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Notes to Accounts of SJVN Ltd.

Mar 31, 2015

1. The amounts in Financial Statements are presented in Indian Rupees and all figures have been rounded off to the nearest rupees lakh except when otherwise stated. The previous year figures have also been reclassified/regrouped/rearranged wherever necessary to conform to this year''s classification.

2. The Company has only one class of equity shares having par value of Rs. 10/- per share. The holders of the equity shares are entitled to receive dividends as declared from time to time and are entitled to voting rights proportionate to their shareholding at the meeting of shareholders. During the year, the Company has paid interim dividend @ Rs. 0.63 (PY Nil) per equity share of par value Rs. 10/- each. Further, the Company has proposed final dividend for the year 2014-15 @ Rs. 0.42 (PY Rs. 0.98) per equity share of par value Rs. 10/- each. Thus, the total dividend (including interim dividend) for the financial year 2014-15 is Rs. 1.05 (PY Rs. 0.98) per equity share of par value Rs. 10/- each.

3. The Central Electricity Regulatory Commission (CERC) vide notification dated 21.02.2014 has notified the Tariff Regulations, 2014 containing inter-alia the terms & conditions for determination of tariff, applicable for a period of five years with effect from 01.04.2014. Pending approval of tariff by CERC in respect of Nathpa Jhakri Hydro Power Station (NJHPS), sales/billing to the beneficiaries have been made in accordance with the tariff approved & applicable as on 31.03.2014 as provided in Tariff Regulations, 2014.

4. Further, for the purpose of recognition of sales, return on equity(one of the component of the Tariff) has been grossed up using the Minimum Alternate Tax (MAT) rate for the F.Y. 2014-15.

5. The Normative Plant Availability Factor (NAPF) has been increased from 82% to 90% w.e.f. 01.04.2014 in respect of NJHPS vide tariff notification applicable for the period 2014-19 .

6. CERC, vide its order dated 20.06.2014, has provisionally approved the tariff for NJHPS for the period 2009-14 considering provisional capital cost of Rs. 852870 lakh. Accordingly, sales includes an amount of Rs. 57125 lakh (P.Y: Nil) on account of arrear for the period 2009-14. However, the arrear billing due from Government of Himachal Pradesh (GoHP) is being contested by them in Hon''ble High Court of Himachal Pradesh.

7. During the year, the Company has regulated the power of BYPL (P.Y: BYPL ) after this company failed to pay outstanding dues and sold the power allocated to this Company through PTC as per CERC(Regulations of Power Supply) Regulations,2010. Accordingly 156.278 MUs (P.Y: 44.652 MUs) of power was sold through PTC amounting to Rs. 5550 lakh (P.Y: Rs. 1323 lakh ) and included in Energy Sales. An amount of Rs. 3066 lakh (P.Y. : Rs. 770 lakh ) excess realised as compared to regulated energy charges has been adjusted as Margin from Debtors and Sales after adjusting the expenses of Rs. 297 lakh (P.Y: Rs. 83 lakh ) on Sale through PTC.

8. CERC vide its order dated 27.01.2015 have provisionally determined the capital cost of Rampur Hydro Power Station (RHPS) at Rs. 310960 lakh which was commissioned during the year whereby tariff for the period 2014-16 has been determined considering Normative Plant Availability Factor (NAPF) of 82%. Accordingly, the sales inludes an amount of Rs. 39232 lakh (P.Y.: Nil) from sales of energy generated from RHPS.

9. Sales include an amount of Rs. 2348 lakh (P.Y: Rs. 193 lakh) from sale of energy generated from wind power project.

3. Contingent Liabilities:

a. Claims against the Company not acknowledged as debt : (Rs. Lakh)

Particulars As at As at 31.03.2015 31.03.2014

Capital Works * 32008 37623

Land Compensation 6193 4793

Disputed Service Tax Demand 1236 1236

Others 165 16

Total 39602 43668

a. Includes Rs. 18984 lakh (Previous Year: Rs. 18984 lakh) representing the amount of basic claims by the contractors of NJHPS. As the amounts recommended by the Dispute Review Boards (DRBs)/Additional Dispute Review Boards (ADRBs) are much less than the amounts claimed by the contractors, the claims on account of further interest and escalation, if any, have not been considered.

b. The above contingent liabilities do not include claims against pending cases in respect of service matters and others where the amount cannot be quantified.

c. It is not practicable to work out the outflow and possibilities of any reimbursement.

1. Capital Commitments:

Estimated amount of contracts remaining to be executed on capital account (net of advances) and not provided for is Rs. 20651 lakh (Previous Year: Rs. 35825 lakh).

2. Other Commitments:

The amount of commitments on account of plant repair and supply of related spares/ components (net of advances) and other commitments not provided for is Rs. 2188 lakh (Previous Year: Rs. 2364 Lakh).

4. Consequent to CWC letter No. 22/1/2014/ HCD(NW&S)-1314 -1319 dated 11th March, 2015 and Principal Secretary (MPP & Power) to the Govt. of Himachal Pradesh letter No. MPP-(F)2-22/2009-I dated 12th March, 2015 regarding exploring the possibility of executing the Luhri Project as multi stage project instead of single stage project, company has decided to review the entire layout planning of the Luhri Hydroelectric Project (LHEP) from a single stage project to multi stage project. It is decided to review the expenditure incurred on LHEP and charge the same to revenue after detailed examination. Accordingly, an amount of Rs. 13228 lakh considered redundant and not likely to be used for LHEP Stage-1 has been charged to Statement of Profit and Loss.

5. 412 MW Rampur hydro power station (RHPS) was fully commissioned during the year and started commercial generation. Accordingly, post commissioning employees and other administrative expenditure of RHPS along with corporate allocation have been charged to Statement of Profit and Loss.

6. Balances of trade receivables, advances, deposits, trade payables, material in transit/material lying with third parties are reconciled periodically. However, as on 31.03.2015, out of Rs. 178120 lakh trade receivables, deposits, material in transit, material lying with third parties etc., an amount of Rs. 168601 lakh has been confirmed and balance amount of Rs. 9519 lakh are subject to confirmation and consequential adjustments. Further, trade payable amounting to Rs. 1464 lakh, which includes provisions/estimated liabilities are yet to be confirmed, which in the opinion of the management will not have any material impact.

