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Notes to Accounts of PTC India Financial Services Ltd.

Mar 31, 2016

d. Employee stock options plan

The Company instituted the Employee Stock Option Plan - ESOP 2008 to grant equity based incentives to all its eligible employees. During the year ended March 31, 2009, the first tranche of ESOP 2008 was approved by the shareholders on October 27, 2008 and the Company granted two types of options i.e. Growth options granted to the employees and exercisable at intrinsic value as on the date of grant as certified by an independent valuer and Founder Member Options exercisable at face value of shares i.e. Rs.10 per share, representing one share for each option upon exercise. Further, during the year ended March 31, 2010, second tranche of ESOP 2008 was approved by the shareholders on October 23, 2009 and provided for grant of 10,075,000 growth options exercisable at a price of Rs.16 per share, representing one share for each option upon exercise. Options granted under ESOP 2008 would vest not less than one year and not more than five years from the date of grant of such options.

Notes: Details of terms of repayment and security provided on above:

i. 68,724 (previous year 84,172) privately placed 8.25%/8.30% secured redeemable non-convertible long-term infrastructure bonds of ''5,000 each (Infra Series

1) amounting to ''3,436.20 lacs (previous year ''4,208.60 lacs) allotted on March 31, 2011 redeemable at par in 5 to 10 years commencing from March 31, 2016 are secured by way of first charge on the receivables of the assets created from the proceeds of infrastructure bonds and other unencumbered receivables of the Company to provide 100% security coverage. During the year, the company has repaid ''772.40 lacs (previous year Nil) under buyback scheme exercised by eligible holders of infrastructure bonds in FY2015-16 as per terms of Infra Series 1. 319,210 (previous year 319,210) privately placed 8.93%/9.15% secured redeemable non-convertible long-term infrastructure bonds of ''5,000 each (Infra Series 2) amounting to ''15,960.50 lacs allotted on March 30, 2012 redeemable at par in 5 to 15 years commencing from March 30, 2017 are secured by way of pari-passu charge on the receivables of the assets created from the proceeds of infrastructure bonds and other receivables of the Company to provide the 100% security coverage

ii. 900 (previous year 900) privately placed 10.50% secured redeemable non-convertible debentures of ''1,000,000 each (Series 3) amounting to ''9,000.00 lacs were allotted on January 27, 2011 redeemable at par in six equal annual installments commencing from January 26, 2018.

Series 3 are secured by way of mortgage of immovable building and first charge by way of hypothecation of the receivables of the loan assets created from the proceeds of respective debentures. Further, the same have also been secured by pari-passu charge by way of hypothecation of the receivable of loan assets created by the Company out of its own sources which are not charged to any other lender of the Company to the extent of 125% of debentures.

2135 (previous year Nil) privately placed 9.62% secured redeemable non-convertible debentures of ''1,000,000 each (Series 4) amounting to ''21,350.00 lacs were allotted on June 03, 2015 redeemable at par in 3 tranches divided in 33% of face value on 28th May 2019, 33% of face value on 28th May 2021 and balance 34% of face value on 28th May 2025

Series 4 are secured by way of first charge by way of hypothecation of the specified receivables of the Company comprising asset cover of at least 110% of the amount of the Debentures

1500 (previous year Nil) privately placed 9.80% secured redeemable non-convertible debentures of ''1,000,000 each (Series 5) amounting to ''15,000.00 lacs were allotted on June 16, 2015 redeemable at par in five equal annual installments commencing from June 12, 2018

Series 5 are secured by way of first ranking exclusive charge by way of hypothecation of the identified receivables of the Company comprising asset cover of at least 100% of the amount of the Debentures

iii. Term loans from banks carry interest ranging from 9.55% to 9.70% p.a. The loans carry various repayment schedules according to their respective sanctions and thus are repayable in 12 to 48 quarterly installments. The loans are secured by first pari-passu charge by way of hypothecation of the current assets including book debts, investments and other receivables (other than assets created/ to be created by line of credit of other financial institutions / banks) so that lenders should have at least 100%/ 111% security coverage on its outstanding loan at all times during the currency of the loan. Additionally, some loans are backed by an agreement of assignment of the project assets financed from proceeds of the loans, in favour of respective lenders.

