1.  Overview:
 
 Indiabulls Power Limited.(the Company) was incorporated on October
 08, 2007 as a wholly owned subsidiary of Indiabulls Real Estate Limited
 (IBREL) with an authorised capital of Rs. 500,000 divided into 50,000
 equity shares of Rs. 10 each. During the financial year 2009-10, the
 authorised capital was increased to Rs. 50,000,000,000 (Rupees Five
 Thousand Crores) divided into 5,000,000,000 (Five Hundred Crore) equity
 shares of face value Rs. 10 each. The main business activities of the
 Company included inter alia, dealing in power generation, distribution,
 trading and transmission and other ancillary and incidental activities.
 
 On February 12, 2008 the Company had entered into a Shareholder''s
 agreement (Agreement) with IBREL, individual promoters of IBREL
 (Sameer Gehlaut, Rajiv
 
 Rattan and Saurabh K Mittal), Investors (FIM Limited and LNM India
 Internet Ventures Limited) and the erstwhile Indiabulls Power Services
 Limited (IPSL or Amalgamating Company), a fellow subsidiary. The
 Company had also entered into a Share Subscription Agreement (SSA)
 dated February 12, 2008, with IBREL, FIM Limited and LNM India Internet
 Ventures Limited. In terms of the Agreement and the SSA, the Company
 had issued and allotted 237,000,000 equity shares of face value of Rs.
 10 each at a premium of Rs. 56.67 per share to the Investors on
 February 22, 2008.
 
 In terms of the Agreement, IPSL was amalgamated with the Company, with
 effect from the Appointed date on April 1, 2008. Consequently, the
 Company applied for and received approval dated January 16, 2009, from
 the FIPB Unit, Department of Economic Affairs, Ministry of Finance,
 Government of India to engage in the business of generating,
 developing, transmitting, distributing and supplying all forms of
 electrical power (except atomic energy) and to act as an operating cum
 holding company.
 
 In accordance with the provisions of Section 21 and other applicable
 provisions of the Companies Act, 1956, the members of the Company at
 their Extraordinary General Meeting held on July 4, 2009, accorded
 their approval to change the name of the Company. The Company has since
 received fresh certificate of incorporation consequent upon change of
 name, from the Registrar of Companies, National Capital Territory of
 Delhi & Haryana, dated July 7, 2009 in respect of the said change.
 Accordingly, the name of the Company was changed to ''Indiabulls Power
 Limited.''
 
 The Board of Directors of the Company at its meeting held on November
 30, 2010 issued and allotted 420,000,000 Share Warrants of Face Value
 Rs. 10 each @ Rs. 29 per warrant (paid up value as at the year-end Rs.
 7.25 per warrant out of which Rs. 2.50 is towards the Face Value) to
 certain entities promoted by the promoters of IBREL. At the option of
 the warrant holders, they are entitled to receive an equivalent number
 of equity shares of a Face Value of Rs. 10 per share in the Company, at
 an exercise price of Rs. 29 per equity share. These warrants are
 convertible at the option of the warrant holder into equity shares of
 the Company in one or more tranches, within a period of 18 months from
 the date of their allotment.
 
 The Board of Directors of the Company and IBREL at their respective
 meetings held on January 17, 2011 approved, inter-alia, a draft
 composite restructuring scheme (the Scheme) of restructuring the power
 business and related business of IBREL /the Company.  The said scheme,
 inter-alia, provides for restructuring of the share capital of the
 Company, consequent to the transfer by way of a demerger of the power
 and related business of IBREL as a going concern to Indiabulls
 Infrastructure and Power Limited (IIPL); and the amalgamation of Poena
 Power Supply Limited (PPSL), a wholly owned subsidiary of the Company
 into the Company, and various other matters consequential or otherwise
 integrally connected with the Scheme. The Stock Exchanges have since
 granted their No Objection Certificate to the Scheme. The effectiveness
 of the Scheme shall be subject to necessary approvals from the
 shareholders, creditors and the submission of the same to the Hon''ble
 High Court of Delhi. The proposed Appointed Date of the demerger and
 amalgamation undef the Scheme is April 01, 2011.
 
