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Notes to Accounts of GE Power India Ltd.

Mar 31, 2016

1. Corporate Social Responsibility

In accordance with the provisions of Section 135 and Rules there under of the Companies Act, 2013, the Company has a ''Corporate Social Responsibility’(CSR) Committee. The CSR Committee and Board had approved the Projects with specific outlay on the activities as specified in Schedule VII of the Act. During the year ended 31 March 2016, the Company has incurred the CSR expenditure amounting to 42.7 million (previous year - 5.4 million) out of 47.1 million (previous year - 56.8 million) computed at two per cent of the average net profits of the company made during the three immediately preceding financial years, in pursuance of the CSR Policy.

2. Capital and other commitments

3. Estimated amount of contracts remaining to be executed on capital account and not provided for net of advances - Rs,121.5 million (previous year - Rs,95.4 million).

4. The Company has imported Capital Goods under the Export Promotion Capital Goods (EPCG) scheme, of the Government of India, at concessional rates of duty on an undertaking to fulfill quantified exports in the following six to eight years from the date of grant of EPCG license Rs,Nil million (previous year Rs,Nil million)

5. For commitments relating to Lease arrangements, refer note 30 above and for other commitments refer note 2.19.

6. Company has working capital facilities from:

a) Canara Bank which is secured by first charge on pari passu basis by way of hypothecation of stocks and receivables of the company on first pari passu basis with other banks under multiple banking arrangement.

b) Company has obtained working capital facility from ICICI Bank which are secured by first charge on pari passu basis on the entire stocks and such other movables including Book debts, bills, whether documentary or clean, both present and future.

7. Contingent Liabilities

a) Demands relating to Tax matters :-

i) Sales Tax matters - Rs,251.3 million (previous year - Rs,91.1 million)

ii) Work Contract Tax matters - Rs,108.3 million (previous year - Rs,13.8 million)

iii) Excise Duty matters - Rs,168.8 million (previous year - Rs,182.7 million)

iv) Service Tax matters - Rs,128.0 million (previous year - Rs,145.3 million)

b) Demand relating to Labour Cess matter - Rs,18.6 million (previous year - Rs,18.6 million)

Based on the favorable decision in similar cases / legal opinions taken by the Company / discussions with the solicitors etc., the Company believes that it has good cases in respect of all the items listed under (a) and (b) above and hence no provision there against is considered necessary.

It is not practicable for the Company to estimate the timings of cash outflows, if any, in respect of the above pending resolution of the respective proceedings.

The Company does not expect any reimbursements in respect of the above contingent liabilities.

8. During the year, the Company has assessed remaining milestones for ongoing contracts that have now been realigned to be more based on cost and correspond to output trigger events. Accordingly, the Company now records revenue only upon achievement of the revised milestones. Consequent to the above, the revenue from operation has been postponed and for the year is lower by Rs,1,471.0 million and loss before tax is higher by Rs,226.4 million for the year ended 31 March 2016, as estimated by the management

9. Previous year figures

Previous year figures have been reclassified to conform to this year''s classification.


Mar 31, 2014

1. GENERAL INFORMATION

ALSTOM India Limited (Formerly known as ALSTOM Projects India Limited ) (''AIL'' or ''the Company'') is a publicly owned Company, incorporated on 2 September 1992 as Asea Brown Boveri Management Limited, registered with the Registrar of Companies, Maharashtra.

Its operations includes a composite range of activities viz. engineering, procurement, manufacturing, construction and servicing etc. of power plants and power equipment and transportation systems covering traction, signaling and train control for the railways and metros.

2. SALE OF TRANSPORT BUSINESS

The Board of Directors of the Company at its meeting held on 15 January 2014, has approved the sale and transfer of its transportation system undertaking (the Transport business of the Company) to a group company, ALSTOM Transport India Limited as a going concern on a slump sale basis, for a lump sum consideration without values being assigned to individual assets and liabilities. As per the agreement dated 6 March 2014, the transfer of transport business became effective from end of business hours of 31 March 2014.

The agreed total consideration for slump sale of Rs. 2,869.4 million against the net assets value of Rs. 1,700.4 million as on 31 March 2014 has resulted in capital gain to the Company of Rs. 1,169.0 million, reported as profit on sale of Transport business in the statement of profit and loss as an extraordinary item.

As a result Balance Sheet fgures are not comparable with the previous year .

3. GRATUITY AND OTHER POST-EMPLOYMENT BENEFIT PLANS

I) Gratuity

The Company has a defined benefit gratuity plan that operates through a Trust. Every employee who has completed five years or more of service gets a gratuity on departure at 15 days salary (last drawn salary) for each completed year of service. The plan is funded with an insurance company in the form of a qualifying insurance policy.

The following tables summarise the components of net employee benefit expense recognised in the Statement of profit and Loss and the funded status and amounts recognised in the balance sheet for the respective plans.

e) Actuarial Assumptions for Gratuity:

The estimates of future salary increases, considered in actuarial valuation, take account of infation, seniority, promotion and other relevant factors, such as supply and demand in the employment market.

II) Provident Fund

In respect of certain eligible employees, the Company has a provident fund plan which is administered through a trust. The Trust deed provides for the Company to make good any defciency in the interest to be paid by the Trust to it''s members and the income earned by it. Accordingly the plan is as a defined benefit plan. The Company has obtained an actuarial valuation of the Provident fund liability as at the Balance Sheet date and accordingly the Company has recognised a provision of Rs. Nil million (previous year Rs. 2.0 million) towards provident fund liability. The Actuary has not provided the other details to meet the disclosure requirement of the Accounting Standard 15 ""Employee Benefits"" and accordingly the disclosures included are limited to the extent of those provided by the Actuary.

The Company''s expected contribution to the fund in the next year is not presently ascertainable and hence, the contribution expected to be paid to the plan during the annual period beginning after the balance sheet date as required by para 120 (o) of the Accounting Standard – 15 on Employee Benefits is not disclosed.

III) defined Contribution Plan

In respect of defined contribution plan, the Company has recognized the following amounts in the Statement of profit and Loss:

IV) India deferred Incentive Plan (IdIP) :

T h e company grants cash based incentive (other long term employee Benefits) to specified category of employees. The plan is unfunded and the liability is provided on the basis of actuarial valuation. Actuarial gain/loss are recognised in the statement of profit and loss in the period in which they arise.

4. LEASE COMMITMENTS

4.1 Operating leases

The Company normally takes vehicles and premises under non-cancellable operating leases. Minimum lease payments outstanding as at the Year end in respect of these assets are as under:

With respect to all operating leases, lease payments of Rs. 495.6 million (previous year – Rs. 497.1 million) have been recognised as an expense in the Statement of profit and Loss.

