Together good things happen - Airtel
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Together good things happen - Airtel

Together good things happen - Airtel Together good things happen - Airtel

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05.06.2013 Views

Related Party Transaction for 2008-09 (Rs '000) Nature of transaction Jersey Airtel Bharti Centum learning Bharti Retail Jataayu Bharti Axa Bharti Axa Bharti Sunil Bharti Akhil Gupta Manoj Kohli Limited Enterprises Limited (Formerly Private Software General Investment Teleports Mittal Limited Bharti Learning Limited Ltd Insurance Managers Limited Systems Limited) Co Ltd Private Limited Purchase of fixed assets/Bandwidth - - - - - - - - - - - Sale of fixed assets - - 8 - - - - - - - - Purchase of Investments (Mutual Fund) - - - - - - (1,210,027) - - - - Sales of Investments (Mutual Fund) - - - - - - 911,887 - - - - Rendering of services 43,559 1,134 - 15,871 1,313 - - - - - - Receiving of services (477) - (207,551) - - (10,076) - - - - - Management fee (including service tax) - - - - - - - - - - - Fund transferred/includes expenses incurred on behalf of others - 71 5,859 13,694 - - - - - - - Fund received/includes expenses incurred on behalf of Company - (166,370) - (3,936) - (634) - - - - - Employee related transaction incurred on behalf of others - - - 5,131 - - - - - - - Employee related transaction incurred on behalf of Company (365) (6,210) (1,036) (8,248) - - - - - - - Salary - - - - - - - - 228,977 21,489 25,958 Donation - - - - - - - - - - - Amount received on exercise of ESOP options - - - - - - - - - - - Security deposit/Advances paid - - - - - - - - - - - Security deposit/Advances received - - - - - - - - - - - Loan to Related Party - - - - - - - - - - - Subscription to share capital - - - - - - - 14,700 - - - Interest received on fund transferred - - - - - - - - - - - Closing balance 31,672 470 62,610 5,648 230 - - - (110,000) (7,933) (7,989) Unsecured Loan - - - - - - - - Creditors - - - - - - - - (110,000) (7,933) (7,989) Loans and Advances 31,672 470 62,610 5,648 230 - - - Debtors - - - - - - - - Closing Balance 31,672 470 62,610 5,648 230 - - (110,000) (7,933) (7,989) Maximum Loans and Advances outstanding during the year 31,672 470 62,610 5,648 230 - - - - - - Guarantees and Collaterals - - - - - - - - - - -

24.Operating lease - As a Lessee The lease rentals charged during the year for cancelable/non-cancelable leases relating to rent of building premises and cell sites as per the agreements and maximum obligation on long-term non-cancelable operating leases are as follows: (Rs '000) Particulars As at As at March 31,2010 March 31, 2009 Lease Rentals (Excluding Lease Equalisation Reserve) Obligations on non cancelable leases : 34,626,021 27,689,266 Not later than one year Later than one year but not later 33,279,040 30,102,470 than five years 84,316,547 75,778,742 Later than five years 133,690,403 136,829,016 Total 251,285,990 242,710,228 The escalation clause includes escalation at various periodic levels ranging from 0 to 50%, includes option of renewal from 1 to 99 years and there are no restrictions imposed on lease arrangements. Operating Lease – As a Lessor i) The Company has entered into a non–cancelable lease arrangement to provide approximately 100,000 Fiber pair kilometers of dark fiber on indefeasible right of use (IRU) basis for a period of 18 years. The lease rental receivable proportionate to actual kilometers accepted by the customer is credited to the Profit and Loss Account on a straight – line basis over the lease term. Due to the nature of the transaction, it is not possible to compute gross carrying amount, depreciation for the year and accumulated depreciation of the asset given on operating lease as at March 31, 2010 and accordingly, disclosures required by AS 19 is not provided. ii) The future minimum lease payments receivable are: Particulars As at (Rs '000) As at March 31,2010 March 31, 2009 Not later than one year Later than one year but not later than 170,158 164,081 five years 438,056 481,121 Later than five years 429,034 554,772 Total 1,037,248 1,199,974 25.Finance Lease - as a Lessee The Company entered into a composite IT outsourcing agreement, whereby the vendor supplied fixed assets and IT related services to the Company. Based on the risks and 26.The breakup of net Deferred Tax Asset/ (Liability) as on March 31, 2010 is as follows: Particulars As at (Rs '000) As at March March 31,2010 31, 2009 Deferred tax Assets Provision for doubtful debts / advances charged in financial statement but allowed as deduction under the Income Tax Act in future years (to the extend considered realisable) 4,703,292 4,116,922 Lease Rent Equilization charged in financial statement but allowed as deduction under the Income Tax Act in future years on actual payment basis 1,633,773 796,399 Foreign exchange fluctuation and MTM losses charged in financial statement but allowed as deduction under the Income Tax Act in future years (by way of depreciation and actual realisation, respectively) 737,987 3,649,311 Other expenses claimed as deduction in the financial statement but allowed as deduction under Income Tax Act in future year on actual payment (Net) 887,841 610,483 Gross Deferred Tax Assets 7,962,893 9,173,116 Deferred Tax Liabilities Bharti Airtel Annual Report 2009-10 rewards incident to the ownership, the fixed asset and liability are recorded at the fair value of the leased assets at the time of receipt of the assets, since it is not possible for the Company to determine the extent of fixed assets and services under the contract at the inception of the contract. These assets are depreciated over their useful lives as in the case of the Company’s own assets. Since the entire amount payable to the vendor towards the supply of fixed assets and services during the year is accrued, the disclosures as per AS 19 are not applicable. There are no restrictions imposed on lease arrangements. Depreciation claimed as deduction under Income Tax Act but chargeable in the financial statement in future years (7,995,436) (5,820,367) Less: Transfer Under the Scheme of Arrangement - (79,772 Add: Acquired Under the Scheme of Merger - (1,874) Gross Deferred Tax Liabilities (7,995,436) (5,902,013) Net Deferred Tax Assets / (Liabilities) (Net) (32,543) 3,271,103 The tax impact for the above purpose has been arrived at by applying a tax rate of 33.99% being the substantively enacted tax rate for Indian companies under the Income Tax Act, 1961 109

