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You Are Here : Markets  |  Equity   |   Company Profile  |   Reports
NTPC Ltd(Industry :   Power Generation And Supply)
 
BSE Code:532555NSE Symbol: NTPCP/E  (TTM): 12
ISIN Demat:INE733E01010Div Yield %:2.25EPS   (TTM) :12.42
Book Value (Rs):105.1880429Market Cap (RsCr):122939.81Face Value (Rs) :10
  Change Company 

Notes to the financial statements for the year ended 31st March 2015

1. Significant accounting policies

A. Basis of preparation

These financial statements are prepared on accrual basis of accounting under historical cost convention in accordance with generally accepted accounting principles in India, accounting standards specified under Section 133 of the Companies Act, 2013, read with Rule Rs of the Companies (Accounts) Rules, 2014, the Companies Act, 2013 (to the extent notified and applicable), applicable provisions of the Companies Act, 1956, and the provisions of the Electricity Act, 2003 to the extent applicable.

B. Use of estimates

The preparation 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 & assumptions and such differences are recognized in the period in which the results are crystallized.

C. Grants-in-aid

1. Grants-in-aid received from the Central Government or other authorities towards capital expenditure as well as consumers' contribution to capital works are treated initially as capital reserve and subsequently adjusted as income in the same proportion as the depreciation written off on the assets acquired out of the grants.

2. Where the ownership of the assets acquired out of the grants vests with the government, the grants are adjusted in the carrying cost of such assets.

3. Grants from Government and other agencies towards revenue expenditure are recognized over the period in which the related costs are incurred and are deducted from the related expenses.

D. Fly ash utilisation reserve fund

Proceeds from sale of ash/ash products along-with income on investment of such proceeds are transferred to 'Fly ash utilisation reserve fund' in terms of provisions of gazette notification dated 3rd November 2009 issued by Ministry of Environment and Forests, Government of India. The fund is utilized towards expenditure on development of infrastructure/facilities, promotion & facilitation activities for use of fly ash.

E. Fixed assets

1. Tangible assets are carried at historical cost less accumulated depreciation/amortisation.

2. Expenditure on renovation and modernisation of tangible assets resulting in increased life and/or efficiency of an existing asset is added to the cost of related assets.

3. Intangible assets are stated at their cost of acquisition less accumulated amortisation.

4. Capital expenditure on assets not owned by the Company relating to generation of electricity business is reflected as a distinct item in capital work-in-progress till the period of completion and thereafter in the tangible assets. However, similar expenditure for community development is charged off to revenue.

5. Deposits, payments/liabilities made provisionally towards compensation, rehabilitation and other expenses relatable to land in possession are treated as cost of land.

6. In the case of assets put to use, where final settlement of bills with contractors is yet to be effected, capitalisation is done on provisional basis subject to necessary adjustment in the year of final settlement.

7. Assets and systems common to more than one generating unit are capitalised on the basis of engineering estimates/assessments.

F. Capital work-in-progress

1. Administration and general overhead expenses attributable to construction of fixed assets incurred till they are ready for their intended use are identified and allocated on a systematic basis to the cost of related assets.

2. Deposit works/cost plus contracts are accounted for on the basis of statements of account received from the contractors.

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

G. Oil and gas exploration costs

1. The Company follows 'Successful Efforts Method' for accounting of oil & gas exploration activities.

2. Cost of surveys and prospecting activities conducted in search of oil and gas is expensed off in the year in which it is incurred.

3. Acquisition and exploration costs are initially capitalized as 'Exploratory wells-in-progress' under Capital work-in-progress. Such exploratory wells in progress are capitalised in the year in which the producing property is created or written off in the year when determined to be dry/abandoned.

H. Development of coal mines

Expenditure on exploration and development of new coal deposits is capitalized as 'Development of coal mines' under capital work-in-progress till the mines project is brought to revenue account.

I. Foreign currency transactions

1. Foreign currency transactions are initially recorded at the rates of exchange ruling at the date of transaction.

2. At the balance sheet date, foreign currency monetary items are reported using the closing rate. Non-monetary items denominated in foreign currency are reported at the exchange rate ruling at the date of transaction.

3. Exchange differences arising from settlement/translation of foreign currency loans, deposits/liabilities relating to fixed assets/capital work-in-progress in respect of transactions entered prior to 01.04.2004, are adjusted in the carrying cost of related assets. Such exchange differences arising from settlement/translation of long term foreign currency monetary items in respect of transactions entered on or after 01.04.2004 are adjusted in the carrying cost of related assets.

4. Other exchange differences are recognized as income or expense in the period in which they arise.

5. Derivative contracts in the nature of forward contracts, options and swaps are entered into to hedge the currency and interest rate risk of foreign currency loans. Premium or discount arising at the inception of forward exchange contracts is amortised as expense or income over the life of the contracts. Exchange differences on such contracts, which relate to long-term foreign currency monetary items referred to in Policy I.3 are adjusted in the carrying cost of related assets. Other derivative contracts are marked-to-market at the Balance Sheet date and losses are recognised in the Statement of Profit and Loss. Gains arising on such contracts are not recognised, until realised, on grounds of prudence.

J. Borrowing costs

Borrowing costs attributable to the qualifying fixed assets during construction/exploration, renovation and modernisation are capitalised. Such borrowing costs are apportioned on the average balance of capital work-in-progress for the year. Other borrowing costs are recognised as an expense in the period in which they are incurred.

K. Investments

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

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

3. Premium paid on long term investments is amortised over the period remaining to maturity.

L. Inventories

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

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

M. Income recognition

1. Sale of energy is accounted for based on tariff rates approved by the Central Electricity Regulatory Commission (CERC) as modified by the orders of Appellate Tribunal for Electricity to the extent applicable. In case of power stations where the tariff rates are yet to be approved, provisional rates are adopted.

2. Advance against depreciation considered as deferred revenue in earlier years is included in sales, to the extent depreciation recovered in tariff during the year is lower than the corresponding depreciation charged.

3. Exchange differences on account of translation of foreign currency borrowings recoverable from or payable to the beneficiaries in subsequent periods as per CERC Tariff Regulations are accounted as 'Deferred foreign currency fluctuation asset/liability'. The increase or decrease in depreciation for the year due to the accounting of such exchange differences as per accounting policy no. I is adjusted in depreciation.

4. Exchange differences arising from settlement/translation of monetary items denominated in foreign currency (other than long term) to the extent recoverable from or payable to the beneficiaries in subsequent periods as per CERC Tariff Regulations are accounted as 'Deferred foreign currency fluctuation asset/liability' during construction period and adjusted from the year in which the same becomes recoverable/payable.

5. Premium, discount and exchange differences in respect of forward exchange contracts and mark to market losses in respect of other derivative contracts referred to in accounting policy no. I.5 recoverable from/payable to the beneficiaries as per CERC Tariff Regulations, are recognised in sales.

6. The surcharge on late payment/overdue sundry debtors for sale of energy is recognized when no significant uncertainty as to measurability or collectability exists.

7. Interest/surcharge recoverable on advances to suppliers as well as warranty claims/liquidated damages wherever there is uncertainty of realisation/acceptance are not treated as accrued and are therefore, accounted for on receipt/acceptance.

8. Income from consultancy services is accounted for on the basis of actual progress/technical assessment of work executed, in line with the terms of respective consultancy contracts. Claims for reimbursement of expenditure are recognized as other income, as per the terms of consultancy service contracts.

9. Scrap other than steel scrap is accounted for as and when sold.

10. Insurance claims for loss of profit are accounted for in the year of acceptance. Other insurance claims are accounted for based on certainty of realisation.

N. Expenditure

1. Depreciation/amortisation

1.1 Depreciation on the assets of the generation of electricity business is charged on straight line method following the rates and methodology notified by the CERC Tariff Regulations in accordance with Schedule II of the Companies Act, 2013.

1.2 Depreciation on the assets of the coal mining, oil & gas exploration and consultancy business, is charged on straight line method following the useful life specified in Schedule II of the Companies Act, 2013.

1.3 Depreciation on the following assets is provided on their estimated useful life ascertained on technical evaluation:

a) Kutcha Roads 2 years
b) Enabling works
- residential buildings 15 years
- internal electrification of residential buildings 10 years
- non-residential buildings including their internal electrification, water supply, sewerage & drainage works, railway sidings, aerodromes, helipads and airstrips. 5 years
c) Personal computers & laptops including peripherals 3 years
d) Photocopiers, fax machines, water coolers and refrigerators 5 years
e) Temporary erections including wooden structures 1 year

1.4 Assets costing up to Rs 5,000/- are fully depreciated in the year of acquisition.

1.5 Cost of software recognized as intangible asset, is amortised on straight line method over a period of legal right to use or 3 years, whichever is less. Other intangible assets are amortized on straight line method over the period of legal right to use or life of the related plant, whichever is less.

1.6 Depreciation on additions to/deductions from fixed assets during the year is charged on pro-rata basis from/up to the month in which the asset is available for use/disposed.

1.7 Where the cost of depreciable assets has undergone a change during the year due to increase/decrease in long term liabilities on account of exchange fluctuation, price adjustment, change in duties or similar factors, the unamortised balance of such asset is charged off prospectively over the remaining useful life determined following the applicable accounting policies relating to depreciation/amortisation.

1.8 Where the life and/or efficiency of an asset is increased due to renovation and modernization, the expenditure thereon along-with its unamortized depreciable amount is charged off prospectively over the revised useful life determined by technical assessment.

1.9 Machinery spares which can be used only in connection with an item of plant and machinery and their use is expected to be irregular, are capitalised and fully depreciated over the residual useful life of the related plant and machinery.

1.10 Capital expenditure on assets not owned by the company referred in policy E.4 is amortised over a period of 4 years from the month in which the first unit of project concerned comes into commercial operation and thereafter from the month in which the relevant asset becomes available for use.

1.11 Leasehold land and buildings relating to generation of electricity business are fully amortised over lease period or life of the related plant whichever is lower following the rates and methodology notified by CERC Tariff Regulations. Leasehold land acquired on perpetual lease is not amortised.

1.12 Land acquired for mining business under Coal Bearing Areas (Acquisition & Development) Act, 1957 is amortised on the basis of balance useful life of the project. Other leasehold land acquired for mining business is amortised over the lease period or balance life of the project whichever is less.

2. Other expenditure

2.1 Expenses on ex-gratia payments under voluntary retirement scheme, training & recruitment and research & development are charged to revenue in the year incurred.

2.2 Preliminary expenses on account of new projects incurred prior to approval of feasibility report/techno economic clearance are charged to revenue.

2.3 Net pre-commissioning income/expenditure is adjusted directly in the cost of related assets and systems.

2.4 Prepaid expenses and prior period expenses/income of items of Rs 100,000/- and below are charged to natural heads of accounts.

2.5 Transit and handling losses of coal as per Company's norms are included in cost of coal.

O. Employee benefits

Employee benefits, inter-alia include provident fund, pension, gratuity, post retirement medical facilities, compensated absences, long service award, economic rehabilitation scheme and other terminal benefits.

1. Company's contributions paid/payable during the year to provident fund and pension fund is recognised in the Statement of Profit and Loss. The same is paid to funds administered through separate trusts.

2. Company's liability towards gratuity, leave benefits (including compensated absences), post retirement medical facility and other terminal benefits is determined by independent actuary, at year end using the projected unit credit method. Past service costs are recognised on a straight line basis over the average period until the benefits become vested. Actuarial gains and losses are recognised immediately in the Statement of Profit and Loss. Liability for gratuity as per actuarial valuation is paid to a fund administered through a separate trust.

3. Short term employee benefits are recognised as an expense at the undiscounted amount in the Statement of Profit and Loss for the year in which the related services are rendered.

P. Leases

1. Finance lease

1.1 Assets taken on finance lease are capitalized at fair value or net present value of the minimum lease payments, whichever is less.

1.2 Depreciation on the assets taken on finance lease is charged at the rate applicable to similar type of fixed assets as per accounting policy no. N.1.1 or N.1.2. If the leased assets are returnable to the lessor on the expiry of the lease period, depreciation is charged over its useful life or lease period, whichever is less.

1.3 Lease payments are apportioned between the finance charges and outstanding liability in respect of assets taken on lease.

2. Operating lease

Assets acquired on lease where a significant portion of the risk and rewards of the ownership is retained by the lessor are classified as operating leases. Lease rentals are charged to revenue.

Q. Impairment

The carrying amount of cash generating units is reviewed at each Balance Sheet date where there is any indication of impairment based on internal/external indicators. An impairment loss is recognised in the Statement of Profit and Loss where the carrying amount exceeds the recoverable amount of the cash generating units. The impairment loss is reversed if there is change in the recoverable amount and such loss either no longer exists or has decreased.

R. Provisions and contingent liabilities

A provision is recognised when the company has a present obligation as a result of a past event and it is probable that an outflow of resources will be required to settle the obligation and in respect of which a reliable estimate can be made. Provisions are determined based on management estimate required to settle the obligation at the balance sheet date and are not discounted to present value. Contingent liabilities are disclosed on the basis of judgment of the management/independent experts. These are reviewed at each balance sheet date and are adjusted to reflect the current management estimate.

S. Segment reporting

The accounting policies adopted for segment reporting are in line with the accounting policies of the Company. Segment revenue, segment expenses, segment assets and segment liabilities are identified to segments on the basis of their relationship to the operating activities of the segment. Revenue, expenses, assets and liabilities which relate to the Company as a whole and not allocable to segments on reasonable basis are included under unallocated revenue/expenses/assets/liabilities.

T. Cash flow statement

Cash flow statement is prepared in accordance with the indirect method prescribed in Accounting Standard (AS) 3 on 'Cash Flow Statements'.

U. Taxes on income

Current tax is determined on the basis of taxable income in accordance with the provisions of the Income Tax Act, 1961. Deferred tax liability/asset resulting from 'timing difference' between accounting income and taxable income is accounted for considering the tax rate & tax laws that have been enacted or substantively enacted as on the reporting date. Deferred tax asset is recognized and carried forward only to the extent that there is reasonable certainty that the asset will be realized in future. Deferred tax assets are reviewed at each reporting date for their realisability.

2. Share capital Rs Crore

As at 31.03.2015 31.03.2014
Equity share capital
Authorised
10,00,00,00,000 shares of par value Rs 10/- each (previous year 10,00,00,00,000 shares of par value Rs 10/- each) 10,000.00 10,000.00
Issued, subscribed and fully paid up
8,24,54,64,400 shares of par value Rs 10/- each (previous year 8,24,54,64,400 shares of par value Rs 10/- each) 8,245.46 8,245.46

a) During the year, the Company has neither issued nor bought back any shares.

b) The Company has only one class of equity shares having a par value 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 share holding at the meetings of shareholders.

c) During the year, the Company has issued, out of the free reserves, 8.49% secured non-cumulative non-convertible redeemable taxable fully paid-up bonus debenture of Rs 12.50 each for every fully paid-up equity share of par value of Rs 10/-. Refer Note 3 (c).

d) During the year ended 31st March 2015, the amount of per share dividend recognised as distribution to equity share holders is Rs 2.50 (previous year Rs 5.75).

e) Details of shareholders holding more than 5% shares in the Company:

Particulars

31.03.2015

31.03.2014

No. of shares %age holding No. of shares %age holding
- President of India 6,180,614,980 74.96 6,184,098,300 75.00
- Life Insurance Corporation of India 817,585,952 9.92 70,67,78,072 8.57

3. Reserves and surplus

As at 31.03.2015 31.03.2014
Capital reserve
As per last financial statements 158.28 154.57
Add : Transfer from surplus 0.12 4.98
Grants received during the year - 0.65
Less : Adjustments during the year 0.02 1.92
158.38 158.28
Securities premium account
As per last financial statements 2,228.34 2,228.11
Add : Received during the year

-

0.23
2,228.34 2,228.34
Bonds/Debentures redemption reserve
As per last financial statements 2,764.91 2,535.33
Add : Transfer from surplus 1,156.19 576.08
Less : Transfer to surplus 296.50 346.50
3,624.60 2,764.91
As at 31.03.2015 31.03.2014
Fly ash utilisation reserve fund
As per last financial statements - -
Add : Transfer from
NTPC Vidyut Vyapar Nigam Ltd. (NVVN) 389.16 -
Revenue from operations 25.17 -
Other income 2.52 -
Less : Utilised during the year
Capital expenditure 3.71 -
Employee benefits expense 3.08 -
Other administration expenses 8.92 -
401.14 -
Corporate social responsibility (CSR) reserve
As per last financial statements - -
Add : Transfer from surplus 78.30 -
78.30 -
General reserve
As per last financial statements 71,702.80 66,702.80
Add : Transfer from surplus 7,000.00 5,000.00
Less : Issue of bonus debentures 10,306.83 -
Dividend distribution tax on bonus debentures 2,060.76 -
Adjustments during the year 3.58 -
66,331.63 71,702.80
Surplus
As per last financial statements 715.53 521.24
Add : Profit for the year as per Statement of Profit and Loss 10,290.86 10,974.74
Transfer from bonds/debentures redemption reserve 296.50 346.50
Less : Transfer to bonds/debentures redemption reserve 1,156.19 576.08
Transfer to capital reserve 0.12 4.98
Transfer to CSR reserve 78.30

-

Transfer to general reserve 7,000.00 5,000.00
Dividend paid 618.42 3,298.19
Tax on dividend paid 123.65 560.53
Proposed dividend 1,442.96 1,442.96
Tax on proposed dividend

293.75

244.21

Net surplus

589.50

715.53

Total 73,411.89 77,569.86

a) Pursuant to gazette notification dated 3rd November 2009, issued by the Ministry of Environment and Forest (MOEF), Government of India (GOI), the amount collected from sale of fly ash and fly ash based products should be kept in a separate account head and shall be utilized only for the development of infrastructure or facility, promotion & facilitation activities for use of fly ash until 100 percent fly ash utilization level is achieved. Sale of fly ash and ash products generated at the power stations of the Company was carried out till 31st December 2014 by NVVN, a wholly owned subsidiary of the Company. As per the decision of the Board of Directors of the Company, such sales are directly made by the Company w.e.f 1st January 2015. Accordingly, unutilized balance of fly ash utilization reserve fund of Rs 389.16 crore has been transferred from NVVN.

For the period from January 2015 to March 2015, proceeds of Rs 25.1Rs Crore from sale of ash/ash products, Rs 2.52 crore towards income on investment have been transferred to fly ash utilisation reserve fund. Further, Rs 15.71 crore has been utilized from the fly ash utilisation reserve fund on expenses incurred for activities as specified in the aforesaid notification of MOEF.