 2.  Projects under development:
 
 (i) Amravati Thermal Power Project:
 
 The Company is in process of setting up a Thermal Power Project at
 Amravati (Amravati Project, The Project) in the State of
 Maharashtra in two phases with an ultimate capacity of 2,700 MW.
 Project construction activities are in line with the estimated targets
 of the Management of the Company.
 
 (ii) Nashik Thermal Power Project
 
 The Company''s subsidiary Indiabulls Realtech Limited is in process of
 setting up a Thermal Power Project at Nashik (Nashik Project The
 Project) in two phases in the State of Maharashtra with an ultimate
 capacity of 2,700 MW. Project construction activities are in line with
 the estimated targets of the Management.
 
 (iii) Bhaiyathan Thermal Power Project
 
 The Company''s subsidiary Indiabulls CSEB Bhaiyathan Power Limited
 (ICBPL) is in the process of setting up a Thermal Power Project at
 Bhaiyathan (Bhaiyathan Project) in the state of Chhattisgarh. The
 Bhaiyathan Project will have two super-critical units of 660 MW each,
 with a combined capacity of 1,320 MW.  The Ministry of Coal, Government
 of India has allocated captive coal blocks located in
 
 Gidhmuri and Paturia villages in the Korba district in the state of
 Chhattisgarh for the Bhaiyathan Project, subject to certain terms and
 conditions. Development work on Bhaiyathan Project is currently
 progressing at a slow pace due to certain pending statutory clearances
 relating to the captive coal blocks allocated for the Project. The
 Company is hopeful of getting such clearances in the near future.
 
 ICBPL has entered into a Share Subscription Agreement (CSEB - SSA)
 with Chhattisgarh State Electricity Board (CSEB) dated October 13,
 2008 pursuant to which CSEB shall acquire 26% equity stake in ICBPL,
 whether in cash or consideration other than cash, in such manner as may
 be indicated by CSEB in writing. Pursuant to the CSEB - SSA, CSEB had
 agreed to subscribe to 26,000 fully paid-up equity shares of ICBPL of
 the face value of Rs. 10, representing 26 per cent of the issued,
 subscribed and paid-up share capital.  ICBPL has agreed not to issue
 equity shares at a price or terms which are more favorable to the
 subscribers than price or terms on which CSEB has subscribed to the
 equity shares. Further, ICBPL shall not issue any equity shares unless
 CSEB is first offered the right to subscribe to, in CSEB''s sole
 discretion, such number of equity shares as is required to enable CSEB
 to maintain its pre-issue shareholding percentage.
 
 (iv) Other Projects:
 
 The Company, through its subsidiary Company Poena Power Development
 Limited, is developing a Mega Thermal Power Project in Mansa, Punjab
 and through its four subsidiaries viz. Pachi Hydropower Projects
 Limited, Kaya Hydropower Projects Limited, Sepia Hydropower Projects
 Limited and Tharang Warang Hydro Power Projects Limited, medium sized
 Hydro Power Projects in the state of Arunachal Pradesh. Development
 work in these projects is at presently at nascent stages. The Company
 has entered into MoUs with the respective State Governments in relation
 to these projects.
 
 3.  Contingent liability not provided for in respect of:
 
 - Estimated amount of contracts remaining to be executed on capital
 account and not provided for: Rs. 183,470,147,154 (Previous Year: Rs.
 79,183,402,904) - advances made there against Rs.  9,452,720,390
 (Previous Year: Rs. 2,005,651,922).
 
 - Guarantee provided on behalf of Papu Hydropower Projects Limited, a
 wholly owned subsidiary company, in respect of vehicle loan of Rs.
 83,724(Previous Year: Rs. 478,000).
 
 - Performance BankGuaranteeofRs. 1,000,000,000 (Previous Year, Rs.
 1,000,000,000) issued to Chhattisgarh State Electricity Board by
 Indiabulls CSEB Bhaiyathan Power Limited (formerly Indiabulls
 Bhaiyathan Power Limited), a wholly owned subsidiary company, secured
 partly by pledge of Fixed deposits of Rs.  400,000,000 (Previous Year:
 Rs. 400,000,000)of the Company.
 
