Note 1
 
 Corporate Information
 
 Jaiprakash Power Ventures Limited, a part of Jaypee Group was
 incorporated in the year 1994. The Company is engaged in the business
 of generation of Power. The Company owns and operates the 300 MW Jaypee
 Baspa II Hydro Electric Plant at District Kinnaur, Himachal Pradesh,
 400 MW Jaypee Vishnuprayag Hydro Electric Plant at District Chamoli,
 Uttrakhand and 1000 MW Jaypee Karcham Wangtoo Hydro Electric Plant at
 District Kinnaur, Himachal Pradesh.
 
 The Company is also implementing the following Thermal Power Plants:
 
 (a) 500 MW (Phase I) Jaypee Bina Thermal Power Plant at Village
 Sirchopi, District Sagar, Madhya Pradesh. It is expected to commence
 operations in the financial year 2012-13.
 
 (b) 1320 MW Jaypee Nigrie Super Critical Thermal Power Plant at
 District Singrauli, Madhya Pradesh. It is expected to commence
 operations in the financial year 2013-14.
 
 The Company is setting up/planning following Power Plants through its
 subsidiaries:
 
 (a) 1980 MW (Phase I) Thermal Power Plant through Prayagraj Power
 Generation Company Limited at Bara, District Allahabad.
 
 (b) 1320 MW (Phase I) Thermal Power Plant through Sangam Power
 Generation Company Limited at Karchana, District Allahabad.
 
 (c) 2700 MW Lower Siang and 500 MW Hirong Hydro Electric Plants through
 Jaypee Arunachal Power Limited in Arunachal Pradesh.
 
 (d) 450 MW Kynshi and 270 MW Umngot Hydro Electric Plants through
 Jaypee Meghalaya Power Limited in Meghalaya.
 
 The Company through its subsidiary Jaypee Powergrid Limited has
 developed 217 Km long power transmission line to evacuate power from
 1000 MW Jaypee Karcham Wangtoo Hydro electric Plant
 
 Note 2
 
 2(i) Basis of Preparation of Financial Statements
 
 (a) The accounts are prepared on the historical cost basis and on the
 principle of a going concern.
 
 (b) Accounting policies not specifically referred to otherwise are
 being consistently followed and are in accordance with generally
 accepted accounting principles.
 
 Note 3.1 The rights, preferences and restrictions attaching to each
 class of shares including restrictions on the distribution of dividends
 and the repayment of capital
 
 Equity Shares having a par value of  10/- per share.  Each holder of
 equity shares is entitled to one vote per share and entitled to
 dividend.
 
 Preference Shares having a par value of  100/- per share, with power
 to the Company to convert Preference Shares into Equity Shares at any
 time and from time to time to increase, reduce or modify the capital
 and to divide all or any of the shares in the capital of the Company,
 for the time being , and to classify and reclassify such shares from
 shares of one class into shares of other class or classes and to attach
 there to respectively such preferential, deferred, qualified or other
 special rights, privileges, conditions or restrictions and to vary,
 modify or abortage any such rights , privileges, conditions or
 restrictions, in accordance with the provisions of Articles of
 Association of the Company and the provisions of the Companies Act,
 1956. Preference share holders are entitled to dividend at a fixed rate
 and is not entitled to vote at the General Meeting of the Company. The
 Company has not issued any class of Preference Shares.
 
 Note 3.2 Equity Shares in respect of each class in the company held by
 its holding company or its ultimate holding company including shares
 held by or by subsidiaries or associates of the holding company or the
 ultimate holding company in aggregate 1,78,30,00,600 Equity Shares are
 held by Jaiprakash Associates Limited, the holding company.
 
 21,46,22,624 Equity Shares are held by Jaypee Infra Ventures (A Private
 Company with unlimited liability), associate company of Jaiprakash
 Associates Limited.
 
 Note 3.3 Equity Shares reserved for issue under options and
 contracts/commitments for the sale of shares/ disinvestments, including
 terms and amounts
 
 The Company had issued 2,000 Nos. 5% Foreign Currency Convertible Bonds
 (FCCB) of US$ 1.00 Lacs each aggregating to US$ 200 Million at par on
 12.02.2010.  These Bonds are convertible at the option of the bond-
 holders into equity shares of  10/- each fully paid up at the
 conversion price of  85.8139 per share, subject to the terms of issue
 with a fixed exchange rate of  46.14 equal to US$ 1 at any time on or
 after 25.03.2010 and prior to the close of business on 06.02.2015.
 
 No conversion has taken place till date upto financial year 2011-12.
 