7. In the opinion of the management, the value of all the assets other than Fixed Assets and Non-current Investments, have a realizable value in the ordinary course of business which is not less than the value at which these are stated in the Balance Sheet.

8. Disclosure under the provisions of Accounting Standard (AS)-15 ''Employee Benefits'':-

General description of various defined employee benefits are as under:

a) Defined Contribution plans:

(i) Employers contribution to Provident Fund:

The Company pays fixed contribution to Provident Fund at predetermined rates to a separate trust, which invests the fund in permitted securities. The contribution of Rs. 905 lakh (Previous Year: Rs. 514 lakh) and Rs. 298 lakh (Previous Year: Rs. 484 lakh) is recognized as expense and charged to the Statement of Profit and Loss and Expenditure During Construction (EDC) respectively. The obligation of the company is limited to such fixed contribution and to ensure a minimum rate of return to the members as specified by GOI.

(ii) Pension:

The company has Defined Contribution Pension Scheme as approved by Ministry of Power (MOP). The liability for the same is recognized on accrual basis. The scheme is funded by company and managed by separate trust created for this purpose.

b) Defined benefit plans:

(i) Gratuity:

The Company has a defined benefit gratuity plan, which is regulated as per the provisions of Payment of Gratuity Act, 1972. The scheme is funded by the company and is managed by a separate trust. The liability for the same is recognized on the basis of actuarial valuation.

(ii) Leave encashment:

The Company has a defined benefit leave encashment plan for its Employees. Under this plan they are entitled to encashment of earned leaves and medical leaves subject to limits and other conditions specified for the same. The liability towards leave encashment has been provided on the basis of actuarial valuation.

(iii) Retired Employee Health Scheme:

The Company has a Retired Employee Health Scheme, under which retired employee and the spouse are provided medical facilities in the Company hospitals/empanelled hospitals. They can also avail treatment as Out-Patient subject to a ceiling fixed by the Company. The liability towards the same has been provided on the basis of actuarial valuation.

(iv) Baggage Allowance:

Actual cost of shifting from place of duty at which employee is posted at the time of retirement to any other place where he / she may like to settle after retirement is paid as per the rules of the Company. The liability towards the same has been provided on the basis of actuarial valuation.

(v) Service Reward on Retirement:

Gift at the time of retirement is given to the employee as per the rules of the Company. The liability towards the same has been provided on the basis of actuarial valuation..

9. Disclosure as per Accounting Standard-16 on Borrowing Costs:

Borrowing Costs capitalized during the year are Rs. 1149 lakh (P.Y Rs. 2427 lakh)

10. Segment reporting:

As the company is primarily engaged in only one segment viz. ''Generation and sale of power'', there are no reportable segments as per Accounting Standard - 17.

11. Related Party Disclosures:

''Related party disclosures'' as required by Accounting Standard (AS) - 18 is given as under:-

a) List of Related Parties -

12. The Company''s significant leasing arrangements are in respect of operating leases of premises for residential use of employees, offices, guest houses & transit camps. These leasing arrangements, which are not non-cancellable, are usually renewable by mutual consent on mutually agreeable terms. The Schedule of Employee Benefits Expense include Rs. 647 lakh (Previous Year: Rs. 611 lakh) towards lease payments, net of recoveries, in respect of premises for residential use of employees. Lease payments in respect of premises for offices, guest houses & transit camps are shown as Rent under other expenses / Expenditure during Construction (EDC).

13. Impairment of Assets - Accounting Standard - 28

In the opinion of the management, there is no indication of any significant impairment of assets during the year.

14. As per the Companies Act, 2013, the company is required to spend at least two per cent of the average net profits of the company made during the three immediately preceding financial years, in pursuance of its Corporate Social Responsibility Policy. During the year an amount of Rs. 2579 lakh [(2% of Average Profit Before Tax of three immediately previous three years (PY Rs. 1368 lakh, 1.3% of PAT of previous year)] to be spent on CSR during the year and the same has been booked to CSR expenses as per Accounting Policy 1.14(d). The Company has transferred an amount of Rs. 2579 lakh (P.Y Rs. 1368 lakh) to the CSR trust formed to manage the CSR activities...


Mar 31, 2014

1.The amounts in Financial Statements are presented in Indian Rupees and all figures have been rounded off to the nearest rupees lakh except when otherwise stated.The previous year figures have also been reclassified/regrouped/rearranged wherever necessary to conform to this year''s classification.

2.1 Share Capital

The Company has only one class of equity shares having par value of Rs.10/- per share. The holders of the equity shares are entitled to receive dividends as declared from time to time and are entitled to voting rights proportionate to their shareholding at the meeting of shareholders.

During the year ended 31st March 2014, the amount of per share dividend recognized as distribution to equity share holders was Rs. 0.98 (previous year Rs. 0.96)

2.20 OTHER CURRENT ASSETS

Unbilled Revenue amounting to Rs. 43137 lakh (P.Y:Rs. 30901 lakh) is on account of difference due to recognition of Sales on the basis of principles enumerated in the Tariff Regulations 2009 applicable for the period 2009-14 as compared to provisional billing to beneficiaries as per the tariff applicable as on 31.03.2009 approved by the CERC.

Unbilled Revenue also includes an amount of Rs. 193 lakh (P.Y: Nil ) on account of sale of energy from wind power which is not billed as PPA is yet to be entered.

2.21 Revenue from Operations

The Central Electricity Regulatory Commission (CERC) vide notification dated 19.01.2009 has notified the Tariff Regulations, 2009 containing inter-alia the terms & conditions for determination of tariff, applicable for a period of five years with effect from 01.04.2009. Pending final determination of tariff by the CERC in respect of Nathpa Jhakri Hydro Power Station (NJHPS), the sales for the year have been provisionally recognized at Rs.183087 lakh (Previous Year: Rs.171472 lakh) on the basis of principles enumerated in the said regulations, on the capital cost allowed by CERC for determining tariff for the year 2008-09.

The Tariff Regulations, 2009 provide that pending determination of tariff by the CERC, the company has to provisionally bill the beneficiaries at the tariff applicable as on 31.03.2009 on capital cost of Rs.799080 lakh, approved by the CERC. The amount provisionally billed for the year 2013-14 on this basis is Rs.171769 lakh (including billing of tax recovery) (Previous Year: Rs.164023 lakh).

