rnsitem
REG - Mortice Limited - Interim Results
Released: 21/12/2009
Released: 21/12/2009
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RNS Number : 4819E
Mortice Limited
21 December 2009
21 December 2009
MORTICE LIMITED
Interim Results
Mortice Ltd (AIM:MORT) ("Mortice" or the "Company")), the AIM listed security and facilities management company based in
India, today announces its interim results for six months ended 30 September 2009.
Operational highlights
*
Acquisition of Rotopower Projects Private Limited ("Rotopower") and integration into the Company's facilities management
business
*
Appointment of key senior professionals to further the Group's strategic objectives including:
*
Chief Executive Officer for the Company
*
Managing Director for Peregrine Guarding Private Limited ("Peregrine"),
*
Post the period under review, the Company has won 84 new contracts across its subsidiaries
*
Company now provides services in 29 of 35 states in India
Facilities Management Services
*
20 new contracts for facilities management services signed post the period under review
*
Total area of approximately eight million square feet area under management
*
Expanded operations to new territories including all states of Eastern India.
Guarding Services
*
64 new Guarding contracts signed post period under review
Financial highlights
*
Revenues increased to US$ 13.64 million, an increase of 16.0% (30 September 2008: US$ 11.69 m)
*
Guarding Revenues income increased to US$ 11.03 million (30 September 2008: US$ 10.95 million)
*
Facilities Management Revenues US$ 2.31million (30 September 2008: US$ 0.40m) an increase of 477.5%
*
Gross Margin of 17.0%
In the six months ended 30 September 2009, the Company's revenues have grown 16% in USD terms. Considering the impact of
the global economic slowdown which has led to cautious spending by our customers, the Directors believe this growth in
revenues is commendable. The revenue growth, when analysed in Indian rupee terms, has been 32.3%, which is a reflection of
the weakening of the Indian Rupee against the US dollar during the period under review. It is important to note that all
the Company's revenues are received in INR along with almost all expenses and hence the Company doers not incur any
capital loss due to currency fluctuations.
Manjit Rajain, Executive Chairman, commented:
"We have achieved significant progress in the marketplace and our differentiated model of Facilities Management ("FM") is
creating waves in the market. Our first acquisition, Rotopower has successfully been integrated into the Group and has had
a positive profit contribution. Following the first six months post the acquisition, we have not had any customer
attrition, nor is any loss of key management and growth picking up. The financial loss reported is mainly on account of the
investments which have been made in the FM business. After the recent announcement by Indian Government confirming GDP
growth of 7.9%, customer sentiment is improving and the Directors believe that Mortice will be a key beneficiary of a
rebound of the positive sentiment in the marketplace."
The Unaudited Condensed Consolidated Interim Financial statements of the Company for the period ended 30 September 2009 are
presented below and a full version of these will be available on the Company's website www.morticegroup.com.
For further information please contact:
Mortice Ltd
Manjit Rajain, Executive Chairman Tel: +91 981 800 0011
Vaibhav Dayal, Group CEO Tel: +91 981 867 0003
Grant Thornton Corporate Finance (NOMAD)
Fiona Kindness / Robert Beenstock Tel: +44 207 383 5100
Seymour Pierce Ltd (Broker)
Sam Tully / Nandita Sahgal Tel: +44 207 107 8000
Pelham PR
Archie Berens Tel : +44 207 3371509 / +44 7802 442486
Chairman's Statement
Despite the recessionary global economic environment in the first six months of the financial year 2009, Mortice has had an
eventful year, which included winning a contract for providing a complicated and diverse range of FM services for one of
the largest financial management companies in the world, securing as a client one of the largest telecom companies in India
for the provision of Guarding services and the acquisition of an Indian FM company based in Delhi. During the period the
Company's revenues for each of its business segments grew significantly. However, the Company's bottom-line performance was
impacted by the recessionary environment, putting pricing pressure on the Guarding business. Continued investment into the
FM business was also a factor. An increase of 16% in revenues in US$ terms and 32.3% in Indian Rupee terms shows that the
market regards Mortice and its group companies at the forefront of guarding and FM business and believes in the
differentiated service offerings we provide. Mortice has built its business over the years with a strong focus on retaining
existing customers, in addition to winning new clients. Given the general recessionary economic environment and the impact
on our customer's own businesses, we supported them by absorbing the pricing pressures. We believe this is a short term
investment we have made in building long term customer relationships which will yield benefits to us in times to come.
