‘GLOBAL VECTRA HELICORP LIMITED fie A 5 a oy, Sea 0 UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTIIS ENDED 3 DECEMBER D014 A ert “ear ad ee oe) oem | wage [Wo | Sree [arm | amare awed) [nati ane) [ ase) [eis msr] aa TT (chon nomen Neon | teat fonm| tion] Goa fren canny uty) ane] “as nee| won| tree {ndeparnsn tess) tsar] Gem] ince] yates] asat| amet faatepentire Tae] ae sal oars aCe 1 Inston patna dere eae cs annetd ot see] sae) das) oss] amas + dn omy ie se cn re won| ea] szese| aust! asse] ate «fr ey cee won| aum| sane) —samar| esse) sn [seen ven] wal sia exis 11 sect mom ry sie ea am] zo] rae] saean| asso] sens 12 leery ott) ts) don ete reed zen a asa] as tafPadsoeniystrecapa Taenoa| — 14sous ‘sow vasece tse ui ration ie et fie ane one on on ae a wmf ost ‘oe a on m ” 3} 3 (base "frie tres Nnteetew asona00 | sono | asin | asim | soo | sea |seceget tole ae | ae 2 2 2 298 2 fmt Pancha patted Pocvagef en tl lng fam 8 mer) : Peeper else the ga) 4 [santero sean | rasena00 | soseac0 | rasoow | rascaa | rosins00 [renege sisted nucalingefpemcer drm o)| TOhhs | 100% | am ‘om | iene | ras Pengo Saf al ap oomph ne | ae 78 oe oe we Jenene emg aes wn re One lenenag sored MtRote 1 The above financial results have been reviewed by the Audit Commits and threftr approved by the Board at its meting held on 10 February 2015, 2 Limited Review ofthe Financial results has ben cared out by the stauory auditors ofthe Company. 3. The Company is engaged in providing helicopter services in India, whch i consderd as one business segment. There are no separate epotble segments as per Accounting Standard (AS) 17 4 Daring he year ended 31 March 2009, the Office ofthe Commissioner of Customs (Preventive) hd seized the helicopters for alleged non compliance of the day waivers given to non-scheduled operators (passenger). The Company had received a Show Cause Cum Demand Notice (SCN) citing ah amount ‘of Rs 2,379.24 aks towards custom dty under Section 28 ofthe Customs Act, 1962 and applicable interest nd pealy thereon, Pursuant tothe receipt ‘ofthe said SCN, the Commissioner of Customs (Preventive) has confirmed a demand of Rs 2621 98 lkhs (31 December 2013. Rs 2.62198 lak) towards ferential duty of customs and penalty thee on fortwo helicopters and elesed the third helicopter. Management blives thatthe Company i in compliance withthe relevant customs and other regulatory guidelines in hs respect and the mats beng contested bythe Company with he apelate ‘ebunal. An amount aggregating Rs 538,26 lakhs hasbeen pad a duty under protest ding te une ended 31 December 2009, The Limited Review Report has been modified inthis respect 5 Imps period cen castomersof te Company hve retained an amount aggregating Rs 902.64 aks (31 December 2013: Rs 902.64 lakhs in respect of| ‘axes levied by the Company. The Company is cure in discussion with thete customers fr recovering the caied amount and management believes ‘hat hey have astong case to collect the oustanding amount. Te Limited Review Report hasbeen modified in this respect {6 The Company recsved leer fom National Stock Fxchange of India Limited (NSE) dated 19 June 2014 stating that Securities and Exchange Board of India (SEO had refered the maters mentioned in paragraphs 4 and $ above to Finacial Reporting Review Board (FRR) for is opinion on the ‘quaicaions raised by the statory adios. As per this leer, on the basis of FRRBs opinion, SEBI has directed the Company to restate faa stementspraning to financial year 2012-13 pursuant clause (i) of Circular No, CIRACFDVDILL7/2012 dated 13 August 2012 read with Circular No. CIRICFDVDIL/2013 dated 5 Jone 2013. The Company has writen to NSE wih copy to SEDI and FRRE on 18 July 2014 requesting fora personel hearing on this mater, pending which no adjustments have been made 7. These financial results have been prepared on going concern basis based on ater of support from is major shareholders cbained as at 31 March 2018 Sing tat it will eoatinue to provide such financial support to the Companys 8 necessary to mini the Company as going concer for the {oresecable fur and to meet its debs and abilities, both preset aswell infu, as and when they fll de for payment in he normal course Of lnusiness and the busines plans approved by the managsment 8 The Director General of Civil Aviston (DGCA) vie its onde dated 7 May 2012 suspended the Companys Non-Scheduled Operstor's Permit (NSOP) Consequently, the operations ofthe Company were suspende The Company filed « Writ Patton with the snglesjudge bench of the Deh High Cou ‘gains the rr of DGCA. Delhi High Court vie its judgment dated 11 June 2012 granted an interim rele tothe Company and stayed the operation of the above mentioned order. Consequently, DGCA vide its de ated 20 June 2012 stayed its order of? May 2012, accordingly. the Company resumed is operations of fying icra, On 19 September 2012 the DGCA tas filed an appeal which is pending before the divisional bench of the Deh igh Court secking the inti onde sed bythe singlejuge bench o beset asde, Pursuant the sid appl, the Company’ Air Operator Permit (farmally NSOP) hasbeen renewed and is subject othe outcome of te above cout raters. ‘Management betives thatthe Company i in compliznce with relevant DGCA and other applicable regulon and cotiuss a a going concen JP The Company has adopted th wef lives of various fied assets as specified in Schodle Ito the Companies Act, 2013, with effect fm 1 Api! 2014, 38 against the useful ives adopted earlier a specified in Schedule XIV tothe Companies Act, 1956. Accordingly, the deprciion charge fr te quar fs Jower by Rs 188.32 lakhs and nine months ended is lower by Rs 562.03 laths, andi aspect of asst whee the remaining useful leas pee Schedule TT Nias on 1 Apel 2014, an amount of Rs 1224 lakhs is recognised inthe opening balance of general reserves Further. the company has charged he ‘tonal depreciation en upward revaluation of fixed ases to the statment of profit and loss wh effect fom 1 April 2014 