Delhi International Airport Private Limited

8/2/2019 Delhi International Airport Private Limited

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S.R. Batliboi & AssociatesChartered Accountan t s6 t h Floor, H T House18 20 K astu rba G an dhi M argNew Delhi 110001

Brabmayya & Co.Char te re d Account an ts1012 , Kh iv ra j Ma ns io nKa stu rb a Ro ad , B an ga lo re ,K arnataka 560 0 01

Auditors' ReportToThe Members of Delhi International Airport Private Limited

I. We have audited the attached B alance Sheet of D elhi International A irport Private Limited('the Com pany') as at M arch 31,20 I 0 and also th e P ro fit an d L os s acco un t an d th e cash flowstatem en t for th e y ear en ded o n th at d ate ann ex ed th ereto . T hese fin ancial statem en ts a rc th eresp onsib ility o f th e C om p an y's m an agem ent. O ur resp onsibility is to exp ress an o pin io n o nth ese fin an cia l sta te m en ts b ased o n o ur a ud it.2 . W e conducted our audit in accordance w ith auditing standards generally accepted in India.Those Standards require that w e plan and perfonn the audit to obtain reasonable assurance

about w hether the financial statem ents are free of m aterial m isstatem ent. A n audit includesexam ining. on a test basis, evidence supporting the am ounts and disclosures in the financialstatem ents. A n aud it also in clu des assessing th e accou ntin g p rin ciples used and sign ifican testim ates m ade by m anagem ent, as well as evaluating the overall financial statem entp re se nta tio n. W e b elie ve th at o ur a ud it p ro vid es a r ea so na ble b as is f or our opinion.3. A s required by the C om panies (A uditor's R eport) O rder, 2003 (as am ended) issued by theC entral G overnm ent of India in term s of sub-section (4A ) of Section 227 o f th e C omp an ies

A ct. 1956, w e enclose in the A nnexure a statem ent on the m atters specified in paragraphs 4and 5 of the said O rder.4. As explained Note 23 of Schedule 22 . the Company ha s during the year utilized custom dutycredit scrip amounting to R s 65.01 Crores against payment oj import duty 07 1 fixed assets

(including capital work inprogress) and as at year end is entitled for further custom dutycredit scrip entitlements amounting to Rs 16.54 Crores. Company is recording fixed assets(including capital work in progress) imported at net amount i.e. it is 7101 recording anyincome in relation to custom duty credit scrip entitlements and is adjusting it to fixed assets(including capital work inprogress) upon utilization.In our opinion. the Company should have recorded income and fixed assets (includingcapital work in progress) purahased on gross basis andfurther booked a receivablejor yearend enutlement of custom duty credit scrip expected realisation of Rs 16.54 Crores. If th ecredits utilized during the year and closing entitlement was recognized as income during theyear. the other income would have been higher by R s 81.55 Crores, gross fixed assets(including capital work inprogress) would have been higher by Rs 65.01 Crores and loansand advances would have been higher by Rs 16.54 Crores. Management has not determinedother consequential impact with respect to depreciation and other items. Pendingdetermination of consequential impact we are unable to determine the further impact onthesefinancial statements.


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S.R. BatJiboi & AssociatesCha rt ered Accountan ts6 th Floor, H T House1 8~ 2 0 K asturba G andhi M argN ew D elh i 1 10 0 01

Brahmayya & Co.Cha rt ered Accountan ts1 012 , Kh iv ra j Mans io nKasturba Road, Bangatore,K am ataka 560 0 01

S . F urther to our comm ents in the A nnexure referred to above, w e report that:

i. S ubject to the m atter and prelim inary impact stated in paragraph 4 abov e, f ur th e rim p ac t w h er eo f is 1101 curren tl y ascer tainab le . w e have obtained all the inform ation andexplanations, which to the best of our know ledge and belief were necessary for thepu rp oses o f o ur au dit:ii. Subject 10 th e m atter and pr elim ina ry im pa ct sta ted in pa ra gra ph 4 abov e. j ur th e rim pa ct w h er eo f is n ot c ur re nt ly a sc er ta in ab le , in our opinion, proper books of account asrequired by law have been kept by the Com pany so far as a pp ea rs f rom o ur e xam in atio no f th ose b oo ks;iii. The balance sheet, profit and loss account and cash flow statem ent dealt w ith by thisreport are in agreem ent w ith the books of account;iv . Subject 10 th e matter and prelim inary im pa ct sta ted in pa ra gra ph 4 abov e, f ur th e rim pact w hereof is no t curren tl y ascer ta inab le , in our opinion, the balance sheet, profitand loss account and cash flow statem ent dealt w ith by this report com ply w ith theaccounting standards referred to in sub-section (3C ) of section 2 11 of the C om paniesA ct, 1 956;v. On the basis of the w ritten representations received from the directors. as on M arch 31 ,2 0 I 0, and taken on record by the B oard of D irectors, w e report that none of the directorsis disqualified as on March 31 , 2 010 from being appointed as a director in term s ofclause (g) of sub-section (1) o f sec tion 274 o f th e Comp an ie s Act, 1956;vi . S ubject to th e m atte r a nd im pa ct sta ted in pa ra gra ph 4 a bove. fur th er im pa ct w her eof isno t ascertainable, in our opinion and to the best of our inform ation and according to theexplanations given to us. the said accounts give the inform ation required by th eC om panies A ct, 1956. in the m anner so required and give a true and fair view inc on fo rm i ty w ith th e a cc ou ntin g p rin cip le s g en er ally a cc ep te d in India;

a) in the case of the balance sheet, of the state of affairs of the Com pany as at M arch31 ,2010 ;b) in the case of the profit and loss account, of the profit for the year ended on thatd ate ; a ndc) in the case of cash flow statem ent, of the cash flow s for the year ended on that date.

For S.R. Bstliboi & AssociatesF irm r eg is tr at io n numbe r: IOlO49WCha rt ered Accountan ts

For Brabmsyya & Co.F irm re gis tratio n n umb er: 0 0 05 I S SCha rt ered Accountan ts

5dt.per Sanjay VijPartnerMembership No.: 95169

Sdj-per G SrinivasPartnerM emb ers hip N o.: 8 67 61

Place: N ew D elhiDate : 1 3 M A Y 2 0 1 6 Place: NEW DELHIDate: 13 M A Y 7 m l l


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S.R. Batliboi & AssoeiatesChartered Accountants6 th Floor. H T House18~20 Kasturba Gandhi MargNew Delhi 110001

Brahmayya & Co.Chartered Accountants1012 , Khivraj MansionKasturba Road, Bangalore,Karnataka 560 00 I

Annexure referred to 1nparagraph 3 of our report of even dateRe: Delhi International Airport Private Limited ('the Company')(i) (a) The Company has maintained proper records showing full particulars, including

quantitative details and situation offixed assets.

(b) All fixed assets were physically verified by the management in the previous year inaccordance with a planned programme of verifying them once in three years which. inour opinion, is reasonable having regard to the size of the Company and the nature of itsassets. As informed, no material discrepancies were noticed on such verification.

(c) There was no substantial disposal of fixed assets during the year.

(ii) (a) The management has conducted physical verification of inventory at reasonable intervalsduring the year.

(b) The procedures of physical verification of inventory followed by the management arereasonable and adequate in relation to the size of the Company and the nature of itsbusiness.

(c) The Company is maintaining proper records of inventory and no material discrepancieswere noticed on physical verification.

(iii) (8) As informed, the Company has not granted any loans, secured or unsecured to companies.firms or other parties covered in the register maintained under section 301 of theCompanies Act. 1956 and hence clause (iii) (a) to (d) of the Companies (Auditor'sReport) Order, 2003 (as amended) are not applicable.

(e) As informed. the Company has not taken any loans, secured or unsecured fromcompanies, firms or other parties covered in the register maintained under section 301 ofthe Companies Act, 19$6 and hence clause (iii) (e) to (g) of the Companies (Auditor'sReport) Order, 2003 (as amended) are not applicable.

(iv) In our opinion and according to the information and explanations given to us, there is anadequate internal control system commensurate with the size of the Company and thenature of its business, for the purchase of inventory and fixed assets and for the sale ofgoods and services. During the course of our audit, no major weakness has been noticedin the internal control system in respect of these areas. During the course of our audit, wehave not observed any continuing failure to correct major weakness in internal controlsystem of the company.

(v) (a) According to the information and explanations provided by the management, we are ofthe opinion that there are no transactions that need to be entered into the registermaintained under section 30J of the Companies Act, ]956 and hence clause (v) (b) of theCompanies (Auditor'S Report) Order. 2003 (as amended) is not applicable to theCompany.


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IS.R. Batliboi & AssociatesChart er ed Accoun tan ts6 th Floor, H T H ouse18- 2 0 Kasturba Gandhi MargN ew D elhi 1 10 00 1

Brahmayya & Co.Chart er ed Accoun t an ts1 0 1 2 , Kh iv ra j Mansi onKasturba Road, Bangalore,Kam ataka 560 0 0 I

(vi) The Com pany has not accepted any deposits from the public. Therefore, the provisions ofclause 4{vi) of the Com panies (Auditor's Report) O rder. 20 03 (as am ended) are nota pp lic ab le to th e C om p an y.