Out of fund balance of Rs 401.14 crore, Rs 226.60 crore is invested in mutual funds (Note 16). Further, Rs 157.11 crore has been invested by NVVN in fixed deposits which shall be transferred to the Company on maturity and has been disclosed as recoverable from NVVN under Advances - others (Note 20). The balance amount has been kept in cash and bank balances (Note 19).

b) In terms of Section 135 of the Companies Act, 2013 read with guidelines on corporate social responsibility issued by Department of Public Enterprises (DPE), GOI, the Company is required to spend, in every financial year, at least two per cent of the average net profits of the Company made during the three immediately preceding financial years in accordance with its CSR Policy. The Company has spent an amount of Rs 205.18 crore during the year and the unspent balance amount of Rs 78.30 crore has been appropriated to CSR reserve from surplus. Refer Note 54.

c) During the year, the Company, out of free reserves issued one 8.49 % secured non-cumulative non-convertible redeemable taxable fully paid-up debenture of Rs 12.50 by way of bonus for each fully paid-up equity share of par value Rs 10/-. The debenture amount of Rs 10,306.83 crore and dividend distribution tax thereon of Rs 2,060.76 crore has been debited to general reserve.

d) In line with the provisions of Schedule-II to the Companies Act, 2013, the Company revised accounting policies related to depreciation. Consequently, Rs 3.58 crore (net of deferred tax of Rs 1.89 crore) has been adjusted from the opening balance of general reserve where the remaining useful life of assets is Nil as at 1st April 2014.

e) During the year, the Company has paid interim dividend of Rs 0.75 (previous year Rs 4.00) per equity share of par value Rs 10/- each for the year 2014-15. Further, the Company has proposed final dividend of Rs 1.75 (previous year Rs 1.75) per equity share of par value Rs 10/- each for the year 2014-15. Thus, the total dividend (including interim dividend) for the financial year 2014-15 is Rs 2.50 (previous year Rs 5.75) per equity share of par value Rs 10/- each.

4. Deferred revenue

Rs Crore

As at 31.03.2015 31.03.2014
On account of advance against depreciation 409.20 692.55
On account of income from foreign currency fluctuation 984.95 917.33
Total 1,394.15 1,609.88

a) Advance against depreciation (AAD) was an element of tariff provided under the Tariff Regulations for 2001-04 and 2004-09 to facilitate debt servicing by the generators since it was considered that depreciation recovered in the tariff considering a useful life of 25 years is not adequate for debt servicing. Though this amount is not repayable to the beneficiaries, keeping in view the matching principle, and in line with the opinion of the Expert Advisory Committee (EAC) of the Institute of Chartered Accountants of India (ICAI), this was treated as deferred revenue to the extent depreciation chargeable in the accounts is considered to be higher than the depreciation recoverable in tariff in future years. Since AAD is in the nature of deferred revenue and does not constitute a liability, it has been disclosed in this note separately from shareholders' funds and liabilities.

b) The balance of AAD as at 31st March 2014 was reviewed considering the accounting policy no. M.2 (Note 1) and excess of depreciation charged in the books over the depreciation recovered in tariff, amounting to Rs 208.32 crore has been recognised as prior period sales (Note 27).

c) In line with significant accounting policy no. M.2 (Note 1), an amount of Rs 75.03 crore (previous year Rs 16.05 crore) has been recognized during the year from the AAD and included in energy sales (Note 22).

d) Foreign exchange rate variation (FERV) on foreign currency loans and interest thereon is recoverable from/payable to the customers in line with the Tariff Regulations. Keeping in view the opinion of the EAC of ICAI, the Company is recognizing deferred foreign currency fluctuation asset by corresponding credit to deferred income from foreign currency fluctuation in respect of the FERV on foreign currency loans adjusted in the cost of fixed assets, which is recoverable from the customers in future years as provided in accounting policy no. M.3 (Note 1). This amount will be recognized as revenue corresponding to the depreciation charge in future years. The amount does not constitute a liability to be discharged in future periods and hence, it has been disclosed separately from shareholder's funds and liabilities.

5. Long-term borrowings

Rs Crore

As at 31.03.2015 31.03.2014
Bonds/debentures Secured
8.61% Tax free secured non-cumulative non-convertible redeemable bonds of Rs 10,00,000/- each redeemable at par in full on 4th March 2034 (Fifty First Issue C - Private Placement) "'. Secured during the current year. 320.00 320.00
8.66% Tax free secured non-cumulative non-convertible redeemable bonds - 2013 of 71,000/- each redeemable at par in full on 16th December 2033 (Fiftieth Issue - Public Issue - Series 3A)VII 312.03 312.03
8.91% Tax free secured non-cumulative non-convertible redeemable bonds - 2013 of Rs 1,000/- each redeemable 399.97 399.97
at par in full on 16th December 2033 (Fiftieth Issue - Public Issue - Series 3B)V"
8.63% Tax free secured non-cumulative non-convertible redeemable bonds of Rs 10,00,000/- each redeemable at 105.00 105.00
par in full on 4th March 2029 (Fifty First Issue B - Private Placement)III. Secured during the current year.
8.48% Tax free secured non-cumulative non-convertible redeemable bonds - 2013 of Rs 1,000/- each redeemable at par in full on 16th December 2028 (Fiftieth Issue - Public Issue - Series 2A)V" 249.95 249.95
8.73% Tax free secured non-cumulative non-convertible redeemable bonds - 2013 of Rs 1,000/- each redeemable at par in full on 16th December 2028 (Fiftieth Issue - Public Issue - Series 2B)V" 91.39 91.39
9.17% Secured non-cumulative non-convertible redeemable taxable bonds of 710,00,000/- each redeemable at par in full on 22nd September 2024 (Fifty Third Issue - Private Placement)". 1,000.00 -
9.34% Secured non-cumulative non-convertible redeemable taxable bonds of 710,00,000/- each redeemable at par in full on 24th March 2024 (Fifty Second Issue - Private Placement)III. Secured during the current year. 750.00 750.00
8.19% Tax free secured non-cumulative non-convertible redeemable bonds - 2013 of Rs 10,00,000/- each redeemable at par in full on 4th March 2024 (Fifty First Issue A - Private Placement^". Secured during the current year. 75.00 75.00
8.41% Tax free secured non-cumulative non-convertible redeemable bonds - 2013 of Rs 1,000/- each redeemable at par in full on 16th December 2023 (Fiftieth Issue - Public Issue - Series 1A)V" 488.02 488.02
8.66% Tax free secured non-cumulative non-convertible redeemable bonds - 2013 of Rs 1,000/- each redeemable at par in full on 16th December 2023 (Fiftieth Issue - Public Issue - Series 1B)V" 208.64 208.64
9.25% Secured non-cumulative non-convertible redeemable taxable bonds of 710,00,000/- each with five equal separately transferable redeemable principal parts (STRPP) redeemable at par at the end of 11th year and in annual installments thereafter upto the end of 15th year respectively commencing from 04th May 2023 and ending on 04th May 2027 (Forty Fourth Issue - Private Placement)™ 500.00 500.00
8.48% Secured non-cumulative non-convertible redeemable taxable bonds of 710,00,000/- each redeemable at par in full on 1st May 2023 (Seventeenth Issue - Private Placement) 50.00 50.00
8.80% Secured non-cumulative non-convertible redeemable taxable bonds of 710,00,000/- each redeemable at par in full on 4th April 2023 (Forty Ninth Issue - Private Placement)VII 200.00 200.00
8.49% Secured non-cumulative non-convertible redeemable taxable fully paid-up bonus debentures of Rs 12.50 each redeemable at par in three annual installments of Rs 2.50, Rs 5.00 and Rs 5.00 at the end of 8th year, 9th year and 10th year on 25th March 2023, 25th March 2024 and 25th March 2025 respectively (Fifty Fourth Issue -Bonus Debentures)X - (refer Note 5 d) 10,306.83
8.73% Secured non-cumulative non-convertible redeemable taxable bonds of 710,00,000/- each redeemable at par in full on 7th March 2023 (Forty Eighth Issue - Private Placement)VII 300.00 300.00
9.00% Secured non-cumulative non-convertible redeemable taxable bonds of Rs 10,00,000/- each with five equal separately transferable redeemable principal parts (STRPP) redeemable at par at the end of 11th year and in annual installments thereafter upto the end of 15th year respectively commencing from 25th January 2023 and ending on 25th January 2027 (Forty Second Issue - Private Placement)'" 500.00 500.00
8.84% Secured non-cumulative non-convertible redeemable taxable bonds of Rs 10,00,000/- each redeemable at par in full on 4th October 2022 (Forty Seventh Issue - Private Placement)*" 390.00 390.00
8.93% Secured non-cumulative non-convertible redeemable taxable bonds of Rs 10,00,000/- each redeemable at par in full on 19th January 2021 (Thirty Seventh Issue - Private Placement)III 300.00 300.00
8.73% Secured non-cumulative non-convertible redeemable taxable bonds of Rs 10,00,000/- each redeemable at par in full on 31st March 2020 (Thirty Third Issue- Private Placement^" 195.00 195.00
8.78% Secured non-cumulative non-convertible redeemable taxable bonds of Rs 10,00,000/- each redeemable at par in full on 9th March 2020 (Thirty First Issue- Private Placement)III 500.00 500.00
11.25% Secured non-cumulative non-convertible redeemable taxable bonds of Rs 10,00,000/- each redeemable at par in five equal annual installments commencing from 6th November 2019 and ending on 6th November 2023 (Twenty Seventh Issue - Private Placement)III 350.00 350.00
7.89% Secured non-cumulative non-convertible redeemable taxable bonds of Rs 10,00,000/- each redeemable at par in full on 5th May 2019 (Thirtieth Issue - Private Placements 700.00 700.00
8.65% Secured non-cumulative non-convertible redeemable taxable bonds of Rs 10,00,000/- each redeemable at par in full on 4th February 2019 (Twenty Ninth Issue - Private Placements 550.00 550.00
7.50% Secured non-cumulative non-convertible redeemable taxable bonds of Rs 10,00,000/- each redeemable at par in full on 12th January 2019 (Nineteenth Issue - Private Placement)II 50.00 50.00
11.00% Secured non-cumulative non-convertible redeemable taxable bonds of Rs 10,00,000/- each redeemable at par in full on 21st November 2018 (Twenty Eighth Issue - Private Placement)NI 1,000.00 1,000.00
9.3473% Secured non-cumulative non-convertible redeemable taxable bonds of Rs 15,00,000/- each with fifteen equal separately transferable redeemable principal parts (STRPP) redeemable at par at the end of 6th year and in annual installments thereafter upto the end of 20th year respectively commencing from 20th July 2018 and ending on 20th July 2032 (Forty Sixth Issue - Private Placement)*" 75.00 75.00
9.4376% Secured non-cumulative non-convertible redeemable taxable bonds of Rs 15,00,000/- each with fifteen equal separately transferable redeemable principal parts (STRPP) redeemable at par at the end of 6th year and in annual installments thereafter upto the end of 20th year respectively commencing from 16th May 2018 and ending on 16th May 2032 (Forty Fifth Issue - Private Placement)*" 75.00 75.00
8.00% Secured non-cumulative non-convertible redeemable taxable bonds of Rs 10,00,000/- each redeemable at par in full on 10th April 2018 (Sixteenth Issue -Private Placement)I 100.00 100.00
9.2573% Secured non-cumulative non-convertible redeemable taxable bonds of Rs 15,00,000/- each with fifteen equal separately transferable redeemable principal parts (STRPP) redeemable at par at the end of 6th year and in annual installments thereafter upto the end of 20th year respectively commencing from 2nd March 2018 and ending on 2nd March 2032 (Forty Third Issue - Private Placement)III 75.00 75.00
9.6713 % Secured non-cumulative non-convertible redeemable taxable bonds of Rs 15,00,000/- each with fifteen equal separately transferable redeemable principal parts (STRPP) redeemable at par at the end of 6th year and in annual installments thereafter upto the end of 20th year respectively commencing from 23rd December 2017 and ending on 23rd December 2031 (Forty First Issue - Private Placement)III 75.00 75.00
9.558 % Secured non-cumulative non-convertible redeemable taxable bonds of Rs 15,00,000/- each with fifteen equal separately transferable redeemable principal parts (STRPP) redeemable at par at the end of 6th year and in annual installments thereafter upto the end of 20th year respectively commencing from 29th July 2017 and ending on 29th July 2031 (Fortieth Issue - Private Placement)III 75.00 75.00
9.3896% Secured non-cumulative non-convertible redeemable taxable bonds of Rs 15,00,000/- each with fifteen equal separately transferable redeemable principal parts (STRPP) redeemable at par at the end of 6th year and in annual installments thereafter upto the end of 20th year respectively commencing from 9th June 2017 and ending on 9th June 2031 (Thirty Ninth Issue - Private Placement)III 105.00 105.00
9.17% Secured non-cumulative non-convertible redeemable taxable bonds of Rs 15,00,000/- each with fifteen equal separately transferable redeemable principal parts (STRPP) redeemable at par at the end of 6th year and in annual installments thereafter upto the end of 20th year respectively commencing from 22nd March 2017 and ending on 22nd March 2031 (Thirty Eighth Issue - Private Placement)III 75.00 75.00
8.8086% Secured non-cumulative non-convertible redeemable taxable bonds of Rs 15,00,000/- each with fifteen equal separately transferable redeemable principal parts (STRPP) redeemable at par at the end of 6th year and in annual installments thereafter upto the end of 20th year respectively commencing from 15th December 2016 and ending on 15th December 2030 (Thirty Sixth Issue - Private Placement)III 75.00 75.00
8.785% Secured non-cumulative non-convertible redeemable taxable bonds of Rs 15,00,000/- each with fifteen equal separately transferable redeemable principal parts (STRPP) redeemable at par at the end of 6th year and in annual installments thereafter upto the end of 20th year respectively commencing from 15th September 2016 and ending on 15th September 2030 (Thirty Fifth Issue - Private Placement)III 120.00 120.00
8.71% Secured non-cumulative non-convertible redeemable taxable bonds of Rs 15,00,000/- each with fifteen equal separately transferable redeemable principal parts (STRPP) redeemable at par at the end of 6th year and in annual installments thereafter upto the end of 20th year respectively commencing from 10th June 2016 and ending on 10th June 2030 (Thirty Fourth Issue - Private Placement)III 150.00 150.00
8.8493% Secured non-cumulative non-convertible redeemable taxable bonds of Rs 15,00,000/- each with fifteen equal separately transferable redeemable principal parts (STRPP) redeemable at par at the end of 6th year and in annual installments thereafter upto the end of 20th year respectively commencing from 25th March 2016 and ending on 25th March 2030 (Thirty Second Issue - Private Placement)III 98.00 105.00
9.37% Secured non-cumulative non-convertible redeemable taxable bonds of 770,00,000/- each with fourteen separately transferable redeemable principal parts (STRPP) redeemable at par semi-annually commencing from 4th June 2012 and ending on 4th December 2018 (Twenty Fifth Issue - Private Placement^" 214.00 285.50
9.06% Secured non-cumulative non-convertible redeemable taxable bonds of 770,00,000/- each with fourteen separately transferable redeemable principal parts (STRPP) redeemable at par semi-annually commencing from 4th June 2012 and ending on 4th December 2018 (Twenty Sixth Issue - Private Placement^" 214.00 285.50
8.6077% Secured non-cumulative non-convertible redeemable taxable bonds of 720,00,000/- each with twenty equal separately transferable redeemable principal parts (STRPP) redeemable at par semi-annually commencing from 9th September 2011 and ending on 9th March 2021 (Twenty Fourth Issue - Private Placement)" 250.00 300.00
8.3796% Secured non-cumulative non-convertible redeemable taxable bonds of 720,00,000/- each with twenty equal separately transferable redeemable principal parts (STRPP) redeemable at par semi-annually commencing from 5th August 2011 and ending on 5th February 2021 (Twenty Third Issue - Private Placement)IV 250.00 300.00
8.1771% Secured non-cumulative non-convertible redeemable taxable bonds of 720,00,000/- each with twenty equal separately transferable redeemable principal parts (STRPP) redeemable at par semi-annually commencing from 2nd July 2011 and ending on 2nd January 2021 (Twenty Second Issue - Private Placements 250.00 300.00
7.7125% Secured non-cumulative non-convertible redeemable taxable bonds of 720,00,000/- each with twenty equal separately transferable redeemable principal parts (STRPP) redeemable at par semi-annually commencing from 2nd August 2010 and ending on 2nd February 2020 (Twenty First Issue - Private Placement)* 400.00 500.00
7.552% Secured non-cumulative non-convertible redeemable taxable bonds of 720,00,000/- each with twenty equal separately transferable redeemable principal parts (STRPP) redeemable at par semi-annually commencing from 23rd September 2009 and ending on 23rd March 2019 (Twentieth Issue - Private Placement)" 150.00 200.00
9.55% Secured non-cumulative non-convertible taxable redeemable bonds of 710,00,000/- each with ten equal separately transferable redeemable principal parts (STRPP) redeemable at par at the end of the 6th year and in annual installments thereafter upto the end of 15th year respectively from 30th April 2002 (Thirteenth Issue - Part B

150.00

225.00

- Private Placement)VI"
9.55% Secured non-cumulative non-convertible taxable redeemable bonds of 710,00,000/- each redeemable at par in ten equal annual installments commencing from the end of 6th year and upto the end of 15th year respectively from 18th April 2002 (Thirteenth Issue -Part A - Private Placement)"" 150.00 225.00
23,017.83 12,311.00
Foreign currency notes
Unsecured
4.375 % Fixed rate notes due for repayment on 26th November 2024 3,159.50 -
4.750 % Fixed rate notes due for repayment on 3rd October 2022 3,159.50 3,030.50
5.625 % Fixed rate notes due for repayment on 14th July 2021 3,159.50 3,030.50
5.875 % Fixed rate notes due for repayment on 2nd March 2016 - 1,818.30
Term loans
From Banks
Unsecured
Foreign currency loans 8,362.55 6,290.80
Rupee loans 20,835.85 18,876.32
From Others
Unsecured
Foreign currency loans (guaranteed by GOI) 2,035.26 2,456.03
Other foreign currency loans

