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Notes to Accounts of PTC India Ltd.

Mar 31, 2014

Note No. 1 – OTHER INFORMATION

a) The company is in the business of power. Consultancy income and sale/ purchase of coal have not been reported separately as the same being insignificant. 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.

(b) Estimated amount of capital commitments:

(Rsin crore)

Particulars As at As at 31.03.2014 31.03.2013

Claims of supplies 132.38 128.56

Income Tax demands 19.69 6.79

Custom Duty 17.16 10.61

Total 169.23 145.96

Remarks :

(a) Rs. 84.95 Crore pertaining to claim of Himachal Pradesh State Electricity Board. The arbitrator concluded the arbitration in favour of PTC on 31.10.2008, however HPSEB has contested the award in the High Court of Himachal Pradesh.

(b) Rs. 43.28 Crore pretaining to compensation bills raised by Gujarat Urja Vikas Nigam Limited (GUVNL). GUVNL filed a petition before GERC for direction of payment. GERC passed order against PTC. PTC fi led an appeal before APTEL which had directed PTC to deposit 50% of the amount (Rs 20.48 crore) determined GERC. Presently, arguments have been concluded and order has been reserved by APTEL.

@High Court passed the liquidation orders for Ashmore PTC India Infrastructure Advisors Private Limited and Ashmore PTC India Energy Infrastructure Trustee Private Limited on 03.02.2014 and 05.02.2014 respectively

(c) Certain balances of trade payables, trade receivables and advances are subject to confi rmation.

(i) In the opinion of the management, the value of current assets, loans and advances on realization in the ordinary course of business, will not be less than the value at which these are stated in the balance sheet.

(2) Dividend paid to non- resident shareholders (in foreign currency):

(d) In accordance with the accounting policy, the surcharge recoverable on late/ non-payment of dues by sundry debtors is accounted for on receipt basis. Correspondingly surcharge liabilities on late/non-payments to the suppliers, in view of the matching concept, is not being recognized in the accounts. The estimated liability in this regard, however is lower than the company''s claims from its sundry debtors.

(e) During the year, the company has received surcharge of Rs. 206.43 crore (previous year, Rs. 12.53 crore) from sundry debtors on amounts overdue on sale of power which has been included in "Revenue from operations". Correspondingly surcharge expense of Rs. 68.02 crore (previous year, Rs. 1.15 crore) paid/payable to sundry creditors has been included in "other operating expenses".

(f) The previous year figures have been reclassified/regrouped/ rearranged to conform to this year classification, wherever necessary.


Mar 31, 2013

Note No. 1 - NON CURRENT INVESTMENTS

(a) Non current investments

(b) The Company has pledged, in favour of Power Finance Corporation Limited (PFC), 77,77,500 Equity Shares of '' 10 each at par held by it in M/s. Krishna Godavari Power Utilities Limited (KGPUL) along with the promoter of KGPUL to comply with the lending requirements of PFC for loan taken by KGPUL.

(c) Provision for diminution of investments has been made for the Company''s investment in Ashmore PTC India Energy Infrastructure Advisors Private Limited and Ashmore PTC India Energy Infrastructure Trustee Private Limited.

(d) As per Accounting Standard - 27 - ''Financial reporting of interest in Joint Ventures'' notified under Companies (Accounting Standards) Rules 2006, the Company''s share of ownership interest, assets, liabilities, income, expenses, contingent liabilities and capital commitments in the joint venture

i) Economic Assumption:

The principal assumptions are the discount rate and salary increase. The discount rate is based upon the market yields available on government bonds at the accounting date with a term that matches that of the liabilities and the salary increase takes.

Note No. 2 - OTHER INFORMATION

a) The company is primarily in the business of power. Consultancy income has not been reported separately as the same being insignificant. 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.

b) Estimated amount of capital commitments:

c) Details of contingent liabilities:

i) Claims against the Company not acknowledged as debt:

d) The Company has entered into the following related party transactions. Such parties and transactions have been identified as per Accounting Standard 18 "Related Party Disclosures'' notified under Companies (Accounting Standards) Rules, 2006.

e) Certain balances of trade payables, trade receivables and advances are subject to confirmation.

f) In the opinion of the management, the value of current assets, loans and advances on realization in the ordinary course of business, will not be less than the value at which these are stated in the balance sheet.

g) In accordance with the accounting policy, the surcharge recoverable on late/ non-payment of dues by sundry debtors is accounted for on receipt basis. Correspondingly surcharge liabilities on late/ non-payments to the suppliers, in view of the matching concept, is not being recognized in the accounts. The estimated liability in this regard, however is lower than the company''s claims from its sundry debtors.

h) The previous year figures have been reclassified / regrouped / rearranged to conform to this year classification, wherever necessary.


Mar 31, 2012

1) Details of contingent liabilities:

i) Claims against the Company not acknowledged as debt:

(Rs.in mn)

Particulars As at As at Remarks 31.03.2012 31.03.2011

Claims of 1,285.64 1,285.64 1. Out of total claims, suppliers Rs. 849.50 mn pertains to claim of Himachal Pradesh State Electr -icity Board. The arbitrator concluded the arbitration in favour of PTC on 31.10.2008, however HPSEB has contested the award in the High Court of Himachal Pradesh.

2. Gujarat Urja Vikas Nigam Limited (GUVNL) has raised bills for compens -ation for an amount of Rs.432.77 mn. GUVNL has filed a petition bef -ore GERC for direction of payment. In the opinion of the Company and also as per legal opinion , the said compens -ation is not payable and PTC has challenged the conten -tion of GUVNL. GERC has held that it had jurisdiction to hear the matter and PTC has filed an appeal against the said judge -ment before APTEL mean -while the proceedings before GERC continue till the pendency of appeal before APTEL."

Income tax 43.36 2.15 demands

Others * 37.95 541.15

Total 1,366.95 1,828.94

b) Pursuant to the notification dated December 29, 2011 issued by the Ministry of Corporate Affairs amending the Accounting Standard 11, the subsidiary company (PFS) 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. 86.90 mn (without considering tax benefit of Rs. 28.19 mn) is carried forward in the Foreign currency translation account as on March 31, 2012.

