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Carmichael Rail and Port Singapore Holdings 2015 Annual Report.pdf

Carmichael Rail and Port Singapore Holdings 2015 Annual Report

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CARMICHAEL RAIL AND PORT
SINGAPORE HOLDINGS PTE. LTD.
Registration Number: 201425301K
FINANCIAL STATEMENTS
Year ended 31 March 2015
This document contains no signatures as it is system-generated from the full set of
Financial Statements filed in XBRL by company with ACRA.
0bcdf8c8295fc8e98cc7734347279400784ecc62380b5f80e210ae831fa5ef50
CARMICHAEL RAIL AND PORT SINGAPORE HOLDINGS PTE. LTD. 2
The director is pleased to present his report to the member, together with the audited consolidated
financial statements of Carmichael Rail and Port Singapore Holdings Pte Ltd (the "Company") and
its subsidiaries (collectively, the “Group”) for the financial year from 28 August 2014 (date of
incorporation) to 31 March 2015.
Director
The director in office at the date of this report is:
Vinod Shantilal Adani
Arrangements to enable director to acquire shares and debentures
Neither at the end of nor at any time during the financial year was the Company a party to any
arrangement whose objects are, or one of whose objects is to enable the director of the Company to
acquire benefits by means of the acquisition of shares in, or debentures of the Company or any
other body corporate.
Director's interests in shares and debentures
No director who held office at the end of the financial year had, according to the register of director's
shareholdings required to be kept under Section 164 of the Companies Act, Chapter 50, an interest
in shares, share options, warrants or debentures of the Company, or of related corporation, either at
the beginning of the financial year or at the end of the financial year.
Director’s contractual benefits
Since the date of incorporation, no director of the Company has received or become entitled to
receive a benefit by reason of a contract made by the Company or a related corporation with the
director, or with a firm of which the director is a member, or with a Company in which the director
has a substantial financial interest.
Auditor
Ernst & Young LLP have expressed their willingness to accept re-appointment as auditor.
Vinod Shantilal Adani
Director
Singapore
9 March 2016
0bcdf8c8295fc8e98cc7734347279400784ecc62380b5f80e210ae831fa5ef50
CARMICHAEL RAIL AND PORT SINGAPORE HOLDINGS PTE. LTD. 3
Statement by director
I, Vinod Shantilal Adani, being the director of Carmichael Rail and Port Singapore Holdings Pte.
Ltd., do hereby state that, in my opinion,
(i) the accompanying balance sheets, consolidated statement of comprehensive income,
statements of changes in equity, and consolidated statement of cash flows together with
notes thereto are drawn up so as to give a true and fair view of the financial position of the
Group and of the Company as at 31 March 2015 and the financial performance, changes in
equity and cash flows of the Group and the changes in equity of the Company from the
financial year from 28 August 2014 (date of incorporation) to 31 March 2015, and
(ii) at the date of this statement, there are reasonable grounds to believe that the Company will
be able to pay its debts as and when they fall due.
Vinod Shantilal Adani
Director
Singapore
9 March 2016
0bcdf8c8295fc8e98cc7734347279400784ecc62380b5f80e210ae831fa5ef50
CARMICHAEL RAIL AND PORT SINGAPORE HOLDINGS PTE. LTD. 4
Independent auditor’s report
For the financial year from 28 August 2014 (date of incorporation) to 31 March 2015
Independent auditor’s report to the member of Carmichael Rail and Port Singapore Holdings
Pte. Ltd.
Report on the financial statements
We have audited the accompanying financial statements of Carmichael Rail and Port Singapore
Holdings Pte. Ltd. (the “Company”) and its subsidiaries (collectively, the "Group"), which comprise
the balance sheets of the Group and the Company as at 31 March 2015, the statements of changes
in equity of the Group and the Company and the consolidated statement of comprehensive income
and consolidated cash flow statement of the Group for the financial year from 28 August 2014 (date
of incorporation) to 31 March 2015, and a summary of significant accounting policies and other
explanatory information.
Management's responsibility for the financial statements
Management is responsible for the preparation of financial statements that give a true and fair view
in accordance with the provisions of the Singapore Companies Act, Chapter 50 (the "Act") and
Singapore Financial Reporting Standards, and for devising and maintaining a system of internal
accounting controls sufficient to provide a reasonable assurance that assets are safeguarded
against loss from unauthorised use or disposition; and transactions are properly authorised and that
they are recorded as necessary to permit the preparation of true and fair financial statements and to
maintain accountability of assets.
Auditor's responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We
conducted our audit in accordance with Singapore Standards on Auditing. 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.
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 control
relevant to the entity'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 the purpose of
expressing an opinion on the effectiveness of the entity's internal control. An audit also includes
evaluating the appropriateness of accounting policies used and the reasonableness of accounting
estimates made by management, as well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our audit opinion.
0bcdf8c8295fc8e98cc7734347279400784ecc62380b5f80e210ae831fa5ef50
CARMICHAEL RAIL AND PORT SINGAPORE HOLDINGS PTE. LTD. 5
Independent auditor’s report
For the financial year from 28 August 2014 (date of incorporation) to 31 March 2015
Independent auditor’s report to the member of Carmichael Rail and Port Singapore Holdings
Pte. Ltd.
Opinion
In our opinion, the consolidated financial statements of the Group and the balance sheet and
statement of changes in equity of the Company are properly drawn up in accordance with the
provisions of the Act and Singapore Financial Reporting Standards so as to give a true and fair view
of the financial position of the Group and of the Company as at 31 March 2015 and of the financial
performance, changes in equity and cash flows of the Group and the changes in equity of the
Company for the financial year from 28 August 2014 (date of incorporation) to 31 March 2015.
Report on other legal and regulatory requirements
In our opinion, the accounting and other records required by the Act to be kept by the Company and
by those subsidiaries incorporated in Singapore of which we are the auditors have been properly
kept in accordance with the provisions of the Act.
Ernst & Young LLP
Public Accountants and
Chartered Accountants
Singapore
9 March 2016
0bcdf8c8295fc8e98cc7734347279400784ecc62380b5f80e210ae831fa5ef50
CARMICHAEL RAIL AND PORT SINGAPORE HOLDINGS PTE. LTD. 6
Consolidated statement of comprehensive income
For the financial year from 28 August 2014 (date of incorporation) to 31 March 2015
Group
Note
Year ended
31 March 2015
8 April 2013 -
31 March 2014
$ $
Revenue
Interest income 4 55,160 –
Cost and expenses
Other operating expenses (61,655) (15,000)
Foreign currency loss (369) –
Interest expenses 5 (1,875,911) (267)
Property, plant and equipment written off 8 (23,255,069) −
Loss before taxation (25,137,844) (15,267)
Income tax expense 6 − −
Loss for the financial year, representing total
comprehensive income for the financial year (25,137,844) (15,267)
The accompanying accounting policies and explanatory notes form an integral part of the financial
statements.
