskiespamchiwoeldthediffabl
Water & anitation
Propreheaandsanandavasafwa
The objectivcycle of high
ndidates on tres in Orissof the trainens trained ataharashtra.
Caste (SC) /gram (EDP)
andidates we
ove literacy/eorporates and
nment schooucation Kit toteachers westudents u
s ees imbibed Teach progscholarship l graduation
AEA (Tata Gr
ch the amount
Sector in which the project is covered
pL
D
pr
mploymentnhancing cational lls pecially
mong ldren, men, erly, and
e ferently-ed
TeHyRRPrSrRaMaNaOdKeNaKo
omoting eventive alth care d nitation d making ailable fe drinking ter
AnPrSrViVimChAnTeHyRaKaMana
ve is to suppher productiv
skill trainingsa (Nayagadd persons abt Hyderabad
/Scheduled Tat Nasik, Sr
ere put throug
education effod Non-Gove
ol are being bo 398 studen
ere provided tunder affirma
special coacram) to 8 (Eight)
roup) scholar
spent during t
Projects or programs (1) Local area or
other (2) Specify the State and
District where projects or
rograms were undertaken
elangana-yderabad, R Dist,Andhra radesh - rikakulam, ajahmundry aharashtra - asik, Nagpur disha- endrapad, ayagad, oraput ndhra radesh - rikakulam, ziyanagaram, shakhapatna, Nellore, hittor, nantpur elangana-yderabad, angareddy, arimnagar, ahaboob-
agar,
port the Natiovity, employm
in bar bendd, Koraput, Kbout 85% haand have be
Tribe (ST) cikakulam andgh various sk
orts by particrnmental Org
benefited, sunts in the 5 ato Governmeative action
ching to the
) students a
rships to 5 (F
the financial ye
Amount outlay
(budget) project or program
wise
62,25,000
104,78,000
onal Skill Dement, incom
ding, masonrKendrapad) aave beenempeen placed a
andidates wd Rajahmundkilling and ED
cipating in vaganizations (
pport extenddopted Goveent schools t
to support
adopted stud
adopted und
Five) student
ear
Amount speprojects or Sub-heads:
expenditure oprogram (2) O
Direct Exp
58,91,680
107,13,509
evelopment ae growth, en
ry and form and 1 centreployed. as technician
were trained dry DP program
arious Gover(NGOs)
ded by TPL Cernment schoto provide qu
for graduat
dents to imp
er affirmativ
ts to study en
ent on the programs
: (1) Direct on project or Over-heads
Over Heads
5,15,810
8,15,210
and help Indunhance emp
carpentry ae in Andhra
s in Andhra
on Entrepre
mme (842 ST
rnment sche
CSR. ools
uality educatition through
prove their ac
ve action to
ngineering
(Amo
Cumulative expenditure
up to the reporting
period
64,07,490
115,28,719
19
ustries to ployability
nd tower Pradesh
Pradesh,
eneurship
T, 989 SC
emes and
ion h various
cademics
continue
ount in Rs)
Amount spent
Directly or through
implementing
agency*
Implementing Agency – Sir Ratan Tata Trust, NGOs and TPCDT
NGOs and Direct
20
S. No.
CSRor Id
3 Ed
4 CoDe
Vinayak
ManaginDIN: 000
R Project Activity entified
Swpc
ducation
ProEdincspeeduespamchiwoeldthediffabl
mmunity evelop-ment
devp
T
k K Deshpan
ng Director 036827
Sector in which the project is covered
pL
D
pr
WAdMaSa
omoting ucation
cluding ecial ucation, pecially
mongst ldren, men, erly and
e ferently ed
TeHyDiMaNaTaKu
Rural velopment projects
UtGhBiMaHaGuMaNaMSi
Total
nde
Projects or programs (1) Local area or
other (2) Specify the State and
District where projects or
rograms were undertaken
Warangal, dilabad aharashtra- angli
elangana - yderabad, RR st, aharashtra - agpur amil Nadu –undankulam
ttar Pradesh-hazipur, har-adhubani, aryana-urgaon, aharashtra-agpur, umbai kkim-Namchi
Amount outlay
(budget) project or program
wise
14,85,000
118,12,000
300,00,000
Amount speprojects or Sub-heads:
expenditure oprogram (2) O
Direct Exp
10,87,742
102,79,071
279,72,002
S
ent on the programs
: (1) Direct on project or Over-heads
Over Heads
2,61,949
4,88,768
20,81,737
Sowmyan Ra
D
Cumulative expenditure
up to the reporting
period
13,49,691
107,67,839
300,53,739
amakrishna
ChairmaIN: 0000509
Amount spent
Directly or through
implementing
agency*
Direct
NGOs and Direct
an
n 90
CONSE
A. ConsSteps ta(i) Con
For (ii) Con
Halof R
(iii) Impcon4.8%
(iv) Cap
B. TechEfforts m(i) Fo
caim
(ii) Co� By
yethr
� Usbu42
� Effis
� Utan
� AdHych
(iii) Imfin
(a) Th(b) Th(c) W(d) If n
(iv) Th
C. ForeiThe foreoutgo du
Earn
RVATION O
servation ofken or impacntinuously uswhich the C
ntinuously uside Mercury
Rs 4,14,826/-proved utilizastant heat th% i.e., 26.28pital investme
hnology absmade towardsor power supable drag ch
mprovement, ost Reductiony controlling ear and saveree crores thse of used undles in pla2,000/- forts made t16.744 Mt, wtilised used Gnd plate bunddopting top ydrochloric Ahemical requimported techn
ancial year) he details of the year of imhether the tenot fully absohe expenditu
ign exchangeign exchanguring the yea
nings/ OutgoEarnings
Outgo
OF ENERGY
f energy ct on conservsed Real Tim
Company recesed 250 W inVapour Lam
-. ation of galhroughput b0 KL of igniteent on energ
orption s technologypply of Goliathain which icost reduction process andd 186 MT of
hirty-nine lakhGalvanized
ace of fresh
o reduce wirwhich resulteGalvanized wdles, in placeup method
Acid i.e., 57.0ired for neutrnology (impo
technology import - NA
echnology is orbed, areasre incurred o
ge earningsge earned in
ar in terms of
o Y
Y, TECHNO
vation of eneme Auto Poweived Rs 10,nduction lammps (50 Num
vanizing fury proper sete oil and sav
gy conservati
y absorptionth Crane in is more relion, product d
d dipping timf Zinc which hs forty-threeWire generwire. Total
re consumpted in saving owire (total 13e of fresh wire
for pickling 04 MT of acidralization etcorted during
mported - NI
fully absorbes where absoon Research
and Outgon terms of aactual outflo
ear ended 34340
OLOGY ABS
ergy wer Factor C,96,026/- as
mps in producmbers) and s
rnace by mtting of burnved Rs 11,82ion equipme
raw materialable and sa
development
me, reduced Zresulted into
e thousand oated from gquantity us
tion by 497 gof Rs 6,51,69300 Kg) genee, resulted inprocess res
d. Cost savec., put togeth
the last thre
L
ed- NA orption has no
and Develop
actual inflowsows is as foll
31st March 236.17 01.25
SORPTION
Control Panelan incentivection shop, insaved 51,150
aintaining cers, which r
2,600/- duringnt installed:
l yard, replacafe, which ror import su
Zinc Consumo a cost savonly) galvanizing fsed is 1200k
gram/ Mt. By98/- erated from gn net savingsulted in saed against freer comes toRee years rec
ot taken placpment - NIL
s during theows
017 Y
l to maintain. n place of 400 Kw/h powe
continuous feresulted in sg the year.
NIL
ced the use resulted in bubstitution;
mption by 0.3ving of Rs 3,
for bundling kg resulting
y doing so, q
galvanizing, ofRs57,000/
aving of 1.69esh acid purRs 5,33,519.ckoned from
ce and the re
e year and t
Year ended 22
Sowm
ANNE
Unity Powe
00 W High Ber, resulting
eed and maaving of ign
of flexible cabenefits like
316% as aga,39,43,000/-(
of cleats ainto a savin
uantity of wi
for bundling /- 93 kg/Mt qurchase, dispo. the beginnin
easons there
he foreign e
(Rs. I31st March
280.16 232.67
myan Ramak
C DIN: 0
21
XURE-2
er Factor.
Bay Metal in saving
aintained ite oil by
able with e product
ainst last ( Rupees
and plate ng of Rs
ire saved
of cleats
uantity of osal cost,
ng of the
eof - NA
exchange
In Crore) 2016
krishnan
Chairman 00005090
22
EXTRA Extract oprovided
[Pursua
I. REGIS
i. ii. iii.
iv.
v.
vi.
vii.
II. PRINC
All busin CompanInfrastruName a
Industria
III. PART
S.No
1 AL
2 T
3 U(I
4
TP(I
5 TS(
6 TSP
ACTS OF AN
of Annual Red below
Extract o
ant to Sectio
STRATION A
Company IdRegistrationName of the
Category / S
Address of details
Whether lisName, AddRegistrar an
CIPAL BUSI
ness activities
ny operates cture, Urban
and Descript/ se
al Infra
TICULARS O
Name and Aof
The ComArtson EnginLimited TEIL ProjectsUjjwal Pune Lformerly TatnfrastructureTQCert ServiPrivate Limiteformerly Foondia Private TPL - TQA QServices SouProprietary)
TPL - TQA QServices (MaPty Limited
NNUAL RE
eturn as requ
of Annual Re
on 92(3) of C
AND OTHER
dentification n Date e Company
Sub-Categor
the Register
ted Companress and Cond Transfer A
INESS ACTI
s contributing
its businen Infrastructution of mainrvices
OF HOLDING
Address
mpany eering
s Limited Limited a Projects
e Limited) ices ed odCert Limited)
Quality uth Africa Limited
Quality auritius)
ETURN
uired under S
Feturn as on
Companies and Admin
R DETAILS
Number (CIN
ry of the Com
red office and
ny (Yes/No) ontact detailsAgent, if any
IVITIES OF T
g 10% or mo
ss through re and Quali
n products
G, SUBSIDIA
CI(Global Loc
L27290MH1
U74140DL2
U45200TG2
U74220TG2
2009/01235
083234C1/G
Section 92 (3
Form MGT- 0the financia
Act 2013 annistration) R
N)
mpany
d contact
of y
THE COMPA
ore of total tu
Three (3) ity Services.
NIC Code serv
331, 360,429, 711
ARY AND A
N/GLN cation Numb
1978PLC020
2008PLC180
2013PLC088
2003PTC040
51/07
GBL
) of Compan
09al year ende
nd Rule 12 (1Rules, 2014]
U45203TG20th FebruTata ProjeIndian, NoLimited byMithona TPrendergh500003 No
Not Applic
ANY
urnover of Co
Strategic
of the Prodvice – 2008 , 410, 421, 41, 712 and 85
ASSOCIATE
ber)Hold
SubsAsso
0644 Subs
897 Asso
8608 Subs
0523 Subs
Subs
Subs
nies Act 2013
d on 31st Ma
1) of Compa
G1979PLC05uary 1979 ects Limitedon-Governmy Shares
Towers - 1, 1hast Road, S
cable
ompany shal
Business U
duct/ % t
22, 54
COMPANIE
ding/idiary/ociate
%shH
sidiary
ociate
sidiary 1
sidiary 1
sidiary
sidiary
ANNEX
3 in form MG
arch 2017
anies (Mana
57431
dment Compa
1-7-80 to 87,Secunderab
l be stated
Units Viz., I
to total turnothe Compa
86%
ES
% of hares Held
Aps
75
50
100
100
60
70
URE - 3
GT-9 is as
agement
any
,bad –
Industrial
over of any
plicableection
2(87)
2(6)
2(87)
2(87)
2(87)
2(87)
S.No
7 TG
8
TEAL
9 A&(
10 IS
11 NL
12 IEC
IV.SHAR
i) Categ
CategShareh
A. Promot(1) Indian a) Individub) Central Governmec) State God) Bodies ce)Bank/ FiInstitutionsf) any otheSub-total (2) Foreiga) NRIs-Indb) Other – Individualsc) Bodies cd) Banks/Fe) Any otheSub-total Total Sharof Promot(A)=(A)(1)B. Public S1. Instituti
a) Mutual Fb) Banks / Institutionsc) Central Governmed) State Goe) VentureFunds f) InsurancCompaniesg) FIIs h) Foreign
Name and Aof
The ComTQ Services GmbH, GermTPL-Asara Engineering SAfrica (PropriLimited Al-Tawleed fo& Power Co.,under Liquidndustrial QuServices LLCNesma Tata Limited Co LLnd Project Engineering (Co Ltd
RE HOLDING
gory-wise S
ory of holders D
ters
al / HUF
ent overnment corporate nancial s er (A) (1) ndividuals
s corp. FI er (A) (2) reholding ters+(A)(2) Shareholding ions
FundsFinancial
s
ent overnment
e Capital
ce s
Venture
Address
mpany Europe
many
South ietary)
or Energy , LLC
dation) ality
C, Oman Projects LC
(Sanghai)
G PATTERN
Share HoldinNo. of S
begin
Demat Phys
0 00 0
0 0
0 00 0
0 0
0 00 0
0 0
0 0
0 00 00 00 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 00 0
CI(Global Loc
HRB 68170
2014/ 19324
101/101000
1229852
4030291761
91310000M
N (Equity Sh
ngShares held at ning of the yea
sical Total
0 0 0 0
0 0
0 0 0 0
0 0
0 0 0 0
0 0
0 0
0 0 0 0 0 0 0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0 0 0
N/GLN cation Numb
49/ 07
/8375
1
A1FP33B6J
are Capital
the ar
% of Total
Shares
0.00% 0.00%
0.00%
0.00% 0.00%
0.00%
0.00% 0.00%
0.00%
0.00%
0.00% 0.00% 0.00% 0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00% 0.00%
ber)Hold
SubsAsso
Subs
Subs
Asso
Subs
Asso
Subs
Breakup as
No. of Sh
Demat Ph
0 0
0
0 0
0
0 0
0
0
0 0 0 0
0
0
0
0
0
0
0
0 0
ding/idiary/ociate
%shH
sidiary 1
sidiary
ociate
sidiary
ociate
sidiary 1
percentage
hares held at ththe year
hysical Tot
0 0 0 0
0 0
0 0 0 0
0 0
0 0 0 0
0 0
0 0
0 0 0 0 0 0 0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0 0 0
% of hares Held
Aps
100
70
30
70
50
100
e of Total Eq
he end of
tal % of Total
Shares
0.00% 0.00%
0.00%
0.00% 0.00%
0.00%
0.00% 0.00%
0.00%
0.00%
0.00% 0.00% 0.00% 0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00% 0.00%
23
plicableection
2(87)
2(87)
2(6)
2(87)
2(6)
2(87)
quity)
%Change during
theyear
0 0
0
0 0
0
0 0
0
0
0 0 0 0
0
0
0
0
0
0
0
0 0
24
CategShareh
Capital Fu
i) Others (s
Sub-total
2. Non-Insa) Bodies C
i) Indian
ii) Oversea
b) Individui) IndividuaShareholdeholding noshare capiRs. 1 Lakhii) IndividuaShareholdeholding nominal shcapital in excess of RLakh c) Others (i. Non ResIndividual Sub-total Total PubSharehold(B)=(B)(1)C. Shares Custodian ADR Grand Tot(A+B+C)
(ii) Sh
S.No.
Sh
1
(iii) Ch
S.No.
1 Ath
DPyin/t
2 A
ory of holders D
nds
specify)
(B)(1)
stitutions Corporate
15as 4als
al ers minal tal up to
h al ers
hare
Rs. 1
(specify) sident
(B)(2) 20lic ding +(B)(2)
20
held by for GDR&
tal 20
hareholding
hareholder’s Name
NIL
hange in Pr
At the beginninhe year
Date wise IncPromoters Shyear specifyincrease / detransfer / bonu
At the End of t
No. of Sbegin
Demat Phys
0 0
0 0
536560 0
488440 0
0 0
0 0
0 0
025000 0
025000 0
0 0
025000 0
g of PromoteShareho
No. of Shares
0
omoters’ Sh
ng of
crease / Dechareholding dng the reacrease (e.g. us/ sweat equhe year
Shares held at ning of the yea
sical Total
0 0
0 0
0 153656
0 488440
0 0
0 0
0 0
0 202500
0 202500
0 0
0 202500
ers olding at the
of the year
% of total
Shares of the
Company
0.00%
hareholding
crease in uring the sons for allotment
ity etc.,)
the ar
% of Total
Shares
0.00%
0.00%
60 75.88
0 24.12
0.00%
0.00%
0.00%
00 100%
00 100%
0.00%
00 100%
beginningr
%of SharesPledged /
encumberedto total shares
0.00%
g (please speShareholdi
beginning o
No. of shares
%sh
C
0
0
0
No. of Sh
Demat Ph
0
0
1536560
488440
0
0
0
2025000
2025000
0
2025000
Shareh
d No. of Shares
0
ecify, if therng at the
of the year% of total
hares of the Company
0.00%
0.00%
0.00%
hares held at ththe year
hysical Tot
0 0
0 0
0 1536
0 4884
0 0
0 0
0 0
0 2025
0 2025
0 0
0 2025
holding at theYear
% of total
Shares of the
Company
0.00%
re is no chaCumulative
No. of sha
0
0
0
he end of
tal % of Total
Shares
0.00%
0.00%
560 75.88
440 24.12
0.00%
0.00%
0.00%
000 100%
000 100%
0.00%
000 100%
e end of the
%of SharesPledged /
encumberedto total shares
0.00%
nge) e Shareholdin
the year
ares%
sharCo
0
0
0
%Change during
theyear
0
0
NIL
NIL
0
0
0
NIL
NIL
0
NIL
%change
in share
holdingduring
theyear
s
d
0.00%
ng during
of totalres of the ompany
0.00%
0.00%
0.00%
SN.
1
2
3
4
5
6
7
(iv) SH
S.o.
For eachTop
Shareh
1 The Tata PCompany L
2 Omega TCHoldings P
3 Tata ChemLimited
4 Tata Sons
5 Voltas Lim
6 Tata IndusLimited
7 Tata Capita
(v) Shar
S.No.
1 A
DPsds
3 A V. INDEB
Indebted
Indebtedi) Principaii) Interesiii) InteresTotal (I +Change iAdditionReductionNet ChanIndebtedi) Principaii) Interesiii) InteresTotal (i+i
ShareholdinHolders of G
h of the 10 olders
S
Nsh
Power Limited 9,6
C PTE LTD 4,8
micals 1,9
Limited 1,3
ited 1,3
stries 6
al Limited 44
reholding of
For E
At the beginninDate wise Promoters Shspecifying thedecrease (e.gsweat equity eAt the end of th
BTEDNESS
dness of the
Particul
dness at the bal Amount t due but not p
st accrued but+ ii + iii) in Indebtedne
n nge dness at the eal Amount t due but not p
st accrued buti+iii)
ng Pattern GDR and AD
hareholding atbeginning of t
year
No. of hares
%Tot
shareth
Comp
67,500 47.
88,440 24.
93,500 9.5
35,000 6.6
35,000 6.6
0,750 3.0
4,810 2.2
f Directors a
ach of the Diand KMP
ng ofthe year Increase /
hareholding de reasons . allotment /tr
etc.,) he year
e Company
ars
beginning of t
paid t not due
ess during th
end of the fina
paid t not due
of top ten DR)
t the he
CShare
oftal es of
hepany
No. oshare
.78 9,67,50
.12 4,88,44
56 1,93,50
67 1,35,00
67 1,35,00
00 60,750
20 44,810
and Key Man
rectors
Decrease during the yefor increase ransfer / bonu
including in
Secuexclud
the financial
he financial ye
ancial year
Shareholde
Cumulative eholding during
the year
fs
% of Totashares o
theCompany
00 47.78
40 24.12
00 9.56
00 6.67
00 6.67
0 3.00
0 2.20
nagerial Per
Shabegin
No. ofshares
0 in
ear /
us/ 0
0
nterest outs
ured Loans ding depositsyear
39,865.1778.6650.41
39,994.24ear
24,049.6928,985.62(4,935.93)
34,911.40
146.9135,058.31
ers (other t
g
DateDecreasduring th
reaso
alof
yDate N
s
Nil
Nil
Nil
Nil
Nil
Nil
Nil
rsonnel (KM
reholding at nning of the y
fs
% of tshares
Comp0.00
0.00
0.00
standing/acc
sUnsecure
Loans
7 17,732.76 1 4 17,732.7
9 15,000.02 17,732.7) (2732.71
0 15,000.0- 1 1 15,000.0
han Directo
wise Increase se in Shareholdhe Year specify
ons for increasedecrease
No. of hares
Incre(Decr
)
Nil N
Nil N
Nil N
Nil N
Nil N
Nil N
Nil N
MP)
theyear
Cu
totalof the
pany Nsh
0%
0%
0%
crued but no
ed Deposits
71 -- -- -
71 -
00 -71 -1) -
00 -- -- -
00
ors, Promot
/ding ying e/
At the(
ease/rease)
No. oshare
Nil 9,67,5
Nil 4,88,4
Nil 1,93,5
Nil 1,35,0
Nil 1,35,0
Nil 60,75
Nil 44,81
umulative Shduring the
o. of hares
%sh
C0
0
0
ot due for pa(Amoun
s TotIndebte
-- - -
- - 4- (
- 4- -
25
ters and
e end of the ye(or the date
ofes
% of Totshares o
theCompan
500 47.78
440 24.12
500 9.56
000 6.67
000 6.67
50 3.00
10 2.20
areholding e year% of totalares of the
Company 0.00%
0.00%
0.00%
ayment nt in Lakh) taledness
57,597.8878.66 50.41
57,726.95
39,049.69 46,718.33 (7,668.64)
49,911.40 -
146.91 50,058.31
ear
talof
ny
26
VI. REM
A. Rem
S.No.1. G
(((
2. S3. S4. C
-5. O
B. Remu
Sr.No.
ParticuRemun
1
Sitting attendiBoard/commimeetinand IndepeDirectomeetinComm
ToOverall Ceil
per the A
Note
Nomina
Corpora
UNERATION
muneration t
Particulars
Gross salary (a) Salary as p(b) Value of pe(c) Profits in lieStock Option Sweat Equity Commission- - others, speciOthers, please
uneration to
ulars of neration Ms N
Sa
fee for ing / ttee
ngs
endent ors ng
12,4
ission 25,0otal 37,4ing as
Actfor sfor C
Type of
Board M
Audit Comm
ation and Rem
Project Revie
ate Social Res
N OF DIREC
to Managing
s of Remuner
per provisionserquisites u/s1eu of salaryun
as a % of profify eSpecify (Roy
o other Direc
Neera aggi
Mr Kuma
INDEPENDENDIRECTORS
40,000 12,0
00,000 25,040,000 37,0itting fee Rs 1
Commission (1
S
Meeting
Meeting
ittee Meeting
muneration Co
ew Committee
sponsibility Co
CTORS AND
g Director, W
ration to ManDesh
scontained in s17(2) Income-nder section 1
fit
yalty)
ctors
Samir ar Barua Ram
NTS
00,000 1
00,000 300,000 4,00,000/- per % of net profi
Sitting Fee De
mmittee
e
ommittee
D KEY MANA
Whole-time
aging Directohpande
section 17(1) o-tax Act, 19617(3) Income T
Nam
Mr S makrishnan
NON-IN
3,60,000
0,00,000 23,60,000 2meeting ts) = Rs 1,97,
etails for the
AGERIAL PE
Directors an
or - Mr Vinaya
ofthe Income-
TaxAct, 1961
Ceiling
e of Directors
Mr P N Dhume P
NDEPENDENT
5,60,000
20,00,000 25,60,000
54,000/-
FY 2016-17
Amo
40,000
40,000
20,000
20,000
20,000
ERSONNEL
nd/or Manag
ak Kashinath
tax Act, 1961
Tog as per the A
Mr arashuram
G Date
NON EXECUTI
- -
- - --
ount in Rs.
0 per meeting
0 per meeting
0 per meeting
0 per meeting
0 per meeting
ger (Amou
hTotalA
2,
3,
otal 5,Act 9,
(Amou
Mr Padmanabh Sinha
IVE DIRECTOR
5,80,000
20,00,000 25,80,000
unt in Rs.)
Amount
06,23,856 12,21,600
- - -
15,00,000 - -
- 33,45,456 87,70,000
unt in Rs)
Mr Rajit Desai
RS
- -
- - - -
C. RM
Sr.No. 1. Gro
a.
b. c.
2 Sto3 Sw
4Com- -
5 Oth Tot
VII. PEN
Typ
A. CompPenalty PunishmeCompounB. DirectPenalty PunishmeCompounC. Other Penalty PunishmeCompoun
REMUNERAMD/MANAG
P
oss Salary Salary as pethe Income-taValue of perqProfits in lieu Act, 1961
ock Option weat Equity
mmission as a % of prothers, spec
her, please sptal (A)
NALTIES / PU
pe SeCom
any
ent nding ors
ent nding Officers in D
ent nding
ATION TOGER/WTD
Particulars of R
er provisions cax Act, 1961 uisites u/s 17(of salary und
rofit cify ecify
UNISHMENT
ection of the mpanies Act
Nil Nil Nil
Nil Nil Nil
Default Nil Nil Nil
O KEY
Remuneration
contained in s
(2) Income-taxer section 17(
T/ COMPOU
BriefDescriptio
---
---
---
MANAGER
section 17(1)
x Act, 1961 (3) Income tax
NDING OF O
on
Det/P
Com
RIAL PE
Compan
of
x
OFFENCEStails of PenaltPunishment / mpounding fe
imposed
---
---
---
RSONNEL
Key Managerny Secretary
52,23,678
54,172
-
- -
-
- 52,77,850
ty
ees
Au
NC
Sowm
OTHER
(Amourial Personnel
Chief Financ
1,
1,
uthority [RD /
NCLT / COURT]
if
---
---
---
myan Ramak
C DIN: 0
27
THAN
unt in Rs.)
cial Officer
09,78,448
5,57,490
-
- -
-
- 15,35,938
Appeal made,
any (give Details)
---
---
---
krishnan
Chairman 00005090
28
Details Section Corpor
Name an
To CorporaPowai, MuTo HDFC Tata-AldesTo CorporaJV Powai,
To Deutsc
To IndusInTo Kotak Pune Limit
Loans a
ICDs Loans
Name an
Artson En
Acquis
Name
VirendraArtson ETPL-TQAMauritiusTPL-TQA4000 TQ ServUjjwal PuTQ Cert Tata DilwIndustriaTEIL ProAl-Tawle*As the co
of Loans, G186 of the
ate Guaran
nd address of whom it
ation Bank on bmbai Bank, Lower P
sa (JV) ation Bank, PowMumbai
he Bank AG, Ch
nd Bank, on behMahindra Bank
ted
and Inter-C
-
nd address ofto whom
ngineering Lim
ition of sha
e and addres
a Garments MEngineering LA Quality Ses A Quality Se
vices Europe une Limited Services Pri
worth Secordal Quality Serojects Limitedeed for Energmpanies are un
Guarantees,Companies
ntees
the person or t is made or giv
behalf of Artson
Parel (West), M
wai, Mumbai on
hennai on beha
half of Artson Enk Ltd, Mumbai
Corporate D
f the person oit is made or
mited, Powai, M
ares by the
ss of the pebeen acqui
ManufacturerLimited, Powrvices (Maur
rvices (Sout
GmbH, Goe(Formerly knivate Limitedd Meagher &rvices LLC, Od, Engineersgy & Power Cnder liquidation,
, Security ors Act 2013 a
body corporatven
Engineering Li
Mumbai on beh
n behalf of GYT
alf of Tata-Aldes
ngineering Ltd on behalf of
Deposits (IC
NIL
or body corpogiven
Mumbai
e Company
erson or bodired (Listed/rs Private Lim
wai, Mumbai ritius) Pty. Lt
h Africa) (Pro
ethestraße 7,nown as Tatad, Prendergh& Associates,Oman s India BhawCompany, Althe amount to t
r Investmenare as prov
e to Amo
mited, 30,00
half of 150,00
T-TPL 25,00
sa (JV) 325,00
250,0Ujjwal 94,50
CDs)
orate AmoR
40,30
y - Investm
dy corporate/ Unlisted enmited, Shah
td., IFS Cour
oprietary) Ltd
, D-40237 Düa Projects Infast Road, Se Bombay Ho
wan, New Del-Malaz, Riyathe extent of inv
nts made byided below
ount in Rs
0,00,000 Ena
0,00,000 EnaWC
0,00,000 Enacap
0,00,000 EnaWC
00,00,00 Ena
0,00,000 Tow
ount in Rs
0,00,000
ent in Equ
e whose secntities) House Worli
rt, Cyber-city
d., Mazars H
üsseldorf, Gefrastructure Lecunderabadouse, Mumba
elhi * adh 1142, Savestment is prov
y Company
P
abling AEL to av
abling Tata-AldeCDL abling GYT-TPLital
abling Tata-AldeCDL abling AEL to av
wards Term Loa
P
Work
ity Shares
curities have
, Mumbai
, Ebene,
House, Durba
ermany Limited) d - 500 003 ai
audi Arabia* vided for in the b
Sowm
ANNEX
pursuant to
Purpose
vail financial ass
esa JV to avail
L JV – to ava
esa JV to avail
vail financial ass
an facility
Purpose
king Capital
eAmou
2,71
an
94,51,0
3,05,5
7books of accoun
myan Ramak
C DIN: 0
XURE - 4
o
sistance
overdraft /
ail working
overdraft /
sistance
unt in Rs
1,20,00076,90,000
1,36,521
9,33,549
99,82,92054,99,94009,99,9471,80,000
03,73,35650,00,00075,60,000nt.
krishnan
Chairman 00005090
Particula
to the pr
provided
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ails of contra
entered into
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Section 134
acts or arrang
any contract
ing the finan
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gements with
(3)(h) and R
gements or t
t or arrangem
cial year 201
or arrangem
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Rule 8 of the
transactions
ment or trans
16-17.
ent or transa
ties in form N
e Companies
not at arm’s
saction with
actions at arm
No. AOC- 2
s (Accounts)
s length basi
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ANNEX
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, Rules, 201
s: The Comp
parties which
asis: NIL
myan Ramak
C DIN: 0
29
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pursuant
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pany has
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krishnan
Chairman 00005090
30
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te notice is gda were sennformation a
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HYDERABAD3 May, 2017
ort is to be part of this re
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ERABAD y 2017
ead along wit
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to obtain rea
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33
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company.
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company
affairs of
INDEPETo The MReport o We haveCompanLoss (incin Equityexplanat Manage The ComCompanstatemencomprehaccountiprescribe This resprovisionand otheand estadequatecompleteInd AS whether Auditor’ Our respaudit. In condauditing of the Ac We condon Auditethical restandalo An auditin the sjudgmenfinancial consider to the Coin order evaluatinestimatestandalo
NDENT AUDMembers ofon the Stand
e audited theny”), which cocluding Othey for the yetory informat
ment’s Res
mpany’s Bonies Act, 201nts that givehensive incong principlesed under sec
sponsibility ans of the Acter irregularitiimates that e internal fieness of thefinancial stadue to fraud
’s Responsi
ponsibility is
ucting our standards a
ct and the Ru
ducted our ating specifiedequirements
one Ind AS fin
t involves pestandalone Int, including
statementsrs internal fin
ompany’s prto design a
ng the approes made by one Ind AS fin
DITOR’S REf Tata Projecdalone Ind A
e accompanyomprise the
er Compreheear then endion, and whic
ponsibility f
oard of Dire13 (“the Act”e a true and ome, cash fls generally ction 133 of t
also includest for safeguaies; selection
are reasoninancial con
e accounting atements thad or error.
ibility
to express a
audit, we hand matters wules made th
audit of the sd under Sec
s and plan anancial state
rforming proInd AS finathe assess
s, whether dnancial contro
reparation of audit procedopriateness o
the Companancial state
EPORT cts LimitedAS Financia
ying standaloBalance Sh
ensive Incomded, and a ch includes 8
for the Stan
ctors is res”) with respefair view of
lows and chaccepted in the Act.
s maintenancrding the assn and applicnable and pntrols, that w
records, relat give a tru
an opinion on
have taken iwhich are reqhereunder.
standalone Inction 143(10nd perform t
ements are fr
ocedures to oancial statemment of the
due to fraudol relevant
the standaloures that ar
of the accounany’s Directoements.
al Statement
one Ind AS fiheet as at 31me), the Cash
summary o8 Joint Opera
ndalone Ind A
sponsible forect to the prf the financiahanges in e
India, inclu
ce of adequsets of the Ccation of appprudent; andwere operatevant to the
ue and fair
n these stand
nto accountquired to be
nd AS financ0) of the Actthe audit to ree from mat
obtain audit ements. The e risks of md or error. I
one Ind AS fre appropriatnting policiesors, as well
ts
inancial state1st March, 20h Flow Stateof the signifations.
AS Financia
r the mattereparation oal position, fiequity of theding the Ind
uate accountCompany andpropriate accd design, imting effective
e preparationview and ar
dalone Ind A
t the provisioincluded in
cial statement. Those Staobtain reaso
terial misstat
evidence abprocedures aterial misstn making th
financial statte in the cirs used and th as evaluat
ements of Ta017, and thement and thicant accoun
al Statemen
rs stated inof these staninancial perfe Company dian Accoun
ting records d for preventcounting polmplementatioely for ensun and presenre free from
AS financial s
ons of the Athe audit rep
nts in accordandards requonable assurement.
out the amoselected d
tatement of hose risk as
tements that rcumstanceshe reasonabting the ove
ata Projects e Statement e Statementnting policie
ts
n Section 13ndalone Ind formance incin accordanting Standar
in accordanting and deteicies; makin
on and maiuring the acntation of the
m material m
statements b
Act, the accport under th
ance with thuire that we rance about
ounts and theepend on tthe standa
ssessments,
give a true a. An audit a
bleness of theerall present
37
Limited (“theof Profit andt of Changes
es and other
34(5) of theAS financia
cluding othernce with therds (Ind AS)
nce with theecting fraudsg judgmentsntenance ofccuracy ande standalone
misstatement
based on our
counting andhe provisions
he Standardscomply withwhether the
e disclosuresthe auditor’slone Ind AS the auditor
and fair viewalso includese accountingtation of the
7
e d s r
e l r e )
e s s f
d e ,
r
d s
s h e
s s S r
w s g e
38
We belieterms ofprovide a
Opinion In our opon the creferred give theconformiCompanchanges
Emphas We invithaving bsubsidiarinter corpNo provis Our opin Other M
a) We d
financas atconsoperaopinioand oafore
b) We dfinancas atconsihave and dSectiounaud
c) The copenInd Aaudito
Our opinRequire
eve that the f their reporta basis for ou
n
pinion and toconsideration
to in the Ot informationity with the
ny as at 31s
s in equity for
sis of Matters
e attention tbeen preparery has been porate and osion has bee
ion is not mo
Matters
did not audicial statemen 31st March,
sidered in thation have bon in so far aour report insaid joint ope
did not audicial statement 31st Marchdered in thebeen furnish
disclosures ion 143 of thdited financia
comparative ing balance
AS financial sors.
nion on the ments below
audit evidents referred tour audit opin
o the best of n of reports other Matters n required by
accounting t March, 20r the year en
s
to Note 33.4ed on a “goisubstantially
ther loans agen made for r
odified in resp
t the financnts of the Co2017 and to
he standalobeen auditedas it relates n terms of seration, is ba
t the financnts of the Co, 2017 and
e standalone hed to us byncluded in re
he Act, in so al statement
financial insheet as at
statements p
standalone w is not modi
nce obtainedo in the Othion on the st
our informatof the other paragraph b
y the Act inprinciples g
17, and its ded on that d
4 regarding ting concern”y eroded andggregating ` 4reasons state
pect of these
cial statemenompany whootal revenue
one Ind AS d by other ato the amou
subsection (3ased solely o
cial statemenompany whostotal revenuInd AS finan
y the Managespect of thifar as it rela
s.
formation fo1st April 201
prepared in a
financial staified in respe
d by us and er Matters ptandalone In
tion and accoauditors on below, the an the mannegenerally acprofit, total date.
the financial ” basis. As ad the Compa4,030.39 lakh
ed in the said
matters.
nts of 1 joinose financial es of ` 15,77financial st
auditors whonts and disc3) of Sectioon the report
nts of 1 joinse financial s
ues of `2,909ncial statemeement and ois joint operaates to the a
or the year e15 in respecaccordance
atements anect of these m
the audit evparagraph bd AS financia
ording to theseparate fin
aforesaid staer so requireccepted in Icomprehens
statements at the Balanany has givehs and proje
d Note.
nt operationstatements r
71.01 Lakhstatements. T
ose reports hclosures inclun 143 of thof such othe
nt operationstatements r9.10 Lakhs fents. The finour opinion iation and ouaforesaid join
ended 31st Mt of 1 joint owith the Ind
d our repormatters.
vidence obtabelow, is suffal statement
explanationancial statemndalone Ind ed and give ndia, of the
sive income,
of one of thnce Sheet daen financial act related ad
included in reflect total afor the yearThe financiahave been fuded in respe Act, in soer auditors.
included in reflect total afor the year ancial statemin so far as r report in te
nt operation,
March 2016 operation inc AS have be
rt on Other
ined by otheficient and ats.
s given to usments of joinAS financiaa true and
e state of a, its cash flo
he Companyate, the net assistance invance of `1,1
the standaassets of `3,8r ended on tal statementsfurnished to ect of this jo
o far as it re
the standaassets of `3,5
ended on tments are unit relates to erms of subs
is based so
and the tracluded in thiseen audited
r Legal and
er auditors inppropriate to
s, and basednt operationsal statements
fair view inaffairs of theows and the
y’s subsidiaryworth of the
n the form of198.50 lakhs
lone Ind AS848.29Lakhsthat date, ass of this jointus, and our
oint operationelates to the
lone Ind AS556.94 Lakhsthat date, asnaudited andthe amounts
section (3) ofolely on such
ansition dates Standaloneby the other
Regulatory
n o
d s s n e e
y e f .