iv. External Commercial Borrowings (“ECB”) carry interest ranging from 3 months LIBOR 2.85% to LIB0R 3.10% p.a. The loans are repayable in 32/36 equal quarterly installments as per the due dates specified in the respective loan agreements. The borrowings are secured by way of first ranking exclusive charge on all present and future receivables of the eligible loan assets created by the proceeds of ECB. Repayment of 2 quarterly installments amounting to USD 1,444,444 (''88,490,250) on one of the ECB loans was made during the year ended March 31, 2014, 4 quarterly installment amounting to USD 28,88,888 (''176,623,001) on one of the ECB loans was made during the year ended March 31, 2015 and 4 quarterly installment amounting to USD 28,88,888 (''191,215,497) on one of the ECB loans and 3 quarterly installment amounting to USD 46,87,500 (''304,768,125) on two of the ECB loans was made during the year ended March 31, 2016.

v. Term loan outstanding Rs.1,575.00 (previous year ''1,755.00) from a financial institution carries interest rate of 2% p.a. The loan is repayable in 40 equal quarterly installments starting from March 31, 2015. The loan is secured by first pari-passu charge on all present & future receivables of the loan assets of the Company (which are not specifically charged/to be charged in favour of other lenders of the Company i.e. except the charge created/to be created in favour of specific lender/s for receivables of the specific loan assets created/ to be created out of their loan proceeds), so that lenders should have at least 100% security coverage on its outstanding loan at all time during the currency of the loan.

Term loan outstanding Rs.50,000.00 (previous year Rs.Nil)from a financial institution carries interest rate of 9.30% p.a. The loan is repayable in 20 equal quarterly installments starting after 18 months from the date of first loan disbursal i.e. December 31, 2015. The loan is secured by first pari-passu charge on all present & future receivables of the loan assets of the Company (which are not specifically charged/to be charged in favour of other lenders of the Company i.e. except the charge created/to be created in favour of specific lender/s for receivables of the specific loan assets created/ to be created out of their loan proceeds), so that lenders should have at least 100% security coverage on its outstanding loan at all time during the currency of the loan.

vi. In terms of the RBI circular (Ref. No. DNBS(PD) CC No. 043/03.10.119/2015-16 dated July 1, 2015) no borrowings remained overdue as at March 31, 2016 (previous year ''Nil).

1. The Company’s main business is to provide finance for energy value chain through investment and lending into such projects. All other activities revolve around the main business. The Company does not have any geographic segments. As such, there are no separate reportable segments as per Accounting Standard-17 on “Segment Reporting” notified under the Companies (Accounting Standards) Rules, 2006.

2. Related party disclosures

(a) List of related parties and relationships

Related parties where control exists or with whom transactions have taken place during the year are given below:

Holding company : PTC India Limited

Fellow subsidiary Company : PTC Energy Limited

Associate companies : R.S. India Wind Energy Private Limited

: Varam Bio Energy Private Limited

Key management personnel : Shri Rajender Mohan Malla -Managing Director and CEO

(Superannuation w.e.f. May 15, 2015)

Dr. Ashok Haldia -Managing Director and CEO (w.e.f. from July 07, 2015)

: Dr. Pawan Singh -Whole time Director and CFO

36. During the previous year, based on an independent investigation into the affairs of an associate company (Associate), the Company had concluded that in earlier years, the Associate and its promoters had misrepresented various facts to it and induced it to make investments aggregating Rs.6,112.14 lacs in the Associate. The Company had filed a criminal complaint against the Associate and its promoters and is taking suitable steps both under civil and criminal law to safeguard its investments and to recover the same. Pending outcome thereof, the Company had fully provided for the diminution in value of investment held in this Associate.

3. Expenditure on Corporate Social Responsibility (CSR):

(a) Gross amount required to be spent by the Company during the year ended March 31, 2016 Rs.782.00 lacs ( including the unspent amount of Rs.286.00 lacs of Financial Year 2014-2015)

(b) Amount spent during the year March 31, 2016 - Rs.Nil

4. Previous year’s figures have been recast/ regrouped, wherever necessary to conform to the current year’s presentation.

VI. Details of non-performing financial assets purchased /sold

The Company has not purchased/sold any non-performing financial assets from other NBFCs in the current year as well as in the pervious year as well as in previous year ended March 31, 2015.

X. Miscellaneous

(a) Reserve Bank of India - Registration Number : N-14.03116

(b) Credit Rating

Non Convertible Debentures/Bonds BWR AA (Stable), CRISIL A (Stable), ICRA A (Positive), CARE A

Bank limits (rated on short term scale) ICRA A1 CRISIL A (Stable)

Commercial Paper Programme CRISIL A1

(c) No penalties have been levied by any regulator during the year as well as in previous year ended March 31, 2015.

