POWER GRID CORPORATION OF INDIA LTD.

NSE : POWERGRIDBSE : 532898ISIN CODE : INE752E01010Industry : Power Generation/Distribution MCap (Rs. in Mn) : 2576732.29 Face Value (Rs.) : 10 House : PSU
BSECurrent Price (Rs.) 277.05Change (Rs.)6 (+2.21 %)
PREV CLOSE (Rs.) 271.05
OPEN PRICE (Rs.) 272.00
BID PRICE (QTY) 0.00 (0)
OFFER PRICE (QTY) 0.00 (0)
VOLUME 1034973
TODAY'S LOW / HIGH (Rs.)271.70 279.45
52 WK LOW / HIGH (Rs.)165.45 298.95
NSECurrent Price (Rs.) 276.90Change (Rs.)6.65 (+2.46 %)
PREV CLOSE( Rs. ) 270.25
OPEN PRICE (Rs.) 272.00
BID PRICE (QTY) 0.00 (0)
OFFER PRICE (QTY) 276.90 (12)
VOLUME 26646830
TODAY'S LOW / HIGH(Rs.) 271.65 279.50
52 WK LOW / HIGH (Rs.)165.41 298.9

Notes of Account

Year End: March 2015

Note 1 - ACCOUNTING POLICIES FOR THE FINANCIAL YEAR 2014-15

1.1 BASIS OF brPARATION OF FINANCIAL STATEMENTS

The financial statements are brpared on accrual basis of accounting under the historical cost convention, in accordance with generally accepted accounting principles in India, the relevant provisions of the Companies Act, 2013 (to the extent notified), the Companies Act, 1956 (to the extent applicable) including Accounting Standards notified there under and the provisions of the Electricity Act, 2003 to the extent applicable.

1.2 USE OF ESTIMATES

The brparation of financial statements requires estimates and assumptions that affect the reported amount of assets, liabilities, revenue and expenses during the reporting period. Although, such estimates and assumptions are made on a reasonable and prudent basis taking into account all available information, actual results could differ from these estimates and assumptions and such differences are recognized in the period in which the results are crystallized.

1.3 RESERVES AND SURPLUS

Self insurance reserve is created @ 0.1% p.a. on Gross Block of Fixed Assets (except assets covered under mega insurance policy) as at the end of the year by appropriating current year profit towards future losses which may arise from un-insured risks. The same is shown as "Self insurance reserve" under 'Reserves & Surplus'.

1.4 GRANTS-IN-AID

1.4.1 Grants-in-aid received from Central Government or other authorities towards capital expenditure for projects, betterment of transmission systems and specific debrciable assets are shown as "grants-in-aid" till the utilization of grant.

1.4.2 On capitalization of related assets, grants received for specific debrciable assets are treated as deferred income and recognized in the Statement of Profit and Loss over the useful life of related asset and in proportion to which debrciation on these assets is provided.

1.5 FIXED ASSETS

1.5.1 Fixed assets are shown at historical cost comprising of purchase price and any attributable cost of bringing the assets to its working condition for its intended use less accumulated debrciation/amortization.

1.5.2 In the case of commissioned assets, deposit works/cost- plus contracts where final settlement of bills with contractors is yet to be effected, capitalization is done on provisional basis subject to necessary adjustments in the year of final settlement.

1.5.3 Assets and systems common to more than one transmission system are capitalized on the basis of technical estimates/ assessments

1.5.4 Transmission system assets are considered when they are 'Ready for intended use', for the purpose of capitalization, after test charging/successful commissioning of the systems/assets and on completion of stabilization period wherever technically required.

1.5.5 The cost of land includes provisional deposits, payments/liabilities towards compensation, rehabilitation and other expenses wherever possession of land is taken.

1.5.6 Expenditure on leveling, clearing and grading of land is capitalized as part of cost of the related buildings.

1.5.7 Insurance spares, which can be used only in connection with an item of fixed asset and whose use is expected to be at irregular intervals and Mandatory spares in the nature of sub-station equipments / capital spares i.e. stand-by/service/rotational equipment and unit assemblies, are capitalized and debrciated over the residual useful life of the related plant & machinery. In case the year of purchase and consumption is same, amount of such spares are charged to revenue.