During the year, the Company has regulated the power of BYPL (P.Y: UPPCL,BRPL and BYPL) after these companies failed to pay outstanding dues and sold the power allocated to these Companies through PTC as per CERC(Regulations of Power Supply) Regulations, 2010. Accordingly 44.652 MUs (P.Y: 82.522 MUs) of power was sold through PTC amounting to Rs. 1323 lakh (P.Y: Rs. 2444 lakh ) and included in Energy Sales. An amount of Rs. 770 lakh (P.Y. : Rs. 1306 lakh ) excess realised as compared to regulated energy charges has been adjusted as Margin from Debtors and Sales after adjusting the expenses of Rs. 83 lakh (P.Y: Rs. 184 lakh ) on Sale through PTC.

Sales include an amount of Rs. 1807 lakh(P.Y: Nil) on account of recovery of additional cost due to pay/wage revision allowed by CERC vide it''s order dated 08/10/2013 to be billed in twelve equal installments. Accordingly an amount of Rs. 1054 lakh has been billed upto 31/03/2014 . However, one of the beneficiaries has filed an appeal in Tribunal against the order.

Sales include an amount of Rs. 193 lakh (P.Y: Nil) from sale of energy generated from wind power project which was partially commissioned during the year .

Maharashtra Electricity Regulatory Commission (MERC) has revised the tariff of wind energy for wind zone 1 for F.Y 2013-14 to Rs. 5.81 per unit from the earlier rate of Rs. 5.67 per unit for sale of energy to Maharashtra State Electricity Distribution Company Limited (MSEDCL) and accordingly sales has been booked at the per unit sale price of Rs. 5.81 However , MSEDCL has filed review petion with MERC against the revision of the rates.

Further CERC Vide notification No.-L-7/145(160)/2012-CERC dated 31.12.2012 has revised the Return on Equity (ROE) from 15.5% to 16.5% in respect of run of river generating station with pondage. Accordingly, an amount of Rs. 918 lakh (P.Y: Nil) recoverable for the period from 01/01/2013 to 31/03/2013 has been shown as prior period sales .

2.29 Contingent Liabilities:

a. Claims against the Company not acknowledged as debt : (Rs. Lakh)

Particulars As at As at 31.03.2014 31.03.2013

Capital Works * 37623 34286

Land Compensation 4793 5254

Disputed Service Tax Demand 1236 1236

Others 16 245

Total 43668 41021

* This includes Rs.18984 lakh (Previous Year: Rs.18984 lakh) representing the amount of basic claims by the contractors of NJHPS. As the amounts recommended by the Dispute Review Boards (DRBs)/Additional Dispute Review Boards (ADRBs) are much less than the amounts claimed by the contractors, the claims on account of further interest and escalation, if any, have not been considered.

b. The above contingent liabilities do not include claims against pending cases in respect of service matters and others where the amount cannot be quantified.

c. It is not practicable to work out the outflow and possibilities of any reimbursement.

2.30 1. Capital Commitments:

Estimated amount of contracts remaining to be executed on capital account (net of advances) and not provided for is Rs.35825 lakh (Previous Year: Rs. 96561 lakh).

2. Other Commitments:

The amount of commitments on account of plant repair and supply of related spares/ components (net of advances) and other commitments not provided for is Rs.2364 lakh (Previous Year: Rs.2666 Lakh).

2.31 As per the agreement between Govt. of Himachal Pradesh (GoHP) and the company, Luhri Hydroelectric Project shall be executed by a SPV with the shareholding of GoHP and the company. A proposal for execution of this project by the company itself is under consideration. Pending decision on this matter/formation of SPV, total expenditure of Rs.13125 lakh (Previous Year: Rs.11493 lakh) has been incurred on survey and investigation of the project up to 31.03.2014, which includes fixed assets Rs.434 lakh (Previous Year: Rs.439 lakh) and capital work in progress Rs.12691 lakh (Previous Year: Rs.11054 lakh).

2.32 The project cost of Rampur Hydro Electric Project (RHEP), which is under construction, has been recommended by Central Electricity Authority (CEA) for approval of Ministry of Power (MOP) from Rs.204705 lakh (March 2006 Price Level) to Rs.328828 lakh (March 2012 Price Level). The three units of Rampur Hydro Power Project were synchronized with the Grid during the year ending 31.03.2014. Sale of infirm power during trial run amounting to Rs. 1 lakh (Previous Year: Nil) is adjusted from Capital Work in Progress. The commercial production from these units have commenced from the F.Y 2014-15.

2.33 During the year 45.05 M.W of Wind Power Project comprising of 53 no. of WEG.s out of total installed capacity of 47.6 M.W comprising of 56 WEG''s were commissioned in the State of Maharashtra. The cost of these 53 No''s WEG''s has been capitalized proportionately amounting to Rs. 27428 lakhs. The generation/sales from these units amounting to Rs. 193 lakhs has been booked to sales in note no. 2.21.

2.34 Balances of trade receivables, advances, deposits, trade payables, material in transit/material lying with third parties are reconciled periodically. However, as on 31.03.2014 some of the balances shown under trade receivables, advances, deposits, trade payables, material in transit/material lying with third parties are subject to confirmation, reconciliation and consequential adjustment, if any, will be accounted for on confirmation/reconciliation of the same, which in the opinion of the management will not have a material impact.

2.35 In the opinion of the management, the value of all the assets other than Fixed Assets and Non-current Investments, have a realizable value in the ordinary course of business, not less than the value at which these are stated in the Balance Sheet.

2.36 The effect of foreign exchange fluctuation during the year:

2.37 Disclosure under the provisions of Accounting Standard (AS)- 15 ''Employee Benefits''

General description of various defined employee benefits are as under:

a) Defined Contribution plans:

(i) Employers contribution to Provident Fund:

The Company pays fixed contribution to Provident Fund at predetermined rates to a separate trust, which invests the fund in permitted securities. The contribution of Rs.514 lakh (Previous Year: Rs.447 lakh) and Rs.484 lakh (Previous Year: Rs.442 lakh) is recognized as expense and charged to the Statement of Profit and Loss and Expenditure During Construction (EDC) respectively. The obligation of the company is limited to such fixed contribution and to ensure a minimum rate of return to the members as specified by GoI.

b) Defined benefit plans: (i) Gratuity:

The Company has a defined benefit gratuity plan, which is regulated as per the provisions of Payment of Gratuity Act, 1972. The scheme is funded by the company and is managed by a separate trust. The liability for the same is recognized on the basis of actuarial valuation.