Had the earlier method of accounting been followed for the above items, the net profit for the year ended March 31, 2012 would have been lower by Rs. 58.71 mn (net of taxes) before minority interest and Rs. 35.23 mn after minority interest.

c) Certain balances with parties are subject to confirmation.

d) In the opinion of the management, the value of current assets, loans and advances on realization in the ordinary course of business, will not be less than the value at which these are stated in the balance sheet.

e) 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. The adoption of Revised Schedule VI does not impact recognition and measurement principles followed for preparation of financial statements. However, it has significant impact on presentation and disclosures made in the financial statements. Accordingly, the previous year figures have also been reclassified/regrouped/rearranged to conform to this year classification.


Mar 31, 2011

1 Share issue expenses amounting to Rs. NIL (Previous Year Rs. 40.74 million) have been adjusted against the Share Premium Account as per Section 78 of Companies Act, 1956.

2 As per Power Purchase Agreements entered into with the off takers of Chukha and Kurichhu power projects (Bhutan), the interest earned on the Term Deposits made with commercial banks for the payments received on behalf of these projects is passed back to them.Accordingly interest income as well as expense is accounted for in the books of account.

3 The company is primarily in the business of trading of power. Generation of power and consultancy income have not been reported separately as the same is insignificant. 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 Investment in PTC Financial Services Limited (subsidiary) includes six shares of Rs.10 each held by the nominees on behalf of the Company.

5 In the opinion of the management, the value of current assets, loans and advances on realization in the ordinary course of business, will not be less than the value at which these are stated in the Balance Sheet.

6 Book Debts are hypothecated to the banks for availing the non- fund based working capital facilities.

7 Based on the information available with the Company, there are no dues as at March 31, 2011 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.

8 The management is of the opinion that no case of impairment of assets exists under the provision of Accounting Standard (AS)-28 on Impairment.

9 Term Deposits of Rs. 310 mn ( Previous Year NIL) has been pledged with banks against Letter of credit opened by the subsidiary company.

10 Dividend Received from subsidiary company –NIL

11 Loans and Advances due from directors-NIL.

12 The employee stock option (ESOP) expenses for the year has become negative due to reversal of ESOP expenses in accordance with the accounting treatment prescribed under SEBI (Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines, 1999, on account of surrender/forfeiture of employee stock option.

13 The Company has pledged, in favour of Power Finance Corporation Limited (PFC) , its 77,77,500 Equity Shares of Rs 10 each at Par held by it in M/s. Krishna Godavari Power Utilities Limited (KGPUL) along with the promoter of KGPUL to comply with the lending requirements of PFC.

14 Sundry Debtors include an amount of Rs.162.30 mn due from Tamil Nadu Electricity Board ( TNEB) towards compensation claim.The Company considers the said amount good and recoverable even though TNEB has not accepted the claim of the company and the matter has been referred to Madras High Court for appointment of an Arbitrator in this respect.

15 The Company has based on legal opinion determind that service tax was payble on professional charges on power exchage transactions. Accordingly, the company has, subsequent to the balance sheet date, paid an amount of Rs. 15.78 mn being liability on service tax on power exchange transaction upto March 31, 2011.

16. Figures of the previous Year have been regrouped/reclassified wherever consided neccessary to confirm to current Year classification.

17 Schedules A to K and accounting policies form an integral part of accounts.


Mar 31, 2010

1. The company has called for and received in 2007-08, Rs. 11,999.95 millions from Qualified Institutional Placement (QIP). The company has also called for and received in current year, Rs. 4,999.92 millions from Qualified Institutional Placement (QIP). The amount raised has been utilized in the following manner:-

2. Share issue expenses amounting to Rs. 40.74millions (Previous Year Rs. NIL million) have been adjusted against the Share Premium Account as per Section 78 of Companies Act, 1956.

3 As per Power Purchase Agreements entered into with the off takers of Chukha and Kurichhu power projects (Bhutan), the interest earned on the Term Deposits made with commercial banks for the payments received on behalf of these projects is passed back to them.Accordingly interest income as well as expense is accounted for in the books of account.

4. The company is primarily in the business of trading of power. Generation of power and consultancy income is insignificant. 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.

5. Details of Contingent liabilities:

a) Claims against the company not acknowledged as debt



Particulars As at As at Remarks

31.03.2010 31.03.2009

Claims of suppliers 1,285.64 852.87 1. Out of total claims, Rs. 849.50 Million pertains to claim of Himachal Pradesh State Electricity Board. The Arbitrator concluded the arbitration in favour of PTC on 31.10.2008, however HPSEB has contested the award in the High Court of Himachal Pradesh.

2. Gujarat Urja Vikas Nigam Limited (GUVNL) has raised bills for compensation for an amount of Rs.432.77 mn. In the opinion of the company and also as per legal opinion, the said compensation is not payable and therefore the company has taken up the matter with GUVNL and Government of Gujarat for resolution of the same.

Income Tax Demands 9.81 7.71 Case is pending with the Appellate Authority

Others 2.23 2.23

Total 1,297.68 862.81



6. Quantitative information

7. *Remuneration to Directors (including Chairman & Managing Director):

In addition to the above remuneration, the whole time directors have been allowed the use of staff car on payment of Rs.780/- p.m.

The above does not include provision for CMDs and one of directors (Shri Deepak Amitabh) leave salary and gratuity for the year which have been included in the overall provision for leave salary and gratuity made on actuarial basis.

*Does not include expenses on account of amortization of ESOP.

*Including Service Tax

8. Current liabilities, Sundry debtors and certain balances of Loans and Advances are subject to confirmation.

9. In the opinion of the management, the value of current assets, loans and advances on realization in the ordinary course of business, will not be less than the value at which these are stated in the Balance Sheet.