 - Commitment Bank Guarantees of Rs.  811,613,270 (Previous Year: Rs.
 388,833,000) issued to subsidiaries of Coal India Limited for issuance
 of Letter of Assurance for supply of coal for the Amravati Project,
 partly secured by way of pledge of fixed deposits of Rs. 236,196,500
 (Previous Year: Rs. 194,416,500).
 
 - Guarantee provided on behalf of Indiabulls Realtech Limited, a wholly
 owned subsidiary, towards Commitment Bank Guarantees of Rs.
 835,223,070 (Previous Year: Rs. 397,283,700) issued to subsidiaries of
 Coal India Limited for issuance of Letter of Assurance for supply of
 coal for the Nashik Thermal Power Project, partly secured by way of
 pledge of fixed deposits of Rs. 242,936,850 (Previous Year: Rs.
 198,641,850) and partly by way of corporate guarantee of Rs.
 198,641,850 (Previous Year: Rs. 198,641,850) of the company.
 
 - Guarantee provided for Rs. 1,642,005 (Previous Year: Rs. 1,642,005)
 to the Governor of Maharashtra through PWD, Amravati for availing ROW
 for laying water pipeline for Amravati project for bid processing,
 partly secured by way of pledge of fixed deposits of Rs. 492,602
 (Previous Year: Rs. 492,602).
 
 - Guarantee provided on behalf of Hecate Power Transmission Limited, a
 subsidiary of the Company, for Rs. Nil (Previous Year: Rs. 99,315,000)
 to Rajasthan Rajya Vidyut Prasaran Nigam Limited, partly secured by way
 of pledge of fixed deposits of Rs.Nil (Previous Year: Rs. 31,950,000)
 and partly by way of corporate guarantee of Rs. Nil (Previous Year: Rs.
 69,520,500) of the company.
 
 - Guarantee provided for Rs.  145,815,000
 
 (Previous Year: Rs. 145,815,000) to Bombay Stock Exchange Limited for
 initial public offer, partly secured by way of pledge of fixed deposits
 of Rs. 15,570,500 (Previous Year: Rs.  15,570,500). This guarantee has
 since been released in April 2011.
 
 - Guarantee provided for Rs. Nil (Previous Year: Rs. 196,000,000) to
 UCM Coal Company Limited for Bidding for Development and Operation of
 Chendipada Coal Block, partly secured by way of pledge of fixed
 deposits of Rs. Nil (Previous Year: Rs. 59,900,000).
 
 - Bid Bond guarantee provided for Rs. Nil (Previous Year: Rs.
 4,200,000,000) to Maharashtra State Electricity Distribution Company
 Limited for Bidding for supply of power on long term basis, partly
 secured by way of pledge of fixed deposits of Rs. Nil (Previous Year:
 Rs. 1,100,000,000) and partly by way of corporate undertaking of Rs.
 Nil (Previous Year: Rs. 2,400,000,000) of the Holding Company i.e.
 Indiabulls Real Estate Limited.
 
 - Performance Bank Guarantee provided for Rs. 3,600,000,000 (Previous
 Year: Rs. Nil) to Maharashtra State Electricity Distribution Company
 limited under the long term power Purchase Agreements, secured by way
 of pledge of fixed deposits of Rs. 360,000,000 (Previous Year: Rs.
 Nil) and second charge on project assets relating to Amravati Phase I
 project.
 
 - Bank Guarantee for Bid Bond issued to Bihar State Electricity Board
 of Rs. 315,000,000 (Previous Year: Rs. Nil) secured by way of pledge of
 Fixed Deposit of Rs. 31,500,000 (Previous Year: Rs. Nil).
 
 - Bank Guarantee to Commissioner of Customs for Rs. 15,938,217
 (Previous Year: Rs. Nil) secured by way of pledge of fixed deposits of
 Rs.  4,781,466 (Previous Year: Rs. Nil).
 