2,815.56

2,026.88

Rupee loans

11,918.65

12,503.04

Deposits
Unsecured
Fixed deposits - 0.09
Long term maturities of finance lease obligations
Unsecured 68.13 62.29
Total 78,532.33 62,405.75

a) Details of terms of repayment and rate of interest

Rs Crore

Particulars

Non current portion

Current portion

Total

31.03.2015 31.03.2014 31.03.2015 31.03.2014 31.03.2015 31.03.2014
Term loans
Unsecured
Foreign currency loans (guaranteed by GOI) - Others 2,035.26 2,456.03 154.61 173.40 2,189.87 2,629.43
Foreign currency loans - Banks 8,362.55 6,290.80 281.82 257.84 8,644.37 6,548.64
Other foreign currency loans - Others 2,815.56 2,026.88 406.02 393.67 3,221.58 2,420.55
Rupee loans - Banks 20,835.85 18,876.32 2,540.48 1,758.56 23,376.33 20,634.88
Rupee loans - Others 11,918.65 12,503.04 1,584.38 1,587.52 13,503.03 14,090.56
Total 45,967.87 42,153.07 4,967.31 4,170.99 50,935.18 46,324.06
Fixed deposits (unsecured) 0.09 0.43 0.52

i) Unsecured foreign currency loans (guaranteed by GOI) - Others carry fixed rate of interest ranging from 1.80% p.a. to 2.30% p.a. and are repayable in 23 to 32 semi annual installments as of 31st March 2015.

ii) Unsecured foreign currency loans - Banks include loans of Rs 642.54 crore (previous year Rs 589.81 crore) which carry fixed rate of interest of 1.88% p.a. to 4.31% p.a. and loans of Rs 8,001.83 crore (previous year Rs 5,958.83 crore) which carry floating rate of interest linked to 6M LIBOR. These loans are repayable in 2 to 24 semiannual installments as of 31st March 2015, commencing after moratorium period if any, as per the terms of the respective loan agreements.

iii) Unsecured foreign currency loans - Others include loans of Rs 2,516.58 crore (previous year Rs 1,424.92 crore) which carry fixed rate of interest ranging from 1.88% p.a. to 4.31% p.a and loans of Rs 705.00 crore (previous year Rs 995.63 crore) which carry floating rate of interest linked to 6M LIBOR/6M EURIBOR. These loans are repayable in 4 to 22 semiannual installments as of 31st March 2015, commencing after moratorium period if any, as per the terms of the respective loan agreements.

iv) Unsecured rupee term loans carry interest rate ranging from 7.00 % p.a. to 12.40 % p.a. with monthly/half-yearly rests. These loans are repayable in quarterly/half-yearly/yearly installments as per the terms of the respective loan agreements. The repayment period extends from a period of seven to ten years after a moratorium period of six months to six years.

b) The finance lease obligations are repayable in installments as per the terms of the lease agreement over a period of seven years.

c) There has been no default in repayment of any of the loans or interest thereon as at the end of the year.

d) During the year, the Company out of free reserves issued one 8.49% secured non-cumulative non-convertible redeemable taxable fully paid-up debenture of Rs 12.50 by way of bonus for each fully paid-up equity share of par value of Rs 10/- amounting to Rs 10,306.83 crore. Refer Note 3 (c). An amount of Rs 5,650.00 crore has been utilized till 31st March 2015 for the purpose mentioned in the Scheme of Arrangement.

e) The non current portion of fixed deposits has been repaid during the year in compliance to the provisions of the Companies Act, 2013. Details of securities

I Secured by (I) English mortgage, on first pari-passu charge basis, of the office premises of the Company at Mumbai and (II) Equitable mortgage, by way of first charge, by deposit of title deeds of the immovable properties pertaining to National Capital Power Station.

II Secured by (I) English mortgage, on first pari-passu charge basis, of the office premises of the Company at Mumbai and (II) Hypothecation of all the present and future movable assets (excluding receivables) of Singrauli Super Thermal Power Station, Anta Gas Power Station, Auraiya Gas Power Station, Barh Super Thermal Power Project, Farakka Super Thermal Power Station, Kahalgaon Super Thermal Power Station, Koldam Hydel Power Project, Simhadri Super Thermal Power Project, Sipat Super Thermal Power Project, Talcher Thermal Power Station, Talcher Super Thermal Power Project, Tanda Thermal Power Station, Vindhyachal Super Thermal Power Station, National Capital Power Station, Dadri Gas Power Station, Feroze Gandhi Unchahar Power Station and Tapovan-Vishnugad Hydro Power Project as first charge, ranking pari-passu with charge, if any, already created in favour of the Company's Bankers on such movable assets hypothecated to them for working capital requirement.

III Secured by (I) English mortgage, on first pari passu charge basis, of the office premises of the Company at Mumbai and (II) Equitable mortgage of the immovable properties, on first pari-passu charge basis, pertaining to Sipat Super Thermal Power Project by extension of charge already created.

IV Secured by (I) English mortgage, on first pari-passu charge basis, of the office premises of the Company at Mumbai and (II) Equitable mortgage, by way of first charge, by deposit of the title deeds of the immovable properties pertaining to Sipat Super Thermal Power Project.

V Secured by (I) English mortgage, on first pari-passu charge basis, of the office premises of the Company at Mumbai, (II) Hypothecation of all the present and future movable assets (excluding receivables) of Barh Super Thermal Power Project on first pari-passu charge basis, ranking pari passu with charge already created in favour of Trustee for other Series of Bonds and (III) Equitable mortgage of the immovable properties, on first pari-passu charge basis, pertaining to Ramagundam Super Thermal Power Station by extension of charge already created.

VI Secured by (I) English mortgage, on first pari-passu charge basis, of the office premises of the Company at Mumbai and (II) Equitable mortgage, by way of first charge, by deposit of title deeds of the immovable properties pertaining to Ramagundam Super Thermal Power Station.

VII Secured by (I) English mortgage, on first pari-passu charge basis, of the office premises of the Company at Mumbai, (II) Equitable mortgage of the immovable properties, on first pari-passu charge basis, pertaining to National Capital Power Station by extension of charge already created.

VIII Secured by (I) English mortgage, on first pari-passu charge basis, of the office premises of the Company at Mumbai, (II) Hypothecation of all the present and future movable assets (excluding receivables) of Singrauli Super Thermal Power Station, Anta Gas Power Station, Auraiya Gas Power Station, Barh Super Thermal Power Project, Farakka Super Thermal Power Station, Kahalgaon Super Thermal Power Station, Koldam Hydel Power Project, Simhadri Super Thermal Power Project, Sipat Super Thermal Power Project, Talcher Thermal Power Station, Talcher Super Thermal Power Project, Tanda Thermal Power Station, Vindhyachal Super Thermal Power Station, National Capital Power Station, Dadri Gas Power Station, Feroze Gandhi Unchahar Power Station and Tapovan-Vishnugad Hydro Power Project as first charge, ranking pari-passu with charge, if any, already created in favour of the Company's Bankers on such movable assets hypothecated to them for working capital requirement and (III) Equitable mortgage of the immovable properties, on first pari-passu charge basis, pertaining to Singrauli Super Thermal Power Station by extension of charge already created.

IX Secured by English mortgage of the immovable properties pertaining to Solapur Super Thermal Power Project on first charge basis.

X Secured by Equitable mortgage of the immovable properties pertaining to Barh Super Thermal Power Project on first charge basis.

XI Security cover mentioned at sl. no. I toRs is above 100% of the debt securities outstanding.

6. Deferred tax liabilities (net)_

Rs Crore

As at 01.04.2014 Additions/ (Adjustments) during the year As at 31.03.2015
Deferred tax liability
Difference in book depreciation and tax depreciation 6,715.69 1,045.82 7,761.51
Less:Deferred tax assets
Provisions & other disallowances for tax purposes 768.84 (68.22) 700.62
Disallowances u/s 43B of the Income Tax Act, 1961 392.59 69.46 462.05
5,554.26 1,044.58 6,598.84
Less: Deferred asset for deferred tax liability 4,502.65 1,117.12 5,619.77
Total 1,051.61 (72.54) 979.07

a) The net decrease during the year in the deferred tax liability of Rs 70.65 crore (previous year increase of Rs 136.31 crore) has been credited to the Statement of Profit and Loss. Further, an amount of Rs 1.89 crore has been credited to general reserve during the year 2014-15, refer Note 3 d).

b) Deferred tax assets and deferred tax liabilities have been offset as they relate to the same governing laws.

c) CERC Regulations, 2014 provide for recovery of deferred tax liability as on 31st March 2009 from the beneficiaries. Accordingly, deferred tax liability as on 31st March 2009 is recoverable on materialisation from the beneficiaries. For the period commencing from 1st April 2014, Regulations, 2014 provide for grossing up of the return on equity based on effective tax rate for the financial year based on the actual tax paid during the year on the generation income. Deferred asset for deferred tax liability for the year will be reversed in future years when the related deferred tax liability forms a part of current tax.

7. Other long-term liabilities

Rs Crore

As at 31.03.2015 31.03.2014
Trade payables 8.96 5.59
Deferred foreign currency fluctuation liability 257.74 151.67
Other liabilities
Payable for capital expenditure 2,617.86 2,353.46
Others 2.03 1.74
Total 2,886.59 2,512.46

a) Disclosure with respect to micro and small enterprises as required by the Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act) is made

in Note 50.

b) In line with accounting policy no.M.4 (Note 1), deferred foreign currency fluctuation liability to the extent of Rs 106.0Rs Crore (previous year Rs 16.0Rs Crore) has been created during the year.

c) Other liabilities - Others include deposits received from contractors, customers and other parties.

8. Long-term provisions

Rs Crore

As at 31.03.2015 31.03.2014
Provision for employee benefits 1,115.71 879.36
Disclosures as per AS 15 on 'Employee benefits' is made in Note 39.
9. Trade payables Rs Crore
As at 31.03.2015 31.03.2014
For goods and services 5,953.15 6,429.60

Disclosure with respect to micro and small enterprises as required by the MSMED Act is made in Note 50.

10. Other current liabilities

Rs Crore

As at 31.03.2015 31.03.2014
Current maturities of long term borrowings
Bonds - Secured 600.00 593.00
5.875 % Foreign currency fixed rate notes - Unsecured 1,895.70
From Banks
Unsecured
Foreign currency loans 281.82 257.84
Rupee term loans 2,540.48 1,758.56
From Others
Unsecured
Foreign currency loans (guaranteed by GOI) 154.61 173.40
Other foreign currency loans 406.02 393.67
Rupee term loans 1,584.38 1,587.52
Fixed deposits 0.43
7,463.01 4,764.42
Current maturities of finance lease obligations -Secured 0.05

 

Rs Crore
As at 31.03.2015 31.03.2014
Interest accrued but not due on borrowings 727.30 705.04
Unpaid dividends 14.95 14.19
Unpaid matured deposits and interest accrued thereon 0.21 0.22
Unpaid matured bonds and interest accrued thereon 0.72 0.58
Unpaid bond refund money-Tax free bonds 0.16 0.52
Book overdraft 546.01 2.71
Advances from customers and others 461.70 383.42
Payable for capital expenditure 6,421.73 4,540.89
Derivative MTM liability 4.59 -
Other payables
Tax deducted at source and other statutory dues 286.11 227.58
Deposits from contractors and others 124.85 112.01
Gratuity obligations - 30.10
Payable to employees 318.74 271.59
Others 437.54 494.28
Total 16,807.62 11,547.60

a) Details in respect of rate of interest and terms of repayment of current maturities of secured and unsecured long term borrowings indicated above are disclosed in Note 5.

b) Unpaid dividends, matured deposits, bonds and interest include the amounts which have either not been claimed by the investors/ holders of the equity shares/bonds/fixed deposits or are on hold pending legal formalities etc. Out of the above, the amount required to be transferred to Investor Education and Protection Fund has been transferred.

c) Payable for capital expenditure includes liabilities of Rs 142.92 crore (previous year Rs 165.11 crore) towards an equipment supplier pending evaluation of performance and guarantee test results of steam/turbine generators at some of the stations. Pending settlement, liquidated damages recoverable for shortfall in performance of these equipments, if any, have not been recognised.

d) The Company had obtained exemption from the Ministry of Corporate Affairs (MCA), GOI in respect of applicability of Section 58A of Companies Act,1956 in respect of public deposits, for the employees rehabilitation scheme deposits obtained from dependants of employees who die or suffer permanent total disability. Consequent upon enactment of the Companies Act, 2013, the Company has applied to the MCA for continuation of above exemption, which is still awaited. The Company has been advised that the exemption earlier granted shall hold good.

e) Other payables - Others include amount payable to hospitals, retired employees, parties for stale cheques etc.

11. Short-term provisions

Rs Crore

As at 31.03.2015 31.03.2014
Provision for
Employee benefits 1,174.66 1,078.98
Proposed dividend 1,442.96 1,442.96
Tax on proposed dividend 293.75 244.21
Obligations incidental to land acquisition 3,098.72 2,822.42
Tariff adjustment 1,243.64 1,275.70
Others 505.02 438.33
Total 7,758.75 7,302.60

a) Disclosures required by AS 15 'Employee Benefits' is made in Note 39.

b) Disclosure required by AS 29 'Provisions, Contingent Liabilities and Contingent Assets' is made in Note 48.

c) The Company aggrieved over many of the issues as considered by the CERC in the tariff orders for its stations for the period 2004-09 had filed appeals with the Appellate Tribunal for Electricity (APTEL). The APTEL disposed off the appeals favourably directing the CERC to revise the tariff orders as per directions and methodology given. Some of the issues decided in favour of the Company by the APTEL were challenged by the CERC in the Hon'ble Supreme Court of India. Subsequently, the CERC has issued revised tariff orders for all the stations except one for the period 2004-09, considering the judgment of APTEL subject to disposal of appeals pending before the Hon'ble Supreme Court of India. Towards the above and other anticipated tariff adjustments, provision of Rs 148.10 crore (previous year Rs 121.32 crore) has been made during the year and in respect of some of the stations, an amount of Rs 180.16 crore ( previous year

7 162.56 crore) has been written back.

d) Provision for others comprise Rs 58.64 crore (previous year Rs 53.64 crore) towards cost of unfinished minimum work programme demanded by the Ministry of Petroleum and Natural Gas (MoP&NG) including interest thereon in relation to block AA-ONN-2003/2 [Refer Note 46 (b) (ii)], Rs 440.35 crore (previous year Rs 378.52 crore) towards provision for litigation cases and Rs 6.03 crore (previous year Rs 6.1Rs Crore) towards provision for shortage in fixed assets pending investigation.

12. Tangible assets

Rs Crore

Gross Block

Depreciation/Amortisation

Net Block

As at 01.04.2014 Additions Deduction/ Adjustment As at 31.03.2015 Upto 01.04.2014 For the year Deduction/ Adjustment Upto 31.03.2015 As at 31.03.2015 As at 31.03.2014
Land (including development expenses)
Freehold 5,786.94 381.31 (354.96) 6,523.21 6,523.21 5,786.94
Leasehold 2,365.01 645.06 (155.97) 3,166.04 428.79 58.74 (12.16) 499.69 2,666.35 1,936.22
Roads, bridges, culverts & helipads 679.84 95.23 (76.93) 852.00 229.03 28.54 (0.16) 257.73 594.27 450.81
Building
Freehold
Main plant 4,669.42 313.62 (17.65) 5,000.69 1,466.67 135.66 1,602.33 3,398.36 3,202.75
Others 2,736.21 387.41 (56.88) 3,180.50 1,069.99 114.83 1.43 1,183.39 1,997.11 1,666.22
Leasehold 49.89 (0.11) 50.00 29.25 1.84 31.09 18.91 20.64
Temporary erection 35.15 5.95 1.75 39.35 33.09 6.59 1.45 38.23 1.12 2.06
Water supply, drainage & sewerage system 676.85 35.34 (8.35) 720.54 335.33 21.81 0.12 357.02 363.52 341.52
MGR track and signalling system 1,371.70 166.03 (4.28) 1,542.01 677.23 50.16 4.20 723.19 818.82 694.47
Railway siding 593.70 116.27 (40.76) 750.73 198.87 32.59 231.46 519.27 394.83
Earth dam reservoir 288.28 (1.82) 290.10 122.09 14.13 136.22 153.88 166.19
Plant and equipment
Owned 95,150.67 5,928.49 (2,457.73) 103,536.89 38,979.36 4,548.75 421.09 43,107.02 60,429.87 56,171.31
Leased 60.00 60.00 1.06 3.17 4.23 55.77 58.94
Furniture and fixtures 449.71 36.23 1.21 484.73 262.11 18.73 2.77 278.07 206.66 187.60
Vehicles including speedboats
Owned 11.06 2.12 0.41 12.77 5.36 0.84 0.25 5.95 6.82 5.70
Leased 0.59 0.59 0.54 0.04 0.58 0.05
Office equipment 175.82 24.86 4.43 196.25 85.26 13.10 1.59 96.77 99.48 90.56
EDP, WP machines and
satcom equipment 400.46 35.20 12.23 423.43 283.39 37.54 6.22 314.71 108.72 117.07
Construction equipments 170.56 22.69 (0.10) 193.35 93.41 10.08 0.77 102.72 90.63 77.15
Electrical installations 434.19 31.03 (21.99) 487.21 177.62 18.17 0.01 195.78 291.43 256.57
Communication equipments 103.03 3.90 (0.03) 106.96 57.24 4.88 0.67 61.45 45.51 45.79
Hospital Equipments 36.40 3.36 (0.02) 39.78 17.28 1.44 0.11 18.61 21.17 19.12
Laboratory and workshop equipments 57.88 12.34 0.12 70.10 16.50 2.83 0.10 19.23 50.87 41.38
Assets under 5 KM scheme of the GOI 99.80 12.43 (4.64) 116.87 20.67 25.44 46.11 70.76 79.13
Capital expenditure on assets not owned by the Company 207.43 0.04 (10.52) 217.99 154.59 9.00 163.59 54.40 52.84
Assets of government 2.81 2.81 2.81 2.81
Less:Grants from government 2.81 2.81 2.81 2.81
Assets for ash utilisation* 17.30 17.30 17.30
Less: Adjusted from fly ash utilisation reserve fund 17.30 17.30 17.30
Total 116,610.59 8,258.91 (3,192.00) 128,061.50 44,744.73 5,158.90 429.04 49,474.59 78,586.91 71,865.86
Previous year 102,876.14 9,453.32 (4,281.13) 116,610.59 40,188.72 4,771.76 215.75 44,744.73 71,865.86 62,687.42

* Includes Rs 13.59 crore transferred from NVVN for reimbursement from fly ash utilization fund. Also refer Note 3 a.

a) The conveyancing of the title to 9,701 acres of freehold land of value Rs 1,963.33 crore (previous year 10,806 acres of value Rs 2,401.12 crore), buildings & structures of value Rs 50.43 crore (previous year Rs 50.32 crore) and also execution of lease agreements for 13,844 acres of land of value Rs 1,718.54 crore (previous year 11,039 acres, value Rs 737.70 crore) in favour of the Company are awaiting completion of legal formalities.

b) Leasehold land includes 2,748 acres valuing Rs 606.83 crore (previous year 818 acres valuing Rs 29.6Rs Crore) acquired on perpetual lease and accordingly not amortised.

c) Land does not include value of 33 acres (previous year 33 acres) of land in possession of the Company. This will be accounted for on settlement of the price thereof by the State Government Authorities.

d) Land includes 1,302 acres of value Rs 72.51 crore (previous year 1,523 acres of value Rs 173.82 crore) not in possession of the Company. The Company is taking appropriate steps for repossession of the same.

e) Land includes an amount of Rs 179.65 crore (previous year Rs 168.41 crore) deposited with various authorities in respect of land in possession which is subject to adjustment on final determination of price.

f) Possession of land measuring 98 acres (previous year 98 acres) consisting of 79 acres of freehold land (previous year 79 acres) and 19 acres of lease hold land (previous year 19 acres) of value Rs 0.21 crore (previous year Rs 0.21 crore) was transferred to Uttar Pradesh Rajya Vidyut Utpadan Nigam Ltd. (erstwhile UPSEB) for a consideration of Rs 0.21 crore. Pending approval for transfer of the said land, the area and value of this land has been included in the total land of the Company. The consideration received from erstwhile UPSEB is disclosed under Note -10 - 'Other Current Liabilities' - as other liabilities.

g) Ministry of Power, Government of India vide its notification no. 2/38/99-BTPS (Volume VII) dated 22nd September 2006 transferred land of a power station to the Company on operating lease of 50 years. Lease rent for the year amounting to Rs 6.24 crore (previous year Rs 6.24 crore) has been charged to the Statement of Profit and Loss.

h) The Company has received an opinion from the EAC of the ICAI on accounting treatment of capital expenditure on assets not owned by the Company wherein it was opined that such expenditure are to be charged to the Statement of Profit and Loss as and when incurred. The Company has represented that such expenditure being essential for setting up of a project, the same be accounted in line with the existing accounting practice and sought a review.