0bcdf8c8295fc8e98cc7734347279400784ecc62380b5f80e210ae831fa5ef50

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Carmichael Rail and Port Singapore Holdings 2015 Annual Report.pdf

  • 1. CARMICHAEL RAIL AND PORT SINGAPORE HOLDINGS PTE. LTD. Registration Number: 201425301K FINANCIAL STATEMENTS Year ended 31 March 2015 This document contains no signatures as it is system-generated from the full set of Financial Statements filed in XBRL by company with ACRA. 0bcdf8c8295fc8e98cc7734347279400784ecc62380b5f80e210ae831fa5ef50
  • 2. CARMICHAEL RAIL AND PORT SINGAPORE HOLDINGS PTE. LTD. 2 The director is pleased to present his report to the member, together with the audited consolidated financial statements of Carmichael Rail and Port Singapore Holdings Pte Ltd (the "Company") and its subsidiaries (collectively, the “Group”) for the financial year from 28 August 2014 (date of incorporation) to 31 March 2015. Director The director in office at the date of this report is: Vinod Shantilal Adani Arrangements to enable director to acquire shares and debentures Neither at the end of nor at any time during the financial year was the Company a party to any arrangement whose objects are, or one of whose objects is to enable the director of the Company to acquire benefits by means of the acquisition of shares in, or debentures of the Company or any other body corporate. Director's interests in shares and debentures No director who held office at the end of the financial year had, according to the register of director's shareholdings required to be kept under Section 164 of the Companies Act, Chapter 50, an interest in shares, share options, warrants or debentures of the Company, or of related corporation, either at the beginning of the financial year or at the end of the financial year. Director’s contractual benefits Since the date of incorporation, no director of the Company has received or become entitled to receive a benefit by reason of a contract made by the Company or a related corporation with the director, or with a firm of which the director is a member, or with a Company in which the director has a substantial financial interest. Auditor Ernst & Young LLP have expressed their willingness to accept re-appointment as auditor. Vinod Shantilal Adani Director Singapore 9 March 2016 0bcdf8c8295fc8e98cc7734347279400784ecc62380b5f80e210ae831fa5ef50
  • 3. CARMICHAEL RAIL AND PORT SINGAPORE HOLDINGS PTE. LTD. 3 Statement by director I, Vinod Shantilal Adani, being the director of Carmichael Rail and Port Singapore Holdings Pte. Ltd., do hereby state that, in my opinion, (i) the accompanying balance sheets, consolidated statement of comprehensive income, statements of changes in equity, and consolidated statement of cash flows together with notes thereto are drawn up so as to give a true and fair view of the financial position of the Group and of the Company as at 31 March 2015 and the financial performance, changes in equity and cash flows of the Group and the changes in equity of the Company from the financial year from 28 August 2014 (date of incorporation) to 31 March 2015, and (ii) at the date of this statement, there are reasonable grounds to believe that the Company will be able to pay its debts as and when they fall due. Vinod Shantilal Adani Director Singapore 9 March 2016 0bcdf8c8295fc8e98cc7734347279400784ecc62380b5f80e210ae831fa5ef50
  • 4. CARMICHAEL RAIL AND PORT SINGAPORE HOLDINGS PTE. LTD. 4 Independent auditor’s report For the financial year from 28 August 2014 (date of incorporation) to 31 March 2015 Independent auditor’s report to the member of Carmichael Rail and Port Singapore Holdings Pte. Ltd. Report on the financial statements We have audited the accompanying financial statements of Carmichael Rail and Port Singapore Holdings Pte. Ltd. (the “Company”) and its subsidiaries (collectively, the "Group"), which comprise the balance sheets of the Group and the Company as at 31 March 2015, the statements of changes in equity of the Group and the Company and the consolidated statement of comprehensive income and consolidated cash flow statement of the Group for the financial year from 28 August 2014 (date of incorporation) to 31 March 2015, and a summary of significant accounting policies and other explanatory information. Management's responsibility for the financial statements Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the provisions of the Singapore Companies Act, Chapter 50 (the "Act") and Singapore Financial Reporting Standards, and for devising and maintaining a system of internal accounting controls sufficient to provide a reasonable assurance that assets are safeguarded against loss from unauthorised use or disposition; and transactions are properly authorised and that they are recorded as necessary to permit the preparation of true and fair financial statements and to maintain accountability of assets. Auditor's responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Singapore Standards on Auditing. 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. 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 control relevant to the entity'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 the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. 0bcdf8c8295fc8e98cc7734347279400784ecc62380b5f80e210ae831fa5ef50
  • 5. CARMICHAEL RAIL AND PORT SINGAPORE HOLDINGS PTE. LTD. 5 Independent auditor’s report For the financial year from 28 August 2014 (date of incorporation) to 31 March 2015 Independent auditor’s report to the member of Carmichael Rail and Port Singapore Holdings Pte. Ltd. Opinion In our opinion, the consolidated financial statements of the Group and the balance sheet and statement of changes in equity of the Company are properly drawn up in accordance with the provisions of the Act and Singapore Financial Reporting Standards so as to give a true and fair view of the financial position of the Group and of the Company as at 31 March 2015 and of the financial performance, changes in equity and cash flows of the Group and the changes in equity of the Company for the financial year from 28 August 2014 (date of incorporation) to 31 March 2015. Report on other legal and regulatory requirements In our opinion, the accounting and other records required by the Act to be kept by the Company and by those subsidiaries incorporated in Singapore of which we are the auditors have been properly kept in accordance with the provisions of the Act. Ernst & Young LLP Public Accountants and Chartered Accountants Singapore 9 March 2016 0bcdf8c8295fc8e98cc7734347279400784ecc62380b5f80e210ae831fa5ef50
  • 6. CARMICHAEL RAIL AND PORT SINGAPORE HOLDINGS PTE. LTD. 6 Consolidated statement of comprehensive income For the financial year from 28 August 2014 (date of incorporation) to 31 March 2015 Group Note Year ended 31 March 2015 8 April 2013 - 31 March 2014 $ $ Revenue Interest income 4 55,160 – Cost and expenses Other operating expenses (61,655) (15,000) Foreign currency loss (369) – Interest expenses 5 (1,875,911) (267) Property, plant and equipment written off 8 (23,255,069) − Loss before taxation (25,137,844) (15,267) Income tax expense 6 − − Loss for the financial year, representing total comprehensive income for the financial year (25,137,844) (15,267) The accompanying accounting policies and explanatory notes form an integral part of the financial statements. 0bcdf8c8295fc8e98cc7734347279400784ecc62380b5f80e210ae831fa5ef50