Our investment in acquiring Rotopower is exactly on target. After raising money from AIM as part of our initial flotation,
we patiently waited for a whole year to identify and acquire the right company. We acquired Rotopower, which has an
excellent competency in engineering services and is a company retained by close to 100 customers, including several of the
largest brands in the country. Rotopower today makes a positive contribution to bottom-line of Mortice and has been
integrated well into the Company. Six months after its acquisition, Rotopower has not lost any senior management nor any
key clients as a result of acquisition. Tenon and Rotopower are working together closely and creating more opportunities
for the Company in the marketplace. Additionally, cross-selling of services between Rotopower, Tenon and Peregrine has now
commenced and the Director's believe this will bring out further synergies in the near future.
The Company has introduced excellent leadership at the top level with Mr. Vaibhav Dayal taking over as Chief Executive
Officer for the Company. He brings with him an outstanding track record of 18 years including global experience of close to
a decade in leading services businesses. Vaibhav is steering the business in the right direction by bringing the right
combination of energy, management practices and scalability into all of our businesses. Our flagship business Peregrine is
now headed by Brigadier Rajan Oberoi as Managing Director of Peregrine. Brigadier Oberoi is celebrated officer of the
Indian Army with strong understanding of security functions. Brigadier Oberoi led the formation in 1985 of the Black Cats,
a special response unit of the National Security Guards primarily utilised for counter-terrorism activities, which he went
on to lead as Force Commander. Brig. Oberoi holds several military awards from his time in service including the
prestigious President's Police Medal for Gallantry and a Vishisht Seva Medal .
Today the world is watching India making rapid strides in its economic growth. Recently, the Indian government has declared
GDP growth rate of 7.9% giving a strong signal to customer sentiment and an unlocking of spending that had previously been
held back. The Directors believe that, with the Indian economy showing signs of recovery coupled with an increase in the
deal flow, the long term prospects of the Company remain positive.
Unaudited Condensed Consolidated Statements of Financial Position
(All amounts in United States Dollars, unless otherwise stated)
Notes As at 30 September 2009 As at 31 March 2009 As at 30 September 2008
ASSETS
Non current assets
Goodwill 5 1,056,341 - -
Other intangible assets 459,871 13,631 -
Property, plant and equipment (net) 934,174 663,532 619,628
Deferred tax assets (net) 908,482 618,853 405,183
Restricted cash 175,234 111,933 23,285
Other assets 72,231 88,897 190,764
Total non- current assets 3,606,333 1,496,846 1,238,860
Current assets
Inventories 72,463 67,262 9,805
Trade receivables (net) 6,271,354 4,630,997 4,557,232
Advance taxes 488,542 357,819 -
Related party receivables 668,112 667,152 1,896,319
Other current assets 710,889 592,555 384,628
Cash and cash equivalents 1,035,028 3,253,140 4,055,614
Total current assets 9,246,388 9,568,925 10,903,598
Total assets 12,852,721 11,065,771 12,142,458
EQUITY AND LIABILITIES
Equity
Equity attributable to owners of the Company
Share capital 9,555,312 9,555,312 9,558,455
Accumulated losses (2,814,508) (2,294,341) (1,225,230)
Stock compensation reserve 23,608
Currency translation reserve (811,633) (1,076,249) (693,192)
Minority interest 922
Total equity 5,929,171 6,184,722 7,664,563
Liabilities
Non-current liabilities
Retirement benefit obligations 223,734 124,958 117,657
Finance lease obligations, excluding current portion 136,896 78,812 94,684
Long-term borrowings, excluding current portion 57,754 151,820 181,759
Deferred consideration 260,773 -
Total non-current liabilities 679,157 355,590 394,100
Current liabilities
Trade payables and other payables 4,506,079 3,081,586 2,864,456
Bank overdraft 1,542,695 1,241,451 -
Related party payables 11,289 51,444 1,046,445
Current portion of finance lease obligations 86,703 60,760 53,221
Current portion of long term borrowings 97,627 90,218 82,575
Provision for taxation 37,098
Total current liabilities 6,244,393 4,525,459 4,083,795
Total liabilities 6,923,550 4,881,049 4,477,895
Total equity and liabilities 12,852,721 11,065,771 12,142,458
Unaudited Condensed Consolidated Income Statements
(All amounts in United States Dollars, unless otherwise stated)
For six months ended30 September 2009 For six months ended30 September 2008
Revenues
Service income 13,574,300 11,620,473
Other income 66,100 71,701
Total 13,640,400 11,692,174
Expenses
Material cost 220,434 181,760
Employee costs 12,644,765 10,790,186
Listing expenses - 1,428,393
Depreciation and amortisation 171,551 75,467
