Annual Report - GVRIPL - 2014-15

TH
14 ANNUAL REPORT
OF
GVR INFRA PROJECTS LIMITED
2014-15
Company Information
Board of Directors: Mr. G. Venkateswara Rao, Chairman

Mr. K. Ganga Prasad, Managing Director
Mr. G. Pavan Kumar, Executive Director
Mr. Prasad Gadkari, Nominee Director
CA M Ravindra Vikram, Aditional Director
CA Ramesh Chandak, Additional Director
Ms. Ritu Anand, Additional Director
Mr. M S Sundararajan, Additional Director
Group Advisor: Mr. L N Vijayaraghavan, IAS (Retd.)
Chief Executive Officer: Mr. S Chandramohan
Chief Financial Officer: CA R Dharmarajan
Company Secretary: CS Ravi Teja Chunduru
Auditors: M/s M.P. Chitale & Co., Chartered Accountants

Hamam House, Ambalal Doshi Marg,
Fort, Mumbai 400001
Registered & Corporate VBC Solitaire, 9th & 10th Floors,

Office: No. 47 & 49, Bazullah Road,
T. Nagar, Chennai 600 017
Bankers: State Bank of India
Punjab National Bank
Vijaya Bank
IDBI Bank
ICICI Bank
Axis Bank
Allahabad Bank
Canara Bank
Bank of India
State Bank of Travancore
State Bank of Bikaner and Jaipur
State Bank of Mysore
Registrars: Integrated Enterprises (India) Limited

2nd Floor, Kences Towers
No.1 Ramakrishna Street, North Usman Road T Nagar,
Chennai - 600 017
Website: www.gvrinfra.com
M.P. Chitale & Co.
Chartered Accountants
INDEPENDENT AUDITOR'S REPORT

TO THE MEMBERS OF GVR INFRA PROJECTS LIMITED
1. Report on the Standalone Finalicial Statements

We have audited the accompanying standalone financial statements of GVR Infra
Projects Limited ("the Company"), which comprise the Balance Sheet as at March 31,
2015, and the Statement of Profit and Loss and Cash Flow Statement for the period then
ended, and a summary of significant accounting policies and other explanatory information
hereafter referred to as financial statements.
2. Management's responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section 134(5)
of the Companies Act, 2013 ("the Act") with respect to the preparation of these financial
statements that give a true and fair view of the financial position, financial performance
and cash flows of the Company in accordance with the accounting principles generally
accepted in India, including the Accounting Standards specified under Section 133 of the
Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also
includes maintenance of adequate accounting records in accordance with the provisions of
the Act for safeguarding of the assets of the Company and for preventing and detecting
frauds and other irregularities; selection and application of appropriate accounting policies;
making judgments and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial controls, that were
operating effectively for ensuring the accuracy and completeness of the accounting
records, relevant to the preparation and presentation of the financial statements that give a
true and fair view and are free frorr,material misstatement, whether due to fraud or error.
3. Auditor's Responsibility
3.1 Our responsibility is to express an opinion on these financial statements based on our
audit.
3.2 We have taken into account the provisions of the Act, the accounting and auditing
standards and matters which are required to be included in the audit report under the
provisions of the Act and the Rules made there under.
3.3 We conducted our audit in accordance with the Standards on Auditing specified under
Section 143(10) of the Act. Those Standards require that we comply with ethical
requirements and plan and perform the audit to obtain reasonable assurance about whether
the financial statements are free from material misstatement.
1
M.P. Chitale & Co.
3.4 An audit involves performing procedures to obtain audit evidence about the amounts and
disclosures in the financial statements. The procedures selected depend on the auditor's
judgment, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk assessments, the auditor
considers internal financial control relevant to the Company's preparation of the financial
statements that give a true and fair view, in order to design audit procedures that are
appropriate in the circumstances, but not for purpose of expressing an opinion on whether
the Company has in place an adequate internal financial control systems over financial
reporting and the operating effectiveness of such controls. An audit also includes
evaluating the appropriateness of accounting policies used and the reasonableness of the
accounting estimates made by Company's Directors, as well as evaluating the overall
presentation of the financial statements.
3.5 We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinion on the financial statements.
4. Opinion
In our opinion and to the best of our information and according to the explanations given
to us, the financial statements give the information required by the Act in the manner so
required and give a true and fair view in conformity with the accounting principles
generally accepted in India, of the state of affairs of the Company as at March 31, 2015, its
profit and cash flows for the year ended on that date.
5. Emphasis of Matters
We invite attention to -
a. Note no. 12 (ii) of the financial statements regarding depreciation charge for the period
being higher by Rs. 2,352.99 lakhs as a consequence to revision of useful lives of the
assets by the Company as per provisions of the schedule II of the companies Act,
2013.
Our opinion is not modified in respect of this matter.
6. Report on Other Legal and Regulatory Requirements

As required by section 143(3) of the Companies Act 2013, we report that:
a. We have sought and obtained all the information and explanations which to the best of
our knowledge and belief were necessary for the purpose of our audit;
b. In our opinion proper books of account as required by law have been kept by the
Company, so far as appears from our examination of those books.
2
M.P. Chitale & Co.
c. The Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement dealt with
by this Report are in agreement with the books of account.
d. In our opinion, the aforesaid financial statements comply with Accounting Standards
referred to in Section 133 of the Companies Act, 2013 read with Rule 7 of the
Companies (Accounts) Rules, 2014.
e. On the basis of written representations received from the directors as on March 31,
2015 and taken on records by Board. of Directors, none of the directors is disqualified
as on March 31,2015, from being appointed as a director in terms Section 164 (2) of
the Act.
7. With respect to the other matters to be included in the Auditor's Report in accordance with
Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best
of our information and according to the explanations given to us:
(i) The Company has disclosed the impact of pending litigations In its financial
statements. - Refer note 30 (9) of financial statements.
(ii) The Company was not required to make provision, under the applicable law or
accounting standards, for any material foreseeable losses, if any, on long-term
contracts, including derivative contracts.
(iii)The Company was not required to deposit or pay any dues in respect of the Investor
Education and Protection Fund during the year.
8. As required by the Companies (Auditor's Report) Order, 2015 ("the Order") issued by the
Central Government in terms of Section 143(11) of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 3 and 4 of the Order.
For M P Chitale & Co.

rtered Accountants
IC~ ~ AR No. 101851W
~J'~~~
rtuza Vajihi
Partner
ICAI M No. 112555
Place: Chennai
Date: September 8, 2015
Z:\USERl\GVR Group\GVR Infra Projects Ltd\F.Y. 2014-15\Mar 15\Final Set\SFS\Finai Audit Report SFS.docx
3
M.P. Chitale & Co.
ANNEXURE TO THE INDEPENDENT AUDITORS' REPORT

(Referred to in paragraph 8 of our report of even date)
L (a) The Company has maintained proper records showing full particulars, including
quantitative details and situation of fixed assets.
(b) Physical verification of fixed assets has been carried out by the Management at
certain sites at regular intervals in accordance with a programme of verification
which, in our opinion, is reasonable. We have been informed that discrepancies
arising out of such verification are not material.
2. (a) Inventories have been physically verified by the Management at regular intervals.
In our opinion, the frequency of such verification is reasonable.
(b) The procedures of physical verification of inventories followed by the management

are generally reasonable and adequate in relation to the size of the Company and
nature of its business.
(c) The company is maintaining proper records of inventory except that in certain
sites, there were delays in recording receipts and issue of materials. We are
informed that material discrepancies noticed on physical verification have been
properly dealt with, in the books of accounts.
3. (a) The company has granted unsecured loans to the parties covered in the register
maintained U/S 189 of the Companies Act, 2013. Based on the information and
explanations furnished to us, we are of the opinion that prima facie receipt of
principal and interest, wherever applicable, are regular.
(b) In view of the above, the question of the amounts being overdue do not arise.
4. In our opinion and according to information and explanations given to us, Company has
adequate internal controls system commensurate with the size of the company and nature
of business in case of sale of goods and services and purchase of fixed assets & inventory.
However, the internal control system on recording receipts of materials and consequential
booking of purchase thereon needs to be strengthened. During the course of our audit we
did not notice any continuing failure to correct any major weakness in internal controls.
5. According to the information and explanations given to us, The Company has not accepted
any deposits from the public in accordance with the provisions of Sections 73 to 76 of the
Act and rules framed thereunder.
4
M.P. Chitale & Co.
6. We have reviewed the cost compliance certificate of the company, and are of the opinion
that prima facie, the cost records pursuant to Rule 5 of the Companies (Cost Records and
Audit) Rules 2014 have been made and maintained. However, we did not conduct a
detailed examination of the records
7. (a) Undisputed statutory dues of Service tax, Employee's state insurance, Provident fund
and Profession Tax have been generally regularly deposited with the appropriate
authorities, except there have been delays in certain instances. The company has
been generally irregular in payment of dues of Income Tax deducted at Source and
Entry Tax and there have bee!1 several instances of delayed payments. According to
the information and explanations given to us, no undisputed amounts payable in
respect of the statutory dues were outstanding as on March 31, 2015 for a period of
more than six months from the date they became payable, except in case of VAT dues
aggregating to RS.56.00 lakhs and Advance income tax Rs.497.32 lakhs outstanding
for a period exceeding six months from the date the installments became payable.
(b) As at the year-end, according to the records of the Company and information and
explanations given to us, disputed statutory dues which have not been deposited on
account of appeals pending with respective authorities are as under:
Financial Particulars Authority

Year
2011-12 Income Tax Income Tax
(c) There was no amount required to be transferred to the Investor Education and
Protection Fund during the year, in accordance with the relevant provisions of the
Companies Act, 1956 ( 1 of 1956) and the Rules made there under.
8. The Company has no accumulated losses as at the financial year end. There were no cash
losses incurred in the financial year or the previous financial year.
9. As per the books and records maintained by the Company and according to the
information and explanations given to us, the Company has not defaulted in repayment of
dues to banks/financial institutions or debenture holders, except that in few cases, principal
repayments were delayed upto twenty three days in respect of one bank. As at the year end,
these delays have been rectified and no delays exist as on M,arch31, 2015.
10. According to the information and explanations given to us, the Company has given
guarantees for loans taken by group companies, from banks or financial institutions, which
in our opinion are generally not prima-facie prejudicial to the interest of the Company.
5
M.P. Chitale & Co.
11. Based on the information and explanations given to us, in cases where lenders have
specified end use of funds, we find that the Company has utilized the term loans for the
projects for which they w~re obtained, except that the proceeds of one term loan were
utilised for a project other than for which they were used
12. To the best of our knowledge and belief and according to the information and explanations
given to us, no fraud on or by the Comp~y has been noticed or reported during the year.
Place: Chennai
Date: September 8, 2015
Z:\USERI\GVR Group\GVR Infra Projects Ltd\F.Y. 2014-15\Mar 15\Final Set\SFS\Finai Audit Report SFS.docx
6
GVR INFRA",PROJECTS LIMITED
. CIN: U45200TN2001PLC088377
Balance Sheet as at March 31, 2015
rin Lakhs
Particulars Notes As at March 31,2015 As at March 31,2014
I. EQUITY AND LIABILITIES
1) Shareholders' funds
(a) Share capital 2 951.02 951.02
(b) Reserves and surplus 3 58,871.74 59,822.76 53,525.42 54,476.44
2) Non-current liabilities
(a) Long-tenn borrowings 4 .17,196.16 15,843.62
(b) Deferred tax liabilities (Net) 5 2,495.85 3,023.23
(c) Other long tenn liabilities 6 12,092.35 24,871.64
(d) Long-tenn provisions 7 269.86 32,054.21 212.70 43,951.18
3) Current liabilities
(a) Short-tenn borrowings 8 62,316.09 57,452.80
(b) Trade payables 9 38,380.24 34,582.97
(c) Other current liabilities 10 27,212.83 14,984.00
(d) Short-tenn provisions 11 1,365.19 1,29,274.35 153.08 1,07,172.85
TOTAL 2,21,151.32 2,05,600.47
II. ASSETS
1) Non-current assets
(a) Fixed assets
(i) Tangible assets
(ii) Intangible Assets
(b) Non-current investments