 - A letter of comfort has been i;,sued by Indiabulls Realtech Limited
 in fa.our of ICICI Bank Limited as security for the repayment of the
 facility amounting to Rs. 1,750,000,000 (Previous Year: Rs. Nil)
 sanctioned to Indiabulls Properties Private limited (a subsidiary of
 associate company of the ultimate holding company - IBREL) secured
 partly by way of pledge of, amongst others, the Indiabulls Realtech
 Limited''s Fixed Maturity Plan Mutual Funds of Rs. 2,000,000,000
 (Previous Year: Rs. Nil).
 
 - Corporate Guarantee issued by the Indiabulls Realtech Limited in
 favour of HDFC Bank as security for the repayment of the facility
 amounting to Rs. 1,500,000,000 (Previous Year: Rs. Nil) sanctioned to
 Indiabulls Real Estate Limited secured partly by way of pledge of the
 Indiabulls Realtech Limited''s Fixed Maturity Plan Mutual Funds of Rs.
 2,000,000,000 (Previous Year: Rs. Nil).
 
 - A letter of comfort has been issued by the Elena Power And
 Infrastructure Limited in favour of ICICI Bank Limited as security for
 the repayment of the facility amounting to Rs. 1,750,000,000 (Previous
 Year: Rs. Nil) sanctioned to Indiabulls Properties Private limited (a
 subsidiary of associate company of the ultimate holding company)
 secured partly by way of pledge of, amongst others, the Elena Power And
 Infrastructure Limited''s FMP Mutual Funds of Rs. 700,000,000 (Previous
 Year: Rs. Nil).
 
 4.  Changes in capital structure during the year from April 01, 2010 to
 March 31, 2011
 
 On June 17, 2010, the Company issued 414,200 Equity Shares of Rs. 10
 each at par in terms of the SPCL - IPSL ESOP - 2008.
 
 On December 15, 2010, the Company issued 1,000,000 Equity Shares of Rs.
 10 each at par in terms of the SPCL - IPSL ESOP - 2008,
 
 On March 31, 2011, the Company issued 30,000 Equity Shares of Rs. 10
 each at par in terms of the SPCL - IPSL ESOP - 2008.
 
 On March 31, 2011, the Company issued 192,000 Equity Shares of Rs. 10
 each at a premium of Rs. 4 per share in terms ofthelPL ESOS 2009.
 
 As a consequence of the above, as at March 31,2011, the Issued,
 Subscribed and Paid-up-Equity Share Capital of the Company stands at
 Rs. 20,229,327,460 (2,022,932,746 equity shares of face value Rs. 10
 each).
 
 5.  Minority Interest as at March 31, 2011 includes:
 
 a) 130,000 (Previous Year: 130,000) Equity Shares of Rs. 10 each fully
 paid up issued by a subsidiary company, IndiabulLs Power Generation
 Limited.
 
 b) 130,000 (Previous Year: 130,000) Equity Shares of Rs. 10 each fully
 paid up issued by a subsidiary company, Diana Energy Limited.
 
 c) 49,000 (Previous Year: 49,000) Equity Shares of Rs. 10 each fully
 paid up issued by a subsidiary company, IndiabulLs Power Transmission
 Limited
 
 d) 24,500 (Previous Year: 24,500) Equity Shares of Rs. 10 each fully
 paid up issued by a subsidiary company, Hecate Power Transmission
 Limited.
 
 e) 13,000 (Previous Year: 13,000) Equity Shares of Rs. 10 each fully
 paid up issued by a subsidiary company, Devona Thermal Power and
 Infrastructure Limited.
 
 f) 13,000 (Previous Year: Nil) Equity Shares of Rs. 10 each fully paid
 up issued by a subsidiary company, Poena Power Limited.
 
 g) Proportionate share in the movement in Reserves and Surplus of the
 above mentioned Subsidiary Companies, during the year ended March 31,
 2011.
 