Finance costs 215,123 71,700
Other expenses 1,053,121 1,016,836
Total 14,304,994 13,564,342
Loss before tax (664,594) (1,872,168)
Income tax credit (144,427) (12,725)
Loss for the period (520,167) (1,859,443)
Loss attributable to
- Owners of the Company (520,167) (1,857,871)
- Minority share in losses - (1,572)
Loss per share
Basic and diluted (0.01) (0.04)
(The accompanying notes are an integral part of these unaudited condensed consolidated interim financial statements)
Unaudited Condensed Consolidated Statements of Comprehensive Income
(All amounts in United States Dollars, unless otherwise stated)
Six months ended 30 September 2009 Six months ended 30 September 2008
Loss for the period (520,167) (1,859,443)
Exchange differences on translating foreign operations 264,616 (677,911)
Total comprehensive loss for the period (255,551) (2,537,354)
Loss attributable to
- Owners of the Company (255,551) (2,535,782)
- Minority share in losses - (1,572)
(The accompanying notes are an integral part of these unaudited condensed consolidated
interim financial statements)
Unaudited Condensed Consolidated Statements of Changes in Equity
(All amounts in United States Dollars, unless otherwise stated)
Equity attributable to shareholders of the Company Total stockholders' equity
Share capital Stock compensation reserve Currency translation reserve Retained earning/ (accumulated losses) Minority interest
No. of shares Amount
Balance as at 1 April 2008 40,000,001 400,001 (15,281) 632,641 2,494 1,019,855
New shares issued 7,700,000 9,730,120 9,730,120
Costs of new shares issued (571,666) (571,666)
Stock compensation reserve 23,608 23,608
Transactions with owners 9,558,455 23,608 (15,281) 632,641 2,494 10,201,917
Loss for the period (1,857,871) (1,572) (1,859,443)
Other comprehensive income:
Exchange differences on translation of foreign operations (677,911) (677,911)
Total comprehensive income for the period - - - (677,911) (1,857,871) (1,572) (2,537,354)
Balance as at 30 September 2008 47,700,001 9,558,455 23,608 (693,192) (1,225,230) 922 7,664,563
Balance as at 1 April 2009 47,700,001 9,555,312 - (1,076,249) (2,294,341) - 6,184,722
Loss for the period (520,167) (520,167)
Other comprehensive income:
Exchange differences on translation of foreign operations 264,616 264,616
Total comprehensive income for the period - - 264,616 (520,167) - (255,551)
Balance as at 30 September 2009 47,700,001 9,555,312 - (811,633) (2,814,508) - 5,929,171
(The accompanying notes are an integral part of these unaudited condensed consolidated interim financial statements)
Unaudited Condensed Consolidated Statements of Cash Flows
(All amounts in United States Dollars, unless otherwise stated)
For six months ended30 September 2009 For six months ended30 September 2008
(A) Cash flow from operating activities
Loss before tax (664,594) (1,872,168)
Adjustments:
Depreciation and amortisation 171,551 75,467
Employee stock option expense - 23,608
Interest income (23,773) -
Interest expense 152,779 71,700
Provision for doubtful debts 103,896 45,214
(260,141) (1,656,179)
Changes in operating assets and liabilities
Restricted cash (24,005) (8,696)
Trade receivable, other assets and related party receivables (316,747) (2,054,194)
Inventory 7,928 10,676
Trade payables, other liabilities and related party payables 550,270 (127,113)
(42,695) (3,835,506)
Taxes paid (360,409) (245,230)
Net cash used in operating activities (403,104) (4,080,736)
(B) Cash flow from investing activities
Net cash outflow on acquisition (1,729,421) -
Payments for purchase of property, plant and equipment (308,079) (201,807)
Proceeds from sale of property, plant and equipment - 28,318
Interest received 50,832 -
Net cash used in investing activities (1,986,668) (173,489)
(C ) Cash flows from financing activities
Proceeds from issue of share capital - 9,158,454
Proceeds from long term borrowings 44,058 73,339
Repayment of long term borrowings (75,927) (408,335)
Proceeds from/ (repayment) of bank overdraft 223,715 (200,389)
Interest paid (152,950) (72,278)
Net cash provided by financing activities 38,896 8,550,791
Net (decrease) / increase in cash and cash equivalents (2,350,876) 4,296,556
Cash and cash equivalents at the beginning of the period 3,253,140 390,420
Effect of change in exchange rate on cash and cash equivalents 132,764 (631,372)
Cash and cash equivalents at the end of the period 1,035,028 4,055,614
(The accompanying notes are an integral part of these unaudited condensed consolidated interim financial statements)
Notes to Unaudited Condensed Consolidated Interim Financial Statements
(All amounts in United States Dollars, unless otherwise stated)
1. INTRODUCTION
Mortice Limited ('the Company' or 'Mortice') was incorporated on 9 January 2008 as a public limited company in the Republic
of Singapore. The Company's registered office is situated at 36 Robinson Road, #17-01 City House, Singapore 068877.