  • 7. CARMICHAEL RAIL AND PORT SINGAPORE HOLDINGS PTE. LTD. 7 Balance sheets As at 31 March 2015 Group Company Note 31 March 2015 31 March 2014 31 March 2015 $ $ $ ASSETS Non-current assets Investment in subsidiaries 7 − − 1,712 Property, plant and equipment 8 153,489,867 30,524,104 − Intangible assets 9 155,000,000 − − 308,489,867 30,524,104 1,712 Current assets Other receivables 97,836 132,548 − Advances to suppliers 1,785,519 − − Cash and cash equivalents 10 3,785,416 1,100,617 − 5,668,771 1,233,165 − Total assets 314,158,638 31,757,269 1,712 EQUITY AND LIABILITIES Current liabilities Other payables and accruals 11 (69,874,869) (15,000) (13,000) Amounts due to related parties and a subsidiary 12 (3,316,600) (31,757,535) (856) (73,191,469) (31,772,535) (13,856) Net current liabilities (67,522,698) (30,539,370) (13,856) Non-current liabilities Amount due to a related party 12 (125,344,464) − − Interest bearing loans 13 (140,774,959) − − (266,119,423) − − Total liabilities (339,310,892) (31,772,535) (13,856) Net liabilities (25,152,254) (15,266) (12,144) Equity attributable to owner of the Group Share capital 14a 856 − 856 Merger reserve 14b 1 1 − Accumulated losses (25,153,111) (15,267) (13,000) Total equity (25,152,254) (15,266) (12,144) Total equity and liabilities (314,158,638) (31,757,269) (1,712) The accompanying accounting policies and explanatory notes form an integral part of the financial statements. 0bcdf8c8295fc8e98cc7734347279400784ecc62380b5f80e210ae831fa5ef50
  • 8. CARMICHAEL RAIL AND PORT SINGAPORE HOLDINGS PTE. LTD. 8 Statements of changes in equity For the financial year from 28 August 2014 (date of incorporation) to 31 March 2015 Share capital (Note 14a) Merger reserve (Note 14b) Accumulated losses Total equity $ $ $ $ Group As at 8 April 2013 – − − – Arising from Reorganisation Exercise (Note 7) − 1 − 1 Loss for the financial year, representing total comprehensive income for the financial year – − (15,267) (15,267) As at 31 March 2014 – 1 (15,267) (15,266) Shares issued on date of incorporation (Note 14a) on 28 August 2014 856 − − 856 Loss for the financial year, representing total comprehensive income for the financial year − − (25,137,844) (25,137,844) As at 31 March 2015 856 1 (25,153,111) (25,152,254) Share capital (Note 14a) Accumulated losses Total equity $ $ $ 2015 Company As at 28 August 2014 (date of incorporation) 856 − 856 Loss for the financial year, representing total comprehensive income for the financial year − (13,000) (13,000) As at 31 March 2015 856 (13,000) (12,144) The accompanying accounting policies and explanatory notes form an integral part of the financial statements. 0bcdf8c8295fc8e98cc7734347279400784ecc62380b5f80e210ae831fa5ef50
  • 9. CARMICHAEL RAIL AND PORT SINGAPORE HOLDINGS PTE. LTD. 9 Consolidated statement of cash flows For the financial year from 28 August 2014 (date of incorporation) to 31 March 2015 Group Note Year ended 31 March 2015 8 April 2013 - 31 March 2014 $ $ Operating activities: Payments to suppliers and employees (23,509) – Interest received 25,068 – Borrowing costs (1,113) (267) Net cash flow from/(used in) operating activities 446 (267) Investing activities: Acquisition of intangible assets (90,000,000) – Acquisition of property, plant and equipment (16,368,262) – Net cash flow used in investing activities (106,368,262) – Financing activities: Proceeds from interest bearing loans 103,287,409 – Advances from related companies 5,764,350 1,100,884 Proceeds from issuance of ordinary shares on date of incorporation 856 – Net cash flow from financing activities 109,052,615 1,100,884 Net increase in cash and cash equivalents 2,684,799 1,100,617 Cash and cash equivalents at the beginning of the financial year 1,100,617 – Cash and cash equivalents at the end of the financial year 3,785,416 1,100,617 The accompanying accounting policies and explanatory notes form an integral part of the financial statements. 0bcdf8c8295fc8e98cc7734347279400784ecc62380b5f80e210ae831fa5ef50
  • 10. CARMICHAEL RAIL AND PORT SINGAPORE HOLDINGS PTE. LTD. 10 1. Corporate information Carmichael Rail and Port Singapore Holdings Pte Ltd (the "Company") is a limited liability company incorporated and domiciled in Singapore. The immediate holding company is Atulya Resources Limited incorporated in Cayman Island. Its ultimate holding company is Atulya Resources Family Trust, incorporated in British Virgin Island. The registered office and principal place of business of the Company is located at 80 Raffles Place #33-20, UOB Plaza, Singapore 048624. Related companies in these financial statements refer to the group of companies within Atulya Resources Group. Related parties in this financial statement refer to the group of companies of the greater Adani Group with common shareholder from the Adani Family. The principal activity of the Company is investment holding for subsidiaries companies. The principal activities of the subsidiaries are disclosed in Note 7 to the consolidated financial statements. 2. Summary of significant accounting policies 2.1 Basis of preparation The consolidated financial statements of the Group and the balance sheet and statement of changes in equity of the Company have been prepared in accordance with Singapore Financial Reporting Standards (FRS). The financial statements have been prepared on the historical cost basis except as disclosed in the accounting policies below. The financial statements are presented in Australian Dollars ($), which is also the functional currency of the Group. 2.2 Fundamental accounting concept As at 31 March 2015, the Group’s total current liabilities have exceeded its total current assets by $67,522,698 and is in a net liabilities position of $25,152,254. This indicates the existence of a material uncertainty which may cast significant doubt about the Group’s ability to continue as a going concern. The financial statements have been prepared on a going concern basis on the basis that:  Adani Global Pte Ltd, another Adani group company has provided a loan facility to the Group to enable it to pay its debts as and when they fall due (but only to the extent that money is not otherwise available to the Group to meet such liabilities) for a year of at least 12 months from the date of the approval of the financial report;  Adani Mining Pty Ltd to whom the Group owes $125,344,464 has confirmed in writing that it would not demand the payment of the amount due from Group for a year of at least 12 months from the date of the approval of the financial report; and  The Group continues to assess various options for financing the ultimate development and operation of the rail project. 0bcdf8c8295fc8e98cc7734347279400784ecc62380b5f80e210ae831fa5ef50
  • 11. CARMICHAEL RAIL AND PORT SINGAPORE HOLDINGS PTE. LTD. 11 2. Summary of significant accounting policies (cont'd) 2.3 Standards issued but not yet effective The Group has not adopted the following standards and interpretations that have been issued but are not yet effective: Description Effective for annual years beginning on or after FRS 114 Regulatory Deferral Accounts 1 January 2016 Amendments to FRS 16 and FRS 41 Agriculture - Bearer Plants 1 January 2016 Amendments to FRS 27 Equity Method in Separate Financial Statements 1 January 2016 Amendments to FRS 16 and FRS 38 Clarification of Acceptable Methods of Depreciation and Amortisation 1 January 2016 Amendments to FRS 111: Accounting for Acquisitions of Interest in Joint Operations 1 January 2016 Improvements to FRSs (November 2014) (a) Amendments to FRS 105 Non-current Assets Held for Sale and Discontinued Operations 1 January 2016 (b) Amendments to FRS 107 Financial Instruments: Disclosures 1 January 2016 (c) Amendments to FRS 19 Employee Benefits 1 January 2016 (d) Amendments to FRS 34 Interim Financial Reporting 1 January 2016 Amendments to FRS 110 and FRS 28 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture Date to be determined Amendments to FRS 1 Disclosure Initiative 1 January 2016 Amendments to FRS 110, FRS 112 and FRS 28 Investment Entities: Applying the Consolidation Exception 1 January 2016 FRS 115 Revenue from Contracts with Customers 1 January 2018 FRS 109 Financial Instruments 1 January 2018 The director expects that the adoption of the standards and interpretations above will have no material impact on the consolidated financial statements in the year of initial application. 0bcdf8c8295fc8e98cc7734347279400784ecc62380b5f80e210ae831fa5ef50