10. Book Debts are hypothecated to the banks for availing the non- fund based working capital facilities.

11. Details of expenses incurred for defined contribution plans during the Year:

12. The company has entered into the following related party transactions. Such parties and transactions have been identified as per Accounting Standard 18 “Related Party Disclosures issued by the Institute of Chartered Accountants of India.

13. The elements considered for calculation of Earning per Share (Basic and Diluted) are as under:

14. The information given in Schedule-F does not include any amount which is outstanding and payable to Micro, Small and Medium Enterprises based on the information available with the company. Details as required by Schedule VI of the Companies Act,1956 is given below: I

The principal amount and the interest due thereon (to be shown separately) remaining unpaid to any supplier as at the end of each accounting Year

NIL

II the amount of interest paid by the buyer in terms of section 16 of the Micro, Small and Medium Enterprises Development Act, 2006, along with the amount of the payment made to the supplier beyond the appointed day during each accounting Year

NIL

III

The amount of interest due and payable for the Year of delay in making payment (which have been paid but beyond the appointed day during the Year) but without adding the interest specified under the Micro, Small and Medium Enterprises Development Act,

NIL

IV

the amount of interest accrued and remaining unpaid at the end of each accounting Year

NIL

V

the amount of further interest remaining due and payable even in the succeeding Years, until such date when the interest dues as above are actually paid to the small enterprise, for the purpose of disallowance as a deductible expenditure under section 2

NIL

15. Investment in PTC Financial Services Limited (subsidiary) includes six shares of Rs.10 each held by the nominees on behalf of the Company.

16. The management is of the opinion that no case of impairment of assets exists under the provision of Accounting Standard (AS)-28 on Impairment.

17. Investments had been made under the Discretionary Portfolio Management Agreement entered into between the Company and HDFC AMC Limited (Portfolio Manager) of Rs. 50 Millions.

A. Equity Shares (fully paid-up, quoted unless otherwise stated) as at 31/03/2010 (Figures in Rs.)

NIL

B. Mutual Funds (fully paid-up, un-quoted) as at 31/03/2010 (Figures in Rs.)

NIL

C. Equity Shares (fully paid-up, quoted unless otherwise stated) as at 31/03/2009 (Figures in Rs.) 3,998 Equity Shares Of Re.2 each in AIA Engineering Ltd at a cost of Rs.541,655, 25,136 Equity Shares Of Re.1 each in Apollo Tyres Ltd at a cost of Rs.492,072, 3,307 Equity Shares Of Re.5 each in Biocon Ltd at a cost of Rs.399,447, 2,687 Equity Shares Of Re.2 each in Blue Star Ltd at a cost of Rs. 414,625, 4,130 Equity Shares Of Re.2 each in Crompton Greaves Ltd at a cost of Rs. 562,904, 1,602 Equity Shares Of Re.10 each in ICICI Bank Ltd at a cost of Rs. 718,991, 343 Equity Shares Of Re.5 each in Infosys Technologies Ltd at a cost of Rs.396,213, 4,575 Equity Shares Of Re.2 each in Pantaloon Retail India Ltd at a cost of Rs. 961,131, 1,366 Equity Shares Of Re.1 each in Tata Consultancy Services Ltd at a cost of Rs. 662,425, 822 Equity Shares Of Re.10 each in Jammu & Kashmir Bank Ltd at a cost of Rs. 280,248, 5,025 Equity Shares Of Re.2 each in United Phosphorous Ltd. at a cost of Rs. 555,913, 3,984 Equity Shares Of Re.1 each in Zee Entertainment Ltd at a cost of Rs. 554,268, 12,000 Equity Shares Of Re.5 each in Himatsingka Seide Ltd at a cost of Rs. 722,400,1,554 Equity Shares Of Re.1 each in ITC Ltd at a cost of Rs. 247,498, 758 Equity Shares Of Re.2 each in Larsen &Toubro Ltd at a cost of Rs. 329,315, 3,000Equity Shares Of Re.10 each in HBL Nife Power Systems Ltd. at a cost of Rs. 701,057. 1,489 Shares Of Re.2 each in Siemens Ltd at a cost of Rs. 877,453, 2,993 Shares Of Re.2 each in Carborundum Universal Ltd at a cost of Rs. 323,543, 779 Shares Of Re.10 each in State Bank of India Ltd at a cost of Rs. 129,3975, 8,547 Shares of Rs. 1 each in Voltas Ltd at a cost of Rs. 345,174, 742 Shares of Rs. 10 each in Bank of Baroda Ltd at a cost of Rs. 135,701,977 Shares of Rs. 10 each in Bharat Petroleum Corp at a cost of Rs. 334,915, 643 Shares of Rs. 10 each in Bharti Airtel Ltd. at a cost of Rs. 392,706, 13,610 shares of Rs. 1 each in Dish TV India Ltd. at a cost of Rs. 299,526,4,701 Shares of Rs. 2 each in HCL Technologies Ltd. at a cost of Rs. 494,402,2,506 Shares of Rs. 5 each in Reliance Communications Ltd at a cost of Rs. 427,674,1,627 Shares of Rs. 10 each in Tata Steel Ltd at a cost of Rs. 247,696.