The Company was listed on the Alternative Investment Market (AIM) of the London Stock Exchange on 15 May 2008. The Company
along with its subsidiaries (hereinafter, together referred to as 'the Group') are engaged in providing guarding services,
facilities management services, mechanical and engineering maintenance services and sale of safety equipment and their
installation. The Group's operations are spread across India. The various entities comprising the Group have been defined
in Note 2 below.
These unaudited condensed consolidated financial statements were approved by the Board on 19 Dec 2009.
2. BASIS OF PREPARATION
These Condensed Consolidated Interim Financial Statements are for the six months ended 30 September 2009. They have been
prepared in accordance with IAS 34 Interim Financial Reporting as developed and published by the International Accounting
Standards Board ('IASB'), on a going concern basis. They do not include all of the information required in annual financial
statements in accordance with IFRS, and should be read in conjunction with the consolidated financial statements of the
Group for the year ended 31 March 2009.
The functional currency of the entities within the Group (other than the Company) is Indian Rupees (INR). The Company has a
functional currency of United States Dollars ('USD'). The group's management has chosen to present the consolidated
financial information in USD, the functional currency of the Company.
The subsidiaries which consolidate under Mortice comprise the entities listed below:
Name of the entity Country of Incorporation Effective Group Shareholding (%)
Tenon Property Services Private Limited ('Tenon Property') India 99.48
Peregrine Guarding Private Limited ('PGPL') India 99.48
Tenon Support Services Private Limited ('Tenon Support') India 99.48
Tenon Project Services Private Limited ('Tenon Project') India 99.48
Peregrine Protection Services Private Limited ('Peregrine Protection') India 99.48
Roto Power Projects Private Limited ('Roto') India 99.48
One new entity, Roto Power Projects Private Limited, was acquired by the Group during the six months ended 30 September
2009. Details of the business combination transaction have been specified in Note 4 below.
All inter-company transactions and balances are eliminated on consolidation and the unaudited condensed consolidated
interim financial statements reflect external transactions only. The accounting periods of the subsidiaries are coterminous
with that of the Company.
Previous period's amounts have been regrouped/ reclassified, wherever considered necessary to make them comparable with
those of the current period.
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Except as described below, the accounting policies applied by the Group in these condensed consolidated interim financial
statements are the same as those applied by the Group in its consolidated financial statements as at and for the year ended
31 March 2009.
Changes in accounting policy
Presentation of financial statements
The adoption of IAS 1 (Revised 2007) makes certain changes to the format and titles of the primary financial statements and
to the presentation of some items within these statements. It also gives rise to additional disclosures. The measurement
and recognition of the Group's assets, liabilities, income and expenses is unchanged. However, some items that were
recognised directly in equity are now recognised in other comprehensive income. IAS 1 affects the presentation of owner
changes in equity and introduces a 'Statement of comprehensive income'. Further, a 'Statement of changes in equity' is now
presented as a primary statement.
Determination and presentation of operating segments
The adoption of IFRS 8 has not affected the identified operating segments for the Group. However, reported segment results
are now based on internal management reporting information that is regularly reviewed by the chief operating decision
makers i.e. Group's Chief Executive Officer and Chairman. In the previous annual financial statements, segments were
identified by reference to the dominant source and nature of the Group's risks and returns.
Accounting policies for new transactions and events
Intangible assets
In the business combination transaction, Customer relationship qualifies for recognition as an intangible asset (refer note
4). The accounting policy for the same is as under:
Intangible assets are accounted for using the cost model whereby capitalised costs are amortised on a straight line basis
over their estimated useful lives, as these assets are considered finite. Residual values and useful lives are reviewed at
each reporting date. In addition, they are subject to impairment testing.