(c) Long-tenn loans and advances
(d) Other non-current assets
2) Current assets
(a) Current Investments
(a) Inventories
(b) Trade receivables
(c) Cash and Bank Balances
(d) Short-tenn loans and advances
(e) Other current assets
TOTAL
Significant Accounting Policies
Additional Notes
As per our report of even date attached

.P.CHITALE & CO.,
(:harte d Accountants
.-f.{r1~
G. VENKA TESWAd'" RAO K. GANGA PRASAD
Chainnan Managing Director
DIN NO.00589751 DIN NO.02119525
~'~~
R. DHARMARAJAN
Place: Chennai Chief Financial Officer
Date: 8th September, 2015
CIN : U45200TN2001PLC088377
Statement of Profit & Loss for the Period ended 31st March 2015
rinLakhs
For the Period Ended For the year Ended
SI.No. Particulars Notes
31-Mar-15 31-Mar-14
I. Revenue from Operations 22 1,32,683.21 1,29,381.00
II. Other income 23 3,382.95 2,526.46
III. Total Revenue (I + In 1,36,066.16 1,31,907.46
IV. Expenses:
Operating Expenses 24 64,969.50 57,327.46
Cost of materials consumed 25 35,940.03 44,714.41
Employee benefits expense 26 3,790.93 - 3,901.77
Finance costs 27 14,494.22 11,692.63
Depreciation and amortization expense 4,237.43 1,819.12
Other expenses 28 2,726.26 2,108.44
Earlier Year Expenses(Net) 1,053.35 (20.98)
Total expenses 1,27,211.72 1,21,542.84
V. Profit before tax (III- IV) 8,854.44 10,364.62
VI. Tax expense:

(I) Current tax 3,929.29 3,084.29
(2) Deferred tax (491.28) 640.29
3,438.01 3,724.58
VII. Profit for the period (V-VI) 5,416.43 6,640.04
VIII. Earnings per Equity Share
(I) Basic (~) 56.95 69.82

(2) Diluted (~) 56.95 69.82
Significant Accounting Policies 1

Additional Notes 29

.CIDTALE & co., For and on behal(ofBoard of Directors of
Chartere Accountants GVR Infra Projects Limited
~'1/-11-~
MURTUZA VAJIHI G.VENKATES~RAO K. GANGA PRASAD

Partner Chairman Managing Director
DIN No.00589751 DIN No.021 19525
R. DHARMARAJAN CH. RA VI TEJA

Place: Chennai Chief Financial Officer Company Secretary
Date: 8th September, 2015
5
i-

CIN : U45200TN200IPLC088377
Cash Flow Statement for the Period ended March 31, 2015
Particulars For the Period ended Mar 31,2015 For the Period ended Mar 31,2014
A CASH FLOW FROM OPERATING ACTIVITIES: rln Lakhs rln Lakhs
Net Profit before tax and Extra-Ordinary Items 8,854.44 10,364.62

Adjustments for:
Depreciation & Amortisation 4,237.43
Foreign exchange gain 23.51
Interest Paid 12,884.28
Loss on Sale of Fixed Assets 5.17
Share of Profit from Joint VenturelPartnership FirnJ (1,031.64)
Interest Received (661.51) 11,866.98
Operating Profit before Working Capital Changes 22,231.60
Movements in Working Capital:
(Increase )/Decrease in Inventories (4,501.82)
(Increase)/Decrease in Trade Receivables 4,138.71
(Increase )/Decrease in Other Current Assets (5,258.89)
(lncrease)/Decrease in Other Non-Current Assets 5,296.66
(Increase)/Decrease in Short TelID Loans and Advances (4,973.98)
(lncrease)/Decrease in Long Tenn Loans and Advances (106.20)
Increase/(Decrease) in Trade Payables 2,239.17
Increase/(Decrease) in Other Current Liabilities 185.46 (506.51)
Cash Generated from Operations 21,725.09
Taxes Paid (3,645.45)
Net Cash from operating activities 18,079.64
B CASH FLOW FROM INVESTING ACTIVITIES:

Purchase of Fixed Assets (642.14)
Proceeds from Sale of Fixed Assets 847.14
Investments in Companies (10,059.12)
Investments in Mutual Funds (20.00)
Share Application Money paid to Related Parties 2,26J.l5
Profit share from investing activities 1,031.64
Interest Received 1,206.98
Net Cash used in investing activities (11,910.26)
C CASH FLOW FROM FINANCING ACTIVITIES:

Increase / (Decrease) in Secured Short-Term Borrowings 4,863.28
Increase / (Decrease) of Foreign Currency Loans from Bank (2,013.82)
Increase / (Decrease) of Domestic Currency Loans from BanklFl's (1,477.74)
(Increase)/ Decrease in Long Tenn Loans & Advances to Related parties (6,458.13)
Increase / (Decrease) in Issue of Debentures 6,000.00
Increase / (Decrease) in Unsecured Loans (444.00)
Interest paid (12,716.85)
Net Cash from Financing activities (8,720.35)
D Net Increase/(Decrease) in Cash and Cash equivalents (A+B+C) (2,550.97)
Cash and cash equivalents at the beginning of the period 4,555.63
Cash and cash equivalents at the end of the period 2,004.66
Note: Cash and Cash equivalents comprises of cash on hand, Cheques on hand, balance with banks in current accounts & Balance with banks in deposit accounts
with a maturity period of less than 3 months.
Significant Accounting Policies Note-I
Additional Notes Note - 29
er our report of even date attached
1. HITALE & CO., For and on behalf of Board of Directors of
Chartere Accountants GVR Infra Projects Limited
~"'I~ ~.{/-1'-~
MURTUZA VAJIHI G. VENKATESWARAl:.O K. GANGA PRASAD

Partner Chainnan Managing Director
DIN NO.00589751 DIN NO.02119525
R. DHARMARAJAN CH. RA VI TEJA

Place: Chennai Chief Financial Officer Company Secretary
Date : 8th September, 2015
Note 1 - Significant Accounting Policies:
Nature of Operations
The Company is engaged in the business of development and execution of Engineering, Procurement,
Construction and Commissioning (EPCe) and Lump Sum Turnkey (LSTK) facilities in various
Infrastructure projects like water supply, roads, railways, bridges and industrial structures etc for Central /
State Governments, other local bodies and private sector in the country.
1. Basis of Preparation of Accounts

The company follows mercantile system of accounting and recognizes income and expenditure on
accrual basis. Financial statements are prepared under historical cost convention in accordance with
the Generally Accepted Accounting Principles in India (GAAP) and comply in all material aspects,
with mandatory accounting standards specified in Section 133 of the Companies Act, 2013 read with
Rule 7 of the Companies (Accounts) Rules, 2014. The significant accounting policies followed by the
company are set out below.
2. Use of Estimates
The preparation of financial statements in confonnity with Indian Generally Accepted Accounting
Principles (GAAP) requires estimates and assumptions to be made, which affect the reported amounts
of assets and liabilities, and disclosure of contingent liabilities and financial statements and the
reported amounts of revenue and expenses for the reporting period.
3. Current/Non Current Classification:

(a) Any asset or liability is classified as current if:
1. It is expected to be realized or settled or is intended for sale or consumption in the Company's
normal operating cycle;
11. For the purpose of current/non-current classification of assets and liabilities, the Company has
ascertained its nonnal operating cycle as twelve months. This is based on the nature of
services and the time between the acquisition of assets or inventories for processing and their
realization in cash and cash equivalents.
(b) All other assets and liabilities are classified as non-current.
4. Fixed Assets
(a) Fixed assets are stated at cost of acquisition less accumulated depreciation. The cost of acquisition
includes interest paid on specific borrowings up to the date of acquisition / installation of the
assets and improvement thereon in addition to freight, duties, levies and all incidentals
attributable to bringing the assets to its working condition for intended use.
(b) Machinery spares are capitalised only if they are identifiable to a particular fixed asset, their use is
expected to be irregular and they bring significant additional benefits oflasting nature.
(c) Capital work in progress comprises of expenditure, direct or indirect, incurred on assets which are
yet to be brought into working condition for its intended use against capital expenditure.
(d) Advances given towards acquisition of fixed assets outstanding at each balance sheet date are
disclosed as Capital Advances under Long Term Loans & Advances.
5. Depreciation and Amortization
(a) Depreciation on fixed asset is provided on the straight-line method on basis of useful lives
prescribed in schedule II to the Companies Act, 2013. Depreciation on addition/deletion to fixed
assets during the year is provided on pro-rata basis from the date of such addition / deletion as the
case may be.
(b) Useful lives of the assets are estimated as per the indicative useful life prescribed in Schedule II to
the Companies Act, 2013, except shuttering materials whose life is estimated as 7 years based on
technical evaluation. Individual assets costing less than Rs. 5,000 are entirely depreciated in the
year of acquisition.
(c) Leasehold land is amortized over the period of the lease period.
6. Intangible assets & Amortization

(a) Intangible assets are carried at cost of acquisition net of any subsidies or grants less accumulated
amortization and impairment loss if any. These assets include all duties, non-refundable taxes,
levies and costs incurred (which are directly attributable) for bringing assets into working
conditions for its intended use. Intangible assets include assets that are incidental for the purpose of
Toll Collection and which will be handed over at the end of the concession period.
(b) Intangible Asset, i.e. Right to Collect Toll is amortized based on actual toll collection vis-a-vis to
the projected! estimated toll revenue over the toll period as specified the Schedule II of the
Companies Act, 2013. Projections are reviewed at periodic intervals for consistency and
appropriateness. Amortisation is revised in case there is a material change in the Projected Traffic
Volume. Amortisation of these Intangible Assets commence from the date of toll collection.
(c) Computer software is amortised over period of five years.
7. Investments
(a) Investments are classified into current and long-tenn investments. Investments that are, easily
realizable and intended to be held for not more than a year from the date of acquisition are
classified as current investments. All other investments are classified as non-current. Strategic
Investment, such as investments in subsidiaries are considered as non-current.
(b) Purchases/Sales of the investments are accounted on the trade date ie. date on which the
transaction is taken place.
(c) Non-current investments are stated as acquisition cost. A provision for diminution in the value of
long-tenn investments is made only if such a decline is other than temporary.
(d) The current investments are valued at lower of cost or market value as at each balance sheet date.
(e) On disposal of an investment, the difference between its carrying amount and net disposal
proceeds is recognized in the Statement of Profit and Loss.
8. Recognition of Contract Revenue and Expenses
(a) Construction Contracts
1. Contract revenue is recognized by reference to the stage of completion of the contract activity
/ bills certified by the clients at the reporting date of the financial statements on the basis of
percentage of completion method as prescribed by AS -7. The stage of completion of a
contract is detennined by the proportion that the contract cost incurred for work performed up
to the reporting date bears to the estimated total contract costs.
11. The Company's claim for extra work, incentives and escalation in rates relating to execution
of contracts are recognized as revenue in the year in which said claims are finally accepted by
the clients. Claims under arbitration/disputes are accounted as income based on final award.
Expenses on arbitration are accounted as incurred.
111. In case of fixed price maintenance contract the revenue is recognized as per contractual terms.
Expenses pertaining to fixed maintenance projects are booked on accrual method based on
actual expenditure done at that site.
(b) Joint Venture Contracts:

In respect of contracts executed in Joint Venture through Jointly Controlled Entities, Revenues
from such activity are recognized only when the profit (including losses if any) / income is
ascertained and there is certainty as to amount of income.
(c) Interest Income

Interest income is recognised on a time proportion basis
(d) Dividend
Dividend income is recognised when the right to receive payment is established.
9. Inventories
(a) Inventory of construction / raw material is valued at cost or net realizable value whichever is less..
(b) Cost of inventories comprises all costs of purchase and other costs incurred in bringing them to
their respective operating location and condition and also includes allocable production and
administrative overheads.
(c) Cost of inventories is determined on first-in-first out (FIFO) method of inventory valuation.
10. Employee's Benefits

(a) Short Tenn Employee Benefits (i.e. those payable within one year) are recognized in the period in
which the employee sen'ice is rendered.
(b) Post employment and long term employee benefits are recognized as an expense in the Statement
of Profit and Loss for the year in which the employees has rendered services and other statutory
requirements are met. Provision for gratuity is made based on actuarial valuation in respect of the
Group Gratuity Policy with an insurance company. The expense will be recognized at the present
value of the amount payable determined using actuarial valuation techniques. Actuarial gains or
losses in respect of post employment and other long tenn benefits are charged to the Statement of
Profit and Loss.
(c) Provision for liabilities in respect of leave encashment is estimated on the basis of an actuarial
valuation.
(d) The eligible employees of the Company are entitled to receive benefits in respect of provident
fund, a defined contribution plan, in which both employees and the Company make monthly
contributions at a specified percentage of the covered employees' salary. The Company
recognises the same as an expense in the year incurred.
11. Borrowing Costs

Borrowing costs that are attributable to the acquisition and construction of qualifying assets are
capitalized as part of costs of such assets till such time the asset is ready for its intended use. A
qualifying asset is one that requires substantial period of time to get ready for its intended use. All
other borrowing costs are charged to statement of profit and loss as incurred.
12. Accounting of Foreign Exchange Transactions, Forward Contracts and Derivatives

(a) Transactions in foreign currency are recorded at exchange rates prevailing on the dates of
respective transactions. The difference in translation and realized gains and losses on foreign
exchange transactions are recognized in the Profit and Loss Account.
(b) The Company enters into derivative contracts to hedge against the risk of adverse movements in
foreign currencies or value of the hedged items. All outstanding derivative instruments at close
are marked to market, and the net loss, if any, after considering the offsetting effect on the
underlying hedge item, is charged to the Statement of Profit & Loss Account, and net gain, if any
is ignored.
(c) The company has exercised the option as per Para - 46 of AS-II for capitalization of exchange
gain/loss on re-valuation of foreign currency loan availed by the company. Accordingly the
exchange differences arising on translation/settlement of long term foreign currency monetary
items pertaining to the acquisition of a depreciable asset are adjusted to the carrying cost of the
those assets acquired and depreciated over the remaining life of the asset.
(d) Financial Statements of Overseas Integral Operations are translated as under:

(i) Assets and liabilities are translated at the rate prevailing at the end of the year. Income and
expenditure are translated on the yearly average exchange rate prevailing during the year.
(ii) Fixed assets are translated at the average rate prevailing on purchase/acquisition of assets.
Depreciation is accounted at the same rate at which the assets are translated.
(iii) The resultant exchange gains and losses are recognised in the Statement of Profit and Loss.
13. Taxes on Income
(a) The tax expense comprises of both current tax and deferred tax charged or credited to
the statement of profit and loss for the year. Current tax is calculated in accordance with
the tax laws applicable to the current financial year after taking into consideration
benefits admissible under Income Tax Act, 1961.
(b) Deferred tax represents the effect of timing difference between the taxable income and
accounting income that originate in one year and are capable of reversal in one or more
subsequent years. Deferred tax assets and liabilities have been accounted for using tax
rates and tax laws that have been enacted or substantively enacted by the Balance Sheet
date.
(c) Deferred tax assets are recognized only to the extent there is virtual certainity supported
by convincing evidence that sufficient future taxable income will be available against
which such deferred tax assets can be realized.
14. Lease
Leases where the lessor effectively retains substantially all the risks and benefits of ownership over
the lease term are classified as operating lease. Lease payments for assets taken on non cancellable
operating lease are recognised as an expense in the Profit and Loss Account on a straight-line basis
over the lease term.
15. Impairment of Assets

The Management periodically assesses, using external and internal sources, where there is an
indication that an asset may be impaired. Impairment occurs where the carrying value exceeds the
present value of future cash flow expected to arise from the continuing use of the asset and its
eventual disposal. The impainnent loss to be expensed is determined as the excess of the carrying
amount over the higher of the asset's net sales price or present value as determined above.
Contingencies are recorded when it is probable that a liability will be incurred and the amount can be
reasonably estimated. Differences between actual results and estimates are recognized in the periods
in which the results are known / materialized.
16. Contingent Liabilities & Provisions

Contingent liabilities are recognized when there is a possible commitment originating from occurred
events whose existence will be confirn1ed by one or more uncertain future events, or when there is a
commitment that is not recognized as a liability or provision because it is not probable that an outflow
of resources will be required.
CIN : U45200TN2001PLC088377
Notes to financial statements for the period ended March 31,2015
fin Lakhs
I Particulars As at March 31, 2015 As at March 31, 2014
NOTE- 2
SHARE CAPITAL
AUTHORISED
1,50,00,000 Equity Shares ofRs.IO/- each 1,500.00 1,500.00
SUBSCRIBED, ISSUED AND PAID UP
95,10,205 Equity Shares ofRs.IO/- each 951.02 951.02
Fully Paid-up
951.02 951.02
a. Reconciliation of Number of Shares Outstanding at the beginning and at the end of the reporting period
As at 31st March,2015 As at 31st March,2014
Particulars No.ofEquity Shares Amount No.ofEquity Shares Amount
Outstanding as at the beginning of the year 95,10,205 951.02 95,10,205 951.02
Additions during the year
Outstanding at the end of the year 95,10,205 951.02 95,10,205 951.02
b. Class, Terms/rights attached to equity shares:

The company is having one class of equity shares having a par value ofRs. 10 per share. Each holder of equity is entitled to one vote per share.
c. Details of shares in the company held by each shareholder holding more than 5% shares.
As at 31st March,2015 As at 31st March,2014
Name of the Shareholder No.ofEquity Shares % of holding NO.of Equity Shares % of holding
G.Venkateswara Rao (Including 3,31,508 shares
held jointly with K.Komali) 35,36,349 37.18 35,36,349 37.18
K. Ganga Prasad 24,05,089 25.29 24,05,089 25.29
K.Komali (Including 8,06,645 shares held jointly
with G. Venkateswara Rao). 12,70,000 13.35 12,70,000 13.35
IDFC Trustee Company Limited 20,37,905 21.43 20,37,905 21.43
G Venkateswara Rao and K Komali hold 11,38,153 equity shares jointly in a demat account with a Non-disposal agreement as security for loan availed
from !FCI Ltd.
d. Details of Shares pledged

Promoters' Equity shares aggregating 19,48,500 and 36,61,430 have been pledged with State Bank of India and L&T Infrastructure Finance Company
Limited respectively. Pledge of Equity Shares to L&T Infrastructure Finance Company Limited enables them to collect any dividend and to exercise
voting rights in respect of the such shares pledged with the lender, only on the occurrence of "Event of Default".
Promoters' & Promoters' group Equity Shares aggregating 11,38,153 have been transferred to IFCI Financial Services Ltd (Depository) under a Non-
disposal agreement as security for loan availed from IFCI Ltd.
Promoters' & Promoters' group Equity Shares aggregating 4,63,355 have been Pledged with IDBI Trusteeship Services Ltd (Debenture Trustee) as
security for debentures subscribed by IIFCL AMC Ltd.
NOTE-3
RESERVES & SURPLUS ~in Lakhs
a. Securities Premium As at March 31, 2015 As at March 31, 2014
At the beginning of the Year 15,009.41 15,009.41
Addition during the year
At the end of the Year 15,009.41 15,009.41
b. Debenture Redemption Reserve

At the beginning ofthe Year
Addition during the year 1,500.00
At the end of.the Year 1,500.00
c. Surplus as per Statement of Profit & Loss Ale

At the beginning ofthe Year 38,516.01 31,875.98
Impact of Carrying Value of Assets. (70.11)
Additions during the year 5,416.43 6,640.04
Transfer to Debenture Redemption Reserve (1,500.00)
At the end of the Year 42,362.33 38,516.01
Total Reserves and Surplus 58,871.74 53,525.42