S s s t r n e
S s s d s f
h
e e r
y
Report o
1. As reotherMattea) W
kb) In
ac) T
Ca
d) InA
e) Ota2
f) WC“Ae
g) Wooi.
ii
ii
iv
2. A
Gm
Secunde
on Other Le
equired by Ser auditors oners paragrapWe have soknowledge ann our opinionas it appears The Balance Cash Flow Sagreement win our opinioAccounting SOn the basisaken on reco2017 from beWith respect Company anAnnexure A
effectiveness With respect of the Compaour informatio The Com
standalon. The Com
standardscontracts
i. There haEducation
v. The Comas regard3407(E) dNovemberepresentaccordanto the othInd AS finperiod `24has been
As required Governmentmatters spec
erabad, May 1
gal and Reg
ection 143(3n the separaph above weught and obnd belief wern, proper boofrom our exaSheet, the S
Statement aith the relevaon, the aforetandards pre
s of the writtord by the B
eing appointeto the ade
nd the operaA”. Our repo
of the Compto the other
anies (Audit aon and accor
mpany has dne Ind AS finmpany has ms, for materia; s been no dn and Protecpany has pro
ds its holdingdated the 8t
er 2016 to 3tations provice with the b
her auditors bnancial state4.15 Lakhs received fro
by the Compt in terms of cified in para
12, 2017
gulatory Req
) of the Act, ate financial report, to thebtained all tre necessaryoks of accouamination of Statement ofnd Statemeant books of esaid standaescribed unden represenoard of Dire
ed as a directequacy of thating effectiv
ort expressepany’s internmatters to band Auditorsrding to the eisclosed theancial statemmade provisal foreseeab
delay in tranction Fund byovided requis
g and dealinghNovember, 30th Decembided to us books of accby the Manaments and ahas been ut
om transactio
panies (AudiSection 143
agraphs 3 and
quirements
based on oustatements e extent applthe informatiy for the purpunt as require
those booksf Profit and Lnt of Changaccount. alone Ind A
der section 13ntations recectors, none tor in terms o
he internal fiveness of ss an unmod
nal financial ce included ins) Rules, 201explanations e impact of pments; sion, as reqble losses, if
sferring amoy the Compasite disclosugs in Specifie
2016 of theber 2016. Bby the man
count maintaiagement. Howas representetilized for othons which are
itor’s Report)3(11) of the Ad 4 of the Or
ur audit and oof the joint licable that:ion and exp
poses of our aed by law has and the repLoss includinges in Equit
AS financial 33 of the Actived from thof the directof Section 16inancial consuch controldified opiniocontrols overn the Auditor14, as amendgiven to us:
pending litig
quired underany, on lon
ounts, requirny. res in the staed Bank Note Ministry of Based on aunagement weined by the Cwever, as staed to us by ther than pere not permitt
) Order, 201Act, we giverder.
on the consioperations,
planations waudit.
ave been kepports of the ong Other Comty dealt with
statementst. he directors tors is disqua64(2) of the Atrols over fis, refer to
on on the ar financial repr’s Report in ded, in our o
ations on its
r the applicg-term contr
red to be tra
andalone Indes as defineFinance, du
udit procedue report thaCompany anated in Notehe Managemrmitted transted.
6 (“the Orde in “Annexur
Fo
(Firm’s R
(
deration of treferred to
which to the
pt by the Comother auditormprehensiveh by this R
comply with
as on 31st alified as on Act. nancial repoour separat
adequacy anporting. accordance
opinion and t
s financial p
cable law orracts includin
ansferred, to
d AS financiaed in the Notiuring the peures performat the disclond as produce 33.15 to thement during tactions and
er”) issued byre B” a state
or Deloitte HaChartered A
Registration N
Ganesh B
(Membership
39
he reports ofin the Other
best of our
mpany so farrs. Income, theeport are in
h the Indian
March, 201731st March
orting of thete Report innd operating
with Rule 11to the best of
position in its
r accountingng derivative
the Investor
al statementsification S.Oriod from 8th
med and theosures are inced to us ande standalonethe aforesaid`0.31 Lakhs
y the Centraement on the
askins & SellsAccountantsNo.008072S
Balakrishnan(Partner)
No. 201193)
9
f r
r
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7 ,
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40
ANNEXU
(Referreof our re
Report o3 of Sec
We haveCompanstatemen
Manage
The Combased onessentiaControlsresponsicontrols includingfrauds aof reliabl
Auditor’
Our respreportingInternal ChartereCompanand the to obtainwas esta
Our audfinancial financial over finadesign aselectedmisstate
We belieour audit
Meaning
A compaassurancexternal financial maintenadispositiorecordedacceptedin accor
URE “A” TO
ed to in paraeport of eve
on the Interction 143 of
e audited thny”) as of Mnts of the Co
ment’s Res
mpany’s mann the internal componen Over Finanibilities incluthat were o
g adherence nd errors, thle financial in
’s Responsi
ponsibility isg based on oFinancial C
ed Accountannies Act, 201Guidance N
n reasonableablished and
dit involves pcontrols syscontrols ove
ancial reportiand operatin depend oment of the f
eve that the t opinion on
g of Internal
any's internace regardingpurposes incontrol ove
ance of recons of the d as necessd accountingrdance with
O THE INDEP
agraph 1(f) uen date)
nal Financiathe Compan
he internal fiMarch 31, 20ompany for th
ponsibility f
nagement isal control ovents of internancial Reportude the desoperating effto company
he accuracy nformation, a
ibility
to express our audit. Weontrols Ovents of India 3, to the extote require t assurance amaintained
performing pstem over finer financial reng, assessinng effectivenn the auditfinancial stat
audit evidenthe Compan
l Financial C
l financial cog the reliabiln accordancer financial rords that, inassets of thsary to permg principles,
authorisatio
PENDENT A
under ‘Repo
al Controls nies Act, 20
inancial con017 in conjhe year ende
for Internal
s responsibleer financial real control stting issued sign, implemfectively for
y’s policies, thand complet
as required u
an opinion e conductedr Financial and the Statent applicabthat we comabout whethand if such c
procedures tonancial repoeporting incl
ng the risk thness of intetor’s judgemtements, whe
nce we havey’s internal f
Controls Ove
ontrol over finity of financ
ce with genereporting incn reasonablehe companymit preparatand that recons of man
AUDITOR’S R
ort on Other
Over Financ13 (“the Act
trols over fiunction withed on that da
Financial Co
e for establiseporting critetated in the by the Instit
mentation anensuring th
he safeguardteness of the
under the Com
on the Com our audit inReporting (tndards on A
ble to an audply with ethier adequate controls oper
o obtain audorting and thuded obtainiat a materiarnal control
ment, includether due to
e obtained is financial cont
er Financial
nancial reporial reporting
erally acceptludes those e detail, accy; (2) providtion of finan
ceipts and exagement an
REPORT
r Legal and
cial Reportit”)
nancial repoh our audit ate.
ontrols
shing and meria establish
Guidance tute of Chand maintenae orderly anding of its ase accountingmpanies Act
mpany's inte accordance
the “GuidancAuditing presdit of internacal requireminternal fina
rated effectiv
dit evidence eir operatingng an underl weakness ebased on
ing the assfraud or erro
sufficient antrols system
l Reporting
rting is a proand the pre
ted accountipolicies and
curately andde reasonabncial statemxpenditures ond directors
Regulatory
ng under Cl
orting of Tatof the stand
maintaining inhed by the CNote on Aurtered Acco
ance of adend efficient cssets, the preg records, ant, 2013.
ernal financiae with the Guce Note”) isscribed undel financial co
ments and plaancial controlvely in all ma
about the ag effectivenerstanding of iexists, and tethe assessesessment oor.
nd appropriaover financia
cess designeeparation of ing principled procedured fairly refleble assuranc
ments in accof the compa
of the com
Requireme
lause (i) of S
ta Projects Ldalone Ind
nternal finanCompany conudit of Internuntants of I
equate interconduct of ievention andnd the timely
al controls ouidance Notesued by the
er Section 14ontrols. Thosan and perfos over financ
aterial respec
adequacy ofess. Our audinternal finanesting and eved risk. Thef the risks
ate to provideal reporting.
ed to providefinancial sta
s. A compas that (1) p
ect the transce that transcordance wiany are beinmpany; and
nts’ section
Sub-section
Limited (“theAS financia
ncial controlsnsidering thenal FinanciaIndia. Thesenal financiaits business
d detection ofy preparation
over financiae on Audit ofe Institute of43(10) of these Standardsorm the auditcial reportingcts.
f the internadit of internancial controlsvaluating the
e proceduresof materia
e a basis for
e reasonableatements for
any's internaertain to thesactions andsactions areith generallyg made only(3) provide
n
n
e l
s e l
e l , f
n
l f f
e s t
g
l l s e s l
r
e r l
e d e y y e
reasonabdispositio
Inherent
Becausepossibilitor fraud controls over finacomplian
Opinion
In our ophas, in asuch intebased onessentiaControls
Secunde
ble assuranon of the com
t Limitations
e of the inhety of collusio
may occur over financi
ancial reportince with the
n
pinion, to theall material rernal financin the internal componen Over Financ
erabad, May 1
ce regardinmpany's asse
s of Interna
erent limitation or imprope
and not beal reporting ng may becpolicies or p
e best of our respects, an al controls o
al control ovents of internacial Reportin
12, 2017
g preventionets that could
l Financial C
ons of interer manageme detected. Ato future perome inadequrocedures m
information adequate in
over financiaer financial real control stg issued by
n or timely d have a ma
Controls Ov
rnal financialment overrideAlso, projecriods are subuate becaus
may deteriora
and accordinternal finanal reporting weporting critetated in the the Institute
detection oaterial effect o
ver Financia
l controls ove of controls,tions of anybject to the e of changete.
ng to the excial controls
were operatineria establish
Guidance of Chartered
of unauthorison the financ
l Reporting
ver financial material mi
y evaluation risk that the s in conditio
planations gsystem ove
ng effectivelyhed by the CNote on Aud Accountant
Fo
(Firm’s R
sed acquisitcial statemen
reporting, isstatements of the interinternal fina
ons, or that th
iven to us, ther financial rey as at Marc
Company conudit of Internts of India.
or Deloitte HaChartered
Registration N
Ganesh B
Membership
41
tion, use, ornts.
ncluding thedue to error
rnal financiaancial controhe degree of
he Companyeporting andch 31, 2017nsidering thenal Financia
skins & SellsAccountants
No. 008072s)
BalakrishnanPartner
p No. 201193
1
r
e r l l f
y d ,
e l
s s )
n r 3
42
ANNEXU(Referrereport of
(i)
(
(
(ii) Ar
(iii) TLC
(iv)
cg
(v) Adpr
(vi) T
NCGoht
URE “B”TO d to in paragf even date)
(a) The quantita
(b) The fixewith a verificatexplana
(c) Accordinand baspropertypropertiat the bbeen taagreemagreem
As explainedreasonable i
The CompanLiability PartCompanies A
In our opiniocomplied witgrant of loan
According todeposit durinprovisions orequired.
The mainten148(1) of theNagpur. We Companies Governmentopinion that,however, nothey are acc
THE INDEPgraph 2 und
Company ative details a
ed assets weregular pro
tion of all theation given to
ng to the infsed on the y provided tes of land analance shee
aken on leasents are in ent.
d to us, the inntervals and
ny has not gtnerships or Act, 2013.
on and accorth the provis
ns, making in
o the informang the year. Tf Sections 7
nance of cose Companies
have broadl(Cost Reco
t under sub- prima facie,
ot made a deurate or com
PENDENT AUder ‘Report o
has maintaand situation
ere physicallyogramme of e fixed asse
o us, no mate
formation anexaminationto us, we rnd buildingst date. In resse and disclthe name o
nventories w no material
granted any other parties
rding to the sions of Sectvestments a
ation and exThere are no
73 to 76or a
st records has Act, 2013 foly reviewed t
ords and Ausection (1) o, the prescribetailed exammplete.
UDITOR’S Ron Other Leg
ained propen of fixed ass
y verified duverification
ets at reasonerial discrepa
nd explanatio of the regisreport that, which are fr
spect of immlosed as fixof the Comp
were physicaldiscrepancie
loans, secus covered in
information tions 185 an
and providing
xplanations go unclaimed ny other rele
as been speor Steel Prodthe cost reco
udit) Rules, of Section 1bed cost recoination of th
REPORT gal and Reg
er records ets.
uring the yeawhich, in
nable intervaancies were
ons given to stered sale the title de
reehold, are movable prop
ed asset in pany, where
lly verified dues were notic
ured or unsethe register
and explanand 186 of theg guarantees
given to us, deposits, in evant provis
ecified by theducts manufaords maintain2014, as a48 of the Cords have bee cost recor
ulatory Requ
showing fu
ar by the Manour opinion
als. Accordinnoticed on s
us and the deed/statemeds, compriheld in the nerties of landthe financia
the Compa
uring the yeaced on physi
ecured, to comaintained
ations given e Companiess and securiti
the Companrespect of w
sions of the
e Central Goactured at Toned by the C
amended preompanies Aeen made anrds with a vie
uirements’ se
ull particular
nagement inn, provides g to the infouch verificati
records exament of encuising all thename of the d and buildinal statementany is the le
ar by the Maical verificatio
ompanies, fiunder sectio
to us, the Cs Act, 2013 es, as applic
ny has not awhich complia
Companies
overnment uower ManufaCompany puescribed by
Act, 2013, annd maintaineew to determ
ection of our
rs, including
n accordancefor physica
ormation andion.
mined by usumbrance one immovableCompany as
ngs that havets, the leaseessee in the
nagement aton.
rms, Limitedon 189 of the
Company hasin respect ofcable.
accepted anyance with theAct, 2013 is
nder sectionacturing Unitrsuant to thethe Centra
nd are of theed. We havemine whether
r
g
e l
d
s n e s e e e
t
d e
s f
y e s
n ,
e l
e , r
(vii) A
(a
(b
(c
According to
) The ComProvidentDuty, Excthe appro
) There weInsuranceTax, cessmore than
) Details ofbeen dep
NameStatu
Sales TLaws
VAT La
FinanceAct,199
o the informa
mpany has get Fund, Empcise Duty, Vaopriate autho
ere no undise, Income-tas and other n six months
f dues of Incposited as on
of te
Natuof Du
Tax Sales Tax
aws Value AddedTax
e 94
ServicTax
tion and exp
enerally beeployees’ Statalue Added Trities.
puted amouax, Sales Ta
material stas from the da
come-tax, San March 31, 2
reues
Forwhe
DispuPend
First AppellaAuthor
Sales TAppellaTribunaHigh C
d First AppellaAuthor
Sales TAppellaTribunaHigh C
ce Commer (Ap
CESTA
planations giv
en regular inte InsuranceTax, cess an
nts payable ax, Service tutory dueste they beca
ales Tax, Se2017on acco
rumereute is ding
Pw
ate ity
200200200200200201201
Tax ate al
199200
Court 200200
ate ity
200200200201
Tax ate al
200
Court 200issionpeals)
200201201
AT 200201
ven to us, in
depositing e, Income-taxnd other mate
in respect oTax, Customin arrears a
ame payable.
ervice Tax anount of disput
Period to which the Amount Relates
03-04 to 04-05 and 06-07 to 07-08 and 09-10 to 10-11 and 13-14
99-2000 to 03-04
01-02 to 02-03 06-07 to 07-08 and 09-10 to 12-13
08-09
08-09 05-06 to 10-11 and 14-15 08-09 to 13-14
respect of s
undisputed sx, Sales Taxerial statutor
of Provident ms Duty, Exas at March.
nd Value Adtes are given
AmountInvolved
(` in lakh
1,637.6
34.
106.2
2,709.3
443.9
228.8493.9
57,118.0
statutory due
statutory duex, Service Tary dues appli
Fund, Emplxcise Duty, V31, 2017 for
ded Tax whn below:
td
hs)
AmouUnpa
(` in la
69 1,46
16 3
23 10
30 1,60
93 44
83 2292 49
03 55,21
43
s:
es, includingax, Customsicable to it to
oyees’ StateValue Addedr a period of
ich have not
untaidkhs)
64.96
34.16
06.23
02.92
43.93
28.8392.90
14.04
3
g s o
e d f
t
44
(viii) nd
(ix) Tda
(x) Tfb
(xi) pt
(xii) Ta
(xiii) ctd
(xiv) Dsn
(xv) Cho
(xvi) TA
Secunde
In our opinionot defaulteddebentures.
The Compandebt instrumapplicable.
To the best fraud by thebeen noticed
In our opiniopaid / providthe provision
The Companapplicable.
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No. 201193
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50
Notes to the standalone financial statements for the year ended March 31, 2017Tata Projects Limited
3.7 Employee Benefits
Short term employee benefits
Other long term employee benefits
3.8 Earnings Per Share
3.10 TaxationIncome tax expense represents the sum of the tax currently payable and deferred tax3.10.1 Current tax
3.10.2 Deferred tax
Provision for pension and medical benefits payable to retired Managing Directors is made on the basis of an actuarial valuation as at the Balance Sheet date
The company's contribution to provident fund and superannuation fund, considered as defined contribution plans are charged as an expense in the Statement of Profit and Lossbased on the amount of contribution required to be made and when services are rendered by the employees.
Defined benefit plansFor defined benefit retirement benefit plans, the cost of providing benefits is determined using the projected unit credit method, with actuarial valuations being carried out at theend of each annual reporting period. Remeasurement, comprising actuarial gains and losses, the effect of the changes to the asset ceiling (if applicable) and the return on planassets (excluding net interest), is reflected immediately in the balance sheet with a charge or credit recognised in other comprehensive income in the period in which they occur.Remeasurement recognised in other comprehensive income is reflected immediately in retained earnings and is not reclassified to profit or loss. Past service cost is recognisedin profit or loss in the period of a plan amendment. Net interest is calculated by applying the discount rate at the beginning of the period to the net defined benefit liability or asset.Defined benefit costs are categorized as follows:(i) service cost (including current service cost, past service cost, as well as gains and losses on curtailments and settlements);(ii) net interest expense or income; and (iii) remeasurement
The Company presents the first two components of defined benefit costs in profit or loss in the line item ‘Employee benefits expense’. Curtailment gains and losses areaccounted for as past service costs.
The retirement benefit obligation recognised in the Balance Sheet represents the actual deficit or surplus in the Company’s defined benefit plans. Any surplus resulting from thiscalculation is limited to the present value of any economic benefits available in the form reductions in future contributions to the plans.
Other Long term employee benefit comprise of Leave encashment which is provided for based on the actuarial valuation carried out as at the end of the year.Liabilities recognised in respect of other long-term employee benefits are measured at the present value of the estimated future cash outflows expected to be made by theCompany in respect of services provided by employees up to the reporting date.
Current tax represents tax currently payable based on taxable profit for the year determined in accordance with the provisions of the Income tax Act, 1961. Taxable profit differsfrom ‘profit before tax’ as reported in the statement of profit and loss because of items of income or expense that are taxable or deductible in other years and items that are nevertaxable or deductible. The Company’s current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used inthe computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for alldeductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilized. Suchdeferred tax assets and liabilities are not recognised if the temporary difference arises from the initial recognition (other than in a business combination) of assets and liabilities ina transaction that affects neither the taxable profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits willbe available to allow all or part of the asset to be recovered.
Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realized, based on tax rates(and tax laws) that have been enacted or substantively enacted by the end of the reporting period.
Current and deferred tax for the yearCurrent and deferred tax are recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case,the current and deferred tax are also recognised in other comprehensive income or directly in equity respectively. Where current tax or deferred tax arises from the initialaccounting for a business combination, the tax effect is included in the accounting for the business combination.
The Company presents basic and diluted earnings per share (“EPS”) data for its equity shares. Basic EPS is calculated by dividing the profit or loss attributable to equity shareholders by the weighted average number of equity shares outstanding during the year. Diluted EPS is determined by adjusting the profit or loss attributable to equity shareholders and the weighted average number of equity shares outstanding for the effects of all dilutive potential equity shares.
3.9 LeasingLeases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases.
The Company's significant leasing arrangements are in respect of operating leases for premises that are cancelable in nature. The lease rentals under such agreements are recognised in the Statement of Profit and Loss as per the terms of the lease.
Rental expense from operating leases is generally recognised on a straight-line basis over the term of the relevant lease. Where the rentals are structured solely to increase in line with expected general inflation to compensate for the lessor’s expected inflationary cost increases, such increases are recognised in the year in which such benefits accrue.
A liability is recognised for benefits accruing to employees in respect of wages and salaries, annual leave and sick leave in the period the related service is rendered at theundiscounted amount of the benefits expected to be paid in exchange for that service.Liabilities recognised in respect of short-term employee benefits are measured at the undiscounted amount of the benefits expected to be paid in exchange for the relatedservice.
Employee benefits include provident fund, superannuation fund, gratuity fund, compensated absences and post retirement medical benefits.
Defined contribution plans
51
Notes to the standalone financial statements for the year ended March 31, 2017Tata Projects Limited
3.11. Property plant and equipment & Intangible Assets
Depreciation and amortisation, impairment
Scaffolding materials 5 yearsWire ropes and slings 2 yearsComputer including software 3 yearsMotor cars under car policy for executives 4 yearsTunnel Formwork equipment 2 years 2 monthsLeasehold improvements are amortized over the duration of the lease.
Assets costing less than 10,000 are fully depreciated in the year of capitalization.
3.12 Inventories
3.13 Provisions, contingent liabilities and contingent assets
3.14 Financial Instruments
Raw materials are valued at lower of cost, ascertained on "weighted average" method and net realisable value.
Stores and spares are valued at cost or below on weighted average basis.
Provisions are recognised only when there is a present obligation as a result of past events and when a reasonable estimate of the amount of obligation can be made. Theamount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account therisks and uncertainties surrounding the obligation. When a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is thepresent value of those cash flows (when the effect of the time value of money is material).
Contingent liabilities are disclosed for (i) possible obligation which will be confirmed only by future events not wholly within the control of the Company or (ii) presentobligations arising from past events where it is not probable that an outflow of resources will be required to settle the obligation or a reliable estimate of the amount of theobligation cannot be made. Contingent assets are neither recognised nor disclosed in the financial statements.When it is probable at any stage of the contract, that the total cost will exceed the total contract revenue, the expected loss is recognised immediately
Finished goods are valued at lower of cost and net realisable values. Cost comprises, material and applicable manufacturing overheads and excise duty.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instruments.
Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets andfinancial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets orfinancial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value throughprofit or loss are recognised immediately in profit or loss.
(i) Financial assets carried at amortised cost :-- A financial asset is subsequently measured at amortised cost if it is held within a business model whose objective is tohold the asset in order to collect contractual cash flows and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments ofprincipal and interest on the principal amount outstanding.
(ii) Financial assets at fair value through other comprehensive income :-- Financial assets are measured at fair value through other comprehensive income if thesefinancial assets are held within a business whose objective is achieved by both collecting contractual cash flows that give rise on specified dates to solely payments ofprincipal and interest on the principal amount outstanding and by selling financial assets.
The Company has made an irrevocable election to present in other comprehensive income subsequent changes in the fair value of equity investments not held for trading.
(iii) Financial assets at fair value through profit or losss :- Financial assets are measured at fair value through profit or loss unless it is measured at amortised cost or atfair value through other comprehensive income on initial recognition. The transaction costs directly attributable to the acquisition of financial assets and liabilities at fair valuethrough profit or loss are immediately recognised in profit or loss.
(iv) Financial liabilities :-- Financial liabilities are measured at amortized cost using the effective interest method.
(v) Investment in subsidiaries, Joint Ventures and Associatess :- On initial recognition, these investments are recognized at fair value plus any directly attributabletransaction cost. Subsequently, they are measured at cost.
Depreciation has been provided on the written down value method as per the useful life as prescribed in Schedule II to the Companies Act, 2013 except in respect offollowing assets, in whose case, life of the assets has been assessed as under, based on technical advice, taking into account the nature of asset, the estimated usage of theasset, the operating conditions of the asset etc.
All property, plant and equipment are tested for impairment at the end of each financial year. The impairment loss being the excess of carrying value over the recoverablevalue of the assets, if any, is charged to the statement of Profit and Loss in the respective financial year. The impairment loss recognized in prior years is reversed in caseswhere the recoverable value exceeds the carrying value, upon reassessment in the subsequent years.
Property, plant and equipment are carried at cost less accumulated depreciation / amortization and impairment losses, if any. The cost of property, plant and equipmentcomprises its purchase price and other attributable expenditure incurred in making the asset ready for its intended use and interest on borrowings attributable to acquisitionof qualifying property, plant and equipment up to the date the asset is ready for its intended use.
Property, plant and equipment retired from active use and held for sale are stated at the lower of their net book value and net realisable value and are disclosed separately.
The assets owned by jointly controlled operations (JCO), are depreciated over the duration of the project
Intangible Assets:Intangible assets comprises of the application and other software procured through perpetual licences. The intangible assets are capitalised on implementation of such software and comprises of the prices paid for procuring the licence and implementation cost of such software.
52
Notes to the standalone financial statements for the year ended March 31, 2017Tata Projects Limited
3.16 Segment reporting
3.15 Jointly controlled operations
The Company, based on the "Management Approach" as defined in Ind AS 108, the Chief Operating Decision Maker (CODM) evaluates the Company's performance andallocates resources based on the analysis of various performance indicators by business segments and geographic segments. Accordingly, information has been presentedboth along business segments and geographic segments.
Inter-segment revenue is accounted on the basis of transactions which are primarily determined based on market/fair value factors.Revenue, expenses, assets and liabilities which relate to the Company as a whole and not allocable to segments on reasonable basis have been included under “unallocatedrevenue/expenses/assets/liabilities”.3.17 Operating cycleThe Company's activities (primarily construction activities) have an operating cycle that exceeds a period of twelve months. The Company has selected the duration of theindividual contracts as its operating cycle, wherever appropriate, for classification of its assets and liabilities as current and non-current.
The accounting policies adopted for segment reporting are in line with the accounting policies of the Company. Segment revenue, segment expenses, segment assets andsegment liabilities have been identified to segments on the basis of their relationship to the operating activities of the segment.
Impairment of Financial AssetsThe Company applies the expected credit loss model for recognising impairment loss on financial assets measured at amortised cost, trade receivables, other contractualrights to receive cash or other financial asset.
For trade receivables or any contractual right to receive cash or another financial asset that result from transactions that are within the scope of Ind AS 11 and Ind AS 18, theCompany always measures the loss allowance at an amount equal to lifetime expected credit losses.
Further, for the purpose of measuring lifetime expected credit loss allowance for trade receivables, the Company has used a practical expedient as permitted under Ind AS109. This expected credit loss allowance is computed based on a provision matrix which takes into account historical credit loss experience and adjusted for forward-lookinginformation.
The accounts of the Company reflect its share of the Assets, Liabilities, Income and Expenditure of the jointly controlled operations which are accounted on the basis of theaudited accounts of the joint ventures on line-by-line basis with similar items in the Company’s accounts to the extent of the participating interest of the Company as per theJoint Venture Agreements.
53
Tata Projects LimitedNotes to the standalone financial statements for the year ended March 31, 2017All amounts are in Lakhs unless otherwise stated
The effect of the Company’s transition to Ind AS is summarized as follows:(i) Transition
(iv) Reconciliation of other comprehensive income as previously reported under Indian GAAP to Ind-AS
(i) Transition
Particulars Note No.Deemed cost of property, plant and equipment and intangible assets 1Investments in subsidiaries, joint controlled entities and associates in separate financial statements 2Derecognition of financial assets and financial liabilities 3Business combinations 4
Notes:
(ii) Reconciliation of equity as previously reported under Indian GAAP to Ind-AS
Particulars Note No.As at
31-Mar-2016 As at
1-Apr-2015
Equity as reported under IGAAPP 89,841.55 84,883.60
Proposed dividend and related distribution tax i 1,218.62 1,062.17 Effect of discounting of employee loans ii (1.91) (4.98) Effect of discounting of rental deposits iii (13.17) - Effect of measuring guarantees issued at fair value iv 99.07 - Deferred tax on GAAP adjustments v (30.79) -
Equity as reported under Ind-AS 91,113.37 85,940.79
(iii) Reconciliation of profit or loss as previously reported under Indian GAAP to Ind-AS
Particulars For the Year ended
31-Mar -2016
Profit as reported under IGAAP 6,185.34
a. Increase (decrease) in net income for:Effect of discounting of employee loans ii 3.07 Effect of discounting of rental deposits iii (13.17) Effect of measuring guarantees issued at fair value iv 99.07 Deferred tax adjustments v (33.56) Actuarial (gain)/ loss on defined benefit obligation recognised in other comprehensive income
vi 7.99
Profit as reported under Ind AS 6,248.74
2. In accordance with Ind-AS transitional provisions, the Company opted to consider previous GAAP carrying value of investments as deemedcost on transition date for investments in subsidiaries, joint ventures and associates in separate financial statement.3. The Company has applied the derecognition requirements of financial assets and financial liabilities prospectively for transactions occurring onor after 1 April 2015 (the transition date).4. The Company has elected not to apply Ind AS 103 Business Combinations retrospectively to business combinations that occurred before thedate of transition.
1. In accordance with Ind-AS transitional provisions, the Company opted to consider previous GAAP carrying value of property, plant andequipment, investment property, and intangible assets as deemed cost on transition date.
3.18 Transition to Ind-AS
(ii) Reconciliation of equity as previously reported under Indian GAAP to Ind-AS (iii) Reconciliation of profit or loss as previously reported under Indian GAAP to Ind-AS
The Company has prepared the opening Balance Sheet as per Ind AS as of 1 April 2015 (the transition date) by recognising all assets andliabilities whose recognition is required by Ind AS, not recognising items of assets or liabilities which are not permitted by Ind AS, by reclassifyingitems from previous GAAP to Ind AS as required under Ind AS, and applying Ind AS in measurement of recognised assets and liabilities.However, this principle is subject to certain exceptions and certain optional exemptions availed by the Company as detailed below:
54
(iv) Reconciliation of other comprehensive income as previously reported under Indian GAAP to Ind-AS
Comprehensive income as reported under IGAAP
Employee benefits – actuarial gains and losses vi (7.99)Deferred tax adjustment of GAAP adjustments v 2.77
(5.22)
Comprehensive income as reported under Ind ASS (5.22)
Notes:
Particulars Previous GAAP
Effect of transition to Ind
AS Ind AS
Net cash flows from operating activities 6,149.42 - 6,149.42Net cash flows from investing activities (9,497.75) - (9,497.75)Net cash flows from financing activities (238.86) (8,598.01) 8,359.15Net increase (decrease) in cash and cash equivalents (3,587.19) (8,598.01) 5,010.82Cash and cash equivalents at the beginning of the period 19,876.08 26,963.63 (7,087.55)Other Changes 46.91 - 46.91Cash and cash equivalents at the end of the period 16,335.80 18,365.62 (2,029.82)
vi. The Company recognises costs related to its post-employment defined benefit plan on an actuarial basis both under Indian GAAP and Ind AS.Under Indian GAAP, the entire cost including actuarial gains and losses are charged to profit or loss. Under Ind AS, remeasurements arerecognised immediately in the Balance Sheet with a corresponding debit or credit to retained earnings through OCI.
v. Consequential deferred tax on all the above adjustments
(v) Effect of adoption of Ind AS on the Statement of cash flows for the year ended March 31, 2016:
i. Under Indian GAAP, dividends on equity shares recommended by the Board of Directors after the end of the reporting period but before thefinancial statements were approved for issue were recognised in the financial statements as a liability. Under Ind AS, such dividends along withthe dividend distribution tax thereon are recognised as a liability when declared/ approved by the members in a general meeting.
Following is the impact on cash flows on transition from Indian GAAP to Ind-AS. Cash flows relating to interest are classified in a consistentmanner as operating, investing or financing each period.
ii. Under Indian GAAP, the loans extended to employees are not fairvalued. Under Ind AS, such loans are subject to fair valued on transition dateand every subsequent disbursments. Effect of fair valuation measurements are recognised to statement of profit and loss.
iii. Under Indian GAAP, Deposits paid for rental purpose for a period more than one year are not subjected to fair valuation. Under Ind AS, suchdeposits are required for fair valuation. Effect of fair valuation measurements are recognised to statement of profit and loss.
iv. Under Ind AS, financial guarantee contracts are accounted as financial liabilities and measured initially at fair value and subsequentlyamortised over a period of the contract period.
55
Note
s for
min
g pa
rt of
stan
dalo
ne fi
nanc
ial st
atem
ents
for t
he ye
ar en
ded
Marc
h 31
, 201
7Al
l am
ount
s are
in L
akhs
unl
ess o
ther
wise
stat
ed
4. Pr
oper
ty, p
lant a
nd eq
uipm
ent a
nd ca
pita
l wor
k-in
pro
gres
s.
As at
31-M
ar-1
7As
at 31
-Mar
-16
As at
01-A
pr-1
5
Carry
ing
amou
nts :
Free
hold
land
112.6
0
112.6
0
11
2.60
Build
ings
1,029
.83
90
1.08
894.7
5
Le
aseh
old im
prov
emen
ts73
.69
87.29
35
5.73
Plan
t and
equip
ments
19,89
1.02
17
,606.6
3
16,82
8.15
Fu
rnitu
re &
fixtur
es87
0.83
60
9.05
528.9
4
Ve
hicles
582.3
5
452.2
9
50
1.93
Offic
e equ
ipmen
ts1,9
48.71
1,694
.95
1,010
.50
Comp
uters
790.9
6
577.2
5
45
6.59
R&D
capit
al mo
bile d
esali
natio
n plan
t4.4
1
5.8
3
7.71
Su
b-tot
al25
,304.4
022
,046.9
720
,696.9
0
Capit
al wo
rk-in-
pro g
ress
237.7
6
607.2
2
31
5.78
25,54
2.16
22,65
4.19
21,01
2.68
Fre
ehol
d lan
dBu
ildin
gsLe
aseh
old
impr
ovem
ents
Plan
t and
eq
uipm
ents
Fur
nitu
re &
fix
ture
s V
ehicl
es O
ffice
eq
uipm
ents
Com
pute
rs R
& D
- ca
pita
l m
obile
desa
linat
ion
plan
t T
otal
Cost
or d
eem
ed co
s t
Balan
ce as
at A
pril 1
, 201
511
2.60
89
4.75
355.7
3
16,82
8.15
52
8.94
501.9
3
1,010
.50
45
6.59
7.71
20,69
6.90
Addit
ions
-
99
.06
-
6,5
88.28
40
0.98
166.8
0
1,560
.13
41
4.41
-
9,2
29.66
Disp
osals
-
-
(170
.00)
(25.9
4)
(2
8.46)
(42.0
0)
(10.5
7)
(2
.10)
-
(2
79.07
)Ba
lance
as at
Mar
ch 31
, 201
611
2.60
99
3.81
185.7
323
,390.4
990
1.46
626.7
32,5
60.06
868.9
07.7
1
29
,647.4
9
Addit
ions
-
23
3.54
77.71
8,7
22.45
63
1.88
315.4
7
1,411
.31
58
2.16
-
11
,974.5
2Di
spos
als-
-
(3
7.87)
(2
09.93
)
(5
2.79)
(32.7
5)
(121
.02)
(2.18
)
-
(4
56.54
)Ba
lance
as at
Mar
ch 31
, 201
711
2.60
1,2
27.35
225.5
731
,903.0
11,4
80.55
909.4
53,8
50.35
1,448
.887.7
1
41
,165.4
7
Fre
ehol
d lan
d B
uild
ings
L
ease
hold
im
prov
emen
ts P
lant a
nd
equi
pmen
ts F
urni
ture
&
fixtu
res
Veh
icles
Offi
ce
equi
pmen
tsCo
mpu
ters
R &
D -
capi
tal
mob
ilede
salin
atio
n pl
ant
Tot
al
Accu
mul
ated
dep
recia
tion
and
impa
irmen
tBa
lance
as at
Apr
il 1, 2
015
-
-
-
-
-
-
-
-
-
-
Elim
inatio
n on d
ispos
als of
asse
ts-
-
(16.8
5)
(3.04
)
(4.30
)
(13.4
9)
(3.99
)
(0.78
)
-
(42.4
5)De
prec
iation
expe
nse
-
(9
2.73)
(115
.29)
(5,78
6.90)
(2
96.71
)
(1
87.93
)
(8
69.10
)
(2
92.43
)
(1
.88)
(7
,642.9
7)Ba
lance
as at
Mar
ch 31
, 201
6-
(92.7
3)(9
8.44)
(5,78
3.86)
(292
.41)
(174
.44)
(865
.11)
(291
.65)
(1.88
)(7
,600.5
2)
Elim
inatio
n on d
ispos
als of
asse
t s-
-
(7.22
)
(106
.31)
(12.2
5)
(2
0.40)
(7
1.40)
(1.25
)
-
(218
.83)
Depr
eciat
ion ex
pens
e-
(104
.79)
(60.6
6)
(6,33
4.44)
(3
29.56
)
(1
73.06
)
(1
,107.9
3)
(367
.52)
(1.42
)
(8,47
9.38)
Balan
ce as
at M
arch
31, 2
017
-
(1
97.52
)(1
51.88
)(1
2,011
.99)
(609
.72)
(327
.10)
(1,90
1.64)
(6
57.92
)(3
.30)
(15,8
61.07
)
Tata
Pro
jects
Lim
ited
56
Tata
Pro
jects
Lim
ited
Note
s for
min
g pa
rt of
stan
dalo
ne fi
nanc
ial st
atem
ents
for t
he ye
ar en
ded
Marc
h 31
, 201
7Al
l am
ount
s are
in L
akhs
unl
ess o
ther
wise
stat
ed
4. Pr
oper
ty, P
lant a
nd E
quip
men
t and
capi
tal w
ork-
in P
rogr
ess(
Cont
d.)
