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West Pioneer Props (WPR)

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Monday 29 June, 2009

West Pioneer Props

Preliminary Results

RNS Number : 6341U
West Pioneer Properties Limited
29 June 2009
 



Press Release     

29 June 2009


West Pioneer Properties Limited

(West Pioneer or the 'Group')

Preliminary Results


West Pioneer, a developer and operator of shopping centres and hotels in west and southern India, announces its preliminary results for the year ended 31 March 2009.

Highlights

Continuing strong footfall numbers and positive purchasing trends at Metro Junction Mall in Kalyan

Leasing fell from 54% in January 2009 to 52% in May 2009 but recent developments put the mall on track to be substantially leased by March 2010

High quality tenant base, including Big Bazaar, McDonalds, Fame, Loot, Fashion Yatra, Globus, Bata, Woodland, Archies and Club Mahindra

Planning application submitted for residential development at Kalyan with strong profit potential over 3-4 years

Planning and design for Nashik and Aurangabad hotel developments with Intercontinental Hotel Group progressing

Balance sheet remains robust as a result of prudent cash management and low gearing year end cash and cash equivalents of $6.6 m

Board appointment and strengthening of operational team

Continued growth in the Indian economy and organized retail provides opportunity to substantially increase gross leasable area owned or operated by West Pioneer


Commenting on the results, Amit Jatia, Chairman of West Pioneer, said: 'Trading conditions in the last financial year proved challenging. Notwithstanding this, West Pioneer has a high quality, focused portfolio of assets and, management has focused on developing the potential value of the assets during the period. As is well documented, India has been affected by the global economic downturn and confidence within the retail industry has recently been low, with investment decisions and new store openings being put on hold. However, there are signs of confidence returning, and recent indications from potential tenants suggest that leasing at Kalyan should improve substantially through the current financial year.'


-Ends-

  For further information:

Evolution Securities


Jeremy Ellis / Chris Clarke

Tel: +44 (0) 20 7071 4300


Media enquiries:

Abchurch Communications


George Parker / Mark Dixon

Tel: +44 (0) 20 7398 7719

[email protected]

www.abchurch-group.com 



Chairman's Statement

In the year ended 31 March 2009, West Pioneer achieved revenue and other income of $12.3m (2008: $16.3m), including property rentals and other operating income of $2.6m (2008$0.03m) reflecting a full year of operations in the lower ground and ground floor at the Kalyan mall. Profit before tax was $6.4m (2008: $14.4m) and basic earnings per share was $0.03 (2008: $0.12). Net assets at the year end were $53.9m (2008: $66.5m), including cash and cash equivalents of $6.6m (2008: $13.3m).These figures reflect a significant non-cash foreign currency translation loss due to the exchange rate movements between the US dollar and the Indian rupee during the year, which has led to an overall reduction in net assets of $15.8m. Interest bearing loans and borrowings reduced from $12.0m to $8.1m during the period, inclusive of debt repayments.


Kalyan

Metro Junction is a four-storey, 500,000 sq. ft. mall in Kalyan, a Mumbai commuter city. Footfall remains strong, in spite of the recent economic downturn with approximately 300,000 people visiting the mall in May 2009. Reflecting challenging retail trading conditions, leasing has reduced from 54% in January 2009 to 52% in May 2009, producing monthly income of approximately $115,000. However, the quality of the tenant base is high, including the following major retailers:


Big Bazaar - India's leading hypermarket chain with over 100 stores in operation throughout India

McDonalds - World leading quick service restaurant chain

Fame - Leading integrated film exhibition and distribution company operating a chain of multiplexes throughout India

Loot - Leading multi-brand discount chain, offering a wide range of clothing and shoes

Fashion Yatra - Mass market clothing, footwear and accessories store, launched by the Tata Group

Globus - Leading and innovative clothing and lifestyle retailer

Bata - Foremost retailer and manufacturer of footwear in India

Woodland - A popular footwear brand in India

Archies - Supplier of greeting cards, stationary, posters, soft toys, perfumes, gifts, wall clocks, candle stands and table lamps

Club Mahindra - Holiday operator offering both national and international options


Discussions with prospective tenants have been positive and we expect that the mall will be substantially leased by March 2010, which would produce an anticipated monthly income of approximately $300,000 (at current exchange rates) We were also pleased to note the recent resolution of the dispute between the main Bollywood producers and multiplex owners, which should result in the imminent opening of the 5-screen multiplex. 