During the year, ICAI has issued an exposure draft of AS-10 'Property, Plant & Equipment' which would replace the existing AS-10 'Accounting for Fixed Assets'. Para 9 of the said exposure draft and explanation thereto provides for capitalisation of such expenditure along-with the project cost. The final AS-10 'Property, Plant & Equipment' is yet to be issued by the Ministry of Corporate Affairs (MCA), GOI. Pending receipt of communication from the ICAI regarding the review of opinion & notification of the Revised AS-10 by the MCA, the Company continues to account for the said expenditure as per accounting policy no. E.4.

i) Assets under 5 KM scheme of the GOI represent expenditure on electrification of villages within 5 KM periphery of the generation plants of the Company

in terms of Ministry of Power (MOP), Government of India scheme. j) From the accounting periods commencing on or after 7th December 2006, the Company adjusts exchange differences arising on translation/settlement of long-term foreign currency monetary items relating to the acquisition of a depreciable asset to the cost of asset and depreciates the same over the remaining life of the asset. k) Refer Note 43 (a) (ii) regarding plant and equipment under finance lease.

l) Deduction/adjustments from gross block and depreciation/amortisation for the year includes: Rs Crore

Gross Block

Depreciation/Amortisation

31.03.2015 31.03.2014 31.03.2015 31.03.2014
Disposal of assets 11.80 9.33 9.56 7.34
Retirement of assets 582.82 284.52 437.86 207.79
Cost adjustments including exchange differences (3,477.82) (4,478.59)
Assets capitalised with retrospective effect/write back of excess capitalisation (311.86) (53.20) (12.11) (2.15)
Others 3.06 (43.19) (6.27)* 2.77
(3,192.00) (4,281.13) 429.04 215.75

*Includes Rs 5.4Rs Crore (before adjustment of deferred tax) which has been adjusted from general reserve (refer Note 3 d). m) The borrowing costs capitalised during the year is Rs 2,969.11 crore (previous year Rs 2,543.96 crore). The Company capitalised the borrowing costs in the capital work-in-progress (CWIP). Exchange differences capitalised are disclosed in the 'Addition' column of CWIP and allocated to various heads of CWIP in the year of capitalisation through 'Deductions/Adjustment' column of CWIP. Exchange differences in respect of assets already capitalised are disclosed in the 'Deductions/Adjustments' column of fixed assets. Asset-wise details of exchange differences and borrowing costs included in the cost of major heads of fixed assets and CWIP through 'Addition' or 'Deductions/Adjustments' column are given below:

Rs Crore

For the year ended 31st March 2015

For the year ended 31st March 2014

Exch. difference incl in fixed assets/ Borrowing costs incl in fixed assets/ Exch. difference incl in fixed assets/ Borrowing costs incl in fixed assets
CWIP CWIP CWIP CWIP
Building
Main plant (16.90) 168.57 5.90 134.29
Others (1.71) 47.83 0.92 38.83
Hydraulic works, barrages, dams, tunnels and power channel 375.67 302.47
MGR track and signalling system 13.19 0.03 12.94
Railway siding (1.39) 16.53 0.03 22.27
Plant and equipment 43.75 1,948.61 1,119.78 1,777.90
Others including pending allocation 322.21 398.71 723.73 255.26
Total 345.96 2,969.11 1,850.39 2,543.96

Intangible assets

Rs Crore

Gross Block

Depreciation/Amortisation

Net Block

As at 01.04.2014 Additions Deduction/ Adjustment As at 31.03.2015 Upto 01.04.2014 For the year Deduction/ Adjustment Upto 31.03.2015 As at 31.03.2015 As at 31.03.2014
Software 98.29 13.28 0.02 111.55 94.31 4.49 0.03 98.77 12.78 3.98
Right of use - Land 49.03 5.95 (1.48) 56.46 7.89 2.90 10.79 45.67 41.14
- Others 234.15 (13.93) 248.08 34.30 10.07 44.37 203.71 199.85
Total 381.47 19.23 (15.39) 416.09 136.50 17.46 0.03 153.93 262.16 244.97
Previous year 369.56 7.86 (4.05) 381.47 120.88 15.34 (0.28) 136.50 244.97 248.68

a) The right of use of land & others are amortized over the period of legal right to use or life of the related plant, whichever is less.

b) Right of use -land includes Rs 50.58 crore (previous year Rs 43.15 crore) and right to use-others includes Rs 248.08 crore (previous year Rs 234.15 crore) which are amortisedover a period of more than ten years considering the useful life of these assets as per the related agreements/arrangements.

c) Cost of acquisition of the right for drawl of water amounting to Rs 248.08 crore (previous year Rs 234.15 crore) is included under intangible assets - Right of use - Others.

d) Deduction/adjustments from gross block and amortisation for the year includes: Rs Crore

Gross Block

Amortisation

31.03.2015 31.03.2014 31.03.2015 31.03.2014
Cost adjustments (15.42) (3.28)
Assets capitalised with retrospective effect/write back of excess capitalisation (0.68) (0.18)
Others 0.03 (0.09) 0.03 (0.10)
(15.39) (4.05) 0.03 (0.28)

Depreciation/amortisation of Tangible and Intangible Assets for the year is allocated as given below:

Rs Crore

31.03.2015 31.03.2014
Charged to Statement of Profit and Loss 4,911.65 4,142.19
Allocated to fuel cost 276.35 240.15
Transferred to expenditure during construction period (net) - Note 28 76.62 268.95
Transferred to development of coal mines 1.86 1.33
Adjustment with deferred income/expense from deferred foreign currency fluctuation (90.12) 134.48
5,176.36 4,787.10

13. Capital work-in-progress

As at 01.04.2014 Additions Deductions/ Adjustments Capitalised As at 31.03.2015
Development of land 610.99 204.85 153.67 - 662.17
Roads, bridges, culverts & helipads 152.75 102.58 43.65 95.23 116.45
Piling and foundation 608.33 33.98 0.80 - 641.51
Buildings
Main plant 2,236.75 1,011.48 205.73 313.62 2,728.88
Others 798.55 693.36 (15.25) 381.14 1,126.02
Temporary erection 29.62 27.68 6.51 5.95 44.84
Water supply, drainage and sewerage system 58.80 27.88 (16.34) 35.00 68.02
Hydraulic works, barrages, dams, tunnels and power channel 4,755.85 528.18 15.06 - 5,268.97
MGR track and signalling system 267.73 121.46 9.44 166.03 213.72
Railway siding 277.89 229.42 66.50 116.27 324.54
Earth dam reservoir 48.75 29.61 1.76 - 76.60
Plant and equipment 28,148.08 17,105.01 1,924.30 5,820.05 37,508.74
Furniture and fixtures 19.60 24.98 (1.54) 22.96 23.16
*ehicles 0.20 - (0.01) 0.21 -
Office equipment 3.70 2.93 0.09 4.93 1.61
EDP/WP machines & satcom equipment 1.24 2.32 0.17 1.33 2.06
Construction equipments 0.34 2.67 0.47 0.72 1.82
Electrical installations 102.25 197.06 9.40 24.94 264.97
Communication equipments 1.64 1.82 0.81 0.46 2.19
Hospital equipments 0.34 0.13 - 0.34 0.13
Laboratory and workshop equipments 0.37 0.10 0.17 0.24 0.06
Assets under 5 KM scheme of the GOI 12.49 5.29 5.35 12.43 -
Capital expenditure on assets not owned by the company 54.08 26.65 4.32 0.04 76.37
Development of coal mines 636.53 449.96 - - 1,086.49
38,826.87 20,829.40 2,415.06 7,001.89 50,239.32
Expenditure pending allocation
Survey, investigation, consultancy and supervision charges 147.26 18.56 (0.44) - 166.26
Difference in exchange on foreign currency loans 1,500.25 317.63 289.46 - 1,528.42
Pre-commisioning expenses (net) 131.48 242.70 324.86 - 49.32
Expenditure during construction period (net) 514.89 3,870.06 90.39 - 4,294.56
Less: Allocated to related works - 3,568.68 - - 3,568.68
41,120.75 21,709.67 3,119.33 7,001.89 52,709.20
Less: Provision for unserviceable works 69.22 41.95 5.18 - 105.99
Construction stores (net of provision) 3,835.21 24.69 - - 3,859.90
Total 44,886.74 21,692.41 3,114.15 7,001.89 56,463.11
Previous year 37,109.42 18,488.10 3,043.29 7,667.49 44,886.74

3Brought from expenditure during construction period (net) - Note 28

a) Construction stores are net of provision for shortages pending investigation amounting to Rs 4.69 crore (previous year Rs 0.2Rs Crore).

b) Pre-commissioning expenses for the year amount to Rs 292.74 crore (previous year Rs 346.09 crore) and after adjustment of pre-commissioning sales of Rs 50.04 crore (previous year Rs 29.06 crore) resulted in net pre-commissioning expenditure of Rs 242.70 crore (previous year Rs 317.03 crore).

c) Additions to the development of coal mines includes expenditure during construction period (net) of Rs 153.90 crore (previous year Rs 260.3Rs Crore).

d) Assets under 5 KM scheme of the GOI represent expenditure on electrification of villages within 5 KM periphery of the generation plants of the Company in terms of Ministry of Power (MOP), Government of India scheme.

13A. Intangible assets under development

Rs Crore

As at 01.04.2014 Additions Deductions/ Adjustments Capitalised As at 31.03.2015
Software - 0.10 - - 0.10
Exploratory wells-in-progress 9.57 30.15 1.80 - 37.92
9.57 30.25 1.80 - 38.02
Less: Provision for unserviceable works 7.64 - - - 7.64
Total 1.93 30.25 1.80 - 30.38
Previous year - 1.91 (0.02) - 1.93

14. Non-current Investments

Rs Crore

Number of shares/bonds/ securities Current year/ (previous year)

Face value per share/bond/ security Current year/ (previous year) (7)

31.03.2015 31.03.2014
Long term - Trade
Equity instruments (fully paid up - unless otherwise stated)
Quoted
PTC India Ltd. 12000000 10 12.00 12.00
(12000000) (10)
12.00 12.00
Unquoted
Subsidiary companies
NTPC Electric Supply Company Ltd. 80910 10 0.08 0.08
(80910) (10)
NTPC *idyut *yapar Nigam Ltd. 20000000 10 20.00 20.00
(20000000) (10)
Kanti Bijlee Utpadan Nigam Ltd. 650000000 10 650.00 473.00
(473001233) (10)
Bhartiya Rail Bijlee Company Ltd. 1172613850 10 1,172.61 774.15
(774152309) (10)
1,842.69 1,267.23
Share application money pending allotment in
Kanti Bijlee Utpadan Nigam Ltd. 39.51
Bhartiya Rail Bijlee Company Ltd. 60.66
100.17
Joint venture companies
Utility Powertech Ltd. (includes 1000000 bonus shares) 2000000 10 1.00 1.00
(2000000) (10)
NTPC-Alstom Power Services Private Ltd. 3000000 10 3.00 3.00
(3000000) (10)
NTPC-SAIL Power Company Private Ltd. 490250050 10 490.25 490.25
(490250050) (10)
NTPC-Tamil Nadu Energy Company Ltd. 1325606112 10 1,325.61 1,265.61
(1265606112) (10)
Ratnagiri Gas & Power Private Ltd. 974308300 10 974.30 974.30
(974308300) (10)
Aravali Power Company Private Ltd. 1257508200 10 1,257.51 1,257.51
(1257508200) (10)
NTPC-SCCL Global *entures Private Ltd. 50000 10 0.05 0.05
(50000) (10)
NTPC BHEL Power Projects Private Ltd. 50000000 10 50.00 50.00
(50000000) (10)
Meja Urja Nigam Private Ltd. 412429800 10 412.43 412.43
(412429800) (10)
BF-NTPC Energy Systems Ltd. 5880000 10 5.88 5.88
(5880000) (10)
Less: Provision for diminution in value 3.35
2.53 5.88
National Power Exchange Ltd. 2188325 10 2.19 2.19
(2188325) (10)
Less: Provision for diminution in value 1.06 1.06
1.13 1.13
Nabinagar Power Generating Company Private Ltd. 511125000 10 511.13 470.13
(470125000) (10)
Transformers and Electricals Kerala Ltd. 19163438 10 31.34 31.34
(19163438) (10)
National High Power Test Laboratory Private Ltd. 23900000 10 23.90 14.88
(14875000) (10)
International Coal *entures Private Ltd. 1400000 10 1.40 1.40
(1400000) (10)
Energy Efficiency Services Ltd. 22500000 10 22.50 22.50
(22500000) (10)
CIL NTPC Urja Private Ltd. 25000 10 0.03 0.03
(25000) (10)
Anushakti *idhyut Nigam Ltd. 49000 10 0.05 0.05
(49000) (10)
Pan-Asian Renewables Private Ltd. 1500000 10 1.50 1.50
(1500000) (10)
Less: Provision for diminution in value 1.28
0.22 1.50
Trincomalee Power Company Ltd. 2036061 1003 9.26 6.72
(3 Srilankan rupees) (1500000) (100)3
Bangladesh-India Friendship Power Company Pvt.Ltd. 2000000 1003 15.53 6.12
(3 Bangladeshi Taka) (800000) (100)3
5,133.17 5,015.83
Share application money pending allotment in
NTPC-Tamilnadu Energy Company Ltd. 59.99
Aravali Power Company Private Ltd. 21.34 14.17
Meja Urja Nigam Private Ltd. 128.92
CIL NTPC Urja Private Ltd. 0.05 0.05
Bangladesh-India Friendship Power Company Pvt.Ltd. 15.90
166.21 74.21
Cooperative societies # #
Bonds (fully paid up)
Unquoted
8.50 % Tax-Free State Government Special Bonds of the Government of Andhra Pradesh (1260650) (1000) 126.07
Assam

(51464)

(1000)

5.15

Bihar

(1894400)

(1000)

189.44

Chattisgarh

(483220)

(1000)

48.32

Gujarat (837240) (1000) 83.72
Haryana (1075000) (1000) 107.50
Himachal Pradesh (33388) (1000) 3.34
Jammu and Kashmir (367360) (1000) 36.74
Jharkhand (960136) (1000) 96.01
Kerala (1002400) (1000) 100.24
Madhya Pradesh

(830840)

(1000)

83.08

Maharashtra

(381400)

(1000)

38.14

Orissa

(1102874)

(1000)

110.29

Punjab (346230) (1000) 34.62
Rajasthan (290000) (1000) 29.00
Sikkim (34196) (1000) 3.42
Uttar Pradesh (3989900) (1000) 398.99
Uttaranchal (399650) (1000) 39.97
West Bengal (1174248) (1000) 117.42
1,651.46
Total 7,154.07 8,120.90
Aggregate amount of quoted investments
Book value 12.00 12.00
Market value 97.08 81.36
Aggregate amount of unquoted investments
Book value 7,142.07 8,108.90
Aggregate amount of provision for dimunition in the value of investments 5.69 1.06

#Equity shares of Rs 30,200/- (previous year Rs 30,200/-) held in various employee co-operative societies.

a) Investments have been valued as per the accounting policy no.K (Note 1).

b) The Board of Directors of NTPC Limited in its meeting held on 27th January 2012 accorded in principle approval for withdrawal from International Coal *entures Private Ltd. (a Joint *enture of the Company). Approval of the GoI for the same is awaited, subsequent to which, the process of withdrawal shall commence. No provision towards the diminution other than temporary in the value of investment in International Coal *entures Private Ltd. is required to be made.

c) The Board of Directors of NTPC Limited in its meeting held on 7th November 2012 has accorded in principle approval for withdrawal from National Power Exchange Ltd. (NPEX) (a Joint Venture of the Company). In the meeting of Group of Promoters (GOP) held on 21st March 2014, GOP recommended for voluntary winding up of NPEX and the same has been adopted by the Board of NPEX in its meeting held on 21st March 2014. Winding up of the Company is underway. Pending winding-up, provision of Rs 1.06 crore (previous year Rs 1.06 crore) towards the diminution other than temporary in the value of investment in NPEX has been made.

d) The Board of Directors of NTPC Limited in its meeting held on 19th June 2014 has accorded in principle approval for withdrawal from BF-NTPC Energy Systems Ltd. (a joint venture of the Company). Pending withdrawl, provision of Rs 3.35 crore (previous year Nil) towards the diminution other than temporary in the value of investment in BF-NTPC Energy Systems Ltd. has been made.

e) The Board of Directors of NTPC Limited in its meeting held on 31st October 2014 approved the proposal for voluntary winding up of Pan-Asian Renewables Private Ltd. (a Joint Venture of the Company). Accordingly, a liquidator has been appointed for dissolution of the Company. The liquidation process is underway. Pending winding-up, provision of Rs 1.28 crore (previous year Nil) towards the diminution other than temporary in the value of investment in Pan-Asian Renewables Private Ltd. has been made.

f) M/s Ratnagiri Gas & Power Private Ltd (RGPPL), a joint venture of the company, has accumulated losses of Rs 2,463.35 crore as at 31st March, 2015 as per unaudited accounts. This includes Rs 1,904.34 crore due to postponement of revenue recognition on conservative basis for the years 2013-14 and 2014-15 in view of disputes raised by its beneficiary though these disputes have already been decided in favour of the RGPPL by the CERC and the APTEL. Keeping in view the ongoing efforts for revival of RGPPL, no provision has been made in respect of the Company's investment of Rs 974.30 crore (previous year Rs 974.30 crore) in RGPPL as the diminution in the value is considered as temporary.

g) The Board of Directors of NTPC Limited in its meeting held on 25th March 2015 has accorded in principle approval for withdrawal from NTPC SCCL Global Ventures Pvt. Ltd. (a Joint Venture of the Company). No provision towards the diminution other than temporary in the value of investment in NTPC SCCL Global Ventures Pvt. Ltd. is required to be made.

h) Restrictions for the disposal of investments held by the Company and commitments towards certain Subsidiary & Joint Venture entities are disclosed in Note 53 b) to 53 f).