(ii) Pension:

The company has Defined Contribution Pension Scheme as approved by Ministry of Power (MOP). The liability for the same is recognized on accrual basis. The scheme is funded by company and managed by separate trust created for this purpose.

(iii) Leave encashment:

The Company has a defined benefit leave encashment plan for its Employees. Under this plan they are entitled to encashment of earned leaves and medical leaves subject to certain limits and other conditions specified for the same. The liability towards leave encashment has been provided on the basis of actuarial valuation.

(iv) Retired Employee Health Scheme:

The Company has a Retired Employee Health Scheme, under which retired employee and the spouse are provided medical facilities in the Company hospitals/empanelled hospitals. They can also avail treatment as Out-Patient subject to a ceiling fixed by the Company. The liability towards the same has been provided on the basis of actuarial valuation.

(v) Baggage Allowance:

Actual cost of shifting from place of duty at which employee is posted at the time of retirement to any other place where he / she may like to settle after retirement is paid as per the rules of the Company. The liability towards the same has been provided on the basis of actuarial valuation.

(vi) Service Reward on Retirement:

Gift at the time of retirement is given to the employee as per the rules of the Company. The liability towards the same has been provided on the basis of actuarial valuation.

2.38 Disclosure as per Accounting Standard-16 on Borrowing Costs:

Borrowing Costs capitalized during the year are Rs. 2409 lakh (P.Y Rs. 2329 lakh)

2.39 Segment reporting:

As the company is primarily engaged in only one segment viz. ''Generation and sale of power'', there are no reportable segments as per Accounting Standard - 17.

2.40 Related Party Disclosures:

''Related party disclosures'' as required by Accounting Standard (AS) – 18 is given as under:- a) List of Related Parties – i) Key Management Personnel:

Shri R.P. Singh Chairman and Managing Director (CMD)

Shri R.N.Misra Director (Civil)

Shri A.S. Bindra Director (Finance)

Shri N.L. Sharma Director (Personnel)

Shri R.K. Bansal Director (Electrical)

ii) Subsidiaries: Wholly Owned

1) SJVN Arun-3 Power Development Company Pvt. Ltd (Incorporated in Nepal) w.e.f 25.04.2013.

2) SJVN Thermal Pvt. Ltd taken over w.e.f 04.07.2013. iii) Joint Ventures: 1) Cross Border Power Transmission Company Ltd.

iv) Remuneration to key management personnel is Rs.203

lakh (Previous Year: Rs.186 lakh), and amount of dues outstanding to the company as on 31.03.2014 is Rs.33 lakh (Previous Year: Rs.12 lakh).

2.42 The Company''s significant leasing arrangements are in respect of operating leases of premises for residential use of employees, offices, guest houses & transit camps. These leasing arrangements, which are not non-cancellable, are usually renewable by mutual consent on mutually agreeable terms. The Schedule of Employee Benefits Expense include Rs.611 lakh (Previous Year: Rs.598 lakh) towards lease payments, net of recoveries, in respect of premises for residential use of employees. Lease payments in respect of premises for offices, guest houses & transit camps are shown as Rent under other expenses / Expenditure during Construction (EDC).

2.43 Disclosure as per Accounting Standard -27 on ''Financial Reporting of Interests in Joint Ventures''

2.44 Impairment of Assets – Accounting Standard - 28 In the opinion of the management, there is no indication of any significant impairment of assets during the year.

2.45 Quantitative details in respect of energy generated & sold : (As certified by the management)

2.50 As per the Guidelines on Corporate Social Responsibility (CSR) for Central Public Enterprises (CPEs), the company is required to spend a minimum of 0.5% on CSR and, of Profit After Tax (PAT) of Previous year. Board approved an amount of Rs.1368 lakh [1.3% of PAT of previous year (P.Y: 1.5% of PAT of previous year Rs.1603 lakh)] to be spent on CSR during the year and the same has been booked to CSR expenses as per Accounting Policy 1.14(d). The Company has formed a trust to manage CSR activities and during the year an amount of Rs.1368 lakh (P.Y: Rs.1603 lakh) has been paid to the trust.

2.51 Information in respect of micro and small enterprises as at 31st March 2014 as required by Micro, Small and Medium Enterprises Development Act, 2006.


Mar 31, 2013

1.1 Contingent Liabilities:

a. Claims against the Company not acknowledged as debt :

(Rs. Lakh)

Particulars As at As at 31.03.2013 31.03.2012

Capital Works * 34286 33162

Land Compensation 5254 5254

Disputed Income Tax Demand - 5703

Disputed Service Tax Demand 1236 1236

Others 245 38

Total 41021 45393

*This includes 18984 lakh (Previous Year: 21967 lakh) representing the amount of basic claims by the contractors of NJHPS. As the amounts recommended by the Dispute Review Boards (DRBs)/Additional Dispute Review Boards (ADRBs) are much less than the amounts claimed by the contractors, the claims on account of further interest and escalation, if any, have not been considered.

b. The above contingent liabilities do not include claims against pending cases in respect of service matters and others where the amount cannot be quantified.

c. It is not practicable to work out the outflow and possibilities of any reimbursement.

1.2 i. Capital Commitments:

Estimated amount of contracts remaining to be executed on capital account (net of advances) and not provided for is Rs. 96561 lakh (Previous Year: 117319 lakh).

ii. Other Commitments:

The amount of commitments on account of plant repair and supply of related spares/ components (net of advances) and other commitments not provided for is 2666 lakh (Previous Year: 1345 Lakh).

1.3 As per the agreement between Govt. of Himachal Pradesh (GoHP) and the company, Luhri Hydroelectric Project shall be executed by an SPV with the shareholding of GoHP and the company. A proposal for execution of this project by the company itself is under consideration. Pending decision on this matter/formation of SPV, total expenditure of Rs. 11493 lakh (Previous Year: Rs. 9337 lakh) has been incurred on survey and investigation of the project upto 31.03.2013, which includes fixed assets Rs. 439 lakh (Previous Year: 423 lakh) and capital work in progress 11054 lakh (Previous Year: 8914 lakh).

1.4 The company has incurred expenditure of Rs. 6088 lakh (fixed assets Rs. 94 lakh & Capital WIP Rs. 5994 lakh) on its Nepal (Arun-3) project upto 31.03.2013. Subsequent to the Balance Sheet date, a wholly owned subsidiary company has been incorporated in Nepal with Authorized Capital of NPR 247500 lakh (154700 lakh) to implement this project.