1.6 CAPITAL WORK-IN-PROGRESS (CWIP)

1.6.1 Cost of material consumed erection charges thereon along with other related expenses incurred for the projects are shown as CWIP till the date of capitalization.

1.6.2 Cost of material for construction of Substation (including HVDC) is being transferred to Capital Work in Progress during the progress of erection work.

1.6.3 Expenditure of Corporate office, Regional Offices and Projects, attributable to construction of fixed assets are identified and allocated on a systematic basis to the cost of the related assets.

1.6.4 Interest during construction and expenditure (net) allocated to construction as per policy No. 1.6.3 above (allocated to the projects on prorate basis to their capital expenditure), are apportioned to capital work in progress (CWIP) on the closing balance of specific asset or part of asset being capitalized. Balance, if any, left after such capitalization is kept as a separate item under the CWIP Schedule.

1.6.5 Deposit works/cost-plus contracts are accounted for on the basis of statement received from the contractors or technical assessment of work completed.

1.6.6 Unsettled liability for price variation/ exchange rate variation in case of contracts are accounted for on estimated basis as per terms of the contracts.

1.7 INTANGIBLE ASSETS

1.7.1 The cost of software (which is not an integral part of the related hardware) acquired for internal use and resulting in significant future economic benefits, is recognized as an intangible assets in the books of accounts when the same is ready for its use.

1.7.2 Afforestation charges paid for acquiring right-of-way for laying transmission lines are accounted for as intangible assets and same are amortized over the period of thirty five years following the rates and methodology notified by Central Electricity Regulatory Commission (CERC) Tariff Regulation.

1.7.3 Expenditure incurred, eligible for capitalization under the head Intangible Assets, are carried as "Intangible Assets under Development" where such assets are not yet ready for their intended use.

1.7.4 Expenditure incurred on the development of new technology is kept under "Intangible assets under development" till its completion. After satisfactory completion of development stage, the expenditure kept under as "Intangible Assets" to be included in the project cost of new assets.

1.8 CONSTRUCTION STORES

Construction stores are valued at cost.

1.9 BORROWING COST

1.9.1 All the borrowed funds (except short term funds for working capital) are earmarked to specific projects. The borrowing costs (including bond issue expenses, interest, discount on bonds, front end fee, guarantee fee, management fee etc.) are allocated to the projects in proportion to the funds so earmarked.

1.9.2 The borrowing costs so allocated are capitalised or charged to revenue, based on whether the project is under construction or in operation.

1.10 TRANSACTION IN FOREIGN CURRENCY

1.10.1 Transactions in foreign currencies are initially recorded at the exchange rate brvailing on the date of transaction. Foreign currency monetary items are translated with reference to the rates of exchange ruling on the date of the Balance Sheet. Non-monetary items denominated in foreign currency are reported at the exchange rate ruling on the date of transaction.

1.10.2 Foreign Exchange Rate Variation (FERV) arising on settlement / translation of foreign currency loans relating to fixed assets/ capital work-in-progress are adjusted to the carrying cost of related assets.

1.10.3 FERV accounted for as per policy no 1.10.2 is recoverable/payable from the beneficiaries on actual payment basis as per Central Electricity Regulatory Commission (CERC) norms w..e..f. 1st April, 2004 or Date of Commercial Operation (DOCO) which ever is later.

The above FERV to the extent recoverable or payable as per the CERC norms is accounted for as follows:

a) FERV recoverable/payable adjusted to carrying cost of fixed assets is accounted for as "Deferred foreign currency fluctuation asset/liability a/c' with a corresponding credit/debit to "Deferred income/expenditure from foreign currency fluctuation a/c'

b) "Deferred income/expenditure from foreign currency fluctuation a/c' is amortized in the proportion in which debrciation is charged on such FERV.

c) The amount recoverable/payable as per CERC norms on year to year basis is adjusted to the "Deferred foreign currency fluctuation asset/liability a/c' with corresponding debit / credit to the trade receivables.