15. Long-term loans and advances (Considered good, unless otherwise stated)

Rs Crore

As at 31.03.2015 31.03.2014
Capital advances
Secured 16.48 18.99
Unsecured
Covered by bank guarantee 4,050.18 4,370.63
Others 3,654.03 4,255.36
Considered doubtful 2.06 2.59
Less: Allowance for bad & doubtful advances 2.06 2.59
7,720.69 8,644.98
Security deposits (unsecured) 89.78 74.18
Loans
Related parties
Unsecured 0.01
Employees (including accrued interest)
Secured 401.59 402.07
Unsecured 137.84 140.50
Loan to state government in settlement of dues from customers (Unsecured) 47.86 143.59
Others
Secured 35.00 40.00
Unsecured 3.17 4.88
625.46 731.05
Advances
Contractors & suppliers
Unsecured 2,278.48 607.52
Advance tax & tax deducted at source 11,692.79 9,434.36
Less: Provision for current tax 6,879.31 6,714.83
4,813.48 2,719.53
Total 15,527.89 12,777.26
a) Due from directors and officers of the Company
Directors (*7 20,305/-)

*

Officers (# Rs 49,873/-) 0.01
b) Loans to related parties include:
Key management personnel (# Rs 49,873/- & *720,305/-)

*

c) Loans and advances include amounts given as advance in the ordinary course of business, to the following private companies in which one or more directors of the Company are directors:
NTPC-Alstom Power Services Private Ltd. 17.96 0.04
NTPC BHEL Power Projects Private Ltd. 162.24 213.21

d) Capital advances include Rs 268.72 crore (previous year Rs 252.22 crore), paid to a contractor pending settlement of certain claims which are under arbitration. The amount will be adjusted in the cost of related work or recovered from the party, depending upon the outcome of the arbitration proceedings.

e) Capital advances include advances to related parties of Rs 17.96 crore (previous year Rs 0.04 crore).

f) Other loans include loan of Rs 35.00 crore (previous year Rs 40.00 crore) given to Andhra Pradesh Industrial Infrastructure Corporation Ltd. (APIIC) and Rs 2.5Rs Crore (previous year Rs 4.29 crore) to Kanti Bijlee Utpadan Nigam Ltd.

g) Advances to contractors & suppliers include payments to Railways under Customer funding model as per policy on 'Participative model for rail-connectivity and capacity augmentation projects' issued by Ministry of Railways, GOI. As per the policy, the railway projects agreed between the company and Railways will be constructed, maintained and operated by Railways and ownership of the line and its operations & maintenance will always remain with them. Railways will pay upto 7% of the amount invested through freight rebate on freight volumes every year till the funds provided by the Company are recovered with interest at a rate equal to the prevailing rate of dividend payable by Railways to General exchequer at the time of signing of the agreement, which is pending as at 31st March 2015.

15 A. Other non-current assets

As at 31.03.2015 31.03.2014
Deferred foreign currency fluctuation asset 1,230.49 1,360.77
Claims recoverable 466.28 426.00
1,696.77 1,786.77

a) In line with accounting policy no. M.3 & M.4 (Note 1), deferred foreign currency fluctuation asset has been accounted and (-) Rs 110.15 crore (previous year (-) Rs 257.31 crore) being exchange fluctuations on account of foreign currency loans has been recognised as energy sales in Note 22.

b) Claims recoverable represent the cost incurred upto 31st March 2015 in respect of one of the hydro power projects, the construction of which has been discontinued on the advice of the Ministry of Power (MOP), GOI. This includes Rs 214.34 crore (previous year Rs 176.22 crore) in respect of arbitration awards challenged by the Company before High Court. In the event the High Court grants relief to the Company, the amount would be adjusted against Short Term Provisions - Others (Note 11). Management expects that the total cost incurred, anticipated expenditure on the safety and stabilisation measures, other recurring site expenses and interest costs as well as claims of contractors/vendors for various packages for this project will be compensated in full by the GOI. Hence, no provision is considered necessary.

16. Current investments

Rs Crore

As at Number of bonds/ securities Current year/ (previous year) Face value per bond/security Current year/ (previous year)(7) 31.03.2015 31.03.2014
Trade
Current maturities of long term investments
Bonds (fully-paid up)
Unquoted
8.50 % Tax-Free State Government Special Bonds of the Government of Andhra Pradesh 1260650 1000 126.07 126.07
(1260650) (1000)
Assam 51464 1000 5.15 5.15
(51464) (1000)
Bihar 1894400 1000 189.44 189.44
(1894400) (1000)
Chattisgarh 483220 1000 48.32 48.32
(483220) (1000)
Gujarat 837240 1000 83.73 83.73
(837240) (1000)
Haryana 1075000 1000 107.50 107.50
(1075000) (1000)
Himachal Pradesh 33388 1000 3.34 3.34
(33388) (1000)
Jammu and Kashmir 367360 1000 36.74 36.74
(367360) (1000)
Jharkhand 960136 1000 96.01 96.01
(960120) (1000)
Kerala 1002400 1000 100.24 100.24
(1002400) (1000)
Madhya Pradesh

830840

1000

83.08

83.08

(830840)

(1000)

Maharashtra

381400

1000

38.14

38.14

(381400)

(1000)

Orissa

1102874

1000

110.29

110.29

(1102874)

(1000)

Punjab 346230 1000 34.62 34.62
(346230) (1000)
Rajasthan 290000 1000 29.00 14.50
(145000) (1000)
Sikkim 34196 1000 3.42 3.42
(34196) (1000)
Uttar Pradesh 3989900 1000 398.99 398.99
(3989900) (1000)
Uttaranchal 399650 1000 39.96 39.96
(399650) (1000)
West Bengal 1174248 1000 117.42 117.42
(1174248) (1000)
1,651.46 1,636.96
Investment in mutual funds (unquoted)
UTI Liquid Cash Plan-IP-Direct-DDR* 151.36
IDBI Liquid Fund-Direct-DDR * 75.24
Total 1,878.06 1,636.96
Aggregate amount of unquoted investments
Book value 1,878.06 1,636.96

* Investments out of fly ash utilization reserve fund.

a) Investments have been valued as per accounting policy no.K (Note 1).

b) The above investments are unquoted and hence market value is not applicable.

17. Inventories Rs Crore
As at 31.03.2015 31.03.2014
Coal 3,827.37 1,957.45
Fuel oil 344.06 337.51
Naphtha 139.81 119.81
Stores & spares 2,631.31 2,493.77
Chemicals & consumables 66.21 62.66
Loose tools 7.22 6.55
Steel scrap 20.59 22.15
Others 502.21 446.09
7,538.78 5,445.99
Less: Provision for shortages 4.48 2.17
Provision for obsolete/unserviceable items/ 81.30 70.47
diminution in value of surplus inventory
Total 7,453.00 5,373.35
Inventories include material-in-transit
Coal 421.24 143.65
Stores & spares 35.59 37.10
Chemicals & consumables 0.38 0.82
Loose tools 0.04 0.27
Others 0.84 4.30
458.09 186.14

a) Inventory items, other than steel scrap have been valued as per accounting policy no.L.1 (Note 1). Steel scrap has been valued at estimated realisable value.

b) Inventories - Others includes steel, cement, ash bricks etc.

18. Trade receivables

Rs Crore

As at 31.03.2015 31.03.2014
Outstanding for a period exceeding six months from the date they are due for payment
Unsecured, considered good 17.19 5.91
Considered doubtful 0.20 0.03
17.39 5.94
Others
Unsecured, considered good 7,587.18 5,214.17
7,604.57 5,220.11
Less: Allowance for bad & doubtful receivables 0.20 0.03
Total 7,604.37 5,220.08

19. Cash and bank balances

Rs Crore

As at 31.03.2015 31.03.2014
Cash & cash equivalents
Balances with banks
Current accounts 189.41 62.95
Cheques & drafts on hand 59.66 61.50
Balance with Reserve Bank of India 30.80 30.79
Others (stamps on hand) 0.12 0.08
279.99 155.32
Other bank balances
Deposits with original maturity of more than three months and maturing before 31st March 2016* 12,434.57 15,141.27
Earmarked balances with banks # 164.25 14.78
Total 12,878.81 15,311.37
# Earmarked balances with banks consist of:
Deposits with original maturity of more than three months and maturing before 31st March 2016 towards redemption of bonds due for repayment within one year 100.00
Deposits with original maturity of more than three months and maturing before 31st March 2016 - fly ash utilisation reserve fund** 36.66
Deposits with original maturity of more than three months and maturing before 31st March 2016 - towards public deposit repayment reserve 0.08
Unpaid dividend account balance 14.95 14.19
Deposits with original maturity upto three months - as per court orders 12.21
Unpaid interest/refund account balance - tax free bonds 0.30 0.52
Towards unpaid interest on public deposit 0.03 0.03
Margin money kept with RBI earmarked for fixed deposits from public 0.02
Security with government authorities 0.02 0.02
164.25 14.78

*Includes deposits of Rs 2750.00 crore (previous year Rs Nil) with more than twelve months maturity from the date of deposit. **Refer Note 3 a) regarding fly ash utilisation reserve fund.

20. Short-term loans and advances (Considered good, unless otherwise stated)

Rs Crore

As at 31.03.2015 31.03.2014
Loans
Related parties
Unsecured 0.01 0.03
Employees (including accrued interest)
Secured 76.40 77.38
Unsecured 94.62 94.46
Considered doubtful 0.02
Loan to state government in settlement of dues from customers
Unsecured 95.73 95.73
Others
Secured 5.00 10.00
Unsecured 0.86 3.71
Less: Allowance for bad & doubtful loans 0.02
272.62 281.31
Advances
Related parties
Unsecured 7.37 3.54
Employees
Unsecured 11.52 10.22
Considered doubtful 0.03 0.03
Contractors & suppliers
Unsecured 983.88 1,746.93
Considered doubtful 1.59 2.31
Others
Unsecured 375.43 181.01
Considered doubtful 0.02
Less: Allowance for bad & doubtful advances 1.62 2.36
1,378.20 1,941.70
Security deposits (unsecured) 756.77 893.03
Total 2,407.59 3,116.04
a) Due from Directors and Officers of the Company
Directors 0.03
Officers ( * 733,168/-) 0.01 *
b) Loans to related parties include:
Key management personnel 0.01 0.03
c) Advance to related parties include:
Joint venure companies 7.37 3.54
d) Loans and advances include amounts due from the following private companies in which one or more directors of the Company are directors:
NTPC-Alstom Power Services Private Ltd. 0.53 0.68
NTPC-SAIL Power Company Private Ltd. 1.96 2.09
Aravali Power Company Private Ltd. 1.98 5.02
NTPC BHEL Power Projects Private Ltd. 2.62 1.50
Meja Urja Nigam Private Limited 8.54 4.60
Nabinagar Power Generating Company Private Ltd. 0.71 0.13
Pan-Asian Renewables Private Ltd. 0.04
Bangladesh India Friendship Power Company Pvt.Ltd. 4.58 1.46

e) Other loans represent loans of Rs 5.00 crore (previous year Rs 10.00 crore) given to APIIC and Rs 0.86 crore (previous year Rs 3.71 crore) to Kanti Bijlee Utpadan Nigam Ltd.

f) Other advances include prepaid expenses amounting to Rs 69.55 crore (previous year Rs 64.92 crore), amount recoverable from JV/subsidiary Companies Rs 278.80 crore (previous year Rs 116.08 crore) etc.

g) Security deposits (unsecured) include Rs 224.15 crore (previous year Rs 211.92 crore) towards sales tax deposited with sales/commercial tax authorities, Rs 306.30 crore (previous year Rs 308.73 crore) deposited with Courts and Rs 160.9Rs Crore (7143.80 crore) deposited with LIC for making annuity payments to the land oustees.

21. Other current assets

Rs Crore

As at 31.03.2015 31.03.2014
Interest accrued on
Bonds 105.28 174.24
Term deposits 396.02 586.35
Others 36.43 46.52
537.73 807.11
Claims recoverable
Unsecured, considered good 2,074.46 1,743.26
Considered doubtful 13.40 13.77
Less: Allowance for doubtful claims 13.40 13.77
2,074.46 1,743.26
Unbilled revenue 2,502.33 6,646.93
Assets held for disposal 2.12 2.60
Hedging cost recoverable 4.59
Others 20.37 12.05
Total 5,141.60 9,211.95

a) Others include amount recoverable from contractors and other parties towards hire charges, rent/electricity, etc.

b) Unbilled revenue is net of credits to be passed to beneficiaries at the time of billing and includes Rs 6,384.00 crore (previous year Rs 7,069.70 crore) billed to the beneficiaries after 31st March for energy sales.

22. Revenue from operations (gross)

Rs Crore

For the year ended 31.03.2015 31.03.2014
Energy sales (including electricity duty) 73,197.61 72,115.06
Consultancy, project management and supervision fee 109.78 112.66
73,307.39 72,227.72
Sale of fly ash/ash products 25.17
Less: Transferred to fly ash utilisation reserve fund [refer Note 3 (a)] 25.17
Energy internally consumed 86.21 83.39
Other operating revenues
Interest from beneficiaries 332.82 131.48
Recognized from deferred foreign currency fluctuation liability 3.12 1.56
Provisions written back
Tariff adjustments 180.16 162.56
Others 5.99 37.31
186.15 199.87
Total 73,915.69 72,644.02

a) The CERC notified the Tariff Regulations, 2014 in February 2014 (Regulations, 2014). Pending issue of provisional/final tariff orders w.e.f. 1st April 2014 for all the stations, beneficiaries are billed in accordance with the tariff approved and applicable as on 31st March 2014 as provided in the Regulations 2014. The amount provisionally billed for the year ended 31st March 2015 is Rs 73,703.99 crore (previous year Rs 68,704.03 crore).

b) The Company has filed a petition before the Hon'ble High Court of Delhi contesting certain provisions of the Regulations, 2014. Pending issue of provisional/ final tariff orders under Regulations, 2014 by the CERC and disposal of the petition, sales have been provisionally recognised at Rs 73,133.81 crore for the year ended 31st March 2015 (previous year Rs 69,596.12 crore).

Pending disposal of the aforesaid petition, energy charges included in sales, in respect of the coal based stations, for the period upto July 2014 have been recognized based on the GCV 'as received at boiler end' and thereafter the GCV 'as received at the secondary crusher'.

c) Sales for the year ended 31st March 2015 include Rs 679.62 crore (previous year Rs 2,086.82 crore) pertaining to previous years recognized based on the orders issued by the CERC/Appellate Tribunal for Electricity (APTEL).

d) Sales for the year ended 31st March 2015 include (-) Rs 1,399.42 crore (previous year (-) Rs 269.99 crore) on account of income-tax payable to the beneficiaries as per Regulations, 2004. Sales for the year ended 31st March 2015 also include Rs 113.96 crore (previous year Rs 77.02 crore) on account of deferred tax materialized which is recoverable from beneficiaries as per Regulations, 2014.

e) Electricity duty on energy sales amounting to Rs 669.64 crore (previous year Rs 625.09 crore) has been reduced from sales in the Statement of Profit and Loss.

f) Revenue from operations include Rs 86.21 crore (previous year Rs 83.39 crore) towards energy internally consumed, valued at variable cost of generation and the corresponding amount is included in power charges in Note 26.

g) CERC Regulations provides that where after the truing-up, the tariff recovered is less/more than the tariff approved by the Commission, the generating Company shall recover/pay from/to the beneficiaries the under/over recovered amount along-with simple interest. Accordingly, the interest recoverable from the beneficiaries amounting to Rs 332.82 crore (previous year Rs 131.48 crore) has been accounted as 'Interest from beneficiaries'. Further, the amount payable to the beneficiaries has been accounted as 'Interest to beneficiaries' in Note 26.

h) Provisions written back - Others include provision for doubtful loans, advances, claims, debts and provision for shortage/obsolescence in stores, shortage in fixed assets, and unservicable CWIP.

23. Other income

Rs Crore

For the year ended 31.03.2015 31.03.2014
Interest from
Long-term investments - Government securities (8.5% tax free bonds) 245.04 382.95
Others
Loan to state government in settlement of dues from customers (8.5% tax free) 18.31 26.44
Loan to subsidiary companies 1.04 1.69
Loan to employees 31.13 30.67
Contractors 49.67 44.57
Deposits with banks/Reserve Bank of India 1,263.49 1,600.15
Deposits with banks out of fly ash utilisation reserve fund 0.92
Less : Transferred to fly ash utilisation reserve fund [refer Note 3 (a)] 0.92
Income tax refunds 36.40 154.54
Less : Refundable to beneficiaries 36.40 80.53
74.01
Others 20.71 9.12
Dividend from
Long-term investments in
Subsidiaries 26.00
Joint ventures 90.61 71.98
Equity instruments 2.40 1.92
Current investments in
Mutual funds 157.74 64.35
Current investments in mutual funds out of fly ash utilisation reserve fund 1.60
Less : Transferred to fly ash utilisation reserve fund [refer Note 3 (a)] 1.60
Other non-operating income
Surcharge received from beneficiaries 49.97 76.66
Hire charges for equipment 4.01 3.13
Net gain in foreign currency transactions & translations 128.38 51.33
Sale of scrap 80.18 83.13

 

Rs Crore
For the year ended 31.03.2015 31.03.2014
Liquidated damages recovered 10.90 12.89
Profit on redemption of current investments 28.53
Net gain on sale of current investments 3.15
Miscellaneous income 134.10 172.10
Profit on disposal of fixed assets 4.54 12.86
2,318.22 2,751.63
Less: Transferred to expenditure during construction period (net) - Note 28 83.22 47.46
Transferred to development of coal mines 5.62 7.16
Transferred to deferred foreign currency fluctuation asset/liability 113.06 51.33
Total 2,116.32 2,645.68

a) Interest from others includes interest on advance to APIIC for drawal of water and deposits with LIC towards annuity to the land losers.

b) Miscellaneous income includes income from township recoveries and receipts towards insurance claims.