1.5 The project cost of Rampur Hydro Electric Project (RHEP) , which is under construction, has been revised by the management from Rs. 204705 lakh (March 2006 Price Level ) to Rs. 339707 lakh (March 2012 Price Level) .

1.6 The company has awarded an EPC Contract for 47.6 MW wind power project during the year. An amount of 2977 lakh paid/provided during the year has been included under Fixed Assets (263 lakh) and Capital Works in Progress (2714 lakh).

1.7 Some of the balances shown under trade receivables, advances, deposits, trade payables, material in transit/material lying with third parties are subject to confirmation, reconciliation and consequential adjustment, if any.

1.8 In the opinion of the management, the value of all the assets other than Fixed Assets and Non-current Investments, have a realizable value in the ordinary course of business, not less than the value at which these are stated in the Balance Sheet.

1.9 Disclosure under the provisions of Accounting Standard (AS)- 15 ''Employee Benefits''

General description of various defined employee benefits are as under:

a) Defined Contribution plans:

(i) Employers contribution to Provident Fund:

The Company pays fixed contribution to Provident Fund at predetermined rates to a separate trust, which invests the fund in permitted securities. The contribution of 889 lakh (Previous year: Rs. 760 lakh) to the fund for the year is recognized as expense and is charged to the Statement of Profit and Loss and Expenditure During Construction (EDC). The obligation of the company is limited to such fixed contribution and to ensure a minimum rate of return to the members as specified by GoI.

b) Defined benefit plans:

(i) Gratuity:

The Company has a defined benefit gratuity plan, which is regulated as per the provisions of Payment of Gratuity Act, 1972. The scheme is funded by the company and is managed by a separate trust. The liability for the same is recognized on the basis of actuarial valuation.

(ii) Pension:

The company has Defined Contribution Pension Scheme as approved by Ministry Of Power (MOP). The liability for the same is recognized on accrual basis. The scheme will be funded by company and managed by separate trust to be created for this purpose.

(iii) Leave encashment:

The Company has a defined benefit leave encashment plan for its Employees. Under this plan they are entitled to encashment of earned leaves and medical leaves subject to certain limits and other conditions specified for the same. The liability towards leave encashment has been provided on the basis of actuarial valuation.

(iv) Retired Employee Health Scheme:

The Company has a Retired Employee Health Scheme, under which retired employee and the spouse are provided medical facilities in the Company hospitals/empanelled hospitals. They can also avail treatment as Out-Patient subject to a ceiling fixed by the Company. The liability towards the same has been provided on the basis of actuarial valuation.

(v) Baggage Allowance:

Actual cost of shifting from place of duty at which employee is posted at the time of retirement to any other place where he / she may like to settle after retirement is paid as per the rules of the Company. The liability towards the same has been provided on the basis of actuarial valuation.

(vi) Service Reward on Retirement:

Gift at the time of retirement is given to the employee as per the rules of the Company. The liability towards the same has been provided on the basis of actuarial valuation.

1.10 Segment reporting:

As the company is primarily engaged in only one segment viz. ''Generation and sale of hydroelectric power'', there are no reportable segments as per Accounting Standard - 17.

1.11 Related Party Disclosures:

As required by Accounting Standard (AS) - 18 ''Related party disclosures'', details of transactions with related parties are:

a) Related Parties -

i) Joint Venture Companies:

M/s Cross Border Power Transmission Company Ltd.

1.12 The Company''s significant leasing arrangements are in respect of operating leases of premises for residential use of employees, offices, guesthouses & transit camps. These leasing arrangements, which are not non-cancellable, are usually renewable by mutual consent on mutually agreeable terms. The Schedule of Employee Benefits Expense include 598 lakh (Previous Year: 565 lakh) towards lease payments, net of recoveries, in respect of premises for residential use of employees. Lease payments in respect of premises for offices, guest houses & transit camps are shown as Rent under other expenses / Expenditure during Construction (EDC).

1.13 Impairment of Assets - Accounting Standard - 28

In the opinion of the management, there is no indication of any significant impairment of assets during the year.

1.14 As per the Guidelines on Corporate Social Responsibility (CSR) for Central Public Enterprises (CPEs), the company is required to spend a minimum of 0.5% on CSR and 0.1% plus Rs. 50 lakh on Sustainable Development (SD), of Profit After Tax (PAT) of Previous year. Board approved an amount of Rs. 1603 lakh [1.5% of PAT of previous year (P.Y: 0.86% of PAT of previous year Rs. 784 lakh)] to be spent on CSR during the year and the same has been booked to CSR expenses as per Accounting Policy 1.13(d). The Company has formed a trust to manage CSR activities and during the year an amount of Rs. 1603 lakh (P.Y: Rs. 251 lakh) has been paid to the trust. Similarly an amount of 584 lakh [0.5% of PAT of previous year plus 50 lakh (P.Y:Nil)] has been approved to be spent on SD during the year 2012-13 and the same has been booked to Sustainable Development expenses during the year as per Accounting Policy 1.13(d).

1.15 Information in respect of micro and small enterprises as at 31st March 2013 as required by Micro, Small and Medium Enterprises Development Act, 2006.


Mar 31, 2012

The amounts in Financial Statements are presented in Indian Rupees and all figures have been rounded off to the nearest rupees lakh except when otherwise stated.

The financial statements for the year ended 31st March 2011 were prepared as per then applicable 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 31st March 2012 are prepared as per the Revised Schedule VI. Accordingly. the previous year figures have also been reclassified/regrouped/ rearranged wherever necessary 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.

1.1 SHARE CAPITAL

The Company has only one class of equity shares having a par value of Rs. 10A per share. The holders of the equity shares are entitled to receive dividends as declared from time to time and are entitled to voting rights proportionate to their shareholding at the meeting of shareholders.

During the year ended 31st March 2012, the amount of per share dividend recognized as distribution to equity shore holders was Rs. 0.94 (previous year Rs. 0.80)

1.2 Short Term Provisions

Disclosure required by AS 15 on 'Employee Benefits' has been made in Note 2.36.

During the year, the Board of Directors (BOD) approved a Defined Contribution Pension Scheme for the employees. The same has been forwarded to Ministry of Power (MOP) for approval. Pending approval of the same, an amount of Rs. 2350 lakh (previous year-Nil) has been provided and included in Unfunded Employees" Benefits-Other Retirement Benefits.

