Notes
1. The above results were reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on 10 th Oct., 2007. The results for the quarter and nine months ended 30 th Sept., 2007 have been reviewed by the statutory auditors under generally accepted auditing standards in India . The prior period comparatives are not audited/ reviewed by the auditors.
2. The company operates in one business segment i.e. providing cellular mobile services.
3. During the current quarter, Company had received 845 Investor complaints and all the complaints were resolved. There were no complaints, both at the beginning and at the end of the quarter.
4. During the quarter, the Company has successfully completed its initial public offer (IPO) and consequently, the Company has allotted 113,111,111 Equity Shares of Rs.10 each at a price of Rs.46 per share on 10 th July 2007 . The fully paid-up Equity Shares of the Company got listed on 19 th July 2007 for trading on Bombay Stock Exchange.
5. The details of funds received in IPO including share premium and utilization thereof are given below:
Particulars |
As per Prospectus |
Actual utilization till 30th Sept. 2007 |
A. Funds Received |
63224.4 |
|
B. Utilization |
|
|
• (i) Part payment of long term debt |
31612.2 |
31612.2 |
• Payment of license fee for NLD and ILD and related capital expenditure |
6360.0 |
750.0 |
• Payment to vendor(s) for network equipment and other capital expenditure |
17763.3 |
5470.0 |
• General Corporate expenses and issue expense |
7488.9 |
4390.0 |
Total utilization |
63224.4 |
42222.2 |
Balance of unutilized funds out of IPO, lying in Fixed Deposits with Banks : |
|
21002.2 |
6. As per the requirements of Companies (Accounting Standards) Rules, 2006, read with Accounting Standard (Revised AS) 11, the amount of foreign exchange fluctuation (gain) on outstanding liabilities, relating to fixed asset acquired from a country outside India, have been recognized in the Profit and Loss Account.
7. Exceptional expense/ (income) comprise the following:
Break funding cost paid on prepayment of Loan |
1161.4 |
Write back of lease obligation no longer payable |
(303.1) |
Total |
858.3 |
8. The change in the Accounting Policies has decreased the Loss for the quarter ended 30 th September 2007 by (a) Rs. 320.2 due to capitalization of glow sign boards and (b) Rs. 152.7 due to recognizing unused SIM cards as inventory in the Books of Accounts.
9.Revenue from passive infrastructure sharing (Rs, 336.1 for quarter ended 30 September 2007 and Rs. 800.3 for nine months ended 30 September 2007) has been disclosed as part of ‘Service Income' on gross basis rather than net basis as part of ‘Network operating cost'. However this does not have any impact on profit / loss of the Company.
10. The previous financial quarter/ year audited/ un-audited figures have been regrouped/ re-arranged wherever necessary to make them comparable.
On behalf of the Board of Directors
Sd/-
Date: 10 th Oct.,2007 Mahesh Prasad
Director |
Financial Notes 