Fre
ehol
d lan
d B
uild
ings
L
ease
hold
im
prov
emen
ts P
lant a
nd
equi
pmen
ts F
urni
ture
&
fixtu
res
Veh
icles
Offi
ce
equi
pmen
tsCo
mpu
ters
R &
D -
capi
tal
mob
ilede
salin
atio
n pl
ant
Tot
al
Carr y
ing
Amou
nt
Balan
ce as
at A
pril 1
, 201
511
2.60
89
4.75
355.7
3
16,82
8.15
52
8.94
501.9
3
1,010
.50
45
6.59
7.71
20,69
6.90
Addit
ions
-
99
.06
-
6,5
88.28
40
0.98
166.8
0
1,560
.13
41
4.41
-
9,2
29.66
Disp
osals
-
-
(153
.15)
(22.9
0)
(2
4.16)
(28.5
1)
(6.58
)
(1.32
)
-
(2
36.62
)De
prec
iation
Exp
ense
-
(9
2.73)
(115
.29)
(5,78
6.90)
(2
96.71
)
(1
87.93
)
(8
69.10
)
(2
92.43
)
(1
.88)
(7
,642.9
7)Ba
lance
as at
Mar
ch 31
, 201
611
2.60
90
1.08
87.29
17,60
6.63
609.0
545
2.29
1,694
.95
57
7.25
5.83
22,04
6.97
Addit
ions
-
23
3.54
77.71
8,7
22.45
63
1.88
315.4
7
1,411
.31
58
2.16
-
11
,974.5
2Di
spos
als-
-
(3
0.65)
(1
03.62
)
(4
0.54)
(12.3
5)
(49.6
2)
(0
.93)
-
(237
.71)
Depr
eciat
ion E
xpen
se-
(104
.79)
(60.6
6)
(6,33
4.44)
(3
29.56
)
(1
73.06
)
(1
,107.9
3)
(367
.52)
(1.42
)
(8,47
9.38)
Balan
ce as
at M
arch
31, 2
017
112.6
0
1,029
.8373
.6919
,891.0
287
0.83
582.3
51,9
48.71
790.9
64.4
1
25
,304.4
0
4.1Im
pairm
ent L
osse
s rec
ogni
sed
durin
g th
e yea
r
4.2As
sets
pled
ged
as se
curit
yNo
ne of
the p
rope
rty, p
lant a
nd eq
uipme
nt ex
cept
the pr
oper
ty, pl
ant a
nd eq
uipme
nt de
ploye
d rela
ting t
o pro
jects
being
unde
rtake
n at D
ubai,
Ken
ya an
d Zam
bia ar
e pled
ged a
s at th
e yea
r end
ed 31
st Ma
rch, 2
0
4.3Re
fer N
ote 3
.18 fo
r ava
iling
optio
nal e
xcep
tion
as p
er In
d AS
101
Thec
ompa
nyca
rries
outp
hysic
alve
rifica
tiono
fit's
prop
erty,
plant
ande
quipm
ent,i
nap
hase
dman
nero
vera
perio
dofth
reey
ears.
Asse
tswh
osew
orkin
glife
hase
xpire
d,wo
uldbe
retire
dfro
mthe
book
safte
rdue
appr
ovals
,as
pert
heSc
hedu
leof
Powe
rs.As
sets
which
are
notin
worki
ngco
nditio
nar
eas
sese
dan
dar
ere
tired
onan
nual
basis
aspe
rSch
edule
ofPo
wers
("SOP
").As
sets
inwo
rking
cond
ition
are
deplo
yeda
tpro
jects
ites
and
are
lever
aged
amon
g mult
iple p
rojec
ts in
its us
eful li
fe. A
ccor
dingly
, no i
mpair
ment
loss i
s rec
ognis
ed du
ring t
he ye
ar.
57
58
Note
s for
min
g pa
rt of
stan
dalo
ne fi
nanc
ial st
atem
ents
for t
he ye
ar en
ded
Marc
h 31
, 201
7Al
l am
ount
s are
in L
akhs
unl
ess o
ther
wise
stat
ed
7 . O
ther
Inve
stm
ents
Qty.
Am
ount
Qt
y.Am
ount
Qt
y.
Amou
nt
Non-
Curre
nt
Quot
ed In
vest
men
ts -
fully
paid
(A)
(a)
Inve
stm
ents
in E
quity
Inst
rum
ents
- Su
bsid
iary
Artso
n Eng
ineer
ing Li
mited
(equ
ity sh
ares
of � 1
each
) (re
fer no
te 1 a
nd 2
below
)
2
7,690
,000
4,55
9.82
27,6
90,00
0
4
54.73
2
7,690
,000
336.9
3
TOTA
L AG
GREG
ATE
QUOT
ED IN
VEST
MENT
S (
A)4,5
59.8 2
454.7
3
336.9
3Un
quot
ed In
vest
men
ts -
fully
paid
(B) [
at co
st]
(b)
Inve
stm
ents
in E
quity
Inst
rum
ents
- Su
bsid
iaries
TPL -
TQA
Qua
lity S
ervic
es (M
auriti
us) P
ty Ltd
- Fa
ce va
lue of
EUR
1 ea
ch
16
,800
1
1.37
16,8
00
11
.37
16,8
00
11.37
TP
L - T
QA Q
uality
Ser
vices
(Sou
th Af
rica)
Pty
Ltd- F
ace v
alue o
f ZAR
1 ea
ch
1
50,00
0
9.
34
150,0
00
9
.34
150,0
00
9.34
TQ
Ser
vices
Eur
ope G
mbH
- Fac
e valu
e of E
UR 1
each
125
,000
9
9.81
125,0
00
99
.81
125,0
00
99.81
Uj
jwal
Pune
Limi
ted (f
orme
rly T
ata P
rojec
ts Inf
rastr
uctur
e Ltd)
- Fa
ce va
lue of
� 10 e
ach .
(refe
r note
3 be
low)
4,5
50,00
0
550.4
3
5
0,000
5.00
5
0,000
5
.00
TQ C
ert S
ervic
es P
rivate
Limi
ted (f
orme
rly F
oodc
ert In
dia P
rivate
Limi
ted)-
Face
value
of� 1
0 eac
h
1,638
,600
11
0.00
1,
638,6
00
110
.00
1,
138,6
00
60.00
Ind
ustria
l Qua
lity S
ervic
es LL
P - F
ace v
alue o
f OMR
1 ea
ch
1
75,00
0
303.7
3
17
5,000
3
03.73
-
-
Ind P
rojec
t Eng
ineer
ing (S
hang
hai) C
o. Ltd
-
2
7.34
-
-
-
-
(c)In
vest
men
ts in
Equ
ity In
stru
men
ts -
Asso
ciat e
Vire
ndra
Gar
ments
Man
ufactu
ring P
rivate
Limi
ted -
shar
es of
� 100
each
fully
paid-
up
1
,200
1.20
1,200
1.20
1,200
1
.20
TOTA
L AG
GREG
ATE
UNQU
OTED
INVE
STME
NTS
(B)
1,11
3.22
540.4
518
6.72
Inve
stm
ents
in P
artn
ersh
ip (C
) Ta
ta Di
lwor
th Se
cord
Mea
gher
& A
ssoc
iates
(refe
r Note
below
1.80
1.80
1.80
TOTA
L IN
VEST
MENT
S IN
PAR
TNER
SHIP
(C)
1.80
1.80
1.80
TOTA
L NO
N CU
RREN
T IN
VEST
MENT
S (A
) +(B
) +(C
) 5,6
74.84
996.9
852
5.45
3.00
3.00
3.00
5,671
.8499
3.98
52
2.45
Aggr
egat
e boo
k valu
e of q
uote
d in
vest
men
ts
4
,559.8
2
4
54.73
336
.93
Aggr
egat
e valu
e of q
uote
d in
vest
men
ts
13
,152.7
5
10,4
52.98
7
,753.2
0 Ag
greg
ate c
arry
ing
v alu
e of u
nquo
ted
inve
stm
ents
1,11
3.22
540
.45
1
86.72
Ag
greg
ate c
arry
ing
valu
e of i
nves
tmen
ts in
par
tner
ship
firm
1.80
1.80
1.80
Ag
greg
ate a
mou
nt o
f im
pairm
ent i
n va
lue o
f inv
estm
ents
(3.00
)
(3.00
)
(3
.00)
Vire
ndra
Gar
ments
Man
ufactu
ring P
rivate
Limi
ted
(1
.20)
(1
.20)
(1.20
)Ta
ta Di
lwor
th Se
cord
Mea
gher
& A
ssoc
iates
(1
.80)
(1
.80)
(1.80
)
Note
: Oth
er d
etail
s rela
ting
to in
vest
men
t in
partn
ersh
ip fi
rm
Shar
e of C
apita
lSh
are o
f eac
h pa
rtner
in th
e pr
ofits
of t
he
firm
Shar
e of C
apita
lSh
are o
f eac
h pa
rtner
in th
e pr
ofits
of t
he fi
rm
Shar
e of C
apita
lSh
are o
f eac
h pa
rtner
in th
e pr
ofits
of t
he
firm
(i) T
ata P
rojec
ts Lim
ited
1.80
60
%1.8
0
60%
1.80
60%
(ii) D
ilwor
th Se
cord
, Mea
gher
& A
ssoc
iates
1.20
40%
1.20
40%
1.20
40%
1 2 3Tata
Pro
jects
Lim
ited
As at
31-M
ar-1
7As
at 31
-Mar
-16
Durin
gthe
year
,theC
ompa
nyha
srev
isedt
erms
ofthe
exist
ingter
mloa
nof�
1930
.39lak
hsan
dInte
rCor
pora
teDe
posit
s(IC
Ds)o
f�21
00lak
hs,g
ivent
oArts
onEn
ginee
ringL
imite
d,as
ubsid
iaryc
ompa
ny.A
sper
there
vised
terms
theloa
nag
greg
ating
�4,03
0.39l
akhs
isint
eres
tfre
eand
repa
yable
after
20ye
ars.
Furth
er,A
rtson
willn
otde
clare
orpa
yany
divide
ndpr
iorto
there
paym
ento
fthe
Loan
.The
pres
entv
alue
ofthe
loan
asat
March
31,2
017i
s�2
07.10
lakhs
, disc
ounte
d ove
r the
loan
teno
r. Th
e bala
nce o
f � 3,8
23.29
lakh
s has
been
inclu
ded u
nder
inve
smen
ts in
Note
no. 7
(a) a
bove
Includ
es in
vestm
ent o
f � 45
9.63 l
akhs
(Mar
ch 31
, 201
6: � 1
77.83
lakh
s; Ap
ril 1,
2015
: � 60
.03 la
khs),
on ac
coun
t of fa
ir valu
ation
of C
orpo
rate
Guar
antee
give
n by t
he C
ompa
ny on
beha
lf of A
rtson
Eng
ineer
ing Li
mited
, a su
bsidi
ary.
As at
01-A
pr-1
5
Les
s: A
ggre
gate
amou
nt o
f im
pairm
ent i
n va
lue o
f inv
estm
ents
C
arry
ing
valu
e of t
otal
non
curre
nt in
vest
men
ts
Includ
es in
vestm
ent o
f � 95
.43 la
khs (
March
31, 2
016:
Nil; A
pril 1
, 201
5: Ni
l). Inc
reas
e is o
n acc
ount
of fa
ir valu
ation
of C
orpo
rate
Guar
antee
give
n by t
he C
ompa
ny on
beha
lf of U
jjwal
Pune
Lim
ited,
a sub
sidiar
y.
Note
s:Nam
e of t
he fi
rm
Tata
Dilw
orth
Seco
rd,
Meag
her &
Ass
ociat
es
As at
Mar
ch 31
, 201
6As
at A
pril 0
1, 20
15As
at M
arch
31, 2
017
Nam
e of p
artn
er in
the f
irm
59
60
Notes forming part of standalone financial statements for the year ended March 31, 2017All amounts are in Lakhs unless otherwise stated
10 . Other financial assets
Non-current
Security deposits 1,839.92 1,201.76 1,030.55 Loans and advances to employees 6.24 14.01 22.86 Advance towards share application money 44.40 - -
Total 1,890.56 1,215.77 1,053.41
Current
Security deposits 2,261.76 1,059.38 509.50 Unbilled revenue 34,209.67 38,891.26 25,941.25 Less: Allowance for expected credit loss (94.00) - -
34,115.67 38,891.26 25,941.25
Inter corporate deposits 353.60 - - Receivable from joint venture partners 3,361.98 4,074.16 2,524.97 Contractual reimbursable expenses 3,123.33 1,097.69 1,642.57 Less: Allowance for expected credit loss (14.00) - -
3,109.33 1,097.69 1,642.57 Insurance and other claims receivable
Unsecured, considered good 41.62 30.06 12.03 Doubtful 73.25 73.25 73.25
114.87 103.31 85.28 Less: Provision for doubtful claims (73.25) (73.25) (73.25)
41.62 30.06 12.03 Interest accruals(i) Interest acrued on deposits 34.43 28.53 17.84 (ii) Interest accrued on loans to subsidiary (doubtful) - 133.02 133.02 (iii) Interest accrued on mobilisation advance given 60.49 81.06 342.39
94.92 242.61 493.25 Less: Provision for doubtful interest accrued on loans to subsidiary - (133.02) (133.02)
94.92 109.59 360.23
Total 43,338.88 45,262.14 30,990.55
Tata Projects Limited
As at 31-Mar-17 As at 31-Mar-16 As at 01-Apr-15
61
62
63
Tata Projects LimitedNotes forming part of standalone financial statements for the year ended March 31, 2017All amounts are in Lakhs unless otherwise stated
Number of shares Amount
Number of shares Amount
Number of shares Amount
16. Equity share capital
Authorised share capital 2,500,000 2,500.00 2,500,000 2,500.00 2,500,000 2,500.00
Issued, subscribed and fully paid-up
2,025,000 2,025.00 2,025,000 2,025.00 2,025,000 2,025.00
Total 2,025,000 2,025.00 2,025,000 2,025.00 2,025,000 2,025.00
Notes:
(i) Reconciliation of the number of shares and amount outstanding at the beginning and at the end of the year
Equity shares with voting rights
Number of shares in '000s
Balance as at April 1st , 2015 2,025 Changes during the year -
Balance as at March 31st , 2016 2,025 Changes during the year -
Balance as at March 31, 2017 2,025
(ii) Rights, preferences and restrictions attached to the equity shares
(iii) Shareholders holding more than 5% of the equity shares
Number of shares %
Number of shares %
Number of shares %
Equity shares of 100 each with voting rights
The Tata Power Company Limited 967,500 47.78 967,500 47.78 967,500 47.78Omega TC Holdings Pte Limited 488,440 24.12 488,440 24.12 - -Tata Steel Limited - - - - 218,250 10.78Tata Chemicals Limited 193,500 9.56 193,500 9.56 193,500 9.56Tata Sons Limited 135,000 6.67 135,000 6.67 135,000 6.67Voltas Limited 135,000 6.67 135,000 6.67 135,000 6.67Tata Motors Limited - - - - 135,000 6.67
As at April 01, 2015
The Company has only one class of equity shares having a par value of � 100 each per share. Each holder of equity shares is entitled to one vote per share. Thedividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. In the event of liquidation ofthe Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. Thedistribution will be in proportion to the number of equity shares held by the shareholders.
As at March 31, 2017
As at March 31, 2017
As atMarch 31, 2016
As at March 31, 2016
Equity shares of � 100 each with voting rights
Equity shares of � 100 each with voting rights
As atApril 01, 2015
64
Notes forming part of standalone financial statements for the year ended March 31, 2017All amounts are in Lakhs unless otherwise stated
17. Other equity Ind AS Ind AS Ind AS As at
31-Mar-17As at
31-Mar-16As at
01-Apr-15
General Reserve 29,042.70 19,749.20 14,791.25 Securities premium reserve 4,987.50 4,987.50 4,987.50 Retained earnings 66,580.56 66,376.67 66,162.04
100,610.76 91,113.37 85,940.7991,388.46 91,121.69 85,940.79
17.1 General reserve
Year ended31-Mar-17
Year ended 31-Mar-16
Year ended31-Mar-15
Balance at the beginning of the year 19,749.20 14,791.25 13854.29Movements during the year 9,293.50 4,957.95 936.96Balance at the end of the year 29,042.70 19,749.20 14,791.25
Year ended 31-Mar-17
Year ended 31-Mar-16
Year ended31-Mar-15
17.2 Securities premium reserve
Balance at the beginning of the year 4,987.50 4,987.50 4,987.50 Movements during the year - - - Balance at the end of the year 4,987.50 4,987.50 4,987.50
17.3 Retained earningsYear ended 31-
Mar-17Year ended 31-Mar-16
Year ended31-Mar-15
Balance at the beginning of the year 66,376.67 66,162.04 57,861.19 Profit attributable to owners of the Company 11,116.14 6,248.74 9,237.81 Other comprehensive income arising from remeasurement of defined benefit obligation net of income tax (400.13) (5.22) - Payment of dividends on equity shares # (1,012.50) (1,012.50) - Tax on dividend (206.12) (58.44) Transfer to general reserve (9,293.50) (4,957.95) (936.96) Balance at the end of the year 66,580.56 66,376.67 66,162.04
Retained earnings represents the Company's undistributed earnings after taxes.
#
Tata Projects Limited
The general reserve is used from time to time to transfer profits from retained earnings for appropriation purposes. As the general reserve is created by atransfer from one component of equity to another and is not an item of order comprehensive income, items included in the general reserve will not bereclassified subsequently to profit or loss.
On July 01, 2016, a dividend of � 50 per share (total dividend of � 1,012.50 lakhs) was paid to holders of fully paid equity shares. On August 07, 2015, thedividend paid was � 50 per share (total dividend � 1,012.50 lakhs).
65
66
Notes forming part of standalone financial statements for the year ended March 31, 2017All amounts are in Lakhs unless otherwise stated
20. Current borrowings
As at 31-Mar-17
As at 31-Mar-16
As at 01-Apr-15
Unsecured - at amortised costa) Loans repayable on demand
from banks - Overdraft facilities - - 7,211.20 - Working capital demand Loans - 1,500.00 2,000.00 - Commercial advance - 16,232.71 4,526.13 - Commercial paper 15,000.00 - 5,000.00
b) Loans from other parties - - 5,000.00
Secured - at amortised costa) Loans repayable on demand
from banks - Overdraft facilities (refer Note (I) below) 17,061.40 18,365.62 19,752.43 - Working capital demand loans (refer Note (II) below) 7,500.00 21,499.55 3,970.00 - Commercial advance 10,350.00 - -
Total 49,911.40 57,597.88 47,459.76
Note :
I Overdraft facilities and Working capital demand loan are secured by:(a) a first charge on the book debts, inventories and other current assets ranking pari-passu.(b)
II
III
IV
V
VI
VII
VIII
Breach of loan agreement
Fixed rate loan in the form of Inter Corporate Deposit is not raised during 2016-17. The weighted average effective intereste rate is 0% p.a. (as at March2016: 10.40% p.a.; 1st April, 2015: 10.40% p.a.)
Tata Projects Limited
an exclusive charge on the entire receivables, property plant and euipment and current assets relating to the project being undertaken at Dubai, Kenya and Zambia.
Working capital demand loan of � 7,500 lakhs (March 31, 2016 � 7,500 lakhs) taken by a Joint venture is secured by corporate guarantee given by theCompany.
Overdraft/Cash Credit (OD/CC) with interest rates linked to Base rate/MCLR were availed in 2016-17. The current weighted average effective interest rateon overdrafts is 9.46% p.a. (as at March 31, 2016: 9.80% p.a.; as at April 01, 2015: 10.79 %). Company utilises OD/CC from both Consortium and Non-Consortium banks. OD/CC utilisation from Consorium banks is secured by hypothecation of company's stocks and receivables.
Commercial Paper with variable interest rate were issued during 2016-17. The current weighted average effective interest rate on Commercial Paper is6.86% p.a. (as at March 31, 2016: 7.86% p.a.; as at April 01, 2015: 8.51% p.a.)
Fixed rate loans in the form of Working Capital Demand Loans (WCDL), for a tenor not exceeding 90 days for TPL and 180 days for Tata Aldesa JV, areraised during 2016-17. The weighted average effective interest rate is 8.90% p.a.(as at March 31, 2016: 9.78% p.a.; as at April 01, 2015: 11.14% p.a.).Company utilises WCDL from both Consortium and Non-Consortium banks. WCDL utilisation from Consorium banks is secured by hypothecation ofcompany's stocks and receivables.
Fixed rate loan in the form of Vendor Finance scheme, for a tenor of 1 year, raised during 2016-17. The weighted average effective intereste rate is 9.30%p.a. (as at March 31, 2016: 9.52% p.a.; April 01, 2015: 10% p.a.)
Fixed rate loan in the form of commercial advance (Packing Credit) raised during 2016-17. The weighted average effective intereste rate is 9.42% p.a. (as atMarch 31, 2016: 9.60% p.a.; April 01, 2015: Nil)
During the year, the interest and principal amounts, were remitted to lenders, on or before due date and there were no delays in this regard
67
68
Tata Projects LimitedNotes forming part of standalone financial statements for the year ended March 31, 2017All amounts are in Lakhs unless otherwise stated IND AS IND AS
24. Revenue from operations
(a) Income from contracts (refer note (i) below) 585,279.75 420,728.82
(b) Income from services (refer note (ii) below) 15,153.95 13,198.69
(c) Income from sale of goods (refer note (iii) below) 1,195.73 1,182.03
(d) Share of profit from Joint Ventures 54.36 2,644.79
(e) Other operating revenues (refer note (iv) below) 703.84 854.55
Total 602,387.63 438,608.88
Notes:(i) Income from contracts comprises :
- Supply of contract equipment and materials 239,912.50 170,902.85
- Civil and erection works 345,367.25 249,825.97
Total 585,279.75 420,728.82
(ii) Income from services comprises :- Quality inspection services 15,153.95 13,198.69 Total 15,153.95 13,198.69
(iii) Income from sale of goods comprises :- Sale of BWRO units 1,195.73 1,182.03 Total 1,195.73 1,182.03
(iv) Other operating revenues comprises :- Sale of scrap 544.25 842.25 - Duty drawback 159.59 12.30 Total 703.84 854.55
For the year ended
March 31, 2017
For the year ended
March 31, 2016
69
70
Tata Projects LimitedNotes forming part of standalone financial statements for the year ended March 31, 2017All amounts are in Lakhs unless otherwise stated IND AS IND AS
26. Contract execution expenses
(a) Cost of supplies/erection and civil works * 486,080.80 317,807.29 (b) Engineering fees 1,905.99 1,301.15 (c) Insurance premium 2,885.94 2,028.03 (d) Bank guarantee and letter of credit charges 3,118.90 2,108.63
Total 493,991.63 323,245.10
* includes increase / (decrease) in excise duty of � 35.04 lakhs [previous year: � 42.85 lakhs] on finished goods
27. Changes in inventories of finished goods, work-in-process and contracts-in-progress
Inventories at the end of the yearFinished goods 12.31 13.25 Work-in-process 426.58 379.87 Contracts-in-progress 120,678.18 72,068.94
121,117.07 72,462.06
Inventories at the beginning of the yearFinished goods 13.25 14.30 Work-in-process 379.87 614.63 Contracts-in-progress 72,068.94 64,742.71
72,462.06 65,371.64 Net (increase)/decrease (48,655.01) (7,090.42)
28. Employee benefits expense
(a) Salaries and wages 38,619.27 31,876.95 (b) Contribution to provident and other funds (refer note no. 33.10) 3,160.44 2,371.86 (c) Staff welfare expenses 1,637.44 1,255.17
Total 43,417.15 35,503.98
March 31, 2017
For the yearended
For the yearended
March 31, 2016
71
Notes forming part of standalone financial statements for the year ended March 31, 2017All amounts are in Lakhs unless otherwise stated IND AS IND AS
29. Finance costs
Interest expense on(i) Interest on bank overdrafts and loans (other than those from related
parties) 6,764.65 7,334.51
(ii) Mobilisation advance received 4,967.42 1,918.71
(iii) Delayed payment of income tax 30.99 2.37
(iv) Others 388.95 139.78
Other borrowing costs 271.77 57.74
Total 12,423.78 9,453.11
30. Depreciation and amortisation expense(i) Depreciation of plant, property and equipment pertaining to continuing
operations 8,479.38 7,642.97
(ii) Amortisation of intangible assets 900.36 724.51
Total 9,379.74 8,367.48
For the year ended
For the year ended
March 31, 2017 March 31, 2016
72
Tata Projects LimitedNotes forming part of standalone financial statements for the year ended March 31, 2017All amounts are in Lakhs unless otherwise stated IND AS IND AS
31. Other expenses
Consumption of stores and spare parts 320.18 345.28
Rent 5,180.19 3,892.47
Repairs and maintenance - Building 24.70 12.34 - Machinery 386.48 533.08
- Others 804.49 741.18
Processing charges 1,127.45 1,126.46
Power and fuel 1,476.75 1,035.39
Rates and taxes 2,442.82 1,053.65
Insurance 101.12 132.62
Motor vehicle expenses 4,111.18 3,799.79
Travelling and conveyance 4,133.40 3,288.27
Legal and professional 7,999.43 4,811.24
Payment to auditors (refer note below) 54.60 48.82
Communication expenses 1,025.43 783.12
Printing and stationery 526.19 394.86
Staff recruitment and training expenses 153.24 139.39
Business development expenditure 478.32 397.42
Bank charges 309.00 155.72
Freight and handling charges 158.79 141.89
Provision for impairment in the value of investments 50.00 500.00
Bad debts 2,443.15 2,094.06
Provision for doubtful trade receivables 1,743.51 2,732.30
Less: provision for doubtful trade receivables reversed (2,924.14) (5,209.93)
Advances written off 171.04 110.00
Add: provision for doubtful loans and advances - 28.84
Less: provision for doubtful loans and advances reversed (179.38) -
Agency commission 1,663.43 1,130.72
Brand equity contribution 1,025.73 615.69
Loss on sale of plant, property & equipment 22.92 121.91
Miscellaneous expenses 2,186.83 2,035.36
Total 37,016.85 26,991.94
Note:Payment to auditors comprises (net of service tax)(a) To statutory auditors
Audit fees 25.00 25.00 Tax audit fees 2.00 2.00 Limited review fees 6.00 6.00 Other services 19.75 13.50 Reimbursement of expenses - 1.29
(b) To Cost auditor for cost audit 1.85 1.03 Total 54.60 48.82
March 31, 2016March 31, 2017
For the year ended
For the year ended
73
Tata Projects Limited
Notes forming part of standalone financial statements for the year ended March 31, 2017All amounts are in Lakhs unless otherwise stated
32. Income taxes relating to continuing operations32.1 Income taxes recognised in profit and loss
For the year ended
For the year ended
March 31, 2017 March 31, 2016Current taxIn respect of the current year 7,975.29 5,294.31
7,975.29 5,294.31 Deferred taxIn respect of the current year (820.03) (366.47)
(820.03) (366.47) Total income tax expense recognised in the current yearrelating to continuing operations 7,155.26 4,927.84
32.2 The income tax expense for the year can be reconciled to the accounting profit as follows:
For the year ended
For the year ended
March 31, 2017 March 31, 2016
Profit before tax from continuing operations 18,271.40 11,176.58
Income tax expense calculated 6,452.73 3,870.23 Effect of Income Tax that is exempt from taxation (248.12) (249.29) Effect of expenses that are not deductible in determining taxable profit 950.21 697.59 Effect of differential tax rates in Income 4.50 9.25 Effect of Income tax on unrecognised Income - 588.34 Others - 11.72
7,159.32 4,927.84 Adjustments recognised in the current year in relation to the current tax of previous years 4.06 - Income tax expense recognised in profit or loss (relating to continuing operations) 7,155.26 4,927.84
32.3 Income tax recognised in other comprehensive incomeFor the year
endedFor the year
ended March 31, 2017 March 31, 2016
Deferred taxRemeasurements of defined benefit obligation 211.77 2.77 Total income tax recognised in other comprehensive income 211.77 2.77
The tax rate used for the years 2016-2017 and 2015-2016 reconciliations above is the coporate tax rate of 30% payable by corporate entities in India on taxable profits under the Indian tax law
74
Tata Projects LimitedNotes to the standalone financial statements for the year ended March 31, 2017All amounts are in Lakhs unless otherwise stated
Note 33 Additional information to the financial statements
For the year endedMarch 31, 2017
For the year endedMarch 31, 2016
For the year endedMarch 31, 2015
. in lakhs . in lakhs . in lakhs33.1 Contingent liabilities and commitments (to the extent not provided for)
(i) Contingent liabilities:(a) Claim against the Company not acknowledged as debt
Matters under dispute:Sales tax / VAT 5,076.14 6,114.61 5,963.37 Service tax * 57,645.16 23,908.13 13,229.83 Income tax 74.62 74.62 74.62
Third party claims from disputes relating to contracts 1,043.50 9.40 - * Exclude interest amount
(b) Guarantees764,844.05 529,279.99 431,176.92
64,950.00 39,387.99 14,751.23 (c) Others - liquidated damages Amounts
indeterminate Amounts
indeterminate Amounts
indeterminate
Notes:1
2
in lakhs(i) Tata Aldesa (JV) 75,196.24 (March 31, 2016: � 50,279.80 lakhs; March 31, 2015: � 54,928.35 lakhs)(ii) Tata Projects Balfour Beatty JV 1.00 (March 31, 2016: � 1.00 lakhs; March 31, 2015: � 1.00 lakhs)(iii) Tata Projects Limited VNR JV Pkg 1 969.86 (March 31, 2016: � 969.86 lakhs; March 31, 2015: � 2,719.86 lakhs)
(iv) Tata Projects Limited VNR JV Pkg 2 2,014.02 (March 31, 2016: � 2,013.11 lakhs; March 31, 2015: � 2,748.68 lakhs)(v) GYT TPL 11,780.77 (March 31, 2016: � 14,272.40 lakhs; March 31, 2015: � 10,988.01 lakhs)(vi) Express Freight Consortium 43,906.05 (March 31, 2016: � 21,289.93 lakhs; March 31, 2015: � Nil)(vii) Sibmost- TPL 4,977.07 (March 31, 2016: � Nil; March 31, 2015: � Nil)(viii) TPL SUCG Consortium 17,897.08 (March 31, 2016: � Nil; March 31, 2015: � Nil)(ix) GULERMAK-TPL 9,838.20 (March 31, 2016: � Nil; March 31, 2015: � Nil)(x) GIL-TPL JV 23,063.98 (March 31, 2016: � Nil; March 31, 2015: � Nil)(xi) TPL-HGIEPL JV 4,705.00 (March 31, 2016: � Nil; March 31, 2015: � Nil)(xii) CCECC-TPL- JV 1,189.71 (March 31, 2016: � Nil; March 31, 2015: � Nil)(xiii) CEC-ITD Cem-TPL Joint Venture 12,735.45 (March 31, 2016: � Nil; March 31, 2015: � Nil)(xiv) Chint Electric & TPL 3,509.92 (March 31, 2016: � Nil; March 31, 2015: � Nil)(xv) TPL-TEDA Consortiun 3,279.15 (March 31, 2016: � Nil; March 31, 2015: � Nil)(xvi) ANGELIQUE - TPL JV 674.53 (March 31, 2016: � Nil; March 31, 2015: � Nil)(xvii) AnTaCs Consortium 1,753.04 (March 31, 2016: � Nil; March 31, 2015: � Nil)(xviii) CICO-TPL Joint Venture 3,533.08 (March 31, 2016: � Nil; March 31, 2015: � Nil)(xix) CYMI-TPL JV 486.44 (March 31, 2016: � Nil; March 31, 2015: � Nil)(xx) PGCIL-TPL JV 389.15 (March 31, 2016: � Nil; March 31, 2015: � Nil)(xxi) GMR-Kalindee - JV 1,106.96 (March 31, 2016: � Nil; March 31, 2015: � Nil)(xxii) Tata Projects - Kalindee (JV) 4,781.73 (March 31, 2016: � Nil; March 31, 2015: � Nil)(xxiii)TATA PROJECTS LIMITED.M/s. Jyoti Bildtech Pvt.Ltd. (JV)
4,888.87 (March 31, 2016: � Nil; March 31, 2015: � Nil)
232,677.30
(ii) Commitments 5,578.46 420.34 393.32 Estimated amount of contracts remaining to be executed on capital account and
not provided for [net of advance � 636.17 lakhs (March 31, 2016 : � 40.08 lakhs; March 31, 2015 : � 77.67 lakhs)]
Performance and other bank guarantees issued by banks on behalf of the Company (refer Note 2 below)Corporate guarantees (refer Note 1,2 below)
Future cash outflows in respect of the matters in (a) above are determinable only on receipt of judgements/decisions pending at various forums/authorities
Includes Corporate guarantees of � 5,500 lakhs (March 31, 2016 : � 5,500 lakhs) given on behalf of its subsidiary, Artson Engineering Limited and remainingoutstanding as on March 31, 2017. The amount of loan outstanding against such guarantees given is � 1,825.17 lakhs (March 31, 2016 : � 2,100 lakhs).
Includes � 2,32,112.85 lakhs (March 31, 2016: � 88,826.10 lakhs) given on behalf of the following jointly controlled operations.
75
Tata Projects LimitedNotes to the standalone financial statements for the year ended March 31, 2017All amounts are in Lakhs unless otherwise stated
33.2
For the year ended March 31, 2017
For the year ended March 31, 2016
For the year ended March 31, 2015
in lakhs in lakhs in lakhs
Contract revenue recognised during the year 585,279.75 420,728.82 329,295.09
2,930,008.00 2,405,596.62 2,124,920.04
Advances received for contracts-in-progress 192,457.69 108,397.14 101,110.70
Retention money for contracts-in-progress 147,358.55 123,851.61 128,632.25
Gross amount due from customers for contract work 154,887.85 110,980.20 90,683.96
33.3
33.4
33.5
Disclosures required to be made under Ind AS -11 Construction Contracts
In line with accepted practice in construction business, certain revision to costs and billing of previous years which have crystallised during the year havebeen dealt with in the period. The Statement of Profit and Loss for the period includes debits (net) aggregating � 11,383.64 lakhs [March 31, 2016 : �11,761.22 lakhs - debits (net); March 31, 2015 : � 9,933.03 lakhs - debits (net)] on account of changes in estimates.
Aggregate of contract costs incurred and recognised profits (lessrecognized losses) upto the reporting date
In the year 2007-08, under a sanctioned scheme of the Board for Industrial and Financial Reconstruction (BIFR), the Company became a strategic investorin Artson Engineering Limited ("Artson"), a Public Limited Company listed on the Bombay Stock Exchange by acquiring 75% of the equity share capital ofArtson. In terms of the rehabilitation scheme sanctioned by BIFR, the Company is exempt from the provisions of Section 73 and 186 and relevantprovisions of the Companies Act, 2013 (Section 58A and 372A and relevant provisions of the Companies Act, 1956) and the regulation there under for thepurpose of providing loan and guarantees and subscribing to the equity capital of Artson.
The Company has an investment of � 276.90 lakhs in Artson, has loaned amounts aggregating � 4,030.39 lakhs and has given project advancesaggregating � 1198.50 lakhs on March 31, 2017. Of this, the management has extended the moratorium for repayment of loans aggregating � 4,030.39lakhs for a further period, with repayments falling due in five instalments commencing March 31, 2018. Artson had applied to the BIFR seeking conversionof the loan advanced by the Company and the interest thereon into 44,18,22,878, 4% Optionally Convertible Cumulative Redeemable Preference Sharesof � 1/- each credited as fully paid up, to be allotted to the Company on a preferential allotment basis. Artson's net worth has been fully eroded. Artson'sfinancial statements for the year ended March 31, 2017 have been prepared on going concern basis. Considering the order book position of Artson,management is of the view that no provision is required on this account at this stage.
Consequent to the repeal of Sick Industries Companies Act, 1985, effective 1st December 2016, the BIFR was dissolved. The application of Artson beforeertstwhile BIFR seeking conversion of the loan advanced by the company along with interest, has been suspended. The Company and Artson havemutually agreed to extend the tenor of the loan of � 4,030.39 lakhs, to 20 years, free of interest, with Company retaining the option of converting the loan,at any time during the tenor, into any other instrument (other than direct equity). The terms of the loan restricts Artson from declaring dividend beforerepaying the loan to Company. The loan, being a financial asset, has been discounted to present value and the discounted value of � 3,823.29 lakhs as at31st March 2017 has been considered as investment in Note No. 7. The present value of the loan is � 207.10 Lakhs has been included under Loans torelated party in Note No 9.
Note 13 - Other non current assets includes � 610.00 lakhs (March 31, 2016: � 610.00 lakhs; April 01, 2015: � 610.00 lakhs) on account of taxes deductedat source on inter state supplies under applicable Value Added Tax Acts. The Company has contested the deduction in the applicable judicial forum and isconfident of a favourable outcome in the matter.
76
Tata Projects LimitedNotes to the consolidated financial statements for the year ended March 31, 2017All amounts are in Lakhs unless otherwise stated
33.6 Segment Information
(i) EPC(ii) Services(iii) Others
and geographic segments of the group are: (i) Domestic(ii) Overseas
Reporting for business segment is on the following basis:
For the purpose of monitoring segment performance and allocating resources between segments:
Group operates through 6 business units – EPC, Transmission & Distribution, Transportation, Construction & Environment, UrbanInfrastructure and Quality services and provides turnkey end to end project implementing services in these verticals. The projects are executedboth in India and abroad. Based on the "Management Approach" as defined in Ind AS 108, the Group evaluates the group's performance andallocates resources based on the analysis of various performance indicators by business segments and geographic segments. Accordingly,information has been presented both along business segments and geographic segments. The accounting principles used in the preparation ofthe financial statements are consistently applied to record revenue and expenditure in individual segments, and are as set out in the significantaccounting policies.
Accordingly the business segments of the group are:
Revenue relating to individual segment is recorded in accordance with accounting policies followed by the Group. All expenditure, which isdirectly attributable to a project, is charged to the project and included in the respective segment to which the project related. The costs whichcannot be reasonably attributable to any project and are in the nature of general administrative overheads are shown as unallocable expenses.
The accounting policies of the reportable segments are the same as the group's accounting policies described in note 3.17. Segement profitrepresents the profit before tax earned by each segment without allocation of central administration costs and directors' salaries, share of profitof joint ventures, other income, as well as finance costs. This is the measure reported to the chief operating decision maker for the purposes ofresource allocation and assessment of segment performance
Property, plant and equipment's employed in the specific project are allocated to the segment to which the project relates. The depreciation onthe corresponding assets is charged to respective segments.