  • 12. CARMICHAEL RAIL AND PORT SINGAPORE HOLDINGS PTE. LTD. 12 2. Summary of significant accounting policies (cont'd) 2.4 Basis of consolidation and business combination (a) Basis of consolidation The consolidated financial statements comprise the financial statements of the Company and its subsidiaries as at the end of the reporting year. The financial statements of the subsidiaries used in the preparation of the consolidated financial statements are prepared for the same reporting date as the Company. Consistent accounting policies are applied to like transactions and events in similar circumstances. All intra-group balances, income and expenses and unrealised gains and losses resulting from intra-group transactions and dividends are eliminated in full. Subsidiaries are consolidated from the date of acquisition, being the date on which the Group obtains control, and continue to be consolidated until the date that such control ceases. Losses within a subsidiary are attributed to the non-controlling interest even if that results in a deficit balance. (b) Business combinations under common control Business combinations involving entities under common control are accounted for by applying the pooling of interest method which involves the following:  The assets and liabilities of the combining entities are reflected at their carrying amounts reported in the consolidated financial statements of the controlling holding company.  No adjustments are made to reflect the fair values on the date of combination, or recognise any new assets or liabilities.  No additional goodwill is recognised as a result of the combination.  Any difference between the consideration paid/transferred and the equity ‘acquired’ is reflected within the equity as merger reserve.  The statement of comprehensive income reflects the results of the combining entities for the full year, irrespective of when the combination took place. Comparatives are restated to reflect the combination as if it had occurred from the beginning of the earliest year presented in the financial statements or from the date the entities had come under common control, if later. 0bcdf8c8295fc8e98cc7734347279400784ecc62380b5f80e210ae831fa5ef50
  • 13. CARMICHAEL RAIL AND PORT SINGAPORE HOLDINGS PTE. LTD. 13 2. Summary of significant accounting policies (cont'd) 2.5 Foreign currency The financial statements are presented in Australian Dollars, which is also the Company’s functional currency. Each entity in the Group determines its own functional currency and items included in the financial statements of each entity are measured using that functional currency. (a) Transactions and balances Transactions in foreign currencies are measured in the respective functional currencies of the Company and its subsidiaries and are recorded on initial recognition in the functional currencies at exchange rates approximating those ruling at the transaction dates. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the end of the reporting year. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates as at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was measured. Exchange differences arising on the settlement of monetary items or on translating monetary items at the end of the reporting year are recognised in profit or loss. (b) Consolidated financial statements For consolidation purpose, the assets and liabilities of foreign operations are translated into AUD at the rate of exchange ruling at the end of the reporting year and their profit or loss are translated at the exchange rates prevailing at the date of the transactions. The exchange differences arising on the translation are recognised in other comprehensive income. On disposal of a foreign operation, the component of other comprehensive income relating to that particular foreign operation is recognised in profit or loss. 2.6 Property, plant and equipment Property, plant and equipment are stated at cost, net of accumulated depreciation and/or accumulated impairment losses, if any. Such cost includes the cost of replacing part of the property, plant and equipment and borrowing costs for long-term construction projects if the recognition criteria are met. When significant parts of property, plant and equipment are required to be replaced at intervals, the Group recognises such parts as individual assets with specific useful lives and depreciates them accordingly. Likewise, when a major inspection is performed, its cost is recognised in the carrying amount of the plant and equipment as a replacement if the recognition criteria are satisfied. All other repair and maintenance costs are recognised in the income statement as incurred. The present value of the expected cost for the decommissioning of an asset after its use is included in the cost of the respective asset if the recognition criteria for a provision are met. 0bcdf8c8295fc8e98cc7734347279400784ecc62380b5f80e210ae831fa5ef50
  • 14. CARMICHAEL RAIL AND PORT SINGAPORE HOLDINGS PTE. LTD. 14 2. Summary of significant accounting policies (cont'd) 2.6 Property, plant and equipment (cont’d) An item of property, plant and equipment and any significant part initially recognised is derecognised upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on de-recognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the profit and loss when the asset is derecognised. The assets’ residual values, useful lives and methods of depreciation are reviewed at each financial year end and adjusted prospectively, if appropriate. Capital work-in-progress is included in plant and equipment are not depreciated as these assets are not yet available for use. The Group is currently in development phase and has no depreciating asset during the financial year. 2.7 Intangible assets Intangible assets acquired separately are measured initially at cost. Following initial acquisition, intangible assets are carried at cost less any accumulated amortisation and any accumulated impairment losses. The useful lives of intangible assets are assessed as either finite or indefinite. Intangible assets with indefinite useful lives or not yet available for use are tested for impairment annually, or more frequently if the events and circumstances indicate that the carrying value may be impaired either individually or at the cash-generating unit level. Such intangible assets are not amortised. The useful life of an intangible asset with an indefinite useful life is reviewed annually to determine whether the useful life assessment continues to be supportable. If not, the change in useful life from indefinite to finite is made on a prospective basis. Gains or losses arising from de-recognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognised in profit or loss when the asset is derecognised. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. 0bcdf8c8295fc8e98cc7734347279400784ecc62380b5f80e210ae831fa5ef50