In the light of the prevailing economic climate, the Group is not currently planning to progress the capital intensive Phase II mall development until Phase I is fully leased. However, West Pioneer is constantly reviewing opportunities to extract maximum value from its strong management platform and asset base. In this regard, we have identified a residential development opportunity to construct four 19 storey towers on the Group's land adjacent to the mall. Each tower has the potential to generate sales in excess of $10m and profit of approximately $4m over 3-4 years. The Group has submitted an application for the first tower in respect of planning and building regulations. This development will be earnings accretive and largely self-financing, as buyer deposits and mortgages fund much of the construction. The location is particularly attractive as it is 1.5km from the Kalyan railway station, which is a busy commuter terminal, as well as in the hub of the main road system. We consider that this development will prove very popular as a result of its proximity to the mall and will also be perceived as iconic on account of its height, as there are very few residential towers in Kalyan that are more than 12 storeys high.


Nashik and Aurangabad

As announced in February, during the year West Pioneer has signed an agreement with Intercontinental Hotel Group ('IHG') to build 200-room hotels in both Nashik and Aurangabad, which will be owned by the Group and operated by IHG under its Holiday Inn brand. All planning and design work for the malls in Nashik and Aurangabad has been completed and management remains confident that these projects have prime locations and significant potential as retail assets. We are exploring opportunities to accelerate the development of these assets with anchor tenants using cost effective business plans developed as a result of our experience at the Kalyan mall.

Board and Management

West Pioneer has recently announced the appointment of Hugh Sandeman as a Non-Executive Director and I am confident that with his finance and India-focused background he will prove to be a valuable addition to the Board. In addition, during the year, the Group has strengthened its team, building staff capabilities in the areas of Leasing, Design, Project Management and Mall operations through both recruitment and in-house training. This has significantly enhanced the Group's ability to manage a much larger project portfolio than it does currently.


Outlook

Trading conditions in the last financial year proved challenging. Notwithstanding this, West Pioneer has a high quality, focused portfolio of assets and management has focused on developing the potential value of the assets during the period. As is well documented, India has been affected by the global economic downturn and confidence within the retail industry has recently been low, with investment decisions and new store openings being put on hold. However, there are signs of confidence returning, and recent indications from potential tenants suggest that leasing at Kalyan should improve substantially through the current financial year.

West Pioneer's key objectives are to be a leading developer and operator of shopping malls, hotels and related mixed- use developments in west and southern India; to develop a brand representing quality and attractive pricing, recognized by retailers and customers alike; and to generate attractive returns for shareholders from growth in income and asset value. I am confident that further substantial progress will be made in all these areas in the current financial year.


Amit Jatia 

Chairman of West Pioneer Properties 

26 June 2009

  Consolidated Income Statement 

For the year ended 31st March 2009 



Year ended 31st March


Notes

2009

2008

   


$

$

Revenue and other income




Property rentals 


1,314,714

 27,388 

Other operating income


1,277,845

3,607

Total revenue


2,592,559

30,995

Property revaluation


8,872,574

14,064,821

Finance and other income

2

820,351

 2,250,912

Total revenue and other income


12,285,484

16,346,728





Expenses




Direct operating expenses for rent-earning properties


(1,346,453)

(3,328)

Administrative expenses

2

(2,356,818)

(1,814,092)

Selling and distribution costs


(163,475)

-

Finance costs

2

(2,043,127)

 (106,027)

Total expenses


(5,909,873)

(1,923,447) 

Profit before tax


6,375,611

14,423,281

Income tax expense

3

(3,686,386)

 (5,122,660)





Profit after tax


2,689,225

9,300,621





Attributable to:




Equity holders


2,689,225

9,300,621





Earnings per share

4



Basic


0.03363

0.119

Diluted


0.03362

0.119



Consolidated Statement of Changes in Equity 

For the year ended 31st March 2009



As at 31st  March


Notes

2009

2008



$

$

ASSETS




 Non current assets 




 Property, plant and equipment 

5

2,008,412

7,972,670

 Investment property 

6

39,670,517

29,624,061

 Intangible assets 

7

24,872

13,764

 Prepayments

8

23,605,311

26,771,005

 Other financial assets

9

214,337

238,048

 Advance income tax


218,064

45,566



65,741,513

64,665,114 

 Current assets 




 Investments - held for trading

10

1,126,832

12,663,153

 Trade and other receivables 

11

768,528

202,639

 Prepayments 

8

32,686

44,312

Cash and cash equivalents  

12

6,645,093

13,320,738



8,573,139

  26,230,842

 TOTAL ASSETS 


74,314,652

  90,895,956





 EQUITY AND LIABILITIES 




 Equity attributable to the equity holders




 Issued capital 


7,996,130

7,996,130

 Share premium 


45,717,870

45,717,870

 Retained earnings 


11,920,916

 9,199,598  

 Employee equity benefit reserve


515,474

-

 Foreign currency translation reserve


(12,224,893)