There is no contingent rent in the lease agreements. The lease term is for 1-9 years and is renewable at the mutual agreement of both the parties. There is no escalation clause in the lease agreements (other than those disclosed above). There are no restrictions imposed by lease arrangements. There are no subleases.

4.2 Finance leases

The future lease obligations outstanding as of 31 March 2014 in respect of assets taken on finance lease are as follows:

Leasehold improvements include assets costing Rs. Nil million (previous year – Rs. 16.4 million) on finance lease.

5. SEGMENT INFORMATION

The Company has considered the business segment as the primary reporting segment on the basis that the risk and returns of the Company is primarily determined by the nature of products and services. Consequently, the geographical segment has been considered as a secondary segment.

The business segment have been identified on the basis of the nature of products and services, the risks and returns, internal organisation and management structure and the internal performance reporting systems.

5.1 Primary segment reporting - Business segments

The Company''s business segments are classifed into Power and Transport.

Power segment

This segment is engaged in the business of engineering, procurement and construction of power plants. It also manufactures steam raising plant, ancillary equipment, parts of steam generator, pressures vessels and pulverizers.

Transport segment

This segment is engaged in the business of designing, manufacturing, supplying and supporting large scale transportation systems including traction, signaling and train control.

5.2 Inter segment transfers

Segment revenues, segment expenses and segment results include transfers between business segments, that are made based on negotiation between segments with reference to the costs, market prices and business risks, within the overall optimisation objective for the Company and are comparable with competitive market prices charged to external customers. Inter-segment transfers are eliminated on consolidation.

5.3 Allocation of common costs

Common allocable costs are allocated to each segment according to the relative contribution of each segment to the total common costs.

5.4 Unallocated items

Includes general corporate income and expense items, which are not allocated to any business segment.

5.5 Secondary segment reporting -- geographical segments

The analysis of geographical segments is based on the geographical location of the customers.

6. RELATED PARTY

6.1 List of related parties

Parties with whom control exists:

ALSTOM, France (Ultimate Holding Company)

ALSTOM Holdings, France (Holding Company)

ALSTOM Finance BV, Netherlands (Immediate Holding Company)

Parties controlled by the Company (Subsidiaries)

ALSTOM Power Boilers Services Limited, India ALSTOM Boilers India Limited, India

Key managerial personnel (KMP)

Mr. Sunand Sharma – Chairman & Whole-time Director

Mr. Patrick Ledermann – Vice Chairman & Managing Director

M r. S.M. Momaya – Whole-time Director & Chief Financial Officer (upto 31 August 2013) Director (w.e.f 1 September 2013)

Other related parties with whom transactions have taken place during the year (fellow subsidiaries)

ALSTOM (Switzerland) Ltd, ALSTOM (Thailand) Ltd, ALSTOM Asia Pacifc Sdn Bhd, ALSTOM Austria GmbH, ALSTOM Belgium SA, ALSTOM Bharat Forge Power Limited, ALSTOM Brasil Energia e transporte Ltda, Alstom Egypt Power & Transp Projects SAE, ALSTOM Estonia AS, ALSTOM Ferroviaria S.p.A, Alstom Hydro France, ALSTOM Hydro Spain S.L., ALSTOM Hydro Sweden AB, ALSTOM K.K., ALSTOM Konstal Spolka Akcyjna, ALSTOM Korea Ltd, ALSTOM Limited, ALSTOM Ltd, ALSTOM MIDDLE EAST Ltd., ALSTOM Power & Transport Canada Inc, ALSTOM Power GmbH, ALSTOM Power Inc., ALSTOM Power Italia Spa, ALSTOM Power Service GmbH, ALSTOM Power Service Limited, ALSTOM Power Sp.z o.o., ALSTOM Power Sweden, AB ALSTOM Power Systems GmbH, Alstom Power Systems SA, ALSTOM Renewable (Switzerland) Ltd, ALSTOM Renewable Austria GmbH, ALSTOM Renewable Malaysia Sdn Bhd, ALSTOM Renovables Espana S.L, ALSTOM Saudi Arabia Transport and Power Ltd, Alstom Services Sdn Bhd, ALSTOM Taiwan Ltd, ALSTOM Technical Service Shanghai, ALSTOM Transport India Limited, ALSTOM Transport SA, ALSTOM Vannkraft AS, ALSTOM Vietnam Company Ltd, PT ALSTOM Power Energy Systems Indonesia Shangai, ALSTOM Electrical Equipment Ltd, Tianjin ALSTOM Hydro Co. Ltd, ALSTOM Asia Pte Ltd, ALSTOM Beijing Engineering & Technology Co Lt, ALSTOM Grid SAS ALSTOM Holdings, ALSTOM Hong-Kong Ltd, ALSTOM Hydro R&D India Limited, ALSTOM International Mobility Management Ltd, ALSTOM IS&T SAS, ALSTOM Norway AS, ALSTOM Philippines- Inc., ALSTOM Power Boilers Services Limited, ALSTOM Power Consulting AG, ALSTOM Power Service, ALSTOM Power Service (Hong Kong) Limited, ALSTOM S&E Africa (Pty), ALSTOM Signalling Inc., ALSTOM Technologie AG Switzerland, ALSTOM Transport (S) Pte Ltd, ALSTOM Transport BV, PT ALSTOM Transport Indonesia, ALSTOM Nigeria Limited, ALSTOM Ltd., ALSTOM CROATIA Ltd, ALSTOM general turbo SA, ALSTOM Hellas SA, ALSTOM Portugal SA, ALSTOM Power Conversion SA France, Alstom Power Inc Warrenville, ALSTOM Sizhou Elec Power Equipment Ltd, ALSTOM Strongwish co, Ltd, ALSTOM T&D India Limited, Power Service France Protea, ALSTOM Bulgaria EOOD, ALSTOM China Investment Co Ltd, ALSTOM Deutschland AG, Alstom Hydro China Co., Ltd, ALSTOM SA, Alstom Power Asia Pacifc Sdn Bhd, ALSTOM Power Singapore Pte Ltd, WUHAN Boiler Company Ltd, Alstom Boiler Deutschland GmbH, ALSTOM Combined Cycles International Ltd, ALSTOM Israel Ltd, ALSTOM Maroc SA, ALSTOM Support France, ALSTOM Finance BV, Lorelec, ALSTOM Boilers India Limited, ALSTOM Power Hydraulique.