1.3 Fixed Assets

Fixed Assets costing Rs. 5000 or less procured and depreciated fully during the year.

Possession of freehold lord measuring 0-06-26 hectare (Previous Year: 0-24-19 Hectare) is still to be handed over to the Company.

"Title deeds/title in respect of buildings costing Rs. 16 lakh (Previous Year: Rs. 15 lakh) are yet to be executed/passed in favour of the company Expenses on stamp duty etc. shall be accounted for an registration."

'Buildings include Rs. 4 lakh (Previous Year Rs. 4 lakh) being damaged assets for which provision has been made Expert Advisory Committee (EAC) of the ICAI has given an opinion that Capital Expenditure on assets not owned by the Company are to be charged to statement of Profit and loss as and when incurred, it has been represented that such expenditure being essential for setting up of a project, the same be accounted in line with the existing; accounting practices. Pending receipt of communication from ICAI regarding the review of opinion, existing treatment has been continued as per the relevant accounting practice.

1.4 Revenue from Operations

The Central Electricity Regulatory Commission (CERC) vide notification dated 19.01.200$ has notified the Tariff Regulations, 2009 containing inter-alia the terms & conditions for determination of tariff, applicable for a period of five years with effect from 01.04.2009. Pending final determination of tariff by the CERC in respect of Nathpa Jhakri Hydro Power Station (NJHPS), the sales for the year have been provisionally recognized at Rs. 180701 lakh (Previous Year: Rs. 171538 lakh) on the basis of principles enumerated in the said regulations, on the capital cast allowed by CERC for determining tariff for the year 2008-09.

The Tariff Regulations, 2009 provide that pending determination of tariff by the CERC, the company has to provisionally bill the beneficiaries at the tariff applicable as on 31.03.2009 on capital cost of Rs. 799O80 lakh, approved by the CERC. The amount provisionally billed for the year 2011-12 on this basis is Rs. 181960 lakh (including billing of tax recovery) (Previous Year: Rs. l63286 lakh).

The Revised Cost Estimate (RCE-IV) of NJHPS has been approved by the management at Rs. 859341 lakh.

During the year, the Company has regulated the power of BRPL and BYPL after these companies failed to pay outstanding dues and sold the power allocated to these Companies through PTC as per CERC (Regulations of Power Supply} Regulations,2010, Accordingly 51.160 MUs of power was sold through PTC amounting to Rs. 1813 lakh and included in Energy Sales. An amount of Rs. 1300 lakh excess realised as compared to regulated energy charges has been adjusted as Margin from Debtors and Sales after adjusting the expenses of Rs. 94 lakh on Sale through PTC.

The regular assessment of the Company for the Assessment Year 2009-10 has been completed during the year and a demand of tax end interest amounting to Rs. 11703 lakh has been raised. The Company deposited an amount of Rs. 6000 lakh against the demand and obtained a stay order for the balance demand. The Company has also filed an appeal against the said assessment before the CIT (Appeals). The tax of Rs. 6000 lakh has been provided for in accounts as earlier year tax adjustment. As the above tax relates to tariff period 2004-09 and is recoverable from beneficiaries separately as a pass through item. Accordingly, an amount of Rs. 7501 lakh (grossed up with current year tax rate) has been treated as sales and passed on to the beneficiaries for the relevant year.

1.5 Current Tax

The regular assessment of the company for the assessment year 2009-10 has been completed during the year, and a demand of Tax and interest amounting to Rs. 11,703 lakh has been raised. The company has filed appeal against the said assessment before the CIT(A) and has paid Rs. 6,000 lakh against the demand amount. The amount paid has been provided in accounts as Adjustments relating to earlier years.

As the above tax demand relate to tariff period 2004-09, and is recoverable from beneficiaries separately as a pass through item, the amount paid (grossed up with current year tax rates) has been treated as sales for the year and passed on to the beneficiaries for the relevant year.

1.6 Contingent Liabilities:

a. Claims against the Company not acknowledged as debt:

Particulars As at As at 31.03.2012 31.03.2011 Capital Works* 33162 35731

Land Compensation 5254 5324

Disputed Income Tax Demand 5703 -

Disputed Service Tax Demand 1236 1236

Others 38 16

Total 45393 42307

This includes Rs. 21967 lakh (Previous Year Rs. 21043 lakh) representing the amount of basic claims by the contractors of NJHPS. As the amounts recommended by the Dispute Review Boards (DRBs)/Additional Dispute Review Boards (ADRBs) are much less than the amounts claimed by the contractors, the claims on account of further interest and escalation, if any,has not been considered.

b. The above contingent liabilities do not include claims against pending coses in respect of service matters and others where the amount cannot be quantified.

c. It is not practicable to work out the outflow and possibilities of any reimbursement.

1.7.1 Capital Commitments:

Estimated amount of contracts remaining to be executed on capital account (net of advances) and not provided for is Rs. 117319 lakh (Previous Year: Rs. 97563 lakh).

1.7.2 Other Commitments:

The amount of commitments on account of plant repair and supply of related spares and components (net of advances) and not provided for is Rs. 1.345 lakh (Previous year Rs. 1,456 Lakh).

1.8 As per the agreement between Govt. of Himachal Pradesh (GoHP) and the company, Luhri Hydroelectric Project shall be executed by an SPV with the shareholding of GoHP and the company. A proposal for execution of this project by the company itself is under consideration. Pending decision on this matter/formation of SPV, a total expenditure of Rs. 9337 lakh (Previous Year: Rs. 7653 lakh) has been incurred on survey and investigation of the project. which includes fixed assets Rs. 423 lakh (Previous Year: Rs. 387 lakh) and capital work in progress Rs. 8914 lakh Previous Year: Rs. 7266 lakh).

1.9 Some of the balances shown under trade receivables, advances, deposits, trade payables, material in transit/material lying with third parties are subject to confirmation, reconciliation and consequential adjustment, if any.

1.10 In the opinion of the management, the value of all the assets other than Fixed Assets and Non-Current investments, have a realizable value in the ordinary course of business, not less than the value at which these are stated in the Balance Sheet.