4. BUSINESS COMBINATION
On 30 June 2009 the Group, through one of its entities, Tenon Property acquired 100% of the issued share capital of Roto
Power Projects Private Limited, a private limited company incorporated in India. Roto is engaged in providing mechanical
and engineering maintenance services in India.
The Group has acquired Roto for a consideration of USD 2.09 million. As consideration for the Roto acquisition, Tenon
Property has made an upfront payment of USD 1.78 million and there is balance consideration of US$0.32 million payable on
30 June 2011.
The total cost of acquisition was as below.
Particulars
Upfront consideration in cash 1,778,171
Fair value of deferred consideration payable on 30 June 2011 256,464
Other incidental expenses 59,460
Total fair value of purchase consideration 2,094,095
The allocation of the purchase price to the assets and liabilities of Roto has been determined only provisionally as at 30
September 2009 as the management is currently in the process of identifying other intangibles, if any. The amounts
provisionally recognised for each class of the acquiree's assets and liabilities at the acquisition date are as follows:
Particulars Pre-acquisition carrying amount Adjustments Provisional fair value at acquisition date
Assets
- Intangible assets recognised separately from goodwill, on account of customer relationships - 494,460 494,460
- Property, plant and equipment 49,912 - 49,912
- Trade receivables 1,144,063 - 1,144,063
- Cash and cash equivalents 143,301 - 143,301
- Others 144,980 - 144,980
Total assets 1,482,255 494,460 1,976,715
Liabilities
- Employee benefit obligations 215,041 - 215,041
- Current liabilities 568,537 - 568,537
- Deferred tax liability 168,067 - 168,067
Total liabilities 951,645 - 951,645
Net identified assets and liabilities 1,025,070
Goodwill on acquisition 1,069,025
Fair value of purchase consideration 2,094,095
The management expects to derive future benefits from customer relationship for a period of three years from the date of
acquisition and accordingly has decided to amortise the same over that period.
The carrying amounts of the acquiree's assets and liabilities, immediately before the combination and the revenue and the
profit and loss up to the date of acquisition has not been disclosed as the acquiree was not presenting its financial
statements in accordance with IFRS.
Roto made a profit of USD 80,875 from the date of acquisition of up to 30 September 2009 which has been included in the
consolidated financial statements.
5. PROVISIONAL GOODWILL
The provisional goodwill that arose on the combination can be attributed to the synergies expected to be derived from the
combination and the value of the workforce of Roto Power Projects Private Limited which cannot be recognised as an
intangible asset under IAS 38 Intangible Assets. As per the provisional purchase price allocation, no other intangible
asset, other than customer relationships, qualified for separate recognition. These circumstances contributed to the entire
excess amount of consideration over net assets acquired, to be classified as goodwill.
As discussed in note above, goodwill of USD 1,056,341 that arose on the acquisition of Roto has currently not been assessed
for impairment and the same shall be done for the annual consolidated financial statements for the year ending 31 March
2010.
A reconciliation of the goodwill acquired at acquisition is presented below:
Particulars As at 30 September 2009 As at 31 March 2009
Gross carrying amount
Balance as at the beginning of the period - -
Acquired as part of business combination 1,069,025 -
Translation adjustment (12,684) -
Balance as at the end of the period 1,056,341 -
6. SEGMENT ANALYSIS
The Group has reported segment results based on internal management reporting information that is regularly reviewed by the
Group's Chief Executive Officer and Chairman. Chief Executive Officer and Chairman have concluded that the operating
segment disclosure should be based on services offered by Group.
The reportable segments identified by the group are: guarding services and facility management services.
The revenues and profit generated by each of Group's business segments are summarised as follows:
1 April 2009 to 30 September 2009
Guarding Facility management Others Total
Revenue from external customers 11,035,499 2,319,126 219,675 13,574,300
Segment operating profit 131,968 (662,835) 88,221 (442,646)
Total segment assets 7,860,309 3,268,881 108,243 11,237,433
1 April 2008 to 30 September 2008
Guarding Facility management Others Total
Revenue from external customers 10,952,623 401,453 266,347 11,620,473
Segment operating profit 655,966 (930,229) 15,551 (258,712)
Total assets 7,088,975 5,032,974 287,551 12,409,500
Reconciliation on reportable segments loss to group loss is summarised as under:
For six months ended30 September 2009 For six months ended30 September 2008
Segment operating loss before tax (442,646) (258,712)
Reconciling items:
Other income not allocated* 11,749 19,595
Other expenses not allocated* (233,697) (1,633,052)
Group loss before tax (664,594) (1,872,168)
*Relates to expenses and income recorded in Mortice
7. LOSS PER SHARE
The basic and diluted loss per share for six months ended 30 September 2009 and 30 September 2008 have been calculated
using the net results attributable to owners of Mortice Limited as the numerator.