 6.  Employees Stock Options Schemes :
 
 I.  Stock Option Schemes of Indiabulls Real Estate Limited (IBREL),
 the holding company
 
 a) Indiabulls Real Estate Limited Employees Stock Options Scheme -
 2006:
 
 During the period ended March 31, 2007, IBREL established the
 Indiabulls Real Estate Limited Employees Stock Options Scheme (IBREL
 ESOS-I or Plan-I). Under the Plan-1, IBREL issued 9,000,000 equity
 settled options to eligible employees and of its subsidiary companies
 which gave them a right to subscribe upto 9,000,000 stock options
 representing an equal number of equity shares of face value of Rs. 2
 each of IBREL at an exercise price of Rs. 60 per option, subject to the
 requirements of vesting. These options vest uniformly over a period of
 10 years, commencing one year after from the date of grant. A
 Compensation Committee constituted by the Board of Directors of IBREL
 administers the Plan- I.
 
 IBREL follows the Intrinsic Value method of accounting as prescribed
 under the Guidance Note on Accounting for Employees Share based
 Payments issued by the Institute of Chartered Accountants of India. No
 Deferred Employee Stock Compensation Cost was initially recorded on the
 grant of options as the Intrinsic Value calculated by an independent
 valuer was lower than the exercise price. Had IBREL followed the Fair
 value method, there would not had been any impact on the Profit After
 Tax of IBREL and on the Basic and Diluted Earnings per Share of IBREL
 as the fair value on the date of grant calculated by an independent
 valuer following binomial option pricing model was less than the
 exercise price.
 
 b) Indiabulls Real Estate Limited Employees Stock Options Scheme 2008
 (II):
 
 During the year ended March 31, 2009, IBREL established the Indiabulls
 Real Estate Limited Employees Stock Options Scheme - 2008 (II) (IBREL
 ESOS-II or Plan-II). Under Plan II, IBREL issued equity settled
 options to its eligible employees and of its subsidiary companies to
 subscribe upto 2,000,000 stock options representing an equal number of
 equity shares of face value of Rs. 2 each in IBREL, at an exercise
 price of Rs. 110.50 per option, being the closing market price on the
 National Stock Exchange of India Limited, as at January 29, 2009.
 
 The stock options so granted, shall vest in the eligible employees
 within 10 years beginning from January 31, 2010, the first vesting
 date.  The stock options granted under each of the slabs, are
 exercisable by the option holders within a period of five years from
 the relevant vesting date.
 
 IBREL follows the Intrinsic Value method of accounting as prescribed in
 the Guidance Note on Accounting for Employees Share Based Payments
 (Guidance Note), issued by the Institute of Chartered Accountants of
 India. Since, on the date of grant, the intrinsic value of the options
 granted was equal to the exercise price, no deferred employee stock
 compensation cost has been recorded in the financial statements. The
 fair value of the options under Plan II using the
 
 II.  Stock Option Schemes of Indiabulls Power Limited. (IPL):
 
 On January 10, 2008 the erstwhile IPSL, had established the IPSL ESOS
 Plan, under which, IPSL was authorised to issue upto 20,000,000 equity
 settled options at an exercise price of Rs. 10 per option to eligible
 employees.  Employees covered by the plan were granted an option to
 purchase equity shares of IPSL subject to the requirements of vesting.
 A Compensation Committee constituted by the Board of Directors of IPSL
 administered the plan. All these options were outstanding as at April
 01, 2008.
 
 Pursuant to the Scheme of Amalgamation under Sections 391 to 394 of the
 Companies Act, 1956, duty approved by the Hon''ble High Court of Delhi
 at New Delhi vide its order dated September 1, 2008 IPSL was
 amalgamated with SPCL.
 
 With effect from the Appointed Date the IPSL ESOS Plan was terminated
 and in lieu, in terms of Clause 14 (c) of the Scheme of Amalgamation
 SPCL - IPSL Employees Stock Option Plan - 2008 (SPCL - IPSL ESOP -
 2008) was established in SPCL for the outstanding, unvested options,
 for the benefit of the erstwhile IPSL option holders, on terms and
 conditions not less favorable than those provided in the erstwhile IPSL
 ESOS Plan and taking into account the share exchange ratio i.e. one
 equity share of SPCL of face value Rs. 10 each for every one equity
 share of IPSL of face value Rs. 10 each. All the option holders under
 the IPSL ESOS Plan on the Effective Date were granted options under the
 SPCL - IPSL ESOP - 2008 in lieu of their cancelled options under IPSL
 ESOS Plan. The SPCL - IPSL ESOP - 2008 was treated as continuation of
 IPSL ESOS Plan and all such options were treated outstanding from their
 respective date of grant under IPSL ESOS Plan, accordingly, no
 compensation expense was recognised. No adjustment is required in
 respect of the number and exercise price of options as the share
 exchange ratio is one equity share of face value Rs.  10 each of SPCL
 for every one equity share of face value Rs. 10 each of IPSL.
 