 3,571,074



53,925,497

  66,484,672 

 Non current liabilities 




 Interest bearing loans and borrowings 

13

6,516,618

9,840,030

 Other liabilities

14

719,263

432,898

 Employee benefit liability


34,452

12,046

 Deferred tax liability

10

7,196,150

5,156,752



14,466,483

15,441,726 

 Current liabilities 




 Trade and other payables 

15

3,591,567

 6,685,565 

 Interest bearing loans and borrowings

13

1,629,155

2,130,326

 Other liabilities

16

701,950

153,667



5,922,672

  8,969,558 

TOTAL LIABILITIES


20,389,155

24,411,284

TOTAL EQUITY AND LIABILITIES


74,314,652

 90,895,956 



Consolidated Statement of changes in equity 

For the year ended 31st March 2009


Attributable to equity holders of the parent


Issued

Share

Retained

Employee equity benefits

Foreign currency translation

Total


capital

premium

earnings

reserve

 reserve

equity


$

$

$

$

$

$

Balance as at 1st April 2008

8,000,664

45,717,870

9,195,064

-

3,571,074

66,484,672

Reclassification of share capital of commonly controlled subsidiaries 

(4,534)

-

4,534

-

-

-


7,996,130

45,717,870

9,199,598

-

3,571,074

66,484,672

Net profit for the period

-

-

2,689,225

-

-

2,689,225

Foreign currency translation  

-

-

-

-

(15,795,967)

(15,795,967)

Total income and expense for the year 

-

-

2,689,225

-

(15,795,967)

(13,106,742)

Share based payment

-

-

-

547,567

-

547,567

Transfer to retained earnings on options forfeited

-

-

32,093

(32,093)

-

-

Balance as at 31st March 2009

7,996,130

45,717,870

11,920,916

515,474

(12,224,893)

53,925,497








Balance as at 1st April 2007

7,504,534

34,525,188

(105,558)

-

650,132

42,574,296

Reclassification of share capital of commonly controlled subsidiary 

(4,534)

-

4,534

-

-

-


7,500,000

34,525,188

(101,024)

-

650,132

42,574,296

Net Profit for the period

-

-

9,300,622

-

-

9,300,622 

Foreign currency translation reserve

-

-

-

-

2,920,942

2,920,942

Total income and expense for the year 

-

-

9,300,622

-

2,920,942

12,221,564

Issue of share capital 

496,130

-

-

-

-

  496,130

Share premium on fresh issue of capital

-

11,596,736

-

-

-

11,596,736

Share issue expenses

-

(404,054)

-

-

-

(404,054)

Balance as at 31st March 2008

7,996,130

45,717,870

9,199,598

-

3,571,074

66,484,672


Consolidated cash flow statement for 

For the year ended 31st March 2009



Year ended 31st  March


2009

2008


$

$

 Operating activities 



 Profit before tax 

6,375,610

14,423,281

 Adjustments to reconcile profit before tax to net cash flows 



Depreciation of property, plant and equipment 

26,876

17,579 

Share based payments expense

547,567

-  

Increase in fair value of investment properties

(8,872,574)

   (14,129,555)

Decrease in value of investments held for trading

107,934

-

Net gain on sale of investments 

30,108

   (38,851)

Dividend income 

(228,813)

 (1,388,600)

Interest Income 

(529,659)

 (732,564)

Interest expense 

935,870

106,027

(Increase)/decrease in other assets (non-current)

(36,256)

699,359

(Increase)/decrease  in prepayments (current)

(15,833)

     (1,554,403)

(Increase)/ decrease in trade and other receivables

(668,384)

(1,427)

Increase/(decrease) in trade and other payables 

(1,838,132)

3,305,616

Increase/(decrease) in other liabilities (current )

617,615

   (10,157) 

Increase/(decrease) in other liabilities ( non current )

464,215

   (30,525)

Income tax paid 

(205,721)

     (8,192)

 Net cash flows (used in)/ from operating activities 

(3,289,577)

657,588

 Investing activities 



Proceeds from sale of held-for-trading investments 

11,349,958

76,507,680  

Purchase of property, plant and equipment and intangible assets

(36,645)

