MEP Infrastructure Developers Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Mar 2018
Auditor and Management Disclosures and Notes for the annual results dated 31 Mar 2018
1. The Standalone Audited Financial Statements for the Quarter and Year ended 31 March 2018, have been reviewed and recommended by the Audit Committee and approved and taken on record by the Board of Directors at their respective meetings held on 23 May 2018. The Statutory Auditor has expressed an unmodified audit opinion thereon.
2. The Standalone Audited Financial Statements are prepared in accordance with the Accounting Standards specified under Section 133 of the Companies Act, 2013 and the rules made thereunder and in the format as prescribed under Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The financial information presented above is extracted from and is harmonized to conform with the Audited Financial Statements.
3. The figures for the quarters ended 31st March, 2018 and 31st March 2017 are the balancing figures between the audited figures in respect of the full years and the published figures of nine months ended 31st December, 2017 and 31st December, 2016 respectively.
4. The depreciation and amortisation expenses includes amortisation of toll collection rights amounting Rs. 2,116.54 lakhs and Rs. 11,152.12 lakhs for the quarter and year ended 31 March 2018 respectively (Rs. 12,876.94 lakhs and Rs. 55,497.71 lakhs for the quarter and year ended 31 March 2017 respectively).
5. On 4th April, 2018, the Company offered Equity Shares to Qualified Institutional Buyers (QIBs) through Qualified Institutional Placement (QIP) in accordance with Chapter VIII of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009. Accordingly, 2,08,76,860 Equity Shares of Rs. 10/- each were allotted to QlB’s on 4th April, 2018 at an issue price of Rs. 77.50 per Equity Share (including Premium of Rs. 67.50 per Equity Share).
6. Out of issue proceeds of Rs. 1,61,79.57 lakhs received from the QIP in April, 2018, Rs. 511.31 lakhs were utilized towards share issue expenses and Rs. 15,668.26 lakhs were utilized for the purpose as stated in the 'Placement Document' and there is no unutilized amount pending utilisation. The information is given pursuant to Regulation 32 of the SEBI (Listing Obligations and Disclosure Requirements) (LODR) Regulations, 2015.
7. The Board of Directors has recommended, subject to the approval of Shareholders, a dividend of Re. 0.30 per equity share of the face value of Rs. 10/- each, aggregating to Rs. 550.34 lakhs for the year ended March 31, 2018.
8. Figures relating to the previous period have been regrouped / rearranged, wherever necessary, to make them comparable with those of the current period.