1.10.4 FERV earlier charged to Statement of Profit and Loss & included in the capital cost for the purpose of tariff is adjusted against "Deferred foreign currency fluctuation asset/liability a/c' in the following manner:

i) Debrciation component of transmission charges (being 90% of such FERV) is adjusted against Deferred foreign currency fluctuation asset/liability a/c in the transmission charges.

ii) Balance 10% is adjusted against Deferred foreign currency fluctuation asset/liability a/c in the transmission charges over the tenure of respective loans.

1.10.5 FERV arising out of settlement/translation of long term monetary items (other than foreign currency loans) relating to fixed assets/ CWIP are adjusted in the carrying cost of related assets.

1.10.6 FERV arising during the construction period from settlement/translation of monetary items denominated in foreign currency (other than long term) to the extent recoverable/payable to the beneficiaries as capital cost as per CERC tariff Regulation are accounted as "Deferred foreign currency fluctuation asset/liability a/c'. Transmission charges recognised on such amount is adjusted against above account.

1.10.7 Other exchange differences are recognized as income or expenses in the period in which they arise.

1.11 INVESTMENTS

1.11.1 Current investments are valued at lower of cost and fair value determined on an individual investment basis.

1.11.2 Long term investments are carried at cost. Provision is made for diminution other than temporary, in the value of such investments.

1.12 INVENTORIES

1.12.1. Inventories are valued at lower of the cost, determined on weighted average basis and net realizable value.

1.12.2 Steel scrap and conductor scrap are valued at estimated realizable value or book value, whichever is less.

1.12.3 Mandatory spares of consumable nature and transmission line items are treated as inventory after commissioning of the system.

1.12.4 Surplus materials as determined by the management are held for intended use and are included in the inventory.

1.12.5 The diminution in the value of obsolete, unserviceable and surplus stores and spares is ascertained on review and provided for

1.13 REVENUE RECOGNITION

1.13.1 Transmission Income is accounted for based on tariff orders notified by the CERC. In case of transmission projects where final tariff orders are yet to be notified, transmission income is accounted for as per tariff norms and other amendments notified by the CERC in similar cases. Difference, if any, is adjusted based on issuance of final notification of tariff orders by the CERC. Transmission Income in respect of additional capital expenditure incurred after the date of commercial operation is accounted for based on actual expenditure incurred on year to year basis as per tariff norms of the CERC.

1.13.2 The Transmission system Incentive / disincentive is accounted for based on certification of availability by the respective Regional Power Committees and in accordance with the norms notified / approved by the CERC.

1.13.3.1 Advance against debrciation (AAD), forming part of tariff pertaining upto the block period 2004-09, to facilitate repayment of loans, is reduced from transmission income and considered as deferred income to be included in transmission income in subsequent years.

1.13.3.2 The outstanding deferred income in respect of AAD is recognized as transmission income, after twelve years from the end of the financial year in which the asset was commissioned, to the extent debrciation recovered in the tariff during the year is lower than debrciation charged in the accounts.

1.13.4 Surcharge recoverable from trade receivables and liquidated damages / warranty claims / interest on advances to suppliers are recognized when no significant uncertainty as to measurability and collectability exists.

1.13.5 Income from Telecom Services are accounted for on the basis of terms of agreements / purchase orders from the customers.

1.13.6 Income from sole consultancy contracts are accounted for on technical assessment of progress of services rendered.

1.13.7 In respect of 'Cost-plus-consultancy contracts, involving execution on behalf of the client, income is accounted for (wherever initial advances received) in phased manner as under:

a) 10% on the issue of Notice Inviting Tender for execution

b) 5% on the Award of Contracts for execution

c) Balance 85% on the basis of actual progress of work including supplies

1.13.8 Income from Sale of Goods is recognized on the transfer of significant risks and reward of ownership to the buyer.

1.13.9 Application Fees received on account of Long Term Open Access (LTOA) Charges is accounted for as and when received in accordance with CERC Guidelines.