(vii) In our opinion, the Com pany has an internal audit system com mensurate w ith the sizea nd n atu re o f its b usin ess.(viii) To the best of our know ledge and as explained, the Central Governm ent has notp resc rib ed m a in te na nc e o f c ost rec ord s u nd er c la use (d ) o f su b-se ctio n (I) o f section 2 09of the Com panies A ct, 1 956 for the products of the C om pany.(ix) (a) The Com pany is regular in depositing w ith appropriate authorities undisputedstatutory dues including provident fund, em ployees' state insurance, incom e-tax,

s al es -ta x , w eal th -t ax , s er vic e tax, cu sto ms du ty , excise d uty . cess an d o th er m aterialstatu to ry du es app licab le to it. D ue to the nature of its business, investor educationan d p ro tectio n fu nd is no t app licab le to the C om pan y.F urth er, since th e C en tral G overn ment h as till d ate n ot p rescrib ed the am ou nt of cesspayable under section 441 A ofthe Com panies A ct,19S6, we are not in a position tocom m ent upon the regularity or otherw ise of the com pany in depositing the sam e.

(b) A ccording to the Inform ation and explanations given to us, no undisputed am ountspayable in respect of provident fund, investor education and protection fund,em ploy ees' state in suran ce, in com e-tax, w ealth -tax , serv ice tax, s al es -t ax , c us tomsduty. excise duty, cess and other undisputed statutory dues w ere outstanding, at theyear end. for a period of m ore than six m onths from the date they becam e payable.

( c) Acco rd ing to the records of the Com pany, the dues outstanding of incom e-tax onacco un t o f an y d isp ute, are as fo llow s:Name of the Nature of dues Amount (Rs) Period to Forumwberestatute which the dispute Is pendingamountrelates

In com e T ax A ct, D isallowances on 2 19,41 6,413 Assessment C omm issio ne r o f1961 a cc ou nt o f Y ear: 2 00 7"()8 Incom e Tax A ppealsU p fro nt fe es ,~apital! expendi tu r e andlRule 80._---


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S.R . 8adi boi & AssociatesCha rt ered Accoun tan ts6 th Floor, H T HouseI 8 2 0 K asturba G andhi M argN ew D elhi 1 10 00 1

Brahmayy. & Co.Cha rt ered Accoun tan ts1012. Kh iv ra j Man si onK as tu rb a Roa d. B an ga lo re ,K am a taka 5 60 0 0 1(X) The C om pany has been registered for a period of less than five years lind hence w e are

not required to com ment on whether or not the accum ulated losses at the end of thefin an cia l y ear is fifty per cent or m ore of its net w orth and w hether it has incurred cashlo sse s in su ch fin an cial y ear an d in th e imm e diate ly p rec ed in g fin an cia l y ear.(xi) Based on our audit procedures and as per the inform ation and explanations given by th emanagement , we are of the opinion that the C om pany has not defaulted in repaym ent ofd ue s to a fin an cial in stitu tio n. b an k o r d eb en tu re h old ers.(xii) A ccording to the inform ation and explanations given to us and based on the docum entsand records produced to us, the Com pany has not granted loans and advances on theb asis o f se cu rity b y w ay o f p led ge o fsh ares , d eb en tu re s a nd o th er s ecu ritie s.

(xiii) in our opinion. the Com pany is not a chit fund or a nidhi I mu tu al b en efit fu nd I society.Therefore, the provisions of clause 4(xiii) of the C om panies (A uditor's R eport) O rder,2 00 3 (as am ended) are no t applicable to the C om pan y.(xiv) In our opinion> the C om pany is not dealing in or trading in shares, securities, debenturesand other investm ents. A ccordingly , the provisions of clause 4(xiv) of the C om panies(A udito r's R eport) O rder. 2 0 03 (as am end ed) are not ap plicab le to the C om p any.(xv) According to the inform ation and explanations given to us, the Com pany has not givenan y g uaran te e fo r lo an s tak en b y o th ers fro m b an k o r fin an cia l in stitu tio ns .(xvi) Based on inform ation and explanations given to us by the m anagem ent, term loans wereap plied for the purpo se for w hich the loans w ere obtained.(xvii) A ccording to the inform ation and explanations given to us and on an overall exam inationof the balance sheet of the C om pany, w e report that no funds raised on short-term basish av e b een u sed fo r lo ng -term in ves tm e nt.(xviii) T he C om pany has not m ade any preferential allotm ent of shares to parties or com paniescovered in th e register m aintained under section 30 1 of the C om panies A ct, 1 956.(xix) T he C om pany did not have any outstanding debentures during the year.

(xx) The C om pany has not raised any m oney through a public issue during the year.


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S.R Batliboi & AssociatesChart er ed Accoun tan ts6 th Floor, H T H ouse18 20 K astu rb a G an dh i M argNew D elhi 1 10 00 1

Brahmayya & Co.Chart er ed Accoun tan ts1 0 1 2 , Kh iv ra j Mans ionK as tu rb a R oa d, B an ga lo re ,Kamataka 560 001

(xxi) Based upon the audit procedures perform ed for the purpose of reporting the true and fairview of the fin ancial statem ents and as pe r th e information a nd e xp la na tio ns g iv en by them anagem en t. w e report that no fraud on or by th e C ompan y has been not ic ed o r r epor te dd urin g th e c ou rse o f o ur a ud it.

For SA lJatliboi & AssoeiatesF irm reg istra tio n n um b er: 1 01 0 4 9WChart er ed Accoun tan tsFor Brahmayya & Co.F irm re gistration numb er: OOOS1 SSChar te re d Accounta nts

sAtper Sanjay VijPartnerMemb ersh ip N o.: 9 51 69

5 c l / - .per G SrinivasPartnerM em be rsh ip N o.: 8 67 61

Place: N ew D elhiDate: 1 3 M A Y 2 0 1 0

Place: NEW DELHIDate: '3 M A Y l f l f O


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DELHI INTERNATIONAL AIRPORT PRIVATE LIMITEDBalance Sheet as at March 31, 2010

(Rupees In Crores)Schedule As at March 31, 2010 As at March 31, 2009

SOURCES OF FUNDSShareholders' fundsShare capital 1 1,200.00 1,200.00Share application money 1,250.00 1,250.00Reserves and surplus 2 B2.39 62.50

2,532.39 2,512.50Loan fundsSecured loans 3 6,638.92 3,427.63Unsecured loans 4 1,934.98 715.39

8,573.90 4,143.02Deferred tax liabilities (Net) 5 27.56 30.30Total 11,133.85 6685.82

APPUCAnON OF FUNDSFixed assetsGross Block 6 2,618.86 1,993.95Less : Accumulated depreciation 164.99 56.90Ne t block 2,453.87 1,937.05capital work-in-progress including capital advances 7,859A2 4,393.49(Refer note no 22 of schedule 22)Less: Development fund 525.74 35.12(Refer note no. 2(c) of schedule 22)

9,787.55 6,295.42Intangible assets (net) 7 435.27 186.00Invesbnents 8 942.92 55.56Current assets, loans and advancesInterest accrued on investment 1.24 0.04Inventories 9 4.71 4.22SUndry debtors 10 176.11 78.63Cash and bank balances 11 146.59 33.03Other current assets 12 136.15 76.36Loans and advances 13 412.32 228.00

CA) 877.12 420.28Less : Current liabilities and provisions 14Current liabilities 734.70 268.93Provisions 174.31 2.51

(B) 909.01 271.44Net CUlTent assets I (lIability) (A-B) (31.89) 148.84

Total Ih_133.85 6685.82Notes to Accounts 22The schedules referred to above and notes to accounts form an integral part of the Balance SheetAs per our report of even date

For S.H. Batlibol 8t Associatesfintl Reg. No. : 101049WChartered Accountants

For Brahmayya 8t Co.,firm Reg. No. : 0005155Chartered Accountants .

Sd{-per SanJay VijPartnerMembership no: 95169Place: New DelhiDate : May 13, 2010

Sd/-per G. SrinivasPartnerMembership no: 86761Place: New DelhiDate : May 13, 2010

For and on behalf of the Board of DirectorsSd{-K1ran Kumar GrandhfManaging Director

Sd/-I(. Narayana RaoWhole Time Director

Sd/-M.S. NarayananCFO & Company Secretary

Place : New DelhiDa te : May 13, 2010


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DELHIINTERNII.T IDNAL AIRPORT PRIVII.TE UMlTEDProfIt II.nd Loss II .ccuunt ror the Year ended March 31, 2010

CRu_ In Cro_)I 'o r the ye~r ended F or th e y ea r e nd ed

PlIrtiallal'll Schedule March 31, 2010 Ma rc h 3 1 , 2009Jna:llneIncomefrom serv ices 15 1,153.27 !M7.62Other Income 16 18.56 10.48Gross Income 1,171.83 958.10Less: Annual Fee to Airports Authority of ["db (MI) 538.92 0 4 4 l 1 . 6 3(refer note no. 2(k) of schedule 22)Net Income 632.91 5[7.47ExpenditurePersonnele~ 17 101.66 205.26Operat ing expenses 18 183.05 1045.82Admi ni st ra t io n and other expenses 19 85.44 904.23

370.15 445.31profit before Interest and deprechltlon 262.76 n.16(A lso r e fe r ned no te 19 and 2 1 of s ch ed ul e 2 2 )Anancbl expenses 20 129.29 53.87DEpredat Ion/Amort isat ion 6,7 116.64 52.52

245.93 106.39Prollt /(LOU) before 1aXiltlon 16.83 (34.23)ProvIsi on for ta~CUrtenttax (2.86)Add: MA Taedt 2.86 -Deferred tax 2.74 13.14FrInqe benefit ta~ 0.32 {2.4lITotal tax (expense)/lncome 3.06 10.74ProIIt l (Lou) after taQtIon 19.89 (lH9)B a la n~ b ro ug ht forward 62.50 85.99Balance carried to Balance Sheet 82.39 62.50Eamlnl l . / (Lou) per 5h... (In b) 21Basic 0.17 (D.33)[N omin a l v a lu e of shares Rs. 1 0 (Mar 2 0 0 9 : Rs 10 )1Diluted 0.08 (0.33)[Nominal value of shares Rs. 1 0 (M a r 2 0 09 : Rs 10 )]Notes to the Ac:c:ounbl 22Th e schedules re ferred to above a nd n ot es to a c co un t s f o rm an In te g ra l part of th e ProfIt &. Lo s s a c co un tAs per our report of even date

I 'or S.R. Bat ll bo l AISOdatesFirm R e ! i I . No. : 101049Wa..r tered Ac:c:ountanbFor BrahmaYYII ee.,FIrm Rag. No. , ClOOS15SCI l'tlltad Accountant.