  • 15. CARMICHAEL RAIL AND PORT SINGAPORE HOLDINGS PTE. LTD. 15 2. Summary of significant accounting policies (cont'd) 2.8 Financial instruments (a) Financial assets Initial recognition and measurement Financial assets are recognised when, and only when, the Group becomes a party to the contractual provisions of the financial instrument. The Group determines the classification of its financial assets at initial recognition. When financial assets are recognised initially, they are measured at fair value, plus, in the case of financial assets not at fair value through profit or loss, directly attributable transaction costs. Subsequent measurement – Loans and receivables The subsequent measurement of financial assets depends on their classification as follows: Loans and receivables Non-derivative financial assets with fixed or determinable payments that are not quoted in an active market are classified as loans and receivables. Subsequent to initial recognition, loans and receivables are measured at amortised cost using the effective interest method, less impairment. Gains and losses are recognised in profit or loss when the loans and receivables. De-recognition A financial asset is derecognised where the contractual right to receive cash flows from the asset has expired. On de-recognition of a financial asset in its entirety, the difference between the carrying amount and the sum of the consideration received and any cumulative gain or loss that had been recognised in other comprehensive income is recognised in profit or loss. (b) Financial liabilities Initial recognition and measurement Financial liabilities are recognised when, and only when, the Group becomes a party to the contractual provisions of the financial instrument. The Group determines the classification of its financial liabilities at initial recognition. All financial liabilities are recognised initially at fair value plus in the case of financial liabilities not at fair value through profit or loss, directly attributable transaction costs. Subsequent measurement After initial recognition, financial liabilities that are not carried at fair value through profit or loss are subsequently measured at amortised cost using the effective interest method. Gains and losses are recognised in profit or loss when the liabilities are derecognised, and through the amortisation process. 0bcdf8c8295fc8e98cc7734347279400784ecc62380b5f80e210ae831fa5ef50
  • 16. CARMICHAEL RAIL AND PORT SINGAPORE HOLDINGS PTE. LTD. 16 2. Summary of significant accounting policies (cont'd) 2.8 Financial instruments (cont’d) (b) Financial liabilities (cont’d) De-recognition A financial liability is de-recognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a de-recognition of the original liability and the recognition of a new liability, and the difference in the respective carrying amounts is recognised in profit or loss. 2.9 Impairment of financial assets The Group assesses at each reporting date whether there is any objective evidence that a financial asset is impaired. Financial assets carried at amortised cost For financial assets carried at amortised cost, the Group first assesses whether objective evidence of impairment exists individually for financial assets that are individually significant, or collectively for financial assets that are not individually significant. If the Group determines that no objective evidence of impairment exists for an individually assessed financial asset, whether significant or not, it includes the asset in a group of financial assets with similar credit risk characteristics and collectively assesses them for impairment. Assets that are individually assessed for impairment and for which an impairment loss is, or continues to be recognised are not included in a collective assessment of impairment. If there is objective evidence that an impairment loss on financial assets carried at amortised cost has been incurred, the amount of the loss is measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows discounted at the financial asset’s original effective interest rate. If a loan has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate. The carrying amount of the asset is reduced through the use of an allowance account. The impairment loss is recognised in profit or loss. When the asset becomes uncollectible, the carrying amount of impaired financial asset is reduced directly or if an amount was charged to the allowance account, the amounts charged to the allowance account are written off against the carrying value of the financial asset. To determine whether there is objective evidence that an impairment loss on financial assets has been incurred, the Group considers factors such as the probability of insolvency or significant financial difficulties of the debtor and default or significant delay in payments. If in a subsequent year, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognised, the previously recognised impairment loss is reversed to the extent that the carrying amount of the asset does not exceed its amortised cost at the reversal date. The amount of reversal is recognised in profit or loss. 0bcdf8c8295fc8e98cc7734347279400784ecc62380b5f80e210ae831fa5ef50
  • 17. CARMICHAEL RAIL AND PORT SINGAPORE HOLDINGS PTE. LTD. 17 2. Summary of significant accounting policies (cont'd) 2.10 Impairment of non-financial assets The Group assesses at each reporting date whether there is an indication that an asset may be impaired. If any indication exists, or when an annual impairment testing for an asset is required, the Group makes an estimate of the asset’s recoverable amount. An asset’s recoverable amount is the higher of an asset’s or cash-generating unit’s fair value less costs of disposal and its value in use and is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. Where the carrying amount of an asset or cash-generating unit exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. A previously recognised impairment loss is reversed only if there has been a change in the estimates used to determine the asset’s recoverable amount since the last impairment loss was recognised. If that is the case, the carrying amount of the asset is increased to its recoverable amount. That increase cannot exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised previously. Such reversal is recognised in profit or loss. 2.11 Cash and cash equivalents Cash and cash equivalents comprise cash at bank and on hand, demand deposits, and short-term, highly liquid investments that are readily convertible to known amount of cash and which are subject to an insignificant risk of changes in value. These also include bank overdrafts that form an integral part of the Group’s cash management. When the asset becomes uncollectible, the carrying amount of impaired financial asset is reduced directly or if an amount was charged to the allowance account, the amounts charged to the allowance account are written off against the carrying value of the financial asset. 2.12 Revenue Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured, regardless of when the payment is made. Revenue is measured at the fair value of consideration received or receivable, taking into account contractually defined terms of payment and excluding taxes or duty. The Group assesses its revenue arrangements to determine if it is acting as principal or agent. The Group has concluded that it is acting as a principal in all of its revenue arrangements. The following specific recognition criteria must also be met before revenue is recognised: (a) Interest income Interest income is recognised using the effective interest method. 0bcdf8c8295fc8e98cc7734347279400784ecc62380b5f80e210ae831fa5ef50