1.13.10 Scrap other than steel scrap & conductor scrap are accounted for as and when sold.

1.13.11 Dividend income is recognized when right to receive payment is established.

1.14 LEASED ASSETS

1.14.1 State sector unified load dispatch centre (ULDC)/ Fiber Optic Communication Assets (FOC) assets leased to the beneficiaries are considered as Finance Lease. Net investment in such leased assets along with accretion in subsequent years is accounted for as Lease Receivables under Long Term Loans & Advances. Wherever grant-in-aid is received for construction of State Sector ULDC, lease receivable is accounted for net of such grant.

1.14.2 Finance income on leased assets are recognised based on a pattern reflecting a constant periodic rate of return on the net investment as per the tariff notified/to be notified by the CERC.

1.14.3 FERV on foreign currency loans relating to leased assets is adjusted to the amount of lease receivables and is amortised over the remaining tenure of lease. FERV recovery (as per CERC norms) from the constituents is recognised net of such amortised amount.

1.15 DEbrCIATION / AMORTIZATION

1.15.1 Debrciation / amortization on the assets related to transmission business and communication system of ULDC commissioned on or after 1st April 2014 are provided on straight line method following the rates and methodology notified by the CERC for the purpose of recovery of tariff.

1.15.2 ULDC assets commissioned prior to 1st April 2014 are debrciated on Straight Line Method @ 6.67% per annuam.

1.15.3 Debrciation on assets of telecom and consultancy business is provided for on straight line method as per useful life specified in Schedule II of the Companies Act, 2013.

1.15.4 Debrciation on following assets is provided based on estimated useful life as evaluated by the management.

a Computers & Peripherals 3 years

b Mobile Phones 3 years

c Software 3 years

Residual value in respect of Computers & Peripherals of Transmission and ULDC Segment is considered as specified in CERC tariff regulation and for other Segments, as specified in Schedule II of the Companies Act, 2013. Residual value in respect of Mobile Phones & Software is considered as "Nil".

1.15.5 Debrciation/ Amortization on additions to/deductions from fixed assets during the year is charged on pro-rata basis.

1.15.6 Where the cost of debrciable fixed asset has undergone a change due to increase/decrease in long term monetary items on account of exchange rate fluctuation, price adjustment, change in duties or similar factors, the unamortized balance of such asset is debrciated prospectively at the rates and methodology as specified by the CERC Tariff Regulations, except for telecom assets where residual life is determined on the basis of useful life of fixed asset as specified in Schedule II of the Companies Act, 2013.

1.15.7 Plant and machinery, loose tools and items of scientific appliances, included under different heads of fixed assets, costing Rs. 5,000/- or less, or where the written down value is Rs.  5,000/- or less as at the beginning of the year, are charged off to revenue.

1.15.8 Other fixed assets costing upto Rs. 5,000/- are fully debrciated in the year of acquisition.

1.15.9 Leasehold Land is fully amortized over 25 years or lease period whichever is lower in accordance with the rates and methodology specified in the Central Electricity Regulatory Commission (CERC) Tariff Regulation . Lease hold Land acquired on perpetual lease is not amortised.

1.15.10 In the case of fixed assets of National thermal power corporation limited (NTPC), National hydro-electric power corporation limited (NHPC), North-eastern electric power corporation limited (NEEPCO), Neyveli lignite corporation limited (NLC) transferred w.e.f. April 1, 1992, Jammu and Kashmir Lines w.e.f. April 1, 1993, and Tehri hydro development corporation limited (THDC) w.e.f. August 1, 1993, debrciation is charged based on gross block as indicated in transferor's books with necessary adjustments so that the life of the assets as laid down in the CERC notification for tariff is maintained.

1.16 EXPENDITURE

1.16.1 Pre-paid/prior-period expenses/Income of items up to Rs.  100,000/- are charged to natural heads of account.

1.16.2 Expenditure of research and development, other than Capital Expenditure , are charged to revenue in the year of incurrence.