Sd/-per Sanjay VIjPar t ne rMembership no: 95169P la ce : Ne w DeihlO ate : M ay 13, 2010I'or and on behalf of the Ioatd of Directors

ScI/-pet Ii.SlfnllrNPaJ tne rMembership no: 86761P la ce : N ew DelhiPate : M ay 13, 2010

Scl/-Klran Kumar GrandhlManaging Di rect orSd/-K. Narll 'f1lna llIIoWhol.Time 01_

ScI/N.S-Narayan.ra= o &. OJmpany SeaetIlr,P la c e: N ew o el hlO ate : M a y 1 3, 2 01 0


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DELHI INTERNATIONAL AIRPORT PRIVATE LIMITEDCash flow statement for the year ended March 31, 201c] (Rupees In Crores)

For the year ended For the year ended MarchMarch 31, 2010 31,2009

A. CASH FLOW FROM OPERATING ACTIVITIESNet ProFlt/(Loss) before taxat ion 16.83 (34.23)Adjustments for :Depretiation and amortisation 117.61 52.52Interest Income (1.22) (4.49)Income from Investments (2.87) (4.43)Loss on sale of fixed assets 3.55 -Interest and finance charges 129.29 53.87Operating Profi t/CLoss) before working capi tal changes 263.19 63.24Adjustments for changes In working capital:Decrease/ (Increase) In trade and other receivables (157.27) 36.58Decrease I (Increase) In loans and advances (83.79) (159.73)DecreaseI (Increase) in balance with banks (Margin money accounts) (16.46) 9.81DecreaseI (Increase) in fixed deposits (to be matured after 3 months) (4.90) 50.07Decrease/ (Increase) In Inventory (0.49) (4.23)Increase I (Deaease) in trade and other payables 637.57 (125.47)Cash generated from operations 637.85 (129.73)Fringe benefit taxes paid 0.32 {2.40JNet cash from operating act ivi ties 638.17 {132.13

B. CASH FLOW FROM/ (USED IN) INVEmNG AcnvmESPurchaseof lixed assets (4,355.34) (3,661.89)Development fees realised 490.62 35.12Investments (Net) (887.36) 824.98Insurance Claim Receivedon Discard of Asse t 2.15 .Income from investments 2.87 4.43Interest received 0.03 4.58Advance towards investment in subsidiaries, associates and jOint ventures _1100.S'll (6.13Net Cash from/fused In) Investing activities (4847.57) (2798.91

C . CASH FLOW FROM FINANCING ACTIVrnESProceedsfrom share capital/share application money - 1,200.00Proceedsfrom secured loan 3,211.29 1,397.63Proceedsfrom unsecured loan (110.00) 80.00Deposit from trade concessionaires & commercial property 1,329.59 165.39Interest and finance charges paid (129.29) (53.87Net Cash from/(used In) financing activities 4301.59 2789.15Net Increase in cash and cash equivalents 92.19 (141.89)Cash and cash equivalents at the beginning of the period 26.20 168.09Cash and cash equivalents at the end of the period 118.39 26.20

As p er our report of even date

For S.R. Batllbol &. AssociatesFirm Reg. No. : 101049WChartered Accountants

For Brahmavva &. ce,Arm Reg. No.: 0005155Chartered Accountants

Sd/per SanJay YfjPartnerMembership no: 95169Place: New DeihlDate : May 13, 2010

Sd/-per G. 5rinivasPartnerMembership no: 86761Place: N ew D elh iDate ; May 13, 2010

For and on behalf of the Board of Directorsset-Kiran Kumar GrandhiManaging Director

5d/~K. Narayana RaoWhole Time Director

Sd/M.5.NarayananCFO &Company SecretaryPlace: New DelhiDate : May 13, 2010


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fllll_inCI'II ....1As at Mard>ll, 2010 1\$ at M ar di JI , Z OO 9

Schad .....1A O O I o r 1 s e d2,000,000,000 (Mar 2009: 2,oro,000,000) equi ty share s of Rs ID $


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DELHllNTERNAnONAL AIRPORT PRIVATE UMlTI:CS che dule o form in g p art of the aa l a n ce 511_ as lit M ard i 31, lOIU

A5atM..d1 31, 2010 Aut Meidl 31, 200IISdledule8In_erqC;:Umont ( __ or cost a nd m ar ke t " " Iue)Other III~ T...d. - Unqu_S B llJ lS la C as h F un d G ro w1 h O p Ho n 55.35Nil (Ma r 2OO~:28,207,337 UnH s )HDFC eM F . T,easury ADvan lage V V S G ro wth 150.03 74,318,903.25 unlls (Mar 2009: Nil)AXIS l iq ui d F un d I ns ti tu ti On a l G r ow 1 h S e h er ne 25.00245,31 0.61 U n ~ s ( M ar 2009 : NilI DF C C as h F un d S u pe r I 08 H1 II II on ai P la n C G ro wl h S c h eme 22.1719,806,394.382 u n l1 s ( M ar 2009 : Ni~ID FC M on ey M an ag er Fu nd T re atu'}' P la n S up er I ns ~M lo na l P ta n C G ro wlh 272.75249.608,847.3 U n it s ( M ar 2009 : NIIII CI Ct F le .lb le I nc om e p re m iu m G ro wth 150.03 B,759,984.~5 u nl ls { M ar 2009: Nil)8i r1a Sun Lj fe S av ing F tJ nd l- I ns t"u tlo na l G rowt h 302.68173,

Taul 176.11 78.63SdledU":l1CUh and bank ba l .. .. .. .cash o n h on d 0.11 O.lOBa l an ces wItIl sd>ecIuled banks On c ur re n t a a :o un t s l1:UO 17.33 On dc;IoslI: a c c o u n t s 10.04 8.80 On I I IM l l i n m o n e y a c c o u n ts 23.17 6.70

T_ 146.59 33.03

136.1' 76.36Tob l 136.15 16.36


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O ~LH I I If TE R NA nO NAL A IR PO RT P RIV A R L lM IT E CS dle dulM fon hln g part of the B . .. . n ce Sh_ as atMarch 3 1, 2 01 D

(R up ee oln C ...... )As atMnch 31, 2010 As ot Mardl 3 1 , ~O 09

Schedule 13Lo....... d ............(Unsecured . considered good)1 \ d v l I n t 1 ! 5 r ec o ve r ab le I n c a sh Or i n k in d o r f or v a lu e to be received 223.41 161.56(_ note n o. 4 of s ch ed ul e n o 22 )Advaooos towardsin . . .sbnent In s u bs id la r le s ,a s so c Ia te s a n d j oi nt v e nl ll es 111.47 10 .93Advanc e Tax (N et ; o f ProvisiOn) 42.12 34.17[ProvisiOn 115.16.78 cr . (Mar 2 0 09 : 11 513.92 cr.)]MA T a e :l lt e n ti tl em e n t 1&.78 13.92Deposits with Government Authori ti . . 1.71 1.71othor de"",,1s 16.23 5.71Tatal 412.31 228.00

Schedule 14Cu.....m Uabillties anll PrvvloioMUIlbIIItiMSmd r y C re dl lo . . -(a) 1cl t l i1_lng dues of Micro . nd S m aH e nte rp ri s es -(Refer to n o lE n o . 12 of schedule 22 )(b) Ic lt li l_n d ln g duos of aeditooI other than MIaD a n d Sm a ll e o te rp n s es Ul5.82 190.14600It overdraft 2.24 8.89AdvaIl


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DE LH lI NT E RNATlONAL A IRPORT PRIVATE UM IT EDSchedules forming part of the Profit and Loss Accountfor the Year Ended March31, 2010_lRu_lnCroresl

."', . . . . . . e,,, u'" ' !.=' ~.u .. .. .March31, 2010 M a rc h 3 1, 2009Schedule 15Income from servicesA i rp o rt o p e ra t io n sAeronat l t ic a l 422.14 363.74Non Ae r onau ti c a l 509.44 371.96Comme r c i a l property d ev elo pm e nt i nc om e 46.38 -c a rg o o p e ra t io n s 175.31 211.92Totill .1,153.27 947.62