D. Mutual Funds (fully paid-up, un-quoted) as at 31/03/2009 (Figures in 4 Rs.)

4,605,068.72 units of Rs.10 each in HDFC QIF Plan C WD at a cost of Rs. 46,051,451

(ii) Investments under PMS purchased and sold during the year 01/04/2009 to 31/03/2010

A. Equity Shares (fully paid-up,quoted) for the Year 01/04/2009 to 31/03/2010 (Figures in Rs.):

Purchases:

3,864 shares of Rs.2 in Dishman Pharmaceuticals & Chemicals Ltd at a cost of Rs. 425,952,4132 shares of Rs.10 in IRB Infrastructure Developers Ltd at a cost of Rs. 428,797, 6,704 shares of Rs.2 in Unitech Ltd at a cost of Rs. 293,979, 2,875 shares of Rs.10 in United Breweries Holdings Ltd at a cost of Rs. 316,875, 2,513 shares of Rs.10 in Unity Infraprojects Ltd at a cost of Rs. 317,155, 1,406 shares of Rs. 10 in Zee Entertainment Enterprises Ltd at a cost of Rs. 160,618, 797 shares of Rs.10 in Sadbhav Engineering Ltd at a cost of Rs. 316,608,

Sales:

3,998 Equity Shares Of Re.2 each in AIA Engineering Ltd at a Price of Rs.1,144,876, 25,136 Equity Shares Of Re.1 each in Apollo Tyres Ltd at a Price of Rs.621,006, 3,307 Equity Shares Of Re.5 each in Biocon Ltd at a Price of Rs.820,217, 2,687 Equity Shares Of Re.2 each in Blue Star Ltd at a Price of Rs. 957,120, 742 Shares of Rs. 10 each in Bank of Baroda Ltd at a Price of Rs. 197,130, 977 Shares of Rs. 10 each in Bharat Petroleum Corp at a Price of Rs. 568,877, 1,286 Shares of Rs. 5 each in Bharti Airtel Ltd. at a Price of Rs. 531,211, 4,130 Equity Shares Of Re.2 each in Crompton Greaves Ltd at a Price of Rs. 1,308,880, 13,610 shares of Rs. 1 each in Dish TV India Ltd. at a Price of Rs. 400,192, 4,701 Shares of Rs. 2 each in HCL Technologies Ltd. at a Price of Rs. 737,217, 1,602 Equity Shares Of Re.10 each in ICICI Bank Ltd at a Price of Rs. 1,344,415, 343 Equity Shares Of Re.5 each in Infosys Technologies Ltd at a Price of Rs.766,934, 2,506 Shares of Rs. 5 each in Reliance Communications Ltd at a Price of Rs. 753,738, 4,575 Equity Shares Of Re.2 each in Pantaloon Retail India Ltd at a Price of Rs. 1,552,293, 1,366 Equity Shares Of Re.1 each in Tata Consultancy Services Ltd at a Price of Rs. 790,432,1,627 Shares of Rs. 10 each in Tata Steel Ltd at a Price of Rs. 386,135. 822 Equity Shares Of Re.10 each in Jammu & Kashmir Bank Ltd at a Price of Rs. 471.879, 5,025 Equity Shares Of Re.2 each in United Phosphorous Ltd. at a Price of Rs. 819,126, 5,390 Equity Shares Of Re.1 each in Zee Entertainment Ltd at a Price of Rs. 1,266,518, 12,000 Equity Shares Of Re.5 each in Himatsingka Seide Ltd at a Price of Rs. 569,821, 1554 Equity Shares Of Re.1 each in ITC Ltd at a Price of Rs. 285,979, 758 Equity Shares Of Re.2 each in Larsen &Toubro Ltd at a Price of Rs. 1,247,922, 3,000 Equity Shares Of Re.10 each in HBL Nife Power Systems Ltd. at a Price of Rs. 579,931, 1,489 Shares Of Re.2 each in Siemens Ltd at a Price of Rs. 425,148, 2993 Shares Of Re.2 each in Carborundum Universal Ltd at a Price of Rs. 476,010, 779 Shares Of Re.10 each in State Bank of India Ltd at a Price of Rs. 1,668,372, 8547 Shares of Rs. 1 each in Voltas Ltd at a Price of Rs. 1,255,349, 3,864 shares of Rs.2 in Dishman Pharmaceuticals & Chemicals Ltd at a cost of Rs. 794,401, 4,132 shares of Rs. 10 in IRB Infrastructure Developers Ltd at a cost of Rs. 874,047, 6,704 shares of Rs.2 in Unitech Ltd at a cost of Rs. 358,596, 2,875 shares of Rs.10 in United Breweries Holdings Ltd at a cost of Rs. 573,325, 2,513 shares of Rs.10 in Unity Infraprojects Ltd at a cost of Rs. 1,022,812,

B. Mutual Funds (fully paid-up, unquoted) for the Year 01/04/2009 to 31/ 03/2010 (Figures in Rs.):

Purchases:

12,942.872 Units Of Rs10 each in HDFC Cash Management Savings Growth at a cost of Rs. 238,000, 15,482.063 Units Of Rs10 each in HDFC Cash Management Savings Growth at a cost of Rs. 285,000, 42,962.279 Units of Rs 10 each in HDFC Cash Management Savings Growth at a cost of Rs. 791,000, 68,195.606 Units Of Rs10. each in HDFC Cash Management Savings Growth at a cost of Rs. 1,259,000, 96,255.179 Units Of Rs10 each in HDFC Cash Management Savings Growth at a cost of Rs. 1,777,000, 39,862.833 Units Of Rs10 each in HDFC Cash Management Savings Growth at a cost of Rs. 737,000, 35,399.282 Units Of Rs10. each in HDFC Cash Management Savings Growth at a cost of Rs. 655,000, 37,825.979 Units Of Rs10. each in HDFC Cash Management Savings Growth at a cost of Rs. 700,000, 5,643.671 Units Of Rs10. each in HDFC Cash Management Savings Growth at a cost of Rs. 106,000, 89,614.637 Units Of Rs.10 each in HDFC QIF Plan C Wholesale Div at a cost of Rs. 896,146.37, 37,030.122Units Of Rs.10 each in HDFC QIF Plan C Wholesale Div at a cost of Rs.370,301.22, 883,224.72 Units Of Rs.10 each in HDFC CM Treasury Advantage Plan- WD at a cost of Rs. 8,850,000, 678.997 Units Of Rs.10 each in HDFC CM Treasury Advantage Plan- WD at a cost of Rs. 6,801, 670.694 Units Of Rs.10 each in HDFC CM Treasury Advantage Plan- WD at a cost of Rs. 6,718, 653.539 Units Of Rs.10 each in HDFC CM Treasury Advantage Plan- WD at a cost of Rs. 6,546, 662.86 Units Of Rs.10 each in HDFC CM Treasury Advantage Plan- WD at a cost of Rs. 6,639, 672.201 Units Of Rs.10 each in HDFC CM Treasury Advantage Plan- WD at a cost of Rs. 6733, 646.157 Units Of Rs.10 each in HDFC CM Treasury Advantage Plan- WD at a cost of Rs. 6,472, 690.918 Units Of Rs.10 each in HDFC CM Treasury Advantage Plan- WD at a cost of Rs. 6,920, 709.185 Units Of Rs.10 each in HDFC CM Treasury Advantage Plan- WD at a cost of Rs. 7,103, 674.264 Units Of Rs.10 each in HDFC CM Treasury Advantage Plan- WD at a cost of Rs. 6,753, 683.654 Units Of Rs.10 each in HDFC CM Treasury Advantage Plan- WD at a cost of Rs. 6,847 604.151 Units Of Rs.10 each in HDFC CM Treasury Advantage Plan- WD at a cost of Rs. 6,052, 479.973 Units Of Rs.10 each in HDFC CM Treasury Advantage Plan- WD at a cost of Rs. 4,809.