24. Employee benefits expense

Rs Crore

For the year ended 31.03.2015 31.03.2014
Salaries and wages 3,522.61 3,323.71
Contribution to provident and other funds 520.45 999.36
Staff welfare expenses 577.50 444.47
4,620.56 4,767.54
Less: Allocated to fuel cost 208.03 240.16
Transferred to development of coal mines 38.53 41.10
Transferred to fly ash utilisation reserve fund [refer note 3 (a)] 15.75 * 15.48
Reimbursements for employees on deputation 67.62 43.21
Transferred to expenditure during construction period (net)- Note 28 620.85 602.81
Total 3,669.78 3,824.78

* Includes Rs 12.6Rs Crore transferred to NVVN for reimbursement from fly ash utilization fund.

a) Disclosures as per AS 15 in respect of provision made towards various employee benefits are made in Note 39.

b) Salaries and wages include special allowance paid by the Company to eligible employees serving in difficult and far flung areas w.e.f. 26th November 2008. As per the Office Memorandum dated 26th November 2008 of DPE relating to revision of pay scales w.e.f 1st January 2007, special allowance can be paid to such employees upto 10% of basic pay as approved by concerned administrative ministry. In line with the office memorandum dated 22nd June 2010 of DPE, Board of Directors has approved the Special Allowance (Difficult and Far Flung Areas) to eligible employees. The approval of MOP for the same is awaited.

25. Finance costs

Rs Crore

For the year ended 31.03.2015 31.03.2014
Interest on
Bonds 1,182.58 961.67
Foreign currency term loans 244.32 253.96
Rupee term loans 3,635.60 3,056.24
Public deposits 0.03 0.05
Foreign currency bonds/notes 542.72 521.77
Others 3.32 26.23
5,608.57 4,819.92
Other borrowing costs
Guarantee fee 31.55 33.50
Management/arrangers fee 40.48 16.41
Foreign currency bonds/notes expenses 17.28 1.07
Others 14.85 102.58
104.16 153.56
Sub-Total 5,712.73 4,973.48
Less: Transferred to expenditure during construction period (net) - Note 28 2,881.28 2,488.85
Transferred to development of coal mines 87.83 78.04
Total 2,743.62 2,406.59

Other borrowing costs - Others include bond issue & service expenses, comittment charges, exposure premium, upfront fee and insurance premium & legal expenses on foreign currency loans.

26. Generation, administration & other expenses

Rs Crore

For the year ended 31.03.2015 31.03.2014
Power charges 191.48 249.73
Less: Recovered from contractors & employees 24.67 20.07
166.81 229.66
Water charges 488.86 450.92
Stores consumed 48.34 47.60
Rent 37.02 30.66
Less: Recoveries 9.57 8.05
27.45 22.61
Load dispatch centre charges 37.24 144.40

Rs Crore

For the year ended 31.03.2015 31.03.2014
Repairs & maintenance
Buildings 194.92 189.92
Plant & machinery 2,029.22 1,849.83
Others 137.03 127.63
Insurance 123.08 116.76
Interest to beneficiaries 98.11 59.37
Rates and taxes 46.64 34.00
Water cess & environment protection cess 34.90 38.13
Training & recruitment expenses 26.23 28.68
Less: Receipts 1.29 3.30
24.94 25.38
Communication expenses 43.64 43.50
Travelling expenses 204.93 196.88
Tender expenses 36.09 30.62
Less: Receipt from sale of tenders 2.82 3.13
33.27 27.49
Payment to auditors 3.96 3.32
Advertisement and publicity 19.74 14.54
Security expenses 421.48 369.75
Entertainment expenses 22.43 14.26
Expenses for guest house 23.25 21.68
Less: Recoveries 2.93 2.80
20.32 18.88
Education expenses 36.24 37.69
Community development and welfare expenses 125.91 92.90
Less: Grants-in-aid 0.93
125.91 91.97
Donation 0.15
Ash utilisation & marketing expenses 10.32 12.63
Directors sitting fee 0.47 0.45
Professional charges and consultancy fee 28.53 142.95
Legal expenses 38.27 31.13
EDP hire and other charges 18.05 17.70
Printing and stationery 12.17 13.65
Oil & gas exploration expenses 29.63 3.41
Hiring of vehicles 74.20 66.05
Rebate to customers & reimbursement of LC charges on sales realization 603.42 559.98
Net loss in foreign currency transactions & translations 6.22 17.50
Cost of hedging 8.95 1.89
Horticulture expenses 30.61 26.46
Hire charges of helicopter/aircraft 12.37 12.74
Hire charges of construction equipments 8.95 10.86
Transport vehicle running expenses 7.89 8.78
Miscellaneous expenses 75.25 65.41
Loss on disposal/write-off of fixed assets 146.05 73.92
5,500.81 5,220.15
Less: Allocated to fuel cost 342.67 305.49
Transferred to development of coal mines 19.05 129.63
Transferred to deferred foreign currency fluctuation asset/liability 6.22 2.98
Transferred to hedging cost recoverable from beneficiaries 4.59
Transferred to fly ash utilisation reserve fund [refer Note 3 (a)] 19.68 * 19.41
Transferred to expenditure during construction period (net) - Note 28 354.07 375.15
4,754.53 4,387.49
Provisions for
Tariff adjustments 148.10 121.32
Diminution in value of long term investments in joint venture 4.63 0.02
Obsolescence in stores 13.97 10.34
Unserviceable capital works 41.95 6.63
Unfinished minimum work programme for oil and gas exploration 5.00 7.36
Others 11.13 10.69
224.78 156.36
Total 4,979.31 4,543.85
*Includes Rs 10.76 crore to NVVN for reimbursement from fly ash utilization fund.
a) Spares consumption included in repairs and maintenance 1,106.24 1,091.63

Rs Crore

For the year ended 31.03.2015 31.03.2014
b) Details in respect of payment to auditors:
As auditor
Audit fee 1.16 1.04
Tax audit fee 0.41 0.36
Limited review 0.70 0.62
In other capacity
Other services (certification fee) 0.56 0.56
Reimbursement of expenses 0.73 0.42
Reimbursement of service tax 0.40 0.32
Total 3.96 3.32

Payment to the auditors includes Rs 0.24 crore (previous year Rs 0.13 crore) relating to earlier year.

c) CERC Regulations provides that where after the truing-up, the tariff recovered is more than the tariff approved by the Commission, the generating Company shall pay to the beneficiaries the over recovered amount along-with simple interest. Accordingly, the interest payable to the beneficiaries amounting to Rs 98.11 crore (previous year Rs 59.3Rs Crore) has been accounted and disclosed as 'Interest to beneficiaries'.

d) Miscellaneous expenses include expenditure on books & periodicals, operating expenses of DG sets, brokerage & commission, bank charges , furnishing expenses etc.

e) Provisions - Others include provision for doubtful loans, advances, claims, debts and provision for shortage/ obsolescence in stores, shortage in fixed assets and arbitration cases.

27. Prior period items (net)

Rs Crore

For the year ended 31.03.2015 31.03.2014
Revenue
Sales 208.32
Others 1.81 0.08
210.13 0.08
Expenditure
Employee benefits expense 0.37 (0.37)
Finance costs
Interest (132.29)
Depreciation and amortisation 12.12 2.35
Generation, administration and other expenses
Repairs and maintenance 4.77 2.33
Power Charges 5.94 (0.03)
Rent 4.33 0.13
Others

0.97

7.30

(103.79)

11.71

Net expenditure/(revenue) (313.92) 11.63
Less: Transferred to expenditure during construction period (net)-Note 28 20.46 (1.24)
Transferred to development of coal mines (0.55) 0.03
Total (333.83) 12.84

a) In line with the accounting policy on advance against depreciation, excess of depreciation charged in the books over the depreciation recovered in tariff, amounting to Rs 208.32 crore upto 31st March 2014 has been recognised as prior period sales.

b) During the year, the EAC of the ICAI has opined, on a reference by the Company, that interest paid/payable on land compensation till final award of the Court should be considered as a component of purchase/acquisition price of land since such interest is the result of the process of acquisition of land as per the Act. Any interest beyond the final award of the court should be treated as revenue expenditure and charged to the Statement of Profit and Loss. Accordingly, interest on land compensation amounting to Rs 132.86 crore charged to Statement of Profit & Loss in previous years has been reversed and treated as cost of land by credit to prior period interest.

28. Expenditure during construction period (net)

Rs Crore

For the year ended 31.03.2015 31.03.2014
A. Employee benefits expense
Salaries and wages 506.44 453.69
Contribution to provident and other funds 67.26 110.40
Staff welfare expenses 47.15 38.72
Total (A) 620.85 602.81
B. Finance costs
Interest on
Bonds 623.58 426.37
Foreign currency term loans 101.96 107.68
Rupee term loans 1,871.58 1,532.39
Foreign currency bonds/notes 221.09 284.19
Others 22.92
Other borrowing costs
Management/arrangers fee 40.48 16.41
Foreign currency bonds/notes expenses 16.41 1.07
Others 6.18 97.82
Total (B) 2,881.28 2,488.85
C. Depreciation and amortisation 76.62 268.95

Rs Crore

For the year ended 31.03.2015 31.03.2014
D. Generation, administration & other expenses
Power charges 95.85 163.61
Less: Recovered from contractors & employees 2.76 1.94
93.09 161.67
Water charges 4.34 1.59
Rent 6.36 6.19
Repairs & maintenance
Buildings 8.98 5.41
Plant and machinery 0.65 0.49
Others 37.59 25.81
47.22 31.71
Insurance 1.39 1.12
Rates and taxes 8.56 2.85
Communication expenses 5.42 5.76
Travelling expenses 44.10 38.02
Tender expenses 9.63 6.61
Advertisement and publicity 1.35 2.44
Security expenses 55.82 46.53
Entertainment expenses 5.10 2.49
Expenses for guest house 4.21 4.44
Professional charges and consultancy fee 6.13 6.63
Legal expenses 6.36 5.80
EDP hire and other charges 1.63 1.29
Printing and stationery 1.80 1.49
Miscellaneous expenses 51.56 48.52
Total (D) 354.07 375.15
E. Less: Other income
Interest from contractors 35.22 30.25
Interest others 15.49 2.93
Hire charges for equipment 1.82 2.98
Sale of scrap 0.73 0.02
Miscellaneous income 29.96 11.28
Total (E) 83.22 47.46
F. Prior period items (net) 20.46 (1.24)
Grand total (A+B+C+D-E+F) 3,870.06 * 3,687.06*

*Carried to Capital work-in-progress - (Note 13)

29. Previous year figures have been regrouped /rearranged wherever considered necessary.

30. Amount in the financial statements are presented in Rs crore (upto two decimals) except for per share data and as other-wise stated. Certain amounts, which do not appear due to rounding off, are disclosed separately.

31. a) Some of the balances of trade/other payables and loans and advances are subject to confirmation/reconciliation. Adjustments, 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. b) In the opinion of the management, the value of assets, other than fixed assets and non-current investments, on realisation in the ordinary course of business, will not be less than the value at which these are stated in the Balance Sheet.

32. In accordance with the principles approved by the Board of Directors of the Company, the dispute with coal suppliers on account of GCV has been settled. Accordingly, against the total disputed billed amount of Rs 2,578.74 crore (previous year Rs 4,102.8Rs Crore) as at 31st March 2014, during the year the Company has paid Rs 1,773.51 crore and provided Rs 25.48 crore and the remaining amount of Rs 779.75 crore is settled. Sales corresponding to energy charges recoverable for the amounts paid/provided as above have been recognized on settlement.

33. The levy of transit fee/entry tax on supplies of fuel to some of the power stations has been paid under protest as the matters are subjudice at various courts. In case the Company gets refund/demand from fuel suppliers/tax authorities on settlement of these cases, the same will be passed on to respective beneficiaries.

34. The environmental clearance ("clearance") granted by the Ministry of Environment and Forest, Government of India (MoEF) for one of the Company's project was challenged before the National Green Tribunal (NGT). The NGT disposed the appeal, inter alia, directing that the order of clearance be remanded to the MoEF to pass an order granting or declining clearance to the project proponent afresh in accordance with the law and the judgment of the NGT and for referring the matter to the Expert Appraisal Committee ("Committee") for its re-scrutiny, which shall complete the process within six months from the date of NGT order. NGT also directed that the environmental clearance shall be kept in abeyance and the Company shall maintain status quo in relation to the project during the period of review by the Committee or till fresh order is passed by the MoEF, whichever is earlier. The Company filed an appeal challenging the NGT order before the Hon'ble Supreme Court of India which stayed the order of the NGT and the matter is sub-judice. Aggregate cost incurred on the project upto 31st March 2015 is Rs 8,732.44 crore (previous year Rs 4,455.73 crore). Management is confident that the approval for proceeding with the project shall be granted, hence no provision is considered necessary.

35. The Company is executing a hydro power project in the state of Uttrakhand, where all the clearances were accorded. A case was filed in Hon'ble Supreme Court of India after the natural disaster in Uttrakhand in June 2013 to review whether the various existing and ongoing hydro projects have contributed to environmental degradation. Hon'ble Supreme Court of India on 7th May 2014, ordered that no further construction shall be undertaken in the projects under consideration until further orders, which included the hydro project of the Company. In the proceedings, Hon'ble Supreme Court is examining to allow few projects which have all clearances which includes the project of the Company where the work has been stopped. Aggregate cost incurred on the project up to 31st March 2015 is Rs 154.5Rs Crore (previous year Rs 145.46 crore). Management is confident that the approval for proceeding with the project shall be granted, hence no provision is considered necessary.

36. Disclosure as per Accounting Standard - 1 on 'Disclosure of Accounting Policies' During the year, following changes in accounting policies have been made:

a) Policy A 'Basis of preparation' has been modified considering the provisions of the Companies Act, 2013.

b) The Company has revised the accounting policy nos. N.1.1, N.1.2 & N.1.3 regarding depreciation in alignment with Schedule-II to the Companies Act, 2013 which has become applicable from 1st April 2014. Consequently, profit for the year ended 31st March 2015 is lower by Rs 14.9Rs Crore and fixed assets as at 31st March 2015 are lower by Rs 20.44 crore. Further, an amount of Rs 3.58 crore (net of deferred tax of Rs 1.89 crore) has been recognized in the opening balance of the retained earnings where the remaining useful life of such assets is Nil as at 1st April 2014 in line with the provisions of Schedule-II to the Companies Act, 2013.

c) Policy N.1.11 regarding depreciation on leasehold land and buildings has been modified to cover all the tariff regulations of CERC viz. for thermal, hydro and renewable energy sources.

d) Policy S 'Segment reporting' has been added for improved disclosures.

There is no impact on the accounts due to the changes at sl.no. (a) (c), & (d) above.

37. Disclosure as per Accounting Standard - 11 on 'Effects of Changes in Foreign Exchange Rates' The effect of foreign exchange fluctuation during the year is as under:

i) The amount of exchange differences (net) credited to the Statement of Profit & Loss is Rs 15.32 crore (previous year debit of Rs 14.52 crore).

ii) The amount of exchange differences (net) debited to the carrying amount of fixed assets is Rs 345.96 crore (previous year Rs 1,850.39 crore).

38. Disclosure as per Accounting Standard - 12 on 'Accounting for Government Grants' Revenue grants recognised during the year is Rs Nil (previous year Rs 0.93 crore).

39. Disclosure as per Accounting Standard - 15 on 'Employee Benefits' General description of various employee benefit schemes are as under: 1. Defined Contribution Plans

A. Provident Fund

Company pays fixed contribution to provident fund at predetermined rates to a separate trust, which invests the funds in permitted securities. Contribution to family pension scheme is paid to the appropriate authorities. The contribution of Rs 236.48 crore (previous year Rs 235.63 crore) to the funds for the year is recognised as expense and is charged to the Statement of Profit and Loss. The obligation of the Company is to make such fixed contribution and to ensure a minimum rate of return to the members as specified by GOI. As per report of the actuary, overall interest earnings and cumulative surplus is more than the statutory interest payment requirement. Hence, no further provision is considered necessary. The details of fair value of plan assets and obligitions are as under: Rs Crore

Particulars 31.03.2015 31.03.2014
Obligations at the end of the year 6,143.59 5,463.94
Fair value of plan assets at the end of the year 6,197.85 5,515.53

B. Pension

The defined contribution pension scheme of the Company for its employees which is effective from 1st January 2007, is administered through a separate trust. The obligation of the Company is to contribute to the trust to the extent of amount not exceeding 30% of basic pay and dearness allowance less employer's contribution towards provident fund, gratuity, post retirement medical facility (PRMF) or any other retirement benefits. The contribution of Rs 225.39 crore (previous year Rs 641.03 crore including Rs 346.56 crore for the periods from 1st January 2007 to 31st March 2013) to the funds for the year is recognized as an expense and charged to the Statement of Profit and Loss.

2. Defined Benefit Plans

A. Gratuity & Pension

a) The Company has a defined benefit gratuity plan. Every employee who has rendered continuous service of five years or more is entitled to gratuity at 15 days salary (15/26Rs last drawn basic salary plus dearness allowance) for each completed year of service subject to a maximum of Rs 0.10 crore on superannuation, resignation, termination, disablement or on death.

b) The Company has pension schemes at two of its stations in respect of employees taken over from erstwhile state government power utilities.

The existing schemes stated at (a) and at one of the power stations at (b) above are funded by the Company and are managed by separate trusts. The liability for gratuity and the pension schemes as above is recognised on the basis of actuarial valuation. The Company's best estimate of the contribution towards gratuity/pension for the financial year 2015-16 is Rs 28.64 crore.