Joint venture under the common control of the Ultimate Holding Company

NTPC ALSTOM Power Services Private Limited

7. Proposal for disposal of a part of auxiliary components business

By way of a letter dated April 01, 2014, the Company had informed the stock exchanges about a press release issued by Alstom, France on April 01, 2014 in respect of its agreement to sell its auxiliary components business to Triton, a leading European investment frm. The Company subsequently informed that on April 07, 2014, it had received a letter from Alstom Finance B.V. (the immediate holding company) dated April 04, 2014 requesting the Board of Directors to consider the proposal for disposal by the Company of its auxiliary components business to an Indian legal entity to be specified by Triton, as a going concern on a slump-sale basis, subject to receipt of all relevant corporate consents and in accordance with applicable laws.

This activity is part of the non-core asset disposal programme, announced by Alstom, France in November 2013. The auxiliary components business proposed to be sold is part of the steam segment within Thermal Power and is active both in the new equipment market and aftermarket services across three product lines: air preheaters and gas-gas heaters for thermal power plants, heat transfer solutions for a variety of petrochemical and industrial processes, and grinding mills for diversifed industrial applications.

Alstom Finance B.V. has requested the Company to consider the proposal favourably and commence the requisite process under Indian law including determination of the fair valuation of the Auxiliary Components Business/Undertaking and obtaining relevant consents to implement the aforesaid proposal.

The financial impact of the above is yet to be ascertained

8. CAPITAL AND OTHER COMMITMENTS

8.1 Estimated amount of contracts remaining to be executed on capital account and not provided for net of advances – Rs. 229.5 million (previous year – Rs. 390.7 million).

8.2 The Company has imported Capital Goods under the Export Promotion Capital Goods (EPCG) scheme, of the Government of India, at concessional rates of duty on an undertaking to fulfll quantifed exports in the following six to eight years from the date of grant of EPCG license Rs. Nil million (previous year Rs. 281.6 million)

8.3 For commitments relating to Lease arrangements, refer Note 32 above and for other commitments refer Note 3.19.

9. CONTINGENT LIABILITIES

a) Demands relating to Tax matters :- i) Sales Tax matters - Rs. 85.5 million (previous year - Rs. 75.0 million)

ii) Work Contract Tax matters - Rs. 13.8 million (previous year - Rs. 13.8 million) iii) Excise Duty matters - Rs. 247.3 million (previous year - Rs. 236.7 million) iv) Service Tax matters - Rs. 93.4 million (previous year - Rs. 88.2 million)

b) Demand relating to Labour Cess matter - Rs. 18.6 million (previous year - Rs. 18.6 million)

Based on the favorable decision in similar cases / legal opinions taken by the Company / discussions with the solicitors etc., the Company believes that it has good cases in respect of all the items listed under (a) and (b) above and hence no provision there against is considered necessary.

It is not practicable for the Company to estimate the timings of cash outflows, if any, in respect of the above pending resolution of the respective proceedings.

The Company does not expect any reimbursements in respect of the above contingent liabilities.


Mar 31, 2013

1. General information

ALSTOM India Limited (Formerly known as ALSTOM Projects India Limited ) (''AIL'' or ''the Company'') is a publicly owned Company, incorporated on 2 September 1992 as Asea Brown Boveri Management Limited, registered with the Registrar of Companies, Maharashtra.

Its operations includes a composite range of activities viz. engineering, procurement, manufacturing, construction and servicing etc. of power plants and power equipment and transportation systems covering traction, signaling and train control for the railways and metros.

2. Segment information

The Company has considered the business segment as the primary reporting segment on the basis that the risk and returns of the Company is primarily determined by the nature of products and services. Consequently, the geographical segment has been considered as a secondary segment.

The business segment have been identified on the basis of the nature of products and services, the risks and returns, internal organisation and management structure and the internal performance reporting systems.

2.1 Primary segment reporting — Business segments

The Company''s business segments are classified into Power and Transport.

Power segment

This segment is engaged in the business of engineering, procurement and construction of power plants. It also manufactures steam raising plant, ancillary equipment, parts of steam generator, pressures vessels and pulverizers.

Transport segment

This segment is engaged in the business of designing, manufacturing, supplying and supporting large scale transportation systems including traction, signaling and train control.

2.2 Inter segment transfers

Segment revenues, segment expenses and segment results include transfers between business segments, that are made based on negotiation between segments with reference to the costs, market prices and business risks, within the overall optimisation objective for the Company and are comparable with competitive market prices charged to external customers. Inter-segment transfers are eliminated on consolidation.

2.3 Allocation of common costs

Common allocable costs are allocated to each segment according to the relative contribution of each segment to the total common costs.

2.4 Unallocated items

Includes general corporate income and expense items, which are not allocated to any business segment.

3. Related Party

3.1 List of related parties

Parties with whom control exists:

ALSTOM, France (Parent)

ALSTOM Holdings, France (Holding Company)

ALSTOM Finance BV, Netherlands (Immediate Holding Company)

Parties controlled by the Company (Subsidiaries)

ALSTOM Power Boilers Services Limited, India

ALSTOM Boilers India Limited, India

Key managerial personnel (KMP)

Mr. Sunand Sharma - Chairman & Whole-time Director

Mr. Patrick Ledermann - Vice Chairman & Managing Director (w.e.f. 01 October 2012)

Mr. Francois Carpentier - Vice Chairman & Managing Director (upto 01 October 2012)

Mr. S.M. Momaya - Whole-time Director & Chief Financial Officer

Other related parties with whom transactions have taken place during the year (fellow subsidiaries)