Sales:

32,549.788 Units Of Rs.10 each in HDFC Cash Management Savings Growth at a price of Rs.600,000, 10,838.17 Units Of Rs.10 each in HDFC Cash Management Savings Growth at a price of Rs.200,000, 96,194.862 Units Of

Rs.10 each in HDFC Cash Management Savings Growth at a price of Rs.1,776,180.41, 21,620.804 Units Of Rs.10 each in HDFC Cash Management Savings Growth at a price of Rs.400,000, 37,831.294 Units Of Rs.10 each in HDFC Cash Management Savings Growth at a price of Rs.700,000, 885000 Units Of Rs.10 each in HDFC QIF Plan C Wholesale Div at a price of Rs. 8,850,000, 3,846,713.475 Units Of Rs.10 each in HDFC QIF Plan C Wholesale Div at a price of Rs. 38,467,135, 891,051.311 Units Of Rs.10 each in HDFC CM Treasury Advantage Plan- WD at a price of Rs. 8,935,641,155,504.846 Units of Rs 18.8558 each in HDFC Cash Management Savings Growth at a Price of Rs.2,932,168.27

C Investments under PMS purchased and sold during the Year 01/04/2008 to 31/03/2009

Equity Shares (fully paid-up,quoted) for the Year 01/04/2008 to 31/03/2009 (Figures in Rs.):

Purchases:

3998 Equity Shares of Re.2 each in AIA Engineering Ltd at a cost of Rs 541655, 25136 Equity Shares of Re.1 each in Apollo Tyres Ltd at a cost of Rs 492072, 300 Equity Shares of Re.10 each in BHEL Ltd at a cost of Rs 427883, 3307 Equity Shares of Re.5 each in Biocon Ltd at a cost of Rs 399447, 2687 Equity Shares of Re.2 each in Blue Star Ltd at a cost of Rs 414625, 4130 Equity Shares of Re.2 each in Crompton Greaves Ltd at a cost of Rs 562904, 1602 Equity Shares of Re.10 each in ICICI Bank Ltd. at a cost of Rs 718991, 713 Equity Shares of Re.5 each in Infosys Technologies Ltd. at a cost of Rs 823616, 914 Equity Shares of Re.5 each in Maruti Suzuki Ltd. at a cost of Rs 449730, 803 Equity Shares of Re.10 each in ONGC at a cost of Rs 550306, 4575 Equity Shares of Re.2 each in Pantaloon Retail India Ltd. at a cost of Rs 961131, 1650 Equity Shares of Re.2 each in Satyam Computers Ltd at a cost of Rs 276006, 1366 Equity Shares of Re.1 each in Tata Consultancy Services Ltd at a cost of Rs 662425, 822 Equity Shares of Re.10 each in Jammu & Kashmir Bank Ltd at a cost of Rs 280248,

5025 Equity Shares of Re.2 each in United Phosphorous Ltd. at a cost of Rs 555913, 3984 Equity Shares of Re.1 each in Zee Entertainment Ltd at a cost of Rs 554268, 779 Shares Of Re.10 each in State Bank of India Ltd at a cost of Rs. 1293976, 1038 Shares Of Re.5 each in Sun Pharmaceuticals Industries Ltd at a cost of Rs. 2328384, 742 Shares of Rs. 10 each in Bank of Baroda Ltd at a Cost of Rs. 135701, 977 Shares of Rs. 10 each in Bharat Petroleum Corp at a Cost of Rs. 334915, 643 Shares of Rs. 10 each in Bharti Airtel Ltd. at a Cost of Rs. 392706, 13610 Shares of Rs. 1 each in Dish TV India Ltd. at a Cost of Rs. 299526, 4701 Shares of Rs. 2 each in HCL Technologies Ltd. at a cost of Rs. 494402, 2506 Shares of Rs. 5 each in Reliance Communications Ltd at a cost of Rs. 427674, 666 Shares of Rs. 10 each in United Spirits Ltd. at a cost of Rs. 347076, 8547 Shares of Rs. 1 each in Voltas Ltd at a cost of Rs. 345174, 238 Shares of Rs. 2 each in Larsen and Toubro Ltd of Rs. 166955

Sales:

15066 Equity Shares of Re.1 each in ITC Ltd at price of Rs. 2659273, 500 Equity Shares of Re.10 each in Bosch Ltd. at price of Rs. 1510171, 1000 Equity Shares of Re.10 each in Procter & Gamble India Ltd at price of Rs. 748938, 15000 Equity Shares of Re.1 each in Shanthi Gears Ltd at price of Rs. 542338, 1811 Equity Shares of Re.2 each in Siemens Ltd at price of Rs. 512680, 12007Equity Shares of Re.2 each in Carbourundum Universal Ltd at price of Rs.1100759, 832 Shares of Re.5 each in Sun Pharmaceuticals at price of Rs.886965, 7000 Equity Shares Of Re.10 each in Subex Systems Ltd at a price of Rs.1027639, 552 Equity Shares of Re.10 each in Container Corporation of India at a price of Rs.456336, 8000 Equity Shares of Rs. 1 each in Asahi India Safety Glass Ltd at a price of Rs. 299447, 300 Equity Shares of Rs. 10 each in BHEL Ltd at a price of Rs. 430208, 370 Equity Shares of Rs. 5 each in Infosys Technologies Ltd at a price of Rs. 498473, 914 Equity Shares of Rs. 5 each in Maruti Suzuki India Ltd. at a price of Rs. 511052, 803 Equity Shares of Rs. 10 each in ONGC at a price of Rs. 581854, 1650 Equity Shares of Rs. 2 each in Satyam Computers Ltd at a price of Rs. 101304, 666 Equity Shares of Rs. 10 each in United Spirits Ltd. at a price of Rs. 462086, 358 Equity Shares of Rs. 2 each in Larsen & Toubro Ltd at a price of Rs. 304414, 1870 Equity Shares of Rs. 5 each in Sun Pharmaceuticals

Ltd. at a price of Rs. 1919529

D. Mutual Funds (fully paid-up, unquoted) for the Year 01/04/2008 to 31/03/2009 (Figures in Rs.):

Purchases:

18428.312 Units Of Rs10 each in HDFC Cash Management Savings Growth at a cost of Rs.314000, 60278.76 Units Of Rs10 each in HDFC Cash Management Savings Growth at a cost of Rs.1028000, 13267.902 Units Of Rs10 each in HDFC Cash Management Savings Growth at a cost of Rs.229000, 7005.978 Units Of Rs10. each in HDFC Cash Management Savings Growth at a cost of Rs.122000, 60,756.11 Units Of Rs10 each in HDFC Cash Management Savings Growth at a cost of Rs.1092000, 14645.76 Units Of Rs10 each in HDFC Cash Management Savings Growth at a cost of Rs.264000, 185748.04 Units Of Rs10. each in HDFC Cash Management Savings Growth at a cost of Rs.3349000, 81704.477 Units Of Rs.10 each in HDFC QIF Plan C Wholesale Div at a cost of Rs.817535, 77601.305 Units Of Rs.10 each in HDFC QIF Plan C Wholesale Div at a cost of Rs.776013. 95141.47 Units of Rs.10 each in HDFC QIF Plan C Wholesale Div at a cost of Rs.951415., 18735.182 Units of Rs 10 each in HDFC Cash Management Savings Growth at a cost of Rs. 339000, 53630.409 Units Of Rs 10 each in HDFC Cash Management Savings Growth at a cost of Rs. 971000, 9166.763 Units of Rs 10 each in HDFC Cash Management Savings Growth at a cost of Rs. 166000, 12913.765 Units of Rs 10 each in HDFC Cash Management Savings Growth at a cost of Rs. 234000, 6823.497 Units of Rs 10 each in HDFC Cash Management Savings Growth at a cost of Rs. 124000, 25600.684 Units of Rs 10 each in HDFC Cash Management Savings Growth at a cost of Rs. 467000, 8460.052 Units of Rs 10 each in HDFC Cash Management Savings Growth at a cost of Rs. 155000, 12748.639 Units of Rs 10 each in HDFC Cash Management Savings Growth at a cost of Rs. 234000, 97057.48 Units of Rs.10 each in HDFC QIF Plan C Wholesale Div at a cost of Rs.970575.

Sales:

141695.744 Units Of Rs.10 each in HDFC Cash Management Savings Growth at a price of Rs.2400000, 76143.619 Units of Rs.10 each in HDFC Cash Management Savings Growth at a price of Rs.1300000, 55613.64 Units of Rs.10 each in HDFC Cash Management Savings Growth at a price of Rs.1000000, 33339.82 Units of Rs.10 each in HDFC Cash Management Savings Growth at a price of Rs.600000, 29119.65 Units of Rs.10 each in HDFC Cash Management Savings Growth at a price of Rs.524288, 149588.63 Units of Rs.10 each in HDFC Cash Management Savings Growth at a price of Rs.2700000, 33226.64 Units Of Rs.10 each in HDFC Cash Management Savings Growth at a price of Rs.600000, 17578.525 Units of Rs.10 each in HDFC Cash Management Savings Growth at a price of Rs.318071.10, 11041.976 Units Of Rs.10 each in HDFC Cash Management Savings Growth at a price of Rs.200000, 38638.81 Units of Rs.10 each in HDFC Cash Management Savings Growth at a price of Rs.700000, 33030.371 Units of Rs.10 each in HDFC Cash Management Savings Growth at a price of Rs.600000, 10951.103 Units of Rs.10 each in HDFC Cash Management Savings Growth at a price of Rs.200000,

10948.885 Units Of Rs.10 each in HDFC Cash Management Savings Growth at a price of Rs.200000,, 16386.279 Units of Rs.10 each in HDFC Cash Management Savings Growth at a price of Rs.300000, 5872.876 Units of Rs.10 each in HDFC Cash Management Savings Growth at a price of Rs.107599.31, 8460.052 Units of Rs.10 each in HDFC Cash Management Savings Growth at a price of Rs.155115.90, 12748.639 Units of Rs.10 each in HDFC Cash Management Savings Growth at a price of Rs.234325.08.

18 Dividend Received from subsidiary company –NIL

19 As per Accounting Standard - 27 - Financial reporting of interest in Joint Ventures issued by the Institute of Chartered Accountants of India, the Companys share of ownership interest, assets, liabilities, income, expenses, contingent liabilities and capital commitments in the joint venture company,

*Based on audited figures as on 31.03.2010.

20 Loans and Advances due from directors-NIL.

21 Current tax expense for the year includes an amount of Rs.252.30 lacs on ESOP expenses for the previous year based on recent decision of Delhi Income Tax Appellate Tribunal.