Schedule 16other IncomeI nt er es t o n d e p os it s 1.22 4.49[TDS Rs . 0.03 Crs ( M a r 2 00 9 Rs . 0.83 Os)]In com e fro m in ve stm en ts -oth er th an tra de 2.87 1.13I nte re st o n D ela ye d P a ym e nts 6.01 0.19M i s c el la n e ou s i n com e 0.87 1.37T e n d e r c o st r e co v e ry (N e t of e x pen s e s of Rs 3.15 C rs (M a r 2 00 9 : N ill] 7.59Total 18.56 10.48

Schedule 17Personnel expensesS a la ri es ,w a ge s a n d b on us 74.77 70.60O p e ra ti on s up p o rt cost 10.38 115.31Contr ibut ion to p t O ll id e n t f un d 2.03 1.63(re fe r n ote n o 9 of sch ed ule n o. 2 2 )G r a tu it y e x p e n se 0.69 0.88(re fe r n ote n o of of sch ed ule n o. 2 2 )O t he r post e m p lo ym e n t b en e fi ts 2.59 1.93(refer note n o 9 of sch ed ule n o. 22 )S t af f w e lf ar e e lq le n se s 11.20 14.88Total 101.66 205 .26

Schedule 18Operating expen_A irp ort o pe ra to r fe e 28.74 2627RepailS a n d m a i nt en a n ce :-Bu i l d ing 24.01 19.06- Pl an t a n d m a c hi n er y 27.05 23.79-others 13.87 1.72Power a n d fu el 31.21 33.17I nsurance 4.92 2 . B OC ar go h a nd li ng a nd o th er c : o s t : s 13.55 15.35Consumab les 1.12 1.26Other o p er at in g e x pe n se s 38.58 19.38

Total 183.05 115.82


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D E LHI I NT E RNA nONAL A IR POR T PRI VA TE UM nE DSchedu l es forming part of the Profit lind Loss Account fo r the Y ea r E nd ed March 31 , 2 010

(Rupees In Crores)

. . . . . . , . . . . . y _ .. . . . . . , . ._ , n.N U" ! _ " a . " " " c uMarch 31 , 2 010 Mar ch 3 1, 2 0 09Sd!edule 19Admlnlstratlon and other expen_R e n t 8.82 8.52R a te s a n d t axes 1 .0B 0 .16L eg al a nd p ro fe ss io na l fe es ( Ne t o f r er ov er y Rs 0 .98 Cr : 42 .19 48.66P r in t in g a n d s t at io n a ry 1 .82 1.62T r av e ll in g a n d c o nv e ya n ce B.l l 8.92Remune r a t i on to Aud i tors : -- A ud it f ee s 0 .26 0 .22-T a x A ud it fees 0.05 0 .0 5-c er ti fic at io n a nd o th er s er vic es 0.11 0 .0 1-Out of p o ck et e x p en s es 0.06 0 .0 3D ir ec to rs ' s it ti ng f ee 0.14 0 .14C omm u ni ca ti on e x p en s es 2 .73 3.29L os s o n e x ch an ge f iu ctu at lo n (N et ) (0 .05) 0 .67O ff ic e m a in te n an c e e x p en s es 5.98 9.10Ad ve r t i s emen t 2 .52 6.18Loss o n s ale /d is ca rd o f f ix e d a ss ets 3.55 -M i s c e ll a ne ou s e x p e n s e s B.07 6.66

T ota l 8S .44 94.23

S chedule 2 0F1nantlal expensesIn te re st o n fix ed lo an s 123 .26 53.39O t h e r i n te r e st 3 .71 0 .0 1O t he r f in a nc e c h ar ge s 2 .32 0 .47

To t a l 129.29 53.87

S chedu le 2 1Earnings per shareNet p ro fit a s p er p ro fit a nd lo ss a cc ou nt 19.89 (23.49)Weigh ted a v e ra ge num be r of e quity s h a res in c a lc u la tin g ba s ic E PS 120 .00 71.92Weigh ted a v e ra ge num be r of equity s h a res in c a lc u la tin g d i lu ted EP S 245 .00 162.84Bas ic EP S 0 .17 (0 .33)D ilu te d E P S 0 .08 ( 0 . 3 3 1

To t a l


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DELHI INTERNA nONAL AIRPORT PRIVATE LIMITEDSCHEDULE 22: NOTES TO ACCOUNTS1. Nature of Operations

Delhi International Airport Private Limited (DIAL), a joint venture Company [joint venture between theGMR Group consortium and Airports Authority of India (AAI)), was incorporated on March 1, 2006 ,formanaging the operations and modernisation of the Indira Gandhi International Airport (Delhi Airport).DIAL had entered into Operation, Management and Development Agreement (OMDA) with AAI whichgives DIAL an exclusive right to operate, maintain, develop, modernise and manage the Delhi Airport onRevenue share model for an initial term of 30 years which can be extended by another 30 years onsatisfaction of certain terms and conditions pursuant to OMDA.

20 Statement on Significant Accounting Policies and Notes to the Accountsa.) Basis of Preparation

The financial statements have been prepared to comply in all material respects with the AccountingStandards notified by Companies (Accounting Standards) Rules, 2006, (as amended) and the relevantprovisions of the Companies Act, 1956. The financial statements have been prepared under the historicalcost convention on an accrual basis except in case of assets for which provision for impairment is made andrevaluation is carried out. The accounting policies have been consistently applied by the Company and areconsistent with those used in the previous year.bo) Use of estimates

The preparation of financial statements in conformity with generally accepted accounting principlesrequires management to make estimates and assumptions that affect the reported amounts of assets andliabilities and disclosure of contingent liabilities at the date of the financial statements and the results ofoperations during the reporting period. Although these estimates are based upon management's bestknowledge of current events and actions, actual results could differ from these estimates.

C o ) Fixed AssetsFixed Assets are stated at cost, net of cenvat credit and other duty drawbacks less accumulated depreciationand impairment losses if any. Cost comprises the purchase price and any attributable cost of bringing theasset to its working condition for its intended use. Borrowing costs and other directly associated costrelating to acquisition of fixed assets which takes substantial period of time to get ready for its intended useare also included to the extent they relate to the period till such assets are ready to be put to use.Assets under installation or under construction as at the Balance sheet date are shown as Capital Work inProgress. Expenditure including finance charges directly relating to construction activity is capitalised.Development Fee recoverable as on year end, in terms of order of Ministry of Civil Aviation dated 9thFebruary, 2009 towards development of aeronautical assets is reduced from the cost of those assets. Thebalance portion of development fee shall be accrued once the Company is entitled to it.

do ) DepreciationDepreciation is provided using the Straight Line Method as per the useful lives of the assets estimated bythe management, or at the rates prescribed under schedule XIV of the Companies Act, 1956 whichever ishigher.


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DELHI INTERNATIONAL AIRPORT PRIVATE LIMITEDParticulars Rates (SLM) Schedule XIVRates (SLM)Buildings 3.34% 3.34%Office Equipment 4.75% 4.75%Plant and Machinery 4.75% 4.75%Computers 16.21% 16.21%Furniture and Fixtures 6.33% 6.33%Vehicles 9.50% 9.50%Assets costing less than Rs. 5,000are fully depreciated in the year of acquisition

e.) ImpairmentThe carrying amounts of assets are reviewed at each balance sheet date if there is any indication ofimpairment based on internal/external factors. An impairment loss is recognized wherever the carryingamount of an asset ex.ceeds its recoverable amount. The recoverable amount is the greater of the asset's netselling price and value in use. In assessing value in use, the estimated future cash flows are discounted totheir present value at the weighted average cost of capitaL After impairment, depreciation is provided on therevised carrying amount of the asset over its remaining useful life.

C .) IntangiblesUpfront Fee paid as Airport Concessionaire Rights and other costs paid to Airports Authority of Indiapursuant to the terms and conditions of the OMDA and subsequent payments for enhancement ofinfrastructure of the Airport are recognized and are amortized over the initial and extended period ofOMDA.

g.) LeasesWh ere the Company is th e l es see:Leases, where the lessor effectively retains substantially all the risks and benefits of ownership of the leasedterm, are classified as operating leases. Operating lease payments are recognized as an expense in the Profitand Loss account in accordance with Accounting Standard on "Leases" issued by The Institute of CharteredAccountants of India.

h.) Government GrantsGrants and subsidies, including duty drawbacks from the government are recognized when there isreasonable assurance that the grant/subsidy will be received! utilized and all attaching conditions have beencomplied with.Grants related to an asset, its value is deducted from the gross value of the asset concerned in arriving at thecarrying amount of the related asset.