1.16.3 Capital expenditure on assets not owned by the company is charged off to revenue as and when incurred

1.17 IMPAIRMENT OF ASSETS

Cash generating units as defined in Accounting Standard -28 on "Impairment of Assets' are identified at the balance sheet date with respect to carrying amount vis-a-vis. recoverable amount thereof and impairment loss, if any, is recognised in Statement of profit & loss. Impairment loss, if need to be reversed subsequently, is accounted for in the year of reversal.

1.18 EMPLOYEE BENEFITS

1.18.1 Company contribution paid/payable during the year to defined pension contribution scheme and provident fund scheme is recognized in the Statement of Profit and Loss. The same is paid to a fund and administered through a separate trusts.

1.18.2 The liability for retirement benefits of employees in respect of Gratuity, is ascertained annually on actuarial valuation at the year end, is provided and funded separately.

1.18.3 The liabilities for compensated absences, leave encashment, post retirement medical benefits, settlement allowance & long service awards to employees are ascertained annually on actuarial valuation at the year end and provided for.

1.18.4 Short term employee benefits are recognized at the undiscounted amount in the Statement of Profit and Loss in the year in which the related services are rendered.

1.18.5 Actuarial gains/losses are recognized immediately in the Statement of Profit & Loss.

1.19 PROVISIONS AND CONTINGENT LIABILITIES

A provision is recognized when the company has a brsent obligation as a result of past event and it is probable that an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made based on technical valuation and past experience. Provisions are determined based on management estimate required to settle the obligation at the balance sheet date and are not discounted to its brsent value. No provision is recognized for liabilities whose future outcome cannot be ascertained with reasonable certainties. Such contingent liabilities are not recognized but are disclosed on the basis of judgment of the management / independent expert. These are reviewed at each balance sheet date and adjusted to reflect the current management estimate.

1.20 TAXES ON INCOME

Income Tax comprises of current and deferred tax. Current income taxes are measured at the amount expected to be paid to the provisions of income tax authorities in accordance with Income Tax Act, 1961. Deferred tax resulting from timing difference between accounting and taxable profit is accounted for using the tax rates and the tax laws enacted or substantively enacted at the balance sheet date. Deferred tax assets are recognized only to the extent that there is reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized.

OTHER NOTES

2.1 Cash equivalent of deemed export benefits availed of Rs.  209.99 crore in respect of supplies effected for East South Inter Connector-II Transmission Project (ESI) and Sasaram Transmission Project (STP), were paid to the Customs and Central Excise Authorities in accordance with direction from Ministry of Power (Govt, of India) during 2002-03 due to non availability of World Bank loan for the entire supplies in respect of ESI project and for the supplies prior to March 2000 in respect of STP project and the same was capitalised in the books of accounts. Thereafter, World Bank had financed both the ESI project and STP project as originally envisaged and they became eligible for deemed export benefits. Consequently, the company has lodged claims with the Customs and Excise Authorities.

In this regard the Cumulative amount received and de-capitalized upto 31st March 2015 is Rs.  12.12 crore (brvious year Rs.  12.12 crore). The company continued to show the balance of Rs.  197.87 crore as at 31st March 2015 (brvious year Rs.  197.87 crore) in the capital cost of the respective assets / projects pending receipt of the same from Customs and Excise Authorities.

2.2 Out of the proceeds of Follow on Public Offer (FPO) made in Financial Year 2013-14, a sum of Rs.  2975 crore (Previous Year Rs.  2346.31 crore) has been utilised during the year for part financing of capital expenditure on the projects and general corporate purpose as per objects of the issue resulting in complete utilisation offunds amounting to Rs.  5321.31 crore raised through FPO.

2.3 a) Certain balances in Loans and Advances & Trade Payables are subject to confirmation and consequential adjustments, if any.

b) In the opinion of the management, the value of any of the assets other than fixed assets and non current investments on realization in the ordinary course of business will not be less than value at which they are stated in the Balance Sheet.

2.4 The company has been entrusted with the responsibility of billing collection and disbursement (BCD) of the transmission charges on behalf of all the ISTS (Interstate transmission System) licensees through the mechanism of the POC (Point of Connection) charges introduced w.e.f. 01st July 2011 which involves billing based on approved drawl/injection of power in place of old mechanism based on Mega Watt allocation of power by Ministry of Power. By this mechanism, revenue of the company will remain unaffected.