22 The Company has pledged, in favour of Power Finance Corporation Limited (PFC) , its 77,77,500 Equity Shares of Rs. 10 each at Par held by it in M/s. Krishna Godavari Power Utilities Limited (KGPUL) along with the promoter of KGPUL to comply with the lending requirements of PFC.

23 Sundry Debtors include an amount of Rs. 162.30 mn due from Tamil Nadu Electricity Board ( TNEB) towards compensation claim.The Company considers the said amount good and recoverable even though TNEB has not accepted the claim of the company and the matter has been referred to Madras High Court for appointment of an Arbitrator in this respect.

24 Figures of the previous Year have been regrouped /reclassified wherever considered necessary to confirm to current Year classification.

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


Mar 31, 2003

1. The Promoters, Agreement originally signed by and amongst Power Grid Corporation of India Ltd. (POWERGRID), National Thermal Power Corporation Ltd. (NTPC) and Power Finance Corporation Ltd. (PFC) has since been amended in July, 2002 to increase the Authorised Capital of the company from Rs. 150 crores to Rs. 750 crores and to induct National Hydroelectric Power Corporation Ltd. (NHPC) as a subscriber to PTCs equity, with a status equal to that of POWERGRID, NTPC and PFC. All the four companies have agreed to individually subscribe to not less than 8% of the paid up capital of the company, up to the Authorized Capital of Rs. 750 crores.

NHPC has since subscribed to the equity capital of Rs. 8 crores at par and PFC has subscribed to an additional capital of Rs. 2 crores at par. These amounts have been utilized towards the business operations of the company.

2. Trading of power generated by Chukha Hydel Power Corporation Ltd., Bhutan and Kurichhu Hydro Power Corporation Ltd, Bhutan has been taken over by the company from Power Grid Corporation of lndia Ltd. with effect from 01.10.2002.

3 As per the Revised Mega Power Policy of the Government of India, the company has taken over all developmental work in respect of various Mega Power Projects from Power Grid Corporation of India Limited (POWERGRID) Reimbursement of expenditure to POWERGRID towards developmental expenditure incurred prior to take over of the work had been accounted for to the extent intimated, pending final reconciliation and confirmation of accounts.

PTC had earlier shown a sum of Rs. 52,35,210 as reimbursable to POWERGRID for development work undertaken by it prior to the Commencement of Business of PTC. This issue came up for discussion with Ministry of Power, Govt. of India and it was inferred that all development expenses incurred by POWERGRID prior to the Commencement of Business of PTC should be borne by it and not by PTC. POWERGRID has accordingly been informed about this and the amount has been reversed and booked under Contingent Liabilities - Claims not acknowledged as debts (please refer Note at serial number 14).

4. During the financial year 2001-02, PTC had paid a sum of Rs. 2.0 lakhs to Central Electricity Authority (CEA) as advance towards carrying out consultancy works. Since CEA has not furnished any bills for the consultancy services rendered to the company and the same is not quantifiable the advance is, therefore, not adjusted.

5. In accordance with Accounting Policy number 4 (vi), an expenditure of Rs. 1,49,01,100 incurred in connection with increasing the Authorised Capital from Rs. 150 crores to Rs. 750 crores is treated as "Deferred Revenue Expenditure" and shall be written off equally in five years beginning with the financial year 2002-03.

Had the company not adopted this policy and charged off this expenditure to revenue, the profit of the company for the period would have been lower by Rs. 1 .19 crores.

6. During the year, PTC sold power to, inter alia, Madhya Pradesh State Electricity Board (MPSEB) and Bihar State Electricity Board (BSEB). Both these SEBs, while releasing part of the outstanding payments, have availed of rebates which were not due to them as the payments were not made within the stipulated period. PTC has taken up the matter with them but nevertheless, not considered the same as income due to uncertainty of realization in terms of Accounting Standard 9. The amount of this rebate is Rs. 1.49 crores.

7. As per PPAs entered into with the offtakers of Chukha and Kurichhu power projects, the interest earned on the Term Deposits made with commercial banks for the payments received from them, is passed back to them. PTC has accounted for the same as income as well as an expense in its books of accounts.

8. PTC had purchased office accommodation valuing Rs. 19.64 crores (inclusive of stamp duty) at Bhikaji Cama Place from M/s National Buildings Construction Corporation Ltd., a Govt of India Undertaking and Agreement to Sell in respect thereof had been signed on 21.02.2002 and possession taken over. Sale Deed in respect of the premises is yet to be executed.

9. In the absence of invoice(s) from seller(s), the company has accounted for its liability at the year-end based on the data available.

10. Names of small scale industrial undertakings to whom the company owes any sum, which was outstanding for more than 30 days as at the Balance Sheet date - NONE.

11. Estimated amount of capital commitments - Rs 1.31 lakhs (Previous Year - Rs. 5. 00 lakhs)

12. Claims not acknowledged as debts - Rs.73,34,539 (Previous year - Rs. 20,99, 329)

13. Income earned in foreign exchange 31.03.2003 31.03.2002 Rs. Rs.

NIL NIL

14. The actuarial valuation in respect of retirement benefits of the companys employees has been made as on 31.03.2003.

15. Current liabilities. Sundry debtors and Loans and Advances are subject to confirmation.

16. Audit Fee is subject to approval by the shareholders.

17. Figures of the previous year have been regrouped/reclassified wherever considered necessary to conform to current years classification.

18. Schedules A to J form an integral part of accounts.


Mar 31, 2002

1. As per the Revised Mega Power Policy of the Government of India, the Corporation has taken over all developmental work in respect of various Mega Power Projects from Power Grid Corporation of India Limited (POWERGRID). Reimbursement of expenditure to POWERGRID towards developmental expenditure incurred prior to take over of the work has been accounted for to the extent intimated, pending final reconciliation and confirmation of accounts. A Memorandum of Understanding between the Corporation and POWERGRID in respect of the said work is also under finalization.