XI. Additional Disclosures

(a) Provisions and Contingencies

Break up of ‘Provisions and Contingencies’ shown under the head Expenditure in Profit and Loss Account


Mar 31, 2015

1. Corporate information

PTC India Financial Services Limited ("PFS") is a registered NBFC with Reserve Bank of India and has been awarded the Infrastructure Finance Company (IFC) status by RBI. PFS is set up with an objective to provide total financing solutions to the energy value chain which includes investing in equity or extending debt to power projects in generation, transmission, distribution, fuel resources and fuel related infrastructure.

2. The Company''s main business is to provide finance for energy value chain through investment and lending into such projects. All other activities revolve around the main business. The Company does not have any geographic segments. As such, there are no separate reportable segments as per Accounting Standard-17 on "Segment Reporting" notified under the Companies (Accounting Standards) Rules, 2006.

3. Related party disclosures

(a) List of related parties and relationships

Related parties where control exists or with whom transactions have taken place during the year are given below:

Holding company : PTC India Limited

Associate companies : R.S. India Wind Energy Private Limited

: Varam Bio Energy Private Limited

Key management personnel : Shri Rajender Mohan Malla (w.e.f. September 27, 2013)

: Dr. Ashok Haldia : Dr. Pawan Singh

(b) Details of related party transactions in the ordinary course of the business:

4. Pursuant to the enactment of the Companies Act, 2013 (Act), the Company has revised its depreciation rates w.e.f. April 1, 2014 as per useful life in Schedule II to the Companies Act, 2013. Further, adoption of useful life as per Schedule II has not resulted in any depreciation charge which needs to be adjusted from the opening balance of surplus in the Statement of Profit and Loss per the transitional provisions contained in Schedule II of the Act.

5. During the current year, based on an independent investigation into the affairs of an associate company (Associate), the Company has concluded that in earlier years, the Associate and its promoters had misrepresented various facts to it and induced it to make investments aggregating Rs. 6,112.14 lacs in the Associate. The Company has filed a criminal complaint against the Associate and its promoters and is taking suitable steps both under civil and criminal law to safeguard its investments and to recover the same. Pending outcome thereof, the Company has fully provided for the diminution in value of investment held in this Associate.

6. Previous year''s figures have been recast/ regrouped, wherever necessary to conform to the current year''s presentation.


Mar 31, 2014

1. Corporate information

PTC India Financial Services Limited ("PFS") is a registered NBFC with Reserve Bank of India and has been awarded the Infrastructure Finance Company (IFC) status by RBI. PFS is set up with an objective to provide total financing solutions to the energy value chain which includes investing in equity or extending debt to power projects in generation, transmission, distribution, fuel resources and fuel related infrastructure.

2. Contingent liabilities and commitments in respect of: (Rs in lacs)

Particulars As at As at March 31, 2014 March 31, 2013 Contingent liabilities

- Income tax 2,605.81 997.02 Commitments

- Estimated amount of contracts remaining to be executed on capital account (net of advances) and not 86.30 655.86 provided for

- Loan financing 34,931.02 19,006.66

- Equity subscription - 5,244.17

3. The Company''s main business is to provide finance for energy value chain through investment and lending into such projects. All other activities revolve around the main business. The Company does not have any geographic segments. As such, there are no separate reportable segments as per Accounting Standard-17 on "Segment Reporting" notified under the Companies (Accounting Standards) Rules, 2006.

4. Related party disclosures

(a) List of related parties and relationships

Related parties where control exists or with whom transactions have taken place during the year are given below:

Holding company : PTC India Limited

Associate companies : PTC Bermaco Green Energy Systems Limited (ceased to be an associate w.e.f.March 31,2014)

: RS. India Wind Energy Private Limited (formerly known as R.S. India Wind Energy Limited) : Varam Bio Energy Private Limited : Ind-Barath Energy (Utkal) Limited (ceased to be anassociate w.e.f. May 25, 2012)

Key management personnel : Shri Rajender Mohan Malla (w.e.f. September 27, 2013)

: Dr. Ashok Haldia : Dr. Pawan Singh

(b) Details of related party transactions in the ordinary course of the business: (i) Transactions with holding company


Mar 31, 2013

1. Corporate information

PTC India Financial Services Limited ("PFS") is a registered NBFC with Reserve Bank of india and has been awarded the infrastructure Finance Company (IFC) status by RBI. PFS is set up with an objective to provide total financing solutions to the energy value chain which includes investing in equity or extending debt to power projects in generation, transmission, distribution, fuel resources and fuel related infrastructure.

