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Bharat Heavy Electricals
BSE: 500103|NSE: BHEL|ISIN: INE257A01026|SECTOR: Infrastructure - General
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« Mar 12
Notes to Accounts Year End : Mar '13
1 Cash credit limit from banks aggregating to Rs. 5000 Crore (previous
 year Rs. 3000 Crore) and Company''s counter guarantee / indemnity
 obligations in regard to bank guarantee / letters of credit limit
 aggregating to Rs. 50000 Crore (previous year Rs. 52000 Crore)
 sanctioned by the consortium banks are secured by first charge by way
 of hypothecation of raw materials, components, work in progress,
 finished goods, stores, trade receivables and other current assets both
 present and future. The outstanding bank guarantees as at 31.03.2013 is
 Rs. 41786 Crore (previous year Rs. 38200 Crore) and Corporate Guarantee
 as on 31.03.2013 is Rs. 4717.71 Crore (Previous year Rs. 4448.14
 Crore).
 
 2 Other payable/ liabilities include a sum of Rs. 100.51 Crore
 (previous year Rs. 100.51 Crore) towards guarantee fee demanded by the
 Government of India in respect of foreign currency loans taken by the
 Company at the instance of the Government upto 1990-91. The matter for
 its waiver has been taken up with the Government since there was no
 stipulation for payment of such guarantee fee at the time the loans
 (guaranteed by Government) were taken. Vide BHEL letter dated
 19.09.2012, Department of Heavy Industries (DHI) has been again
 requested for waiver of the guarantee fee. The matter is under
 discussions with DHI.
 
 3 Amorphous Silicon Solar Cell Plant (ASSCP), Gurgaon was taken on
 April 1, 1999 from Ministry of Non-conventional Energy Sources on lease
 for a period of 30 years. The formal lease agreement with the Ministry
 of Non-Conventional Energy Sources is yet to be finalised.
 
 4 Balances shown under Trade receivables, Trade payables, contractor''s
 advances, deposits and stock/materials lying with
 sub-contractors/fabricators are subject to confirmation, reconciliation
 & consequential adjustment, if any. The reconciliation is carried out
 on ongoing basis as the Company is in the business of long term
 construction contracts & provisions wherever considered necessary have
 been made in line with the guidelines.
 
 5 a) The operations of the Libyan project site have been consolidated
 based on the unaudited accounts maintained at the regional headquarter
 at Noida, in view of the turnmoil in Libya.
 
 b) The operations of the Tishreen Syrian project site have been
 consolidated based on the unaudited accounts maintained at the regional
 headquarter at Noida, as force majeure condition was invoked in Syria
 in the second week of June 2012 and the same condition prevails as on
 31st March 2013.
 
 6 The disclosure relating to derivative instruments:
 
 a) The derivative instruments that are hedged and outstanding as on
 31.03.2013 is Nil (previous year Nil).
 
 b) The foreign currency exposures that are not hedged by a derivative
 instrument or otherwise are as under:
 
 7 The disclosure relating to AS-15 (R) - Employee Benefits a) Gratuity
 Plan
 
 The gratuity liability arises on account of future payments, which are
 required to be made in the event of retirement, death in service or
 withdrawal. The liability has been assessed using projected unit credit
 actuarial method.
 
 Reconciliation of opening and closing balances of the present value of
 the defined benefit obligation as at the year ended are as follows:
 
 8 Related Party Transactions:
 
 i) Related Parties where control exists (Joint Ventures): Powerplant
 Performance Improvement Ltd.
 
 BHEL-GE Gas Turbine Services Pvt. Ltd.
 
 NTPC-BHEL Power Projects Pvt. Ltd.
 
 Udangudi Power Corporation Ltd. (Upto 26.03.2013) Raichur Power
 Corporation Ltd.
 
 Dada Dhuniwale Khandwa Power Ltd.
 
 Latur Power Company Ltd.
 
 ii) Other related parties (Key Management Personnel- Functional
 Directors: existing & retired):
 
 S/Shri B.P. Rao , Atul Saraya, O. P. Bhutani, M.K. Dube , P. K. Bajpai
 and R Krishnan (w.e.f. 01.04.2012)
 
 9 During the year the Company has included policies on Use of
 estimates, Taxes on income, impairment and Segment reporting. The
 impact due to this is NIL as these were already in practice.
 
 10 Assets and Liabilites are classified between Current and Non-current
 considering 12 months period as operating cycle.
 
 11 Item of expense and income less than Rs. one Lakh are not considered
 for booking under Prior Period Items.
Source : Dion Global Solutions Limited
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