2. Ministry of Power, Govt. of India had proposed that the Corporation will take over the trading of Power between M/s. Chukha Hydro Power Corporation (CHPC) and Kurichhu Project Authority (KPA) of Bhutan and the State Electricity Boards of certain Eastern states with effect from 1.3.2002. However, pending formal advice from Govt. of India to the Royal Govt. of Bhutan, the trading is being continued to be undertaken and accounted for by M/s. Power Grid Corporation of India Ltd.

3. PTC has purchased office accommodation valuing Rs. 19.57 crores (inclusive of stamp duty) at Bhikaji Cama Place, New Delhi from M/s National Building Construction Corporation Ltd., a Govt. of India Undertaking and Agreement to Sell in respect thereof has been signed on 21.02.2002 and possession taken over. PTC has paid Rs. 1,69,706/- towards proportionate ground rent for the period from 21.02.2002 to 31.03.2002, as also the maintenance charges of Rs. 12,857/- for the ibid period. Sale deed in respect of the premises is yet to be executed.

4. In the absence of invoice(s) from seller(s), the corporation has accounted for its liability at the year-end based on the data available.

5. The terms of award of Consultancy work to ICICI Ltd. for Hirma Power Project prescribes payment of fee to ICICI on recovery from the beneficiary State Electricity Boards. The contract with ICICI Ltd. has been closed during the year and final payment released to ICICI. Advances include Rs.17,68,672/- debited for recovery from the State Electricity Boards.

6. The Income Tax liability of the corporation for F Y 2001-02 has been worked out after setting off carried forward losses and depreciation for the previous years, as per the I T Returns filed by the corporation with the Income Tax Department.

7. PTC had paid a sum of Rs. 2.0 lakhs to Central Electricity Authority (CEA) as advance towards carrying out consultancy works on its behalf. Since CEA has not furnished any bills for the consultancy services rendered to the corporation and the same is not quantifiable, the advance is, therefore, not adjusted.

8. Names of small scale industrial undertakings to whom the Corporation owes a sum exceeding Rs. 1 lakh, which was outstanding for more than 30 days as at the Balance Sheet date- NONE.

9. Estimated amount of capital commitments - Rs. 5.0 lakhs (Previous Year - NIL).

10. Claims not acknowledged as debts - Rs.20,99,329/- (Previous year Rs.20,99,329/-).

14. Income earned in foreign exchange

15. The actuarial valuation in respect of retirement benefits of the corporations employees has been made as on 31.03.2002.

17. Audit Fee is subject to approval by the shareholders.

18. Figures of the previous year have been regrouped/reclassified wherever considered necessary to conform to current years classification.

19. Schedules A to J form an integral part of accounts.


Mar 31, 2001

1. Figures of the current year are not strictly comparable with those of the previous year as the previous year was the first year of the Corporation and the accounts of the previous year were drawn for a period of 11 months and 15 days.

2. The Corporation has changed its accounting policy with respect to treatment of developmental expenditure incurred on potential Power Projects. In the preceding year, such expenditures were being dealt with based on the terms of individual Proposals. The expenditures were treated as ‘Deferred Revenue Expenditure only in cases where the Proposals envisaged payment of Management Fee to the Corporation. Otherwise, the expenditures were charged to the Profit & Loss Account.

Previous year was the first year of operation of the Corporation and the developmental activities have commenced in full swing in the current year. Developmental Expenditure relate to addressing of key issues like the Payment Security Mechanism, framing of the Power Purchase Agreements, fixation of Tariff, modalities of purchase and sale, etc. These key issues are relevant to all the potential Power Projects and are one-time expenditures incurred to prepare and equip the Corporation to purchase and sell power of all potential Power Projects effectively in the future. The present trading operations of the Corporation are short term in nature. It is, therefore, considered appropriate to change the Accounting Policy to defer all the developmental costs till the end of the Preparatory Stage. The Accounting Policy has, therefore, been changed and all Developmental Expenditure, net of incidental income, are treated as ‘Deferred Revenue Expenditure to be written off equally in five years beginning with the financial year 2003-04 as it is expected that significant developmental work would get concluded by that year.

Had the Corporation not changed the Accounting Policy as above and accounted for Developmental Expenditure on the same basis as in the preceding year, loss for the year would have been higher by V Rs.29,157,705/-.

3. i As per the Revised Mega Power Policy of the Government of India, the Corporation has taken over all L developmental work in respect of various Mega Power Projects from Power Grid Corporation of India Limited (POWERGRID). Reimbursement of expenditure to POWERGRID towards developmental expenditure incurred prior to take over of the work has been accounted for to the extent intimated, pending final reconciliation and confirmation of accounts. A Memorandum of Understanding between the Corporation and POWERGRID in respect of the said work is also under finalization.

4. Ministry of Power had directed that the Corporation will take over the trading of Power between M/s. Chukha Hydel Power Corporation Limited, Bhutan and the State Electricity Boards of certain Eastern states with effect from 1.7.1999. However, pending execution of the agreements and advice from Government of India to the Royal Government of Bhutan, trading is being continued to be undertaken by and accounted for by M/s. Power Grid Corporation of India Ltd.

5. The terms of award of Consultancy work to ICICI Ltd. for Hirma Power Project prescribes payment of fee to ICICI on recovery from the beneficiary State Electricity Boards. The value of services availed has exceeded the contract value because of increase in scope of work. Advances include Rs.10,37,500/- debited for recovery from the State Electricity Boards in respect of the additional work which is subject to confirmation by the State Electricity Boards.

6. Names of small scale industrial undertakings to whom the Corporation owes a sum exceeding Rs. 1 lac, which was outstanding for more than 30 days as at the Balance Sheet date- None.

7. Audit Fee is subject to approval by the shareholders in general meeting.

8. Estimated amount of capital commitments - Nil. (Previous Year Nil).

9. Claims not acknowledged as debts - Rs.20,99,329/- (Previous Year Rs1 1,99,329/-).

10. No provision for income tax is considered necessary in view of losses.

15. Figures of the previous year have been regrouped/reclassified wherever considered necessary to conform to current years classification.

16. Schedules A to I form an integral part of accounts.

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