As required by Schedule II of Companies Act, 2013, Carrying amount of the assets, whose remaining useful life is Nil as per the revised useful life have
to be recognised in th,~opening balance of retained earnings consequently an amount ofRs.70.11 Lakhs (net of deferred tax) has been adjusted against the
opening balance of retained earnings.
NOTE-4
LONG TERM BORROWINGS
a. Secured Loans
As at March 31,2015 As at March 31, 2014
I Non-Convertible Debentures 6,000.00
2 Term Loans:
From Banks
Foreign Currency Loans 306.75
Domestic Currency Loans 217.63 375.91
217.63 682.67
From Others
Financial Institutions 8,408.53 12,146.95
14,626.16 12,829.62
b. Un Secured Loans
Loans & Advances from Related Party
Inter Corporate Loans(Repayable on demand after 12 months) 2,570.00 3,014.00
2,570.00 3,014.00
17,196.16 15,843.62
Additional information to Secured Long Term Borrowings
a. Secured Redeemable Non-convertible Debentures issued by the Company and subscribed by IIFCL Asset Management Company Limited for an
amount of Rs.60 Crores carry a fixed interest rate of 13.25% p.a. The repayment is in three equal installments starting from the end of 6th (sixth) year
from the date of allotment, with the last installment ending with repayment at the end of 8th (eighth) year from the date of allotment. The Debentures are
secured by a First exclusive charge over mortgaged premises by way of mortgage by way of deposit of title deeds, Hypothecation of shares held by the
Company in GVRMP Whagdhari Ribbanpally Tollway Private Limited and GVR Nagaur Bikaner Tollway Private Limited representing 24.99% and 49%
of their respective paid up capitals, All amounts lying to the credit of the NCD DSRA, pledge of shares of the Company representing 4.87% held by
promoter group. The Company has voluntarily created a Debenture redemption reserve at 25% of the face value of the Debentures.
b. Details of Loans
~ in Lakhs
Sr
Terms of
.N Particulars of the Lender Nature of Loan Interest Type. Nature of Security
0
Repayment
FY2016 - ~1,700
(2 Installments oH
Secured by Land owned by
100 each &10
the promoters,
Installments of~150
hypothecation of Plant &
each)
Machinery and
FY2017 - ~ 3,800 Applicable rate of
Construction Equipments,
(2 Installments oH interest is 0.75%p.a.
movable and immovable
1 L&T Infrastructure Finance Company Ltd Term Loan 150 each &10 below L&T INFRA
assets, pledge of promoters'
Installments oH 350 PLR prevailing on the
shares as well as four
each) date of disbursement.
Subsidiaries' shares held by
FY2018 - ~ 3,300
the Company and first
(2 Installments oH
charge on Debt Service
350 each &10
Reserve Account (DSRA).
Installments oH 325
each)
FY2016 - ~I ,500 Secured by mortgage of

specified immovable
(4 QlyEqual Applicable rate of
Installments) property, hypothecation of
interest is SBI Base
identified equipment /
Rate + 4.45%(Spread)
2 IFCI Ltd Telm Loan machinery, non-disposal
p.a.
undertaking in respect of
FY2017 - ~1,125 The Spread shall be
specified number of shares
(3 Qly Equal reset annually.
of the company held by the
Installments) promoters.
Applicable rate of
~.
interest is Long Tenn
Reference Rate of
Repayable as per
Aditya Bida-
agreed repayment
3.75%(Spread) p.a.
Tenn Loan Schedule or within
Effective Rate of Unconditional and
(Presented as current 30 days of Expiry of
3 Aditya Biria Finance Ltd Interest is 12.75%p.a. irrevocable Bank
Maturity of long tenn BG whichever is
ABFL reserves the Guarantee
debt). earlier. The last date
right to revise the
of Expiry ofBGs is
rates/spread/reference
on 30/01/2016.
rate in the event of
increase in the money
market rates.
Repayable Fully on
The rate ofInterest is
4 GVNS Tollway Pvt Ltd Demand Loan demand In Dec'2016 Nil.
11.75 % per annum.
~2570.00
c. Loans from other financial institutions are secured by first charge by way of hypothecation of specific Plant & Machinery and vehicles as specified in
the schedule annexed to the loan agreement. The details of individual loans are as follows:
Sr
No.of
.N Particulars of LenderlFinancier (Natnre of Loan) Balance EMI Range Interest Rate Interest Type EMI Amonnt (Range)Rs.
Loan Ale
0
I Axis Bank Ltd Car and Equipment Loan 2 - 28 10% to 11% Fixed 18428 -668217 12
2 HDFC Bank Ltd Car and Equipment Loan 9 - 45 8.39% to 10.05% Fixed 315720-831700 2
3 ICICI Bank Ltd Car and Equipment Loan 14 - 15 8.60% to 10.31% Fixed 42310 - 105994 5
4 Kotak Mahindra Prime Ltd Car and Equipment Loan 38 10.55% Fixed 212625 I
5 L&T Finance Ltd Equipment Loan 8 - II 10.35% to 11.01 % Fixed 534342 - 3205143 4
6 Magma Fin Corp Ltd Equipment Loan 8 11.56% to 11.91% Fixed 1087918 - 1936930 2
7 SREI Equipment Fin Pvt Ltd Equipment Loan 12 12.01% Fixed 231170 1
8 Toyota Financial Services Car and Equipment Loan 6 -29 11.24% Fixed 93380 - 135034 2
d. Telm Loans are secured by way of Personal Guarantee of few Directors & Promoters.
e. There was a continuing default as on March 31st 2015 in repayment of one instalments aggregating to noo.oo Lakhs for principal and ~ 120.11 Lakhs
for interest for a period ono days.
NOTE-5
DEFERRED TAX ( ASSET)/ LIABIITES As at March 31, 2015 As at March 31, 2014
Differences between book depreciation and Tax Depreciation
Opening balance 3,103.33 2,440.25
Additions during the year (501.30) 663.08 ,
Closing balance 2,602.03 3,103.33 .
Defen'ed Tax Assets
Provision for Leave Encashment and Gratuity
Opening balance (80.10) (57.31)
Additions during the year (26.08) (22.79)
Closing balance (106.18) (80.10)
2,495.85 3,023.23
NOTE-6
OTHER LONG TERJ'f LIABILITIES
As at March 31, 2015 As at March 31, 2014
Advances from Customers 6,099.48 6,069.85
Advances from Customers under same Management 4,417.02 17,291.14
Trade Payables 1,575.85 1,510.65
12,092.35 24,871.64
Suppliers/Service Providers covered under Micro, Small Medium Enterprises Development Act,2006 have not furnished the infonnation regarding filing
of necessary memorandum with the appropriate authority. In view of this, infOlmation required to be disclosed U/s 22 of the said act is not given.
NOTE-7
LONG TERM PROVISIONS As at March 31, 2015 As at March 31, 2014
Provision for Gratuity 189.20 134.14
Provision for Leave Encashment 80.66 78.56
269.86 212.70
NOTE-8
SHORT TERM BORROWINGS
Secured As at March 31, 2015 As at March 31, 2014
From Banks
Working Capital Loans From Consortium Banks 62,316.09 57,452.80
62,316.09 57,452.80
a) Terms of Reoavrnent:
Terms of
Interest Type Nature of Security
Particulars ofthe Lender Nature of Loan Renavment
State Bank oflndia
Industrial Develooment Bank oflndia
Viiava Bank
Puniab National Bank First charge on the current
assets present and future on
Axis Bank Ltd Sanctioned for a
Rate oflnterest based pari passu basis. Pari passu
ICICI Bank Ltd Cash Credits! Working period of one year
on Bank's Prime charge on the immovable
State Bank ofTravancore Capital Demand Loan and renewal on
Lending Rate properties of the company.
yearly basis.
Bank oflndia Pledge of 30% of Promotes
Allahabad Bank shares on pari passu basis.
Canara Bank
State Bank of Bikaner and Jaiour
State Bank of Mvsore
NOTE-9
TRADE PAYABLES As at March 31, 2015 As at March 31, 2014
Micro, Small & Medium Enterprises
Others 17,345.3 I 15,994.75
Bills Accepted 21,034.93 18,588.22
38,380.24 34,582.97
Suppliers/Service Providers covered under Micro, Small Medium Enterprises Development Act,2006 have not furnished the information regarding filing
of necessary memorandum with the appropriate authority. In view of this, information required to be disclosed U/s 22 of the said act is not given.
NOTE -10
OTHER CURRRENT LIABILITIES As at March 31, 2015 As at March 31, 2014
Current Maturities of Long Term Debt (refer Note-4) 7,609.06 6,897.16
Advances from Customers 4,962.96 2,189.04
Advances from Customers under same Management 10,276.00 1,828.73
Interest accrued but not due on Loans 397.05 229.62
Duties & Taxes 621.92 567.26
Un Paid Expenses 2,539.68 1,547.63
Other Payables 383.08 467.16
Loans & Advances from Related Parties 423.07 1,257.39
27,212.83 14,984.00
(i) Term Loan Sanctioned from Aditya Birla Finance Limited is secured by an unconditional and irrevocable bank guarantee.
(ii) Foreign Currency Loans Sanctioned from State Bank oflndia - Mauritius aggregating to US$ 12.58 million carries a fixed interest rate. However,
availed facility was US$ 6.793 million. The loan is repayable fully with in 3 years by May 2015 in monthly installments with interest and principal
repayment as per the terms of the agreement. The loan is secured by first charge on the earth moving equipments.
NOTE-ll
SHORT TERM PROVISIONS As at March 31,2015 As at March 31, 2014
Provision for taxation(Net) 1,335.34 130.11
Provision for Gratuity 5.69 3.10
Provision for Leave Encashment 24.16 19.87
1,365.19 153.08
NOTE-12
FIXED ASSETS
fin Lakhs
GROSSBLUCK DEPRECIATION NET BLOCK
SI. Additions During Dep. Upto Total Dep. Upto
Name of the Asset As at April 1,2014 Adjustments As at 31.03.2015 For the Year Adjustment As At 31.03.2015
No the year 31.03.2014 31.03.2015
I TANGIBLE ASSETS
I Land 1,548.67 - - 1,548.67 - - - - 1.548.67
2 Lease Land 97.17 - - 97.17 48.59 9.72 - 58.30 38.87
3 Building 251.08 - (3.49) 254.57 35.59 3.88 (3.49) 42.95 211.62
4 Plant and Machinery 32,014.22 391.94 1,529.35 30,876.81 5,468.70 3,666.38 358.67 8,776.41 22,100.40
5 Motor Vehicles 2,152.81 167.18 86.87 2,233.12 670.91 314.63 15.82 969.72 1,263.39
6 Furniture & Fittings 478.96 0.81 (29.87) 509.64 103.05 61.42 (1058) 175.05 334.59
7 Office Equipment 168.03 9.79 13.32 164.50 43.41 60.86 -12.99 117.26 47.24
8 Data Processing Eauioments & Others 297.41 24.83 49.31 272.93 197.42 53.11 6.20 244.34 2859
9 Laboratory eauioment - 27.42 072.77) 400.19 0.00 54.31 (58.61 112.92 287.27
Sub - Total 37,008.36 621.97 1,272.73 36,357.60 6,567.66 4,224.31 295.01 10,496.97 25,860.64
II INTANGIBLE ASSETS
10 Comouter Software 77.12 20.17 (25.31) 122.60 43.86 13.12 (29.61) 86.58 36.02
Sub - Total 77.12 20.17 (25.31) 122.6U 43.86 13.12 (29.61) 86.58 36.02
III CAPITAL WORK-IN-PROGRESS - 268.87 268.87 - - - - - -
TOTAL (1+11+111) 37,085.48 911.02 1,516.29 36,480.20 6,611.52 4,237.43 265.40 10,583.55 25,896.65
(i) AS -16 - Borrowing Costs:

Interest cost capitalised to fixed assets during the year: Rs.13.08 Lakhs (previous Year: NIL)
(ii) In accordance with the provision of Schedule ITto the Companies Act 2013, effective from 1st April, 2014, the company has revised the useful life of fixed asset. As a consequence of such revision, the charge for the period is
higher than the previously applied rate by the amount ofRs.2,352.99 Lakhs.
(iii) Certain Fixed Assets have been regrouped as per the headings prescribed by Schedule II to the Companies Act, 2013. Impact of regrouping has been included in the columns of additions and deletions of each of the line items
specified. Amount ofRs. 431.44 Lakhs included in the columns of adjustments to such regrouping of assets.
~~~. (iv) Value of Land aggregating Rs. 635.00 Lakhs at Sriperumbudur is Pledged with IDBI Trusteeship Services Ltd (Debenture Trustee) as security for debentures subscribed by IIFCL AMC Ltd.
t{;v.\ 'AI,<~.:~
/,\:Z:::
,'Q:
~~.
'1'
~ (:';"'J:~:3'~.i')
~
n.
I'ut,
" -~. f
'~\o;, ..f'
Fixed Assets as at 31st March, 2014
~ in Lakhs
GROSS BLOCK DEPRECIATION NET BLOCK
SI. Additions During Dep. Upto Total Dep. Upto
Name of the Asset As at April 1,2013 Adjustment As at 31.03.2014 For the Year Adjustment As At 31.03.2014
No the year 31.03.2013 31.03.2014
I TANGIBLE ASSETS
1 Land 1.548.67 - - 1,548.67 - - - - 1,548.67
2 Lease Land 97.17 - - 97.17 38.87 9.72 - 48.59 48.59
3 Building 251.08 - - 251.08 27.22 8.37 - 35.59 215.50
4 Plant and Machinery 31,497.86 601.70 85.34 32,014.22 3,970.67 1,510.49 12.45 5,468.70 26,545.52
5 Motor Vehicles 1,783.87 403.65 34.72 2,152.81 493.14 186.62 8.85 670.91 1,481.90
6 Furniture & Fittings 474.88 4.08 0.00 478.96 72.80 30.25 - 103.05 375.91
7 Office Equipment 163.48 4.60 0.04 168.03 32.83 10.58 - 43.41 124.63
8 Data Processing Equipments & Others 289.85 7.85 0.29 297.41 149.72 47.80 0.09 197.42 99.99
Sub - Total 36,106.86 1,021.88 120.39 37,008.36 4,785.24 1,803.82 21.39 6,567.66 30,440.70
II INTANGIBLE ASSETS
1 Computer Software 75.11 2.01 - 77.12 28.56 15.30 - 43.86 33.26
Sub - Total 75.11 2.01 - 77.12 28.56 15.30 - 43.86 33.26

TOTAL (I+II) 36,181.97 1,023.90 120.39 37,085.48 4,813.80 1,819.12 21.39 6,611.52 30,473.96
NOTE-13
NON-CURRENT INVESTMENTS (Unquoted) fin Lakh'S
As at March 31,2015 As at March 31,2014

Particulars
TRADE INVESTMENTS
(i) In Subsidiaries
(a) Controlled Special Purpose Entities:
Equity Shares of RS.I0 each fully paid-up:
33,32,000 (33,32,000) ofGVNS Tollway Pvt Ltd 333.20 333.20
3,66,48,599 (3,66,48,599) ofGVRMP Dharwad Ramanagar Tollway Pvt Ltd 3,664.86 3,664.86
2,69,58,600 (2,69,58,600) of GVRMP Whagdhari Ribbanpally Tollway Pvt Ltd 2,695.86 2,695.86
61,20,000 (61,20,000) ofGVR RMN Hubli Lakshmeshwar Road Project Pvt Ltd 612.00 612.00
19,60,785 (19,60,785) ofGVR Behari Hanumana Tollway Private Limited 196.08 196.08
44,69,785 (29,99,785) ofGVR Khandaphod Bijwad Road Project Private Ltd 446.98 299.98
19,60,785 (19,60,785) GVR Panna Amanganj Tollway Pvt Ltd 196.08 196.08
6,12,51,500 (4,13,90,000) ofGVR Ajmer-Nagaur-Tollway Pvt Ltd 6,125.15 4,139.00
3,80,00,000 (1,95,00,000) ofGVR Nagaur Bikaner Tollway Pvt Ltd 3,800.00 1,950.00
50,000 (50,000) ofGVR AP Integrated Checkpost Pvt Ltd 5.00 5.00
(b) Others:
1,37,500 (1,37,500) shares of GVR Projects (OMAN) L.L.C., Muscat 165.07 165.07
80,000 (80,000) ofGVR Universal Aviation Service Pvt Ltd 8.00 8.00
(Ii) In Associates
9,60,000 (9,60,000) ofGVRMP Belgaum Khanapur Tollway Pvt Ltd 96.00 96.00
21,78,110 (21,78,110) GVP Infra Projects Pvt Ltd 217.81 217.81
9,45,00,000 (4,75,25,000) ofGVR Ashoka Chennai ORR Limited 9,450.00 4,752.50
1,38,08,200 (24,500) Ashoka GVRMudho1 Nipani Roads Ltd 1,380.82 2.45
(iv) In Joint Venture Entities

GVR-RMN Joint Venture 0.10 0.10
GVR-ENC Joint Venture 0.10 0.10
GVR-NCCPL Joint Venture 0.75 0.75
GVR-DRA Joint Venture 0.10 0.10
DRA-GVR Joint Venture 0.10 0.10
GVRIPL-PREMCO-MRT Joint Venture 0.35 0.35
GVR-SECC Joint Venture 0.10 0.10
GVR-GEW Joint Venture 0.85 0.85
GVR-GMW Joint Venture 0.10 -
ARSS-GVR Joint Venture - -
KNR-GVR Joint Venture - -
RMN-GVR Joint Venture - -
29,395.46 19,336.34
Aggregate Cost of Unquoted Investments 29,395.46 19,336.34
Aggregate Cost of Quoted Investments
Aggregate Market Value of Quoted Investments
(i) Controlled Special purpose entities are subsidiary companies incorporated to execute the specific project on Build-Operate- Transfer.
(ii) Out of the investments of company, following investments (Equity Shares ofRs. 10 each) are pledgedlhypothecated with the Financial
Institutions/Bankers for security against the financial assistance extended to the companies under the same management.
Particulars As at March 31, 2015 As at March 31, 2014
GVRMP Dharwad Ramanagar Tollway Pvt Ltd 1,86,90,786 1,86,90,786
GVRMP Whagdhari Ribbanpally Tollway Pvt Ltd 2,69,58,600 1,34,79,300
GVR RMN Hubli Lakshmeshwar Road Project Pvt Ltd 61,20,000 61,20,000
GVR Panna Amanganj Tollway Pvt Ltd 19,50,785 19,50,785
GVR Behari Hanumana Tollway Pvt Ltd 19,59,785 19,59,785
GVR Khandaphod Bijwad Road Project Pvt Ltd 43,57,822 19,60,685
GVR Ajmer Nagaur Tollway Pvt Ltd 24,500 24,500
GVR Nagaur Bikaner Tollway Pvt Ltd 3,00,19,999 1,13,99,999
Ashoka GVR Mudhol Nipani Roads Ltd 70,42,190
(iii) The Company has entered into Joint Yenture, wherein there is a nominal or nil capital contribution with parties for execution of the construction of
works. The work is to be executed separately as per agreed terms and conditions and the obligations and fortunes of the respective works is being
accounted individually of the Ventures.
rin Lakhs
NOTE -14
LONG TERM LOANS AND ADVANCES As at March 31, 2015 As at March 31, 2014
Capital Advances 4.53
Trade Deposits 359.64 306.52
Share Application Money paid to Related Parties 2,261.15
Advance Tax (Net) 493.48 493.48
Advances Recoverable in cash or kind 1,891.16 1,833.55
Loans & Advances to Related Parties 18,815.81 12,357.69
21,560.10 17,256.92
(i) Share Application Money pending allotment in companies under the same management/Subsidiaries:
GVR Ajmer Nagaur Tollway Pvt Ltd 781.15
GVR Nagaur Bikaner Tollway Pvt Ltd 1,480.00
2,261.15
(i) Due from the companies under the same management/Subsidiaries:

Particulars As at March 31,2015 As at March 31, 2014
GVR RMN Hubli Lakshmeshwar Road Project Pvt Ltd 1,440.30 1,440.30
GVR Panna Amanganj Tollway Pvt Ltd 2,543.35 2,299.02
GVR Behari Hanumana Tollway Private Limited 4,023.97 3,265.51
GVR Khandaphod Bijwad Road Project Private Ltd 6,192.66 5,343.66
GVR Ajmer Nagaur Tollway Pvt Ltd 1,645.00
GVR Nagaur Bikaner Tollway Pvt Ltd 2,961.34
GVRMP Belgaum khanapur Tollway Pvt Ltd 9.20 9.20
18,815.81 12,357.69
NOTE -15
OTHER NON-CURRENT ASSETS As at March 31, 2015 As at March 31, 2014
Others
Retention Deposits with Clients 1,490.22 6,040.75
Unbilled Revenue 383.94
Deposits with Banks with maturity beyond 12 months 1,106.09 1,468.28
2,596.30 7,892.97
(I) Deposits with banks held as:
Margin Money 1,105.34 1,467.53
Lodged with Commercial Tax Authorities 0.75 0.75
NOTE -16
CURRENT INVESTMENTS As at March 31,2015 As at March 31, 2014
In Mutual Funds
1,00,000 (1,00,000) units ofCanara Robeco Capital
Protection Oriented Fund-Series2(PlanA) 10.00 10.00
NIL (56,586) units ofCanara Robeco Floating Rating Fund 10.00
1,99,990 (NIL) units ofCanara Robeco Capital Protection Oriented Fund-Series-3 20.00
1,99,990 (NIL) units ofCanara Robeco Capital Protection Oriented Fund-Series-4 10.00
40.00 20.00
Aggregate Cost of Unquoted Investments
Aggregate Cost of Quoted Investments 40.00 20.00
Aggregate Market Value of Quoted Investments 43.29 20.53
r
NOTE -17
INVENTORIES As at March 31, 2015 As at March 31, 2014
(Valued at lower of cost and Net Realisable Value)
Raw Materials 8,641.87 8,315.59
Spares & Consumables 148.47 804.41
Stock in Transit(Raw Materials) 204.50 189.81
Work-in-Progress -(Valued at contract value) 51,878.97 47,062.19
60,873.82 56,372.00
NOTE .18
TRADE RECEIVABLES As at March 31, 2015 As at March 31, 2014
Unsecured - Considered Good and recoverable
period exceeding six months 17,876.29 8,059.05
Others 20,413.73 34,369.68
38,290.02 42,428.73

Particulars As at March 31,2015 As at March 31,2014
GVR RMN Hubli Lakshmeshwar Road Project Pvt Ltd 728.78 728.78
GYRMP Dharwad Ramanagar Tollway Pvt Ltd 2,838.78 1,051.21
GVRMP Whagdhari Ribbanpally Tollway Pvt Ltd 518.12 978.12
GVR Bahari Hanumana Tollway Pvt Ltd 982.24 1,476.35
GVR Khandaphod Bijwad Road Project Pvt Ltd 804.26 3,537.71
GVR Ajmer-Nagaur-Tollway Pvt Ltd 790.02 2,760.94
GVR Nagaur Bikaner Tollway Pvt Ltd 2,967.73 2,380.32
GVP Infra Projects Pvt Ltd 1,855.71 1,320.55
GVRMP Belgaum Khanapur Tollway Pvt Ltd 4,684.54 4,888.28
GVR Ashoka Chennai ORR Limited 4,681.25 4,491.97
KNR-GVRJV 43.52 34.21
DRA-GVRJV 222.26 79.19
GVR-DRAJV 292.43
RMN-GVR-JV 2,245.90 2,196.83
GVR-ENCJV 8.89 189.29
GVR-NCCPLJV 152.49
GVR-RMNJV 905.32 249.89
NOTE -19
CASH AND BANK BALANCES As at March 31,2015 As at March 31, 2014