(15,253,419)

 Purchase of held-for-trading investments

(1,944,851)

 (62,614,915)

 Increase in prepayments

(3,516,974)

(20,038,101)

 Increase in trade & other payables relating to construction costs

-

2,238,969

 Payments for capital expenditure during construction

(5,545,800)

(247,392)

 Dividend income

228,813

1,388,600

 Interest received

529,659

732,564

 Net cash flows from/(used ininvesting activities

1,064,160

(17,286,014)

 Financing activities



 Proceeds from issue of shares 

-

   12,092,866

 Transaction costs of issue of shares

-

(404,054)

 Proceeds from borrowings

651,754

9,193,890  

 Repayment of borrowings

(1,777,930)

-

 Interest paid

(935,870)

(106,027)

 Net cash flows from/(used infinancing activities

(2,062,046)

20,776,675

 Net increase/(decrease) in cash and cash equivalents

(4,287,463)

4,148,249

 Net foreign exchange difference

(2,018,494)

(231,955)

 Cash and cash equivalents at 31st March 2008

11,749,309

78,33,015  

 Cash and cash equivalents at 31st March 2009

5,443,352

11,749,309



1.    Significant accounting estimates and assumptions


Valuation of Investment Property


Investment properties are stated at fair value based on income approach. This approach capitalizes an income stream into a present value. This involves making assumptions about expected future rentals, other income arising out of mall operations, future rent increase and discount rates. Such estimates are subject to significant uncertainty. 


At 31st March 2009, the value of Investment property was $ 39,670,517 (31st March 2008- $ 29,624,061). Further details are contained in Note 6.



Debtors 


The recoverable amounts in respect of trade receivables represent managements estimates of the amounts likely to be recovered based on an invoice wise analysis of amounts due for rentals and common area maintenance charges.



Share-based Payments


The cost of equity-settled transactions with employees is measured by reference to the fair value of the equity instruments at the date at which they were granted. Estimating fair value for share-based payments requires determining the most appropriate valuation model for a grant of equity instruments, which is dependent on the terms and conditions of the grant. This also requires determining the appropriate inputs to the valuation model including the expected life of the option, volatility and dividend yield and making assumptions about them. 


  2.    Finance and other income and other expenses



Year ended 31st March

            

2009

2008


$

$

Finance and other income



Change in fair value of investments

-

474

Dividend earned on investments 

228,813

1,388,600

Profit / (loss) on sale of investments 

-

38,851

Bank interest

529,659

732,563

Other Income

61,879

90,424


820,351

    2,250,912


Administrative expenses


Year ended 31st March


2009

2008


$

$

Employee costs



Salaries and wages

732,864

705,237

Provident fund

16,285

10,469

Gratuity

28,340

9,413

Expense of share based payments

547,567

-


6

Legal and professional fees

153,947

293,753

General expenses

727,701

668,457

Rent 

123,238

109,184

Depreciation and amortization

26,876

17,579


2,356,818

1,814,092



Finance costs     


Year ended 31st March


2009

2008


$

$

Change in fair value of investments

107,934

-

Bank service charges

4,286

53,568

Loss on sale of Investments

30,108

-

Interest expense

935,870

52,459

Foreign exchange loss

964,929

-


2,043,127

106,027


3.    Income taxes


Given the nature of the operations of WBIL and WBPL, these entities are not subject to income tax in the jurisdictions in which they are incorporated. WPPIPL and WEPL are incorporated and registered in India and subject to the Indian Income Tax Act, 1961.


Current tax expense is recognized on the income chargeable to tax. The components of the tax expense are as follows:



Year ended 31st March


2009

2008


$

$

Current tax expense

34,432

15,266

Deferred tax expense on origination and reversal of temporary differences

3,651,953

5,107,394


3,686,386

5,122,660


The Group has unutilized tax losses (comprising unabsorbed tax depreciation and business losses) which arose from its subsidiaries in India aggregating $ 3,600,324 (31st March 2008: $ 1,813,065).  


4.    Earnings per share    


Basic earnings per share amount is calculated by dividing net profit after tax for the period attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the year.