asa result of which, the speciation charge fr the quae is ighe by Rs 61 lakhs and nine months ended is higher by es 184 6 aks, 10. The previous period figures have Been grouped to confor to erent periods classication For Global Vectra Helicorp Limited. Kad Place: Mumbai As, Gen, Retd) SIS Saighal Date:- 10 February 2015 ChairmanBSR&Co.LLP Chartered Accountants 481 Floor, Lodha Excelus. ‘olaphone +91 (22) 3989 6000, Apolo Mils Compound Fax +91 (22) 30802511 NM Joshi Marg, Mahataxm ‘Mumbai - 400017 Inet Review Report To the Board of Directors of Global Vectra Helicorp Limited We have reviewed the accompanying statement of un-audited financial results (‘the Statement’) of Global Vectra Helicorp Limited (‘the Company’) for the period ended 31 December 2014, except for the disclosures regarding “Public Shareholding’ and “Promoter and Promoter Group Shareholding’ which have been traced from disclosures made by the management and have not been audited by us. This Statement is the responsibility of the Company's management and has been approved by the Board of Directors in their meeting held on 10 February 2015. Our responsibility isto issue a report on these financial statements based on our review. We conducted our review in accordance with the Standard on Review Engagement (SRE) 241 “Review of Interim Financial Information Performed by the Independent Auditor of the Eni issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the financial statements are free of material misstatement. A review is limited primarily to inquiries of company personnel and analytical procedures applied to financial data and thus provides less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion, (@) As more fully explained in note no. 4 to the Company's Statement, the Company has received an order from the Office of the Commissioner of Customs (Preventive) confirming the demand Jor differential duty of customs along with penalty aggregating Rs 2,621.95 lakhs. No provision ‘has Been made by the Company for the same nor the interest due thereon as at 31 December 2014, as management believes that the demand will be set aside by a higher appellate auhority. Had the Company made a provision for the demand as required by Accounting Standard 29 — Provisions, Contingent Liabilities and Contingent Assets, the depreciation for the quarter and nine months ended 31 December 2014 would have been higher by Rs 377.82 lakhs (31 December 2013: Rs 385.55 lakhs) and the profi after tax for the quarter ended 31 December 2014 would have been converted to loss after tax of Rs 1,703.55 aks (31 December 2013: Rs 688.9 lakhs) and profit after tax for the nine months ended 31 December 2014 would have been converied 10 loss after tax of Rs 477.39 lakhs (BI December 2013: loss would have been higher by Rs 1,930.98 lakhs). Also, refer to note no. 6 to the Company's Statement in respect of a letier recetved by the Company from National Stock Exchange of india Limited in this regard. (b) As more fully explained in note no. 5 to the Company's Statement, certain customers have disputed taxes levied by the Company aggregating Rs 902.64 lakhs (31 December 2013: Rs 902.64 lakhs). No provision has been made by she Company in respect of such oustandings ‘as required by the accounting policies of the Company. However, as detailed in note no. 5, management believes that the Company has a strong case to collect the outstanding amounts. Had the Company made the provision, the profit after tax for the quarter ended 31 December 2014 would have been converted into loss after iax of Rs 682.94 lakhs (31 December 2014 2013: profit would have been lower by Rs 902.64 lakhs) and proft afer tax for the nine months ended 31 December 2014 would have been lower by Rs 902.64 lakhs (31 December 2013: lass would have been higher by Rs 902.64 lakhs). Also, refer to note no. 6 to the Company's Statement in respect of a letter received by the Company from National ‘Stock Exchange of India Limited inthis regard. w~BSR&CoLLP Review Report (Continued) Global Vectra Helicorp Limited. (©) We draw attention to note no. 8 to the Company's Statement which mentions that during the year ended 31 March 2013, the Company’s operations were disrupted due to an order dated 7 May 2012 received from The Director General of Civil Aviation (DGCA). The Company received an ad interim relief from the single-judge bench of the Delhi High Court vide its judgment dated 11 June 2012 which stayed the operation of the above mentioned order. Accordingly, the Company resumed its operations of flying aircrafts. However, on 19 September 2012 the DGCA has filed an appeal which is pending before the divisional bench of the Delhi High Court secking the interim order passed by the single-judge bench to be set aside. Pursuant to the said appeal, the Company’s Air Operator Permit has been renewed and is subject to the outcome of the above court matter. These conditions along with other matters as set forth in note no. 7 to the Compeny's Statement indicate the existence of @ ‘material uncertainty that may east significant doubt about the Company's ability to continue as a going coneem. Our opinion is not qualified in respect of this matter. (@) Based on our review conducted as above, except for the possible effects of the matters included in the paragraphs (a) and (b) above on the profit after tax for the quarter and nine months ended 31 December 2014, nothing has come to our attention that causes us to believe that the accompanying Statement prepared in accordance with applicable accounting standards and other recognised accounting practices and policies has not disclosed the information required 10 be disclosed in terms of Clause 41 of the Listing Agreement including the manner in which itis to be disclosed, or that it contains any material misstatement. For BSR & Co. LLP Chartered Accountants Firm’s Registration No: 101248W/W-100022 Vn Aan. ‘Vijay Mathur Mumbai Partner 10 February 2015 Membership No: 046476