  • 18. CARMICHAEL RAIL AND PORT SINGAPORE HOLDINGS PTE. LTD. 18 2. Summary of significant accounting policies (cont'd) 2.13 Taxes (a) Current income tax Current income tax assets and liabilities for the current and prior years are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the end of the reporting year, in the countries where the Group operates and generates taxable income. Current income taxes are recognised in profit or loss. Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate. (b) Deferred tax Deferred tax is provided using the liability method on temporary differences at the end of the reporting year between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred tax liabilities are recognised for all temporary differences, except in respect of taxable temporary differences associated with investment in subsidiaries, where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred tax assets are recognised for all deductible temporary differences, carry forward of unused tax credits and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilised except in respect of deductible temporary differences associated with investment in subsidiaries and joint venture, deferred tax assets are recognised only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting year and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised deferred tax assets are reassessed at the end of each reporting year and are recognised to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered. 0bcdf8c8295fc8e98cc7734347279400784ecc62380b5f80e210ae831fa5ef50
  • 19. CARMICHAEL RAIL AND PORT SINGAPORE HOLDINGS PTE. LTD. 19 2. Summary of significant accounting policies (cont'd) 2.13 Taxes (cont’d) (b) Deferred tax (cont'd) Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the end of each reporting year. Deferred tax assets and deferred tax liabilities are offset, if a legally enforceable right exists to set off current income tax assets against current income tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority. (c) Sales tax Revenues, expenses and assets are recognised net of the amount of sales tax except: – Where the sales tax incurred on a purchase of assets or services is not recoverable from the taxation authority, in which case the sales tax is recognised as part of the cost of acquisition of the asset or as part of the expense item as applicable; and – Receivables and payables that are stated with the amount of sales tax included. 2.14 Borrowing costs Borrowing costs are capitalised as part of the cost of a qualifying asset if they are directly attributable to the acquisition, construction or production of that asset. Capitalisation of borrowing costs commences when the activities to prepare the asset for its intended use or sale are in progress and the expenditures and borrowing costs are incurred. Borrowing costs are capitalised until the assets are substantially completed for their intended use or sale. All other borrowing costs are expensed in the year they occur. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds. 0bcdf8c8295fc8e98cc7734347279400784ecc62380b5f80e210ae831fa5ef50
  • 20. CARMICHAEL RAIL AND PORT SINGAPORE HOLDINGS PTE. LTD. 20 3. Significant accounting judgments and estimates The preparation of the Group’s consolidated financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the disclosure of contingent liabilities at the end of each reporting year. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of the asset or liability affected in the future years. 3.1 Judgements made in applying accounting policies Management is of the opinion that there is no significant judgement made in applying accounting policies that would a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. 3.2 Key sources of estimation uncertainty The key assumptions concerning the future and other key sources of estimation uncertainty at the end of the reporting year are discussed below. The Group based its assumptions and estimates on parameters available when the financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising beyond the control of the Group. Such changes are reflected in the assumptions when they occur. Impairment of non-financial assets Assessment of a project’s technical and commercial feasibility requires significant judgements and decisions based on available geological, geophysical, engineering and economic data. These estimates may change substantially as conditions impacting mineral prices and cost changes. As disclosed in Note 8 and 9 to the financial statements, the Company assesses whether there are any indicator of impairment for property, plant and equipment and intangible assets at the end of each reporting year. When an impairment test is undertaken, management judgement and estimates are required in determining suitable valuation factors as mentioned Note 2.10 above. 4. Interest income Group Year ended 31 March 2015 8 April 2013 - 31 March 2014 $ Interest income from banks 55,160 − 0bcdf8c8295fc8e98cc7734347279400784ecc62380b5f80e210ae831fa5ef50
  • 21. CARMICHAEL RAIL AND PORT SINGAPORE HOLDINGS PTE. LTD. 21 5. Interest expenses Group Year ended 31 March 2015 8 April 2013 - 31 March 2014 $ $ Interest expense on interest bearing loans 1,875,911 267 6. Income tax expense The reconciliation between the tax expense and the product of accounting profit multiplied by the applicable tax rate for the financial year ended is as follows: Group Year ended 31 March 2015 8 April 2013 - 31 March 2014 $ $ Loss before taxation (25,137,844) (15,267) Tax at applicable corporate tax rate of 17% 4,273,433 2,595 Deferred tax assets not recognised (4,273,433) (2,595) – – Deferred tax assets not recognised At the end of the reporting year, the Group and the Company has tax losses of approximately $25,153,111 (2014: $15,267) and $13,000 respectively, that are available for offset against future taxable profits of the companies in which the losses arose, for which no deferred tax asset is recognised due to uncertainty of its recoverability. The use of these tax losses is subject to the agreement of the tax authorities and compliance with certain provisions of the tax legislation of the respective countries in which the companies operate. The tax losses have an expiry year of 5 years. Unrecognised temporary difference relating to interest income At balance sheet date, no deferred tax liabilities has been recognised for taxes that would be payable on foreign sourced interest income as the Group has determined that the foreign sourced interest income will not be remitted in the foreseeable future. Such temporary difference for which no deferred tax liability has been recognised aggregate to approximately $9,377 (2014: Nil). 0bcdf8c8295fc8e98cc7734347279400784ecc62380b5f80e210ae831fa5ef50
  • 22. CARMICHAEL RAIL AND PORT SINGAPORE HOLDINGS PTE. LTD. 22 7. Investment in subsidiaries Company 31 March 2015 $ Shares, at cost 1,712 Name Principal place of business Principal activities Effective ownership interest (%) Held by the Company Abbot Point Terminal Expansion Pte. Ltd. Singapore Investment holding company 100 Carmichael Rail Singapore Pte. Ltd. Singapore Investment holding company 100 Port entities Held by through Abbot Point Terminal Expansion Pte. Ltd. Abbot Point Port Australia Ltd (BVI) British Virgin Island Investment holding company 100 Adani Australia Coal Terminal Holdings Pty Ltd Australia Investment holding company 100 Adani Abbot Point Company Pty Ltd Australia Investment holding company 100 Adani Australia Company Pty Ltd Australia Investment holding company 100 Held by through Abbot Point Port Australia Ltd (BVI) Adani Abbot Point Holding Trust Australia Trustee 100 Held by through Adani Abbot Point Holding Trust Adani Australia Holding Trust Australia Project Company 100 Held by through Adani Australia Holding Trust Adani Australia Coal Terminal Financial Company Pty Ltd Australia Investment holding company 100 Held by through Adani Australia Coal Terminal Holdings Pty Ltd Adani Australia Coal Terminal Pty Ltd Australia Project Company 100 0bcdf8c8295fc8e98cc7734347279400784ecc62380b5f80e210ae831fa5ef50