B. Post-Retirement Medical Facility (PRMF)

The Company has Post-Retirement Medical Facility (PRMF), under which the retired employee and his / her 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 for the same is recognised on the basis of actuarial valuation.

C. Terminal Benefits

Terminal benefits include baggage allowance for settlement at home town for employees & dependents and farewell gift to the superannuating employees. Further, the Company also provides for pension in respect of employees taken over from erstwhile State Government Power Utility at another station refered at 2.A.(b) above. Liability for the same is recognised based on acturial valuation.

D. Leave

The Company provides for earned leave benefit (including compensated absences) and half-pay leave to the employees of the Company which accrue annually at 30 days and 20 days respectively. Earned leave is en-cashable while in service. Half-pay leaves (HPL) are en-cashable only on separation beyond the age of 50 years up to the maximum of 240 days. However, total amount of leave that can be encashed on superannuation shall be restricted to 300 days and no commutation of half-pay leave shall be permissible. The liability for the same is recognised on the basis of actuarial valuation. The above mentioned schemes (B, C and D) are unfunded and are recognised on the basis of actuarial valuation. The summarised position of various defined benefits recognised in the Statement of Profit and Loss, Balance Sheet is as under: (Figures given in { } are for previous year)

i) Expenses recognised in Statement of Profit and Loss

Rs Crore

Gratuity & Pension

PRMF Leave Terminal Benefits
Current service cost 69.56 17.80 55.94 7.26
{69.15} {15.47} {53.82} {6.06}
Interest cost on benefit obligation 129.19 47.57 79.21 26.55
{114.71} {36.08} {68.27} {21.76}
Expected return on plan assets (110.55) - - -
{(100.26)} {-} {-} {-}
Net actuarial (gain)/loss recognised in the year (87.62) 125.24 149.44 32.86
{(17.97)} {73.63} {179.93} {26.53}
Less: Expenses transferred to capital work-in-progress (1.59) 6.46 14.84 -
{3.81} {4.46} {13.17} {-}
Expenses recognised in the Statement of Profit & Loss 2.17 184.15 269.75 66.67
{61.82} {120.72} {288.85} {54.35}
Actual return on plan assets 134.56 - - -
{114.66} {-} {-} {-}

ii) The amount recognised in the Balance Sheet

Rs Crore

Gratuity & Pension

PRMF Leave Terminal Benefits
Present value of obligation as at 31.03.2015 1,541.62 727.49 1,006.11 363.01
{1,519.91} {559.65} {931.87} {312.40}
Fair value of plan assets as at 31.03.2015 1,449.42
{1,383.31} {-} {-} {-}
Net liability recognised in the Balance Sheet 92.20 727.49 1,006.11 363.01
{136.60} {559.65} {931.87} {312.40}

iii) Changes in the present value of the defined benefit obligations:

Rs Crore

Gratuity & Pension

PRMF Leave Terminal Benefits
Present value of obligation as at 01.04.2014 1,519.91 559.65 931.87 312.40
{1,433.87} {451.06} {853.42} {271.85}
Interest cost 129.19 47.57 79.21 26.55
{114.71} {36.08} {68.27} {21.76}
Current service cost 69.56 17.80 55.94 7.26
{69.15} {15.47} {53.82} {6.06}
Benefits paid (113.42) (22.77) (210.35) (16.06)
{(94.23)} {(16.59)} {(223.57)} {(13.80)}
Net actuarial (gain)/loss on obligation (63.62) 125.24 149.44 32.86
{(3.59)} {73.63} {179.93} {26.53}
Present value of the defined benefit obligation as at 31.03.2015 1,541.62 727.49 1,006.11 363.01
{1,519.91} {559.65} {931.87} {312.40}

iv) Changes in the fair value of plan assets:

Gratuity & Pension

PRMF

Leave Terminal Benefits
Fair value of plan assets as at 01.04.2014 1,383.31
{1,256.05} {-} {-} {-}
Expected return on plan assets 110.55
{100.26} {-} {-} {-}
Contributions by employer 39.29
{101.29}
Benefit paid (107.73) {(88.67)} {-}- {-}- {-}-
Net actuarial gain/(loss) 24.00 {14.38} {-}- {-}- {-}-
Fair value of plan assets as at 31.03.2015 1,449.42

{1,383.31}

{-}- {-}- {-}-

v) Other disclosures:

Gratuity & pension 31.03.2015 31.03.2014 31.03.2013 31.03.2012 31.03.2011
Present value of obligation as at 1,541.62 1,519.91 1,433.87 1,288.86 1,185.28
Fair value of plan assets as at 1,449.42 1,383.31 1,256.05 1,162.97 1,031.68
Surplus/(Deficit) (92.20) (136.60) (177.82) (125.89) (153.60)
Experience adjustment on plan liabilities (loss)/gain 61.19 3.12 (50.04) (18.87) (59.49)
Experience adjustment on plan assets (loss)/gain 24.12 14.38 9.37 12.29 5.10
PRMF 31.03.2015 31.03.2014 31.03.2013 31.03.2012 31.03.2011
Present value of obligation as at 727.49 559.65 451.06 369.49 311.67
Experience adjustment on plan liabilities (loss)/gain (123.37) (73.63) (19.53) (30.60) (33.27)
Leave 31.03.2015 31.03.2014 31.03.2013 31.03.2012 31.03.2011
Present value of obligation as at 1006.11 931.87 853.42 739.57 651.90
Experience adjustment on plan liabilities (loss)/gain (150.14) (179.57) (180.46) (89.90) (87.83)

 

Terminal Benefits 31.03.2015 31.03.2014 31.03.2013 31.03.2012 31.03.2011
Present value of obligation as at 363.01 312.40 271.85 229.34 192.29
Experience adjustment on plan liabilities (loss)/gain (34.89) (26.39) (25.49) (24.38) (23.95)

vi) The effect of one percentage point increase/decrease in the medical cost of PRMF will be as under:

Rs Crore

Increase by Decrease by
Service and interest cost 17.96 (14.15)
Present value of obligation 104.45 (91.16)

E. Details of the Plan Assets

The details of the plan assets at cost are:

Rs Crore

31.03.2015 31.03.2014
i) State government securities 0.30 399.15
ii) Central government securities 92.90 322.97
iii) Corporate bonds/debentures 274.58 510.21
iv) Money market instruments 2.50 5.62
v) Investment with insurance companies 1,051.92 95.88
vi) Fixed deposits with banks 11.48 7.09
Total (excluding interest accrued) 1,433.68 1,340.92

The amounts included in the value of plan assets in respect of the reporting enterprise's own financial instruments is Nil (previous year Rs 25.00 crore).

F. Actual return on plan assets Rs 134.56 crore (previous year Rs 114.66 crore).

G. Other Employee Benefits

Provision for long service award and family economic rehabilitation scheme amounting to Rs 28.76 crore (previous year Rs 3.45 crore) for the year have been made on the basis of actuarial valuation at the year end and debited to the Statement of Profit and Loss.

H. Actuarial Assumptions

Principal assumptions used for actuarial valuation for the year ended are:

31.03.2015 31.03.2014
i) Method used

Projected Unit Credit Method

ii) Discount rate 8.00% 8.50%
iii) Expected rate of return on assets:
- Gratuity 8.00% 8.00%
- Pension 7.50% 7.00%
iv) Annual increase in costs 6.00% 6.50%
v) Future salary increase 6.00% 6.50%

The estimates of future salary increases considered in actuarial valuation, take account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market. Further, the expected return on plan assets is determined considering several applicable factors mainly the composition of plan assets held, assessed risk of asset management and historical returns from plan assets.

40. Disclosure as per Accounting Standard - 16 on 'Borrowing Costs'

Borrowing costs capitalised during the year are Rs 2,969.11 crore (previous year Rs 2,543.96 crore).

41. Disclosure as per Accounting Standard - 17 on 'Segment Reporting' Segment information:

a) Business segments

The Company's principal business is generation and sale of bulk power to State Power Utilities. Other business includes providing consultancy, project management and supervision, oil and gas exploration and coal mining.

b) Segment revenue and expense

Revenue directly attributable to the segments is considered as 'Segment Revenue'. Expenses directly attributable to the segments and common expenses allocated on a reasonable basis are considered as 'Segment Expenses'.

c) Segment assets and liabilities

Segment assets include all operating assets in respective segments comprising of net fixed assets and current assets, loans and advances. Capital work-in-progress and capital advances are included in unallocated corporate and other assets. Segment liabilities include operating liabilities and provisions.

Business Segments

Total

Generation

Others

Current year Previous year Current year Previous year Current year Previous year
Segment Revenue
Sale of energy/consultancy, project management and supervision fee * 72,527.97 71,489.97 109.78 112.66 72,637.75 71,602.63
Other income 902.13 750.29 3.11 2.41 905.24 752.70
Unallocated corporate interest and other income 1,819.38 2,309.28
Total 73,430.10 72,240.26 112.89 115.07 75,362.37 74,664.61
Segment result * 12,554.39 14,974.80 (4.45) 16.23 12,549.94 14,991.03
Unallocated corporate interest and other income 1,819.38 2,352.49
Unallocated corporate expenses, interest and finance charges 3,822.67 3,438.87
Profit before tax 10,546.65 13,904.65
Income tax (net) 255.79 2,929.91
Profit after tax 10,290.86 10,974.74
Other information
Segment assets 102,742.19 95,781.65 1,530.68 772.12 104,272.87 96,553.77
Unallocated corporate and other assets 92,811.85 83,000.41
Total assets 102,742.19 95,781.65 1,530.68 772.12 197,084.72 179,554.18
Segment liabilities 13,593.72 13,840.48 710.60 378.25 14,304.32 14,218.73
Unallocated corporate and other liabilities 101,123.05 79,520.13
Total liabilities 13,593.72 13,840.48 710.60 378.25 115,427.37 93,738.86
Depreciation (including prior period) 4,884.94 4,109.89 0.36 0.24 4,885.30 4,110.13
Non-cash expenses other than depreciation 213.58 137.62 5.21 7.37 218.79 144.99
Capital expenditure 20,932.49 22,292.39 989.58 773.50 21,922.07 23,065.89

* Includes (-) Rs 719.80 crore (previous year Rs 1,816.83 crore) for sales related to earlier years.

# Generation segment result would have been Rs 13,274.19 crore (previous year Rs 13,157.9Rs Crore) without including the sales related to earlier years.

d) The operations of the Company are mainly carried out within the country and therefore, geographical segments are inapplicable.

42. Disclosure as per Accounting Standard - 18 on 'Related Party Disclosures' a) Related parties:

i) Joint ventures:

Utility Powertech Ltd., NTPC-Alstom Power Services Private Ltd., BF-NTPC Energy Systems Ltd., National Power Exchange Ltd., Pan-Asian Renewables Private Ltd., Trincomalee Power Company Ltd. and Bangladesh-India Friendship Power Company Private Ltd.

ii) Key Management Personnel:
Shri Arup Roy Choudhury Chairman and Managing Director
Shri I.J. Kapoor Director (Commercial)
Shri A.K.Jha Director (Technical)
Shri U.P.Pani Director (Human Resources)
Shri S.C.Pandey Director (Projects)
Shri K.Biswal Director (Finance)
Shri K.K.Sharma Director (Operations)1
Shri N.N.Misra Director (Operations)2
1. W.e.f. 1st November 2014 2. Superannuated on 31st October 2014

b) Transactions with the related parties at a (i) above are as follows:

Rs Crore

Particulars Current year Previous year
i) Transactions during the year
• Contracts for works/services for services received by the Company:
- Utility Powertech Ltd. 522.02 439.74
- NTPC-Alstom Power Services Private Ltd. 30.82 0.94
- National Power Exchange Ltd. 0.36
• Contracts for works/services for services provided by the Company:
- Utility Powertech Ltd. 0.02
- Trincomalee Power Company Ltd. 1.16 0.20
• Deputation of Employees:
- Utility Powertech Ltd. 0.39 0.25
- NTPC-Alstom Power Services Private Ltd. 0.77 0.85
- Trincomalee Power Company Ltd. 1.77 0.96
- Pan-Asian Renewables Private Ltd. 0.35 0.33
- Bangladesh-India Friendship Power Company Private Ltd. 3.10 1.34
ii) Dividend received:
- Utility Powertech Ltd. 7.00 5.50
- NTPC-Alstom Power Services Private Ltd. 0.47 0.30
iii) Amount recoverable for contracts for works/services received:
- Utility Powertech Ltd. 0.19 0.17
- NTPC-Alstom Power Services Private Ltd. 17.96 0.04
- National Power Exchange Ltd. 0.14
iv) Amount payable for contracts for works/services received:
- Utility Powertech Ltd. 81.27 69.49
- NTPC-Alstom Power Services Private Ltd. 8.18 6.52
v) Amount recoverable for contracts for works/services provided:
- Utility Powertech Ltd. 0.01
- BF-NTPC Energy Systems Ltd. 0.12 0.12
- Trincomalee Power Company Ltd. 1.62 0.55
vi) Amount payable for contracts for works/services provided:
- Trincomalee Power Company Ltd. 0.92
vii) Amount recoverable on account of deputation of employees:
- Utility Powertech Ltd. 0.10 0.10
- NTPC-Alstom Power Services Private Ltd. 0.53 0.66
- Trincomalee Power Company Ltd. 1.90 1.12
- Pan-Asian Renewables Private Ltd. 0.04
- Bangladesh-India Friendship Power Company Private Ltd. 4.44 1.34
viii) Equity contributions made:
- Pan-Asian Renewables Private Ltd. 1.00
- Trincomalee Power Company Ltd. 2.54
- Bangladesh -India Friendship Power Company Private Ltd. 25.31 6.12

The Company has received bank guarantees from Utility Powertech Ltd. for an amount of Rs 7.6Rs Crore (previous year Rs 6.36 crore).

c) Remuneration to key management personnel for the year is Rs 3.49 crore (previous year Rs 4.09 crore) and amount of dues outstanding to the Company as at 31st March 2015 are Rs Nil (previous year Rs 0.03 crore).

Rs Crore

Managerial remuneration to Key management personnel Current year Previous year
Shri Arup Roy Choudhury 0.50 0.52
Shri I.J. Kapoor 0.56 0.59
Shri A.K.Jha 0.48 0.56
Shri U.P.Pani 0.43 0.37
Shri S.C.Pandey 0.37 0.21
Shri K.Biswal 0.35 0.10
Shri K.K.Sharma 0.16
Shri N.N.Misra 0.64 0.52
Shri.B.P.Singh 0.58
Shri A.K. Singhal 0.64
Total 3.49 4.09

43. Disclosure as per Accounting Standard - 19 on 'Leases' a) Finance leases

(i) During previous years, the Company took on lease certain vehicles and had option to purchase them as per the terms of the lease agreements. As at 31st March 2015, there are no vehicles on lease.

(ii) The Company has entered into an agreement for coal movement through inland waterways transport. As per the agreement, the operator shall design, build, operate and maintain the unloading infrastructure and material handling system ("facility"), and transfer the same to the Company after expiry of Rs years at Rs 1/-. The facility shall be constructed in two phases of which Phase I has been completed and is under operation. Fair value of the entire facility is Rs 90 crore and the assets and liability in respect of Phase-I have been recognised at Rs 60 crore based on technical assessment. The minimum lease payments shall start on completion of Phase-II of the facility. Amounts payable for the coal transported through Phase-I of the facility are disclosed as contingent rent. Rs Crore

31.03.2015 31.03.2014
a) Obligations towards minimum lease payments
• Not later than one year 15.45 12.02
• Later than one year and not later than five years 82.41 82.41
• Later than five years 46.36 49.79
Total 144.22 144.22
b) Present value of (a) above
• Not later than one year 7.83 5.27
• Later than one year and not later than five years 52.31 45.81
• Later than five years 39.51 38.92
Total 99.65 90.00
c) Finance charges 44.57 54.22
d) Contingent rent for the year 5.16 2.01

b) Operating leases

The Company's other significant leasing arrangements are in respect of operating leases of premises for residential use of employees, offices and guest houses/transit camps for a period of one to two years. These leasing arrangements are usually renewable on mutually agreed terms but are not non-cancellable. Note 24 - Employee benefits expense includes Rs 42.83 crore (previous year Rs 65.85 crore) towards lease payments (net of recoveries) in respect of premises for residential use of employees. Lease payments in respect of premises for offices and guest house/transit camps are included under 'Rent' in Note 26 - 'Generation, administration and other expenses'. Further, the Company has taken a helicopter on wet lease basis for a period of eleven years and the amount of lease charges is included in 'Hire charges of helicopter/aircraft' in Note 26.

44. Disclosure as per Accounting Standard - 20 on 'Earnings Per Share'

The elements considered for calculation of earning per share (Basic and Diluted) are as under:

Current year Previous year
Net profit after tax used as numerator - Rs crore 10,290.86 10,974.74
Weighted average number of equity shares used as denominator 824,54,64,400 824,54,64,400
Earning per share (Basic and Diluted) - 7 12.48 13.31
Nominal value per share - 7 10/- 10/-

45. Disclosure as per Accounting Standard - 26 on 'Intangible Assets'

Research expenditure charged to revenue during the year is Rs 97.56 crore (previous year Rs 98.52 crore).

46. Disclosure as per Accounting Standard - 27 on 'Financial Reporting of Interest in Joint Ventures' a) Joint Venture Entities:

Company

Proportion of ownership interest as at

(excluding share application money)

31.03.2015 31.03.2014
(%) (%)
A. Joint Ventures incorporated in India
1. Utility Powertech Ltd. 50.00 50.00
2. NTPC - Alstom Power Services Private Ltd. 50.00 50.00
3. NTPC-SAIL Power Company Private Ltd. 50.00 50.00
4. NTPC -Tamilnadu Energy Company Ltd. 50.00 50.00
5. Ratnagiri Gas and Power Private Ltd.* 28.91 32.86
6. Aravali Power Company Private Ltd. 50.00 50.00
7. NTPC - SCCL Global Ventures Private Ltd.* 50.00 50.00
8. Meja Urja Nigam Private Ltd. 50.00 50.00
9. NTPC - BHEL Power Projects Private Ltd.* 50.00 50.00

 

Company

Proportion of ownership interest as at

(excluding share application money)

31.03.2015 31.03.2014
(%) (%)
10. BF - NTPC Energy Systems Ltd. 49.00 49.00
11. Nabinagar Power Generating Company Private Ltd. 50.00 50.00
12. National Power Exchange Ltd.* 16.67 16.67
13. International Coal Ventures Private Ltd.* 0.27 14.28
14. National High Power Test Laboratory Private Ltd. 21.63 20.00
15. Transformers & Electricals Kerala Ltd.* 44.60 44.60
16. Energy Efficiency Services Ltd.* 25.00 25.00
17. CIL NTPC Urja Private Ltd.* 50.00 50.00
18. Anushakti Vidyut Nigam Ltd. 49.00 49.00
19. Pan-Asian Renewables Private Ltd.* 50.00 50.00
B. Joint Ventures incorporated outside India
1. Trincomalee Power Company Ltd.* (incorporated in Srilanka) 50.00 50.00
2. Bangladesh-India Friendship Power Company Private Ltd.* (incorporated in Bangladesh) 50.00 50.00

* The accounts are unaudited.