All other assets are allocated to reportable segments other than investments in associates, investments in joint ventures, other investments,loans, other financial assets and current and deferred tax assets.
All liabilities are allocated to reportable segments other than borrowings, other financial liabilities, current and deferred tax liabilities.
77
Tata Projects LimitedNotes to the standalone financial statements for the year ended March 31, 2017All amounts are in Lakhs unless otherwise stated
(i) Segment revenues and results
Year ended 31-Mar-17
Year ended 31-Mar-16
Year ended 31-Mar-17
Year ended 31-Mar-16
Engineering, Procurement and Construction (EPC) 586,037.95 424,228.16 34,537.91 26,383.18 Services 15,652.11 13,496.54 4,060.98 3,590.49 Others 1,195.73 1,182.03 110.71 (318.91)Less : Inter segment revenue-Services 498.16 297.85 - - Total 602,387.63 438,608.88 38,709.60 29,654.76 Other income 2,973.28 3,132.68 Unallocable expenses (net) (10,987.70) (12,157.75)Finance costs (12,423.78) (9,453.11)Total 18,271.40 11,176.58
(ii) Segment assets and liabilitiesAs at
31-Mar-17As at
31-Mar-16As at
1-Apr-15Segment AssetsEngineering, Procurement and Construction 614,696.68 487,349.98 438,222.56 Services 9,350.63 6,734.21 5,046.36 Others 1,420.82 1,115.97 1,974.88 Total segment assets 625,468.13 495,200.16 445,243.80 Unallocated 50,140.27 39,934.89 35,624.21 Total 675,608.40 535,135.05 480,868.01
Segment LiabilitiesEngineering, Procurement and Construction 515,750.16 377,848.99 338,103.82 Services 177.75 849.16 788.61 Others 478.12 509.79 1,211.21 Total segment liabilities 516,406.03 379,207.94 340,103.64 Unallocated 56,566.61 62,788.74 52,798.58 Total 572,972.64 441,996.68 392,902.22
(iii) Other segment information
Year ended 31-Mar-17
Year ended 31-Mar-16
Year ended 31-Mar-17
Year ended 31-Mar-16
Engineering, Procurement and Construction 7,315.65 6,105.97 9,229.67 6,529.63 Services 22.89 16.16 4.47 0.75 Others 1.00 1.90 - - Total 7,339.53 6,124.03 9,234.14 6,530.38 Unallocated 2,040.21 2,243.45 3,308.00 3,976.58 Total 9,379.74 8,367.48 12,542.14 10,506.96
The following is an analysis of the Company's revenue and results from continuing operations by reportable segmentSegment Revenue Segment profit
Depreciation and amortisation Addition to plant, property and equipment
78
(iv) Geographical information
Year ended 31-Mar-17
Year ended 31-Mar-16
As at 31-Mar-17
As at 31-Mar-16
As at1-Apr-15
India 558,899.23 410,592.78 26,217.96 23,900.92 22,009.84 Kenya 1,375.32 2,468.40 25.72 38.30 57.11 Zambia 1,960.01 1,278.31 - - - United Arab Emirates 36,736.71 19,917.92 104.97 89.60 20.70 Korea 428.91 651.24 - - - Ethiopia 349.15 - 1.77 - - Nepal 2,019.92 1,826.44 7.73 1.07 1.79 Others 618.38 1,873.79 0.34 - -
602,387.63 438,608.88 26,358.49 24,029.89 22,089.44
Revenue from external customers Plant, property and equipment
The Company is executing projects across multiple geographies with India being country of domicile, the details of revenue and Plant, property and equipment are as follows:
79
Tata Projects LimitedNotes to the standalone financial statements for the year ended March 31, 2017All amounts are in Lakhs unless otherwise stated
33.7 Financial Instruments(i) Capital Management
The company is not subject to any externally imposed capital requirements
(ii) Gearing RatioThe gearing ratio at the end of the reporting period was as follows
As at As at As at 31-Mar-17 31-Mar-16 01-Apr-15
Debt 49,919.76 57,613.67 47,485.82 Cash and bank balances 28,614.32 16,335.80 19,876.08 Net Debt 21,305.44 41,277.87 27,609.74 Total Equity (Share Capital + Reserves)) 102,635.76 93,138.37 87,965.79 Net Debt to equity ratio 21% 44% 31%
(iii) Categories of Financial instrumentsAs at As at As at
31-Mar-17 31-Mar-16 01-Apr-15Non currentInvestments in joint ventures - - 500.00Investments in subsidiaries 5,671.84 993.98 522.45Trade receivables 8,119.84 6,941.80 3,783.99Loans* 207.10 - -Other Financial assets 1,890.56 1,215.77 1,053.41CurrentTrade receivables 330,986.32 261,811.22 241,074.11 Cash and cash equivalents 28,614.32 16,335.80 19,876.08 Loans 15,932.29 - -Other financial assets 43,338.88 45,262.14 30,990.55
434,761.15 332,560.71 297,300.59
As at As at As at Financial Liabilities 31-Mar-17 31-Mar-16 01-Apr-15Non currentBorrowings 8.36 15.79 26.06CurrentBorrowings 49,911.40 57,597.88 47,459.76 Trade payables 319,793.96 267,112.25 234,388.18 Other financial liabilities 2,297.16 2,175.42 1,662.80
372,010.88 326,901.34 283,536.80
(iv) Financial Risk Management Objectives
* Considered as financial asset as at March 31, 2017 as the terms of the loan are modified to a 20 year loan from that of a loan with convertible option to equity in the earlier periods.
The Company's Corporate Treasury function provides services to the business, co-ordinates access to domestic and international markets, monitors and manages the financial risks relating to the operations of the company through internal risk reports which analyse exposures by degree and magnitude of risksThese risks include market risk (including currency risk, interest rate and other price risk), credit risk and liquidity risk.
The company seeks to minimise the effects of these risks by using derivative financial instruments to hedge risk exposures. The use of financial derivatives is governed by the Company's policies approved by the board of directors, which provide written principles on foreign exchange risk, interest rate risk, credit risk, the use of financial instruments, and the investment of excess liquidity. Compliance with policies and exposure limits is reviewed by the internal auditors on a periodic basis. The Company does not enter into or trade financial instruments, including derivative financial instruments, for a speculative purposes.
The Corporate treasury function reports monthly to the CFO and quarterly to the Board of Directors, who monitor risks and policies implemented to mitigate risk exposures
The Company reviews its capital requirements on an annual basis, in the form of Annual Operating Plan(AOP). The AOP of the company aggregates the capital required for execution of projects identified and the financing mechanism of such requirements is determined as part of AOP. The Company budgetedthe gearing ratio for the year 2016-17 about 47%. The gearing ratio as at March 31, 2017 was 20%, was within the targeted gearing ratio.
The capital structure of the company comprises of net debt (borrowings reduced by cash and bank balances) and equity
The Company's business model is working capital centric. The company manages its working capital needs and long term capital expenditure, through a balanced mix of capital (including retained earnings) and short term debt.
80
(v) Market risk
(vi) Foreign Currency risk management
As at 31-Mar-17
As at 31-Mar-16
As at 1-Apr-15
As at 31-Mar-17
As at 31-Mar-16
As at 1-Apr-15
United Arab Emirates AED 11,688.25 10,450.99 10,753.56 14,865.93 13,283.60 9,469.09 Kenyan Shilling KES 2,421.95 2,905.34 3,256.95 2,855.86 4,283.40 3,090.45 South Korean Won KRW 5.26 17.08 29.22 1,192.95 1,165.70 665.45 Qatari Rial QAR 133.36 165.81 - 77.90 77.90 77.90 Euro EUR 3,193.32 905.80 114.42 2,979.74 4,018.30 699.66 South African Rand ZAR - - - - 33.72 62.34 Saudi Riyal SAR 34.39 34.39 34.39 - - 83.69 Zambian Kwacha ZMW 352.61 2,559.91 4,636.95 152.69 412.26 655.48 US Dollar USD 2,886.10 701.07 1,037.27 13,196.14 9,529.51 11,241.01 Swiss Franc CHF 5.09 5.09 4.72 - - - Ethiopian Birr ETB 1,497.91 - - 875.07 - - Chinese Yuan Renminbi CNY 0.78 - - 4,156.93 - - Thai Baht THB 8.55 - - 50.72 - - Nepalese Rupee NPR 3,054.15 364.10 1,492.16 3,975.44 931.47 1,651.60 Japanese Yen JPY - - 237.65 - - - Singapore Dollar SGD - 1.21 1.21 - - 0.67
(vii) Foreign Currency sensitivity analysisThe above exposures when subjected to a sensitivity of 5% have the following impact:
As at 31-Mar-17
As at 31-Mar-16
As at 1-Apr-15
United Arab Emirates AED 158.88 141.63 (64.22) Kenyan Shilling KES 21.70 68.90 (8.33) South Korean Won KRW 59.38 57.43 31.81 Qatari Rial QAR (2.77) (4.40) 3.90 Euro EUR (10.68) 155.63 29.26 South African Rand ZAR - 1.69 3.12 Saudi Riyal SAR (1.72) (1.72) 2.47 Zambian Kwacha ZMW (10.00) (107.38) (199.07) US Dollar USD 515.50 441.42 510.19 Swiss Franc CHF (0.25) (0.25) (0.24) Ethiopian Birr ETB (31.14) - - Chinese Yuan Renminbi CNY 207.81 - - Thai Baht THB 2.11 - - Nepalese Rupee NPR 46.06 28.37 7.97 Japanese Yen JPY - - (11.88) Singapore Dollar SGD - (0.06) (0.03)
(viii) Forward Foreign Exchange contracts
March 31, 2017Less than 1 month
1-3 months 3 months to 1 year
Foreign exchange forward contracts 248.47 495.47 739.05 March 31, 2016Foreign exchange forward contracts - - - April 01, 2015Foreign exchange forward contracts - - -
(ix) Interest rate risk management
(x) Interest rate sensitivity analysis
If interest rates had been 50 basis points higher/lower and all other variables were held constant, the Company's:
a) Profit for the year ended March 31, 2017 would decrease/increase by 300 lakhs (for the year ended March 31, 2016: 298 lakhs decrease/increase). This is mainly attributable to Company's exposure to interest rates on its variable rate borrowings; and
b) There being no debt instrument passing through FVTOCI, there would not be any impact of such change in interest rate, on OCIThe company's sensitivity to interest rates has decreased during the current year mainly due to the structure financial products negotiated by the company with the lenders and also due to the reduction in the prime lending rates of the lenders in general
The Company's activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest rates. The company enters into a variety of derivative financial instruments to manage its exposure to foreign currency risk and interest rate risk, including:
a) forward foreign exchange contracts to hedge the exchange rate risk arising on the import of goods and services overseas
The Company undertakes transactions denominated in foreign currencies; consequently, exposures to exchange rate fluctuations arise. Exchange rate exposures are managed within approved policy parameters utilising forward foreign exchange contracts
Assets as at ( lakhs)Description
Liabilities as at ( lakhs)
The Company is exposed to interest rate risk because of its borrowing funds at both fixed and floating interest rates. The risk is managed by the company by maintaining appropriate mix between fixed and floating rate borrowings. Company regularly swaps between conventional working capital borrowings with Commercial Paper, thus reducing the interest cost. Hedging activities are evaluated regularly to align with interest rate views and defined risk appetite, ensuring the most cost-effective hedging strategies are applied.
The sensitivity analysis below have been determined based on the exposure to interest rates for non derivative instruments at the end of the reporting period, as the company does not transact in any derivative instruments. For floating rate liabilities, the analysis is prepared assuming the amount of the liability outstanding at the end of the reporting period was outstanding for the whole year. A 50 basis point increase or decrease is used when reporting interest rate risk internally to key management personnel and represents management's assessment of the reasonably possible change in interest rates
The carrying amounts of the company's foreign currency denominated monetary assets and monetary liabilities at the end of the reporting period are as follows:
Currency
Net exposure - Profit/(Loss)Increase in rate by 5%
The following tale details the Company's liquidity analysis for its derivative financial instruments. The table has been drawn up based on theundiscounted contractual net outflows on derivative instruments that settle on a net basis.
Description Currency
81
(xi) Other price risks
(xii) Credit Risk Management
(xiii) Liquidity Risk Management
Company's investments in equity instruments are restricted to its investment in its subsidiaries and associates which are held for strategic purposesrather than for trading. The Company, as on the reporting date of March 31, 2017 has about 8 subsidiaries, which include companies incorporated inIndia and abroad. All the subsidiaries are closely held companies and unlisted, except Artson Engineers Ltd, which is listed on BSE. Company holds75% of the stake. However the purpose of all such investments being strategic rather than for trading, as mentioned above, the Company does notrecognise any impact of sensitivity in the equity prices
The credit risk to the company arises from three sources:
a) Customers, who default on their contractual obligations, thus resulting in financial loss to the companyb) Non certification by the customers, either in part or in full, the works billed as per the contract, being non claimable cost as per the terms of thecontract with the customerc) Subsidiaries, Associates or Unincorporated JVs, on whose behalf, the company has provided guarantees, both Bank and Corporate, in the event ofinvocation of such guarantees by the beneficiaries
Company being an EPC contractor, has a constant liquidity pressures to meet the project requirements. These requirements are met by a balanced mixof borrowings and project cash flows. Cash flow forecast is made for all projects on monthly basis and the same are tracked for actual performance ondaily basis. Shortfall in cash flows are matched through short term borrowings and other strategic financing means. The daily project requirements aremet by allocating the daily aggregated cash flows among the projects. Company has established practice of prioritising the site level payments andregulatory payments above other requirements
a) Customers:Company evaluates the credentials of a customer at a very early stage of the bid. Company has adopted a policy of 3 tier verification beforeparticipating for any bid. The first step of such verification includes verification of customer credentials. The company, as part of verification of thecustomer credentials, ensures the compliance with the following criterion,(i) Customer's financial health by examining the audited financial statements(ii) Whether the Customer has achieved the financial closure for the work for which the company is bidding(iii) Where the customer is a private entity, the rating of the customer by a reputed agency like Dun & Bradstreet (iv) Brand and market reputation of the customer(v) Details of other contractors working with the customer(v) Where the customer is Public Sector Undertaking, sanction and availability of adequate financial resources for the proposed workCompany makes provision on it's financial assets, on every reporting period, as per Expected Credit Loss Method. The provision is made separately foreach financial assists of each business line. The percentage at which the provision is made, is determined on the basis of historical experience of suchprovisions, modified to the current and prospective business and customer profile.
Trade receivables consist of large number of customers, spread across diverse industries and geographical areas. Majority of the customers of thecompany comprise of Public Sector Undertakings, with whom the company does not perceive any credit risk. As regards the customers from privatesector, company carries out financial evaluation on regular basis and provides for any amount perceived as non realisable, in the books of accounts.
b) Non certification of works billedThe costs incurred on projects are regularly monitored through the Project budgets. Costs which are incurred beyond the agreed terms and conditionsof the contract, would be claimed from the customer, based on the actual works performed. The realisability of such claims, is verified by independentprofessionals, who certify the tenability of such claims and also the collectible amounts, by applying appropriate probabilities. Costs, which areid tifi d t bl t b d th ll tibl t ti d b ld b id d i th b k f tc) Guarantees:Company provides guarantees, both from its line of credit and as a corporate, on behalf of it's subsidiaries, associates and Unincorporated Joint
Ventures. These guarantees are provided to customers of the said entities. While these guarantees are disclosed as contingent liabilities in thefinancial statements, Company does not perceive any credit risk in respect of any of such guarantees issued.
82
83
Tata
Pro
jects
Lim
ited
Note
s to
the s
tand
alone
fina
ncial
stat
emen
ts fo
r the
year
ende
d Ma
rch
31, 2
017
All a
moun
ts ar
e in
� Lak
hs un
less o
therw
ise st
ated
33.9
Relat
ed p
arty
tran
sact
ions
Deta
ils o
f rela
ted
parti
es:
Desc
riptio
n of
relat
ions
hip
Nam
es o
f rela
ted
parti
es(i)
Enti
ty ho
lding
mor
e tha
n 20%
The T
ata P
ower
Com
pany
Limi
ted (T
PCL)
(ii) S
ubsid
iaries
Artso
n Eng
ineer
ing Li
mited
(AEL
)TP
L-TQ
A Qu
ality
Servi
ces (
Maur
itius)
Pty L
imite
d (TP
L TQA
Mau
ritius
)TP
L-TQ
A Qu
ality
Servi
ces S
outh
Afric
a Pty
Limite
d (TP
L TQA
SA)
TQ S
ervic
es E
urop
e Gmb
H (T
Q Gm
bH)
Ujjw
al Pu
ne Li
mited
(for
merly
Tata
Pro
jects
Infra
struc
ture L
td)TQ
Cer
t Ser
vices
Priv
ate Li
mited
(for
merly
Foo
dcer
t India
Priv
ate Li
mited
)Ind
ustria
l Qua
lity S
ervic
es, L
LC O
man
Ind P
rojec
t Eng
ineer
ing (S
hang
hai) C
o Ltd
(iii) J
ointly
contr
olled
oper
ation
s (JC
O)
Tata
Proje
cts Li
mited
- VN
R Inf
rastr
uctur
e Ltd
- Pac
kage
1 (JV
) (TP
L VNR
JV -
Pkg 1
)Ta
ta Pr
ojects
Limi
ted -
VNR
Infra
struc
ture L
td - P
acka
ge 2
(JV) (
TPL V
NR JV
- Pk
g 2)
SIBM
OST-
TPL
Tata
Alde
sa JV
GI
L (GM
R)-T
PLEx
pres
s Fre
ight C
onso
rtium
TPL-
SUCG
Con
sortiu
mTP
L-JB
TPL
GYT-
TPL J
VGu
lerma
k-TPL
JVCE
C-IT
D Ce
m-TP
L JV
CCEC
C-TP
L JV
TPL-
HGIE
PL JV
TPL-
Broo
kfield
JVTa
ta Pr
ojects
- Ba
lfour
Bea
tty JV
(TP
BB JV
) TP
L Chin
t
(iv) J
ointly
contr
olled
entiti
es (J
CE)
Al T
awlee
d for
Ene
rgy &
Pow
er C
ompa
ny (A
l Taw
leed)
TEIL
Proje
cts Li
mited
(TEI
L)
(v) A
ssoc
iates
Vire
ndra
Gar
ments
Man
ufactu
ring P
rivate
Limi
ted (V
GMPL
)
(vi) K
ey M
anag
emen
t Per
sonn
el (K
MP)
Mr. V
inaya
k K D
eshp
ande
, Man
aging
Dire
ctor
Mr. A
nil K
hand
elwal
,Chie
f Fina
ncial
Offic
er
Parti
cular
s
TPCL
OTHP
LTo
talAE
L T
PL T
QA
Maur
itius
TPL
TQA
SA
TQ
GmbH
T
Q Ce
rt Uj
jwal
Pune
Lim
ited
IQS
IND
Proje
ct
Engin
eerin
g
Total
Al T
awlee
dTE
ILTo
talTP
L VNR
JV
Pkg 1
TPL V
NR JV
Pk
g 2TP
BB
JVGY
T-TP
L JV
Tata
Alde
sa
JV
GIL (
GMR)
-TP
L
Expr
ess
Freig
ht Co
nsor
tium
SIBM
OST-
TPL
TPL-
SUCG
Co
nsor
tium
Guler
mak-
TPL J
VTP
L-Br
ookfi
eld JV
CEC-
ITD
Cem-
TPL J
VTP
L-HG
IEPL
JV
CCEC
C-TP
L JV
TPL-
JBTP
LTP
L Chin
tTo
tal
Rev
enue
from
Ope
ratio
ns
-
-
-
-
-
-
62
.09
-
-
-
-
62.0
9
-
-
-
30
0.85
132.2
6
-
-
33
8.59
-
-
-
-
-
-
-
-
-
-
-
771.7
0
-
8
33.79
(427
.98)
(-)
(4
27.98
) (-
)
(0.7
8)
(24.5
1)
(2
9.62)
(-)
(-)
(-)
(-)
(54.9
1) (-
) (-
) (-
)
(1,29
6.27)
(1
,261.6
4) (-
) (-
)
(4,28
7.54)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(6
,845.4
5) (-
)
(7,3
28.34
)
Con
tract
Exec
ution
Exp
ense
s
-
-
-
7,862
.00
-
-
16.42
-
-
373.1
8
485.1
9
8,73
6.79
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
8
,736.7
9 (-
) (-
) (-
)
(9,8
24.87
) (-
) (-
) (-
) (-
) (-
) (-
) (-
)
(9,82
4.87)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(
9,824
.87)
Oth
e r In
com
e:
Divi
dend
Inco
me
-
-
-
-
25
.98
-
-
-
-
-
-
25.9
8
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
25.98
(-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-)
O
ther N
on-O
pera
ting I
ncom
e In
teres
t on A
dvan
ces g
iven
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
571.0
1
-
-
-
-
-
-
-
1.08
-
-
-
57
2.09
-
572
.09
(-)
(-)
(-)
(4
.93)
(-)
(-)
(-)
(3.1
6) (-
) (-
) (-
)
(
8.09)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(10.5
3) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
)
(1
0.53)
(-)
(18
.62)
Misc
ellan
eous
Inco
me
-
-
-
37.26
-
-
-
-
-
-
-
37.2
6
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
37.26
(-
) (-
) (-
)
(
30.13
) (-
) (-
) (-
) (-
) (-
) (-
) (-
)
(3
0.13)
(-)
(-)
(-)
(-)
(8.0
3) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
)
(
8.03)
(-)
(38
.16)
Rem
uner
atio
n :
Sho
rt Te
rm E
mploy
ee be
nefits
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
64
7.24
647
.24
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(
566.6
5)
(
566.6
5)
Pos
t Emp
loyme
nt be
nefits
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
3
6.57
36
.57
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
Divi
dend
paid
4
83.75
244
.22
7
27.97
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
727
.97
(4
83.75
) (-
)
(483
.75)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(483
.75)
Non
-Cur
rent
Ass
ets:
P
rope
rty, p
lant a
nd eq
uipme
nt
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(-
) (-
) (-
)
(1.66
) (-
) (-
) (-
) (-
) (-
) (-
) (-
)
(
1.66)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
-
(-)
(1
.66)
Fina
ncial
asse
ts O
ther in
vestm
ents
-
-
-
-
-
-
-
-
450.0
0
-
2
7.34
477.3
4
-
50
.00
5
0.00
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
527
.34
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(50.0
0) (-
) (
303.7
3) (-
)
(35
3.73)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(353
.73)
Othe
r Non
Cur
rent
Asse
ts P
rovis
ion fo
r impa
irmen
t in va
lue of
inv
estm
ents
-
-
-
-
-
-
-
-
-
-
-
-
-
50.00
50.0
0
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
50.00
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(500
.00)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(500
.00)
Bad
debts
Writt
en of
f
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
)
(83
.69)
(-)
(
83.69
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
)
(
83.69
) C
urre
nt A
sset
s:
Othe
r fina
ncial
asse
ts
Con
tractu
al re
imbu
rsable
expe
nses
-
-
-
242
.99
-
-
-
-
1
9.33
3.34
10.0
7
27
5.73
-
-
-
4.
12
0.
56
-
17.7
7
32
4.71
94.4
6
-
3
1.07
20.9
1
5.49
3
4.38
66.7
9
15
2.07
59.6
8
4
3.50
1.
03
856.5
4
-
1,13
2.27
(-)
(-)
(-)
(169
.21)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(
169.2
1) (-
) (-
75.22
) (-
75.22
)
(
11.13
) (-
5.21)
(-
) (-
)
(15
1.15)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(
157.0
7) (-
)
(2
51.06
)
Loan
s and
adva
nce g
iven (
net)
-
-
-
(
416.3
7)
-
-
-
-
-
-
-
(
416.3
7)
-
-
-
-
-
-
-
15,93
2.29
-
-
-
-
-
-
-
-
-
-
-
15
,932.2
9
-
15,51
5.92
(-)
(-)
(-)
(294
.08)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(
294.0
8) (-
) (-
)
-
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(294
.08)
Non
Cur
rent
Liab
ilities
: P
rovis
ions
Othe
r Pro
vision
s - Lo
ans a
nd
Adva
nces
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(28
.84)
(2
8.84)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(28
.84)
Adv
ance
s Writt
en of
f
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (1
10.00
) (
110.0
0) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
)
(1
10.00
)
Deta
ils o
f rela
ted
party
tran
sact
ions
dur
ing
the y
ear e
nded
Mar
ch 31
, 201
7 and
bala
nce o
utst
andi
ng as
at M
arch
31, 2
017
Subs
idiar
iesJC
EJC
O
KMP
Tota
l
Entit
y hol
ding
mor
e tha
n 20
%
84
Cur
rent
Liab
ilities
:
Othe
r cur
rent
liabil
ities
Amo
unt d
ue to
custo
mers
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1.
60
5.
31
-
-
-
10
,349.6
5
-
-
-
-
-
-
-
-
-
-
10,35
6.56
-
10
,356.5
6 (-
183.2
2)
(-)
(-18
3.22)
(-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
)
(1
4.42)
(-14
.42)
(-)
(-)
(-34
12.36
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
3412
.36)
(-)
(-35
95.58
)
Gua
rante
es gi
ven
-
-
-
1,1
88.00
-
-
-
-
9
,450.0
0
-
-
1
0,638
.00
-
-
-
-
-
-
558.9
2
-
34,41
3.50
22
,512.6
4
4,77
5.68
14
,708.5
0
17,70
3.37
-
14
,150.5
0
4,70
5.00
1
,189.7
1
4,88
8.87
3
,509.9
2 1
23,11
6.61
-
133
,754.6
1
(10
.54)
(-)
(
10.54
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
1750
.00)
(-75
0.00)
(-
)
(3,28
4.39)
(-11
327.9
5)
(-)
(21
,289.9
3) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (
10,74
6.37)
(-)
(1
0,756
.91)
Amou
nts in
brac
kets
repr
esen
ts pr
eviou
s yea
r num
bers.
Balan
ces o
utst
andi
ng at
the e
nd o
f the
year
in la
khs
Parti
cular
s
TPCL
OTHP
LTo
talAE
L T
PL T
QA
Maur
itius
TPL
TQA
SA
TQ
GmbH
F
ood C
ert
TPIL
IQS
IND
Proje
ct
Engin
eerin
g
Total
Al T
awlee
dTE
ILTo
talTP
L VNR
JV
Pkg 1
TPL V
NR JV
Pk
g 2TP
BB
JVGY
T-TP
LTa
ta Al
desa
JV
GIL T
PLEx
pres
s Fr
eight
Cons
ortiu
mSI
BMOS
TTP
L SUC
GGu
lerma
k JV
Broo
k fiel
d Mu
ltiplex
JVCE
C - I
TD
Cem
TPL-
HGIE
PLCC
ECC-
TPL
JVTP
L-JB
-TPL
JV
TPL-
Chint
-JVTo
tal
Non
-Cur
rent
Ass
ets:
F
inanc
ial as
sets
Othe
r inve
stmen
ts
-
-
-
276
.90
11.37
9.34
99
.81
1
10.00
455.0
0
303.7
3
27.3
4
1,29
3.49
75.60
5
50.00
625.6
0
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1,91
9.09
(-)
(-)
(-)
(276
.90)
(
11.37
)
(9.3
4)
(9
9.81)
(
110.0
0)
(5
.00)
(30
3.73)
(-)
(
816.1
5)
(7
5.60)
(50
0.00)
(5
75.60
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
)
(1,3
91.75
)
Pro
vision
for im
pairm
ent in
value
of
inves
tmen
ts
-
-
-
-
-
-
-
-
-
-
-
-
75
.60
550
.00
62
5.60
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
625
.60
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(
75.60
) (5
00.00
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
)
(5
00.00
) C
urre
nt A
sset
s:
Fina
ncial
asse
ts T
rade
rece
ivable
s
291
.95
-
291
.95
36
.15
-
-
45.07
-
-
-
-
8
1.22
-
-
-
145.8
1
12
5.85
-
-
3
,529.2
4
-
-
-
-
-
-
-
-
-
-
-
3,80
0.90
-
4
,174.0
7
(665
.98)
(-)
(6
65.98
)
(
204.4
2)
(5
.28)
(3
3.72)
(41.2
5) (-
) (-
) (-
) (-
)
(28
4.67)
(83.6
9) (-
)
(83.6
9)
(9
80.77
)
(1,23
9.29)
(-)
(-)
(3
,697.5
9) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
)
(5,91
7.66)
(-)
(
6,952
.00)
Othe
r fina
ncial
asse
ts C
ontra
ctual
reim
bursa
ble ex
pens
es
1.11
-
1.11
7
15.22
-
-
-
-
19.3
3
3.
34
1
0.07
747.9
6
0
.00
-
0.00
1
7.92
(3
.74)
-
17.7
7
40
1.51
94.4
6
-
3
1.07
20.9
1
5.49
3
4.38
66.7
9
15
2.07
59.6
8
4
3.50
1.
03
942.8
4
-
1,69
1.91
(1.11
) (-
)
(1
.11)
(47
2.23)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(
472.2
3)
(
1.83)
(2
8.84)
(
30.67
)
(
13.80
) (-
4.30)
(-
) (-
)
(15
2.77)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(
162.2
7) (-
)
(6
66.29
) O
ther c
urre
nt as
sets
Loan
s and
adva
nce g
iven (
net)
-
-
-
5,2
28.89
-
-
-
-
-
-
-
5,
228.8
9
-
-
-
-
-
-
-
15,93
2.29
-
-
-
-
-
-
-
-
-
-
-
15
,932.2
9
-
21,16
1.19
(-)
(-)
(-)
(
6,371
.98)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(6
,371.9
8) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
)
(6,3
71.98
) N
on C
urre
nt L
iabilit
ies:
Pro
vision
s O
ther P
rovis
ions -
Loan
s and
Ad
vanc
es
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(-)
(-)
(-)
(133
.02)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(
133.0
2) (-
) (
28.84
)
(28.8
4) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
)
(1
61.86
) C
urre
nt L
iabilit
ies :
Fina
ncial
liabil
ities
Tra
de pa
yable
s
-
-
-
2,284
.85
-
-
0.44
-
-
156.1
2
157.0
5
2,59
8.46
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2
,598.4
6 (-
) (-
) (-
)
(3,9
70.74
) (-
) (-
)
(
0.44)
(-)
(-)
(-)
(-)
(3
,971.1
8)
(3
4.39)
(-)
(3
4.39)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(
4,005
.57)
Othe
r cur
rent
liabil
ities
Amo
unt d
ue to
custo
mers
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1.
65
5.
31
-
-
-
10
,349.6
5
-
-
-
-
-
-
-
-
-
-
10,35
6.61
-
10
,356.6
1
(200
.01)
(-)
(2
00.01
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
)
(
0.91)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(0.9
1) (-
)
(2
00.93
)
Com
miss
ion pa
yable
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
31
5.00
315
.00
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(
250.0
0)
(
250.0
0)
Gua
rante
es gi
ven
-
-
-
6,6
88.00
-
-
-
-
9
,450.0
0
-
-
1
6,138
.00
-
-
-
969.8
6
2,01
4.02
1.
00
12
,215.7
6
75,54
5.91
34
,413.5
0
43,90
6.05
7
,585.9
0
23,09
3.17
17
,703.3
7
-
14,15
0.50
4
,705.0
0
1,18
9.71
4
,888.8
7
3,50
9.92
245
,892.5
4
-
2
62,03
0.54
(1,8
47.23
) (-
)
(
1,847
.23)
(
5,500
.00)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(5
,500.0
0) (-
) (-
) (-
)
(96
9.86)
(2
,014.0
2)
(1.00
) (
14,27
2.40)
(54
,327.8
9) (-
) (
21,28
9.93)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(92
,875.1
0) (-
) (
100,2
22.33
)
Tota
l
Entit
y hol
ding
mor
e tha
n 20
%Su
bsid
iaries
JCE
JCO
KMP
85
Tata Projects LimitedNotes to the standalone financial statements for the year ended March 31, 2017All amounts are in Lakhs unless otherwise stated
33.10 Employee benefit plan
Change in Defined Benefit Obligation (DBO) during the year
Gratuity Pension Post retirement Benefits
Gratuity Pension Post retirement Benefits
Opening defined benefit obligations 3,242.87 345.37 47.88 2,916.89 337.58 46.54 Current service cost 437.37 - - 381.79 - - Interest Cost (on DBO) 231.91 25.50 3.56 209.90 25.36 3.52 Actuarial (Gains)/losses arising from changes in financial assumptions 253.23 21.46 3.32 28.95 2.91 0.46 Actuarial (Gains)/losses arising from experience assumptions 223.65 - (2.86) (30.84) - (2.08) Exchange differences on foreign plans - 29.26 - - 20.69 - Benefits paid (420.54) (44.08) (1.65) (263.82) (41.17) (0.56) Closing defined benefit obligation 3,968.49 377.51 50.25 3,242.87 345.37 47.88
Gratuity Pension Post retirement Benefits Gratuity Pension Post retirement
BenefitsOpening fair value of plan assets 3,226.89 - - 2,927.86 - - Interest income (on Plan Assets) 238.50 - - 218.78 - - Return on plan assets (excluding amounts included in net interest expense (83.84) - - 12.08 - - Contribution from the employer 930.97 44.08 1.65 332.00 41.18 0.56 Benefits paid (420.54) (44.08) (1.65) (263.83) (41.18) (0.56) Closing fair value of plan assets 3,891.98 - - 3,226.89 - -
Gratuity Pension Post retirement Benefits Gratuity Pension Post retirement
BenefitsPresent value of funded defined benefit obligation 3,968.47 - - 3,242.87 - - Fair value of plan assets 3,891.98 - - 3,226.89 - - Funded status 76.49 - - 15.98 - -Present value of unfunded defined benefit obligation - 378.00 50.25 - 345.00 47.88 Net liability arising from defined benefit obligation 76.49 378.00 50.25 15.98 345.00 47.88
Net Defined benefit obligation bifurcated as followsCurrent - 44.00 5.00 - 41.00 5.00 Non-Current 76.49 334.00 45.25 15.98 304.00 42.88 Total 76.49 378.00 50.25 15.98 345.00 47.88
Gratuity Pension Post retirement Benefits
Gratuity Pension Post retirement Benefits
-Current Service Cost 437.37 25.50 3.56 381.79 25.36 3.52 Net Interest expense (6.60) - - (8.88) - - Components of defined benefit costs recognised in profit or loss 430.77 25.50 3.56 372.91 25.36 3.52
Return on the net defined benefit liability (on Plan Assets) 83.84 - - (12.08) - - Actuarial (Gains)/losses arising from changes in financial assumptions
253.23 21.47 3.33 28.95 2.90 0.46
Actuarial (Gains)/losses arising from experience assumptions 223.64 29.26 (2.87) (30.84) 20.70 (2.09) Components of defined benefit costs recognised in other comprehensive income 560.71 50.73 0.46 (13.98) 23.60 (1.63)
Year ended 31-Mar-17
Year ended 31-Mar-16Components of employer expense
The remeasurement of the net defined liability is included in other comprehensive income
(i) Defined Contribution plan
(ii) Defined benefit plans
In respect of defined contribution plans, an amount of � 2,924.78 lakhs ( March 31, 2016: � 2,053.97 lakhs) has been recognised as expense in the statement of Profit and Loss during the year
Amount recognised in Balance sheet
Change in fair value of plant assets during the year
Year ended 31-Mar-17
Year ended 31-Mar-16
As at 31-Mar-17 As at 31-Mar-16
Year ended 31-Mar-17
Year ended 31-Mar-16
86
Gratuity PensionPost retirement
Benefits Gratuity PensionPost retirement
Benefits-Equity instruments funds 3,891.99 - - - - 0Total 3,891.99 - - - - -
Gratuity Pension Post retirement Benefits
Gratuity Pension Post retirement Benefits
Discount rate(s) 6.80% 6.80% 6.80% 7.85% 7.85% 7.85%Expected rate(s) of salary increase 6% - - 6% - -Retirement Age* 60 yrs. 60 yrs. 60 yrs. 60 yrs. 60 yrs. 60 yrs.Leaving service 10% - - 10% - -
* Mortality: Published rates under the Indian Assured Lives Mortality (2006-08) Ult table.
Sensitivity Analysis
Gratuity Pension Post retirement Benefits
Discount rateImpact of increase in 50 bps on DBO -3.13% -2.79% -3.26%Impact of decrease in 50 bps on DBO 3.32% 2.95% 3.47%Life ExpectancyLife Expectancy 1 year increase 0.00% -5.42% -3.72%Life Expectancy 1 year decrease 0.00% 5.00% 3.46%Salary Escalation RateImpact of increase in 50 bps on DBO 3.32% 0.00% 0.00%Impact of decrease in 50 bps on DBO -3.17% 0.00% 0.00%
Projected Plan Cash Flow
Maturity Profile Gratuity Pension BenefitsExpected Benefits for year 1 581.11 44.08 5Expected Benefits for year 2 453.05 42.81 4.92Expected Benefits for year 3 389.88 41.44 4.84Expected Benefits for year 4 409.74 39.98 4.75Expected Benefits for year 5 499.37 38.42 4.66Expected Benefits for year 6 554.13 36.78 4.55Expected Benefits for year 7 337.93 35.05 4.44Expected Benefits for year 8 337.93 33.26 4.32Expected Benefits for year 9 387.06 31.41 4.2Expected Benefits for year 10 and above 2760.75 265.51 46.83Weighted average duration to the payment of these cash flows 6.45 Years 5.74 Years 6.73 Years
The fair value of the plan assets for India and overseas plan at the end of the reporting period for each category , are as follows
Fair value of plan assets as at31-Mar-17 31-Mar-16
For the period ended31-Mar-17
The trustees of the plan have outsourced the investment management of the fund to Life Insurance Corporation (LIC). The insurance company in turn manages these funds as per the mandateprovided to them by the trustees and the asset allocation which is within the permissible limits prescribed in the insurance regulations.