 Under SPCL - IPSL ESOP - 2008, IPL has issued 16,200,000 and 3,800,000
 options at an exercise price of Rs. 10 and Rs. 26 per option on January
 10, 2008 and September 15, 2008 respectively.
 
 During the year 8,308,000 ESOPs were surrendered, and 1,045,000 options
 were issued at an exercise price of Rs.  27.80 per option on December
 1, 2010 under the SPCL - IPSL ESOP - 2008 Scheme.
 
 These options vest uniformly over a period of 10 years, commencing one
 year after from the date of grant. IPL follows the Intrinsic Value
 method of accounting as prescribed in the Guidance Note on Accounting
 for Employees Share Based Payments (Guidance Note), issued by the
 Institute of Chartered Accountants of India. There is no impact on the
 profits after taxes and the basic and diluted earnings per share of the
 Company, on account of SPCL - IPSL ESOP - 2008.
 
 During the financial year ended March 31,2010 IPL had established the
 Indiabutls Power Limited. Employees'' Stock Option Scheme 2009 (IPL
 ESOS 2009). IPL had issued 20,000,000 equity settled options at an
 exercise price of Rs.  14 per option under the IPL ESOS 2009 to
 eligible employees which gave them the right to subscribe stock options
 representing an equal number of equity shares of face value of Rs. 10
 each of IPL. These options vest uniformly over a period of 10 years,
 commencing one year after from the date of grant. IPL follows the
 Intrinsic Value method of accounting as prescribed in the Guidance Note
 on Accounting for Employees Share Based Payments (Guidance Note),
 issued by the Institute of Chartered Accountants of India. There is no
 impact on the profits after taxes and the basic and diluted earnings
 per share of the Company, on account of IPL ESOS 2009.
 
 During the year 16,563,000 ESOPs were surrendered under the IPL ESOS
 2009 Scheme.
 
 Indiabulls Employees'' Welfare Trust:
 
 During the year, pursuant to the approval accorded at the
 Extra-ordinary General Meeting of the members of the Company held on
 September 30, 2010, the Indiabulls Employees'' Welfare Trust (Trust)
 has been formed on October 04, 2010 with an initial Corpus of Rs.
 50,000, contributed equally by the Company, IBREL and three other
 listed Settlor entities, to administer and implement the Company''s
 current un-granted Employee Stock Option Schemes (ESOP) and any
 future ESOP / Employee Stock Purchase Schemes. The Employees of the
 subsidiary Companies are also entitled to grant of ESOPs from the
 Trust. The Trust is administered by Independent Trustees. In terms of
 the Trust Deed, Equity shares of the Settlor entities are to be
 purchased by the Trust to the extent permissible in terms of the ESOP
 scheme as approved by the Members of the Settlor Companies for the
 purposes of allotment of the same to eligible employees of the Settlor
 Companies, upon exercise of options granted by the Compensation
 Committee of those companies, at a price to be determined by the Trust
 based on its carrying cost. During the year, there has been no new
 grants made by the Company which is required to be administered by the
 Trust.
 
 7.  Secured Loans
 
 Secured Loans aggregating Rs. 5,250,000,000 (Previous Year: Rs. Nil)
 are secured by first mortgage and charge on all immovable and movable
 assets, both present and future, of Amravati Phase I Project. The
 aforesaid loan is further secured by the pledge of 809,339,219 equity
 shares (40.01% of the total equity share capital) of the Company held
 by IBREL through execution of a Deed of Pledge amongst IBREL (Pledgor),
 IPL and Power Finance Corporation Limited.  Additionally, IBREL is
 required by a Non-Disposal and Safety Net Arrangement Agreement not to
 dispose off at least 11% of the Equity Share Capital held by it in the
 Company.
 