Cash and Cash Equivalents
Cash on Hand 152.24 53.88
Cheques on hand 203.35
Balance with Banks
In Current Accounts 777.62 521.51
Deposits with maturity of less than 3 months 2,066.81 1,225.92
2,996.66 2,004.66
Other Bank Balances.
Deposits with maturity of More than 3 months Less than 12 Months 4,436.84 3,472.84
7,433.51 5,477.50
Deposits with Banks with maturity of more than 12 months has been classified under Other Non-Current Assets in Note no. 15.
(i) Balances with banks held as:
Margin Money 6,503.65 4,698.75
NOTE -20
SHORT TERM LOANS AND ADVANCES As at March 31, 2015 As at March 31, 2014
Other Deposits, Loans and Advances 5,958.26 5,899.15
Loans & Advances to Related Parties 15,204.02 10,289.15
21,162.28 16,188.30

GVRMP Dharwad Ramanagar Tollway Pvt Ltd 2,769.62 1,266.22
GVR Panna Amanganj Tollway Pvt Ltd 245.76
GVR Behari Hanumana Tollway Private Limited 300.73
GVR Khandaphod Bijwad Road Project Private Ltd 520.70
GYR Nagaur Bikaner Tollway Pvt Ltd 472.59 417.46
GYR AP Integrated Check Post Pvt Ltd 66.58 6.40
GYR Projects (OMAN) L.L.C., Muscat 4.18
GVR Universal Aviation Services Pvt Ltd 1l.35 10.64
GVRMP Belgaum khanapur Tollway Pvt Ltd 1,141.44 1,218.31
GVR Ashoka Chennai ORR Limited 0.09 961.61
Ashoka GVR Mudhol Nipani Roads Ltd 6.19
RMN-GVR-JV 404.60 311.13
GVR-ENCJV 49.97 84.00
GVR-NCCPL JV 34.35
GVR-DRAJV 14.43
GVRIPL-PREMCO-MRT JV 3,126.22 1,941.47
GVR-SECC-JV 5.27
GVR-GEWJV 1,541.44 1,169.37
GVR-GMWJV 7.53
ARSS-GVRJV 11.20
KNR-GVRJV 35.00
GVR-RMNJV 144.42 47.76
15,204.02 10,289.15
NOTE -21
OTHER CURRENT ASSETS As at March 31, 2015 As at March 31, 2014
Retention Deposits With Clients 10,932.37 6,766.70
Prepaid Expenses 1,202.87 960.11
Interest Receivable 256.96 802.42
Balance with VAT AuthOlities 1,510.98 1,624.54
13,903.19 10,153.77
r'in Lakhs
NOTE-22
REVENUE FROM OPERATIONS As at March 31, 2015 As at March 31, 2014
Contract Revenue 1,27,866.44 1,27,295.49
Add: Closing Work-In-Progress - Current 51,878.97 47,062.19
- Non-Current 383.94
1,79,745.41 1,74,741.62
Less: Opening Work-In-Progress - Current 47,062.19 45,443.51
- Non-Current 383.94
47,446.13 45,443.51
Less: Opening Work-In-Progress - Non-Current Written off (383.94)
Contract Revenue 1,32,683.21 1,29,298.11
Toll Collection 82.89
1,32,683.21 1,29,381.00
AS 7- Accounting for Construction Contracts
Revenue from fixed price construction contracts are recognized on the percentage of completion method, measured by reference to the
.percentage of cost incurred up to the year end to estimated total cost of each contract. For the purpose of determining percentage of work
completed, estimates of contract cost and contract revenue are used.
Particulars As at March 31, 2015 As at March 31,2014

a. Total Contract Revenue 1,32,683.21 1,29,298.11
b. Particulars of contracts in process at the end ofthe period
i. Aggregate amount of cost incurred upto the period end

4,15,966.24 3,68,558.04
ii. Advances received
25,755.47 27,378.76
iii. Retention Amount
12,422.59 12,807.45
iv. Gross Amount due from customers for contract work as asset
38,290.02 42,428.73
v. Gross Amount due to customers for contract work
Percentage completion method for income recognition on long term contracts involves technical estimates by engineers/technical officials, of
percentage of completion and cost to completion of each project/contract on the basis ofwhich profit/CLoss) is allocated.
NOTE-23
OTHER INCOME As at March 31, 2015 As at March 31, 2014
Interest Received 661.51 596.57
Profit from Joint Venture/Partnership Firm 1,031.64 85.80
Duty Draw Back 135.24 1,112.78
Sale of Materials/Scrap 1,442.86 344.96
Insurance Claim Received 30.00 43.96
Gain from Derivatives 80.38
Other Income 285.85
Dividend Income 0.20
Profit on Sale ofInvestment (Net) 1.12 56.54
3,382.95 2,526.46
NOTE-24
OPERATING EXPENSES As at March 31, 2015 As at March 31, 2014
Sub-Contract Expenses 45,747.81 35,195.11
Labour Charges 1,341.65 1,918.77
Repairs and Maintenance 883.41 772.23
Machinery Hire Charges 3,500.90 4,546.71
Electricity Charges 112.48 154.65
Rates and Taxes 3,405.14 3,313.06
Construction Exoenses 9,978.12 11,426.92
64,969.50 57,327.46
NOTE- 25
COST OF CONSTRUCTION MATERIALS CONSUMED As at March 31, 2015 As at March 31,2014
Opening Stock 9,120.00 10,736.23
Add: Purchases 35,610.38 43,098.17
44,730.37 53,834.40
Less: Closing Stock 8,790.34 9,120.00
35,940.03 44,714.41
NOTE-26
EMPLOYEE BENEFITS EXPENSE As at March 31, 2015 As at March 31, 2014
Salaries and Wages 3,072.50 3,339.73
Conllibution to Provident and other Funds 209.07 138.67
Staff Welfare 137.36 156.75
Managerial Remuneration 372.00 266.63
3,790.93 3,901.77
i. Contributions to Provident Fund is charged to accounts on accrual basis. The company operates a defined contribution scheme with
. recognised provident fund. For this scheme, contributions are made by the company, based on current salaries, to recognized Fund. In case of
Provident Fund scheme, contributions are also made by the employees. An amount ofRs.133.81 Lakhs (Previous Year Rs. 111.14 Lakhs) has
been charged to the Profit & Loss Account on account of this defined contribution scheme.
ii. The Gratuity benefit is funded through a defined benefit plan. For this purpose the company has obtained a qualifYing insurance policy
form Life Insurance Corporation oflndia.
iii. The company provides benefits to its employees under the Leave Encashment pay plan which is non-contributory defined benefit plan.
The employees of the company are entitled to receive certain benefits in lieu of the annual leave not availed of during service, at the time of
leaving the services of the company. The benefits are expressed by means of formulae which takes into account the Salary and the leave
balance to the credit of the employee on the date of exit.
iv. Details ofGratuity and Leave Encashment disclosure as required by AS-15 (Revised) are detailed hereunder.
As at 31.03.2015 As at 31.03.2014
Leave Leave
Particulars Gratuity Encashment Gratuity Encashme
Present Value of Obligation as at the beginning of the year 167.31 98.43 155.84 52.61
Interest Cost 10.72 6.07 12.59 3.68
Current Service Cost 61.80 10.03 60.41 8.92
Benefits paid (20.42' (19.09) (8.38' (16.51
Actuarial (Gain) / Loss on obligation (1.30 9.38 (53.14' 49.72
Present Value of Obligation as at the end of the year 218.11 104.81 167.31 98.43
Fair Value of Plan Assets at beginning of the year 30.08 0.00 31.82 0.00
Expected Return on Plan Asset 1.66 0.00 2.36 0.00
Contributions 10.79 19.09 3.72 16.51
Benefits paid (20.42 (19.09 (8.38 (16.51 )
Actuarial (Gain) / Loss on Plan assets 1.12 0.00 0.56 0.00
Fair Value of Plan Assets at end of the year 23.22 0.00 30.08 0.00
Actuarial (Gain)/Loss recognised (2.42) 9.38 (53.71) 49.72
Actuarial Gain / (Loss) on Obligation 1.30 (9.38 53.14 (49.72)
Actuarial Gain / (Loss) for the year - Plan Assets 1.12 0.00 0.56 0.00
Actuarial Gain / (Loss) recognised in the year 2.42 (9.38 53.71 (49.72
Amount to be recognised in the Balance Sheet
Present Value of Obligation as at the end ofthe year 218.12 104.81 167.31 98.43
Fair Value of Plan Assets as at the end of the year 23.22 0.00 30.08 0.00
Funded status (194.90) (104.81) (137.23) (98.43
Net Assets / (liability) recognized in the balance sheet (194.90) (104.81) (137.23) (98.43'
Expenses recognized in the Profit & Loss
Cun'ent Service Cost 61.80 10.03 60.41 8.92
Interest Cost 10.72 6.07 12.59 3.68
Expected Return on Plan Assets (1.66' 0.00 (2.36 0.00
Net Actuarial (Gain) / Loss recognized in the year (2.42' 9.38 (53.71' 49.72
Expenses recognized in the Profit & Loss Account 68.45 25.48 16.93 62.32
Financial Assumption as the Valuation Date
Discount Rate (p.a.) 7.80% 7.80% 9.10% 9.10%
Salary Escalation (p.a.) 5.00% 5.00% 6.00% 6.00%
Attrition Rate (p.a) 2.80% 2.10% 2.00% 2.00%
Expected Rate of Return on Plan Assets (p.a) 9.00% 0.00% 8.75% 0.00%
'",
NOTE-27
FINANCE COSTS As at March 31, 2015 As at March 31, 2014
Interest on Loans 12,884.28 10,531.39
Interest on Taxes 191.59 206.64
B.G.Commission 585.64 335.23
Bank Charges 782.17 553.74
Hedging Premium 50.55 65.62
14,494.22 11,692.63
NOTE- 28
'OTHER EXPENSES As at March 31, 2015 As at March 31, 2014
Travelling and Conveyance 270.31 290.76
Communication Expenses 131.96 132.64
Rent 393.97 395.84
Directors' Sitting Fee 1.11
Tender Expenses & Business Promotion 47.93 213.36
Office Maintenance 195.34 195.49
Auditor's Remuneration & Exp. 56.71 45.43
Legal and Professional Charges 714.42 443.46
Insurance 41.31 72.48
Other Miscellaneous Expenses 266.20 176.82
Sundry Accounts written ofT 601.84 I I 1.04
Loss on Sale of Assets (Net) 5.17 31.11
2,726.26 2,108.44
Pdor Pedod Income 7.53 11.20

Pdor Period Expenses 1,060.88 (9.78)
1,053.35 (20.98)
Note 29 - Additional Notes
1. AS - 17 Segment Reporting
Business Segment
The Company is primary engaged in "Engineering & Construction" business and there are no other