The principal assumptions used for the purposes of the actuarial valuations were as follows:
31-Mar-16
For the period ended31-Mar-17
The expected cash flow profile of the benefits to be paid to the current membership of the plan, are as follows:
Valuation as at31-Mar-17
87
33.11. Joint Operation
As atMarch 31, 2017
As atMarch 31, 2016
As atApril 01, 2015
TPL's Share TPL's Share TPL's ShareTPL - VNR Infrastructure Ltd - Package 1 (JV) (TPL VNR JV - Pkg 1) 80% 80% 80%TPL - VNR Infrastructure Ltd - Package 2 (JV) (TPL VNR JV - Pkg 2) 85% 85% 85%GMR Kalindee - TPL JV MMTS Pkg 1 9% 9% 9%GMR Kalindee - TPL JV MMTS Pkg 2 25% 25% 25%GMR Kalindee - TPL JV MMTS Pkg 3 17% 17% 17%GMR Kalindee - TPL JV Jhansi-Bhimsen 14% 14% 14%TPL Kalindee JV 90% 90% 90%SIBMOST-TPL 49% - - Tata Aldesa JV 50% 50% 50%GIL (GMR)-TPL 50% - - Express Freight Consortium 19% - - TPL-SUCG Consortium 85% - - TPL-JBTPL 75% - - GYT-TPL JV 49% 49% 49%Gulermak-TPL JV 70% - - CEC-ITD Cem-TPL JV 20% - - CCECC-TPL JV 49% - - TPL-HGIEPL JV 74% - - TPL-Brookfield JV 50% - - TPL Chint 95% - -
Tata Projects LimitedNotes to the standalone financial statements for the year ended March 31, 2017All amounts are in Lakhs unless otherwise stated
Name of the Joint venture
88
Notes to the standalone financial statements for the year ended March 31, 2017All amounts are in Lakhs unless otherwise stated
33.12 Operating lease arrangements
(i) Payments recognised as an expenseFor the year ended
March 31, 2017For the year ended
March 31, 2016
Minimum Lease payments 389.27 605.23 389.27 605.23
(ii) Non-cancellable operating lease commitments
As at 31-Mar-17
As at 31-Mar-16
As at 1-Apr-15
Not later than 1 year 488.32 116.19 497.41 Later than 1 year and not later than 5 years 1,696.42 346.92 463.11 Later than 5 years 891.84 90.86 90.86
3,076.58 553.97 1,051.38
33.13 Corporate social responsibility
Amount spent during the year is:
Sl No. Total
-(-)
278.56(300.36)
33.14 Dividend paid in foreign currency:
Amount of dividend remitted in foreign currency (�) 244.22 - Total number of non-resident shareholders (to whom the dividends were remitted in foreign currency) 1 - Total number of shares held by them on which dividend was due 488,440 -
Year to which the dividend relates Final Dividend of2015-16.
33.15
SBNs Other denomination notes
Total
Closing cash in hand as on 08.11.2016 47.08 69.53 116.61 (+) Permitted receipts - 294.00 294.00 (+) Unpermitted receipts 0.31 - 0.31 (-) Permitted payments - 320.95 320.95 (-) Unpermitted payments 24.15 - 24.15 (-) Amount deposited in Banks 23.24 - 23.24 Closing cash in hand as on 30.12.2016 - 42.58 42.58
Tata Projects Limited
For the year endedMarch 31,
2016Particulars
For the year endedMarch 31,
2017
Amounts in bracket indicate previous years numbers
During the year, as per the Companies Act, 2013, Gross amount required to be spent by the Company during the year is � 247.58 Lac (March 31,2016: � 248.92 Lac)
CSR activities In cash Yet to be paid in Cash
(i) Construction/acquisition of any asset - -(-) (-)
Details of Specified Bank Notes (SBN) held and transacted during the period from 8 November, 2016 to 30 December 2016:
Particulars
278.56 -(300.36) (-)(ii) On purposes other than (i) above
89
90
Tata Projects Limited
Financial Statistics
Rs.in Lacs
2012-13 2013-14 2014-15 2015-16 2016-17
1 Gross Revenue from Operations 359,010.57 367,024.31 344,439.97 438,608.88 602,387.63
2Operating Expenditure (Incl. Indirect Taxes and Duties) 346,878.14 348,638.79 321,212.33 412,648.24 565,285.99
3 Operating Profit 12,132.43 18,385.52 23,227.64 25,960.64 37,101.64
4 Other Income 6,109.76 4,494.06 6,230.08 2,940.12 2,973.28
5 Interest 3,016.75 3,466.89 7,161.58 9,453.11 12,423.78
6 Depreciation and Amortisation 3,696.13 4,971.48 7,941.65 8,368.03 9,379.74
7 Profit before Taxation 11,529.31 14,441.21 14,354.49 11,079.62 18,271.40
8 Profit after Taxation 8,487.61 9,794.10 9,369.64 6,185.34 11,116.14
9 Earning Per Share (EPS) - Rs./ shares 419 484 462.70 305.45 548.95
10 Dividend per share (%) 50% 50% 0.50 0.50 0.75
11 Dividend Pay-out Ratio (%) 14% 12% 11% 20% 16%
12 Return On Capital Employed (ROCE) % 21% 17% 18% 16% 22%
13 Return On Net Worth (RONW) % 12% 12% 11% 7% 11%
14 Long Term Debts / Equity 0.06 0.37 0.55 0.63 0.49
15 Total Debts / Equity 0.06 0.37 0.55 0.63 0.49
16 Capital 2,025.00 2,025.00 2,025.00 2,025.00 2,025.00
17 Shareholder's Reserves 67,921.38 76,702.98 84,883.60 89,841.55 100,610.76
18 Debenture Redemption Reserve - - - - -
19 Borrowings 3,889.18 29,073.96 47,494.13 57,620.52 49,919.76
20 Gross Block (incl. Capital WIP) 38,740.42 45,760.20 50,838.71 60,650.70 43,844.43
21 Depreciation 16,356.14 21,009.51 28,702.15 36,574.24 17,485.94
22 Net Block 22,384.28 24,750.69 22,136.56 24,076.46 26,358.49
91
92
93
94
INDEPENTO THE
Report o
We havLimited subsidiathe ConLoss inConsolidsignificaconsolid
Managem
The Parfinancial “the Act”performachangesaccounti(Ind AScompanimaintenasafeguaand detepolicies; implemeeffectivepreparatmaterial preparataforesaid
Auditor’
Our resbased oaccountiunder th
We condof the Acaudit to free from
An audthe disclthe audconsolidassessmthe consprocedurappropria
NDENT AUDMEMBERS
on the Conso
ve audited th(hereinafte
aries togethesolidated Ba
ncluding othdated Statemant accountidated Ind AS
ment’s Resp
rent’s Boardstatements i”) that give aance includis in equity of ing principle
S) prescribedies includedance of ade
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misstatemetion of the d.
s Responsib
ponsibility isn our audit. ng and audi
he provisions
ducted our auct. Those Staobtain reaso
m material mis
it involves losures in thitor’s judgmated Ind AS
ments, the asolidated Indres that areateness of t
DITOR’S REPOF TATA PR
olidated Ind
he accompaer referred er referred alance Sheeer compreh
ment of Chang policies
S financial st
ponsibility fo
d of Directorin terms of tha true and faing other cothe Group i
es generallyd under Se
d in the Groequate accossets of the
ds and otherdgments andd maintenaring the accsentation of tnt, whether consolidated
bility
s to expresIn conductinting standar
s of the Act a
udit in accordandards requonable assurasstatement.
performing e consolidat
ment, includinS financial suditor consid AS financie appropriathe accountin
PORT ROJECTS LI
AS Financia
anying consto as “the to as “the
et as at Marhensive inconges in Equand other etatements”)
or the Conso
rs is responhe requiremeair view of thomprehensivncluding its y accepted ection 133 oup and of ounting recoe Group andr irregularitied estimatesnce of ade
curacy and the financial due to frau
d Ind AS fin
s an opiniong our audit, rds and mattand the Rule
dance with thuire that we cance about w
procedurested Ind AS fing the assestatements, ders internaial statemente in the cng policies u
IMITED
al Statement
solidated IndParent”) a
Group”) itsrch 31, 2017ome, the Cuity, for the explanatory and which in
olidated Ind
sible for theents of the Cohe consolidave income, Associates in India, of the Actits associa
ords in accod its associates; the select that are r
equate interncompletenesstatements td or error, nancial state
on on thesewe have tak
ters which aes made the
he Standardscomply with ewhether the
s to obtain inancial stateessment of whether du
al financial cots that give circumstanceused and the
ts
d AS financand its subs associates7, the ConsoConsolidated
year then information
ncludes 8 Joi
AS Financia
e preparatioompanies Acated financiaconsolidatedand Joint veincluding tht. The respe
ates and joinordance withtes and its jotion and appeasonable nal financiass of the accthat give a truwhich haveements by
consolidateken into accore required tre under.
s on Auditingethical requirconsolidated
audit evidements. Thethe risks o
ue to fraud ontrol relevaa true and f
es. An audie reasonable
ial statemenbsidiaries (ts and joint volidated Stad Cash Floended, and(hereinaftent Operation
al Statement
n of these cct, 2013 (hereal position, cd cash flowentures in ahe Indian Acective Boardnt ventures h the provisoint ventureslication of apand pruden
al controls, tcounting recue and fair v been usedthe Director
ed Ind AS fount the provto be include
g specified urements and d Ind AS fina
ence aboute proceduresof material m
or error. Inant to the Pafair view in oit also incluness of the
nts of Tata the Parent
ventures, cotement of Pow Statem
d a summarr referred to
ns of the Gro
ts
consolidatedeinafter referonsolidated
ws and stateccordance
ccounting Std of Director
are responsions of the s and for preppropriate acnt; and the that were o
cords, relevaiew and are
d for the purs of the Pa
financial stavisions of theed in the aud
nder Sectionplan and pe
ancial statem
t the amous selected demisstatemenn making tharent’s prepaorder to desudes evaluaaccounting e
Projects and its
mprising Profit and
ent, the ry of the o as “the up.
d Ind AS rred to as financial
ement of with the tandards rs of the nsible for
Act for eventing ccounting
design, operating ant to the free from
urpose of arent, as
atements e Act, the dit report
n 143(10) rform the
ments are
unts and epend on nt of the hose risk aration of sign audit ating the estimates
95
made byconsolida
We beliein termsbelow, isfinancial
Opinion
In our oand bastatemethe Otheinformatconformof affairprofit, consolid
Other M
a) WA3efhdoo
b) WA`esiaa
c) Wf3tTrIrAo
d) Wsteft
y the Parenated Ind AS f
eve that the as of their reps sufficient astatements.
pinion and sed on the
ents/ financier Matters ption require
mity with thers of the Grconsolidate
dated statem
Matters
We did not aAS financial 3,848.29Lakended on thfinancial stathave been disclosures iof Section 14on the report
We did not aAS financial `3,556.94 Laended on thastatements ain so far as iand our repoaforesaid join
We did not financial stat31, 2017, totthe year endThese financreports haveInd AS finanrespect of thAct, in so faother auditor
We did not astatements /total revenueended on thfinancial statthe Managem
nt’s Board ofinancial state
audit evidencports referreand appropria
to the best e consideraal informatiparagraph,
ed by the A accountingroup and jo
ed total coment of chan
audit the finastatements
khs as at 31s
at date, as tements of thfurnished toncluded in re43 of the Actt of such oth
audit the finastatements
akhs as at 3at date, as coare unauditedt relates to t
ort in terms ont operation,
audit the fitements / fintal revenues ded on that dcial statemene been furnisncial statemehese subsidiaar as it relaters.
audit the fina/ financial infes of ` 255.0hat date, as tements / finment and ou
of Directors, ements.
ce obtained bd to in sub-pate to provide
of our inforation of reion of the sthe aforesa
Act in the mg principles oint operatioomprehensinges in equ
ancial statemof the Com
st March, 20consideredhis joint opero us, and oespect of thit, in so far aser auditors.
ancial statemof the Com
31st March, 2onsidered in d and have bhe amounts
of subsection, is based so
inancial statancial informof `12,530.7
date, as connts / financiashed to us bents, in so faaries and oues to the afo
ncial statemeformation re
03 lakhs andconsidered
nancial informr opinion on
as well as
by us and theparagraphs e a basis for
mation and eports of thsubsidiaries aid consolidmanner so r
generally aons as at 3ve income
uity for the y
ments of 1 jopany whose17 and total in the stanration have bur opinion is joint operas it relates to
ments of 1 jompany whose2017 and tot
the standalobeen furnishand disclosu
n (3) of Sectiolely on such
tements / finmation reflect76 lakhs andnsidered in thal informationby the Manar as it relate
ur report in toresaid subs
ents / financeflect total as net cash infin the cons
mation are uthe consolid
s evaluating
e audit eviden(a) and (c)
r our audit op
according the other a
and joint oated Ind ASrequired anccepted in
31st March,e, their coear ended o
oint operatioe financial sta
revenues ondalone Indbeen auditedn so far as
ation and ouro the aforesa
oint operatioe financial stal revenuesone Ind AS fied to us by tures includedon 143 of theunaudited fi
nancial infort total assets net cash ouhe consolidan have been gement and s to the amoerms of subidiaries is ba
ial informatiossets of `217flows amounolidated Ind unaudited andated Ind AS
the overall
nce obtainedof the Othe
pinion on the
to the explauditors on
operations rS financial sd give a truIndia, of the, 2017, andonsolidated on that date
on included iatements ref
of ` 15,771.0d AS financd by other aus it relates tr report in teraid joint oper
on included istatements re of `2,909.1inancial statethe Managemd in respect e Act, in so fnancial state
rmation of 7s of `15,882.3utflows amouated Ind AS
audited by oour opinion
ounts and disbsection (3) oased solely o
on of 1 subsi7.20lakhs asnting to ` 96.
AS financiand have bee
S financial sta
presentatio
d by the otherr Matters pa
e consolidate
anations givseparate
referred to bstatements ue and faire consolidatd their cons
cash flowe.
n the standaflect total as1 Lakhs for
cial statemeuditors whosto the amourms of subseation, is bas
n the standaeflect total a0 Lakhs for ements. Thement and ouof this joint ofar as it relatements.
7 subsidiarie34 lakhs as
unting to `(68financial staother auditor on the conssclosures incof Section 14on the repor
diary whose s at March 352 lakhs for
al statementsen furnished atements, in
n of the
r auditors aragraph ed Ind AS
ven to us financial below in give the
r view in ted state solidated ws and
alone Ind ssets of `
the year ents. The e reports unts and ection (3) ed solely
alone Ind assets of the year financial
ur opinion operation tes to the
s whose at March
83.99) for atements. rs whose solidated cluded in 43 of the rts of the
financial 31, 2017,
the year s. These to us by so far as
96
iotf
e) Tpfaisesnn OLwf
Repor
Arjt
f
it relates to ton such unathe informatifinancial info
The consolidprofit/loss asforming part as the Manainvestment istatements oexpected thstatements cno financial snot material.
Our opinion Legal and Rwith respect financial stat
rt on Other
As required report of othejoint venturethe extent ap
a) We havour knoaforesa
b) In our oaforesaifrom ou
c) The C
Loss (inand Coagreemprepara
d) In our o
Indian A
e) On the on Marreports the dire31, 201
f) With res
the opeA”, whic
the amounts audited financion and expl
ormation are
dated Ind As at March of the conso
agement hasn such assoof the Compat there shoconsequent statements a
on the consRegulatory R
to our reliatements / fina
Legal and R
by Section 1er auditors os and subsid
pplicable, tha
ve sought anowledge an
aid consolida
opinion, propid consolidatr examinatio
Consolidatedncluding Othonsolidated Sment with theation of the
opinion, the Accounting S
basis of therch 31, 2017
of the statuectors of the17 from bein
spect to the aerating effectch is based
and discloscial statemeanations givnot material
AS financial 31, 2017 inolidated Ind
s not obtaineociate has bepany. Based ould be no to any possare available
solidated Ind Requirements
nce on the wancial inform
Regulatory
143(3) of theon separate fdiaries, referat:
d obtained and belief weated Ind AS f
per books ofted Ind AS fn of those bo
Balance her ComprehStatement oe relevant b
e consolidate
aforesaid coStandards pr
e written repr7 taken on rutory auditore Group comg appointed
adequacy oftiveness of s on the aud
ures includents/ financiaen to us by tto the Group
statements respect of AS financial
ed the financeen fully prov
on the expmaterial im
ible adjustme, since the s
AS financias below, is nwork done a
mation certifie
Requireme
e Act, based financial statrred in the O
all the informere necessafinancial sta
f account as financial statooks and the
Sheet, theensive Incom
of Changes books of aed Ind AS fi
onsolidated rescribed und
resentationsrecord by thrs of subsidia
mpanies inco as a directo
f the internal such controlsditors’ repor
d in respect l informationthe Managemp.
do not incan associatstatements]
ial statemenvided for in tlanations pro
mpact on theents in resp
size of the en
al statementsnot modified and the repoed by the Ma
nts
on our auditements and
Other Matters
mation and eary for the
atements.
required by tements havereports of th
e Consolidame), the Conin Equity d
account mainancial state
Ind AS finander Section 1
received frohe Board of ary companirporated in I
or in terms o
financial cons, refer to ourts of the Pa
of this subsn. In our opinment, these
clude the Gte [Refer No], which coults of this assthe consolidaovided by the consolidatect of the af
ntity in the co
s above, andin respect o
orts of the otnagement.
t and on the the other fins paragraph
explanations purposes o
law relating e been kept
he other audit
ated Statemnsolidated Cealt with byaintained foements.
ncial stateme133 of the Ac
om the direcDirectors ofes incorporaIndia is disqf Section 16
ntrols over fiur separate arent and s
idiary is basnion and accfinancial sta
Group’s sharote 3.3 to thd not be detsociate. Theated Ind AS
he Managemted Ind AS foresaid entiontext of the
d our report of the abovether auditors
e considerationancial informabove, we r
which to theof our audi
to preparatiso far as it
tors.
ment of PrCash Flow Sty this Repoor the pur
ents comply ct.
ctors of the Pf the Parentated in India,ualified as o
64 (2) of the A
nancial repoReport in “Aubsidiary co
ed solely cording to atements/
e of net he Notes termined,
e value of financial
ment, it is financial
ity where Group is
on Other e matters s and the
on of the mation of report, to
e best of it of the
on of the appears
rofit and tatement rt are in pose of
with the
Parent as t and the , none of on March Act.
orting and Annexure ompanies
97
Secunde
incorporoperatinover fina
g) With resRule 11and to th i. Th
litigope
ii. Thapplon
iii. Ththecom
iv. ThfinaNo2030t
proweaccconaustarepbeerec
erabad, May
rated in Indiang effectivenancial report
spect to the o of the Comhe best of ou
e consolidagations on erations.
e Group anplicable law
ng-term contr
ere has beee Investor mpanies.
e Parent hancial state
otes as defi16 of the Mth Decembeocedures pee report thacounts mainsolidated Iditors by th
ated in Notepresented to en utilized fceived from t
12, 2017
a. Our reporness of the Ping.
other mattersmpanies (Audur information
ated Ind ASthe consoli
nd its joint oor accountin
racts includin
en no delay Education
has provideements as rined in the
Ministry of Fier, 2016 oferformed ant the disclontained by Ind AS finanhe Managee 33.16 to us by the Mfor other thtransactions
rt expresses Parent’s, sub
s to be includit and Audito
n and accordi
S financial sdated finan
operations hng standardsng derivative
in transferrand Protec
ed requisite regards theNotification
nance, durif the Groupnd the represosures are i
those entitncial statemment of thethe consolid
Management han permittewhich are no
an unmodifibsidiary com
ded in the Auor’s) Rules, 2ing to the exp
statements dcial position
have made ps, for materi contracts;.
ring amountsction Fund
disclosuree holding ann S.O. 340ng the perio
p entities asentations prin accordanies for the
ments and ae respectivdated Ind Aduring the a
ed transactioot permitted.
Fo
ied opinion ompany’s inter
uditor’s Repo2014, as ameplanations giv
disclose then of the G
provision, asal foreseeab
s, required tby the Pa
s in the cond dealings7(E) dated od from 8th
as applicablrovided to usnce with thepurpose of
as producede Group en
AS financial foresaid per
ons and `0.3
or DELOITTECh
Firm’s Regis
G
Mem
on the adequrnal financial
ort in accordaended, in ouven to us:
e impact of roup and it
s required uble losses, if
to be transfarent, its su
onsolidated s in Specifie
the 8th NoNovember, le. Based os by the mane relevant bf preparatiod to us and ntities. How
statements iod `24.15 La31 Lakhs h
E HASKINS &hartered Accstration No.
Ganesh Bala
mbership No
uacy and controls
ance with ur opinion
pending ts jointly
under the f any, on
ferred, to ubsidiary
Ind AS ed Bank
ovember, 2016 to
on audit agement
books of n of the to other
wever, as and as
akhs has as been
& SELLS countants 008072S
akrishnan Partner
o. 201193
98
ANNEXU(Referresection
Report osection
In conjunfor the yreportingcompani
Manage
The respare respover finacomponeOver Finresponsicontrols includingpreventiorecords, Act, 201
Auditor’ Our respthe Pareaudit in ReportinStandardapplicabthat we assurancand main Our audfinancial internal financial testing aassesseof the ris We belieauditors to in the opinion subsidia
URE “A” TOed to in parof our repo
on the Intern3 of Section
nction with oyear ended g of Tata Pies incorpora
ment’s Res
pective Boaronsible for eancial reportents of internancial Repoibilities incluthat were o
g adherenceon and deteand the time3.
’s Responsi
ponsibility is ent and its suaccordance
ng (the “Guidds on Auditinle to an audcomply wit
ce about whntained and
it involves pecontrols sy
financial cocontrols ov
and evaluatd risk. The p
sks of materia
eve that the of the subsidOther Matteon the intery companie
O THE INDEPragraph 1(f)rt of even d
nal Financian 143 of the
ur audit of thMarch 31, 2
Projects Limated in India
ponsibility f
rd of Directoestablishing ating criteria rnal control sorting issuedde the desigperating effee to the resection of frauely preparati
ibility
to express aubsidiary com
with the Gudance Note”ng, prescribedit of internalh ethical reether adequif such contr
erforming prystem over ntrols over
ver financial ing the des
procedures sal misstatem
audit evidendiary compaers paragrapernal financiaes incorporate
PENDENT A) under ‘Reate)
al Controls OCompanies
he consolidat2017, we ha
mited (hereinas of that da
for Internal
ors of the Paand maintainestablished stated in thed by the Insgn, impleme
ectively for espective couds and errion of reliabl
an opinion ompanies incouidance Note) issued by ed under Sel financial co
equirements ate internal f
rols operated
ocedures to financial repfinancial repreporting, a
sign and opelected depe
ment of the fin
nce we havenies, which a
ph below, is sal controls ed in India.
AUDITOR’S Report on Ot
Over Financs Act, 2013 (
ted Ind AS fiave audited nafter referreate.
Financial C
arent and its ning internal f
by the respe Guidance stitute of Chentation andensuring the mpany’s porors, the acce financial in
n the internaorporated in e on Audit othe Institute
ection 143(10ontrols. Thosand plan afinancial con
d effectively i
obtain auditporting and porting incluassessing theperating effeend on the anancial state
e obtained aare incorporasufficient andsystem ove
REPORT ther Legal a
cial Reportin(“the Act”)
nancial statethe internal
ed to as “t
ontrols
subsidiary cfinancial con
pective CompNote on Au
hartered Acc maintenancorderly and
olicies, the scuracy and nformation, a
al financial coIndia, basedof Internal Fe of Chartere0) of the Comse Standardsand perform ntrols over finn all materia
t evidence abtheir opera
uded obtainine risk that activeness of
auditor’s judgments, whet
and the auditated in Indiad appropriatr financial r
and Regula
ng under Cla
ements of the financial cothe Parent”)
companies introls based panies consdit of Interna
countants ofce of adequefficient con
safeguardingcompletenes
as required u
ontrols over d on our audFinancial Coned Accountampanies Acts and the Gu
the audit tnancial repor
al respects.
bout the adeting effectivng an undea material wf internal co
gement, incluher due to fr
t evidence o, in terms of e to provide reporting of
tory Requir
ause (i) of S
e Company aontrols over ) and its s
ncorporated onthe interna
sidering the al Financial f India (ICAIate internal
nduct of its bg of its assss of the acunder the Co
financial repit. We conduntrols Over ants of Indiat, 2013, to thuidance Noteo obtain rearting was est
equacy of theeness. Our rstanding of
weakness exontrol baseduding the assraud or error.
obtained by ttheir reportsa basis for the Parent
rements’
Sub-
as of and financial
ubsidiary
in India, al control essential Controls ). These financial
business, sets, the ccounting ompanies
porting of ucted our Financial and the he extent e require asonable tablished
e internal audit of
f internal xists, and d on the sessment .
the other s referred our audit t and its
99
Meaning A compreasonabstatemencompanythat (1) the transtransactiwith genbeing ma(3) proviuse, or statemen Inherent Becausepossibiliterror or financial financial that the d Opinion In our oon the cbelow, thall materinternal based onconsiderInternal of India. Other M Our aforthe intecompanithe audit
Secunde
g of Internal
any's internble assurancnts for extery's internal fpertain to thsactions and ions are recerally accepade only in ade reasonabdisposition
nts.
t Limitations
e of the inhety of collusiofraud may controls ovcontrol over
degree of co
n
opinion to theconsiderationhe Parent anrial respectsfinancial conn the internaring the esseFinancial Co
Matters
esaid reportrnal financiaieswhich aretors of such c
erabad, May
l Financial C
al financial ce regardingrnal purposefinancial con
he maintenandispositions
orded as nepted accountiaccordance wble assurance
of the com
s of Interna
rent limitatioon or impropoccur and n
ver financial r financial repompliance wit
e best of our n of the repond its subsid, an adequatntrols over fal control oveential compo
ontrols Over
under Sectioal controls
e companies companies in
12, 2017
Controls Ove
control oveg the reliabiles in accordntrol over finnce of records of the asseecessary to ping principleswith authorise regarding p
mpany's asse
l Financial C
ons of internaper managemnot be detecreporting to
porting may th the policie
information orts of the odiary compante internal finfinancial reper financial reonents of inFinancial Re
on 143(3)(i) oover financincorporatedncorporated
er Financial
r financial rity of financdance with gnancial repords that, in rets of the compermit prepas, and that reations of maprevention oets that cou
Controls Ov
al financial cment overridcted. Also, po future periobecome inad
es or procedu
and accordither auditors
nies, which anancial controrting were eporting crite
nternal controeporting issu
of the Act onial reportingd in India, is in India.
l Reporting
reporting is ial reporting generally acrting includeseasonable dmpany; (2) praration of fineceipts and
anagement aor timely deteuld have a
ver Financia
controls overe of controlsprojections oods are subdequate becures may det
ng to the exps referred toare companierols system operating ef
eria establishol stated in
ued by the In
n the adequag insofar asbased solely
a process and the pre
ccepted accos those polietail, accurarovide reasoancial statemexpenditures
and directors ection of una
material eff
l Reporting
r financial res, material mof any evalubject to the cause of chanteriorate.
planations go in the Othees incorporaover financiaffectively ashed by the rethe Guidan
nstitute of Ch
acy and operas it relates y on the corr
For DeCh
Firm‘s Reg
G
Mem
designed toeparation of ounting princcies and pro
ately and fairnable assuraments in accs of the comof the computhorised acfect on the
porting, inclumisstatementuation of therisk that thenges in cond
iven to us aner Matters paated in India,al reporting a at March 3espective coce Note on hartered Acc
ating effectivto three s
responding r
loitte Haskinhartered Accistration No.0
Ganesh Bala
mbership No
o provide financial
ciples. A ocedures rly reflect ance that cordance pany are
pany; and cquisition,
financial
uding the ts due to e internal e internal ditions, or
nd based aragraph have, in and such 31, 2017, ompanies
Audit of countants
veness of ubsidiary reports of
ns & Sells countants 008072S
akrishnan Partner
o. 201193
100
101
102
103
104
105
Notes to the consolidated financial statements for the year ended March 31, 2017
3. Significant Accounting Policies :
3.1 Statement of compliance
3.2 Basis of preparation and presentation
3.3 Basis of consolidation
(a)
(b)
(c)
As at March 31, 2017 As at March 31, 2016 As at April 01, 2015India 75 75 75
Mauritius 70 70 70South Africa 60 60 60
TQ Services Europe GmbH Germany 100 100 100India 100 100 100India 100 100 100Oman 70 70 -China 100 - -
Industrial Quality Services LLCInd Project Engineering (Shanghai) Co. Ltd (with effect from 6th June 2016)
Name of the subsidiary
The financial statements comply in all material aspects with Indian Accounting Standards (Ind AS) notified under the Section 133 of the Companies Act, 2013 (the Act), Companies(Indian Accounting Standards) Rules, 2015 and other relevant provisions of the Act.
Up to the year ended March 31, 2016, the Group prepared its financial statements in accordance with the requirements of previous generally accepted accounting principles(“Previous GAAP”), which includes Accounting Standards (“AS”) notified under the Companies (Accounting Standards) Rules, 2006 and prescribed under Section 133 of theCompanies Act, 2013, as applicable and the relevant provisions of the Companies Act, 2013 (“the 2013 Act”)/ Companies Act, 1956 (“the 1956 Act”), as applicable.
These are the Group's first Ind AS financial statements. The date of transition to Ind AS is April 1, 2015. Refer Note 3.19 for the details of first-time adoption exemptions availed bythe Group.
• Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date;
• Level 2 inputs are inputs, other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly; and
• Level 3 inputs are unobservable inputs for the asset or liability.
Share of profit/loss, assets and liabilities in the jointly controlled entities, which are not subsidiaries, have been consolidated on equity method by recognising profit proportionate to the extent of the Group's equity interest in such entity as per Ind AS 28 Financial Reporting of Interests in Joint Ventures.
Artson Engineering LimitedTPL-TQA Quality Services (Mauritius) Pty LimitedTPL-TQA Quality Services South Africa (Pty) Limited
Country of incorporation Percentage of ownership interest
The excess of cost to the group of its investments in the subsidiary companies over its share of equity of the subsidiary companies, at the dates on which the investments in thesubsidiary companies were made, is recognised as `Goodwill` being an asset in the consolidated financial statements and is tested for impairment on annual basis. On the otherhand, where the share of equity in the subsidiary companies as on the date of investment is in excess of cost of investments of the group, it is recognised as `Capital Reserve` andshown under the head `Reserves and surplus`, in the consolidated financial statements. The `Goodwill` / `Capital Reserve` is determined separately for each subsidiary companyand such amounts are not set off between different entities.
Minority interest in the net assets of the consolidated subsidiaries consist of the amount of equity attributable to the minority shareholders at the date on which investments in thesubsidiary companies were made and further movements in their share in the equity, subsequent to the dates of investments. Net profit / loss for the year of the subsidiariesattributable to minority interest is identified and adjusted against the profit after tax of the Group in order to arrive at the income attributable to shareholders of the Tata ProjectsLimited ("the Company").
Following subsidiary companies, associates and jointly controlled entities have been considered in the preparation of the consolidated financial statements:
The subsidiaries considered in the preparation of these consolidated financial statements are
Ujjwal Pune Limited (formerly Tata Projects Infrastructure Limited) TQ Cert Private Limited (formerly Food Cert India Private Limited)
Tata Projects Limited
The financial statements of the subsidiary companies and jointly controlled entities used in the consolidation are drawn up to the same reporting date as that of the companyi.e., March 31, 2017, except for a jointly controlled entity as mentioned below for which financial statements as on reporting date are not available. These have beenconsolidated based on latest available financial statements. Necessary adjustments have been made, for the effects of significant transaction and other events between thereporting dates of the such financial statements and these consolidated financial statements.
The financial statements of the Group have been combined on a line-by-line basic by adding together like items of assets, liabilities, income and expenses, after elimination intra-group balances, intra group transactions and resulting unrealised profits or losses, unless cost cannot be recovered.
The consolidated financial statements have been prepared on the historical cost basis except for certain financial instruments that are measured at fair values at the end of eachreporting period, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for goods and services.
The consolidated financial statements relate to Tata Projects Limited, its subsidiary companies and jointly controlled entities ( the "Group'') have been prepared on the followingbasis:
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardlessof whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, the Group takes into account thecharacteristics of the asset or liability if market participants would take those characteristics into account when pricing the asset or liability at the measurement date. Fair value formeasurement and/or disclosure purposes in these financial statements is determined on such a basis, except for share-based payment transactions that are within the scope of IndAS 102, leasing transactions that are within the scope of Ind AS 17, and measurements that have some similarities to fair value but are not fair value, such as net realizable value inInd AS 2 or value in use in Ind AS 36. In addition, for financial reporting purposes, fair value measurements are categorized into Level 1, 2, or 3 based on the degree to which the inputs to the fair value measurements areobservable and the significance of the inputs to the fair value measurement in its entirety, which are described as follows:
The principal accounting policies are set out below.
106
Notes to the consolidated financial statements for the year ended March 31, 2017Tata Projects Limited
Interest in Joint ventures - Jointly controlled entities
As at March 31, 2017 As at March 31, 2016 As at April 01, 2015Al Tawleed For Energy & Power Company Kingdom of Saudi Arabia 30 30 30TEIL Projects Limited India 50 50 50
- Artson Engineering Limited- TPL-TQA Quality Services (Mauritius) Pty Limited- TPL-TQA Quality Services South Africa (Pty) Limited- Ujjwal Pune Limited (formerly Tata Projects Infrastructure Limited)- Industrial Quality Services LLC- Ind Project Engineering (Shanghai) Co Ltd- TQ Cert Private Limited (formerly Food Cert India Private Limited)
- TQ Services Europe GmbH- Al Tawleed for Energy and Power Company.- TEIL Projects Limited
The group’s associate is:-
Country of incorporation
As at March 31, 2017 As at March 31, 2016 As at April 01, 2015Virendra Garments Manufacturers Private Limited India 24 24 24
The financial statements of the above Company is not available and hence has not been considered for consolidation 3.3.1 Changes in the Group's ownership interests in existing subsidiaries
3.3.2 Goodwill
3.3.3 Investments in associates and Joint Ventures
Percentage holding
Name of the CompanyPercentage of ownership interest
The financial statements of Al Tawleed for Energy and Power Company considered based on management accounts drawn for the period from January 1, 2016 to December 31,2016. The Company is under liquidation. Al-Tawleed being joint venture, is consolidated on equity method as per Ind AS. No profit is recognised through consolidation, as theaccumulated losses in the Joint Venture exceeds the capital contribution of the CompanyThe financial statements of TEIL Projects Limited, is based on audited accounts, and is consolidated on equity method as per Ind AS. As the Joint Venture is under liquidation, theprofit earned during the year by the Joint Venture is not recognised for consolidation.
Name of the Joint venture Country of incorporation
Changes in the Group’s ownership interests in subsidiaries that do not result in the Group losing control over the subsidiaries are accounted for as equity transactions. The carryingamounts of the Group’s interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries. Any difference between the amountby which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognised directly in equity and attributed to owners of the Company.
Goodwill arising on an acquisition of a business is carried at cost as established at the date of acquisition of the business less accumulated impairment losses, if any. Goodwillarising on consolidation is not amortised but tested for impairment.
When a group entity transacts with an associate or a joint venture of the Group, profits and losses resulting from the transactions with the associate or joint venture are recognised inthe Group’s consolidated financial statements only to the extent of interests in the associate or joint venture that are not related to the Grou
An investment in an associate or a joint venture is accounted for using the equity method from the date on which the investee becomes an associate or a joint venture. On acquisitionof the investment in an associate or a joint venture, any excess of the cost of the investment over the Group's share of the net fair value of the identifiable assets and liabilities of theinvestee is recognised as goodwill, which is included within the carrying amount of the investment. Any excess of the Group's share of the net fair value of the identifiable assets andliabilities over the cost of the investment, after reassessment, is recognised directly in equity as capital reserve in the period in which the investment is acquired.
The results and assets and liabilities of associates or joint ventures are incorporated in these consolidated financial statements using the equity method of accounting,
A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint arrangement. Joint control is thecontractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control
An associate is an entity over which the Group has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investeebut is not control or joint control over those policies.
When the Group loses control of a subsidiary, a gain or loss is recognised in profit or loss and is calculated as the difference between (i) the aggregate of the fair value of theconsideration received and the fair value of any retained interest and (ii) the previous carrying amount of the assets (including goodwill), and liabilities of the subsidiary and any non-controlling interests. All amounts previously recognised in other comprehensive income in relation to that subsidiary are accounted for as if the Group had directly disposed of therelated assets or liabilities of the subsidiary (i.e. reclassified to profit or loss or transferred to another category of equity as specified/permitted by applicable Ind AS). The fair value ofany investment retained in the former subsidiary at the date when control is lost is regarded as the fair value on initial recognition for subsequent accounting under Ind AS 109, or,when applicable, the cost on initial recognition of an investment in an associate or a joint venture.
The consolidation of the following subsidiary/ joint venture has been done on the basis of audited financial statements
The consolidation of the following subsidiary/ joint venture has been done on the basis of unaudited financial statements certified by Managemen
107
Notes to the consolidated financial statements for the year ended March 31, 2017Tata Projects Limited
3.4 Estimates
3.5 Revenue Recognition
3.6 Unbilled Revenues
3.7 Foreign Currencies
3.8 Employee BenefitsEmployee benefits include provident fund, superannuation fund, gratuity fund, compensated absences and post retirement medical benefits.
Defined contribution plans
Defined benefit plans
(ii) Revenue from sale of goods is recognized on dispatch of goods and on transfer of significant risks and rewards of ownership to the buyer, which generally coincides with thedelivery of goods to customers. Sales include excise duty and other indirect taxes but exclude indirect taxes collected from customers.(iii) Income from services rendered is recognised based on the agreements/arrangements with the concerned parties and when the services are rendered. (iv) Other Income - Interest income is accounted on accrual basis. Dividend income is accounted for when the right to receive is established.
Unbilled revenue represents value of work executed, billed subsequent to balance sheet date and is valued at contract price
Transactions in foreign currency are recorded at the exchange rates prevailing on the date of transaction. Foreign currency monetary items outstanding at the balance sheet date arerestated at the prevailing year end rates. The resultant gain / loss upon such restatement along with gain / loss on account of foreign currency transactions are accounted in theStatement of Profit and Loss.