2. The Company''s main business is to provide finance for energy value chain through investment and lending into such projects. All other activities revolve around the main business. The Company does not have any geographic segments. As such, there are no separate reportable segments as per Accounting Standard 17 on "Segment Reporting" notified under the Companies (Accounting Standards) Rules, 2006.

3. Related party disclosures

(a) List of related parties and relationships

Related parties where control exists or with whom transactions have taken place during the year are given below:

Holding company : PTC India Limited

Associate companies : PTC Bermaco Green Energy Systems Limited

: R.S. India Wind Energy Private Limited (formally known as R.S. India Wind Energy Limited)

: Varam Bio Energy Private Limited : Ind-Barath Energy (Utkal) Limited (ceased to be an associate w.e.f. May 25, 2012)

: Ind-Barath PowerGencom Limited (ceased to be an associate w.e.f. September 28, 2011)

: Indian Energy Exchange Limited (ceased to be an associate w.e.f. March 29, 2012)

Key management personnel : Dr. Ashok Haldia

: Dr. Pawan Singh (w.e.f. February 1, 2012)

(b) Details of related party transactions in the ordinary course of the business:

(i) Transactions with holding company

4. Total number of electricity units generated and sold during the year 13,380,365 KWH (previous year 13,561,177 KWH).

5. Expenditure incurred in foreign currency (accrual basis)

6. Previous year''s figures have been recast/ regrouped, wherever necessary to conform to the current year''s presentation.


Mar 31, 2012

1 The term loans from banks are secured by first pari-passu charge by way of hypothecation of the current assets including book debts, investments and other receivables (other than assets created by line of credit of other financial institutions/banks). Additionally, the loans are backed by an agreement of assignment of the project assets financed from proceeds of the loans, in favour of respective lenders. Terms of repayment are as below:

2. Contingent liabilities and commitments in respect of:

(Rs.in lacs) As at March 31, As at March 31, 2012 2011

Contingent liabilities

Income tax 31.13 13.97

Commitments

Loan financing 7,453.71 13,378.00

3. The Company''s main business is to provide finance for energy value chain through investment and lending into such projects. All other activities revolve around the main business. The Company does not have any geographic segments. As such, there are no separate reportable segments as per Accounting Standard 17 on ''Segment Reporting'' notified under the Companies (Accounting Standards) Rules, 2006.

4. Based on the information available with the Company, no supplier has been identified, who is registered under the Micro, Small and Medium Enterprise Development Act, 2006. Further, the Company has not received any claim of interest from any supplier under the said Act.

5. Total number of electricity units generated and sold during the year: 13,561,177 KWH (previous year: 11,720,432 KWH).

6. Pursuant to the notification dated December 29, 2011 issued by the Ministry of Corporate Affairs amending the Accounting Standard 11, the Company has exercised the option as per Para 46A inserted in the Standard for all long term monetary assets and liabilities. Consequently an amount of Rs. 868.99 lacs (without considering tax benefit of Rs. 281.94 lacs) is carried forward in the Foreign currency translation account as on March 31, 2012.

Had the Company followed the earlier method of accounting for the above items, the net profit for the year ended March 31, 2012 would have been lower by Rs. 587.05 lacs (net of taxes).

7. The Revised Schedule VI has become effective from April 1, 2011 for the preparation of financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. Previous year''s figures have been regrouped / reclassified wherever necessary to correspond with the current year''s classification / disclosure.


Mar 31, 2011

1. Background

PTC India Financial Services Limited ("PFS") is a registered NBFC with Reserve Bank of India and has been awarded the Infrastructure Finance Company (IFC) status by RBI. PFS is set up with an objective to provide total financing solutions to the energy value chain which includes investing in equity or extending debt to power projects in generation, transmission, distribution, fuel resources and fuel related infrastructure.