The following reflects the income and share data used in the earning per share computations for the year ended on 31st March:


Year ended 31st March


2009

2008


$

$

Profit attributable to equity holders

2,689,225

9,300,621

Number of shares :



Weighted average number of shares for basic earnings per share

79,961,299

78,398,149

Effect of dilution in respect of employee stock options

26,346

-    

Weighted average number of shares adjusted for the effect of dilution

79,987,645

78,398,149




Basic earning per share

0.03363

0.119

Diluted earning per share

0.03362

0.119



5.    Property, plant and equipment



Office equipment

Furniture

Computers

Vehicles

Plant & Machinery

Capital work in progress

Total


$

$

$

$

$

$

$

Cost:








At 1st April 2007

22,620

2,838

16,121

52

0

22,320,205

22,361,836 

Additions 

4,537

7,682

42,260

25,443

447

795,980

876,349 

Disposals/Transfer to Investment property

-

-

(2,734)

-

-

(15,314,083)

(15,316,817)

Exchange adjustment

1,726

73

1,217

214

3

75,399

78,632 

As at 31st March 2008

28,883

10,593

56,864

25,709

450

7,877,501

8,000,000 

Additions 

8,003

371

10,427

0


5,545,800

5,564,601

Disposals/Transfer to Investment Property

(182)





(10,130,170)

(10,130,352)

Exchange adjustment

(5,487)

(1,069)

(10,251)

(4,814)

(76)

(1,351,852)

(1,373,549)

As at 31st March 2009

31,217

9,895

57,040

20,895

374

1,941,279

2,060,700









Depreciation:








At 1st April 2007

3,328

2,480

3,428

52

-

-

9,288

Depreciation charge for the year

3,060 

3,323 

7,867 

3,245 

84 

-

17,579 

Disposals

-

-

463 

-

-

-

463 

As at 31st March 2008

6,388 

5,803 

11,758 

3,297 

84 

27,330 

Depreciation charge for the year

6,130

895

13,738

4,191

92


25,046

Disposals

(88)






(88)

As at 31st March 2009

12,430

6,698

25,496

7,488

176

0

52,288









Net book value








At 31st March 2009

18,787

3,197

31,544

13,407

198

1,941,279

2,008,412

At 31st March 2008

22,495 

4,790 

45,105 

22,412 

366 

7,877,501 

7,972,670 

At 1st April 2007

19,292 

358 

12,693 

22,320,205 

22,352,548 



6.    Investment Property



31st March


2009

2008


$

$

Balance at the beginning of the year

29,624,061

-

Additions

15,559,240

Net gain from fair value adjustment

9,217,093

14,064,821

Foreign currency translation

-

Balance at the end of the year

39,670,517

29,624,061



The fair value of the Group's investment property has been assessed by the directors and confirmed by an independent valuation performed by Cushman & Wakefield (India) Private Ltd as at 31st March 2009 and 2008. This valuation has been conducted in accordance with Royal Institute of Chartered Surveyors (RICS) Appraisal and Valuation Standards. The difference between the cost of the investment property and its fair valuation has been recorded as a gain in the income statement.  

  7.    Intangible assets


Computer Software - Acquired           


31st March


2009

2008

Cost:

$

$

At 1st April

16,713

4,502 

Additions

21,847

11,811

Exchange adjustment

(5,000)

400

At 31st March 

33,560

16,713

Amortization:



At 1st April 

2,949

162 

Amortization charge for the period

5,739

2,772 

Exchange adjustment

-

15 

At 31st March 

8,688

2,949 




Net Book Value:



As at 31st March 

24,872

   13,764 




These intangible assets are computer software used in WPPIPL's operations. These are amortised evenly over their useful life of 4 years


There are no contractual commitments for acquisition of intangibles.



  



8.    Prepayments



31st March


2009

2008

Non- Current

$

$

Prepayments

    23,605,311    

26,771,005


23,605,311

26,771,005




Current



Prepayments

26,674

44,312

Stock

6,012

-


32,686

44,312


23,637,997

26,815,317


Prepayments consist of lease payments made for land under operating leases.


9.    Other financial assets (non-current)



31st March

 

2009

2008


$

$

Deposit for office premises

79,349

103,759

Deposit for electricity

103,414

 99,228

Deposit for water

4,364

 2,573

Other deposits

27,210

32,488


214,337

  


10.    Investments held-for-trading 



31st March


2009

2008


$

$

Investment in Fixed Maturity Plans of Mutual funds

849,174

9,533,655

Investment in Listed Securities

277,545

-

Investment in Liquid Plus Plans of Mutual funds

113

3,129,498 


1,126,832

  12,663,153  


The above investments are held-for-trading investments with a maturity from one month to three months. However, the investments can be redeemed and liquidated at any point of time till maturity.


The above investments are valued at the fair value through the income statement.