Calculation of basic and diluted loss per share is as follows:
Six months ended 30 September 2009 Six months ended 30 September 2008
Loss attributable to owners of Mortice Limited, for basic and dilutive (520,167) (1,857,871)
Weighted average numbers shares outstanding during the period for Basic and diluted loss per share 47,700,001 45,806,558
Basic and diluted loss per share (in USD) (0.01) (0.04)
8. RELATED PARTY TRANSACTIONS
Nature of the relationship Related party's name
I. Entities having control over the Group Mancom Holdings Limited (Holding company)
II. Key management personnel ("KMP") and significant shareholders : Mr. Manjit Rajain
Mr. Andrew Barker
Mr. V. V. Babji
III Relatives of KMP Mrs. Urvashi Rajain (wife of Mr. Manjit Rajain)
IV. Other Enterprises over which KMP's are able to exercise significant influence ADL Management Consultants Private Limited (ADL)
Micro Azure Computers Private Limited (Micro Azure)
Eastern Star Hotels & Resorts Private Limited (Eastern)
Peregrine Security Private Limited (PSPL)
Peregrine Facilities Management Systems Private Limited (PFMSPL)
Peregrine Fleet Management Private Limited (PFMPL)
Peregrine Safety Systems Private Limited (PSSPL)
Disclosure of transactions between the Group and related parties and the status of outstanding balances as on 30 September
2009 and 30 September 2008 is as under:
Transactions with KMP and their relatives
Particulars Six months ended 30 September 2009 Six months ended 30 September 2008
Remuneration 362,111 474,763
Loan given - 4,520
Costs relating to stock options issued - 23,608
The outstanding balances payable to related parties under the category KMP and their relatives as at 30 September 2009 and
31 March 2009 are USD 36,534 and USD 21,202 respectively.
In addition to the above, the key management personnel participate in the gratuity plan of the companies.
Transactions with enterprises over which KMP'S are able to exercise significant influence
Particulars Six months ended 30 September 2009 Six months ended 30 September 2008
ADL:
Transactions during the period:
Advance recovered 392 -
Advance given - 822
Professional charges paid 19,353 -
Closing balance (19,829) 1,329
Micro Azure:
Transactions during the period :
Rent paid on account of property rented 74,938 58,520
Payment received against security deposit given 35,591 -
Closing balance 116,216 232,324
Eastern:
Transactions during the period :
Income received towards security services provided 1,589 -
Advance given - 2,112
Closing balance 1,589 2,112
PSPL:
Transactions during the period :
Advance given - 1,624,698
Advance recovered 39,069 205,680
Interest paid 11,400 -
Amount paid against vehicles purchased 138,357 -
Expenses incurred towards vehicle hire charges 3,981 -
Closing balance 657,124 174,300
PFMSPL:
Transactions during the period :
Advance given - 4,897
Advance recovered 1,016 -
Closing balance (818) 21,385
PFMPL:
Transactions during the period :
Advance received - 5,305
Closing balance - (5,305)
Particulars Six months ended 30 September 2009 Six months ended 30 September 2008
PPSPL:
Transactions during the period :
Expenses recoverable 443 -
Closing balance 443 -
PSSPL:
Transactions during the period :
Advance repaid - 23,057
Closing balance - (12,368)
The outstanding balances as at 30 September 2009 and 31 March 2009 are as follows:
As at 30 September 2009 As at 31 March 2009
Total receivables 668,112 667,152
Total payables (11,289) (51,444)
9. COMMITMENTS AND CONTINGENCIES
A summary of the contingencies existing as at the balance sheet date are as follows:
Nature of the contingency/ commitments As at 30 September 2009 As at 31 March 2009
Performance bank guarantees given to customers 453,428 259,397
Bank guarantees given to sales tax authorities 3,955 -
Total 457,383 259,397
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