L) InvestmentsInvestments that are readily realisable and intended to be held for not more than a year are classified ascurrent investments. An other investments are classified as long-term investments. Current investments arecarried at lower of cost and fair value determined on an individual investment basis. Long-term investmentsare carried at cost. However, provision for diminution in value is made to recognise a decline other thantemporary inthe value of the investments,


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DELHI INTERNATIONAL AIRPORT PRIVATE LIMITEDj.) Inventories

Inventories are valued at the lower of cost and net realizable value. Cost is determined on a weightedaverage basis and includes other directly associated cost in bringing the inventories to their present locationand condition. Net realizable value is the estimated current procurement price in the ordinary course ofbusiness.

k.) Revenue RecognitionRevenue is recognized to the extent that it is probable that the economic benefits will flow to the Companyand the revenue can be reliably measured.Income from ServicesRevenue from Airport Operations i.e. Aeronautical & Non Aeronautical Operations are recognised onaccrual basis, net of service tax, applicable discounts and collection charges, when services are rendered.Aeronautical Operations includes movement and parking of aircraft, operation & maintenance of passengerboarding and other allied services. Non Aeronautical Operations includes granting rights to use land andspace primarily for catering the needs of passengers, air traffic services and air transport services.Revenue from Cargo Operations are recognised at the point of departure for exports and at the point whengoods are cleared in case of imports.Revenue from Commercial Property Development rights granted to concessionaires is recognized onaccrual basis, as per the terms of agreement with customers.InterestRevenue is recognised on a time proportion basis taking into account the amount outstanding and the rateapplicable except interest income received from customers for delayed payments on receipt/acceptancebasis.Annual feeAnnual fee is payable to Airport Authority of India, computed as a percentage of revenue pursuant to theterms and conditions of the Operations Maintenance and Development Agreement (OMDA) entered intowith Airports Authority of India and is recognised as a charge to gross income.

I.} Borrowing CostsBorrowing costs directly attributable to the acquismon, construction or production of an asset thatnecessarily takes a substantial period of time to get ready for its intended use or sale are capitalized as partof the cost of the respective asset. All other borrowing costs are expensed in the period they occur.Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing offunds.

m.) Foreign currency translationInitial RecognitionForeign currency transactions are recorded in the reporting currency, by applying to the foreign currencyamount the exchange rate between the reporting currency and the foreign currency at the date of thetransaction.


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DELHI INTERNATIONAL AIRPORT PRIVATE LIMITEDConversionForeign currency monetary items are reported using the closing rate. Non-monetary items which are carriedin terms of historical cost denominated in a foreign currency are reported using the exchange rate at the dateof the transaction; and non-monetary items which are carried at fair value or other similar valuationdenominated in a foreign currency are reported using the exchange rates that existed when the values weredetermined.Exchange DifferencesExchange differences arising on the settlement of monetary items, or on reporting such monetary items ofcompany at rates different from those at which they were initially recorded during the year, or reported inprevious financial statements, are recognized as income or as expenses in the year in which they arise.

n.) Retirement and other employee benefits:i. Retirement benefits in the form of Provident Fund, Superannuation Fund and Employee State Insurance isa defined contribution scheme and the contributions are charged to the Profit and Loss Account of the yearwhen the contributions to the respective funds are due. There are no other obligations other than thecontribution payable to the respective trusts.ii.Gratuity liability is defined benefit obligation and is provided for on the basis of an actuarial valuation onprojected unit credit method made at the end of each financial year. Every employee who has completedfive years or more of service gets a gratuity on departure at 15 days salary (last drawn salary) for eachcompleted year of service. The scheme is funded with an insurance Company in the form of a qualifyinginsurance policy.iii. Short term compensated absences are provided for based on estimates. Long term compensated absencesare provided for based on actuarial valuation. The actuarial valuation is done as per projected unit creditmethod.iv, Actuarial gains/losses are immediately taken to profit and loss account and are not deferred.

0.) Income taxesTax expense comprises of current, deferred and fringe benefit tax. Current income tax and fringe benefittax is measured at the amount expected to be paid to the tax authorities in accordance with the Income-taxAct, 1961 enacted in India. Deferred income taxes reflects the impact of current year timing differencesbetween taxable income and accounting income for the year and reversal of timing differences of earlieryears.Deferred tax is measured based on the tax rates and the tax laws enacted or substantively enacted at thebalance sheet date. Deferred tax assets and deferred tax liabilities are offset, if a legally enforceable rightexists to set off current tax assets against current tax liabilities and the deferred tax assets and deferred taxliabilities relate to the taxes on income levied by same governing taxation laws. Deferred tax assets arerecognised only to the extent that there is reasonable certainty that sufficient future taxable income will beavailable against which such deferred tax assets can be realised. In situations where the company hasunabsorbed depreciation or carry forward tax losses. all deferred tax assets are recognised only if there isvirtual certainty supported by convincing evidence that they can be realised against future taxable profits.At each balance sheet date the Company re-assesses unrecognised deferred tax assets. It recognisesunrecognised deferred tax assets to the extent that it has become reasonably certain or virtually certain, as


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DELHI INTERNATIONAL AIRPORT PRIVATE LIMITEDthe case may be that sufficient future taxable income will be available against which such deferred taxassets can be realized.The carrying amount of deferred tax assets are reviewed at each balance sheet date. The company writes-down the carrying amount of a deferred tax asset to the extent that it is no longer reasonably certain orvirtually certain, as the case may be, that sufficient future taxable income win be available against whichdeferred tax asset can be realised. Any such write-down is reversed to the extent that it becomes reasonablycertain or virtually certain, as the case may be, that sufficient future taxable income will be availableMAT credit is recognised as an asset only when and to the extent there is convincing evidence that thecompany will pay normal income tax during the specified period. In the year in which the MinimumAlternative tax (MAT) credit becomes eligible to be recognized as an asset in accordance with therecommendations contained in guidance Note issued by the Institute of Chartered Accountants of India, thesaid asset is created by way of a credit to the profit and loss account and shown as MAT Credit Entitlement.The Company reviews the same at each balance sheet date and writes down the carrying amount of MATCredit Entitlement to the extent there is no longer convincing evidence to the effect that Company will paynormal Income Tax during the specified period.

p.) Segment informationThe Company has only one reportable business segment, which is operations of Airport and allied servicesand operates in a single business segment based on the nature of the services, the risk and returns, theorganization structure and the internal financial reporting systems. Accordingly, the amounts appearing inthe financial statements relate to the company's single business segment.

q.) Earnings Per ShareBasic earnings per share are calculated by dividing the net profit or loss for the period attributable to equityshareholders (after deducting preference dividends and attributable taxes) by the weighted average numberof equity shares outstanding during the period.For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable toequity shareholders and the weighted average number of shares outstanding during the period are adjustedfor the effects of all dilutive potential equity shares.

r.) ProvisionsA provision is recognised when an enterprise has a present obligation as a result of past event; it is probablethat an outflow of resources will be required to settle the obligation, in respect of which a reliable estimatecan be made. Provisions are not discounted to its present value and are determined based on best estimaterequired to settle the obligation at the balance sheet date. These are reviewed at each balance sheet date andadjusted to reflect the current best estimates.

S o ) Cash and Cash equivalentsCash and cash equivalents for the purposes of cash flow statement comprise cash at bank and in hand andshort-term investments with an original maturity of three months or less.


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DELHI INTERNATIONAL AIRPORT PRIVATE LIMITEDt.) Derivative Instruments

As per the ICAl Announcement, accounting for derivative contracts, other than those covered under AS1],are marked to market on a portfolio basis, and the net loss after considering the offsetting effect on theunderlying hedge item is charged to the income statement. Net gains are ignored.3. Related Party transactions:a.) Names of related parties and description of relationship:Description of relationship Name of the related partiesEnterprises that control the GMR Infrastructure LimitedCompany GMR Holdings Private Limited (Ultimate Holding Company)Enterprises controlled by the Delhi Aerotropolis Private Limitedcompany DIAL Cargo Private Limited

East Delhi Waste Processing Company Private LimitedDelhi Aviation Fuel Facility Private LimitedEnterprises in respect of which Airports Authority of India

the company is a joint venture Fraport AG Frankfurt Airport Services WorldwideMalaysia Airports (Mauritius) Private Limited

Enterprises which are joint Delhi Duty Free Services Private Limitedventures of the company. Delhi Select Services Hospitality Private Limited

Devyani Food Street Private LimitedWipro Airport IT Services LimitedTravel Food & Services (Delhi Terminal 3) Private LimitedDelhi Airport Parking Services Private Limited

Key management personnel and Mr.G.Kiran Kumar-Managing Directortheir relatives. Mr.Srinivas Bomrnidala-Executive DirectorMr.KNarayana Rao- WholeTime DirectorMr. B S Shantaraju- Whole Time Director (till May 18,2009)MS.B.RamadeviMs.G.Ragini Kiran

Enterprises owned or GMR Varalakshmi Foundationsignificantly influenced by the GMR Aviation Private Limitedkey management personnel or Raxa Security Services Limitedtheir relatives.Enterprises which are associates Celebi Delhi Cargo Terminal Management India Private Limitedof the company Delhi Cargo Service Center Private Limited


23/43

DELHI INTERNATIONAL AIRPORT PRIVATE LIMITEDDescription of relationship Narne of the related partiesEnterprises under conunon control GMR Sports Private Limited(Fellow subsidiaries of GIL) GMR Hebbal Towers Private Limited (Formerly LobeliaProperties Private Limited)

GMR Projects Private limitedGMR Industries LimitedGMR Chhattisgarh Energy Private LimitedGMR Corporate Affairs Private LimtedGMR Hyderabad International Airport LimitedCorporate Infrastructure Services Private Limited.Gateways for India Airports Private Limited.GMR Energy LimitedGMR Krishnagiri SEZ LimitedGMR Airports Holding Private Limited (formerly GVLInvestments Private Limited)GMR Tambaram Tindivanam Expressways Pvt.Ltd.GMR Tuni Anakapalli Expressways Private LimitedGMR Ambala Chandigarh Expressways Private LimitedGMR ladcherla Expressways Private Limited.Vemagiri Power Generation LimitedGMR Consulting Services Private Limited (FormerlyGMR Consulting Engineers Private Limited)GMR (Badrinath) Hydro Power Generation Pvt. Ltd.GMR Power Corporation Private LimitedGMR Ulunderpet Expressways Private LimitedGMR Kamalanga Energy LimitedGMR Infrastructure (UK) LimitedGMR Corporate Center Limited

b.) Summaryof transactionswiththe aboverelatedpartiesas follows:

-------------------------- Spacehas been intentionallyleft blank------------------------------


24/43

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25/43

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26/43

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27/43

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28/43

DELID INTERNATIONAL AIRPORT PRIVATE LIMITED4. Loans & Advances upees in rores

March 31, March 31,Particulars 2 0 1 0 2 0 0 9Advance due from the Companies under the same managementGMR Chhattisgarh Energy Private Limited 0.00 -GMR Hyderabad International Airport Limited 1.81 -GMR Ambala Chandigarh Expressways (P) Limited 0.00 -GMR Corporate Affairs Private Limited 2.86 -Maximum Outstanding from the Companies under the same managementGMR Sports Private Limited - 0.18GMR Projects Private Limited - 0.01GMR Industries Limited 0.00 0.15GMR Chhattisgarh Energy Private Limited 0.00 -GMR Corporate Affairs Private Limited 2.92 -GMR Hyderabad International Airport Limited 2.26 0.56GMR Krishnagiri SEZ Limited 0.00 0.00GMR Tambaram - Tindivanam Expressways (P) Limited - 0.00GMR Consulting Services Private Limited (Formerly GMR Consulting EngineersPrivate Limited) 0.05 -GMR( Badrinath) Hydro Power Generation Private Limited 0.00 0.01GMR Kamalanga Energy Limited 0.05 -GMR Varalakshmi Foundation - 0.00GMR Corporate Center Limited 0.02 0.62GMR Power Corporation Private Limited - 0.00GMR Ambala - Chandigarh Expressways (P) Ltd 0.00 0.00GMR Tuni - Anakapalli Expressways (P) Ltd - 0.00Delhi Golf Link Properties Private Limited 1.00 -Emeo Energy Limited 0.44 -GMR Highways Private Limited - 0.00GMR Jadcherla Expressways Pvt. Ltd. - 0.00

(R 'C )


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DELHI INTERNATIONAL AIRPORT PRIVATE LIMITED5. Leases:

Assets taken on Operating Lease upees In roresParticulars Year ended Year endedMarch 31, March 31,2010 2009

Minimum Lease Payments :Not later than one year 1.78 0.19Later than one year but not later than five years 0.25 1.22Later than five years - -Total 2.03 1.41

(R . C )

6. Interest in Joint Ventures:The Company has entered into the following Joint Ventures:

a) List of Joint Ventures

Description of Ownership Date of Country ofName of Joint Venture Nature IncorporationInterest Interest Incorporation or ResidenceTravel Food Services Jointly(Delhi T3) Pvt. Ltd. controlled Food & 40% 04.12.09 Indiaentity BeveragesDevyani Food Street Pvt. JointlyLtd. controlled Food & 40% 07.09.09 Indiaentity BeveragesDelhi Select Service Jointly Retail andHospitality Pvt. Ltd. controlled Food& 40% 06.08.09 Indiaentity BeveragesDelhi Duty Free Services JointlyPvt. Ltd controlled Duty Free 49.90% 07.07.09 Indiaentity ShopsWipro Airport IT JointlyServices Ltd. controlled IT Systems 26% 22.10.09 IndiaentityDelhi Airport Parking JointlyServices Pvt. Ltd. controlled Vehicle 49.90% 11.02.10 Indiaentity Parking


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DELm INTERNATIONAL AIRPORT PRIVATE LIMITEDb) Financial interest in Jointly Controlled Entity*

upees 10 roresName of Joint Venture Entity Assets Liabilities Income Expenditure Capital Contingent

Commitment LiabilitiesWipro Airport IT Services Limited 56.29 56.09 - 1.10 - -Travel Food & Services (Delhi 3.21 0.01Terminal 3) Private Limited - - - -Delhi Duty Free Services Private 119.32 122.27 0.01 - - -LimitedDelhi Select Services Hospitality 0.49 0.15 - 0.06 - -Private LimitedDevyani Food Street Private Limited 1.15 0.07 - - - -Delhi Airport Parking Services Pvt. 73.90 55.12 - 0.00 - -Ltd.

(R 'C )

* The above information is as per management accounts furnished by the Joint Ventures.7. Capital commitments:

Estimated amount of contracts remaining to be executed on capital account not provided for, net ofadvances Rs, 2,386.53 Crores (March 31, 2009 - Rupees 4,322.29 Crores),8. Contingent Liabilities not provided for: (Rs. in Crores)

Particulars As at March As at March31,2010 31~2009Bank Guarantee Outstanding in respect of:Performance Bond 625.00 561.70Customs and Others 81.93 66.77In respect of Income tax matters and appeal 0.29 -Claims against the company not acknowledged as debts 187.72 -


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DELHI INTERNATIONAL AIRPORT PRIVATE LIMITED9. Retirement Benefit Plan:

Disclosure as per Accounting Standard 15 (Revised 2005) on "Employee Benefits" issued by the Institute ofChartered Accountants of India.Employees BenefitDefined Contribution Plans upees in roresParticulars As at March As at March

3 1 . 2 0 1 0 3 1 , 2 0 0 9Employer's contribution to Provident Fund* 3.42 1.63Employer's contribution to ESIC 0.01 0.01Employer's contribution to Superannuation Fund** 2.55 1.43Employer's contribution to Pension Fund*** 0.97 0.49Total 6.95 3.56

(R 'C )

* Rs 1.39 Crores transferred to CWIP (Mar'09: Nil)** Rs 0.75 Crores transferred to CWIP (Mar'09: Nil)*** Rs 0.20 Crores transferred to CWIP (Mar'09: Nil)Defined Benefit PlansProfit and Loss accountNet employee benefit expense (recognized in Employee Cost) upees in roresGratuity As at March As at March

3 1 , 2 0 1 0 3 1 , 2 0 0 9Current service cost 1.08 0.81Interest cost on benefit obligation 0.15 0.06Expected return on plan assets (0.22) (0.16)Net actuarial( gain) 1 loss recognized in the year (0.04) 0.18Past service cost - -Netbenefitexpense**** 0.97 0.89

(R . C )

Balance sheet upees in roresGratuity As at March As at March

3 1 , 2 0 1 0 3 1 , 2 0 0 9Defined benefit obligation 2.95 1.79Fair value of plan assets 2.90 2.75Plan asset I (liability) (0.05) 0.96

(R c )


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-- --- -----------------

DELHI INTERNATIONAL AIRPORT PRIVATE LIMITEDChanges in the present value of the defined benefit obligation are as follows: upees m rores

As at March As at MarchGratuity 31,2010 31.2009__QJ?_eningefined benefit Obligation 1.78 0.84Interest cost 0.15 0.06Current service cost 1.08 0.81Benefits paid (0.04) (0.06)Actuarial (gains) I losses on obligation (0.02) 0.14Closin2 defined benefit obligation 2.95 1.79

(R 'C )

Changes in the fair value of Plan Assets are as follows: upees to roresParticulars As at March As at March31,2010 31,2009Opening fair value of plan assets 2.75 1.35Expected return 0.22 0.16Contributions by employer (0.06) 1.34Benefits paid (0.04) (0.06)Actuarial gains I (losses) 0.03 (0.04)Closing fair value of plan assets 2.90 2.75

(R 'C )

The Principal assumptions used in determining gratuity for the Company's plan are shown below:Particulars As at March As at March31,2010 % 31,2009 %

Discount rate 8.00% 7.00%Expected rate of return on assets 8.00% 8.00%Expected rate of increase in compensation level 6.00% 6.00%Attrition Rate 5.00% 5.00%Retirement expectancy 60 60Average Age 33.73 -Average past Service 2.31 -Expected average remaining working life of employees 26.27 -

The estimates of future salary increases, considered in actuarial valuation. take account of inflation, seniority,promotion and other relevant factors, such as supply and demand in the employment market.Amount for the current and previous years are as follows:Particulars As at March As at March31,2010 31,2009Defined benefit obligation (2.95) (1.79)Plan Assets 2.90 2.75Surplus I (deficit) (0.05) 0.96

(Rs in Crares)

**** Rs 0.48 Crares transferred to CWIP (Mar'09: Nil)


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DELHI INTERNATIONAL AIRPORT PRIVATE LIMITED10. Derivative Instruments:

Interest rate swaps outstanding as at the balance sheet date:As per the conditions precedent to disbursement of loan, the Company has entered into interest rate swap(IRS) agreements from floating rate of interest to fixed rate of interest against its foreign currency loan ofUSD 350 million covering the loan period. Since the critical terms of the IRS and the principal term loanare same, based on the internal assessment carried out by the management, the net impact of the marked tomarket valuation of the IRS, net of gain/loss on the underlying loan is not expected to be material.Particulars of Derivatives PurposeInterest rate swap outstanding as at Balance sheet Hedge of variable interest outflow on Externaldate: US$ 350 million Commercial Borrowing. Swap to pay fixed rateof interest as mentioned below tranche wise andreceive a variable rate equal to 6 month'sLIBOR:

ECB Amount (US$) Interest Rate100 million 4.99%75million 2.76%25 mi1lion 1.98%150million 1.96%

11. Particulars of Unhedged foreign currency exposure as at the Balance sheet Date are:March 31,2010

Particulars Amount (Rs.) ForeignCurrency Curreoc!Liabilitiesl(Receivables) 188,497,761 EUR 3,118,114

16,000,552 GBP 235,4581,341,000 SGD 41,80574,876,357 USD 1,667,6252,137,108 MYR 155,257(36,603) HKD (6,330)

Capital Advances 217,161,361 EUR 3,592,26444,889,942 GBP 660,583297,674,005 USD 6,629,711

Closing rates of foreign currencies as on March 31, 2010:Currency ClosingEUR 60.45GBP 67.96SGD 32.08USD 44.90MYR 13.77HKD 5.78


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DELHI INTERNATIONAL AIRPORT PRIVATE LIMITED12. Details of dues to Micro, Small and Medium Enterprises as per MSMED Act, 2006

The Company has not dealt with any party as defined under the provisions of Micro, Smal1 and MediumEnterprises Development Act, 2006.13. Additional information pursuant to Para 3, 4 and 4D of Part II of Schedule VI to the Companies Act, 1956are stated below.

a.) InventoryOpening Inventory

(Rupees in Crores)Year Ended Year Ended31-Mar-10 31-Mar-09

% Value % ValueImported 6 0.28 - -Indigenous 94 4.03 - -

Total 100 4.31 - -Purchase during the year

l!I!_eesm roresYear Ended Year Ended31-Mar-l0 31Mar-09

% Value % ValueImported 1 0.14 6 0.35Indigenous 99 11.17 94 5.65

Total 100 11.31 100 6.00

(R 'C )

Consumption during the year (R~s in CroresYear Ended Year Ended31-Mar-10 31-Mar-09


Total 100 10.91 100 1.69Closing Inventory upees m rores

Year Ended Year Ended31-Mar-l0 31-Mar-09


Total 100 4.71 100 4.31

(R 'C )


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DELHI INTERNATIONAL AIRPORT PRIVATE LIMITEDb.) Earnings in Foreign currency upees In rores

Particulars Year Ended Year EndedMarch 31,2010 March 31. 2009Aeronautical Income 2.61 2.70Revenue from Concessionaires 98.79 84.73

Total 101.40 87.43

(R 'C )

c.) CIF Value of Imports (Rupees in Crores)Particulars Year Ended Year EndedMarch 31.2010 March 31,2009Import of Capital goods 119.20 73.79

d.) Expenditure in Foreign Currency (Payment basis) (Rupees in Crores)Particulars Year Ended Year EndedMarch 31,2010 March 31,2009

Consultancy 59.11 86.42Training 5.68 4.29Foreign Travel 1.49 1.28Finance Charges 39.56 1.77Other Administrative expenses 5.10 0.52

Total 110.94 94.2814. Managerial Remuneration: (Rupees in Crores)

Particulars Year Ended Year EndedMarch 31,2010 March 31, 2009Salary and Allowances 4.37 5.87Contribution to Provident/Superannuation Fund 0.43 0.61Total 4.80 6.48,Note: w As the liabilities for gratuity and leave encashment are provided on an actuarial basis for theCompany as a whole, the amounts pertaining to the directors are not included above.

15. The Airports Authority of India w.eJ. June I, 2007 has claimed service tax on the annual fee payable tothem considering same as rental from immovable property. The company has disputed the grounds of thelevy as well company's liability under provisions of the OMDA. As the matter is under dispute and pendingwith Honorable High Court of Delhi, the impact of the same, ifany has not been considered.


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DELHI INTERNATIONAL AIRPORT PRIVATE LIMITED16. Investment purchased and sold during the year:

upees m roresPurchased Sold

No of Units Amount No of Units AmountAxis Liquid Fund Institutional PlanYear Mar'1O 245,311 25.00 - -Year Mar'09 - - - -Birla cash PlusYear Mar'10 1,693,596,116 2,458.99 1,693,596,116 2,463.61Year Mar'09 373,846,371 374.58 575,658,241 576.78Birla Suniife Saving FundInstitutional PlanYear Mar'1O 299,115,739 520.94 125,708,043 219.00Year Mar'09 - - - -HDFC Liquid Fund Premium!Year Mar'JO 352,791,276 650.27 352,791,276 652.09Year Mar'09 - - - -HDFC Liquid Fund Premium2Year Mar'10 355,973,609 670.05 281,654,705 521.58Year Mar'09 - - - -HDFC Liquid Fund Premium PlanDaily Dividend reinvestmentYear Mar'IO - - - -Year Mar'09 57,097,179 70.00 57,332,828 70.29ICICI Prudential Flexible FundYear Mar'IO 77,654,494 1,319.46 68,894,510 1,173.43Year Mar'09 - - - -ICICI Prudential Liquid FundSuper Institutional- Daily DividendReinvestment optionYear Mar'lO 483,618,751 2,674.15 483,618,751 2,677.05Year Mar'09 50,247,488 50.25 50,492,989 50.50SBI Insta Cash FundYear Mar'lO 55,703,088 109.76 83,910,425 165.53Year Mar'09 111,173,441 212.52 82,988,901 157.43

(R c )


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DELID INTERNATIONAL AIRPORT PRIVATE LIMITEDupeesm rores

Purcha sed So ldNo o f U nits Amount No of U nits Amount

UT I A ss et Man a gemen t- L iq uidCa sh FundYear Mar'lO 4,520,569 668.00 4,520,569 669.60Year Mac'09 1,647.208 236.00 1,647,208 236.18UT I A ss et Man a gemen t- T re a su ryAdvan tag e fundYear Mar'IO 653,133 80.09 653,133 80.23Year Mar'09 - - - -ING T re asu ry Mana gem en t F un dIns tit ut ion a l P lan - Da ily D iv id endReinves tmen t op t ionYear Mac'lD - - - -Year Mar'09 - - 29,773,834 29.78ING L iq uid F un d S up erIns ti tu tion a l - Da ily D iv id endReinves tmen t op t ionYear Mar'lD - - - -Year Mar'09 508,599,672 508.84 511,600,335 511.85

Prin cip a l C a sh Man a gemen t FundI nst itu tio n al P rem ium P la n - D a ilyD iv id end Re in ve stmen t op tionYear Mar'lD - - - -Year Mar'09 705,777,421 705.83 707,443,867 707.49P rin cip al F lo a tin g R a te F un d -FMP Inst itu tio n al P la n - D a ilyD iv id end Re in ve stmen t op tionYear Mar'IO - - - -Year Mar'09 365.329,954 365.78 400,344,619 400.84Re lia n ce L iq uid P lu s FundIns tit ut ion a l P lan Da ily D iv id endReinves tmen t Opt ionYear Mar'lO - - - -Year Mar'09 4.331,324 433.62 4,358,715 436.37

(R c )


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DELHI INTERNATIONAL AIRPORT PRIVATE LIMITEDupees in rores

Purchased SoldNo of Units Amount No of Units Amount

Reliance Liquidity FundInstitutional Plan Daily DividendReinvestment OptionYear Mar'lD - - - -Year Mar'09 578,267,923 697.81 788,718,241 908.88Kotak.Liquid InstitutionalPremium Plan Daily DividendReinvestment OptionYear Mar'lD - - - -Year Mar'09 227,821,399 234.05 229,714,146 235.96Kotak Flexl Debt Scheme - DailyDividend Reinvestment OptionYear Mar'lO - - - -Year Mar'09 61,334,140 75.00 143,393,927 175.34SBI Premier Liquid Fund SuperInstitutional Plan Daily DividendReinvestment OptionYear Mar'lD - - - -Year Mar'09 - - 149,802,700 150.29SBI -SHF- Liquid Plus FundInstitutional Plan Daily DividendReinvestment OptionYear Mar'lD - - - -Year Mar'09 150,214,452 150.29 152,254,177 152.33AIG India Treasury Plus FundSuper Institutional Plan DailyDividend Reinvestment OptionYear Mar'IO - - - -Year Mar'09 55,063,612 55.12 55,073,519 55.13

(R . C )


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DELID INTERNATIONAL AIRPORT PRIVATE LIMITEDupees m rores

Purchased SoldNo of Units Amount No of Units Amount

AIG India Liquid Fund SuperInstitutional Plan Daily DividendReinvestment OptionYear Mar'lO - - - -Year Mar'Q9 - - 550,793 55.]2BirJa Sun Life Liquid Plus FundInstitutionaJ Plan Daily DividendReinvestment OptionYear Mar'lO - - - -Year Mar'09 176,664,223 176.78 177,624,586 177.75Templeton India TreasuryManagement Account SuperInstitutionaJ Plan- Daily Dividendreinvestment optionYear Mar'10 - - . .Year Mar'09 739,502 74.00 743,]58 74.37IDFC Liquid fund Daily DividendReinvestment OptionYear Mar'lO 612,272,416 682.88 592,466,022 660.9]Year Mar'Q9 99,979 10.00 99,996 10.00IDFCE Money Manager fundInstitutional Plan B Daily DividendReinvestment OptionYear Mar'1O 589,624,753 641.21 339,815,905 370.55Year Mar'Q9 9,996,207 10.00 10,036,235 10.04TotaJYear Mar'lO -t_525.769,256 10,500.80 4.027,629,457 9,653.58Year Mar'09 3,438,251,495 4,440.47 4,129,653,015 5,182.73