Air Preheater Equipamentos LTDA,ALSTOM Middle East Ltd.,ALSTOM (Switzerland) Ltd,ALSTOM (Thailand) Ltd,ALSTOM Asia Pacific Sdn Bhd,ALSTOM Austria GmbH,ALSTOM Beijing Engineering &Technology Co Lt,ALSTOM Belgium SA,ALSTOM Bharat Forge Power Limited,Alstom Boiler Deutschland GmbH,ALSTOM Brasil Energia e transporte Ltda,ALSTOM Bulgaria EOOD,ALSTOM China Investment Co Ltd,ALSTOM CROATIA Ltd,ALSTOM Deutschland AG,ALSTOM Egypt Power & Transp Projects SAE,ALSTOM Estonia AS,ALSTOM Ferroviaria S.p.A,ALSTOM Finance BV,ALSTOM Finland OY,ALSTOM general turbo SA,ALSTOM Grid SAS,ALSTOM Holdings,ALSTOM Hong-Kong Ltd,ALSTOM Hydro France,ALSTOM Hydro R&D India Limited,ALSTOM Hydro Spain S.L.,ALSTOM Hydro Sweden AB,ALSTOM INFRASTRUCTURE ROMANIA SRL,ALSTOM IS&T SAS,ALSTOM K.K.,ALSTOM Konstal Spolka Akcyjna,ALSTOM Korea Ltd,ALSTOM Limited,ALSTOM MIDDLE EAST Ltd.,ALSTOM Nigeria Limited,ALSTOM Norway AS,ALSTOM Philippines- Inc.,ALSTOM Portugal SA,ALSTOM Power & Transport Canada Inc,ALSTOM Power Consulting AG,ALSTOM Power Conversion SA France,ALSTOM Power Hydraulique ,ALSTOM Power Inc.,ALSTOM Power Italia Spa,ALSTOM Power Netherland B.V.,ALSTOM Power SA,ALSTOM Power Service (Hong Kong) Limited,ALSTOM Power Service (Pty) Limited,ALSTOM Power Service GmbH,ALSTOM Power Service Limited,ALSTOM Power Singapore Pte Ltd,ALSTOM Power Sp.z o.o.,ALSTOM Power Sweden AB,ALSTOM Power Systems GmbH,ALSTOM Power Systems SA,ALSTOM S&E Africa (Pty),ALSTOM s.r.o,ALSTOM SA,ALSTOM Saudi Arabia Transport and Power Ltd,ALSTOM Services Sdn Bhd,ALSTOM Signalling Inc.,ALSTOM Sizhou Elec Power Equipment Ltd,ALSTOM Strongwish co, Ltd,ALSTOM T&D India Limited,ALSTOM Technical Service Shanghai,ALSTOM Technologies AG Switzerland,ALSTOM Transport (S) Pte Ltd,ALSTOM Transport BV,ALSTOM Transport India Limited,ALSTOM Transport SA,ALSTOM Vannkraft AS,ALSTOM Vietnam Company Ltd,Lorelec,Power Service France Protea,PT ALSTOM Power Energy Systems Indonesia,Shangai ALSTOM Electrical Equipment Ltd,Technical Transport Consolidation,Tianjin ALSTOM Hydro Co. Ltd,WUHAN Boiler Company Ltd

4. Discontinuing Operations

The Board of Directors at its meeting held on 25 October 2011, had approved the demerger of the boiler business, forming part of the power segment, of the Company, subject to necessary approvals, to ALSTOM Boilers India Limited(ABIL), a wholly owned subsidiary of the Company, from Appointed date of 01 April 2011. Accordingly, the boiler business to be demerged was being considered as discontinuing operations with effect from that date. Following the issuance of the SEBI Circular CIR/CFD/DIL/5/2013 dated k February 2013, the no-objection certificates issued by the stock exchanges in September 2012 in relation to the demerger scheme have expired. As the demerger scheme is yet to be resubmitted in terms of the said Circular, the boiler business is no longer being disclosed as discontinuing operations.

5. Capital and other commitments

5.1 Estimated amount of contracts remaining to be executed on capital account and not provided for net of advances - Rs 390.7 million (previous year - Rs 220 million).

5.2 The Company has imported Capital Goods under the Export Promotion Capital Goods (EPCG) scheme, of the Government of India, at concessional rates of duty on an undertaking to fulfill quantified exports in the following six to eightyears from the date of grant of EPCG license Rs. 281.6 million (previous year Rs. 546.4 million)

5.3 For commitments relating to Lease arrangements, refer Note 31 above and for other comittments refer Note 2.19.

6. Contingent Liabilities

(a) Demands relating to Tax matters :-

(i) Sales Tax matters - Rs 75.0 million (previous year - Rs 16.8 million)

(ii) Work Contract Tax matters - Rs 13.8 million (previous year - Rs 13.8 million)

(iii) Excise Duty matters - Rs 236.7 million (previous year - Rs 233.1 million)

(iv) Service Tax matters - Rs 88.2 million (previous year - Rs 85.5 million)

b) Demand relating to Labour Cess matter - Rs 18.6 million (previous year - Rs 18.6 million)

c) Various other claims not acknowledged as debts Rs. NIL (previous year - Rs. 1.5 million).

Based on the favorable decision in similar cases / legal opinions taken by the Company / discussions with the solicitors etc., the Company believes that it has good cases in respect of all the items listed under (a), (b) and (c) above and hence no provision there against is considered necessary.

It is not practicable for the Company to estimate the timings of cash outflows, if any, in respect of the above pending resolution of the respective proceedings.

The Company does not expect any reimbursements in respect of the above contingent liabilities.

7. Dues to micro and small enterprises

The Company has certain dues to suppliers registered under Micro, Small and Medium Enterprises Development Act, 2006 (''MSMED Act''). The disclosures pursuant to the said MSMED Act are as follows:

8. Previous year figures

Previous year figures have been reclassified to conform to this year''s classification.


Mar 31, 2012

A. Terms / rights attached to equity shares

The Company has only one class of equity shares having a par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

In the event of liquidation of Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

During the year ended 31 March 2012, the amount of dividend per share recognized as distribution to equity shareholders was Rs. 10 (Previous Year 31 March 2011: Rs. 10).

b. Shares allotted as fully paid up pursuant to contract(s) without payment being received in cash (during 5 years immediately preceding 31 March 2012) 6,097,561 Equity shares of Rs. 10 each to be issued with effect from April 1, 2011 to the erstwhile shareholders of ALSTOM Holdings (India) Limited pursuant to the Scheme of Amalgamation without payment being received in cash. Refer note 3(a) above.

**Nature of Security : Finance lease obligation are secured by hypothecation of assets underlying the leases.

**Terms of Repayment: Monthly payment of equated monthly installments beginning from the month subsequent to taking the lease.

*Disclosed under Long term Loans and Advances (refer note 15)

Provision for tax litigation/ disputes represents amounts that the Company is likely to pay on account of demands raised by Tax authorities which have been disputed by the Company. Due to the very nature of the above costs, it is not possible to estimate the timing/ uncertainties relating to their outcome.

Provision for warranty represents estimated costs that the Company is likely to incur during the warranty periods as per the contract obligations in respect of completed construction contracts accounted under AS 7 (Revised) " Construction Contracts". Warranty costs are estimated on the basis of contractual agreement, technical evaluation and past experience. The timing of outflows is expected to be as per warranty periods as specified in various contracts. Provision for warranty is treated as current since the Company does not have an unconditional right to defer settlement of obligation beyond the period of twelve months.