Some of the beneficiaries aggrieved by the POC mechanism have brferred appeal before various High Courts of India. All such appeals have been transferred to Delhi High Court as per order of the Subrme Court on the appeal brferred by the company and company has also requested for directing agitating states to pay full transmission charges as per new methodology pending settlement of the matter. Honorable Delhi High Court has directed all the above beneficiaries to release payments and accordingly the beneficiaries have started making payments as per the said directions.

2.5 CERC issued tariff order dated 29.04.2011 in respect of Barh-Balia Transmission line considering the date of commercial operation (DOCO) 01.07.10 in line with their Regulation. Against this tariff order, one of the beneficiaries filed appeal before the Appellate Tribunal for Electricity (ATE) challenging the tariff approved by CERC based on above DOCO claimed by the company. The ATE vide its order dated 02.07.2012 observed that the DOCO of 01.07.2010 was not appropriate as the appellant had reported that the transmission line was put in regular service from August 2011 i.e. when it was put in regular service when the other end in the scope of the generating company viz. NTPC was completed i.e. August 2011 though Company had completed its scope as on 01.07.2010. Accordingly, the ATE remanded CERC for redetermination of DOCO and tariff of the Transmission line. Upon this, the company filed an appeal in the Subrme Court explaining that the DOCO of 01.07.2010 was as per CERC Regulations. The Hon'ble Subrme Court on 15.03.2013 had stayed all the proceedings before the CERC for the said Transmission System based on the appeal filed by the Company.

The Company had also filed another petition on 28.02.2013 before the Central Electricity Regulatory Commission (CERC) for determination of revised transmission tariff on the basis of revised cost estimate approved by its Board of Directors. Subsequently on 08.10.2013, in its interim order, the Hon'ble Subrme Court has directed the CERC to proceed with determination of tariff for the said Transmission System pending disposal of the appeal regarding determination of DOCO date.The decision of redetermination of DOCO is awaited from CERC.

Since the decision of the date of DOCO is pending before the Subrme Court, and also considering that 01.07.2010 as the correct DOCO as per CERC Regulations, no adjustment has been made in respect of Revenue of Rs.  144.91 crore recognised for the period 01.07.2010 to 31.08.2011.

2.6 As per CERC Grant of Connectivity, Long-term Access and Medium-term Open Access in inter-State Transmission and related matters Regulations, 2009 as amended from time to time, all transmission elements are constructed as per the requirement of the long term customers (LTA) up to 25 years and transmission charges are recoverable from such long term customers. For medium term open access (MTOA), no additional transmission element is constructed but only the existing surplus transmission capacities are utilised. The charges recovered from the MTOA customers, upon utilisation of the surplus capacity which is very small and temporary in nature, are used to reduce the charges of the LTA customers. The company is revenue neutral.

One of the MTOA customer, signed an agreement for MTOA for a period of 3 years from 16.06.2013 but did not utilise the capacity. The company, however, billed the customer as per the agreement. But the MTOA customer defaulted on its dues of Rs.15.64 crore billed during the period from 16.06.2013 to 31.01.2014. Due to non-recovery of dues, the company has cancelled the MTOA w.e.f. 01.02.2014 as per order of the APTEL. The total transmission charges are being recovered from other customers since then. An application, filed by the company is pending before CERC for allowing recovery of the dues of such MTOA customer for the period from 16.06.2013 to 31.01.2014 from other customers during this period. The revenue of the company is not impacted (increase/decrease) due to grant of MTOA or cancellation thereof. Considering that the company is entitled to recover total transmission charges as per CERC sharing regulations, no provision has been made in the accounts for the year ended on 31.03.2015 towards the above dues of the MTOA charges for the period from 16.06.2013 to 31.01.2014

2.7 (i) FERV Loss of Rs.  510.52 crore (Previous Year Rs.  2258.13crore) has been adjusted in the respective carrying amount of Fixed Assets/

Capital work in Progress (CWIP)/lease receivables.