  • 23. CARMICHAEL RAIL AND PORT SINGAPORE HOLDINGS PTE. LTD. 23 7. Investment in subsidiaries (cont'd) Name Principal place of business Principal activities Effective ownership interest (%) Rail entities Held by through Carmichael Rail Singapore Pte. Ltd. Carmichael Rail Australia Ltd (BVI) British Virgin Island Investment holding company 100 Carmichael Rail Network Pty Ltd Australia Investment holding company 100 Carmichael Rail Network Holdings Pty Ltd Australia Investment holding company 100 Carmichael Rail Holdings Pty Ltd Australia Investment holding company 100 Held by through Carmichael Rail Australia Ltd (BVI) Carmichael Rail Network Holdings Trust Australia Trustee 100 Held by through Carmichael Rail Network Holdings Trust Carmichael Rail Network Trust Australia Project Company 100 Held by through Carmichael Rail Holdings Pty Ltd Carmichael Rail Pty Ltd Australia Project Company 100 The Reorganisation Exercise Before the incorporation of the Company, the operating port entities were initially incorporated by Atulya Resources Limited (“ARL”), a Company that is 100% owned by the Adani family trust. The port entities were incorporated from 8 April 2013 to 9 April 2014. On 28 August 2014, the Company was incorporated as an intermediate parent to take over all port entities as its subsidiaries from ARL, and had subsequently incorporated the rail entities as its subsidiaries to take on the rail activities of the Carmichael Coal Project that was awarded by the Queensland Government in Australia. 0bcdf8c8295fc8e98cc7734347279400784ecc62380b5f80e210ae831fa5ef50
  • 24. CARMICHAEL RAIL AND PORT SINGAPORE HOLDINGS PTE. LTD. 24 8. Property, plant and equipment Group $ Capital work-in-progres s Cost: As at 8 April 2013 − Acquired from a related party - Adani Mining Pty Ltd 30,524,104 Total capital work-in-progress, representing net book value as at 31 March 2014 30,524,104 Acquired from a related party – Adani Mining Pty Ltd 116,183,609 Property, plant and equipment written off (23,255,069) Additions during the year 28,174,430 Borrowing costs capitalised during the year 1,862,793 Total capital work-in-progress, representing net book value as at 31 March 2015 153,489,867 The additions in current year were financed by a cash payment of $16,368,262 and loans of $11,806,168 from its related companies within the group. Assets under construction The Group’s capital work-in-progress relates to the costs incurred for the development of the rail project and the expansion of Abbot Point Coal Terminal (T0 terminal) located in Queensland (Australia). Capitalisation of borrowing costs The Group’s capital work-in-progress includes borrowing costs arising from intercompany loans (Note 13) borrowed specifically for the purpose of the development of the rail project and the expansion of the Abbot Point Coal Terminal (T0 Terminal). During the financial year, the borrowing costs capitalised as cost of plant and equipment amounted to $1,862,793. The rate used to determine the amount of borrowing costs eligible for capitalisation was carried at BBSY plus a margin of 160 basis points, which is the effective interest rate of the specific borrowing. Property, plant and equipment written off Following the acquisition of assets from the related party, the Group had carried out a review of the recoverable amount of the acquired assets and had recognised a charge of $23,255,069 as a write-down in the profit of loss for the financial year ended 31 March 2015. 0bcdf8c8295fc8e98cc7734347279400784ecc62380b5f80e210ae831fa5ef50
  • 25. CARMICHAEL RAIL AND PORT SINGAPORE HOLDINGS PTE. LTD. 25 9. Intangible assets Group 31 March 2015 31 March 2014 $ $ Right to use the rail facilities 155,000,000 − On 10 August 2010, Adani Mining Pty Ltd (“AMPL”), a related party, had entered into an Overriding Royalty Deed (“the Deed”) with Linc Energy Limited (“Linc”). On 9 October 2014, the Deed was assigned by Linc to Carmichael Rail Network Pty Ltd (“CRNPL”), a subsidiary of the Group, as trustee for Carmichael Rail Network Trust (“CRNT”). The Group has acquired the right to use the rail facilities to facilitate the delivery of the mined coals from the coal mine from AMPL. The acquisition was financed by a loan from a related party (refer Note 12). The first cash payment of $90 million was paid at reporting date and the remaining $65 million (Note 11) is due to be paid by September 2015. The rights would be amortised over a year of 20 years from the production date. 10. Cash and cash equivalents Group 31 March 2015 31 March 2014 $ $ Cash at banks and on hand 785,416 1,100,617 Short-term deposits 3,000,000 – 3,785,416 1,100,617 Cash at banks earns interest at floating rates based on daily bank deposit rates. Short-term deposits are made for varying years of between one day and three months, depending on the immediate cash requirements of the Group and the Company, and earn interests at the respective short-term deposit rates. 0bcdf8c8295fc8e98cc7734347279400784ecc62380b5f80e210ae831fa5ef50
  • 26. CARMICHAEL RAIL AND PORT SINGAPORE HOLDINGS PTE. LTD. 26 11. Other payables and accruals Group Company 31 March 2015 31 March 2014 31 March 2015 $ $ $ Other payables 4,874,869 15,000 13,000 Accrued for royalty rights payment 65,000,000 – – Total other payable and accruals 69,874,869 15,000 13,000 Add: Amounts due to related parties (Note 12) 128,661,064 31,757,535 − Amount due to a subsidiary − − 856 Interest bearing loans (Note 13) 140,774,959 – – Total financial liabilities held at amortised cost 339,310,892 31,772,535 13,856 12. Amounts due to related parties and a subsidiary Group Company 31 March 2015 31 March 2014 31 March 2015 $ $ $ Current Amounts due to related parties Mundra Port Pty Ltd 18,536 31,754,535 – Adani Abbot Point Terminal Pty Ltd 2,515,127 1,000 – Adani Mining Pty Ltd 782,937 – − 3,316,600 31,755,535 − Amounts due to a subsidiary Carmichael Rail Australia Ltd (BVI) – – 856 Total other payable and accruals 3,316,600 31,757,535 856 Non-current Amount due to a related party Adani Mining Pty Ltd 125,344,464 – – Total amounts due to related parties and subsidiary 128,661,064 31,757,535 856 0bcdf8c8295fc8e98cc7734347279400784ecc62380b5f80e210ae831fa5ef50
  • 27. CARMICHAEL RAIL AND PORT SINGAPORE HOLDINGS PTE. LTD. 27 12. Amounts due to related parties and a subsidiary (cont'd) Current amounts due to related parties/subsidiary Amounts due to related parties are non-trade, non-interest bearing, unsecured and repayable on demand and the fair value approximates its carrying value due to their short-term nature. The amount due to Mundra Port Pty Ltd was converted to a long term interest bearing loan (Note 13) during the financial year. Non-current amounts due to a related party Amounts due to a related party are non-trade, non-interest bearing, unsecured and not repayable within the next 12 months. No disclosure of fair value are made for amount due to related party as it is not practical to determine their fair value with sufficient reliability since the balances are repayable only when the cash flows of the Group permit. 13. Interest bearing loans Group 31 March 2015 $ Loan payable to Mundra Port Pty Ltd 140,774,959 The loan facility is for a year of 7 years and carries interest at BBSY and a margin of 160 basis points. The interest is payable every six months. The loan was initially recognised at fair value and subsequently at amortised cost. At reporting date the un-drawn loan facilities are: Group 31 March 2015 $ Mundra Port Pty Ltd 9,225,041 Adani Global Pte Ltd 100,000,000 Total unutilised related parties loan facilities 109,225,041 0bcdf8c8295fc8e98cc7734347279400784ecc62380b5f80e210ae831fa5ef50