1. Gratuity and other post-employment benefit plans

I) Gratuity

The Company has a defined benefit gratuity plan that operates through a Trust. Every employee who has completed five years or more of service gets a gratuity on departure at 15 days salary (last drawn salary) for each completed year of service. The plan is funded with an insurance company in the form of a qualifying insurance policy.

The following tables summarise the components of net benefit expense recognised in the Statement of Profit and Loss and the funded status and amounts recognised in the balance sheet for the respective plans.

The overall expected rate of return on assets is determined based on the market prices prevailing on that date, applicable to the period over which the obligation is to be settled.

The estimates of future salary increases, considered in actuarial valuation, take account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market.

Note:

a) Information relating to experience adjustment in the actuarial valuation of gratuity as required by Para 120(n)(ii) of the Accounting Standard 15 on Employee Benefits is not available with the Company.

b) The Company's expected contribution to the fund in the next year is not presently ascertainable and hence, the contribution expected to be paid to the plan during the annual period beginning after the balance sheet date as required by para 120 (o) of the Accounting Standard – 15 on Employee Benefits are not disclosed.

II) Provident Fund

In respect of certain eligible employees, the Company has a provident fund plan which is administered through a trust. The Trust deed provides for the Company to make good any deficiency in the interest to be paid by the Trust to it's members and the income earned by it. Accordingly the plan is as a defined benefit plan. Consequent to the Actuarial Society of India issuing a guidance note on the valuation of provident fund liability, the Company has obtained an actuarial valuation of the Provident fund liability as at the Balance Sheet date. Accordingly the Company has recognised a provision of Rs. 4.1 million towards provident fund liability based on the Actuarial valuation. The Actuary has not provided the other details to meet the disclosure requirement of the Accounting Standard 15 "Employee Benefits" and accordingly the disclosures included are limited to the extent of those provided by the Actuary.

*Included under Employee Benefit Expense in the head Contribution to Provident and Other Funds.

Leasehold improvements include assets costing Rs. 16.4 million (previous year - Rs. 16.4 million) on finance lease. The lease term is for 10 years.

2. Segment information

2.1 Primary segment reporting - Business segments

The Company's business segments are classified into Power and Transport.

Power segment

This segment is engaged in the business of engineering, procurement and construction of power plants. It also manufactures steam raising plant, ancillary equipment, parts of steam generator, pressures vessels and pulverizers.

Transport segment

This segment is engaged in the business of designing, manufacturing, supplying and supporting large scale transportation systems including traction, signaling and train control.

2.2 Inter segment transfers

Segment revenues, segment expenses and segment results include transfers between business segments, that are made based on negotiation between segments with reference to the costs, market prices and business risks, within the overall optimisation objective for the Company and are comparable with competitive market prices charged to external customers. Inter-segment transfers are eliminated on consolidation.

2.3 Allocation of common costs

Common allocable costs are allocated to each segment according to the relative contribution of each segment to the total common costs.

2.4 Unallocated items

Includes general corporate income and expense items, which are not allocated to any business segment.

2.5 Secondary segment reporting — Geographical segments

The analysis of geographical segments is based on the geographical location of the customers.

Mr. Sunand Sharma is the Non - Executive Chairman of the Company who was an employee of ALSTOM Holdings (India) Limited and is deemed to be an employee of the Company with effect from the appointed date (1 April 2011) for the period 01 April 2011 to 31 March 2012 pursuant to the Scheme of amalgamation amongst ALSTOM Holdings (India) Limited (Amalgamating Company), ALSTOM Projects India Limited (Amalgamated Company) and their respective shareholders, which became effective on 20 April 2012 {refer note 3(a) above}. The transactions made by Amalgamating Company with Mr. Sunand Sharma during the aforesaid period have been considered as related party transactions.

Other related parties with whom transactions have taken place during the year (fellow subsidiaries)

Air Preheater Equipamentos LTDA, ALSTOM (Switzerland) Ltd, ALSTOM (Thailand) Ltd, ALSTOM Asia Pacific Sdn Bhd, ALSTOM Austria GmbH, ALSTOM Belgium SA, ALSTOM Bharat Forge Power Limited, ALSTOM Brasil Energiae transported Ltd., ALSTOM Bulgaria EOOD, ALSTOM China Investment Co Ltd, ALSTOM CROATIA Ltd, ALSTOM Deutschland AG, ALSTOM Estonia AS, ALSTOM Ferroviaria SpA, ALSTOM Finland OY, ALSTOM general turbo SA, ALSTOM Grid SAS, ALSTOM Holdings, ALSTOM Hong-Kong Ltd, Alstom Hydro France, ALSTOM Hydro R&D India Limited, ALSTOM Hydro Spain SL, ALSTOM Hydro Sweden AB, ALSTOM INFRASTRUCTURE ROMANIA SRL, ALSTOM IS&T SAS, ALSTOM KK, ALSTOM Limited, ALSTOM Ltd, ALSTOM MIDDLE EAST Ltd, ALSTOM Norway AS, ALSTOM Philippines- Inc, ALSTOM Portugal SA, ALSTOM Power & Transport Canada Inc, ALSTOM Power Consulting AG, ALSTOM Power Inc, ALSTOM Power Italia Spa, ALSTOM Power Nederland BV, ALSTOM Power SA, ALSTOM Power Service, ALSTOM Power Service (Hong Kong) Limited, ALSTOM Power Service (Pty) Limited, ALSTOM Power Service GmbH, ALSTOM Power Spz oo, ALSTOM Power Sweden AB, ALSTOM Power Systems GmbH, Alstom Power Systems SA, ALSTOM S&E Africa (Pty), ALSTOM sro, ALSTOM SA, Alstom Services Sdn Bhd, ALSTOM Signalling Inc, ALSTOM Strongwish co, Ltd, ALSTOM T&D India Limited, ALSTOM Technical Service Shanghai, ALSTOM Technologie AG Switzerland, ALSTOM Transport (S) Pte Ltd, ALSTOM Transport BV, ALSTOM Transport India Limited, ALSTOM Transport SA, ALSTOM Vannkraft AS, ALSTOM Vietnam Company Ltd, Alstom Wind SLU, PT ALSTOM Power Energy Systems Indonesia, Shangai ALSTOM Electrical Equipment Ltd, Technical Transport Consolidation, Tianjin ALSTOM Hydro Co Ltd, WUHAN Boiler Company Ltd., ALSTOM Belgium SA , ALSTOM Egypt Power & Transp Projects SAE , ALSTOM Finance BV, ALSTOM India Limited, ALSTOM Information Tech. Centre SAS, ALSTOM Mexicana S.A. de C.V., ALSTOM Power Hydraulique, ALSTOM Power Hydraulique, ALSTOM Technology Ltd, Lorelec.