2. Contingent liabilities in respect of:

(Rupees in lacs) Year ended Year ended 31.03.2011 31.03.2010

Estimated amount of contracts

remaining to be executed on capital 2.40 -

account and not provided for Income tax 13.97 -

3. Employee Stock Option

The Company instituted the Employee Stock Option Plan – ESOP 2008 to grant equity based incentives to all its eligible employees. During the year ended March 31, 2009, the first trance of ESOP was approved by the shareholders on October 27, 2008 and the Company granted two types of options i.e. Growth options granted to the employees and exercisable at intrinsic value as on the date of grant as certified by an independent value and Founder Member Options exercisable at face value of shares i.e. Rs.10 per share, representing one share for each option upon exercise. Further, during the year ended March 31, 2010, second trance of ESOP 2008 was approved by the shareholders on October 23, 2009 and provided for grant of 10,075,000 growth options exercisable at a price of Rs.16 per share, representing one share for each option upon exercise. The maximum tenure of these options granted is 4 years from the respective date of grant.

The fair value of each stock option granted under ESOP 2008 as on the date of grant has been computed using Black-Scholes Option Pricing Model without inclusion of Dividend Yield and the model inputs are given as under:

There is no history of dividend declaration by the Company, hence the dividend yield has been assumed as Nil.

4. The Companys main business is to provide finance for energy value chain through investment and lending into such projects. All other activities revolve around the main business. The Company does not have any geographic segments. As such, there are no separate reportable segments as per Accounting Standard 17 on Segment Reporting notified under the Companies (Accounting Standards) Rules, 2006.

5. Related party disclosures

(a) List of related parties and relationships

Related parties where control exists or with whom transactions have taken place during the year are given below:

(B) Leave encashment

Changes in the present value of the defined benefit obligation:

The estimates of future salary increases considered in actuarial valuation take into account inflation, seniority, promotion and other relevant factors on long term basis.

D) In respect of the defined contribution plans, the Company has recognized the following amounts in the profit and loss account:

10 The percentage holding and the investment in associate companies as at March 31, 2011 is given below:

Note: The above figures do not include leave encashment and gratuity as it is provided in the books on the basis of actuarial valuation for the Company as a whole and hence individual amount cannot be determined.

16 (a) During the financial year, the Company has completed its Initial Public Offer (IPO) comprising of fresh issue of 127,500,000 equity shares (excluding an offer for sale of 29,200,000 equity shares by Macquarie India Holdings Limited, a shareholder of the Company) of face value of Rs.10 each for cash at a price of Rs.28 per share (including a share premium of Rs.18 per equity share) aggregating to Rs.35,270.32 lacs.

The share premium of Rs.18 per share, net of discount of Re. 1 for retail investor, amounting to Rs.22,520.32 lacs on issue of fresh equity shares has been credited to share premium account. The share issue expenses amounting to Rs.719.70 lacs, after netting off tax of Rs.348.09 lacs have been adjusted to share premium account.

* Excludes equity share application money amounting to Rs.139.28 lacs lying in escrow account payable to investors after allotment of equity shares by the Company and Rs.8077.60 lacs payable to Macquarie India Holdings Limited pursuant to sale of 292,00,000 equity shares by Macquarie India Holdings Limited in the IPO of the Company.

6. Previous periods figures have been regrouped / recast wherever considered necessary to conform to current periods classification.

7. Schedules 1 to 19 and the statement of additional information form an integral part of the accounts. Statement of Additional information as required in terms of paragraph 13 of Non-banking Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007

II. Exposure to Real estate sector, both direct and indirect The Company does not have any direct or indirect exposure to the real estate sector as at 31 March, 2011.

III. Asset Liability Management

Maturity pattern of certain items of assets and liabilities as at 31 March, 2011


Mar 31, 2010

1. Background

PTC India Financial Services Limited ("PFS") is a registered NBFC with Reserve Bank of India. PFS is promoted by PTC India Limited which holds a controlling 77.60% stake and balance 22.40% is equally held by Goldman Sachs Strategic Investments Limited (GS) and Macquarie India Holdings Limited (MQ). PFS is set up with an objective to provide total financing solutions to the energy value chain which includes investing in equity or extending debt to power projects in generation, transmission, distribution, fuel resources and fuel related infrastructure.

2. Estimated amount of contracts remaining to be executed on capital account and not provided for Rs. 2.40 lacs (previous year Rs. Nil).

3. The Companys main business is to provide finance for energy value chain through investment and lending into such projects. All other activities revolve around the main business. The Company does not have any geographic segments. As such, there are no separate reportable segments as per Accounting Standard 17 on Segment Reporting as notified by the Companies (Accounting Standards) Rules, 2006.