  • 28. CARMICHAEL RAIL AND PORT SINGAPORE HOLDINGS PTE. LTD. 28 14. Share capital and merger reserve (a) Share capital Group and Company 31 March 2015 No. of shares $ Issued and fully paid ordinary shares: At 28 August 2014 (date of incorporation of Company) and as at 31 March 2015 1,000 856 The holder of ordinary share is entitled to receive dividends as and when declared by the Company. The ordinary share carries one vote per share without restrictions. The ordinary shares have no par value. (b) Merger reserve The merger reserve of the Group represents the difference between the consideration transferred by the Company and the share capital of Adani Australia Coal Terminal Pty Ltd, a subsidiary of the Group, acquired pursuant to the Reorganisation as disclosed in Note 7. The Company did not pay any consideration for such transfer. 15. Related party transactions Except for those related party information disclosed elsewhere in the financial statements there was no transaction between the Group and related parties during the year. Compensation of key management personnel Only the director of the Company is deemed to be key management personnel as he has authority and responsibility for planning, directing and controlling the activities of the Company. However, no compensation was paid to the director. The ultimate holding company paid for his remuneration. 16. Financial risk management objectives and policies The Group is exposed to financial risks arising from its operations and the use of financial instruments. The key risk arising from the Group’s financial instruments is mainly liquidity risk. It is the Group’s policy that no derivatives shall be undertaken except for the use as hedging instrument, where appropriate and cost efficient. There has been no change to the Group’s exposure to these financial risks or the manner in which it manages and measures the risks. 0bcdf8c8295fc8e98cc7734347279400784ecc62380b5f80e210ae831fa5ef50
  • 29. CARMICHAEL RAIL AND PORT SINGAPORE HOLDINGS PTE. LTD. 29 16. Financial risk management objectives and policies (cont’d) Liquidity risk Liquidity risk is the risk that the Group will encounter difficulty in meeting financial obligations due to shortage of funds. The Group’s exposure to liquidity risk arises primarily from mismatches of the maturities of financial assets and liabilities. The Group’s objective is to maintain a balance between continuity of funding and flexibility through the use of stand-by credit facilities. To manage liquidity risk, the Group monitors its net operating cash flow and obtain funding from its related parties as and when necessary. Analysis of financial instruments by remaining contractual maturities The table below summarises the maturity profile of the Group’s financial asset and financial liability at the end of the reporting year based on contractual undiscounted repayment obligations. Group Company Payable within 1 year Payable after 1 year Total Payable within 1 year $ $ $ $ 31 March 2015 Financial assets: Other receivables 97,836 − 97,836 − Cash and cash equivalents (Note 10) 3,785,416 − 3,785,416 − Total undiscounted financial assets 3,883,252 − 3,883,252 − Financial liabilities: Other payables and accruals (Note 11) (69,874,869) − (69,874,869) − Amounts due to related parties and a subsidiary (Note 12) (3,316,600) (125,344,464) (128,661,064) (13,856) Interest bearing loan − (180,389,583) (180,389,583) − Total undiscounted financial liabilities (73,191,469) (305,734,047) (378,925,516) (13,856) Total net undiscounted financial liabilities (69,308,217) (305,734,047) (375,042,264) (13,856) 0bcdf8c8295fc8e98cc7734347279400784ecc62380b5f80e210ae831fa5ef50
  • 30. CARMICHAEL RAIL AND PORT SINGAPORE HOLDINGS PTE. LTD. 30 16. Financial risk management objectives and policies (cont’d) Liquidity risk (cont’d) Group Company Payable within 1 year Payable after 1 year Total Payable within 1 year $ $ $ $ 31 March 2014 Financial assets: Other receivables 132,548 − 132,548 − Cash and cash equivalents (Note 10) 1,100,617 − 1,100,617 − Total undiscounted financial assets 1,233,165 − 1,233,165 − Financial liabilities: Other payables and accruals (Note 11) (15,000) − (15,000) − Amounts due to related parties and a subsidiary (Note 12) (31,757,535) − (31,757,535) − Total undiscounted financial liabilities (31,772,535) − (31,772,535) − Total net undiscounted financial liabilities (30,539,370) − (30,539,370) − 17. Fair value of assets and liabilities Fair value of financial instruments by classes that are not carried at fair value and whose carrying amounts approximate fair value Management has determined that the carrying amount of amounts due to related parties (current), other receivables and other payables, based on the notional amount, reasonably approximate their fair values due to their short-term value. No disclosure of fair value are made for amount due to a related party (non-current) as it is not practical to determine their fair value with sufficient reliability since the balances are repayable only when the cash flows of the Group permit. The carrying amounts of the interest bearing loans from Mundra Port Pty Ltd were based on their nominal amounts and were reasonable approximation of fair values as the interest rates for such financial instrument are held at floating market interest rate at the end of the reporting period. 0bcdf8c8295fc8e98cc7734347279400784ecc62380b5f80e210ae831fa5ef50
  • 31. CARMICHAEL RAIL AND PORT SINGAPORE HOLDINGS PTE. LTD. 31 18. Capital management The long term objective of the Group's capital management is to ensure that it maintains a strong credit rating and healthy capital ratios in order to support its business and maximise shareholder value. The Group manages its capital structure and makes adjustments to it, in light of changes in economic conditions. To maintain or adjust the capital structure, the Group may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. The Group is not subject to any externally imposed capital requirements and relies on unutilised loan facilities that were granted by its related parties for financial support. 19. Comparative figures The Group structure was reorganised on 28 August 2014 incorporating the Company as an intermediate parent reporting to Atulya Resources Limited (“ARL”), the ultimate holding company. The Company took over all port entities as its subsidiaries from ARL, and had subsequently incorporated the rail entities as its subsidiaries to take on the rail activities of the Carmichael Coal Project that was awarded by the Queensland Government in Australia. This structural change has been considered as a business combination under common control. The components of equity of the acquired entities are added to the same components within Group equity. As a result, the Group’s comparative financial information represents the comparative financial information of the port entities which mainly consist of Adani Australia Coal Terminal Pty Ltd. 20. Authorisation of financial statements for issue The financial statements for the financial year ended 31 March 2015 were authorised for issue in accordance with a resolution of the director on 9 March 2016. 0bcdf8c8295fc8e98cc7734347279400784ecc62380b5f80e210ae831fa5ef50