3. Discontinuing Operations

ALSTOM Holdings had entered into a letter of binding intent with Shanghai Electric Company of China on 20 April 2011 to combine both partners' activities in the boiler market for power plants. ALSTOM Holdings and Shanghai Electric expect to set-up the joint company once their agreements will be finalised and after the completion of the social and regulatory process, the timing of which is not ascertained.

In pursuance of the above, ALSTOM Holdings (the holding company of the ALSTOM Group of Companies) had requested the Company to consider transfer of its boiler business to a newly incorporated wholly owned subsidiary through a scheme of demerger under Sections 391 to 394 of the Companies Act, 1956.

The Board of Directors of the Company in its meeting held on 25 October 2011 had considered the said request of ALSTOM Holdings and thereafter, subject to approval of the shareholders and creditors and the High Court(s), approved the demerger of the Boiler Business of the Company, subject to the finalisation of the agreement at the Group level, into its wholly owned subsidiary Company, ALSTOM Boilers India Limited ("ABIL") with the Appointed Date of 1 April 2011. The decision was intimated to the stock exchanges on the same date. The Boiler business is part of the Power segment as per Accounting Standard 17 "Segment Reporting". On the basis of the valuation undertaken by an independent valuer, the Board had further granted its approval to the share swap ratio of 1:1, meaning that every shareholder of the Company holding 1 (one) fully paid- up equity shares of Rs.10 (Rupees ten) each in the Company as on the record date (as determined in terms of the Scheme of Demerger) shall, upon sanction of the Scheme of Demerger and upon its becoming effective, be entitled to receive 1 (one) fully paid-up equity shares of Rs.5 (Rupees five) each in ABIL. The Scheme of Demerger, when effective, would result in a reduction of Company's reserves by Rs. 786.1 million as at 31 March 2012.

4. Capital and other commitments

4.1 Estimated amount of contracts remaining to be executed on capital account and not provided for net of advances – Rs 220.0 million (previous year – Rs 356.8 million).

4.2 The Company has imported Capital Goods under the Export Promotion Capital Goods (EPCG) scheme, of the Government of India, at concessional rates of duty on an undertaking to fulfill quantified exports in the following six to eight years from the date of grant of EPCG license Rs. 546.4 million (previous year Rs. 1,153.1 million)

4.3 For commitments relating to Lease arrangements, refer Note 30 above and for other Off Balance Sheet comittments refer Note 2.19.

5. Contingent Liabilities

a) Demand raised by sales tax and excise authorities levying sales tax / works contract tax / excise duty in cases of disputes regarding divisibility of contracts with the customers for supply and erection / installation of goods and other matters - Rs. 367.8 million (previous year – Rs. 250.6 million)

b) Various other claims not acknowledged as debts Rs. 1.5 million (previous year – Rs. 1.3 million).

Based on the favorable decision in similar cases / legal opinions taken by the Company / discussions with the solicitors etc., the Company believes that it has good cases in respect of all the items listed under (a) and (b) above and hence no provision there against is considered necessary.

*Including bought out items, the purchases whereof have been included in material cost and erection services **Project items include equipment and miscellaneous items meant for execution of projects.

6. Previous year figures

The financial statements for the year ended 31 March 2011 had been prepared as per the then applicable, pre-revised Schedule VI to the Companies Act, 1956. Consequent to the notification of Revised Schedule VI under the Companies Act, 1956, the financial statements for the year ended 31 March 2012 are prepared as per Revised Schedule VI. Accordingly, the previous year figures have also been reclassified to conform to this year's classification. The adoption of Revised Schedule VI for previous year figures does not impact recognition and measurement principles followed for preparation of financial statements except for accounting of dividends from subsidiaries.


Mar 31, 2011

(All amounts in rupees thousands, unless otherwise specified)

1 BACKGROUND

ALSTOM Projects India Limited (APIL or the Company) is a publicly owned Company, incorporated on 2 September 1992 as Asea Brown Boveri Management Limited, registered with the Registrar of Companies, Maharashtra.

Its business includes a composite range of activities engineering, procurement, manufacturing, construction and servicing etc. of power plants and power equipments and transportation systems covering traction, signalling and train control for the railways and metros.

2 CONTINGENT LIABILITIES NOT PROVIDED FOR

a) Demand raised by sales tax and excise authorities levying sales tax / works contract tax / excise duty in cases of disputes regarding divisibility of contracts with the customers for supply and erection / installation of goods and others - Rs. 250,637 thousand (previous year - Rs. 251,604 thousand)

b) Demand raised by Durgapur Power Limited on delayed payment of electricity bills - Nil (previous year - Rs. 19,000 thousand).

c) Various other claims not acknowledged as debts Rs. 1,373 thousand (previous year - Rs. 6,250 thousand).

Based on the favourable decision in similar cases / legal opinions taken by the Company / discussions with the solicitors etc., the Company believes that it has good cases in respect of all the items listed under (a) and (c) above and hence no provision there against is considered necessary.

3 SEGMENT INFORMATION

3.1 Primary segment reporting - Business segments

The Companys business segments are classified into Power and Transport.

3.1.1 Power segment

This segment is engaged in the business of engineering, procurement and construction of power plants. It also manufactures steam raising plant, ancillary equipment, parts of steam generator, pressures vessels and pulverizers.

3.1.2 Transport segment

This segment is engaged in the business of designing, manufacturing, supplying and supporting large scale transportation systems including traction, signalling and train control.

3.2 Inter segment transfers

Segment revenues, segment expenses and segment results include transfers between business segments, that are made based on negotiation between segments with reference to the costs, market prices and business risks, within the overall optimisation objective for the Company and are comparable with competitive market prices charged to external customers. Inter-segment transfers are eliminated on consolidation.

3.3 Allocation of common costs

Common allocable costs are allocated to each segment according to the relative contribution of each segment to the total common costs.

3.4 Unallocated items

Includes general corporate income and expense items, which are not allocated to any business segment.

3.5 Secondary segment reporting -- Geographical segments

The analysis of geographical segments is based on the geographical location of the customers.