4. Related party disclosures

(a) List of related parties and relationships

Related parties where control exists or with whom transactions have taken place during the year are given below:

Holding company : PTC India Limited

Associate companies : Ind-Barath Energy (Utkal) Limited

: Ind-Barath Power Gencom Limited

: Indian Energy Exchange Limited

: Meenakshi Energy Private Limited

: PTC Bermaco Green Energy Systems Limited

: RS India Wind Energy Limited

: Varam Bio Energy Private Limited

Key management personnel : Mr. Ashok Haldia (Director w.e.f. August 13, 2008)

(b) Details of related party transactions in the ordinary course of the business:

5. Based on the information available with the Company, there are no dues as at March 31, 2010 payable to enterprises covered under "Micro, Small and Medium Enterprises Development Act, 2006". No interest is paid / payable by the Company in terms of Section 16 of the Micro, Small and Medium Enterprises Development Act, 2006.

6. Total number of electricity units generated and sold during the year – 3006 KWH (Previous year Nil).

7. Previous years figures have been regrouped / recasted wherever considered necessary to conform to current years classification.

8. Schedules 1 to 20 and the statement of additional information form an integral part of the accounts.


Mar 31, 2009

1. Background

PTC India Financial Services Limited ("PFS") is a registered NBFC with Reserve Bank of India. PFS is promoted by PTC India Limited which holds a controlling 77.60% stake and balance 22.40% is equally held by Goldman Sachs Strategic

Investments Limited (GS) & Macquarie India Holdings Limited (MQ). PFS is set up with an objective to provide total financing solutions to the energy value chain which includes investing in equity or extending debt to power projects in generation, transmission, distribution, fuel resources and fuel related infrastructure.

2. (a) During the year, the company, vide resolution of the Board of Directors in the meeting held on 29th April 2008, issued to the existing shareholders, in proportion to the equity held by them, 153,333,324 fully paid up equity shares of Rs. 10/- as per the details given below:

3. Compulsorily and Fully Convertible Debentures

During the year, the Company has, in terms of a Debenture Subscription Agreement subscribed to compulsorily and Fully Convertible Debentures for an aggregate amount of upto Rs 120 crores being the financial assistance for a 1320 MW coal based thermal power plant.

4. Employee Stock Option Plan – ESOP 2008

The Company instituted the Employee Stock Option Plan – ESOP 2008 to grant equity based incentives to all its eligible employees. The ESOP 2008, finally approved by the shareholders on October 27, 2008 provides for grant of 10,075,000 options. The Company has granted two types of options i.e. Growth options granted to the employees and exercisable at Fair Market Value as on the date of grant as certified by an independent valuer and Founder Member Options exercisable at face value of shares i.e. Rs 10 per share, representing one share for each option upon exercise. The maximum tenure of these options granted is 4 years from the date of grant. The balance options available for grant as at March 31, 2009 are 10,075,000.

5. Related Party Disclosures

(a) List of Related Parties and Relationships Related parties where control exists or with whom transactions have taken place during the year are given below:

Holding Company : PTC India Limited

Associate Companies : Ind-Barath PowerGenCom Limited

: Indian Energy Exchange Limited

: Meenakshi Energy Private Limited

: PTC Bermaco Green Energy Systems Ltd

: RS India Wind Energy Private Limited

: Varam Bio Energy Private Limited

Key Management Personnel : Mr. Ashok Haldia (Director w.e.f. August 13,2008)

6. Based on the information available with the Company, there are no dues as at March 31, 2009 payable to enterprises covered under "Micro, Small and Medium Enterprises Development Act, 2006". No interest is paid / payable by the Company in terms of Section 16 of the Micro, Small and Medium Enterprises Development Act, 2006.

7. Additional information as required in terms of paragraph 13 of Non-banking Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007

8. Previous years figures have been regrouped / reclassified wherever considered necessary to conform to current years classification.


Mar 31, 2008

1. The company has commenced its operations with effect from 7th May 2007.

2. Shares issue expense amounting to Rs. 9.21 million has been adjusted against the Share Premium Account as per Section 78 of the Companies Act 1956.

3. Estimated amount of capital commitments: NIL

4. Claims against the company not acknowledged as debts: NIL

5. Expenditure in foreign currency (on accrual basis): NIL

6. Income earned in foreign exchange: NIL

7. This is the first period of operations of the company hence the corresponding figures in respect of Profit & Loss Account is not applicable.

8. Schedules A to I and accounting policies form an integral part of accounts.

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