reportable segment as required by Accounting Standard - 17 "Segment Reporting" specified in
Section 133 of the Companies Act, 2013 read with Rule 7 of the Companies (Accounts) Rules, 2014.
Geographical Segment
The Company has only two projects outside India i.e.in Nepal. Due to proximity of operations and no
significant underlying currency risk, the same has not been disclosed as Separate Geographical
Segment.
2. AS-18 on Related Party Transactions

Infonnation regarding parties and transaction, If any, with them as per AS-18 are given below:
A) N ameo fR eae
ltd Of
P artIes an dD escnp110n 0 fR e Ia fIons h'IP:
Sr.no Name of the Related Parties Nature of Relationship
Parties where control exist
1 GVNS Tollway Private Limited Subsidiary Company
2 GVR RMN Hubli Lakshmeshwar Road Project Private Limited Subsidiary Company
3 GVRMP Whagdhari Ribbanpally Tollway Private Limited Subsidiary Company
4 GVRMP Dharwad Ramanagar Tollway Private Limited Subsidiary Company
5 GVR Infra Projects LLC.,Muscut Subsidiary Company
6 GVR Universal Aviation Services Private Limited Subsidiary Company
7 GVR Behari Hanumana Tollway Private Limited Subsidiary Company
8 GVR Khandaphod Bijwad Road Project Private Limited Subsidiary Company
9 GVR Panna Amangani Tollway Private Limited Subsidiary Company
10 GVR Aimer Nagaur Tollway Private Limited Subsidiary Company
11 GVR Nagaur Bikaner Tollway Private Limited Subsidiary Company
12 GVR AP Integrated Checkpost Private Limited Subsidiary Company
Joint Ventures
1 RMN -GVRJV Joint Venture
2 GVR-RMNN Joint Venture
3 KNR-GVRJV Joint Venture
4 DRA-GVRJV Joint Venture
5 GVR-DRAJV Joint Venture
6 GVR-NCCPL JV Joint Venture
7 GVRIPL-PREMCO-MRT N Joint Venture
8 GVR-GEWN Joint Venture
9 GVR-SECC JV Joint Venture
10 GVR-ENCN Joint Venture
11 GVR-GMWN Joint Venture
12 ARSS-GVR-JV Joint Venture
Associates
1 GVRMP Be1gaum Khanapur Tollway Private Limited Associate Company
Sr.no Name of the Related Parties Nature of Relationship
2 GVP Infra Projects Private Limited Associate Company
3 GVR Ashoka Chennai ORR Limited Associate Company
4 Ashoka GVR Mudhol Nipani Roads Limited Associate Company
Key Manal?:ement Personnel
1 G.Venkateswara Rao Chainnan
2 K.Ganga Prasad Managing Director
3 G.Pavan Kumar Executive Director
4 S.Chandra Mohan Chief Executive Officer
5 R.Dharmaraj an Chief Financial Officer
6 Sridevi Surender Company Secretary
(resigned w.e.f.04/07114)
7 Ravi Teja Chunduru Company Secretary
(appntd w.e.f.05/07/14)
: Enterprises in which key management personnel/director
havinl?: sil?:nificant influence.
1 GVR Realities Private Limited
2 GVR Realities (Firm)
B) Summary of transactions with aforesaid parties:

~ in Lakhs
Sr.No. Particulars Year ended Year ended

March 31, March 31,
2015 2014
I GROSS INCOME FROM WORKS
Subsidiary Companies
GVRMP Whagdhari Ribbanpally Tollway Pvt Ltd - 1,018.88
GVRMP Dharwad Ramanagar Tollway Pvt Ltd 1,718.06 1,909.55
GVR RMN Hubli Lakshmeswar Road Project Pvt Ltd - 859.20
GVR Behari Hanumana Tollway Private Limited 815.51 5,133.25
GVR Khandaphod Bijwad Road Project Private Limited 2,708.66 10,386.13
GVR Panna Amanganj Tollway Private Limited 602.28 4,970.25
GVR Aimer Nagaur Tollway Private Limited 10,631.90 10,368.05
GVR Nagaur Bikaner Tollway Private Limited 17,225.82 4,413.78
Joint Ventures
KNR-GVRJV 769.02 1,587.73
RMN -GVRN 1,041.54 2,733.18
GVR-RMN JV 4,340.15 3,376.24
DRA-GVRJV 1,499.15 830.25
GVR-ENCJV 620.87 3,465.40
GVR-NCCPL JV 432.55 469.00
GVR-DRAN 1,321.72 824.68
GVR-GMWJV 577.24 -
Associates
GVRMP Belgaum Khanapur Tollway Private Limited - 1,684.58
March 31, March 31,
2015 2014
GVP Infra Projects Private Limited 1,070.00 1,650.16
GVR Ashoka Chennai ORR Limited 31,063.24 11 042.71
II. INTEREST RECEIVED / (PAID)
GVNS Tollway Private Limited (301.98) (290.33)
GVR R1vlN Hubli Lakshmeswar Road Project Pvt Ltd - (64.80)
III. Purchase(Sale)of Shares
GVR Khandaphod Bijwad Road Project Private Ltd. 147.00 103.91
GVR Ajmer Nagaur Tollway Private Limited 1,986.15 4,134.00
GVR AP Integrated Checkpost Private Limited - 5.00
,
i
GVR Infra Projects LLC.,Muscut - (165.07)
Joint Ventures
GVR-GMWJV 0.10 -
Associates
Ashoka GVR Mudhol Nipani Roads Limited 1,378.37 2.45
IV. SALARY/REMUNERATION PAID
(a) Key Management Personnel
G.Venkateswara Rao 150.00 150.00
K. Ganga Prasad 150.00 150.00
G.Pavan Kumar 72.00 72.00
CEO,CFO & Company Secretary 143.11 122.63
(b) Rent Paid
G.Venkateswara Rao 1.44 1.40
Balance outstanding Trade Receivable at the end of
V the Year
GVRMP Dharwad Ramanagar Tollway Pvt Ltd 2,838.78 1051.21
GVR RMN Hubli Lakshmeswar Road Project Pvt Ltd 728.78 728.78
GVR Khandaphod Bijwad Road Project Private Limited 804.26 3,537.71
GVR Panna Amanganj Tollway Private Limited 1,111.54 1,145.88
GVR Ajmer Nagaur Tollway Private Limited 790.02 2,760.94
Joint Ventures
KNR-GVRJV 43.52 34.21
RMN-GVR N 2,245.90 2,196.83
GVR-RMN JV 905.32 249.89
DRA-GVRJV 222.26 79.19
GVR-ENCJV 8.89 189.29
March 31, March 31,
2015 2014
GVR-NCCPLN - 152.49
GVR-DRAJV - 292.43
Associates
GVP Infra Projects Private Limited 1,855.71 1,320.55
GVRMP Belgaum Khanapur Tollway Private Limited 4,684.54 4,888.28
Key Manal?:erial Personnel
G. Venkateswara Rao
Remuneration (42.01) (55.62)
Rent 0.44) (1040)
K. Ganga Prasad - Remuneration (97.10) (97.05)
I G. Pavan Kumar - Remuneration (6.94) (9.08)
Advances Received (Paid) against contract
VI receipts/Renderinl?: of Services
GVR Behari Hanumana Tollway Private Limited (350.00) (400.00)
GVR Khandaphod Bijwad Road Proiect Private Limited (200.00) (1,600.00)
GVR Panna Amanganj Tollway Private Limited (605.15) (294.85)
GVR Ajmer Nagaur Tollway Private Limited 0,944.25) 4,876.37
GVR Nagaur Bikaner Tollway Private Limited 304.39 3,012.76
Joint Ventures
GVR-RMN N 594.67 (613.00)
GVR-ENCJV (17.10) (409.57)
GVR-DRAJV 018.62) 118.62
DRA-GVRJV - (142.00)
GVR-NCCPL JV 041.81) 141.81
KNR-GVRJV - (53.65)
Associates
GVP Infra Projects Private Limited (114.67) 044.51)
GVR Ashoka Chennai ORR Limited 0,058.79) 6,250.00
Ashoka GVR Mudhol Nipani Roads Limited 1,224.49 -
Advances outstandinl?:(oavable) at the end of the vear
GVR Behari Hanumana Tollway Private Limited (400.00) (750.00)
GVR Khandaphod Bijwad Road Project Private Limited - (200.00)
GVR Panna Amanganj Tollway Private Limited - (605.15)
GVR Ahner Nagaur Tollway Private Limited (2,932.13) (4,876.37)
GVR Nagaur Bikaner Tollway Private Limited (3,317.14) (3,012.76)
Joint Ventures
GVR-RMNN 0,277.20) (2,682.53)
GVR-ENCN - (17.10)
GVR-DRAJV (349.54) (468.15)
GVR-NCCPL JV - (141.81)
, ,
r.' '.,
~,
,,'
.',
\ "
March 31, March 31,
2015 2014
RMN -GVR JV 0.32) (1.32)
Associates
GVP Infra Projects Private Limited - (114.67)
GVR Ashoka Chennai ORR Limited (3,191.21) (6,250.00)
Ashoka GVR Mudhol Nipani Roads Limited 0,224.49) -
Amount Due from the Companies under the same
VII management/Subsidiaries at the end of the year.
GVR AP Integrated Checkpost Private Limited 66.58 6.40
GVR Khandaphod Bijwad Road Project Private Ltd 520.70 -
GVR Behari Hanumana Tollway Private Limited 300.73 -
GVR Panna Amanganj Tollway Pvt Ltd 245.76 -
GVR Universal Aviation Services Pvt Ltd 11.35 10.64
GVR Infra Projects LLC, Muscut - 4.18
GVRMP Dharwad Ramnagar Tollway Pvt Ltd 2,769.62 1,266.22
GVR Nagaur Bikaner Tollway Private Limited 472.59 417.46
Joint Ventures
RMN -GVR N 393.07 311.13
GVR-ENCJV 49.97 84.00
GVRIPL-PREMCO-MRT JV 3,126.22 1,941.47
KNR-GVRJV 35.00 -
GVR-DRAJV - 14.43
GVR-RMNN 144.42 47.76
GVR-GEW JV 1,541.44 1,169.37
ARSS-GVRN 11.20 -
GVR-NCCPL JV 34.35 -
GVR-SECC-JV 5.27 -
GVR-GMWJV 7.53 -
Associates
GVRMP Belgaum khanapur Tollway Pvt Ltd 1,141.44 1,218.31
GVR Ashoka Chennai ORR Limited 0.09 961.61
Ashoka GVR Mudhol Nipani Roads Limited 6.19 -
Amount Due to the Companies under the same
mana2ement/Subsidiaries at the end of the year.
GVNS Tollway Pvt Ltd 315.93 162.53
GVR RMN Hubli Lakshmeshwar Road Project Pvt Ltd 79.30 -
Joint Ventures
DRA-GVRN 3.07 -
GVR-DRA.-N 0.70 -
KNR-GVRJV 23.87 -
March 31, March 31,
2015 2014
Associates
Ashoka GVR Mudhol Nipani Roads Limited - 2.45
Enterprises in which key management
personnel/director havin!! si!!nificant influence.
GVR Realities Private Limited 0.20 1030.85
VIII Share Application Money paid durin!! the year
GVR Ajmer Nagaur Tollway Private Limited 781.15
GVR Nagaur Bikaner Tollway Private Limited 740.00 1480.00
Associates
GVR Ashoka Chennai ORR Limited 4,677.50 -
Share Application Money outstanding at the end of
IX the year
GVR Ajmer Nagaur Tollway Private Limited - 781.15
GVR Nagaur Bikaner Tollway Private Limited - 1480.00
Long Term Advances paid / (Received) during the
X year
GVR Khandaphod Bijwad Road Project Private Ltd 849.00 2,589.60
GVR Panna Amanganj Tollway Pvt Ltd 244.34 1,289.75
GVR Aimer Nagaur Tollway Private Limited 1,645.00 -
GVR Nagaur Bikaner Tollway Private Limited 2,961.34 -
Inter Corporate Loans
GVNS Tollway Pvt Ltd - (274.00)
GVR RMN Hubli Lakshmeswar Road Proiect Pvt Ltd 444.00 356.00