For the purpose of recognising revenue, contract revenue comprises the initial amount of revenue agreed in the contract, the variations in contract work, claims and incentivepayments to the extent that it is probable they will result in revenue and they are capable of being reliably measured.The percentage of completion method is applied on a cumulative basis in each accounting year to the current estimates of contact revenue and contract costs. The effect of a changein the estimate of the outcome of a contract is accounted for as a change in accounting estimates and the effect of which are recognised in the statement of profit and loss in the yearin which the change is made and in subsequent years.When the outcome of a construction contract cannot be estimated reliably, revenue is recognised only to the extent of contract costs incurred of which recovery is probable and therelated contract costs are recognised as an expense in the year in which they are incurred.When it is probable that the total contract cost will exceed total contract revenue, the expected loss is recognised as an expense in the Statement of Profit and Loss in the year inwhich such probability occurs.No profit is recognized till a minimum of 10% progress is achieved on the contract, except in case of Tata Aldesa (JV), jointly controlled operation, in respect of which no profit isrecognised till a minimum of 2.5% progress is achieved on the project. The cost incurred and invoices raised in respect of such contracts are included in Contract executionexpenses and Revenue from operations in the Statement of Profit and Loss.
The preparation of the financial statements in conformity with Ind AS requires management to make estimates, judgments and assumptions. These estimates, judgments andassumptions affect the application of accounting policies and the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of thefinancial statements and reported amounts of revenues and expenses during the year. Application of accounting policies that require critical accounting estimates involving complexand subjective judgments and the use of assumptions in these financial statements have been disclosed. Accounting estimates could change from period to period. Actual resultscould differ from those estimates. Appropriate changes in estimates are made as management becomes aware of changes in circumstances surrounding the estimates. Changes inestimates are reflected in the financial statements in the period in which changes are made and, if material, their effects are disclosed in the notes to the financial statements.
(i) Income from Construction Contracts
When the outcome of a construction contract can be measured reliably, contract revenue and contract costs associated with the construction contract are recognised as revenue andexpenses respectively by reference to the percentage of completion of the contact activity at the reporting date. The stage of completion is determined on the basis of actual workexecuted during the year, which is billable to the customer.
For defined benefit retirement benefit plans, the cost of providing benefits is determined using the projected unit credit method, with actuarial valuations being carried out at the end oeach annual reporting period. Remeasurement, comprising actuarial gains and losses, the effect of the changes to the asset ceiling (if applicable) and the return on plan assets(excluding net interest), is reflected immediately in the balance sheet with a charge or credit recognised in other comprehensive income in the period in which they occur.Remeasurement recognised in other comprehensive income is reflected immediately in retained earnings and is not reclassified to profit or loss. Past service cost is recognised inprofit or loss in the period of a plan amendment. Net interest is calculated by applying the discount rate at the beginning of the period to the net defined benefit liability or asset.Defined benefit costs are categorized as follows:(i) service cost (including current service cost, past service cost, as well as gains and losses on curtailments and settlements);(ii) net interest expense or income; and (iii) remeasurement
The Group presents the first two components of defined benefit costs in profit or loss in the line item ‘Employee benefits expense’. Curtailment gains and losses are accounted for aspast service costs.
The retirement benefit obligation recognised in the Balance Sheet represents the actual deficit or surplus in the Group's defined benefit plans. Any surplus resulting from thiscalculation is limited to the present value of any economic benefits available in the form reductions in future contributions to the plans
Forward exchange contracts are fair valued to Mark to Market ("MTM") at every reporting date till the date of settlement. MTM variances are accounted through Profit and Lossaccount which are finally written off or written back as the case may be on settlement.
In respect of financial statements of integral foreign operations of foreign branches, fixed assets are recorded at cost, based on the exchange rate prevailing at the date of thetransaction. Current assets and current liabilities are reported using the exchange rates on the date of balance sheet, income and expenses are translated at the monthly averagerates of exchange. The resultant exchange gains / losses are recognized in the Statement of Profit and Loss.
The Group's contribution to provident fund and superannuation fund, considered as defined contribution plans are charged as an expense in the Statement of Profit and Loss basedon the amount of contribution required to be made and when services are rendered by the employees.
108
Notes to the consolidated financial statements for the year ended March 31, 2017Tata Projects Limited
Short term employee benefits
Other long term employee benefits
3.9 Earnings Per Share
3.10 Leasing
3.11 Taxation
3.11.1 Current tax
3.11.2 Deferred tax
Depreciation and amortisation, impairment
Scaffolding materials 5 yearsWire ropes and slings 2 yearsComputer including software 3 yearsMotor cars under car policy for executives 4 yearsTunnel Formwork equipment 2 years 2 monthsLeasehold improvements are amortized over the duration of the lease.
Property, plant and equipment are carried at cost less accumulated depreciation / amortization and impairment losses, if any. The cost of property, plant and equipment comprises itspurchase price and other attributable expenditure incurred in making the asset ready for its intended use and interest on borrowings attributable to acquisition of qualifying property,plant and equipment up to the date the asset is ready for its intended use.
Property, plant and equipment retired from active use and held for sale are stated at the lower of their net book value and net realisable value and are disclosed separately.Intangible Assets:Intangible assets comprises of the application and other software procured through perpetual licences. The intangible assets are capitalised on implementation of such software andcomprises of the prices paid for procuring the licence and implementation cost of such software.
Depreciation has been provided on the written down value method as per the useful life as prescribed in Schedule II to the Companies Act, 2013 except in respect of followingassets, in whose case, life of the assets has been assessed as under, based on technical advice, taking into account the nature of asset, the estimated usage of the asset, theoperating conditions of the asset etc.
Income tax expense represents the sum of the tax currently payable and deferred tax.
Current tax represents tax currently payable based on taxable profit for the year determined in accordance with the provisions of the Income tax Act, 1961. Taxable profit differs from‘profit before tax’ as reported in the statement of profit and loss because of items of income or expense that are taxable or deductible in other years and items that are never taxableor deductible. The Group’s current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in thecomputation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductibletemporary differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilized. Such deferred taxassets and liabilities are not recognised if the temporary difference arises from the initial recognition (other than in a business combination) of assets and liabilities in a transactionthat affects neither the taxable profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will beavailable to allow all or part of the asset to be recovered.
Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realized, based on tax rates (andtax laws) that have been enacted or substantively enacted by the end of the reporting period.
Current and deferred tax for the yearCurrent and deferred tax are recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, thecurrent and deferred tax are also recognised in other comprehensive income or directly in equity respectively. Where current tax or deferred tax arises from the initial accounting for abusiness combination, the tax effect is included in the accounting for the business combination.3.12. Property plant and equipment & Intangible Assets
Provision for pension and medical benefits payable to retired Managing Directors is made on the basis of an actuarial valuation as at the Balance Sheet date.
Other Long term employee benefit comprise of Leave encashment which is provided for based on the actuarial valuation carried out as at the end of the year.Liabilities recognised in respect of other long-term employee benefits are measured at the present value of the estimated future cash outflows expected to be made by the Group inrespect of services provided by employees up to the reporting date.
The Group presents basic and diluted earnings per share (“EPS”) data for its equity shares. Basic EPS is calculated by dividing the profit or loss attributable to equity shareholders bythe weighted average number of equity shares outstanding during the year. Diluted EPS is determined by adjusting the profit or loss attributable to equity shareholders and theweighted average number of equity shares outstanding for the effects of all dilutive potential equity shares.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified asoperating leases.
The Group's significant leasing arrangements are in respect of operating leases for premises that are cancellable in nature. The lease rentals under such agreements are recognisedin the Statement of Profit and Loss as per the terms of the lease.
Rental expense from operating leases is generally recognised on a straight-line basis over the term of the relevant lease. Where the rentals are structured solely to increase in linewith expected general inflation to compensate for the lessor’s expected inflationary cost increases, such increases are recognised in the year in which such benefits accrue.
A liability is recognised for benefits accruing to employees in respect of wages and salaries, annual leave and sick leave in the period the related service is rendered at theundiscounted amount of the benefits expected to be paid in exchange for that service.Liabilities recognised in respect of short-term employee benefits are measured at the undiscounted amount of the benefits expected to be paid in exchange for the related service.
109
Notes to the consolidated financial statements for the year ended March 31, 2017Tata Projects Limited
Assets costing less than 10,000 are fully depreciated in the year of capitalization.
3.15 Financial Instruments
Impairment of Financial Assets
3.16 Jointly controlled operations
When it is probable at any stage of the contract, that the total cost will exceed the total contract revenue, the expected loss is recognised immediately
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instruments.
Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financialliabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financialliabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss arerecognised immediately in profit or loss.
(i) Financial assets carried at amortised cost :-- A financial asset is subsequently measured at amortised cost if it is held within a business model whose objective is to hold theasset in order to collect contractual cash flows and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal andinterest on the principal amount outstanding.
(ii) Financial assets at fair value through other comprehensive income :-- Financial assets are measured at fair value through other comprehensive income if these financialassets are held within a business whose objective is achieved by both collecting contractual cash flows that give rise on specified dates to solely payments of principal and intereston the principal amount outstanding and by selling financial assets.
The Group has made an irrevocable election to present in other comprehensive income subsequent changes in the fair value of equity investments not held for trading.
(iii) Financial assets at fair value through profit or losss :- Financial assets are measured at fair value through profit or loss unless it is measured at amortised cost or at fair valuethrough other comprehensive income on initial recognition. The transaction costs directly attributable to the acquisition of financial assets and liabilities at fair value through profit orloss are immediately recognised in profit or loss.
(iv) Financial liabilities :-- Financial liabilities are measured at amortized cost using the effective interest method.
(v) Investment in subsidiaries, Joint Ventures and Associatess :- On initial recognition, these investments are recognized at fair value plus any directly attributable transactioncost. Subsequently, they are measured at cost.
The Group applies the expected credit loss model for recognising impairment loss on financial assets measured at amortised cost, trade receivables, other contractual rights toreceive cash or other financial asset.
For trade receivables or any contractual right to receive cash or another financial asset that result from transactions that are within the scope of Ind AS 11 and Ind AS 18, the Groupalways measures the loss allowance at an amount equal to lifetime expected credit losses.
Further, for the purpose of measuring lifetime expected credit loss allowance for trade receivables, the Group has used a practical expedient as permitted under Ind AS 109. Thisexpected credit loss allowance is computed based on a provision matrix which takes into account historical credit loss experience and adjusted for forward-looking information.
The accounts of the Group reflect its share of the Assets, Liabilities, Income and Expenditure of the jointly controlled operations which are accounted on the basis of the auditedaccounts of the joint ventures on line-by-line basis with similar items in the Company’s accounts to the extent of the participating interest of the Company as per the Joint VentureAgreements.
Raw materials are valued at lower of cost, ascertained on "weighted average" method and net realisable value.Finished goods are valued at lower of cost and net realisable values. Cost comprises, material and applicable manufacturing overheads and excise duty.Stores and spares are valued at cost or below on weighted average basis.3.14 Provisions, contingent liabilities and contingent assets
Provisions are recognised only when there is a present obligation as a result of past events and when a reasonable estimate of the amount of obligation can be made. The amountrecognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks anduncertainties surrounding the obligation. When a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value ofthose cash flows (when the effect of the time value of money is material).
Contingent liabilities are disclosed for (i) possible obligation which will be confirmed only by future events not wholly within the control of the Group or (ii) present obligations arisingfrom past events where it is not probable that an outflow of resources will be required to settle the obligation or a reliable estimate of the amount of the obligation cannot be made.Contingent assets are neither recognised nor disclosed in the financial statements.
All property, plant and equipment are tested for impairment at the end of each financial year. The impairment loss being the excess of carrying value over the recoverable value ofthe assets, if any, is charged to the statement of Profit and Loss in the respective financial year. The impairment loss recognized in prior years is reversed in cases where therecoverable value exceeds the carrying value, upon reassessment in the subsequent years.
3.13 Inventories
The assets owned by jointly controlled operations (JCO), are depreciated over the duration of the project
110
Notes to the consolidated financial statements for the year ended March 31, 2017Tata Projects Limited
3.17 Segment reporting
3.18 Operating cycle
The Group, based on the "Management Approach" as defined in Ind AS 108, evaluates the Group's performance and allocates resources based on the analysis of variousperformance indicators by business segments and geographic segments. Accordingly, information has been presented both along business segments and geographic segments.
The accounting policies adopted for segment reporting are in line with the accounting policies of the Group. Segment revenue, segment expenses, segment assets and segmentliabilities have been identified to segments on the basis of their relationship to the operating activities of the segment.
Inter-segment revenue is accounted on the basis of transactions which are primarily determined based on market/fair value factors.Revenue, expenses, assets and liabilities which relate to the Group as a whole and not allocable to segments on reasonable basis have been included under “unallocatedrevenue/expenses/assets/liabilities”.
The Group's activities (primarily construction activities) have an operating cycle that exceeds a period of twelve months. The Group has selected the duration of the individualcontracts as its operating cycle, wherever appropriate, for classification of its assets and liabilities as current and non-current.
111
Tata Projects LimitedNotes to the consolidated financial statements for the year ended March 31, 2017All amounts are in Lakhs unless otherwise stated
The effect of the Group’s transition to Ind AS is summarized as follows:(i) Transition
(iv) Reconciliation of other comprehensive income as previously reported under Indian GAAP to Ind-AS
(i) Transition
Particulars Note No.Deemed cost of property, plant and equipment and intangible assets 1Investments in subsidiaries, joint controlled entities and associates in separate financial statements 2Derecognition of financial assets and financial liabilities 3Business combinations 4
Notes:
(ii) Reconciliation of equity as previously reported under Indian GAAP to Ind-AS
Particulars Note No.As at
31-Mar-2016 As at
1-Apr-2015
Equity as reported under IGAAPP 84,060.72 78,649.26
Proposed dividend and related distribution tax i 1,218.62 1,062.17 Effect of discounting of employee loans ii (1.91) (4.98) Effect of discounting of rental deposits iii (13.17) - Effect of transferring Minority interest share of profit relating to a subsidiary iv (46.60) - Effect of change in method of consolidation in respect of Jointly Controlled Entities v 222.89 254.36 Deferred tax adjustments vi 3.50 -
Equity as reported under Ind-AS 85,444.06 79,960.81
(iii) Reconciliation of profit or loss as previously reported under Indian GAAP to Ind-AS
Particulars For the Year ended
31-Mar -2016
Profit as reported under IGAAP 6,422.27
Increase (decrease) in net income for:Effect of discounting of employee loans ii 3.07 Effect of discounting of rental deposits iii (13.17) Effect of change in method of consolidation in respect of Jointly Controlled Entities v (41.34) Deferred tax adjustments vi 0.73 Actuarial (gain)/ loss on defined benefit obligation recognised in other comprehensive income
vii (8.99)
Profit as reported under Ind AS 6,362.57
2. In accordance with Ind-AS transitional provisions, the Group opted to consider previous GAAP carrying value of investments as deemed cost ontransition date for investments in subsidiaries, joint ventures and associates in separate financial statement.3. The Group has applied the derecognition requirements of financial assets and financial liabilities prospectively for transactions occurring on or afterApril 01, 2015 (the transition date).4. The Group has elected not to apply Ind AS 103 Business Combinations retrospectively to business combinations that occurred before the date oftransition.
1. In accordance with Ind-AS transitional provisions, the Group opted to consider previous GAAP carrying value of property, plant and equipment,investment property, and intangible assets as deemed cost on transition date.
3.19 Transition to Ind-AS
(ii) Reconciliation of equity as previously reported under Indian GAAP to Ind-AS (iii) Reconciliation of profit or loss as previously reported under Indian GAAP to Ind-AS
The Group has prepared the opening Balance Sheet as per Ind AS as of April 01, 2015 (the transition date) by recognising all assets and liabilitieswhose recognition is required by Ind AS, not recognising items of assets or liabilities which are not permitted by Ind AS, by reclassifying items fromprevious GAAP to Ind AS as required under Ind AS, and applying Ind AS in measurement of recognised assets and liabilities. However, this principle issubject to certain exceptions and certain optional exemptions availed by the Company as detailed below:
112
(iv) Reconciliation of other comprehensive income as previously reported under Indian GAAP to Ind-AS
Comprehensive income as reported under IGAAP -
Employee benefits – actuarial gains and losses vii 8.99 Deferred tax adjustments vi 2.77
11.76 Exchange differences in translating the financial statements of foreign operations 0.04
Comprehensive income as reported under Ind AS 11.80
Notes:
Particulars Previous GAAP
Effect of transition to Ind
AS
Ind AS
Net cash flows from operating activities 6,491.68 11.22 6,480.46 Net cash flows from investing activities (8,935.37) (1.58) (8,933.79) Net cash flows from financing activities (290.31) (8,575.14) 8,284.83 Net increase (decrease) in cash and cash equivalents (2,734.00) (8,565.50) 5,831.50 Cash and cash equivalents at the beginning of the period 20,404.91 26,979.44 (6,574.53) Other changes 46.91 - 46.91 Cash and cash equivalents at the end of the period 17,717.82 18,413.94 (696.12)
vii. The Group recognises costs related to its post-employment defined benefit plan on an actuarial basis both under Indian GAAP and Ind AS. UnderIndian GAAP, the entire cost including actuarial gains and losses are charged to profit or loss. Under Ind AS, remeasurements are recognisedimmediately in the Balance Sheet with a corresponding debit or credit to retained earnings through OCI.
vi. Consequential deferred tax on all the above adjustments
(v) Effect of adoption of Ind AS on the Statement of cash flows for the year ended March 31, 2016:
i. Under Indian GAAP, dividends on equity shares recommended by the Board of Directors after the end of the reporting period but before the financialstatements were approved for issue were recognised in the financial statements as a liability. Under Ind AS, such dividends along with the dividenddistribution tax thereon are recognised as a liability when declared/ approved by the members in a general meeting.
Following is the impact on cash flows on transition from Indian GAAP to Ind-AS. Cash flows relating to interest are classified in a consistent manner asoperating, investing or financing each period.
ii. Under Indian GAAP, the loans extended to employees are not fair valued. Under Ind AS, such loans are subject to fair valued on transition date and every subsequent disbursements. Effect of fair valuation measurements are recognised to statement of profit and loss.
iii. Under Indian GAAP, Deposits paid for rental purpose for a period more than one year are not subjected to fair valuation. Under Ind AS, such deposits are required for fair valuation. Effect of fair valuation measurements are recognised to statement of profit and loss.
iv. Under Indian GAAP, any loss reported in a subsidiary should not be transferred to Non controlling interest if the loss is more than their investedcapital. Any subsequent profits cannot be distributed to "Non controlling interest holders" unless the past losses are recovered. Under Ind AS, share ofMinority interest in profit and loss account is required to be transferred to "Non controlling interest" even though there is a loss reported in the Company.During the year ending March 31, 2016, in the case of a subsidiary, Artson Engineering Limited, reported a profit and Non controlling interest share istransferred to their account.
v. Under Indian GAAP, consolidation of joint venutre entities are accounted for using the proportionate consolidated method. Under Ind AS, as per IndAS 28, consolidation of joint ventures are accounted for using the equity method. Further, the entity's interest on these joint ventures have becomenegative as on transition date ie., April 01, 2015. Thus, the loss over and above the investment is reversed to reserves and surplus as on transition dateand loss recognised in the year 2015-16 as per Indian GAAP was reversed as per Ind AS.
113
Note
s for
min
g pa
rt of
con
solid
ated
fina
ncial
stat
emen
ts fo
r the
year
ende
d Ma
rch
31,20
17Al
l am
ount
s are
in ₹
Lak
hs u
nles
s oth
erwi
se st
ated
4. Pr
oper
ty, p
lant a
nd eq
uipm
ent a
nd ca
pita
l wor
k-in
pro
gres
s.
As at
31-M
ar-1
7As
at 31
-Mar
-16
As at
1-Ap
r-15
Carry
ing
amou
nts
:Fr
eeho
ld La
nd11
2.60
112.6
0
11
2.60
Build
ings
1,098
.71
979.2
2
98
3.40
Leas
ehold
Impr
ovem
ents
73.69
87.29
35
5.73
Plan
t and
equip
ments
20,14
0.08
17,90
4.03
17
,369.2
0
Furn
iture
& fix
tures
879.3
3
61
4.58
546.5
6
Ve
hicles
582.8
1
45
3.03
503.1
3
Of
fice E
quipm
ents
1,962
.77
1,707
.93
1,0
31.33
Co
mpute
rs80
3.31
579.0
0
45
9.33
R&D
capit
al mo
bile d
esali
natio
n plan
t4.4
1
5.83
7.7
1
Sub-
tota
l25
,657.7
1
22
,443.5
1
21,36
8.99
Capit
al wo
rk-in-
prog
ress
237.7
6
60
7.23
315.7
8
25
,895.4
7
23
,050.7
4
21,68
4.77
Fre
ehol
d La
nd
Build
ings
Leas
ehol
d im
prov
emen
ts P
lant a
nd eq
uipm
ent
Fur
nitu
re &
fixt
ures
V
ehicl
es
Offi
ce eq
uipm
ent
Com
pute
rs
R &
D -
capi
tal m
obile
de
salin
atio
n Pl
ant
Tot
al
(a)
Cost
or d
eem
ed co
st
Balan
ce as
at A
pril 1
, 201
511
2.60
98
3.40
35
5.73
17,36
9.20
54
6.56
503.1
3
1,0
31.33
45
9.33
7.71
21
,368.9
9
Addit
ions
-
99
.06
-
6,6
07.80
404.2
6
16
6.80
1,563
.02
415.3
7
-
9,2
56.31
Disp
osals
-
-
(1
70.00
)
(205
.67)
(41.1
4)
(4
2.00)
(14.7
3)
(2
.42)
-
(4
75.96
)
Ba
lance
as at
Mar
ch 31
, 201
611
2.60
1,0
82.46
18
5.73
23
,771.3
3
909.6
8
62
7.93
2,579
.62
872.2
8
7.7
1
30,14
9.34
Addit
ions
-
23
3.54
77
.71
8,7
40.36
636.9
3
31
5.47
1,418
.37
596.3
6
-
12
,018.7
4
Disp
osals
-
-
(3
7.87)
(214
.11)
(52.7
9)
(3
2.75)
(121
.02)
(2.18
)
-
(460
.72)
Balan
ce as
at M
arch
31, 2
017
112.6
0
1,316
.00
225.5
7
32,29
7.58
1,4
93.82
91
0.65
3,876
.97
1,466
.46
7.71
41
,707.3
6
Fre
ehol
d La
nd
Bui
ldin
gs
Lea
seho
ld
impr
ovem
ents
P
lant a
nd eq
uipm
ent
Fur
nitu
re &
fixt
ures
V
ehicl
es
Offi
ce eq
uipm
ent
Com
pute
rs
R &
D -
capi
tal m
obile
de
salin
atio
n Pl
ant
Tot
al
(b)
Accu
mul
ated
dep
recia
tion
and
impa
irmen
tBa
lance
as at
Apr
il 1, 2
015
-
-
-
-
-
-
-
-
-
-
El
imina
tion o
n disp
osals
of as
sets
-
-
(1
6.85)
(73.3
8)
(1
0.42)
(13.4
9)
(6
.96)
(1
.02)
-
(1
22.12
)
De
prec
iation
expe
nse
-
10
3.24
11
5.29
5,940
.67
30
5.52
188.3
9
87
8.65
294.3
0
1.8
8
7,827
.94
Ba
lance
as at
Mar
ch 31
, 201
6-
103.2
4
98.44
5,867
.29
295.1
0
17
4.90
871.6
9
29
3.28
1.88
7,7
05.82
Elim
inatio
n on d
ispos
als of
asse
ts-
-
(7.22
)
(1
06.79
)
(1
2.25)
(20.4
0)
(7
1.40)
(1.25
)
-
(219
.31)
Depr
eciat
ion ex
pens
e-
114.0
5
60.66
6,396
.99
33
1.64
173.3
4
1,1
13.91
37
1.12
1.42
8,5
63.13
Balan
ce as
at M
arch
31, 2
017
-
21
7.29
15
1.88
12
,157.4
9
614.4
9
32
7.84
1,914
.20
663.1
5
3.3
0
16,04
9.64
Fre
ehol
d La
nd
Bui
ldin
gs
Lea
seho
ld
impr
ovem
ents
P
lant a
nd eq
uipm
ent
Fur
nitu
re &
fixt
ures
V
ehicl
es
Offi
ce eq
uipm
ent
Com
pute
rs
R &
D -
capi
tal m
obile
de
salin
atio
n Pl
ant
Tot
al
(C)
Carry
ing
amou
nt
Carry
ing am
ount
at Ap
ril 1,
2015
112.6
0
98
3.40
35
5.73
17
,369.2
0
546.5
6
50
3.13
1,031
.33
459.3
3
7.7
1
21,36
8.99
Ad
dition
s-
99.06
-
6,607
.79
40
4.26
166.8
0
1,5
63.02
41
5.37
-
9,256
.30
Di
spos
als-
-
(153
.15)
(1
32.29
)
(3
0.72)
(28.5
1)
(7
.77)
(1
.40)
-
(3
53.84
)
De
prec
iation
expe
nse
-
(1
03.24
)
(115
.29)
(5
,940.6
7)
(305
.52)
(188
.39)
(878
.65)
(294
.30)
(1.88
)
(7,82
7.94)
Balan
ce as
at M
arch
31, 2
016
112.6
0
97
9.22
87
.29
17
,904.0
3
614.5
8
45
3.03
1,707
.93
579.0
0
5.8
3
22,44
3.51
Addit
ions
-
23
3.54
77
.71
8,7
40.36
636.9
3
31
5.47
1,418
.37
596.3
6
-
12
,018.7
4
Disp
osals
-
-
(3
0.65)
(107
.32)
(40.5
4)
(1
2.35)
(49.6
2)
(0
.93)
-
(2
41.41
)
De
prec
iation
expe
nse
-
(1
14.05
)
(60.6
6)
(6
,396.9
9)
(331
.64)
(173
.34)
(1,11
3.91)
(3
71.12
)
(1
.42)
(8
,563.1
3)
Ba
lance
as at
Mar
ch 31
, 201
711
2.60
1,098
.71
73.69
20,14
0.08
87
9.33
582.8
1
1,9
62.77
80
3.31
4.41
25
,657.7
1
4.1Im
pairm
ent L
osse
s rec
ogni
sed
durin
g th
e yea
r
4.2As
sets
pled
ged
as se
curit
yNo
ne of
the p
rope
rty, p
lant a
nd eq
uipme
nt ex
cept
the pr
oper
ty, pl
ant a
nd eq
uipme
nt de
ploye
d rela
ting
to pr
ojects
being
unde
rtake
n at D
ubai,
Ken
ya an
d Zam
bia ar
e pled
ged a
s at th
e yea
r end
ed 31
st Ma
rch, 2
017
4.3Re
fer no
te 3.1
9 for
avail
ment
of ex
empti
on as
per I
nd A
s 101
Tata
Pro
jects
Lim
ited
Thec
ompa
nyca
rries
outp
hysic
alve
rifica
tiono
fit's
prop
erty,
plant
ande
quipm
ent,i
naph
ased
mann
erov
erap
eriod
ofthr
eeye
ars.
Asse
tswh
osew
orkin
glife
hase
xpire
d,wo
uldbe
retire
dfro
mthe
book
safte
rdue
appr
ovals
,asp
erthe
Sche
dule
ofPo
wers.
Asse
tswh
ichar
enot
inwo
rking
cond
itiona
reas
sese
dand
are r
etire
d on a
nnua
l bas
is as
per S
ched
ule of
Pow
ers (
"SOP
"). A
ssets
in w
orkin
g con
dition
are d
eploy
ed at
proje
ct sit
es an
d are
leve
rage
d amo
ng m
ultipl
e pro
jects
in its
usefu
l life.
Acc
ordin
gly, n
o imp
airme
nt los
s is r
ecog
nised
durin
g the
year
.
114
Notes forming part of consolidated financial statements for the year ended March 31, 2017
5 . Goodwill
Particulars As at 31-Mar-17 As at 31-Mar-16 As at 1-Apr-15
Cost or deemed costGoodwill 391.30 391.44 391.25
391.30 391.44 391.25
For the year ended 31-Mar-17
For the year ended 31-Mar-16
Cost or deemed cost
Balance at the beginning of the year 391.44 391.25 Effect of foreign currency exchange differences (0.14) 0.19 Balance at the end of the year 391.30 391.44
All amounts are in ₹ Lakhs unless otherwise stated
Tata Projects Limited
115
Notes forming part of consolidated financial statements for the year ended March 31, 2017All amounts are in ₹ Lakhs unless otherwise stated
6 .Intangible Assets
As at 31-Mar-17 As at 31-Mar-16 As at 1-Apr-15
Carrying amounts of :Software 375.51 953.35 960.94 Goodwill 8.24 - - Sub-total 383.75 953.35 960.94
Intangible assets under development 445.97 429.70 118.46 829.72 1,383.05 1,079.40
Software Goodwill Total
Cost or deemed cost
Balance as at April 1, 2015 960.94 - 960.94 Addition 720.72 - 720.72 Balance as at March 31, 2016 1,681.66 - 1,681.66
Addition 329.45 10.30 339.75 Balance as at March 31, 2017 2,011.11 10.30 2,021.41
Software Goodwill Total
Accumulated amortisation and impairmentBalance as at April 1, 2015 - - - Amortisation expense 728.31 - 728.31 Balance as at March 31, 2016 728.31 - 728.31
Amortisation expense 907.29 2.06 909.35 Balance as at March 31, 2017 1,635.60 2.06 1,637.66
Software Goodwill Total
Carrying amount
Balance as at April 1, 2015 960.94 - 960.94 Additions 720.72 - 720.72 Amortisation expense (728.31) - (728.31) Balance as at March 31, 2016 953.35 - 953.35
Additions / Acquisitions 329.45 10.30 339.75 Amortisation expense (907.29) (2.06) (909.35) Balance as at March 31, 2017 375.51 8.24 383.75
6.1 Significant Intangible assets
6.2
Tata Projects Limited
The Intangible assets comprise of Goodwil ,licenses held for accounting, engineering and other technical softwares. The carrying amount of these intangible assets as atMarch 31, 2017 is ₹ 383.75 (ast at March 31,2016 ₹ 953.35; as at 1st April, 2015 ₹ 960.94)
Refer note 3.19 for availment of exemption as per Ind As 101
116
Notes forming part of consolidated financial statements for the year ended March 31, 2017All amounts are in ₹ Lakhs unless otherwise stated
7 . Trade receivablesIND AS IND AS
As at 31-Mar-17 As at 1-Apr-15
Non-currentTrade Receivables
(a) Unsecured, considered good 8,119.84 7,132.57 4,054.41 (b) Doubtful 442.83 - -
Allowance for doubtful debts (expected credit loss allowance) (442.83) - - Total 8,119.84 7,132.57 4,054.41
CurrentTrade Receivables
(a) Unsecured, considered good 3,31,762.29 2,62,304.28 2,42,265.64 (b) Doubtful 5,507.33 7,236.69 9,778.26
Allowance for doubtful debts (expected credit loss allowance) (5,507.33) (7,236.69) (9,778.26) Total 3,31,762.29 2,62,304.28 2,42,265.64
7.1 Trade Receivables
Customers who represent more than 5% of total balance of trade receivables are as followsAs at 31-Mar-17 As at 31-Mar-16 As at 01-Apr-15
1 Power Grid Corporation of India Limited 65,079.27 61,490.69 58,601.34 2 Steel Authority Of India Limited 29,719.58 26,401.33 25,026.00 3 Andhra Pradesh Power Development Company Limited 20,537.07 6,637.12 31,602.87 4 NMDC Limited 19,254.96 18,589.95 17,052.92
Expected credit loss allowance on receivables
7.2 Movement in the expected credit loss allowance
Balance at the beginning of the year 7,236.69 9,778.26 Movement in expected credit loss allowance on trade receivables (1,178.53) (2,541.57)
6,058.16 7,236.69 Less:
108.00 - Balance at the end of the year 5,950.16 7,236.69
Tata Projects Limited
The concentration of credit risk is low due to the fact that the customer base is large and unrelated.
Company evaluates, the financial health, market reputation, credit rating of the customer, before entering into the contract. Company's customers comprise of public sector undertakings as well as private entities.
As at 31-Mar-16
The average credit period allowed to customers is between 30 days to 60 days. The credit period is considered from the date of Invoice. Further, aspecified amount of bill is held back by the customer as retention money, which is payable as per the credit period, from the date such retentionbecomes due. The retention monies held by customers become payable on completion of a specified milestone or after the Defect Liability Period ofthe project, which is normally 1 year after the completion of the project, as per terms of respective contract. No Interest is payable by the customersfor the delay in payments of the amounts over due.
The company computes the Expected Credit Loss Allowance ("ECLA") by applying the percentages determined on historical basis over past 4years, for each Business Unit and determined the percentage of such allowance over the turnover of each BU and moderated for current andenvisaged future businesses. Expected Credit Loss Allowance is determines on the closing balances of all applicable financial assets as ateach reporting date, at the average rates ranging from 0.25% to 1.50%.
Expected credit loss related to unbilled revenue and contractual reimburseble expenses (Note no 8)
117
Tata Projects Limited
Notes forming part of consolidated financial statements for the year ended March 31, 2017All amounts are in ₹ Lakhs unless otherwise stated
8. Other financial assets
Ind AS Ind AS
As at 31-Mar-17 As at 31-Mar-16 As at 1-Apr-15 Non-Current
Security depositsUnsecured, considered good 1,853.87 1,269.40 1,062.16 Doubtful 318.08 318.08 199.00
Provision for doubtful deposits (318.08) (318.08) (199.00) 1,853.87 1,269.40 1,062.16
Loans and advances to employees 6.24 14.01 22.86 Advance towards share application money 44.40 - - In deposit accounts with original maturity for more than 12 months 25.00 25.83 25.83
Total 1,929.51 1,309.24 1,110.85
Current
Security deposits 2,320.53 1,061.85 510.58 Unbilled revenue 35,048.93 39,013.01 26,281.72 Less: Allowance for expected credit loss (94.00) - -
34,954.93 39,013.01 26,281.72
Inter corporate deposits 353.60 - - Receivable from joint venture partners 3,361.98 4,074.16 2,524.97 Contractual reimbursable expenses 2,373.45 616.54 1,287.53 Less: Allowance for expected credit loss (14.00) - -
2,359.45 616.54 1,287.53 Insurance and other claims receivable
Unsecured, considered good 41.62 30.06 15.07 Doubtful 73.25 73.25 73.25
114.87 103.31 88.32 Less: Provision for doubtful claims (73.25) (73.25) (73.25)
41.62 30.06 15.07 Interest accruals(i) Interest acrued on deposits 49.91 41.46 28.37 (ii) Interest accrued on mobilisation advance given 60.49 81.06 342.39
110.40 122.52 370.76 Others 7.32 - -
Total 43,509.83 44,918.14 30,990.63
118
Notes forming part of consolidated financial statements for the year ended March 31, 2017All amounts are in ₹ Lakhs unless otherwise stated
9. Deferred tax assets (net)
As at 31-Mar-17
As at 31-Mar-16
As at 1-Apr-15
Deferred tax assets 9,732.70 6,555.22 5,943.91 Deferred tax liabilities (39.39) - - Total 9,693.31 6,555.22 5,943.91
2016-17 Opening Balance Recognised in Statement of Profit or loss
Recognised in other comprehensive Income Closing balance
Deferred tax (liabilities ) / assets in relation to Property, plant and equipment 2,403.73 1,235.30 - 3,639.03 Employee Benefits 1,024.34 13.98 211.98 1,250.30 Allowance for doubtful debts 2,643.00 7.12 - 2,650.12 Disallowance under section 43B 270.11 79.68 - 349.79 Carry forward losses and depreciation - 1,647.89 - 1,647.89 Others 207.90 (19.85) - 188.05 FVTPL financial assets 6.14 1.36 - 7.50 Deffered tax expense on undistributed profits of Subsidiaries - (39.39) - (39.39)
6,555.22 2,926.10 211.98 9,693.31
2015-16 Opening Balance Recognised in Statement of Profit or loss
Recognised in other comprehensive Income Closing balance
Deferred tax (liabilities ) / assets in relation to Property, plant and equipment 1,443.00 960.73 - 2,403.73 Employee Benefits 868.11 153.46 2.77 1,024.34 Provisions for doubtful debts 3,465.33 (822.33) - 2,643.00 Disallowance under section 43B 60.70 209.41 - 270.11 Others 104.13 103.77 - 207.90 FVTPL financial assets 2.64 3.50 - 6.14
5,943.91 608.54 2.77 6,555.22
Tata Projects Limited
119
Notes forming part of consolidated financial statements for the year ended March 31, 2017All amounts are in ₹ Lakhs unless otherwise stated
10. Tax assets/ liabilities (net) Ind AS Ind AS
As at 31-Mar-17
As at 31-Mar-16
As at 1-Apr-15
Non-current tax assets (net)
Income tax assets (net) 7,469.96 4,571.62 618.40
Current tax liabilities (net) 7,469.96 4,571.62 618.40
Income tax liabilities (net) (34.87) - -
(34.87) - -
Tata Projects Limited
120
Notes forming part of consolidated financial statements for the year ended March 31, 2017All amounts are in ₹ Lakhs unless otherwise stated
11 .Other assetsIND AS IND AS
As at 31-Mar-17 As at 31-Mar-16 As at 1-Apr-15
Non-currentCapital advances 636.17 40.08 77.67 Others - Deposits with government authorities 5,792.60 4,560.81 3,408.91 - Prepaid expenses 509.54 204.64 297.99
Total 6,938.31 4,805.53 3,784.57
CurrentMobilisation advances 22,463.92 29,781.14 28,066.79 Others- Balances with governement authorities
CENVAT credit receivable 104.17 12.23 12.11 VAT credit receivable 2,831.59 1,603.69 1,165.26 Sales tax deducted at source 14,887.94 12,909.88 9,250.95 Service tax credit receivable 4.39 243.20 - Customs duty refund receivable - 12.39 178.13
- Loans and advances to employees 63.79 97.32 178.31 - Prepaid expenses 1,300.62 1,202.78 1,128.11 - Inter corporate deposits - 17,000.00 17,000.00 - Project related advances
Unsecured, considered good 31,335.16 20,825.38 22,501.27 Doubtful 891.37 608.00 608.00
32,226.53 21,433.38 23,109.27 Less: Provision for doubtful advances (891.37) (608.00) (608.00)
31,335.16 20,825.38 22,501.27 - others 7.36 - -
Total 72,998.94 83,688.01 79,480.93
Tata Projects Limited
121
122
Notes forming part of consolidated financial statements for the year ended March 31, 2017
All amounts are in ₹ Lakhs unless otherwise stated
15 .Equity Share Capital
As at 31-Mar-17 As at 31-Mar-16 As at 1-Apr-15
Authorised share capital
2,500.00 2,500.00 2,500.00
Issued ,subscribed and paid-up
2,025.00 2,025.00 2,025.00 2,025.00 2,025.00 2,025.00
Notes:
(i) Reconciliation of the number of shares and amount outstanding at the beginning and at the end of the year
Equity shares with voting rightsNumber of shares
in '000s
2,025 -
2,025 -
2,025
(ii) Rights, preferences and restrictions attached to the equity shares
(iii) Shareholders holding more than 5% of the equity shares
Number of
shares %
Number of
shares %
Equity shares of ₹ 100 each with voting rights
The Tata Power Company Limited 9,67,500 47.78 9,67,500 47.78Omega TC Holdings Pte Limited 4,88,440 24.12 4,88,440 24.12Tata Chemicals Limited 1,93,500 9.56 1,93,500 9.56Tata Sons Limited 1,35,000 6.67 1,35,000 6.67Voltas Limited 1,35,000 6.67 1,35,000 6.67
Number of
shares %
The Tata Power Company Limited 9,67,500 47.78Tata Steel Limited 2,18,250 10.78Tata Chemicals Limited 1,93,500 9.56Tata Sons Limited 1,35,000 6.67Voltas Limited 1,35,000 6.67Tata Motors Limited 1,35,000 6.67
Tata Projects Limited
Equity shares of ₹ 100 each with voting rights
Balance as at April 1 , 2015Changes during the yearBalance as at March 31 , 2016Changes during the yearBalance as at March 31, 2017
The Company has only one class of equity shares having a par value of ₹ 100 each per share. Each holder of equity shares is entitled to one vote per share.The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. In the event ofliquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts.The distribution will be in proportion to the number of equity shares held by the shareholders.