11.    Trade and other Receivables


            


31st March


2009

2008


$

$

Trade receivables

368,460

-

Trade receivable from related parties

52,915

-

Accrued income

306,840

111,644

Other advances

40,313

90,995


768,528


  12.    Cash and cash equivalents    



31st March


2009

2008


$

$

 Bank balances

156,275

1,772,849

 Short term deposits

6,488,818

11,547,889


6,645,093

13,320,738


Cash at bank earns interest at floating rate based on daily bank deposit rates. Short-term deposits are made for varying periods of between one day and three months, depending on the immediate cash requirements of the Group and earn interest at the respective short-term deposit rates. 


Short term deposits include restricted deposits of $ 1,201,741 (31st March 2008: $ 1,571,429) kept as security for performance by a vendor with whom there is an agreement to acquire the lease hold land parcel in Nashik. The amount is payable to the vendor on the performance of his obligations. Refer Note 18.


A reconciliation of the cash and cash equivalents as above to the amounts considered for the consolidated cash flow statement for the years ended 31st March 2009 and 31st March 2008 is presented below.



31st March


2009

2008


$

$

 Cash and cash equivalents as above

6,645,093

13,320,738

 Restricted deposits

1,201,741

1,571,429

Cash and cash equivalents for the purposes of the cash flow

5,443,352

11,749,307




13.    Foreign currency translation:

               



$

At 1st April 2007


  650,132

During the period


  2,920,942

At 31st March, 2008


3,571,074

During the period


  (15,795,967)

At 31st March 2009


(12,224,893)


The foreign currency translation reserve is used to record exchange difference arising from translation of the financial statements of WPPIPL and WEPL, the foreign subsidiaries. The foreign currency translation during the period ended 31st March 2009 of $ 15.79 million is on account of the depreciation of the Indian Rupee against the United States Dollar between 31st March 2008 and 31st March 2009

.


  14.    Interest bearing loans and borrowings


Effective


31st March

Particulars

interest rate

Maturity

2009

2008


%


$

$

Current portion of long term interest bearing loans and borrowings





State Bank of India

1% below the State Bank of India Average Rate


1,629,155

2,130,326




1,629,155

2,130,326

Non-Current:





State Bank of India

1% below the State Bank of India Average Rate

March 2014

6,516,618

9,899,749


Less: Upfront loan processing fee (amortized)




(59,719)




6,516,618

9,840,030




8,145,773

11,970,356


Terms and conditions of loans and borrowings:


The total loan sanctioned by the Bank amounts is repayable in 24 quarterly installments from June 2008 to March 2014. 


The rate of interest payable on the loan is 1% below the State Bank of India Average Rate, with a minimum of 9.75% p.a. at monthly rests. As at 31st March 2009 the rate of interest was 11.25%. The loan is secured by a first charge on the Kalyan shopping mall (ie the Group's investment property). 


The future payments for the repayment of loan withdrawn as at period end are disclosed as under:




$

During year ended March 10

1,629,155

During year ended March 11

1,629,154

During year ended March 12

1,629,155

During year ended March 13

1,629,154

During year ended March 14

  1,629,155

Total future payments for loan drawn and outstanding as at 31st March 2009

8,145,773




At 31st March 2009, WPPIPL did not have any available un-drawn committed borrowing facilities.


15.    Other liabilities (Non Current)


    

31st March


2009

2008


$

$

 Deposits

663,681

432,898

 Deferred lease income

55,582

-


719,263

432,898


The deposits relate to the rental deposits paid by the lessees which are interest free and are refundable at the end of the lease period.


The deferred lease income relates to the deferred income arising from the initial recognition of lease rental deposits at fair value.


    

31st March


2009

2008


$

$

 At 1st April

-

-

 Deferred during the year

168,223

-

 Released to the income statement 

(49,295)

-

 Exchange difference

(13,007)

-


105,921

-



16.    Trade and other payables



31st March

    

2009

2008


$

$

 Trade payables 

3,041,147

1,628,929

 Other payables 

550,420

5,056,636


3,591,567

6,685,565


Trade payables are non interest bearing and are normally settled within a year. Other payables including advance from customers are liabilities which were payable within one month from the balance sheet date.

17.    Other liabilities           

    

31st March


2009

2008


$

$

Provision for Tax, TDS, VAT and other expenses

165,815

  153,667

Accrued expenses

485,795

-

Deferred lease income

50,340

-


701,950

153,667




This information is provided by RNS
The company news service from the London Stock Exchange
 
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