Long Term Advances outstanding /(Due) at the end of
XI the year
GVR Khandaphod Bijwad Road Project Private Ltd 6,192.66 5,343.66
GVR Behari Hanumana Tollway Private Limited 4,023.97 3,265.51
GVR RMN Hubli Lakshmeshwar Road Project Pvt Ltd 1,440.30 1,440.30
GVR Ahner N agaur Tollway Private Limited 1,645.00 -
GVR Nagaur Bikaner Tollway Private Limited 2,961.34 -
Inter Corporate Loans
GVNS Tollway Pvt Ltd (2,570.00) (2,570.00)
GVR RMN Hubli Lakshmeswar Road Project Pvt Ltd - (444.00)
Associates
GVRMP Belgaum khanapur Tollway Pvt Ltd 9.20 9.20
3. AS-19 - Accounting on leases:
The Company has various operating leases for equipments and premises, the leases are renewable on
periodic basis and cancellable in nature.
The lease rental of ~ 164.49 lakhs is charged towards office premises during the year and the total of
future minimum lease payments under non cancelable lease, payable as per the agreement are as
follows.
~ in Lakhs
SI.No. Particulars As at As at
March 31, March 31,
2015 2014
I. Not Later than one year 161.45 164.54
II. Later than one year but not later than five years 32.75 222.86
III. Later than five years 60.04 61.20
4. AS -20 Earnings Per Share
SI.No. Particulars For Year For Year

ended ended March
March 31, 31,2014
2015
I. Net Profit attributable to Equity Shareholders 5,416.43 6,640.04
(~in Lakhs)
II. Weighted Average Number of Shares Outstanding 95,10,205 95,10,205
During the Year - Basic
III. Weighted Average Number of Shares Outstanding 95,10,205 95,10,205
During the year - Diluted
IV. Earnings Per Share - Basic (~) 56.95 69.82
V. Earning Per Share - Diluted (~) 56.95 69.82
The earnings considered in ascertaining the Company's Earnings per Share (EPS) comprise of net
profit after tax.
The number of shares used for computing the basic and diluted EPS is the weighted average number
of shares outstanding during the year.
5. Financial reporting ofInterest in Joint Ventures
In accordance with AS-27, proportionate share in Joint Venture entities during the period under
review are mentioned below
81.No. Name of the Joint Venture % of Involvement % of Involvement

as at March 31, as at March 31,
2015 2014
I KNR-GVRJV 49% 49%
II RMN-GVRJV 50% 50%
III GVR-RMN JV 71% 71%
IV DRA-GVRJV 40% 40%
V GVR-DRAJV 50% 50%
VI GVR-NCCPL JV 75% 75%
VII GVRIPL-PREMCO-MRT JV 52% 52%
VIII GVR-GEW JV 85% 85%
IX GVR-SECCJV 59% 59%
X GVR-ENCJV 80% 80%
XI GVR-GMWJV- 70% 70%
XII ARSS-GVRJV 49% 49%
6. Auditor's Remuneration
-~in Lakhs
81. No. Particulars For Year ended For Year ended
March 31,2015 March 3h2014
I Audit Fees 74.44 24.00
I II Tax Audit Fees 3.00 3.00
III Service Tax 6.51 3.58
IV Certification Charges 3.81 1.95
V Reimbursement of out of pocket expenses 23.55 18.43
TOTAL 111.30 50.96
7. Expenditure in foreign currency

~ inLakhs
81. No. Particulars For Year ended . For Year ended
March 31 2015 March 31, 2014
A. Expenditure in Foreign Currency
I Raw Material - -
ii. Foreign Travelling Expenses 14.19 0.18
iii. Other Expenses - -
Total 14.19 0.18
B. Earnings Foreign Currency - -
8. CSR Expenditure
~ in Lakhs
Sl. No. Particulars As at As at
March 31. 2015 March 31. 2014
I. Gross Amount required to be spent by the 205.62 NA
Company during the year
II. Amount spent during the year NIL NA
a. Construction/acquisition of any asset NIL NA
b. On purpose other than above (ii) (a) - In NIL NA
cash
c. On purposes other than above (ii) (a) - 205.62 NA
Yet to be paid in cash
9. Contingent Liabilities to the extent not provided for:

~ in Lakhs
Sl. No. Particulars As at As at
March 31. 2015 March 31,2014
I. Bank guarantees issued by banks:
On behalf of the Company 47,651.88 52,796.90
On behalf of Others 30,418.85 30,714.70
II. Letters of Credit issued by Banks: 3,767.78 14,093.36
On behalf of the company
III. Pending Export Obligations 1,927.00 3,027.85
IV. Corporate Guarantees 48,323.00 20,323.00
(as detailed below)
V. Claims against the Company not 456.81 106.73
acknowledged as debts.
VI. Expected damages in Contracts 2,436.48 2,432.30
VII. Statutory demands and liabilities m 1,276.00 -
dispute, not provided for, relate to the
show cause cum demand
notices/assessment orders received by the
Company from the vanous Tax
authorities.
The company has provided corporate guarantees as collateral security for the purpose of tenn loans
availed from banks by its related parties as mentioned below.
Sr. Particulars Year ended Year ended

No. March3!, March3!,
2015 2014
1 GVRMP Dharwad Ramanagar Tollway Private Limited 15,292.00 15,292.00
2 GVP Infra Projects Private Limited 5,031.00 5,031.00
3 Ashoka Mudho1 Nipani Roads Limited 28,000.00 -
TOTAL 48.323.00 20323.00
Bank Guarantees placed by the Group Companies/Joint Ventures with Government Organisations and
other Institutions have been obtained by using the BG limits of the holding company (GVR Infra
Projects Limited) with various Banks. Since the limits of the holding company have been utilized,
contingent liability has been disclosed in the books of the holding company and not in the books of
the group companies/joint ventures.
10. Additional infonnation pursuant to the provision of part II of Schedule III to the Companies Act, 2013
(Wherever applicable).
(a) Construction materials and Stores Consumed
SI.No. Particulars 2014 -15 2013 -14

~ in Lakhs % ~ in Lakhs %
I. Materials / Stores consumed
a) Indigenous 35,940.03 100 44,714.41 100
11. Balance in respect of Sundry Debtors, Sundry Creditors and Advances in some cases are subject to
confinnation and adjustments, if any.
12. Previous year's figures have been accordingly re-grouped and re-classified, wherever necessary.
or M.P.CHITALE & CO. For and on behalf of Board of Directors of

ha ered Accountants GVR Infra Projects Limited
/z.tp~
MURTUZA VAJIHI
Partner
G.1:~;:WA1lRAO
Chairman
K. GANGA PRASAD
Managing Director
DIN NO.0058975l DIN NO.02l19525
~'~'---cS-
R. DHARMARAJAN CH.RAVI TEJA
Chief Financial Officer Company Secretary
Place: Chennai
Date : 8th September, 2015.

Annual Report - GVRIPL - 2014-15

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Annual Report - GVRIPL - 2014-15

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TH

Board of Directors: Mr. G. Venkateswara Rao, Chairman

Group Advisor: Mr. L N Vijayaraghavan, IAS (Retd.)

Chief Executive Officer: Mr. S Chandramohan

Chief Financial Officer: CA R Dharmarajan

Company Secretary: CS Ravi Teja Chunduru

Auditors: M/s M.P. Chitale & Co., Chartered Accountants

Registered & Corporate VBC Solitaire, 9th & 10th Floors,

Registrars: Integrated Enterprises (India) Limited

INDEPENDENT AUDITOR'S REPORT

1. Report on the Standalone Finalicial Statements

2. Management's responsibility for the Financial Statements

6. Report on Other Legal and Regulatory Requirements

For M P Chitale & Co.

ANNEXURE TO THE INDEPENDENT AUDITORS' REPORT

(b) The procedures of physical verification of inventories followed by the management

Financial Particulars Authority

(b) Non-current investments

As per our report of even date attached

III. Total Revenue (I + In 1,36,066.16 1,31,907.46

Total expenses 1,27,211.72 1,21,542.84

V. Profit before tax (III- IV) 8,854.44 10,364.62

VI. Tax expense:

VII. Profit for the period (V-VI) 5,416.43 6,640.04

VIII. Earnings per Equity Share

(I) Basic (~) 56.95 69.82

Significant Accounting Policies 1

As per our report of even date attached

MURTUZA VAJIHI G.VENKATES~RAO K. GANGA PRASAD

R. DHARMARAJAN CH. RA VI TEJA

GVR INFRA PROJECTS LIMITED

Net Profit before tax and Extra-Ordinary Items 8,854.44 10,364.62

B CASH FLOW FROM INVESTING ACTIVITIES:

C CASH FLOW FROM FINANCING ACTIVITIES:

MURTUZA VAJIHI G. VENKATESWARAl:.O K. GANGA PRASAD

R. DHARMARAJAN CH. RA VI TEJA

1. Basis of Preparation of Accounts

3. Current/Non Current Classification:

(b) All other assets and liabilities are classified as non-current.

6. Intangible assets & Amortization

(c) Computer software is amortised over period of five years.

(b) Joint Venture Contracts:

(c) Interest Income

10. Employee's Benefits

11. Borrowing Costs

12. Accounting of Foreign Exchange Transactions, Forward Contracts and Derivatives

(d) Financial Statements of Overseas Integral Operations are translated as under:

15. Impairment of Assets

16. Contingent Liabilities & Provisions

b. Class, Terms/rights attached to equity shares:

d. Details of Shares pledged

b. Debenture Redemption Reserve

c. Surplus as per Statement of Profit & Loss Ale

Total Reserves and Surplus 58,871.74 53,525.42

FY2016 - ~I ,500 Secured by mortgage of

2 Lease Land 97.17 - - 97.17 48.59 9.72 - 58.30 38.87

3 Building 251.08 - (3.49) 254.57 35.59 3.88 (3.49) 42.95 211.62

(i) AS -16 - Borrowing Costs:

2 Lease Land 97.17 - - 97.17 38.87 9.72 - 48.59 48.59

3 Building 251.08 - - 251.08 27.22 8.37 - 35.59 215.50

1 Computer Software 75.11 2.01 - 77.12 28.56 15.30 - 43.86 33.26

Sub - Total 75.11 2.01 - 77.12 28.56 15.30 - 43.86 33.26