The Company's share of the assets, liabilities, contingent liabilities and capital commitment as at 31st March 2015 and income and expenses for the year in respect of joint venture entities based on audited/unaudited accounts are given below:

Rs Crore

31.03.2015

31.03.2014

A. Assets
• Non current assets

16,480.65

15,076.16

• Current assets

2,540.88

2,637.07

Total

19,021.53

17,713.23

B. Liabilities
• Non current liabilities 10,438.13 9,446.27
• Current liabilities 3,323.96 2,425.04
Total 13,762.09 11,871.31
C. Contingent liabilities 600.02 247.21
D. Capital commitments 6,113.95 9,903.06
Current year Previous year
E. Income 4,779.76 4,512.04
F. Expenses 4,867.10 4,041.50

b) Joint venture operations:

i) The Company along-with some public sector undertakings has entered into Production Sharing Contracts (PSCs) with GOI for three oil exploration blocks namely KG-OSN-2009/1, KG-OSN-2009/4 and AN-DWN-2009/13 under VIII round of New Exploration Licensing Policy (NELP VIII) with 10% participating interest (PI) in each of the blocks.

I n the case of AN-DWN-2009/13, Gujarat State Petroleum Corporation Ltd. (GSPC) submitted notice for withdrawl from the block subsequent to completion of mimimum work programme (MWP) and M/s Oil & Natural Gas Corporation Ltd. (ONGC) decided to acquire 10% PI of GSPC. The Company alongwith consortium partners has decided to relinquish the block AN-DWN-2009/13 and ONGC (the operator) has submitted an application to Directorate General of Hydrocarbons (DGH) in this regard.

Based on the un-audited statement of the accounts for the above blocks forwarded by ONGC, the operator, the Company's share in respect of assets and liabilities as at 31st March 2015 and expenditure for the year are given below:

Rs Crore

Item 2014-15 2013-14
(Unaudited) (Unaudited)
Expenses 29.67 2.94
Assets 0.62 1.89
Liabilities 2.41 2.96
Capital commitments (Unfinished MWP) 92.54 65.76

The exploration activities in block KG-OSN-2009/4 were suspended w.e.f. 11.01.2012 due to non-clearance by the Ministry of Defence, GOI. Subsequently, DGH vide letter dated 29th April 2013 has informed ONGC that the block is cleared conditionally wherein block area is segregated between No Go zone, High-risk zone and Permitted zone.As the permitted area is only 38% of the total block area the consortium has submitted proposal to DGH for downward revision of MWP of initial exploration period.

ii) Exploration activities in the block AA-ONN-2003/2 were abandoned in January 2011 due to unforeseen geological conditions & withdrawal of the operator. Attempts to reconstitute the consortium to accomplish the residual exploratory activities did not yield result. In the meanwhile, Ministry of Petroleum & Natural Gas demanded in January 2011 the cost of unfinished minimum work programme from the consortium with NTPC's share being USD 7.516 million. During the year, provision in this respect has been updated to Rs 58.64 crore from Rs 53.64 crore along with interest in the previous year. The Company has sought waiver of the claim citing force majeure conditions at site leading to discontinuation of exploratory activities.

The Company has accounted for expenditure of (-) Rs 0.7Rs Crore for the year 2014-15 (previous year Rs 0.01 crore) towards the establishment expenses of M/s Geopetrol International, the operator to complete the winding up activities of the Block. The Company's share in the assets and liabilities as at 31st March 2015 and expenditure for the year is as under: Rs Crore

2014-15 2013-14
Item (Unaudited) (Un-audited)
Expenses*

(0.77)

0.01

Assets

9.19

14.47

Liabilities 1.82 2.32
Contingent liabilities 57.43 50.71

* Expenses for the year 2014-15 are negative due to difference observed on audit of accounts for the year 2013-14.

47. Disclosure as per Accounting Standard - 28 on 'Impairment of Assets'

As required by Accounting Standard (AS) 28 'Impairment of Assets', an assessment of impairment of assets was carried out and based on such assessment, there has been no impairment loss during the year.

48. Disclosure as per Accounting Standard - 29 on 'Provisions, Contingent Liabilities and Contingent Assets'-(Refer Note-11)

Rs Crore

Particulars Balance as at 01.04.2014 Additions during the year Payments during the year Reversal / adjustments during the year Balance as at 31.03.2015
Provision for obligations incidental to land acquisition 2,822.42 902.79 241.37 385.12 3,098.72
Provision for tariff adjustment 1,275.70 148.10 180.16 1,243.64
Others 438.33 74.26 7.57 505.02
Total 4,536.45 1,125.15 241.37 572.85 4,847.38

49. Foreign currency exposure

a) Hedged by a derivative instrument

The derivative contracts outstanding as at 31st March 2015 are as under:

Particulars Currency

Amount in Foreign Currency (Crore)

Amount (Rs Crore)

31.03.2015 31.03.2014 31.03.2015 31.03.2014
Currency & interest rate swap JPY 14.96 19.23 7.89 11.38
Principal only swap EURO 1.00 68.56

MTM loss on the above contract as at 31st March 2015 is as under:

Particulars

Amount (Rs Crore)

31.03.2015 31.03.2014
Currency & interest rate swap 1.15
Principal only swap 3.44

The derivative contracts entered into by the Company are for hedging currency and/or interest rate risk on foreign currency loans. b) Not hedged by a derivative instrument or otherwise

Particulars

Amount in Foreign Currency (Crore)

Amount (Rs Crore)

Currency 31.03.2015 31.03.2014 31.03.2015 31.03.2014
Borrowings, including interest accrued but not due thereon. USD 341.34 260.54 21,569.23 15,791.13
JPY 4,887.59 4,560.37 2,577.72 2,697.46
EURO 19.69 13.67 1,350.02 1,143.00
Trade payables/deposits and retention monies USD 37.80 24.05 2,388.58 1,457.67
EURO 9.18 8.88 629.38 743.05
Others 133.21 91.33 85.13 74.18
Trade receivables and bank balances USD 0.05 0.02 3.11 1.33
Others 1.14 0.84 0.76 0.54
Unexecuted amount of contracts remaining to be executed USD 76.00 116.94 4,802.44 7,087.73
EURO 50.97 62.72 3,494.50 5,245.90
Others 1,517.82 1,011.68 869.49 732.42

50. Information in respect of micro and small enterprises as at 31st March 2015 as required by Micro, Small and Medium Enterprises Development Act, 2006

Rs Crore

Particulars Amount
a) Amount remaining unpaid to any supplier:
Principal amount 89.06
Interest due thereon 0.13
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. 0.02
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. 0.01
d) Amount of interest accrued and remaining unpaid 0.07
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 disallowances as a deductible expenditure under Section 23 of MSMED Act . -

51. Disclosure as required by Clause 32 of Listing Agreements:

A. Loans and advances in the nature of loans:

1. To Subsidiary Companies

Name of the company

Outstanding balance as at

Maximum amount outstanding during

31.03.2015 31.03.2014 2014-15 2013-14
Kanti Bijlee Utpadan Nigam Ltd. 3.43 8.00 8.00 12.57

 

2. To Firms/companies in which directors are interested : Nil
3. Where there is no repayment schedule or repayment beyond seven year or no interest or interest as per Section 372A of the Companies Act, 1956 : : Rs 3.43 crore (Repayment schedule beyond seven years)
B. Investment by the loanee (as detailed above) in the shares of NTPC : Nil

52. Contingent Liabilities:

a) Claims against the company not acknowledged as debts in respect of :

(i) Capital Works

Some of the contractors for supply and installation of equipments and execution of works at our projects have lodged claims on the Company for Rs 7,660.88 crore (previous year Rs 4,134.85 crore) seeking enhancement of the contract price, revision of work schedule with price escalation, compensation for the extended period of work, idle charges etc. These claims are being contested by the Company as being not admissible in terms of the provisions of the respective contracts.

The Company is pursuing various options under the dispute resolution mechanism available in the contracts for settlement of these claims. It is not practicable to make a realistic estimate of the outflow of resources if any, for settlement of such claims pending resolution.

(ii) Land compensation cases

In respect of land acquired for the projects, the erstwhile land owners have claimed higher compensation before various authorities/courts which are yet to be settled. Against such cases, contingent liability of Rs 312.3Rs Crore (previous year Rs 393.40 crore) has been estimated.

(iii) Fuel Suppliers

Pending resolution of the issues with fuel companies, an amount of Rs 567.22 crore (previous year Rs 647.33 crore) towards surface transportation charges, customs duty on service margin on imported coal, etc. has been estimated by the Company as contingent liability.

(iv) Others

In respect of claims made by various State/Central Government departments/Authorities towards building permission fee, penalty on diversion of agricultural land to non-agricultural use, non agricultural land assessment tax, water royalty etc. and by others, contingent liability of Rs 896.34 crore (previous year Rs 1,088.23 crore) has been estimated.

(v) Possible Reimbursement

The contingent liabilities referred to in (i) above, include an amount of Rs 1,172.56 crore (previous year Rs 994.83 crore) relating to the hydro power project stated in Note 15 A (b) - Other non current assets, for which Company envisages possible reimbursement from GOI in full. In respect of balance claims included in (i) and in respect of the claims mentioned at (ii) above, payments, if any, by the company on settlement of the claims would be eligible for inclusion in the capital cost for the purpose of determination of tariff as per CERC Regulations subject to prudence check by the CERC. In case of (iii), the estimated possible reimbursement by way of recovery through tariff as per Regulations is Rs 423.36 crore (previous year Rs 637.82 crore).

b) Disputed Tax Matters

Disputed income tax/Sales tax/Excise and other tax matters pending before various Appellate Authorities amount to Rs 4,161.8Rs Crore (previous year Rs 1,907.49 crore). Many of these matters were disposed off in favour of the Company but are disputed before higher authorities by the concerned departments. In respect of disputed cases, the company estimate possible reimbursement of Rs 1,508.46 crore (previous year Rs 390.3Rs Crore).

c) Others

Other contingent liabilities amount to Rs 309.36 crore (previous year Rs 363.49 crore).

Some of the beneficiaries have filed appeals against the tariff orders of the CERC. The amount of contingent liability in this regard is not ascertainable.

53. Capital and other commitments

a) Estimated amount of contracts remaining to be executed on capital account and not provided for as at 31st March 2015 is Rs 58,398.91 crore (previous year Rs 63,534.19 crore).

b) In respect of investments of Rs 1,822.61 crore (previous year Rs 1,347.32 crore) in subsidiary Companies, the Company has restrictions for their disposal as at 31st March 2015 as under:

Name of the Subsidiary Period of restrictions for disposal of investments as per related agreements Amount of investment (Rs Crore)
Bhartiya Rail Bijlee Company Ltd. 5 years from the date of commercial operation. 1,172.61
Kanti Bijlee Utpadan Nigam Ltd. 5 years from the date of commercial operation. Further, as per loan agreement, minimum equity of 51% shall be maintained at all times untill final settlement of loan i.e., 4 years moratorium period and subsequently 11 years for repayment. 650.00
Total 1,822.61

c) In respect of investments of Rs 1,693.88 crore (previous year Rs 2,835.18 crore) in the joint venture entities, the Company has restrictions for their disposal as at 31st March 2015 as under:

Name of the Joint Venture Company Period of restrictions for disposal of investments as per related agreements Amount of investment (Rs Crore)
Pan-Asian Renewables Private Ltd. 2 years from the date of commercial operation of the project having minimum capacity of 100 MW of renewable energy project or 5 years from the date of incorporation (i.e.14.10.2011) whichever is earlier. Also refer Note 14 e. 1.50
NTPC-SAIL Power Company Private Ltd. 3 years from the date of allotment (last allotment made on 30.09.2012) 490.25
Transformers and Electricals Kerala Ltd. 3 years from the date of acquisition (i.e.19.06.2009) or upgradation capacity enhancement scheme whichever is later 31.34
NTPC BHEL Power Projects Private Ltd. 3 years from the date of completion of first EPC contract of single order value of not less than 7500 crore or till further such time as mutually agreed. 50.00
National High Power Test Laboratory Private Ltd. 5 years from the date of incorporation (i.e. 22.05.2009) or completion of project whichever is later. 23.90
NTPC-SCCL Global Ventures Private Ltd. 5 years from the date of incorporation (i.e. 31.07.2007) or commercial operation whichever is later. Also refer Note 14 g. 0.05
National Power Exchange Ltd. 5 years from the date of commencement of business i.e trading operation or company issues shares to public at large (IPO) whichever is earlier. Also refer Note 14 c. 2.19
CIL NTPC Urja Private Ltd. 5 years from the date of incorporation (i.e. 27.04.2010) or commercial operation whichever is later.

0.08

International Coal Ventures Private Ltd. 5 years from the date of incorporation (i.e. 20.05.2009) or till such time an undertaking for non-disposal of such share is given to FI/Banks for their assistance to the company. Also refer Note 14 b. 1.40
Trincomalee Power Company Ltd. (* Srilankan rupees) 12 years from the initial operation date. 9.26
Bangladesh-India Friendship Power Company Pvt.Ltd. 15 years from the date of commercial operation date. 31.43
Meja Urja Nigam Private Ltd. 5 years from the date of incorporation (i.e. 02.04.2008) or commercial operation whichever is later. Further, NTPC shall hold atleast 50% of equity and voting rights untill final settlement of loan i.e., 5 years moratorium period and subsequently 10 years for repayment. 541.35
Nabinagar Power Generating Company Private Ltd. 5 years from the date of incorporation (09.09.2008) or commercial operation whichever is later. Further, NTPC shall not transfer/assign or pledge shares of the JV untill final settlement of loan i.e. 5 years moratorium and subsequently 15 years for repayment. 511.13
Total 1,693.88

d) The Company has commitments of Rs 3,638.40 crore (previous year Rs 3,770.44 crore) towards further investment in the joint venture entities as at 31st March 2015.

e) The Company has commitments of Rs 131.82 crore (previous year Rs 607.09 crore) towards further investment in the subsidiary companies as at 31st March 2015.

f) The Company has commitments of bank guarantee of 0.50 % of total contract price to be undertaken by NTPC-BHEL Power Projects Private Ltd. limited to a cumulative amount of Rs 75.00 crore (previous year Rs 75.00 crore).

g) Company's commitment towards the minimum work programme in respect of oil exploration activity of Cambay Block (100% owned by the company) is Rs 140.2Rs Crore (USD 22.41 million) (previous year Rs 198.21 crore, USD 32.98 million).

h) Company's commitment towards the minimum work programme in respect of oil exploration activities of joint venture operations has been disclosed in Note 46 (b).

i) Company's commitment in respect of lease agreements has been disclosed in Note 43.

54. Corporate Social Responsibility Expenses (CSR)

As per Section 135 of the Companies Act, 2013 read with guidelines issued by DPE, the Company is required to spend, in every financial year, at least two per cent of the average net profits of the Company made during the three immediately preceding financial years in accordance with its CSR Policy. The details of CSR expenses for the year are as under:_Rs Crore

Particulars Amount
A. Amount required to be spent during 2014-15 283.48
B. Amount spent on CSR - Revenue expenses 203.34
- Capital expenses 1.84
C. Shortfall amount appropriated to CSR Reserve (Note 3) 78.30
D. Break-up of the amount spent on CSR:
1. Community development and welfare expenses (Note 26) 125.91
2. Salaries, wages and other benefits of hospital staff (Note 24) 35.84
3. Education expenses (Note 26) 27.44
4. Salaries, wages and other benefits of Company's own CSR personnel limited to 5% of total amount required to be spent on CSR 14.17
5. Miscellaneous expenses (Note 26) 6.55
6. Capital expenditure (Note 12 & 13) 1.84
Total 211.75
7. Less: Miscellaneous income from hospital (Note 23) 6.57
Amount spent on CSR 205.18

E. Out of total amount of Rs 205.18 crore, Rs 174.6Rs Crore has been spent in cash and the balance amount of 730.51 crore is yet to be paid in cash as at 31st March 2015.

55. Other disclosures as per Schedule III of the Companies Act, 2013

Rs Crore

Particulars Current year Previous year
a) Value of imports calculated on CIF basis:
Capital goods 2,788.44 2,472.14
Spare parts 80.16 115.46
b) Expenditure in foreign currency:
Professional and consultancy fee 10.98 13.83
Interest 821.59 775.72
Others 49.54 66.22

 

c) Value of components, stores and spare parts consumed

Current year

Previous year

(including fuel): %age Amount %age Amount
Imported 16.85 8,427.22 14.73 6,918.59
Indigenous 83.15 41,572.55 85.27 40,050.32
Current year Previous year
d) Earnings in foreign exchange:
Professional & consultancy fee 2.94 3.08
Others 0.47 0.05

For and on behalf of the Board of Directors

(A.K.Rastogi) (K.Biswal) (Dr. Arup Roy Choudhury)
Company Secretary Director (Finance) Chairman & Managing Director

These are the notes referred to in Balance Sheet and Statement of Profit and Loss

For O. P. Bagla & Co. For PSD & Associates For PKF Sridhar & Santhanam LLP
Chartered Accountants Chartered Accountants Chartered Accountants
Firm Reg. No. 000018N Firm Reg. No. 004501C Firm Reg. No. 003990S/S200018
(Rakesh Kumar) (Prakash Sharma) (S. Narasimhan)
Partner Partner Partner
M No.087537 M No.072332 M No.206047
For V. Sankar Aiyar & Co. For Ramesh C. Agrawal & Co. For A.R. & Co.
Chartered Accountants Chartered Accountants Chartered Accountants
Firm Reg. No. 109208W Firm Reg. No. 001770C Firm Reg. No. 002744C
(Ajay Gupta) (R.C. Agrawal) (Pawan K Goel)
Partner Partner Partner
M No. 090104 M No.070229 M.No.072209
Place : New Delhi
Dated : 29th May 2015

   

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