4 RELATED PARTY DISCLOSURES

4.1 List of related parties

4.1.1 Parties with whom control exists:

ALSTOM Holdings (Ultimate Holding Company)

ALSTOM Finance BV (Holding Company)

4.1.2 Parties controlled by the Company (Subsidiaries)

ALSTOM Power Boilers Services Limited

4.1.3 Other related parties with whom transactions have taken place during the year (fellow subsidiaries)

ALSTOM (Switzerland) Ltd, ALSTOM Asia Pacific Sdn Bhd, ALSTOM Austria GmbH, ALSTOM Belgium SA, ALSTOM Bharat Forge Power Limited, ALSTOM Brasil Energia E Transporte Ltda, ALSTOM Bulgaria Eood, ALSTOM Deutschland AG, ALSTOM Egypt Power & Transp Projects SAE, ALSTOM Ferroviaria S.P.A, ALSTOM Finance BV, ALSTOM General Turbo SA, ALSTOM Holdings, ALSTOM Hydro (Switzerland) Ltd, ALSTOM Hydro Austria GmbH, ALSTOM Hydro Equipamentes, ALSTOM Hydro France, ALSTOM Hydro R&D India Limited, ALSTOM Hydro Spain S.L., ALSTOM i.ydro Sweden Ab, ALSTOM India Limited, ALSTOM Information Tech. Centre SAS. ALSTOM Ltd, ALSTOM Mexicana S.A. De C.V., ALSTOM Norway AS, ALSTOM Power Centrales, France, ALSTOM Power Consulting AG, ALSTOM Power Hydraulique, ALSTOM Power Inc USA, ALSTOM Power Inc., ALSTOM Power Italia Spa, ALSTOM Power Nederland B.V., ALSTOM Power Romania, ALSTOM Power Service, ALSTOM Power Service (Hong Kong) Limited, ALSTOM Power Service (Pty) Limited, ALSTOM Power Service GmbH, ALSTOM Power Sp.Z O.O., ALSTOM Power Sweden AB, ALSTOM Power Systems GmbH, ALSTOM Power Systems SA, ALSTOM SA, ALSTOM Services Sdn Bhd, ALSTOM Signalling Inc., ALSTOM Hydro R&D India Limited, ALSTOM Technical Service Shanghai, ALSTOM Technology Ltd, ALSTOM Transport (S) Pte Ltd, ALSTOM Transport BV, ALSTOM Transport SA, ALSTOM Vannkraft AS, Areva T&D India Limited, NTPC ALSTOM Power Services Private Ltd, Pt ALSTOM Power Energy Systems Indonesia, Tianjin ALSTOM Hydro Co. Ltd.

4.1.4 Key managerial personnel (KMP)

Mr. Francois Carpentier - Vice Chairman & Managing Director

Mr. S.M. Momaya - Whole-time Director & Chief Financial Officer

5 LEASE COMMITMENTS

5.1 Operating leases

Lease payments of Rs. 374,640 thousand (previous year - Rs. 375,173 thousand) have been recognised as an expense in the profit and loss account for the year ended 31 March 2011.

There is no contingent rent in the lease agreements. The lease term is for 1-9 years and is renewable at the mutual agreement of both the parties. There is no escalation clause in the lease agreements (other than those disclosed above). There are no restrictions imposed by lease arrangements. There are no subleases.

6 SUPPLEMENTARY PROFIT AND LOSS DATA 9.1 Capacities, production and stock

The Companys products are exempt from licensing requirement under the new industrial policy by virtue of notification No 477 (E) of 25.07.91

Previous year figures are in brackets

Capacities

Installed capacities are as certified by the management, but not verified by the auditors, being a technical matter.

Production

a) Production of finished goods is inclusive of production for captive use.

b) "Others" represent internally manufactured components, meant for sale. Since the quantitative denominations of these items are dissimilar, it would be impracticable to disclose the quantitative information in respect thereof.

Inventories

The finished goods and work-in-progress at the beginning of the year amounted to Rs. 4,290 thousands and Rs. 1,806,211 thousands respectively (previous year Rs. 4,683 thousands and Rs. 436,533 thousands).

7. Managerial remuneration

Whole time directors are covered under the Companys gratuity and leave encashment scheme along with the other employees of the Company. The gratuity/ leave encashment liability is determined for all employees on an independent actuarial valuation. The specific amount of gratuity/ leave encashment for whole time directors cannot be ascertained separately and accordingly the same has not been included above.

8. Acceptances

Total outstanding dues to creditors other than Small and Micro enterprises include acceptances Rs. 124,321 thousand (previous year Rs. 60,673 thousand).

9 GRATUITY AND OTHER POST-EMPLOYMENT BENEFIT PLANS

The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service gets a gratuity on departure at 15 days salary (last drawn salary) for each completed year of service. The scheme is funded with an insurance company in the form of a qualifying insurance policy.

The following tables summarise the components of net benefit expense recognised in the profit and loss account and the funded status and amounts recognised in the balance sheet for the respective plans.

included in the head Contribution to Provident and Other Funds.

Notes:

a) Information relating to experience adjustment in the actuarial valuation of gratuity as required by Para 120(n)(ii) of the Accounting Standard 15 on Employee Benefits is not available with the Company.

b) The Companys expected contribution to the fund in the next year is not presently ascertainable and hence, the contribution expected to be paid to the plan during the annual period beginning after the balance sheet date as required by para 120 (o) of the Accounting Standard - 15 on Employee Benefits are not disclosed.

c) Pending issuance of the Guidance Note from the Actuarial Society of India, the companys actuary has expressed his inability to reliably measure the provident fund liability. Accordingly, no additional disclosures as required by Paragraph 120 of AS 15 have been furnished.

10 DISCLOSURE REQUIRED BY ACCOUNTING STANDARD (AS) 29 PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS

Description Opening Balance Provisions made Provisions utilised / Closing Balance during the year reversed during the year Provision for Warranty 155,248 157,089 (73,087) 239,250

Provision for Warranty represents estimated costs that the Company is likely to incur during warranty periods as per the contract obligations in respect of completed construction contracts accounted under AS 7 (Revised) "Construction Contracts". Warranty costs are estimated on the basis of contractual agreement, technical evaluation and past experience. The timing of outflows is expected to be as per warranty periods as specified in various contracts.

11 PRIOR YEAR COMPARATIVES

Previous year amounts have been regrouped/reclassified, wherever necessary, to conform with current years presentation.


Mar 31, 2010

1 BACKGROUND

ALSTOM Projects India Limited (‘APIL’ or ‘the Company’) is a publicly owned Company, incorporated on September 2, 1992 as Asea Brown Boveri Management Limited, registered with the Registrar of Companies, Maharashtra.

Its business include a composite range of activities engineering, procurement, manufacturing, construction and servicing etc. of power plants and power equipments and transportation systems covering traction, signalling and train control for the railways and metros.