(R c )


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DELHI INTERNATIONAL AIRPORT PRIVATE LIMITED17. During the current year, an application has been made to Reserve Bank of India for extension of time limitfor allotment of shares of foreign inward remittance of Rs. 250 Crores, received as Shareholders advancefrom the foreign Shareholders of the Company (Fraport AG Frankfurt Airport Services Worldwide-Rs 125Crores and Malaysia Airports (Mauritius) Private Limited RS.-125 Crores) and company has got extensionfor aforesaid allotment up to September 30, 2010.18. Ministry of Civil Aviation ("MoCA") has issued a Standard Operating Procedure ("SOP") for Accounting /Audit of Passenger Service Fee (Security Component) [PSF (Sc)J according to which, amounts collectedtowards PSF (SC) are held in fiduciary capacity by the Company for the Government of India. PSF (SC) socollected is required to be kept separately in an escrow account and is to be utilized to meet the securityrelated expenses of the Airport. It is also stipulated in the Escrow Account Agreement that MaCA willhave supervening powers to direct the Escrow Bank on the issues regarding operations as wen aswithdrawals from the escrow account. The PSF (SC) accounts are required to be maintained separately inaccordance with the procedures laid down in SOP and are subject to audit by the Comptroller & AuditorGeneral of India (''CAG''). Accordingly, these accounts exclude the following PSF (SC) balances, whichhave not been audited by the Statutory Auditors of the Company:

Rue_eesin roresMar' 31,2010 Mar'31,2009

Passenger service fee- Security component 174.77 156.40Interest and other income 0.71 12.93

175.48 169.33Less: Expenses 182.41 128.41Net In com e (6.93) 40.92Surplus brought forward 201.12 160.20

Total 194.19 201.12Fixed assets (Including Capital work in progress) 181.98 125.32Receivables 19.46 22.69Other Assets 37.65 16.50Bank balance held in Escrow Account (Including termdeposits) 28.06 78.21

267.15 242.72Less: Liabilities 72.96 41.60

Total 194.19 201.12

.C )

19. i. Pursuant to the circulars of Ministry of Civil Aviation issued during January 8, 2010 to April 16, 2010relating to Expenditure to be met out of the Passenger Fee (Security Component) [PSF (SC)), the Companyhas booked expenses of Rs 22.18 Crores (including Rs 12.15 Crores incurred up to March 31, 2009)relating to personnel cost and operating expenses. Also during the year, in accordance with State SupportAgreement and PSF guidelines dated April 16,2010, the Company has recognized income amounting to Rs37.33 Crores including Rs 26.60 Crores pertaining to period up to March 31, 2009) relating to space rentaltoward back office space and accommodation occupied by Central Industrial Security Force (CISF) at theAirport premises as expenditure to be met out of PSF (SC). These incomes amounting to Rs 37.33 Croreshave been raised on PSF (SC) accounts. The management believes that no further material adjustments arelikely in this respect.


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DELHI INTERNATIONAL AIRPORT PRIVATE LIMITEDii. The Company has represented to Ministry of Civil Aviations (MaCA) for allowing certain expenses suchas land side security cost, security related consultancy expenses and other administration costs which arepresently not covered as per circular no.I028/00 I2009AS issued on 08th January, 2010 further clarifiedon 16th April, 2010 and currently these expenses debited to PSF (SC) Account are Rs.25.67 Crores. On thebasis of discussions and representation to MaCA, management believes it will be able to obtain thepermission from MaCA to meet these expenses through PSF (SC) Account, accordingly no furtheradjustments have been considered necessary.

20. The Company has received advance development costs of Rs 409.06 Crores from various Developers atCommercial Property District towards development of common infrastructure at Commercial Propertydistrict. The Company has no right to escalate the development cost and in case, any portion of the advancedevelopment cost is not utilized by the Company towards development of any infrastructure facility duringthe course of initial term of agreement, it shall be returned to the Developer upon the earlier of the expiry ofthe initial term of agreement or upon termination of the development agreement. As of March 31, 2010, theCompany has incurred development expenditure of Rs 34.91 Crores and adjusted against the aforesaidadvance.21. In accordance with the terms of memorandum of understanding entered into by the Company with one of itscustomer during the year the management has determined and accrued revenue aggregating to Rs 37.31

Crores (including Rs 26.44 Crores pertaining to period up to March 31, 2009) and interest thereon of Rs5.91 Crores as recoverable from the customer. The management believes that no further materialadjustments are likely.22. Capital work in progress consists of following: upees to rores

Particulars Mar' 31,2010 Mar'31,2009Capital equipment etc including land, buildings, roads, plant & 6,859.34 3,979.81machinery, computing equipment, electrical equipment, furniture andthe capjtal advancesPersonnel expense 104.69 39.79Consultancy and professional charges 190.09 99.38Travelling and conveyance 29.48 15.26Insurance 5.10 5.09Interest on fixed loans 702.00 358.07Other Financial eX2_enses 225.08 75.86Depreciation/ Amortization 1.92 0.95Miscellaneous 34.65 11.73Total 8,152.36 4,585.94Income from Investment (52.50) (11.60)Transfer to fixed asset (240.44) (180.85)Total 7,859.42 4,393.49

(R c )

23. The Company is entitled to custom duty credit scrip under Served From India Scheme (SFIS) of ForeignTrade Policy issued by Government of India. Under the terms of SFIS service providers are entitled to dutycredit scrip as a percentage offoreign exchange earned by the Company that can be utilised for payment ofimport duty in case of imports. The Company has during the year utilised custom duty credit scripamounting to Rs 65.01 Crores against payment of import duty in respect of import of fixed assets (includingcapital work in progress). As these scrips are non- tradable and have been used for the payment of customduty on import of capital goods for airport development project, the Company has recorded the fixed assets(including capital work in progress).imported at net amount (after excluding the amount of custom duty notpaid by using these scrips) and no accounting has been done in these financial statements against expectedutilisation for custom duty credit scrip entitlements due to the Company amounting to Rs 16.54 Crores as atMarch 31, 2010.


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DELHI lNTERNATIONAL AIRPORT PRIVATE LIMITED24. Information pursuant to paragraph 3, 4A and 4C of Part IT of Schedule VI of the Companies Act, 1956 to

the extent either Nil or Not Applicable has not been furnished.25. The previous year figures for the year ended March 31, 2009 were jointly audited by Brahmayya and Co.,

along with another firm of the Chartered Accountants.

For and on behalf ofS R Batliboi & Associates,Firm Reg. No.: 101049WChartered Accountants

For and on behalf ofBrahmayya & ce.,Firm Reg. No.: 0005158Chartered Accountants

SdI-Per SanJay VijPartnerMembership No.-95169

SdJ -Per G.SrinivasPartnerMembership ~o.- 86761

Place: New DelhiDate: May 13, 2010

Place: New DelhiDate: May 13,2010

For and on behalf of the Board of Directors

SdJ- SdJ - SdJ -Kiran Kumar GrandhiManaging Director

K. Narayana RaoWhole Time Director

M.S.NarayananCFO & Company Secretary

Place: New DelhiDate: May 13,2010


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DE LHI INTE RNATIONAL AIRPORT PV T.L TD.Balanu Sileet Abstriut And Compiloy'. G eneral B Ulineu Prom e

Company Identification NumberBala ne e S he et D ak :

U6J0l3DL2OO6PTCI46936M . .. e ll 3 ], 2 01 8

2 Caplr.1 Railed durin, die year (Rupm in Cro . .. )Publi(: Is sue .Bon us Is su e Nt! Rights IssueN il P riv at e P la cemen t

oNi l

J Puldo .. ofMobililation and Dev eI opD le n' o f Fund. (llypea InCrura)Total Liabili t ies 11,133.85 TolaI.sers 1J,133.85Sourca or Fuad.P aid - U p C apital~&Surpluse Uns ec ure d L oa nsApplieatilla of FUlid.Net F ix ed A sse oNe t Current AssetsAccumulated Los$es

1 ,2 0 0 .0 0 Sba reApp li ca ti on MoneyBl.J9 ~ l.OIIl'I1 .934. 98 De fe rr ed tax liability

1,250.006,638.92

27.56

1 0 2 22 .8 2 In ve st m en ts(31 .119) Misc . Expend itu re

Nil942.92Ni l

4 P er fo rm .... o ( cOlllp an y ( R ap oa ilt Laa)Net In com e (A fte r do duc tin l AAI re va lu e shale)P ro fi tl (L ou ) B efo re T axEarnings per share in Rli (Basic)Earnings per s h a r e in Its (Diluted)

6 32 .9] T olaJ Expenditure1 6 .8 3 P ro fi t/( Lo ss ) A fte r T ax0.08

! Gelleric Nama of Three Principal Product. IService. ofCompany (. per monetary "no.)N.A Product Oe5cription N.Atem Code No. :

a n d on behllfofthe Board of Dlred:cnSdJ -KInIn KumarGnlndhlManag ing D i r e c l O t

Sd/-It.Na~ .. boWhole lime DIrector

HI-M.s.N.~'"C FO C om PllD y Secnltary

P la c e: N ew Del hiD ate:M av 1 3, 2 01 0

Delhi International Airport Private Limited

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