1.11 Disclosure under the provisions of Accounting Standard (AS)-15 'Employee Benefits'

General description of various defined employee benefits are as under:

a) Defined Contribution plans:

(I) Employers contribution to Provident Fund: The Company pays fixed contribution to Provident Fund at predetermined rates to a separate trust, which invests the fund in permitted securities. The contribution of Rs. 760 lakh (Previous year: Rs. 692 lakh) to the fund for the year is recognized as expense and is charged to the Statement of Profit and Loss and Expenditure During Construction (EDC). The obligation of the company is limited to such fixed contribution and to ensure a minimum rate of return to the members as specified by Got,

b) Defined benefit plans:

(i) Gratuity:

The Company has a defined benefit gratuity plan, which is regulated as per the provisions of Payment of Gratuity Act. 1972. The scheme is funded by the company and is managed by a separate trust. The liability for the same is recognized on the basis of actuarial valuation.

(ii) Leave encashment

The Company has a defined benefit leave encashment plan for its Employees. Under this plan they are entitled to encashment of earned leaves and medical leaves subject to certain limits and other conditions specified for the some. The liability towards leave encashment has been provided on the basis of actuarial valuation.

(iii) Retired Employee Health Scheme: The Company has a Retired Employee Health Scheme, under which retired employee and the spouse are provided medical facilities in the Company hospitals/empanelled hospitals. They can also avail treatment as Out-Patient subject to a ceiling fixed by the Company. The liability towards leave encashment has been provided on the basis of actuarial valuation.

(iv) Baggage Allowance:

Actual cost of shifting from place of duty at which employee is posted at the time of retirement to any other place where he/she may like to settle after retirement is paid as per the rules of the Company. The liability towards leave encashment has been provided on the basis of actuarial valuation,

1.12 Segment reporting:

As the company is primarily engaged in only one segment viz. 'Generation and sale of hydroelectric power' there are no reportable segments as per Accounting Standard-17.

1.13 Related Party Disclosure:

As required by Accounting Standard (AS) - 18 'Related party disclosures', details of transactions with related parties are:

a) Related Parties - Key Management Personnel:

Whole Time Directors:

Shri R.P. Singh Chairman and Managing Director (CMD) and additional Charge of Director (Electrical) from 31.01.2012 (A.N.)

Shri R.P. Singh Director (Electrical) and additional charge of CMD upto 31.01.2012 (F.N.)

Shri. R.N.Misro Director (Civil)

Shri A.S.Bindra Director (Finance)

Shri N.L.Sharma Director (Personnel)

b) Remuneration to key management personnel is Rs. 276 lakh (Previous Year: Rs. 92 lakh). and amount of dues outstanding to the company as on 31.03.2012 is Rs. 11 lakh (Previous Year:Rs. 10 lakh).

1.14 The Company's significant leasing arrangements are in respect of operating leases of premises for residential use of employees, offices, guest houses & transit camps. These leasing arrangements, which are not non-cancellable, are usually renewable by mutual consent on mutually agreeable terms Employee Benefits Expense include Rs. 565 lakh (Previous Year: Rs. 210 lakh} towards lease payments, net of recoveries, in respect of premises for residential use of employees. Lease payments in respect of premises for offices, guest house & transit camps are shown as Rent/ Hiring charges under other expenses/ Expenditure during Construction IEDCI.

1.15 Impairment of Assets - Accounting Standard - 28

In the opinion of the management, there is no indication of any significant impairment of assets during the year,

1.16 As per the Guidelines on Corporate Social Responsibility (CSRI for Central Public Enterprises (CPEs), the company is required to spend a minimum of 0.50% of Prof it After Tax (PAT) of Previous year. BOD approved an amount of Rs. 784 lakh 10.86% of PAT of previous year) to be spent during the year 2011-12 and the same has been booked to CSR expenditure during the year as per Accounting Policy 1.13(d).

1.17 Information in respect of micro and small enter prises as at 31st March 2012 as required by Micro, Small and Medium Enterprises Development Act, 2006.

(Rs. Lakh)

Particulars Amount

a) Amount remaining unpaid to any supplier: Principal amount 8 Interest due thereon

b) Amount of interest paid in terms of section 16 of the MSMED Act along with the amount paid to the suppliers beyond the appointed day. -

c) Amount of interest due and payable for the period 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 MSMED - Act.

d) Amount of interest accrued and remaining unpaid -

e) 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 enterprises, for the purpose of dis-allowances as a deductible expenditure under section 21 of MSMED Act. -


Mar 31, 2009

1.a. Claims against the Company not acknowledged as debt in respect of:

i. Capital Works:

Rs. 34423 lakh (Previous Year Rs. 88414 lakh) The above includes Rs. 30544 lakh (Previous Year Rs. 83026 lakh) representing the amount of basic claims by the contractors of NJHPS. Since the amount, wherever recommended by the Dispute Review Boards (DRBs)/Additional Dispute Review Boards (ADRBs) are much less than the amount claimed by the contractors, the claims on account of interest and escalation have not been included in the contingent liability.

ii. Land Compensation:

Rs. 1449 lakh (Previous Year Rs 2297 lakh)

iii. Disputed Service Tax Demand:

Rs.1236lakh (PreviousYearNIL)

iv. Others:

Rs. 34 lakh (Previous Year Rs. 35 lakh)

b. The above contingent liabilities do not include claims against pending cases in respect of service matters and others where the amount cannot be quantified.

c. It is not practicable to work out the outflow and possibilities of any reimbursement.

2. Estimated amount of contracts remaining to be executed on capital account net of advances and not provided for Rs. 125295 lakh (Previous Year Rs. 87355 lakh).

3. The revised cost estimate (RCE -III) of Nathpa Jhakri Hydro Power Station (NJHPS) has been approved by the Govt, of India at Rs.8187.71 crore. This does not include the amount of Arbitration Awards / Court Awards settled after the approval of RCE - III and under settlement. The proposal for further revision of the Cost Estimate shall be submitted to the Govt. after inclusion of the above in due course.

4. Title deeds/ title in respect of land amounting to Rs. 220 lakh (Previous Year Rs. 1121 lakh) covering an area of 01-18-59 hectare (Previous Year 14-71-20 hectare) and buildings having Gross Block of Rs. 15 lakh (Previous Year Rs. 15 lakh) are yet to be executed/passed. Expenses on stamp duty etc. relating to registration shall be accounted for as and when incurred.

Possession of land measuring 01-07-76 hectare (Previous Year 01 -12-71 Hectare) is still to be handed over to the Company.