As at
March 31, 2017As at
March 31, 2016
As at
April 01, 2015
Equity shares of ₹ 100 each with voting rights
123
Tata Projects Limited
Notes forming part of consolidated financial statements for the year ended March 31, 2017
All amounts are in ₹ Lakhs unless otherwise stated
16. Other equity IND AS IND ASAs at
31-Mar-17
As at
31-Mar-16
As at
1-Apr-15
General reserve 29,042.70 19,749.20 14,791.25 Securities premium reserve 4,987.50 4,987.50 4,987.50 Foreign currency translation reserve (199.48) (168.34) (168.38) Retained earnings 62,734.14 60,814.28 60,280.43 Capital reserve on consolidation 65.92 61.42 70.01 Legal reserve 3.95 - -
96,634.73 85,444.06 79,960.81
85,444.06 79,960.81 - -
16.1 General reserveYear ended
31-Mar-17
Year ended
31-Mar-16Year ended 31-Mar-15
Balance at the beginning of the year 19,749.20 14,791.25 13,854.29 Movements duing the year 9,293.50 4,957.95 936.96 Balance at the end of the year 29,042.70 19,749.20 14,791.25
16.2 Securities premium reserveYear ended
31-Mar-17
Year ended
31-Mar-16Year ended 31-Mar-15
Balance at the beginning of the year 4,987.50 4,987.50 4,987.50 Movements duing the year - - - Balance at the end of the year 4,987.50 4,987.50 4,987.50
16.3 Foreign currency translation reserveYear ended
31-Mar-17
Year ended
31-Mar-16Year ended 31-Mar-15
Balance at the beginning of the year (168.34) (168.38) (51.00) Exchange differences arising on translating the foreign operations (31.14) 0.04 (117.38) Balance at the end of the year (199.48) (168.34) (168.38)
Ind AS Ind AS
16.4 Retained earningsYear ended
31-Mar-17
Year ended
31-Mar-16Year ended 31-Mar-15
Balance at the beginning of the year 60,814.28 60,280.43 52,857.10 Profit attributable to owners of the Company 12,835.58 6,555.21 8,360.29 Other comprehensive income arising from remeasurement of defined benefit obligation net of income tax (399.65) 7.53 - Payment of dividends on equity shares # (1,012.50) (1,012.50) - Tax on dividend * (206.12) (58.44) - Transfer to general reserve (9,293.50) (4,957.95) (936.96) Transfer to legal reserve (3.95) - - Balance at the end of the year 62,734.14 60,814.28 60,280.43
16.5 Capital ReserveYear ended
31-Mar-17
Year ended
31-Mar-16
Balance at the beginning of the year 61.42 70.01 Movement during the year 4.50 (8.59) 70.01 Balance at the end of the year 65.92 61.42 70.01
16.6 Legal ReserveYear ended
31-Mar-17
Year ended
31-Mar-16
Balance at the beginning of the year - - Movement during the year 3.95 Balance at the end of the year 3.95 -
#
* Tax on dividend has been computed after considering the credit taken for dividend aggregating ₹ Nil (March 31, 2015 ₹ 725.48 lakhs received) from foreign subsidiaries TPL-TQA Quality Services (Mauritius)Pty Limited - ₹ Nil(March 31, 2015 ₹ 255.70 lakhs) and TPL-TQA Quality Services South Africa Pty Limited - ₹ Nil (March 31, 2015 ₹ 469.78 lakhs) in respect of which income tax amounting to ₹ Nil (March 31, 2015 ₹ 123.30 lakhs) has beenprovided and included in current tax.
On July 01, 2016, a dividend of ₹ 50 per share (total dividend of ₹ 1,012.50 lakhs) was paid to holders of fully paid equity shares. On August 07, 2015, the dividend paid was ₹ 50 per share (total dividend ₹ 1,012.50 lakhs).
The general reserve is used from time to time to transfer profits from retained earnings for appropriation purposes. As the general reserve is created by a transfer from one component of equity to another and is not an item of othercomprehensive income, items included in the general reserve will not be reclassified subsequently to profit or loss.
Legal reserve is created by Industrial Quality Services LLC (Subsidiary) appropriating 10% of the net profit for the year as required by Article 154 of the commercial companies law of Oman 1974.The company may resolve todiscontinue such annual transfers when the reserve totals 33.33% of the paidup share capital .The reserve is not available for distribution
Exchange differences relating to the translation of the results and net assets of the group's foreign operations from their functional currencies to the group's presentation currency (i.e. ₹) are recognised directly in othercomprehensive income and accumulated in the foreign currency translation reserve. Gains and losses on derivatives that are designated as hedging instruments for hedges of net investments in foreign operations are included inforeign currency translation reserve. Exchange differences previously accumulated in the foreign currency translation reserve (in respect of translating both the net assets of foreign operations and hedges of foreign operations)arereclassified to profit or loss on the disposal of the foreign operation
124
Notes forming part of consolidated financial statements for the year ended March 31, 2017
All amounts are in ₹ Lakhs unless otherwise stated
17. Non-Controlling interests
Year ended
31-Mar-17
Year ended
31-Mar-16
Year ended
1-Apr-15
Balance at beginning of the year 262.18 338.49 - Share of profit for the year 711.78 (188.40) - Non-controlling interests arising on the acquisition of a subsidiary - 128.88 338.49 Dividend paid during the year (10.41) - - Effect of exchange fluctuation in opening Minority interest (3.52) (30.15)Effect of exchange fluctuation in profit for the year 1.54 13.36 Balance at end of the year 961.57 262.18 338.49
Details
Name of subsidiary
Place of
incorporation and
principal place of
business
As at
31-Mar-17
As at
31-Mar-16
As at
1-Apr-15
As at
31-Mar-17
As at
31-Mar-16
As at
31-Mar-17
As at
31-Mar-16
As at
1-Apr-15
Artson Engineering Limited India 25% 25% 25% 679.49 46.60 726.09 46.60 - TPL-TQA Quality Services (Mauritius) Pty Limited Mauritius 30% 30% 30% (26.74) (1.98) 10.12 49.72 46.02
TPL-TQA Quality Services South Africa (Pty) Limited South Africa 40% 40% 40% 41.62 (230.34) 84.77 39.71 292.47
Industrial Quality services LLC Oman 30% 30% - 17.41 (2.68) 140.59 126.15 -
Total 711.78 (188.40) 961.57 262.18 338.49
Tata Projects Limited
Profit / (Loss) allocated to non-
controlling interests Accumulated non-controllling interests
Proportion of ownership rights and voting rights
held by non-controlling interests
125
Notes forming part of consolidated financial statements for the year ended March 31, 2017
All amounts are in ₹ Lakhs unless otherwise stated
18. Non-current borrowings
As at 31-Mar-17 As at 31-Mar-16 As at 1-Apr-15
Unsecured - at amortised cost
(i) Term LoansFrom banks 13.88 22.64 34.37
5.52 6.85 8.31 8.36 15.79 26.06
Secured - at amortised cost
(ii) Term LoansFrom banks 2,772.17 - - From others 8.04 8.04 8.04
8.04 8.04 8.04 2,772.17 - -
Total non-current borrowings 2,780.53 15.79 26.06
Note:
Term loan of Artson Engineering Limited amounting to ₹ 1,502.17 lakhs is Secured against all movable and immovable property and all title deed of the propertyTerm loan of Ujjwal Pune Limited amounting to ₹ 1,270.00 lakhs carries an interest of Rs 8.80%p.a which was drawn till March 31,2017 out of total sanction limit of ₹ 7,750.00 lakhs
Year Loan Repay
FY 19-20 950.00 FY 20-21 700.00 FY 21-22 900.00 FY 22-23 900.00 FY 23-24 1,075.00 FY 24-25 1,075.00 FY 25-26 1,075.00 FY 26-27 1,075.00
Tata Projects Limited
Term loan from banks are repayable in equal periodic instalments for a 10 year period from the date of availment of respective loan and carry an interest of 12% p.a.
Less:Current maturities of borrowings disclosed under Note 20 - Other financial liabilities
Repayment schedule (Ujjwal Pune Limited)- Quarterly Repayment shall begin from 90th day from end of moratorium period of 2 years
Less:Current maturities of borrowings disclosed under Note 20 - Other financial liabilities
126
127
128
Notes forming part of consolidated financial statements for the year ended March 31, 2017
All amounts are in ₹ Lakhs unless otherwise stated
24. Revenue from Operations
Ind AS
1p10(a) Year ended
31-Mar-17
Year ended
31-Mar-16
(a) 5,87,814.50 4,20,728.82 (b) 15,888.00 13,801.68 (c) 1,195.73 2,714.86 (d) Share of profit from Joint Venture 54.36 2,644.79 (e) Other operating revenues (refer note (iv) below) 803.54 921.97
Total 6,05,756.13 4,40,812.12
4,40,812.12
Notes:(i) Income from contracts comprises :
- Supply of contract equipment and materials 2,37,922.61 1,70,902.85 - Civil and erection works 3,49,891.89 2,49,825.97
5,87,814.50 4,20,728.82
(ii) Income from services comprises :- Quality inspection services 15,888.00 13,779.55 - Manpower services - 22.13
15,888.00 13,801.68
(iii) Income from sale of goods comprises :- Sale of BWRO units 1,195.73 1,182.03 - Sale of pressure vessels and air receivers - 1,532.83
1,195.73 2,714.86
(iv) Other operating revenues comprises :- Sale of scrap 643.95 909.67 - Duty drawback 159.59 12.30
803.54 921.97
Income from contracts (refer note (i) below)
Tata Projects Limited
Income from services (refer note (ii) below)Income from sale of goods (refer note (iii) below)
129
Notes forming part of consolidated financial statements for the year ended March 31, 2017
All amounts are in ₹ Lakhs unless otherwise stated
25. Other Income
Ind AS
Year ended
31-Mar-17
Year ended
31-Mar-16
a) Interest Income
571.00 - Bank deposits at amortised cost 417.56 52.87 Other financial assets carried at amortised cost 70.63 699.55 Others - 1.56
Total 1,059.19 753.98
b) Other non-operating income (net of expenses directly attributable to such income)
Interest on mobilisation advances given 71.39 582.71 Interest on Inter corporate deposits 2.25 - Hire charges 143.34 372.82 Liabilities/provisions no longer required written back 714.64 - Interest on Income tax refund 31.55 - Miscellaneous Income 162.86 318.51
Total 1,126.03 1,274.04
c) Other gains and losses
Net foreign exchange gains 741.56 1,530.11 Total 741.56 1,530.11
Total 2,926.78 3,558.13
Interest income earned on financial assets
Tata Projects Limited
130
131
132
Tata Projects Limited
Notes to the consolidated financial statements for the year ended March 31, 2017
All amounts are in ₹ Lakhs unless otherwise stated
32. Income taxes relating to continuing operations
32.1 Income taxes recognised in profit and loss
Year ended
31-Mar-17
Year ended
31-Mar-16
Current tax
In respect of the current year 8,030.61 5,297.51 In respect of the previous years 15.80 -
8,046.41 5,297.51
Deferred tax
In respect of the current year (2,911.34) (621.47) (2,911.34) (621.47)
Total income tax expense recognised in the current yearrelating to continuing operations 5,135.07 4,676.04
The income tax expense for the year can be reconciled to the accounting profit as follows:
Year ended
31-Mar-17
Year ended
31-Mar-16
Profit before tax from continuing operations 18,682.27 11,038.61
Income tax expense calculated 6,792.29 3,657.77 Effect of Income Tax that is exempt from taxation (248.12) (249.29) Effect of expenses that are not deductible in determining taxable profit 950.21 697.60 Effect of different tax rates in another class of income 4.50 9.25 Effect of different tax rates of subsidiaries operating in other jurisdictions (250.18) (39.34) Effect of deferred tax on carryforward business loss in a subsidiary (2,164.76) - Effect of deferred tax on undistributed profits in susbsidiaries 39.39 - Effect of Income tax on unrecognised Income - 588.34 Others - 11.72
5,123.33 4,676.04
Adjustments recognised in the current year in relation to the current tax of previous years 11.74 -
Income tax expense recognised in profit or loss (relating to continuing operations) 5,135.07 4,676.04
32.2 Income tax recognised in other comprehensive income
Deferred tax
Remeasurements of defined benefit obligation 211.98 2.77 Total income tax recognised in other comprehensive income 211.98 2.77
Bifurcation of the income tax recognised in other comprehensive income into:Items that will not be reclassified to profit or loss 211.98 2.77
211.98 2.77
The tax rate used for the years 2016-2017 and 2015-2016 reconciliations above is the coporate tax rate of 34.608%
133
Tata Projects LimitedNotes to the consolidated financial statements for the year ended March 31, 2017All amounts are in Lakhs unless otherwise stated
Note 33 Additional information to the financial statements
As at31-Mar-17
As at31-Mar-16
As at01-Apr-15
. in lakhs . in lakhs . in lakhs33.1 Contingent liabilities and commitments (to the extent not provided for)
(i) Contingent liabilities:(a) Claim against the Company not acknowledged as debt
Matters under dispute:Sales tax / VAT 5,143.84 6,289.49 6,087.21 Service tax * 57,645.16 23,908.13 13,229.83 Income tax 74.62 609.97 746.69
Third party claims from disputes relating to contracts 3,099.35 1,167.18 1,143.00 * Exclude interest amount
(b) Guarantees765,948.23 529,279.99 431,176.92
64,950.00 37,187.99 12,651.23 (c) Others - liquidated damages Amounts
indeterminate Amounts
indeterminate Amounts
indeterminate
Notes:1
2
in lakhs(i) Tata Aldesa (JV) 75,196.24 (March 31, 2016: � 50,279.80 lakhs; March 31, 2015: � 54,928.35 lakhs)(ii) Tata Projects Balfour Beatty JV 1.00 (March 31, 2016: � 1.00 lakhs; March 31, 2015: � 1.00 lakhs)(iii) Tata Projects Limited VNR JV Pkg 1 969.86 (March 31, 2016: � 969.86 lakhs; March 31, 2015: � 2,719.86 lakhs)
(iv) Tata Projects Limited VNR JV Pkg 2 2,014.02 (March 31, 2016: � 2,013.11 lakhs; March 31, 2015: 2,748.69 lakhs)(v) GYT TPL 11,780.77 (March 31, 2016: � 14,272.40 lakhs; March 31, 2015: � 10,988.01 lakhs)(vi) Express Freight Consortium 43,906.05 (March 31, 2016: � 21,289.93 lakhs; March 31, 2015: � Nil)(vii) Sibmost- TPL 4,977.07 (March 31, 2016: � Nil; March 31, 2015: � Nil)(viii) TPL SUCG Consortium 17,897.08 (March 31, 2016: � Nil; March 31, 2015: � Nil)(ix) GULERMAK-TPL 9,838.20 (March 31, 2016: � Nil; March 31, 2015: � Nil)(x) GIL-TPL JV 23,063.98 (March 31, 2016: � Nil; March 31, 2015: � Nil)(xi) TPL-HGIEPL JV 4,705.00 (March 31, 2016: � Nil; March 31, 2015: � Nil)(xii) CCECC-TPL- JV 1,189.71 (March 31, 2016: � Nil; March 31, 2015: � Nil)(xiii) CEC-ITD Cem-TPL Joint Venture 12,735.45 (March 31, 2016: � Nil; March 31, 2015: � Nil)(xiv) Chint Electric & TPL 3,509.92 (March 31, 2016: � Nil; March 31, 2015: � Nil)(xv) TPL-TEDA Consortium 3,279.15 (March 31, 2016: � Nil; March 31, 2015: � Nil)(xvi) ANGELIQUE - TPL JV 674.53 (March 31, 2016: � Nil; March 31, 2015: � Nil)(xvii) AnTaCs Consortium 1,753.04 (March 31, 2016: � Nil; March 31, 2015: � Nil)(xviii) CICO-TPL Joint Venture 3,533.08 (March 31, 2016: � Nil; March 31, 2015: � Nil)(xix) CYMI-TPL JV 486.44 (March 31, 2016: � Nil; March 31, 2015: � Nil)(xx) PGCIL-TPL JV 389.15 (March 31, 2016: � Nil; March 31, 2015: � Nil)(xxi) GMR-Kalindee - JV 1,106.96 (March 31, 2016: � Nil; March 31, 2015: � Nil)(xxii) Tata Projects - Kalindee (JV) 4,781.73 (March 31, 2016: � Nil; March 31, 2015: � Nil)(xxiii)TATA PROJECTS LIMITED.M/s. Jyoti Bildtech Pvt.Ltd. (JV)
4,888.87 (March 31, 2016: � Nil; March 31, 2015: � Nil)
232,677.30
(ii) Commitments 5,578.46 420.34 393.32Estimated amount of contracts remaining to be executed on capital account and
not provided for [net of advance � 636.17 lakhs (March 31, 2016 : � 40.08 lakhs; April 01, 2015: � 77.67 lakhs)]
Performance and other bank guarantees issued by banks on behalf of the Company (refer Note 2 below)Corporate guarantees (refer Note 1,2 below)
Includes � 2,32,112.85 lakhs (March 31, 2016: � 88,826.10 lakhs; April 01, 2015: � 71,385.90 lakhs) given on behalf of the following jointlycontrolled operations.
Future cash outflows in respect of the matters in (a) above are determinable only on receipt of judgements/decisions pending at various forums/authorities
Includes Corporate guarantees of � 3,674.73 lakhs (March 31, 2016 : � 3,300 lakhs; April 01, 2015: � 3,400 lakhs) given on behalf of its subsidiary, ArtsonEngineering Limited and remaining outstanding as on March 31, 2017. The amount of loan outstanding against such guarantees given is � 1,825.27 lakhs (March31, 2016 : � 2,200 lakhs; April 01, 2015: � 2,200 lakhs).
134
Tata Projects LimitedNotes to the consolidated financial statements for the year ended March 31, 2017All amounts are in Lakhs unless otherwise stated
33.2
For the year ended March 31, 2017
For the year ended March 31, 2016
For the year ended March 31, 2015
in lakhs in lakhs in lakhs
Contract revenue recognised during the year 587,888.37 420,728.82 329,295.09
2,969,922.73 2,446,726.75 2,163,239.10
Advances received for contracts-in-progress 193,462.40 108,353.01 101,353.11
Retention money for contracts-in-progress 147,476.86 123,921.06 128,902.67
Gross amount due from customers for contract work 155,752.61 111,082.58 91,043.70
33.3
33.4
33.5
Disclosures required to be made under Ind AS -11 Construction Contracts
In line with accepted practice in construction business, certain revision to costs and billing of previous years which have crystallised during the year havebeen dealt with in the period. The Statement of Profit and Loss for the year includes debits (net) aggregating � 11,383.64 lakhs [March 31, 2016 : �11,761.22 lakhs - debits (net); March 31, 2015 : � 9,933.03 lakhs - debits (net)] on account of changes in estimates.
Aggregate of contract costs incurred and recognised profits (less recognizedlosses) upto the reporting date
Note 11 - Other non current assets includes � 610.00 lakhs (March 31, 2016: � 610.00 lakhs; March 31, 2015: � 610.00 lakhs) on account of taxesdeducted at source on inter state supplies under applicable Value Added Tax Acts. The Company has contested the deduction in the applicable judicialforum and is confident of a favourable outcome in the matter.
During the year, Artson Engineering Limited (subsidiary company) has achieved positive cashflows during last two years and based on projected cashflows for next 3 years, concluded that there is a reasonable certainty that the Company will have sufficient future taxable income to recover the deferredtax asset arising out of unabsorbed depreciation and carry forward losses. Accordingly, the subsidiary company has recognised deferred tax assets of �2,164.76 lakhs during the year ended March 31, 2017.
135
Tata Projects LimitedNotes to the consolidated financial statements for the year ended March 31, 2017All amounts are in Lakhs unless otherwise stated
33.6 Segment Information
(i) EPC(ii) Services(iii) Others
and geographic segments of the group are: (i) Domestic(ii) Overseas
Reporting for business segment is on the following basis:
For the purpose of monitoring segment performance and allocating resources between segments
Group operates through 6 business units – EPC, Transmission & Distribution, Transportation, Construction & Environment, Urban Infrastructureand Quality services and provides turnkey end to end project implementing services in these verticals. The projects are executed both in Indiaand abroad. Based on the "Management Approach" as defined in Ind AS 108, the Group evaluates the group's performance and allocatesresources based on the analysis of various performance indicators by business segments and geographic segments. Accordingly, informationhas been presented both along business segments and geographic segments. The accounting principles used in the preparation of the financialstatements are consistently applied to record revenue and expenditure in individual segments, and are as set out in the significant accountingpolicies.
Accordingly the business segments of the group are:
Revenue relating to individual segment is recorded in accordance with accounting policies followed by the Group. All expenditure, which isdirectly attributable to a project, is charged to the project and included in the respective segment to which the project related. The costs whichcannot be reasonably attributable to any project and are in the nature of general administrative overheads are shown as unallocable expenses.
The accounting policies of the reportable segments are the same as the group's accounting policies described in note 3.17. Segement profitrepresents the profit before tax earned by each segment without allocation of central administration costs and directors' salaries, share of profit ofjoint ventures, other income, as well as finance costs. This is the measure reported to the chief operating decision maker for the purposes ofresource allocation and assessment of segment performance
Property, plant and equipment's employed in the specific project are allocated to the segment to which the project relates. The depreciation onthe corresponding assets is charged to respective segments.
All other assets are allocated to reportable segments other than investments in associates, investments in joint ventures, other investments,loans, other financial assets and current and deferred tax assets.
All liabilities are allocated to reportable segments other than borrowings, other financial liabilities, current and deferred tax liabilities.
136
Tata Projects LimitedNotes to the consolidated financial statements for the year ended March 31, 2017All amounts are in Lakhs unless otherwise stated
(i) Segment revenues and results
Year ended 31-Mar-17
Year ended 31-Mar-16
Year ended 31-Mar-17
Year ended 31-Mar-16
Engineering, Procurement and Construction (EPC) 596,534.41 435,675.41 34,890.49 26,392.83 Services 17,322.93 14,132.31 4,442.74 2,703.78 Others 1,195.73 1,182.03 110.71 (318.91)Less : Inter segment revenue-EPC 7,862.00 9,824.87 Less : Inter segment revenue-Services 1,434.94 352.76 - - Total 605,756.13 440,812.12 39,443.94 28,777.70 Other income 2,926.78 3,558.13 Unallocable expenses (net) (10,987.68) (11,574.04)Finance costs (12,700.77) (9,723.18)Total 18,682.27 11,038.61
(ii) Segment assets and liabilitiesAs at
31-Mar-17As at
31-Mar-16As at
1-Apr-15Segment AssetsEngineering, Procurement and Construction 621,406.99 488,881.73 440,520.85 Services 10,279.05 8,017.49 6,645.11 Others 1,420.82 1,115.97 1,974.88 Total segment assets 633,106.86 498,015.19 449,140.84 Unallocated 47,694.04 35,881.29 31,386.97 Total 680,800.90 533,896.48 480,527.81
Segment LiabilitiesEngineering, Procurement and Construction 520,316.45 378,943.63 340,354.64 Services 473.13 1,208.96 1,252.28 Others 478.12 509.79 1,211.21 Total segment liabilities 521,267.71 380,662.39 342,818.13 Unallocated 59,911.89 65,502.86 55,385.38 Total 581,179.60 446,165.24 398,203.51
(iii) Other segment information
Year ended 31-Mar-17
Year ended 31-Mar-16
Year ended 31-Mar-17
Year ended 31-Mar-16
Engineering, Procurement and Construction 7,406.33 6,294.75 9,278.45 6,564.75 Services 24.94 17.94 4.46 0.96 Others 1.00 1.90 - - Total 7,432.27 6,314.59 9,282.91 6,565.71 Unallocated 2,040.21 2,241.66 3,318.29 3,976.61 Total 9,472.48 8,556.25 12,601.20 10,542.32
The following is an analysis of the Company's revenue and results from continuing operations by reportable segmentSegment Revenue Segment profit
Depreciation and amortisation Addition to property, plant and equipment
137
Tata Projects LimitedNotes to the consolidated financial statements for the year ended March 31, 2017All amounts are in Lakhs unless otherwise stated(iv) Geographical information
Year ended 31-Mar-17
Year ended 31-Mar-16
As at 31-Mar-17
As at 31-Mar-16
As at1-Apr-15
India 560,901.24 412,201.02 26,974.23 24,694.56 23,074.31 Kenya 1,375.32 2,468.40 25.72 38.30 57.11 Zambia 1,960.01 1,278.31 - - - United Arab Emirates 37,478.24 20,017.30 104.97 89.60 20.70 Korea 428.91 651.24 - - - Ethiopia 349.15 - 1.77 - - Nepal 2,019.92 1,826.44 7.73 1.07 1.79 Thailand - - 0.34 - - China 359.31 - 0.16 - - Mauritius - 99.84 1.57 1.70 1.51 South Africa 153.53 192.15 - - - Germany 238.61 203.63 - - - Oman 214.04 - - - - Others 277.85 1,873.79 - - -
605,756.13 440,812.12 27,116.49 24,825.23 23,155.42
Revenue from external customers
The Company is executing projects across multiple geographies with India being country of domicile, the details of revenue and non-current assets are as follows:
Plant, property and equipment
138
Tata Projects LimitedNotes to the consolidated financial statements for the year ended March 31, 2017All amounts are in ` in Lakhs otherwise stated
33.7 Financial Instruments(i) Capital Management
(ii) Gearing RatioThe gearing ratio at the end of the reporting period was as follows.
As at As at As at 31-Mar-17 31-Mar-16 01-Apr-15
Debt 53,015.03 59,931.19 49,575.28 Cash and bank balances 29,417.92 17,701.04 20,389.10 Net Debt 23,597.11 42,230.15 29,186.18 Total Equity (Share Capital + Reserves)) 98,659.73 87,469.06 81,985.82 Net Debt to Equity ratioo 24% 48% 36%
(iii) Categories of financial instrumentsAs at As at As at
31-Mar-17 31-Mar-16 01-Apr-15Non currentTrade receivables 8,119.84 7,132.57 4,054.41 Other Financial assets 1,929.51 1,309.24 1,110.85 CurrentTrade receivables 331,762.29 262,304.28 242,265.64 Cash and cash equivalents 29,417.92 17,701.04 20,389.10 Loans 15,932.29 - -Other financial assets 43,509.83 44,918.14 30,990.63
430,671.68 333,365.27 298,810.63
As at As at As at Financial liabilities 31-Mar-17 31-Mar-16 01-Apr-15Non currentBorrowings 2,780.53 15.79 26.06Trade payables - 163.79 134.36Other financial liabilities - 13.80 13.80CurrentBorrowings 50,234.50 59,915.40 49,549.22 Trade payables 324,888.44 268,494.58 236,807.31 Other financial liabilities 2,477.75 2,183.30 1,671.43
380,381.22 330,786.66 288,202.18
(iv) Financial risk management objectives
The capital structure of the company comprises of net debt (borrowings reduced by cash and bank balances) and equity.
The Company's business model is working capital centric. The company manages its working capital needs and long term capital expenditure, through a balanced mix of capital (including retained earnings) and short term debt.
The Company's Corporate Treasury function provides services to the business, co-ordinates access to domestic and international markets, monitors and manages the financial risks relating to the operations of the company through internal risk reports which analyse exposures by degree and magnitude of risks. These risks include market risk (including currency risk, interest rate and other price risk), credit risk and liquidity risk.
The company seeks to minimise the effects of these risks by using derivative financial instruments to hedge risk exposures. The use of financial derivatives is governed by the Company's policies approved by the board of directors, which provide written principles on foreign exchange risk, interest rate risk, credit risk, the use of financial instruments, and the investment of excess liquidity. Compliance with policies and exposure limits is reviewed by the internal auditors on a periodic basis. The Company does not enter into or trade financial instruments, including derivative financial instruments, for a speculative purposes.
The Corporate treasury function reports monthly to the Chief Financial Officer and quarterly to the Board of Directors, who monitor risks and policies implemented to mitigate risk exposures
The Company reviews its capital requirements on an annual basis, in the form of Annual Operating Plan(AOP). The AOP of the company aggregates the capital required for execution of projects identified and the financing mechanism of such requirements is determined as part of AOP. The Company budgeted the gearing ratio for the year 2016-17 about 47%. The gearing ratio as at March 31, 2017 was 20%, was within the targeted gearing ratio.
The company is not subject to any externally imposed capital requirements.
139
(v) Market risk
(vi) Foreign currency risk management
As at 31-Mar-17
As at 31-Mar-16
As at 1-Apr-15
As at 31-Mar-17
As at 31-Mar-16
As at 1-Apr-15
United Arab Emirates AED 11,908.61 10,450.99 10,753.56 15,358.23 13,283.60 9,469.09Kenyan Shilling KES 2,421.95 2,905.34 3,256.95 2,855.86 4,283.40 3,090.45South Korean Won KRW 5.26 17.08 29.22 1,192.95 1,165.70 665.45Qatari Rial QAR 133.36 165.81 137.81 77.90 77.90 77.90Euro EUR 3,252.05 1,135.58 287.21 4,735.00 4,580.69 1,141.27South African Rand ZAR 119.39 120.75 439.34 246.54 45.95 1,232.86Saudi Riyal SAR 34.39 2,185.39 2,169.93 - 1,936.88 2,006.61Zambian Kwacha ZMW 352.61 2,559.91 4,636.95 152.69 412.26 655.48US Dollar USD 2,886.10 701.07 1,037.27 13,196.14 9,529.51 11,241.01Swiss Franc CHF 5.09 5.09 4.72 - - - Ethiopian Birr ETB 1,497.91 - - 875.07 - - Chinese Yuan Renminbi CNY 80.91 - - 4,216.65 - - Thai Baht THB 8.55 - - 50.72 - - Nepalese Rupee NPR 3,054.15 364.10 1,492.16 3,975.44 931.47 1,651.60Japanese Yen JPY - - 475.30 - - 4.53Singapore Dollar SGD - 1.21 1.21 - - 0.67Omani Rial OMR 62.15 0.17 - 374.65 429.60 - Kuwait Dinar KWD 0.10 - - - - -
(vii) Foreign currency sensitivity analysisThe above exposures when subjected to a sensitivity of 5% have the following impact:
2016-17 2015-16 As at 1-Apr-15
United Arab Emirates AED 172.48 141.63 (64.22)Kenyan Shilling KES 21.70 68.90 (8.33)South Korean Won KRW 59.38 57.43 31.81Qatari Rial QAR (2.77) (4.40) (3.00)Euro EUR 74.15 172.26 42.70South African Rand ZAR 6.36 (3.74) 39.68Saudi Riyal SAR (1.72) (12.43) (8.17)Zambian Kwacha ZMW (10.00) (107.38) (199.07)US Dollar USD 515.50 441.42 510.19Swiss Franc CHF (0.25) (0.25) (0.24)Ethiopian Birr ETB (31.14) - - Chinese Yuan Renminbi CNY 206.79 - - Thai Baht THB 2.11 - - Nepalese Rupee NPR 46.06 28.37 7.97Japanese Yen JPY - - (23.54)Singapore Dollar SGD - (0.06) (0.03)Omani Rial OMR 15.63 21.47 - Kuwait Dinar KWD (0.00) - -
(viii) Forward foreign exchange contracts
March 31, 2017Less than 1 month
1-3 months 3 months to 1 year
Foreign exchange forward contracts 248.47 495.47 739.05March 31, 2016Foreign exchange forward contracts - - - April 01, 2015Foreign exchange forward contracts - - -
(ix) Interest rate risk managementThe Company is exposed to interest rate risk because of its borrowing funds at both fixed and floating interest rates. The risk is managed by the company by maintaining appropriate mix between fixed and floating rate borrowings. Company regularly swaps between conventional working capital borrowings with Commercial Paper, thus reducing the interest cost. Hedging activities are evaluated regularly to align with interest rate views and defined risk appetite, ensuring the most cost-effective hedging strategies are applied.
The Company's activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest rates. The company enters into a variety of derivative financial instruments to manage its exposure to foreign currency risk and interest rate risk, including:
a) forward foreign exchange contracts to hedge the exchange rate risk arising on the import of goods and services overseas
The Company undertakes transactions denominated in foreign currencies; consequently, exposures to exchange rate fluctuations arise. Exchange rate exposures are managed within approved policy parameters utilising forward foreign exchange contracts
Assets as at ( lakhs)Description
Liabilities as at ( lakhs)The carrying amounts of the company's foreign currency denominated monetary assets and monetary liabilities at the end of the reporting period are as follows:
Currency
Increase in rate by 5%
Description CurrencyNet exposure - Profit/(Loss)
The following tale details the Company's liquidity analysis for its derivative financial instruments. The table has been drawn up based on the undiscounted contractual net outflows on derivativeinstruments that settle on a net basis.
140
(x) Interest rate sensitivity analysis
(xi) Other price risks
(xii) Credit Risk Management
c) Guarantees:Company provides guarantees, both from its line of credit and as a corporate, on behalf of it's subsidiaries, associates and Unincorporated Joint Ventures. These guarantees
are provided to customers of the said entities. While these guarantees are disclosed as contingent liabilities in the financial statements, Company does not perceive any creditrisk in respect of any of such guarantees issued.
The sensitivity analysis below have been determined based on the exposure to interest rates for non derivative instruments at the end of the reporting period, as the company does not transact in any derivative instruments. For floating rate liabilities, the analysis is prepared assuming the amount of the liability outstanding at the end of the reporting period was outstanding for the whole year. A 50 basis point increase or decrease is used when reporting interest rate risk internally to key management personnel and represents management's assessment of the reasonably possible change in interest rates
If interest rates had been 50 basis points higher/lower and all other variables were held constant, the Company's:
a) Profit for the year ended March 31, 2017 would decrease/increase by 300 lakhs (for the year ended March 31, 2016: 298 lakhs decrease/increase by 238 lakhs). This is mainly attributable to Company's exposure to interest rates on its variable rate borrowings; and
b) There being no debt instrument passing through FVTOCI, there would not be any impact of such change in interest rate, on OCI.
b) Non certification of works billedThe costs incurred on projects are regularly monitored through the Project budgets. Costs which are incurred beyond the agreed terms and conditions of the contract, wouldbe claimed from the customer, based on the actual works performed. The realisability of such claims, is verified by independent professionals, who certify the tenability of suchclaims and also the collectible amounts, by applying appropriate probabilities. Costs, which are identified as non tenable or costs beyond the collectible amounts, asmentioned above, would be provided in the books of accounts.
The company's sensitivity to interest rates has decreased during the current year mainly due to the structure financial products negotiated by the company with the lenders and also due to the reduction in the prime lending rates of the lenders in general.
Company's investments in equity instruments are restricted to its investment in its subsidiaries and associates which are held for strategic purposes rather than for trading.The Company, as on the reporting date of March 31, 2017 has 8 subsidiaries, which include companies incorporated in India and abroad. All the subsidiaries are closely heldcompanies and unlisted, except Artson Engineering Limited, which is listed on BSE. Company holds 75% of the stake. However the purpose of all such investments beingstrategic rather than for trading, as mentioned above, the Company does not recognise any impact of sensitivity in the equity prices.
The credit risk to the company arises from three sources:
a) Customers, who default on their contractual obligations, thus resulting in financial loss to the company.b) Non certification by the customers, either in part or in full, the works billed as per the contract, being non claimable cost as per the terms of the contract with the customer.c) Subsidiaries, Associates or Unincorporated JVs, on whose behalf, the company has provided guarantees, both Bank and Corporate, in the event of invocation of suchguarantees by the beneficiaries.
a) Customers:Company evaluates the credentials of a customer at a very early stage of the bid. Company has adopted a policy of 3 tier verification before participating for any bid. The firststep of such verification includes verification of customer credentials. The company, as part of verification of the customer credentials, ensures the compliance with thefollowing criterion,(i) Customer's financial health by examining the audited financial statements.(ii) Whether the Customer has achieved the financial closure for the work for which the company is bidding.(iii) Where the customer is a private entity, the rating of the customer by a reputed agency like Dun & Bradstreet. (iv) Brand and market reputation of the customer.(v) Details of other contractors working with the customer.(v) Where the customer is Public Sector Undertaking, sanction and availability of adequate financial resources for the proposed work.