2 CAPITAL COMMITMENTS

Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances) – Rs 304,834 thousand (previous year – Rs 284,895 thousand).

3 CONTINGENT LIABILITIES NOT PROVIDED FOR

a) Demand raised by sales tax and excise authorities levying sales tax / works contract tax / excise duty in cases of disputes regarding divisibility of contracts with the customers for supply and erection / installation of goods and others – Rs 251,604 thousand (previous year – Rs 20,676 thousand)

b) Demand raised by Durgapur Power Limited on delayed payment of electricity bills – Rs 19,000 thousand (previous year – Rs 37,000 thousand).

c) Differential amount of custom duty in respect of machinery imported under EPCG Scheme Rs–Nil (previous year Rs 109,165 thousand).

d) Various other claims not acknowledged as debts Rs 6,250 thousand (previous year – Rs 6,250 thousand).

Based on the favourable decision in similar cases / legal opinions taken by the Company / discussions with the solicitors etc., the Company believes that it has good cases in respect of all the items listed under (a), (b) and (d) above and hence no provision there against is considered necessary.

4 SEGMENT INFORMATION

4.1 Primary segment reporting – Business segments

The Company’s business segments are classifed into Power and Transport.

4.1.1 Power segment

This segment is engaged in the business of engineering, procurement and construction of power plants. It also manufactures steam raising plant, ancillary equipment, parts of steam generator, pressures vessels and pulverizers.

4.1.2 Transport segment

This segment is engaged in the business of designing, manufacturing, supplying and supporting large scale transportation systems including traction, signalling and train control.

4.2 Inter segment transfers

Segment revenues, segment expenses and segment results include transfers between business segments, that are made based on negotiation between segments with reference to the costs, market prices and business risks, within the overall optimisation objective for the Company and are comparable with competitive market prices charged to external customers. Inter–segment transfers are eliminated on consolidation.

4.3 Allocation of common costs

Common allocable costs are allocated to each segment according to the relative contribution of each segment to the total common costs.

4.4 Unallocated items

Includes general corporate income and expense items which are not allocated to any business segment.

5 RELATED PARTY DISCLOSURES

5.1 List of related parties

5.1.1 Parties with whom control exists:

ALSTOM Holdings (Ultimate Holding Company)

ALSTOM Finance BV (Holding Company)

ALSTOM Enterprise S.A (Holding Company of the Parent)

5.1.2 Parties controlled by the Company (Subsidiaries)

ALSTOM Power Boilers Services Limited

5.1.3 Other related parties with whom transactions have taken place during the year (fellow subsidiaries)

ALSTOM (Switzerland) Ltd, ALSTOM Asia Pacifi c Sdn Bhd, ALSTOM Belgium SA, ALSTOM Bharat Forge Power Ltd, ALSTOM Brasil Energia e transporte Ltda, ALSTOM Bulgaria EOOD, ALSTOM Deutschland AG, ALSTOM Ferroviaria S.p.A, ALSTOM Holdings, ALSTOM Hydro (Switzerland) Ltd, ALSTOM Hydro Austria GmbH, ALSTOM Hydro Equipamentes, ALSTOM Hydro Spain S.L., ALSTOM Hydro Sweden AB, ALSTOM Information Tech. Centre SAS, ALSTOM K.K., ALSTOM Limited, ALSTOM Norway AS, ALSTOM Philippines– Inc., ALSTOM Portugal SA, ALSTOM Power– s.r.o., ALSTOM Power Boilers Services Limited, ALSTOM Power Centrales, France, ALSTOM Power Consulting AG, ALSTOM Power Energy Recovery GmbH, ALSTOM Power Hydraulique, ALSTOM Power Inc USA, ALSTOM Power Italia Spa, ALSTOM Power Nederland B.V., ALSTOM Power Romania, ALSTOM Power SA, ALSTOM Power Service, ALSTOM Power Service (Arabia) Ltd., ALSTOM Power Service GmbH, ALSTOM Power Sp.z o.o., ALSTOM Power Stavan JSC, ALSTOM Power Sweden AB, ALSTOM Power Systems GmbH, ALSTOM Power Systems SA, ALSTOM Signalling Inc., ALSTOM Steam Turbine Limited, ALSTOM Technical Service Shanghai, ALSTOM Technologie AG Switzerland, ALSTOM Transport (S) Pte Ltd, ALSTOM Transport BV, ALSTOM Transport SA, ALSTOM Vannkraft AS, ALSTOM Vietnam Company Ltd, Comelex SA, NTPC ALSTOM Power Services Private Ltd, PT ALSTOM Power Energy Systems Indonesia, Tianjin ALSTOM Hydro Co. Ltd, WUHAN Boiler Company Ltd.

5.1.4 Key managerial personnel (KMP)

Mr. Emmanuel Colombier – Vice Chairman & Managing Director

Mr. S.M. Momaya – Whole–time Director & Chief Financial Officer

6 LEASE COMMITMENTS

6.1 Operating leases

The Company normally takes vehicles and premises under non cancellable operating leases. Minimum lease payments outstanding as at March 31, 2010 in respect of these assets are as under:

The Company’s products are exempt from licensing requirement under the new industrial policy by virtue of notifcation No 477 ( E ) of 25.07.91 Previous year fgures are in brackets

Capacities

Installed capacities are as certifed by the management, but not verifed by the auditors, being a technical matter.

Production

a) Production of fnished goods is inclusive of production for captive use.

b) “Others” represent internally manufactured components, meant for sale. Since the quantitative denominations of these items are dissimilar, it would be impracticable to disclose the quantitative information in respect thereof.

Inventories

The fnished goods and work-in-progress at the beginning of the year amounted to Rs 4,683 thousands and Rs 436,533 thousands respectively (previous year Rs 4,940 thousands and Rs 360,161 thousands).

7 GRATUITY AND OTHER POST–EMPLOYMENT BENEFIT PLANS:

The Company has a defi ned benefi t gratuity plan. Every employee who has completed fi ve years or more of service gets a gratuity on departure at 15 days salary (last drawn salary) for each completed year of service. The scheme is funded with an insurance company in the form of a qualifying insurance policy.

The following tables summarise the components of net benefi t expense recognised in the profi t and loss account and the funded status and amounts recognised in the balance sheet for the respective plans.

8 Current year tax is after adjusting credit of Rs NIL thousand (previous year including Rs 32,037 thousand) related to earlier years.

9 PRIOR YEAR COMPARATIVES

Previous year amounts have been regrouped/reclassifed, wherever necessary, to conform with current year’s presentation.

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