ASCENDAS india trust ANNUAL REPORT 2014/15
N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
For the financial year ended 31 March 2015
9.
Distribution to unitholders (continued)
Distribution adjustments
The Trustee-Manager had elected to receive 50% of its base fee and performance fee in units and 50% in cash. The 50% fees
payable in units does not affect cash flow and has been added back to the income available for distribution. Trustee-Manager’s
fees payable in units amounted to $3,553,000 (2014: $3,268,000).
During the financial year, net realised exchange loss of $4,899,000 arose from the refinancing of an SGD-denominated loan.
This comprised realised exchange loss of $8,800,000 offset by realised gain on a currency swap of $3,900,000. In last financial
year, the realised exchange loss on inception of a currency hedge on an outstanding SGD-denominated loan was $995,000.
Exchange gain or loss is recognised when borrowings that are denominated in currencies other than the INR are revalued. The
exchange gain or loss is realised when the borrowing matures, is prepaid, or swapped to INR denomination. Such exchange
gain or loss does not affect cash flow and has been deducted from or added to the income available for distribution.
10.
Cash and cash equivalents
Group
Trust
2015
2014
2015
2014
$'000
$'000
$'000
$'000
Cash at bank and on hand
15,669
9,197
9,676
2,864
Fixed deposits
53,992
65,179
–
–
69,661
74,376
9,676
2,864
The exposure of cash and cash equivalents to interest rate risks and currency risks is disclosed in Note 27.
Fixed deposits at the balance sheet date had an average maturity of 6 months (2014: 6 months). Fixed deposits with maturities
in excess of 3 months, upon early-termination, will earn interest at the stipulated rate up to the actual period of deposit, and
are subject to an insignificant risk of change in value.
As at 31 March 2015, certain companies of the Group had cash and deposit balances denominated in INR amounting
to approximately $59,598,000 (2014: $71,475,000) which are deposited with financial institutions in India. Cash and
deposit balances which are denominated in INR, a controlled currency, are not freely convertible into foreign currencies.