 Secured Loans aggregating Rs. 473,678,337 (Previous Year: Rs. Nil) are
 secured by way of lien on bank fixed deposits aggregating Rs.
 510,415,000 (Previous Year: Rs. Nil) placed by the Company.
 
 Secured Loans aggregating Rs. 4,615,359,721 (Previous Year: Rs. Nil)
 are secured by first mortgage and charge on all immovable and movable
 assets, both present and future, of Nasfrik Phase I Project. The
 aforesaid loan is further secured by pledge of 2,192,745 equity shares
 of the Company (51% of the Equity Share Capital of the Company) through
 execution of Pledge Agreement with Indiabulls Power Limited., the
 Holding Company.
 
 8.  Employee Benefits
 
 Contributions are made to Government Provident Fund and Family
 Pension Fund which cover all regular employees eligible under
 applicable Acts. Both the employees and the Company make pre-determined
 contributions to the Provident Fund. The contributions are normally
 based upon a certain proportion of the employee''s salary. The Company
 has recognised an amount of Rs. 191,645 (Previous Year: Rs. 40,648)
 towards employer''s contribution towards Provident Fund.
 
 Provision for unfunded Gratuity and Compensated absences payable to
 eligible employees on retirement is based upon actuarial valuation for
 the year ended March 31, 2011. Major drivers in actuarial assumptions,
 typically, are years of service and employee compensation. After the
 issuance of the Accounting Standard (AS) 15 (Revised) on ''Employee
 Benefits'', commitments are actuarially determined using the ''Projected
 Unit Credit Method''. Gains and Losses on changes in actuarial
 assumptions are accounted for in the Profit and Loss Account /
 Expenditure During Construction Pending Capitalisation.
 
 9.  Other Current Assets includes interest accrued but not due of Rs.
 14,858,678 (Previous Year: Rs. 38,651,037) on fixed deposits pledged
 with banks.
 
 III.  Subsidiaries /Associates of Holding Company*:
 
 Airmid Aviation Services Private Limited
 
 IndiabuLLs Real Estate Company Private Limited
 
 Fornax Properties Limited
 
 Hecate Power and Land Development Limited
 
 Lucina Land Development Limited
 
 Albasta Properties Limited
 
 Varali Infrastructure Limited
 
 Indiabulls Constructions Limited
 
 IndiabuLLs Industrial Infrastructure Limited
 
 * with whom transactions have been entered during the year
 
 IV.  Companies Promoted by the Promoters of IBREL*:
 
 Azalea Infrastructure Private Limited
 
 Gloxinia Infrastructure Private Limited
 
 Jarul Infrastructure Private Limited
 
 Alona Infrastructure Private Limited
 
 Indiabulls Infrastructure Company Limited_
 
 *with whom transactions have been entered during the year
 
 V.  Subsidiary of Associate of IBREL* - Indiabulls Properties Private
 Limited
 
 *with whom transactions have been entered during the year
 
 10.  Earnings Per Share (EPS)
 
 The basic earnings per share is computed by dividing the net profit/
 (loss) attributable to equity shareholders for the year, by the
 weighted average number of equity shares outstanding during the year.
 Diluted earnings per share is computed using the weighted average
 number of equity shares and also the weighted average number of equity
 shares that could have been issued on conversion of all dilutive
 potential equity shares. The dilutive potential equity shares are
 adjusted for the proceeds receivable, had the shares been actually
 issued at fair value.
 
 Dilutive potential equity shares are deemed convered to equity shares
 at the beginning of the year, unless they have been issued at a later
 date during the year. The number of equity shares and potential diluted
 equity shares are adjusted for stock split, bonus shares, share
 warrants and the potential dilutive effect of Employee Stock Options
 Plan as appropriate.
 