Related Party Transaction for 2008-09<br />

(Rs '000)<br />

Nature of transaction<br />

Jersey <strong>Airtel</strong> Bharti Centum learning Bharti Retail Jataayu Bharti Axa Bharti Axa Bharti Sunil Bharti Akhil Gupta Manoj Kohli<br />

Limited Enterprises Limited (Formerly Private Software General Investment Teleports Mittal<br />

Limited Bharti Learning Limited Ltd Insurance Managers Limited<br />

Systems Limited) Co Ltd Private Limited<br />

Purchase of fixed assets/Bandwidth - - - - - - - - - - -<br />

Sale of fixed assets - - 8 - - - - - - - -<br />

Purchase of Investments (Mutual Fund) - - - - - - (1,210,027) - - - -<br />

Sales of Investments (Mutual Fund) - - - - - - 911,887 - - - -<br />

Rendering of services 43,559 1,134 - 15,871 1,313 - - - - - -<br />

Receiving of services (477) - (207,551) - - (10,076) - - - - -<br />

Management fee (including service tax) - - - - - - - - - - -<br />

Fund transferred/includes expenses incurred<br />

on behalf of others - 71 5,859 13,694 - - - - - - -<br />

Fund received/includes expenses incurred<br />

on behalf of Company - (166,370) - (3,936) - (634) - - - - -<br />

Employee related transaction incurred<br />

on behalf of others - - - 5,131 - - - - - - -<br />

Employee related transaction incurred<br />

on behalf of Company (365) (6,210) (1,036) (8,248) - - - - - - -<br />

Salary - - - - - - - - 228,977 21,489 25,958<br />

Donation - - - - - - - - - - -<br />

Amount received on exercise of ESOP options - - - - - - - - - - -<br />

Security deposit/Advances paid - - - - - - - - - - -<br />

Security deposit/Advances received - - - - - - - - - - -<br />

Loan to Related Party - - - - - - - - - - -<br />

Subscription to share capital - - - - - - - 14,700 - - -<br />

Interest received on fund transferred - - - - - - - - - - -<br />

Closing balance 31,672 470 62,610 5,648 230 - - - (110,000) (7,933) (7,989)<br />

Unsecured Loan - - - - - - - -<br />

Creditors - - - - - - - - (110,000) (7,933) (7,989)<br />

Loans and Advances 31,672 470 62,610 5,648 230 - - -<br />

Debtors - - - - - - - -<br />

Closing Balance 31,672 470 62,610 5,648 230 - - (110,000) (7,933) (7,989)<br />

Maximum Loans and Advances<br />

outstanding during the year 31,672 470 62,610 5,648 230 - - - - - -<br />

Guarantees and Collaterals - - - - - - - - - - -

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