Company makes provision on it's financial assets, on every reporting period, as per Expected Credit Loss Method. The provision is made separately for each financial assetsof each business line. The percentage at which the provision is made, is determined on the basis of historical experience of such provisions, modified to the current andprospective business and customer profile.
Trade receivables consist of large number of customers, spread across diverse industries and geographical areas. Majority of the customers of the company comprise ofPublic Sector Undertakings, with whom the company does not perceive any credit risk. As regards the customers from private sector, company carries out financial evaluationon regular basis and provides for any amount perceived as non realisable, in the books of accounts.
141
(xiii) Liquidity Risk Management
(xiv)As at
31-Mar-17As at
31-Mar-16As at
1-Apr-15Unsecured bank overdraft facility, reviewed annually and payable at call:
amount used - 19,964.25 20,837.33amount unused 81,300.00 19,167.29 28,292.67
81,300.00 39,131.54 49,130.00Unsecured bill acceptance facility, reviewed annually
amount used 94,985.00 45,824.24 70,482.40amount unused 69,140.00 71,000.76 40,217.60
164,125.00 116,825.00 110,700.00Secured bank overdraft facility:
amount used 38,006.67 39,951.15 23,711.89amount unused 69,527.33 43,323.85 13,193.11
107,534.00 83,275.00 36,905.00Secured bill acceptance facility, reviewed annually
amount used 719,995.00 503,638.00 377,634.35amount unused 244,619.90 220,752.90 363,402.65
964,614.90 724,390.90 741,037.00
(xv) Fair value measurements
Carryingamount
Fair value Carryingamount
Fair value Carrying amount Fair value
Financial assets Financial assets at amortised cost:
Trade receivables- Non Current Level2 8,119.84 8,119.84 7,132.57 7,132.57 4,054.41 4,054.41- Current Level2 331,762.29 331,762.29 262,304.28 262,304.28 242,265.64 242,265.64Cash and cash equivalents Level2 29,417.92 29,417.92 17,701.04 17,701.04 20,389.11 20,389.11Loans Level2 15,932.29 15,932.29 - - - - Other financial assets
Non CurrentSecurity deposits Level2 1,853.87 1,853.87 1,269.40 1,269.40 1,062.16 1,062.16Loans and advances to employees Level2 6.24 6.24 14.01 14.01 22.86 22.86Advance towards share application money Level2 44.40 44.40 - - - - Deposit accounts with original maturity more than 12 months
Level225.00 25.00 25.83 25.83 25.83 25.83
CurrentSecurity deposits Level2 2,320.53 2,320.53 1,061.85 1,061.85 510.58 510.58Unbilled revenue Level2 34,954.93 34,954.93 39,013.01 39,013.01 26,281.72 26,281.72Inter corporate deposits Level2 353.60 353.60 - - - - Receivable from joint venture partners Level2 3,361.98 3,361.98 4,074.16 4,074.16 2,524.97 2,524.97Contractual reimbursable expenses Level2 2,359.45 2,359.45 616.54 616.54 1,287.53 1,287.53Insurance and other claims receivable Level2 41.62 41.62 30.06 30.06 15.07 15.07Interest accruals Level2 110.40 110.40 122.52 122.52 370.76 370.76Others Level2 7.32 7.32 - - - -
Financial liabilitiesBorrowings
Non current Level2 2,780.53 2780.53 15.79 15.79 26.06 26.06Current Level2 50,234.50 50,234.50 59,915.40 59,915.40 49,549.22 49,549.22
Trade payablesNon current Level2 - - 163.79 163.79 134.36 134.36Current Level2 324,888.46 324,888.46 268,494.58 268,494.58 236,807.31 236,807.31
Other financial liabilitiesNon current Level2 - - 13.80 13.80 13.80 13.80Current
Current maturities of long-term debt Level2 13.56 13.56 14.89 14.89 16.35 16.35Interest accrued but not due on borrowings Level2 155.66 155.66 50.41 50.41 202.98 202.98Interest accrued and due on borrowings Level2 - - 78.50 78.50 0.96 0.96Interest accrued on trade payables and mobilisation advance received
Level21,770.29 1,770.29 919.36 919.36 686.28 686.28
Payables on purchase of property, plant and equipment
Level2374.44 374.44 1,120.14 1,120.14 747.23 747.23
Payables to joint venture partners Level2 - - - - 17.63 17.63Others Level2 163.8 163.80 - - - -
Company being an EPC contractor, has a constant liquidity pressures to meet the project requirements. These requirements are met by a balanced mix of borrowings and project cashflows. Cash flow forecast is made for all projects on monthly basis and the same are tracked for actual performance on daily basis. Shortfall in cashflows are matched through short termborrowings and other strategic financing means. The daily project requirements are met by allocating the daily aggregated cashflows among the projects. Company has establishedpractice of prioritising the site level payments and regulatory payments above other requirements
As at 1-Apr-15
Financing facilities
Fair value of financial assets and financial liabilities that are not measured at fair value (but fair value disclosure are required).
Particulars
As at 31-Mar-17
As at 31-Mar-16
142
Notes to the consolidated financial statements for the year ended March 31, 2017All amounts are in Lakhs unless otherwise stated
33.8. Earnings per Share
For the year For the yearended ended
31-Mar-17 31-Mar-16a) Profit attributable to the owners of the Company 12,835.58 6,555.21 Basic and Dilutedb) Weighted average number of equity shares of � 100/- each outstanding during the 2,025.00 2,025.00 Earnings Per Share (face value of 100/- each)c) Basic and Diluted – [a]/[b] – (�) 633.86 323.71
Tata Projects Limited
143
Tata
Pro
jects
Lim
ited
Note
s for
min
g pa
rt of
the
cons
olid
ated
fina
ncial
stat
emen
ts
33.9.
Rela
ted
party
tran
sact
ions
Deta
ils o
f rela
ted
parti
es:
Desc
riptio
n of
relat
ions
hip
Nam
es o
f rela
ted
parti
es(i)
Enti
ty ho
lding
mor
e tha
n 20%
The T
ata P
ower
Com
pany
Limi
ted (T
PCL)
(ii) S
ubsid
iaries
Artso
n Eng
ineer
ing Li
mited
(AEL
)TP
L-TQ
A Qu
ality
Servi
ces (
Maur
itius)
Pty L
imite
d (TP
L TQA
Mau
ritius
)TP
L-TQ
A Qu
ality
Servi
ces S
outh
Afric
a Pty
Limite
d (TP
L TQA
SA)
TQ S
ervic
es E
urop
e Gmb
H (T
Q Gm
bH)
Ujjw
al Pu
ne Li
mited
(for
merly
Tata
Pro
jects
Infra
struc
ture L
td)TQ
Cer
t Ser
vices
Priv
ate Li
mited
(for
merly
Foo
dcer
t India
Priv
ate Li
mited
)TP
L-As
ara E
ngine
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Sou
th Af
rica P
ropr
ietar
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South
Afric
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ustria
l Qua
lity S
ervic
es, L
LC O
man
Ind P
rojec
t Eng
ineer
ing (S
hang
hai) C
o Ltd
(iii) J
ointly
contr
olled
oper
ation
s (JC
O)Ta
ta Pr
ojects
Limi
ted -
VNR
Infra
struc
ture L
td - P
acka
ge 1
(JV) (
TPL V
NR JV
- Pk
g 1)
Tata
Proje
cts Li
mited
- VN
R Inf
rastr
uctur
e Ltd
- Pac
kage
2 (JV
) (TP
L VNR
JV -
Pkg 2
)SI
BMOS
T-TP
LTa
ta Al
desa
JV
GIL (
GMR)
-TPL
Expr
ess F
reigh
t Con
sortiu
mTP
L-SU
CG C
onso
rtium
TPL-
JBTP
LGY
T-TP
L JV
Guler
mark-
TPL J
VCE
C-IT
D Ce
m-TP
L JV
CCEC
C-TP
L JV
TPL-
HGIE
PL JV
TPL-
Broo
kfield
JVTa
ta Pr
ojects
- Ba
lfour
Bea
tty JV
(TP
BB JV
) TP
L Chin
t
(iv) J
ointly
contr
olled
entiti
es (J
CE)
Al T
awlee
d for
Ene
rgy &
Pow
er C
ompa
ny (A
l Taw
leed)
TEIL
Proje
cts Li
mited
(TEI
L)
(v) A
ssoc
iates
Vire
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Gar
ments
Man
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ring P
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Limi
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GMPL
)
(vi) K
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Mr. V
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P arti
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s
TPCL
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LTo
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TEIL
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TPL V
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Pk
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L VNR
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Pkg 2
TP B
B JV
GYT-
TPL J
VTa
ta Al
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GI
L (GM
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Expr
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SIBM
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Co
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Guler
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TPL J
VTP
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TPL J
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JV
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C-TP
L JV
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L Chin
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Rev
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ratio
ns
-
-
-
-
-
-
3
00.85
13
2.26
-
-
338
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-
-
-
-
-
-
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-
771
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(
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(42
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(4,28
7.54)
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(-)
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8.03)
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-
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-
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-
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4 (-
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(56
6.65)
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-
-
-
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-
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-
-
-
-
-
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-
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-
36.5
7
36.5
7 (-
) (-
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) (-
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) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
)
Divi
dend
paid
483.7
5
24
4.22
727.9
7
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
72
7.97
(
483.7
5) (-
)
(48
3.75)
(-)
(-)
(-)
(-)
(-)
(-)
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(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(48
3.75)
Cur
rent
Ass
ets:
F
inanc
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sets
Othe
r fina
ncial
asse
ts C
ontra
ctual
reim
bursa
ble ex
pens
es
-
-
-
-
-
-
4.12
0.56
-
17.77
32
4.71
94
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-
31
.07
20.9
1
5.49
3
4.38
66
.79
152.0
7
59.68
4
3.50
1
.03
856.5
3
-
8
56.53
(-
) (-
) (-
) (-
) (-
37.61
) (-
37.61
)
(
11.13
) (-
5.21)
(-
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)
(1
51.15
) (-
) (-
) (-
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) (-
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) (-
) (-
) (-
) (-
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(1
57.07
) (-
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(
119.4
6) O
ther c
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nt as
sets
-
Loan
s and
adva
nce g
iven (
net)
-
-
-
-
-
-
-
-
-
-
15,93
2.29
-
-
-
-
-
-
-
92
.00
-
-
-
16
,024.2
9
-
16,0
24.29
(-
) (-
) (-
) (-
) (-
)
-
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
Deta
ils o
f rela
ted
party
tran
sact
ions
dur
ing
the y
ear e
nded
Mar
ch 31
, 201
7 and
bala
nce o
utst
andi
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at M
arch
31, 2
017
Entit
y hol
ding
mor
e tha
n 20
%JC
EJC
O
KMP
Tota
l
144
Parti
cular
s
TPCL
OTHP
LTo
talAl
Taw
leed
TEIL
Total
TPL V
NR JV
Pk
g 1TP
L VNR
JV
Pkg 2
TP B
B JV
GYT-
TPL J
VTa
ta Al
desa
JV
GI
L (GM
R)-
TPL
Expr
ess
Freig
ht Co
nsor
tium
SIBM
OST-
TPL
TPL-
SUCG
Co
nsor
tium
Guler
mark-
TPL J
VTP
L-Br
ookfi
eld JV
CEC-
ITD
Cem-
TPL J
VTP
L-HG
IEPL
JV
CCEC
C-TP
L JV
TPL-
JBTP
LTP
L Chin
tTo
tal
Deta
ils o
f rela
ted
party
tran
sact
ions
dur
ing
the y
ear e
nded
Mar
ch 31
, 201
7 and
bala
nce o
utst
andi
ng as
at M
arch
31, 2
017
Entit
y hol
ding
mor
e tha
n 20
%JC
EJC
O
KMP
Tota
l
Bad
Deb
ts W
ritten
off
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(-)
(-)
(-)
(58.5
8) (-
)
(58
.58)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(5
8.58)
Non
Cur
rent
Liab
ilities
: P
rovis
ions
Othe
r Pro
vision
s - Lo
ans a
nd A
dvan
ces
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(-)
(-)
(-)
(-)
(1
4.42)
(
14.42
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
)
(14.4
2)
Adv
ance
s Writt
en of
f
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(-
) (-
) (-
) (-
)
(55.0
0)
(55
.00)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(5
5.00)
Cur
rent
Liab
ilities
:
Othe
r cur
rent
liabil
ities
Amo
unt d
ue to
custo
mers
-
-
-
-
-
-
1.60
5.31
-
-
-
10,34
9.65
-
-
-
-
-
-
-
-
-
-
10
,356.5
7
-
10,3
56.57
(-
183.2
2)
(-)
(-18
3.22)
(-
) (-
) (-
)
(
14.42
) (-
14.42
) (-
) (-
) (-
3,412
.36)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-34
12.36
) (-
) (-
3595
.58)
Gua
rante
es gi
ven
-
-
-
-
-
-
-
-
-
5
58.92
-
34,41
3.50
22
,512.6
4
4,77
5.68
14
,708.5
0
17,70
3.37
-
14
,150.5
0
4,70
5.00
1
,189.7
1
4,88
8.87
3
,509.9
2 1
23,11
6.61
-
12
3,116
.61
(10.5
4) (-
)
(1
0.54)
(-)
(-)
(-)
(-17
50.00
) (-
750.0
0)
(-)
(3
,284.3
9) (-
11,32
7.95)
(-
) (
21,28
9.93)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(10
,746.3
7) (-
)
(10,7
56.91
)Am
ounts
in br
acke
ts re
pres
ents
prev
ious y
ear n
umbe
rs.
Balan
ces o
utst
andi
ng at
the e
nd o
f the
year
in la
khs
Parti
cular
s
TPCL
OTHP
LTo
talAl
Taw
leed
TEIL
Total
TPL V
NR JV
Pk
g 1TP
L VNR
JV
Pkg 2
TP B
B JV
GYT-
TPL
Tata
Alde
sa
JVGI
L TPL
Expr
ess
Freig
ht Co
nsor
tium
SIBM
OST
TPL S
UCG
Guler
mak J
VBr
ook f
ield
Multip
lex JV
CEC
- ITD
Ce
mTP
L-HG
IEPL
CCEC
C-TP
L JV
TPL-
JB-T
PL
JVTP
L-Ch
int-JV
Total
Cur
rent
Ass
ets:
F
inanc
ial as
sets
Tra
de re
ceiva
bles
291.9
5
-
291
.95
-
-
-
1
45.81
12
5.85
-
-
3
,529.2
4
-
-
-
-
-
-
-
-
-
-
-
3,80
0.90
-
4,092
.85
(
665.9
8) (-
)
(66
5.98)
(58.5
8) (-
)
(58
.58)
(980
.77)
(1
,239.2
9) (-
) (-
)
(3,69
7.59)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(5
,917.6
6) (-
)
(6,5
83.63
) Lo
ans
Othe
r fina
ncial
asse
ts C
ontra
ctual
reim
bursa
ble ex
pens
es
1.1
1
-
1
.11
0.00
-
0
.00
17.9
2
(3.74
)
-
17.77
40
1.51
94
.46
-
31
.07
20.9
1
5.49
3
4.38
66
.79
152.0
7
59.68
4
3.50
1
.03
942.8
4
-
9
43.94
(
1.11)
(-)
(1.1
1)
(
1.28)
(1
4.42)
(
15.70
)
(
13.80
) (-
4.30)
(-
) (-
)
(1
52.77
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
)
(1
62.27
) (-
)
(
179.0
8)
Loan
s and
adva
nce g
iven (
net)
-
-
-
-
-
-
-
-
-
-
15,93
2.29
-
-
-
-
-
-
-
92
.00
-
-
-
16
,024.2
9
-
16,0
24.29
(-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
)
(6,3
71.98
)
Non
Cur
rent
Liab
ilities
: P
rovis
ions
Othe
r Pro
vision
s - Lo
ans a
nd A
dvan
ces
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(-)
(-)
(-)
(-)
(1
4.42)
(
14.42
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
)
(14.4
2)
Cur
rent
Liab
ilities
: F
inanc
ial lia
bilitie
s T
rade
paya
bles
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(-)
(-)
(-)
(24.0
7) (-
)
(24
.07)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(2
4.07)
Othe
r cur
rent
liabil
ities
Amo
unt d
ue to
custo
mers
-
-
-
-
-
-
1.65
5.31
-
-
-
10,34
9.65
-
-
-
-
-
-
-
-
-
-
10
,356.6
1
-
10,3
56.61
(20
0.01)
(-)
(
200.0
1) (-
) (-
) (-
) (-
)
(0.91
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
)
(0.91
) (-
)
(
200.9
2)
Com
miss
ion pa
yable
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
315.0
0
315.0
0 (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
) (-
)
(25
0.00)
(25
0.00)
Gua
rante
es gi
ven
-
-
-
-
-
-
9
69.86
2,01
4.02
1
.00
12
,215.7
6
75,54
5.91
34
,413.5
0
43,90
6.05
7
,585.9
0
23,09
3.17
17
,703.3
7
-
14,15
0.50
4
,705.0
0
1,18
9.71
4
,888.8
7
3,50
9.92
245
,892.5
3
-
245,8
92.53
(
1,847
.23)
(-)
(1,8
47.23
) (-
) (-
) (-
)
(9
69.86
)
(2,01
4.02)
(1
.00)
(14
,272.4
0)
(54,3
27.89
) (-
) (
21,28
9.93)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(-)
(92
,875.1
0) (-
)
(94,7
22.33
)Am
ounts
in br
acke
ts re
pres
ents
prev
ious y
ear n
umbe
rs.
Tota
l
Entit
y hol
ding
mor
e tha
n 20
%JC
EJC
O
KMP
145
Tata Projects LimitedNotes to the consolidated financial statements for the year ended March 31 , 2017All amounts are in Lakhs unless otherwise stated
33.10 Employee benefit plan
Change in Defined Benefit Obligation (DBO) during the year
Gratuity Pension Post retirement Benefits
Gratuity Pension Post retirement Benefits
Opening defined benefit obligations 3,275.56 345.37 47.88 2,952.51 337.58 46.54 Current service cost 445.55 - - 392.36 - - Interest Cost (on DBO) 234.22 25.50 3.56 212.54 25.36 3.52 Actuarial (Gains)/losses arising from changes in financial assumptions 257.83 21.46 3.32 22.67 2.91 0.46 Actuarial (Gains)/losses arising from experience assumptions 220.42 - (2.86) (35.47) - (2.08) Exchange differences on foreign plans - 29.26 - - 20.69 - Benefits paid (427.96) (44.08) (1.65) (269.03) (41.17) (0.56) Closing defined benefit obligation 4,005.62 377.51 50.25 3,275.58 345.37 47.88
Gratuity Pension Post retirement Benefits Gratuity Pension Post retirement
BenefitsOpening fair value of plan assets 3,250.38 - - 2,945.46 - - Interest income (on Plan Assets) 240.36 - - 220.36 - - Return on plan assets (excluding amounts included in net interest expense (83.72) - - 10.50 - - Contribution from the employer 937.85 44.08 1.65 341.49 41.18 0.56 Benefits paid (427.97) (44.08) (1.65) (269.03) (41.18) (0.56) Closing fair value of plan assets 3,916.90 - - 3,248.78 - -
Gratuity Pension Post retirement Benefits
Gratuity Pension Post retirement Benefits
Present value of funded defined benefit obligation 4,005.62 - - 3,275.58 - - Fair value of plan assets 3,916.90 - - 3,248.78 - - Funded status 88.72 - - 26.80 - -Present value of unfunded defined benefit obligation - 377.51 50.25 - 345.37 47.88 Net liability arising from defined benefit obligation 88.72 377.51 50.25 26.80 345.37 47.88
Net Defined benefit obligation bifurcated as followsCurrent 2.03 44.08 5.00 1.37 41.18 5.00 Non-Current 86.69 333.43 45.25 25.43 304.19 42.88
88.72 377.51 50.25 26.80 345.37 47.88
Gratuity Pension Post retirement Benefits
Gratuity Pension Post retirement Benefits
-Current Service Cost 445.55 25.50 3.56 392.36 25.36 3.52 Net Interest expense (6.13) - - (7.82) - - Components of defined benefit costs recognised in profit or loss 439.42 25.50 3.56 384.54 25.36 3.52
Return on the net defined benefit liability (on Plan Assets) 83.72 - - (10.50) - - Actuarial (Gains)/losses arising from changes in financial assumptions 257.83 21.47 3.33 22.67 2.90 0.46
Actuarial (Gains)/losses arising from experience assumptions 220.41 29.26 (2.87) (35.48) 20.70 (2.09) Components of defined benefit costs recognised in other comprehensive income 561.96 50.73 0.46 (23.31) 23.60 (1.63)
Year ended 31-Mar-17
Year ended 31-Mar-16Components of employer expense
The remeasurement of the net defined liability is included in other comprehensive income
(i) Defined Contribution plan
(ii) Defined benefit plans
In respect of defined contribution plans, an amount of �. 2,943.09 lakhs ( March 31, 2016: � 2,053.97 lakhs) has been recognised as expense in the statement of Profit and Loss during the year
Amount recognised in Balance sheet
Change in fair value of plant assets during the year
Year ended 31-Mar-17
Year ended 31-Mar-16
As at 31-Mar-17 As at 31-Mar-16
Year ended 31-Mar-17
Year ended 31-Mar-16
146
Gratuity PensionPost retirement
Benefits Gratuity PensionPost retirement
Benefits-Equity instruments funds 3,916.90 - - - - 0Total 3,916.90 - - - - -
Gratuity Pension Post retirement Benefits
Gratuity Pension Post retirement Benefits
Discount rate(s) 6.80% 6.80% 6.80% 7.85% 7.85% 7.85%Expected rate(s) of salary increase 6% - - 6% - -Retirement Age* 60 yrs 60 yrs 60 yrs 60 yrs 60 yrs 60 yrsLeaving service 10% - - 10% - -
* Mortality: Published rates under the Indian Assured Lives Mortality (2006-08) Ult table.
Sensitivity Analysis
Gratuity Pension Post retirement Benefits
Discount rateImpact of increase in 50 bps on DBO -3.13% -2.79% -3.26%Impact of decrease in 50 bps on DBO 3.32% 2.95% 3.47%Life ExpectancyLife Expectancy 1 year increase 0.00% -5.42% -3.72%Life Expentancy 1 year decrease 0.00% 5.00% 3.46%Salary Escalation RateImpact of increase in 50 bps on DBO 3.32% 0.00% 0.00%Impact of decrease in 50 bps on DBO -3.17% 0.00% 0.00%
Projected Plan Cash Flow
Maturity Profile Gratuity PensionPost retirement
BenefitsExpected Benefits for year 1 581.11 44.08 5Expected Benefits for year 2 453.05 42.81 4.92Expected Benefits for year 3 389.88 41.44 4.84Expected Benefits for year 4 409.74 39.98 4.75Expected Benefits for year 5 499.37 38.42 4.66Expected Benefits for year 6 554.13 36.78 4.55Expected Benefits for year 7 337.93 35.05 4.44Expected Benefits for year 8 337.93 33.26 4.32Expected Benefits for year 9 387.06 31.41 4.2Expected Benefits for year 10 and above 2760.75 265.51 46.83Weighted average duration to the payment of these cash flows 6.45 Years 5.74 Years 6.73 Years
The fair value of the plan assets for India and overseas plan at the end of the reporting period for each category , are as follows
Fair value of plan assets as at31-Mar-17 31-Mar-16
For the year ended31-Mar-17
The trustees of the plan have outsourced the investment management of the fund to Life Insurance Corporation (LIC). The insurance company in turn manages these funds as per the mandateprovided to them by the trustees and the asset allocation which is within the permissible limits prescribed in the insurance regulations.
The principal assumptions used for the purposes of the actuarial valuations were as follows:
31-Mar-16Valuation as at
31-Mar-17
For the year ended31-Mar-17
The expected cash flow profile of the benefits to be paid to the current membership of the plan, are as follows:
147
33.11. Joint Operation
As at31-Mar-17
As at31-Mar-16
As at01-Apr-15
TPL's Share TPL's Share TPL's ShareTPL - VNR Infrastructure Ltd - Package 1 (JV) (TPL VNR JV - Pkg 1) 80% 80% 80%TPL - VNR Infrastructure Ltd - Package 2 (JV) (TPL VNR JV - Pkg 2) 85% 85% 85%GMR Kalindee - TPL JV MMTS Pkg 1 9% 9% 9%GMR Kalindee - TPL JV MMTS Pkg 2 25% 25% 25%GMR Kalindee - TPL JV MMTS Pkg 3 17% 17% 17%GMR Kalindee - TPL JV Jhansi-Bhimsen 14% 14% 14%TPL Kalindee JV 90% 90% 90%SIBMOST-TPL JV 49% - - Tata Aldesa JV 50% 50% 50%GIL (GMR)-TPL JV 50% - - Express Freight Consortium JV 19% - - TPL-SUCG Consortium JV 85% - - TPL-JBTPL JV 75% - - GYT-TPL JV 49% 49% 49%Gulermark-TPL JV 70% - - CEC-ITD Cem-TPL JV 20% - - CCECC-TPL JV 49% - - TPL-HGIEPL JV 74% - - TPL-Brookfield JV 50% - - TPL Chint 95% - -
Tata Projects LimitedNotes to the consolidated financial statements for the year ended March 31 , 2017All amounts are in Lakhs unless otherwise stated
Name of the Joint venture
148
Notes to the consolidated financial statements for the year ended March 31, 2017All amounts are in Lakhs unless otherwise stated
33.12 Operating lease arrangements
(i) Payments recognised as an expenseFor the year ended
March 31, 2017For the year ended
March 31, 2016
Minimum Lease payments 400.02 605.23 400.02 605.23
(ii) Non-cancellable operating lease commitments
As at 31-Mar-17
As at 31-Mar-16
As at 1-Apr-15
Not later than 1 year 488.32 122.34 571.98 Later than 1 year and not later than 5 years 1,696.42 346.92 463.11 Later than 5 years 891.84 90.86 90.86
3,076.58 560.12 1,125.95
33.13 Unrecognised share of losses of joint ventures
For Year endedMarch 31, 2017
For Year endedMarch 31, 2016
Unrecognised share of losses of joint ventures for the yearTEIL Projects Limited 7.30 1.81 Al-Tawleed for Energy & Power Company (5.93) (9.87)
1.37 (8.06)
As at 31-Mar-17
As at 31-Mar-16
As at 1-Apr-15
Cumulative share of loss of joint venturesTEIL Projects Limited 37.53 44.83 46.64 Al-Tawleed for Energy & Power Company 223.52 217.59 207.72
261.05 262.42 254.36
33.14 Dividend paid in foreign currency:
Amount of dividend remitted in foreign currency (�) 244.22 - Total number of non-resident shareholders (to whom the dividends were remitted in foreign currency 1 - Total number of shares held by them on which dividend was due 488,440 -
Year to which the dividend relates Final Dividend of2015-16.
33.15
SBNs Other denomination notes
Total
Closing cash in hand as on 08.11.2016 47.12 71.14 118.26 (+) Permitted receipts - 303.83 303.83 (+) Unpermitted receipts 0.31 - 0.31 (-) Permitted payments - 328.96 328.96 (-) Unpermitted payments 24.15 - 24.15 (-) Amount deposited in Banks 23.28 - 23.28 Closing cash in hand as on 30.12.2016 - 46.01 46.01
Details of Specified Bank Notes (SBN) held and transacted during the period from 8 November, 2016 to 30 December 2016:
Particulars
Tata Projects Limited
For the year endedMarch 31,
2016Particulars
For the year endedMarch 31,
2017
149
Tata
Pro
jects
Lim
ited
Note
s to
the c
onso
lidat
ed fi
nanc
ial st
atem
ents
for t
he ye
ar en
ded
Mar
ch 31
, 201
7Al
l amo
unts
are i
n � L
akhs
unles
s othe
rwise
state
d
Name
of th
e enti
ty in
the G
roup
As %
of co
nsoli
dated
net
asse
ts
Amou
nt(in
� lak
hs)
As %
of
cons
olida
ted pr
ofit o
r los
s
Amou
nt(in
� lak
hs)
As %
of
cons
olida
ted pr
ofit o
r loss
Amou
nt(in
� lak
hs)
As %
of
cons
olida
ted pr
ofit o
r los
s
Amou
nt(in
� lak
hs)
Pare
nt
Tata
Proje
cts Li
mited
98.50
%97
,176.7
8
14
5.01%
1
9,643
.66
92.92
%
(40
0.13)
146.7
1%
19,2
43.53
Su
bsid
iaries
Indi
an
1. Ar
tson E
n gine
ering
Limi
ted1.0
9%1,0
73.13
-45.3
7%
(6,1
46.27
)-0
.11%
0.48
-4
6.86%
(
6,145
.79)
2. U j
jwal
Pune
Limi
ted0.4
9%48
7.97
0.1
0%
13.81
0.0
0%
-
0.11%
13
.81
3. TQ
Cer
t Ser
vices
Priv
ate Li
mited
0.16%
155.6
0
0.25%
33
.79
0.00%
-
0.2
6%
33.79
Fore
i gn
1.TP
L-TQ
AQu
ality
Servi
ces(
Maur
itius)
Pty
Limite
d0.0
3%33
.62
-0
.46%
(62
.38)
1.36%
(5.8
5)-0
.52%
(68
.23)
2.TP
L-TQ
AQu
ality
Servi
ces
South
Afric
a(P
ty) Li
mited
0.21%
211.9
3
0.46%
62
.44
-0.15
%
0.65
0.48%
63
.09
3. TQ
Ser
vices
Eur
o pe,
GmbH
0.18%
176.7
5
-0.07
%
(8.92
)2.6
0%
(1
1.21)
-0.15
%
(
20.13
)4.I
ndus
trial Q
ualit y
Ser
vices
LLC
Oman
0.32%
315.8
6
-2.45
%
(3
32.44
)1.6
1%
(
6.94)
-2.59
%
(3
39.38
)5.I
ndPr
ojects
Engin
eeer
ing(S
hang
hai)C
o.,Ltd
-0.01
%(1
0.34)
-2
.72%
(36
8.10)
1.81%
(7.7
9)-2
.87%
(37
5.89)
0.00%
Mino
rity I
nter
ests
in al
l sub
sidiar
ies-0
.97%
(961
.57)
5.25%
711
.62
-0.04
%
0
.16
5.43%
711
.78
Total
100.0
0%98
,659.7
3
100.0
0%13
,547.2
0
100.0
0%(4
30.63
)
10
0.00%
13,11
6.57
# The
finan
cial s
tatem
ents
of Vi
rend
ra G
arme
nts M
anufa
cture
rs Pr
ivate
Limite
d is n
ot av
ailab
le an
d hen
ce ha
s not
been
cons
idere
d for
cons
olida
tion
Shar
e in t
otal c
ompr
ehen
sive i
ncom
e
33.16
Disc
losu
re o
f add
ition
al in
form
atio
n as
requ
ired
by th
e Sch
edul
e III:
(a) A
s at a
nd fo
r the
year
ende
d Ma
rch
31, 2
017
Net a
ssets
, i.e.,
total
asse
ts mi
nus t
otal
liabil
ities
Shar
e of p
rofit
or lo
ssSh
are i
n othe
r com
preh
ensiv
e inc
ome
150
Name
of th
e enti
ty in
the G
roup
As %
of co
nsoli
dated
net
asse
ts
Amou
nt(in
� lak
hs)
As %
of
cons
olida
ted pr
ofit o
r los
s
Amou
nt(in
� lak
hs)
As %
of
cons
olida
ted pr
ofit o
r loss
Amou
nt(in
� lak
hs)
As %
of
cons
olida
ted pr
ofit o
r los
s
Amou
nt(in
� lak
hs)
Pare
ntTa
ta Pr
o jects
Limi
ted10
2.31%
89,49
0.77
25
8.02%
16
,415.6
7 -4
4.00%
(5.2
2)25
7.00%
16
,410.4
5 Su
bsid
iaries
Indi
an
1. Ar
tson E
ngine
ering
Limi
ted-3
.13%
(2,74
0.22)
-1
50.59
%
(9,5
81.11
)10
7.00%
12.75
-1
50.00
%
(9,5
68.37
)2.
U jjw
al Pu
ne Li
mited
0.01%
4.82
0.0
0%
(0.06
)0.0
0%
-
0.00%
(0
.06)
3. TQ
Cer
t Ser
vices
Priv
ate Li
mited
0.08%
74.27
0.2
6%
16.52
0.0
0%
-
0.00%
16
.52
Fore
i gn
1.TP
L-TQ
AQu
ality
Servi
ces(
Maur
itius)
Pty
Limite
d0.2
0%17
1.00
-0
.06%
(3
.85)
114.0
0%
1
3.45
0.00%
9
.60
2.TP
L-TQ
AQu
ality
Servi
ces
South
Afric
a(P
ty) Li
mited
0.15%
133.0
1
-5.05
%
(
321.0
0)-2
12.00
%
(2
5.04)
-5.00
%
(
346.0
4)3.
TQ S
ervic
es E
uro p
e, Gm
bH0.2
0%17
7.08
0.5
5%
35.30
12
5.00%
14.74
1.0
0%
50.04
4.I
ndus
trial Q
ualit y
Ser
vices
LLC
Oman
0.48%
420.5
1
-0.10
%
(6.26
)-2
6.00%
(3.1
1)0.0
0%
(9.37
)
Mino
rity I
nter
ests
in al
l sub
sidiar
ies-0
.30%
(262
.18)
-3.03
%
(1
92.64
)36
.00%
4.24
-3
.00%
(188
.41)
Total
100.0
0%87
,469.0
6
100.0
0%6,3
62.57
100.0
0%11
.80
10
0.00%
6,374
.37
(a) A
s at a
nd fo
r the
year
ende
d Ma
rch
31st
, 201
6
Net a
ssets
, i.e.,
total
asse
ts mi
nus t
otal
Shar
e of p
rofit
or lo
ssSh
are i
n othe
r com
preh
ensiv
e inc
ome
Shar
e in t
otal c
ompr
ehen
sive i
ncom
e
151
152
Tata
Pro
ject
s Li
mite
d
Gis
t of t
he F
inan
cial
Per
form
ance
for t
he y
ear 2
016-
17 o
f the
Sub
sidi
ary
Com
pani
esR
s. in
lakh
s
S.N
oN
ame
of th
e S
ubsi
diar
yR
epor
ting
Dat
eR
epor
ting
Cur
renc
yC
apita
lR
eser
ves
&
Sur
plus
Tota
l A
sset
s @
Tota
l Li
abili
ties
#In
vest
men
tsTu
rnov
er
##P
rofit
bef
ore
taxa
tion
Pro
visi
on fo
r ta
xatio
nP
rofit
afte
r ta
xatio
nP
ropo
sed
divi
dend
1A
rtson
Eng
inee
ring
Lim
ited
Mar
ch 3
1, 2
017
INR
369.
20
230.
84
10,1
56.9
0
9,
556.
86
-
11
,095
.06
56
8.38
(2
,148
.95)
2,71
7.33
-
2TP
L - T
QA
Qua
lity
Ser
vice
s (M
aurit
us) P
ty L
imite
dM
arch
31,
201
7IN
R16
.65
17.0
8
42.3
2
8.
59
-
0.01
(28.
26)
-
(2
8.26
)
-
3TP
L - T
QA
Qua
lity
Ser
vice
s S
outh
A
frica
Pty
Lim
ited
Mar
ch 3
1, 2
017
INR
12.0
8
19
9.84
24
6.54
34
.62
-
153.
53
14
1.30
37
.24
104.
06
-
4TQ
Ser
vice
s E
urop
e G
mbH
Mar
ch 3
1, 2
017
INR
86.7
3
45
.39
21
7.20
85
.08
-
255.
03
12
.85
5.35
7.50
-
5U
jjwal
Pun
e Li
mite
dM
arch
31,
201
7IN
R45
5.00
98
.18
3,
960.
86
3,
407.
68
-
25
.83
(0
.24)
(3.1
8)
2.
94
-
6TQ
Cer
t Ser
vice
s P
rivat
e Li
mite
dM
arch
31,
201
7IN
R16
3.86
(5
5.81
)
211.
15
103.
10
-
174.
68
40
.98
7.19
33.7
9
-
7In
dust
rial Q
ualit
y S
ervi
ces
LLC
,Om
anM
arch
31,
201
7IN
R42
1.15
47
.48
53
4.12
65
.49
-
587.
11
58
.04
-
58.0
4
-
8In
d P
roje
cts
Eng
inee
ring
Mar
ch 3
1, 2
017
25.9
0
11
0.74
22
6.84
90
.20
-
506.
60
15
9.87
42
.78
117.
09
-
@ T
otal
Ass
ets
= N
on C
urre
nt A
sset
s +
Cur
rent
Ass
ets
+ M
isce
llaen
ous
Exp
endi
ture
# T
otal
Lia
bilit
ies
= N
on C
urre
nt L
iabi
lties
+ C
urre
nt L
iabi
litie
s +
Def
erre
d Ta
x Li
abili
ties
## T
urno
ver i
nclu
des
Oth
er In
com
eE
xcha
nge
rate
as
on 3
1.03
.201
7 - R
s. 6
9.38
/ E
UR
Exc
hang
e ra
te a
s on
31.
03.2
017
- Rs.
4.8
3 / Z
AR
Exc
hang
e ra
te a
s on
31.
03.2
017
- Rs.
168
.46
/ OM
RE
xcha
nge
rate
as
on 3
1.03
.201
7 - R
s. 9
.42
/ CN
YG
ist p
repa
red
as p
er in
divi
dual
Sub
sidi
ary
Com
pani
es F
inal
Acc
ount
s. F
or C
onso
lidat
ed re
sults
, ple
ase
refe
r to
Con
solid
ated
Fin
anci
al S
tate
men
ts a
nd N
otes
app
earin
g th
ereo
n.
153