 11.  Deferred Tax:
 
 Pursuant to Accounting Standard 22 (AS 22) - Accounting for Taxes on
 Income, as notified under the Companies (Accounting Standards) Rules,
 2006, as amended, the Company has credited an amount of Rs. 8,803,995
 (Previous Year: Rs. 12,566,984) as deferred tax credit (Net) to the
 Profit and Loss Account for the year ended March 31, 2011.
 
 12.  Expenditure During Construction Pending Capitalisation includes
 expenses of Rs. 2,988,811,569 (Previous Year: Rs. 883,031,929) incurred
 directly/indirectly, relating to the setting up various power projects,
 incurred during the year by the Company. Expenditure During
 Construction Pending Capitalisation also includes borrowing cost of Rs.
 1,933,061,447 (Previous Year: Rs. 495,007,443) incurred during the
 year.
 
 13.  During the year, the Company has provided loans aggregating to Rs.
 522,873,000 (Previous Year: Rs. Nil) to the Indiabulls Employees''
 Welfare Trust (Trust) (Refer Note II (6) of Schedule R) for purchase
 of equity shares, of which Rs. Nil (excluding Rs. 8,145,396 being
 interest accrued but not due) (Previous Year: Rs. Nil) was outstanding
 as at March 31, 2011. The said loan was granted for the purpose to be
 utilised by the Trust towards the purchase of shares of Settlor
 entities in terms of the Trust Deed from the open market.
 
 14.  The group''s activities during the year involved setting up of its
 power project in India for generation of thermal power. Considering the
 nature of Company''s business and operation and based on the information
 available with the Company, there is/are no reportable segments
 (business and/or geographical) in accordance with the requirements of
 Accounting Standard 17 - ''Segment Reporting'' as notified under the
 Companies (Accounting Standards) Rules, 2006, as amended. Hence, no
 further disclosures are required in respect of reportable segments,
 under Accounting Standard 17.
 
 15.  As per the best estimate of the Management, no provision is
 required to be made as per Accounting Standard (AS) 29 - Provisions,
 Contingent Liabilities and Contingent Assets as notified under the
 Companies (Accounting Standards) Rules, 2006, in respect of any present
 obligation as a result of a past event that could lead to a probable
 outflow of resources, which would be required to settle the obligation.
 
 16.  In the opinion of the Board of Directors, all current assets,
 loans and advances appearing in the Balance Sheet as at March 31, 2011
 have a value on realization in the ordinary course of the Company''s
 business at least equal to the amount at which they are stated in the
 Balance Sheet.
 
 17.  In respect of amounts as mentioned under Section 205C of the
 Companies Act, 1956, there were no dues required to be credited to the
 Investor Education and Protection Fund as at March 31, 2011.
 
 18.  The Group has not entered into any derivative instruments during
 the year. Foreign currency exposure not hedged as at March 31, 2011
 pertaining to Inter- Corporate Deposits (ICD) given to wholly owned
 foreign subsidiary company of Rs. 893,000,000 (US Dollars 20 million)
 (Previous Year: Rs. 902,800,000) (US Dollars 20 million). Interest
 receivable on the above ICD not hedged as at March 31, 2011 Rs.
 41,837,601 (US Dollars 937,012) (Previous Year: Rs. 33,460,313 (US
 Dollars 741,256).
 
 19.  Disclosure under the Micro, Small and Medium Enterprises
 Development Act, 2006 :
 
 a) An amount of Rs. Nil and Rs. Nil was due and outstanding to
 suppliers as at the end of the accounting year on account of Principal
 and Interest respectively.
 
 b) No interest was paid during the year in terms of section 16 of the
 Micro, Small and Medium Enterprises Development Act, 2006 and no amount
 was paid to the supplier beyond the appointed day.
 
 c) No interest is payable at the end of the year other than interest
 under Micro, Small and Medium Enterprises Development Act, 2006.
 
 d) No amount of interest was accrued and unpaid at the end of the
 accounting year.
 
 The above information and that given in Schedule K - Current
 Liabilities regarding Micro, Small and Medium Enterprises has been
 determined to the extent such parties have been identified on the basis
 of information available with the Company. This has been relied upon by
 the Auditors.
 
 20.  Previous year''s figures have been regrouped / re- arranged to
 confirm to current year''s groupings and classifications.