5. As per the agreement between GoHP and the Company, Luhri Hydroelectric Project shall be executed by an SPV with the shareholding of GoHP and SJVNL. A proposal for execution of this project by the Company itself is under consideration. Pending decision on this matter/formation of SPV, expenditure of Rs. 4184 lakh (Previous year Rs. 2701 lakh) incurred on survey and investigation of the project has been shown as fixed assets and capital work in progress. The expenditure amounting to

Rs. 4482 lakh (Previous year Rs. 997 lakh) incurred on other projects under survey and investigation has also been shown as fixed assets and capital work in progress.

6. Sundry Debtors and Sales include an amount of Rs. 17666 lakh (Previous Year Rs. 9419 lakh) towards bills raised after the end of the financial year. Sales for current year also include an amount of Rs. 2826 lakh (Previous year Rs. (-) 2597 lakh) towards income tax yet to be billed.

7. The depreciation on Fixed Assets is charged as per Significant Accounting Policy No. 6 (Schedule-20) of the Corporation. Ministry of Power (MOP) has already notified tariff policy which provides that rates of depreciation as notified by the Central Electricity Regulatory Commission (CERC) would be applicable for the purpose of tariff as well as accounting. The revised rates of depreciation as notified by CERC have been made applicable w.e.f. 01.04.2009. Accordingly, the rates notified under present tariff norms have been considered for charging depreciation for the year. The depreciation for the year as per rates prescribed under schedule XIV of the Companies Act, 1956 works out to Rs. 17939 lakh more than that worked out as per CERC rates (Previous year Rs.12730 lakh). However, the Management considers the depreciation provided in the books as appropriate and adequate keeping in view matching concept of Accounting.

8. Final tariff order for the period 2004-05 to 2008-09 has been received during the year. Accordingly an amount of Rs.11734 lakh (net) has been billed as arrears for the period up to 31.03.2008 and included in sales. Similarly, an amount of Rs. 10775 lakh and Rs.5620 lakh on account of interest receivable and payable respectively on arrear billing, has also been billed during the year.

9. Leave Salary/Pension Contribution in respect of employees on deputation has been paid /provided on the basis of provisional demand received from the lending organizations. The difference, if any will be adjusted on receipt of final demand.

10. Pending implementation of wage revision of employees w.e.f.01.01.2006/01.01.2007, a provision of Rs. 4642 lakh (Previous year Rs.2094 lakh) inclusive of Performance Related Pay (PRP) has been made during the current year.

11. Pending receipt of utilization certificate, provision has been made for Rs. 819 lakh (Previous year NIL) paid till date under CAT Plan.

12. As per GoHP Notification dated 18.12.2006, the developers of hydroelectric projects are required to contribute 1.5% of the project cost for Local Area Development (LAD) in equal annual installments during construction period of the project. The District Authorities are, therefore, demanding payment under this notification for Rampur HE Project (RHEP). Since the agreement for implementation of this project was signed with the GoHP before the issue of above notification and the Company has approved plan to spend more than as required under the notification in terms of the provisions of Loan Agreement with the World Bank to which GoHP is also a signatory, the Company has requested GoHP to reconsider its decision for RHEP on which their response is awaited. The Company has already incurred an amount of Rs.1467 lakh up to 31.03.09 as against the total requirement of Rs.3071 lakh as per the notification. In view of the above, no provision is considered necessary.

13. Some claims of the contractors and counter claims of the Company are under various stages of dispute/settlement. Although, the liability has been recognized in terms of Accounting Policy No. 13.3, there is no certainty about the amount which may become finally payable to/receivable from the contractors. In view of this uncertainty, deductions towards Income Tax shall be made on final settlement with the contractors.

14. Pending approval of the Competent Authority, provisional payments made towards executed quantities of some of the items beyond approved quantities as also for extra items, are included in Capital Works-in Progress.

15. Some of the balances shown under advances, deposits, creditors, material in transit/material lying with third parties are subject to confirmation, reconciliation and consequential adjustment, if any.

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.

16. The changes in Accounting Policies during the year and their impact on the accounts for the year are as under:

i. Accounting Policy No. 4.2 - Machinery Spares

The Accounting Policy with regard to Machinery Spares retrieved and suitable for reuse has been modified in line with the opinion of Expert Advisory Committee of ICAI. This has resulted in increase of repair & maintenance expenses by Rs.262 lakh, decrease in depreciation by Rs. 5262 lakh and increase in profit by Rs. 5000 lakh.

ii. Accounting Policy No. 5.2 - Allocation of Administration and Other General Overhead Expenses

Accounting Policy has been changed in view of withdrawal of Guidance Note on Incidental Expenditure during Construction (IEDC) issued by the ICAI. This has resulted in decrease in profit by Rs. 2043 lakh and increase in EDC by the same amount. Consequently earlier Accounting Policy relating to Allocation of Corporate Office Expenses @ 1% of sale of energy to the operating units have been deleted.

17. The Companys significant leasing arrangements are in respect of operating leases of premises for residential use of employees, offices, guesthouses & transit camps. These leasing arrangements, which are not non-cancellable, are usually renewable by mutual consent on mutually agreeable terms. The Schedule of Employees remuneration and benefits include Rs.135 lakh (Previous year Rs.135 lakh) towards leases payments, net of recoveries, in respect of premises for residential use of employee. Lease payments in respect of premises for offices, guest house & transit camps are shown as Rent/Hiring charges under Schedule of Generation, Administration and other expenses / Expenditure durina Construction (EDC).

18. The Management is of the opinion that no case of impairment of assets exists under the provisions of Accounting Standard (AS) - 28 on impairment of assets as on 31.03.2009.

19. Segment reporting:

Electricity generation is the principal business activity of the Company. Other operations viz., consultancy services do not form a reportable business segment. The Company has one operating station located within the country and therefore, geographical segments are not applicable.

20.Related Party Disclosure

a) Related Parties - Key Management Personnel: Whole Time Directors:

Shri H.K. Sharma Chairman & Managing Director.

Shri J.K. Sharma Director (Civil)

Shri R.S.Katoch Director (Personnel)

Shri K.K.Garg Director (Finance)

Shri R.P. Singh Director (Electrical)

b) Summary of transactions with related parties (other than for contractual obligations)-Nil. (Previous Year-Nil)

21. Previous Years figures have been re-grouped /re-arranged and recasted wherever necessary to conform to this years classification.

22. Figures have been rounded off to the nearest lakh of rupees.