(ii) FERV Gain of Rs.  12.46 crore (Previous Year FERV Loss Rs.  8.34 crore) has been recognised in the Statement of Profit and Loss.

2.8 Change in accounting policy/accounting practice

a) During the Year, material for construction of Substations (including HVDC) is being transferred to Capital Work in Progress (CWIP) during the progress of erection work as against earlier practice of transferring the same on the completion of erection work. The change of practice has resulted in increase in CWIP amount by Rs.  234.43 Crore with corresponding reduction in Construction Stores.

b) The Company has revised debrciation rates on certain fixed assets w.e.f. 01st April, 2014 as per useful life specified in schedule II of the Companies Act, 2013 as reassessed by the company. Accordingly, the company has accounted for additional debrciation charge of Rs. 22.31 Crore during the year ended 31st March, 2015 and X 0.05 Crores (net of deferred tax) in reserves in terms of the transitional provisions of said schedule II. Thus, by charging debrciation at the revised debrciation rates, the debrciation charge for the year ended 31st March, 2015 is higher by Rs.  22.31 Crore and profit before tax for the year is lower by Rs.  22.31 Crore.

2.9 Borrowing cost capitalised during the year is Rs.  2459.60 crore (brvious year Rs.  2274.62 crore) as per AS 16- "Borrowing Costs".

2.10 Disclosure as per AS 28-" Impairment of assets"

In accordance with Accounting Standard (AS-28) "Impairment of Assets", the company has assessed as on the Balance Sheet date whether there are any indications with regard to impairment of any of the assets. Based on such assessment, it has been ascertained that no potential loss is brsent. Accordingly, no impairment loss has been provided in the books of accounts.

2.11 Capital and Other Commitments

i) Estimated amount of contracts remaining to be executed on capital account and not provided for is Rs.  24189.22 crore (brvious year Rs.  30175.65 crore).

ii) As at 31st March,2015, the company has commitment of Rs. 427.61 crore (brvious year Rs.  812.82 crore) towards further investment in joint venture entities.

iii) As at 31st March,2015, the company has commitment of Rs. Rs.  4261.42 crore (brvious year Rs.  730.00crore) towards further investment in subsidiary companies.

2.12 a) Figures have been rounded off to nearest rupees in crore up to two decimal.

Previous year figures have been regrouped / rearranged wherever considered necessary

For and on behalf of the Board of Directors 

(Divya Tandon) Company Secretary

(R.T. Agarwal) Director (Finance)

( R. N. Nayak)  Chairman & Managing Director

For S.K. Mehta & Co. 

Chartered Accountants

Firm Regn No. 000478 N 

(CA Puneet Harjai ) 

Partner  M.No. 095715

As per our report of even date

For Chatterjee & Co. 

Chartered Accountants

Firm Regn No. 302114 E 

(CA S.K.Chatterjee) 

Partner

Membership No. 003124

For Sagar & Associates 

Chartered Accountants

Firm Regn No. 003510 S 

(CA D. Manohar) 

Partner

Membership No. 029644

Place: New Delhi

Date: 30th May, 2015

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The CD Equisearch (Pvt) Ltd., site contains links to and from other Web sites. CD Equisearch (Pvt) Ltd., is not responsible for the privacy practices or the content of such Web sites.

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Terms of Use

We invite you to fully experience, enjoy and participate in the many unique services and features offered on cdequi.com. However, the use of the website is offered to you on your acceptance of the Terms of Use, our Privacy Policy and other notices posted on this website. Your use of this website or of any content presented in any and all areas of the website indicates your acknowledgment and agreement to these Terms of Use, our Privacy Policy and other notices posted on this website.

cdequi.com also reserve the right at its sole discretion, to modify, add or remove any terms or conditions of these Terms of Use without notice or liability to you. Any changes to these Terms of Use shall be effective immediately, following the posting of such changes on this website. Your continued use of cdequi.com means that you accept any new or modified terms and conditions that are maintained. We would thus encourage you to re-visit the 'Terms of Use' link at our site from time to time to stay abreast of any changes that are introduced.

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