 The bonds are redeemable at maturity on 13.02.2015 at a YTM of 7% p.a.
 inclusive of coupon rate of 5% p.a.  [value as on 31.03.2012 in US$
 1.04 Lacs (Previous Year - US.02 Lacs) for a principal amount of US$
 1.00 Lacs each]. A reserve aggregating to  3,935 Lacs up to 31.03.2012
 (Previous year-  2,089 Lacs) has been created for the redemption
 premium.
 
 No shares reserved for issue under options and contracts/ commitments
 for the sale of shares/disinvestments.
 
 Note 3.4 Calls unpaid (showing aggregate value of calls unpaid by
 directors and officers)
 
 There are no calls unpaid including by directors and officers of the
 Company.
 
 Note 3.5 Forfeited shares (amount originally paid up)
 
 No shares have been forfeited .
 
 4.1 300 MW Jaypee Baspa II HEP:
 
 4.1(a) Rupee Term Loans, Foreign Currency Loans, Working Capital
 Facilities and Deferred Payment Guarantee(s) from Financial
 Institutions and Banks, together with all interest, guarantee
 commission, cost, expenses and other charges are secured ranking pari
 passu among all the participating Institutions and Banks viz. State
 Bank of India, Andhra Bank, Punjab National Bank, UCO Bank, Oriental
 Bank of Commerce, Allahabad Bank, United Bank of India, IDBI Bank Ltd,
 IFCI Ltd. and Power Finance Corporation Ltd. by
 
 (i) First Charge on book debts, operating cash flows, receivables,
 commissions, revenue of whatsoever nature, present & future of the
 Baspa II HEP.
 
 (ii) First charge on all the Accounts of the Baspa II HEP including but
 not limited to the Trust & Retention Account, Escrow Account of HPSEB
 and Debt Service Reserve Account and other accounts required to be
 created under any Project Document or contract.
 
 The loans are inter-alia also secured by way of:
 
 (i) First charge on Baspa II HEP''s all intangible assets, hypothecation
 of all the movable assets, assignment of Project Agreements and Escrow
 Agreement, all present and future rights, titles, interests, benefits,
 claims and demands whatsoever with respect to the Insurance Policies,
 claims and benefits to all monies receivable there under and all other
 claims there under in respect of all the insured assets of the Project;
 
 (ii) First ranking equitable mortgage on all rights, titles, interests
 and benefits in respect of immovable properties, and assets of the
 Baspa II HEP.
 
 (iii) Pledge of 6,291 Lacs shares of the Company held by Jaiprakash
 Associates Limited, (JAL) on pari-passu basis with lenders of Jaypee
 Vishnuprayag HEP and Jaypee Nigrie Super Thermal Power Project.
 
 (iv) Corporate Guarantee furnished by Jaiprakash Associates Limited
 (JAL), the Holding Company, for the outstanding financial assistance of
 Power Finance Corporation Ltd., as on 31.03.2012 amounting to Rs.
 10,289.42 Lacs (Previous Year- Rs. 12,786.98 Lacs).
 
 4.1(b) The aforesaid security rank pari-passu for working capital limit
 (Fund based and non fund based) outstanding Rs. 4,051 Lacs against limit
 of Rs. 6,900 Lacs sanctioned by Punjab National Bank, Shimla with
 personal guarantees of Shri Jaiprakash Gaur, Founder Chairman, Shri
 Manoj Gaur, Chairman, Shri S.K. Sharma, Vice Chairman & CEO and Shri S.
 K. Jain, former Director of the Company.
 
 4.1(c) The Foreign Currency Loans under Buyers'' Credit are guaranteed
 by Deferred Payment Guarantee issued by Power Finance Corporation
 Limited.
 
 4.2 400 MW Jaypee Vishnuprayag HEP :
 
 4.2(a) Rupee Term Loans, Foreign Currency Loans and Working Capital
 Facilities from Financial Institutions and Banks, together with all
 interest, guarantee commission, cost, expenses and other charges are
 secured ranking pari passu among all the participating Institutions and
 Banks viz. State Bank of India, Andhra Bank, State Bank of Bikaner &
 Jaipur, State Bank of Patiala, State Bank of Travancore, Bank of India,
 Oriental Bank of Commerce, Allahabad Bank, Dena Bank, IDBI Bank Ltd.,
 ICICI Bank Ltd., and Power Finance Corporation Ltd.
 
 (i) First charge on 400 MW Vishnuprayag HEP''s present and future book
 debts, operating cash flows, receivables, commissions, revenue of
 whatsoever nature, and
 
 (ii) First charge on 400 MW Vishnuprayag HEP''s all the accounts
 including the Trust & Retention Account, Escrow Account of Uttar
 Pradesh Power Corporation Limited and Debt Service Reserve Account and
 each of the other accounts required to be created by the Company under
 any 400 MW Vishnuprayag HEP document.
 
 The loans are inter-alia also secured by way of:
 
 (i) First charge on 400 MW Vishnuprayag HEP''s all intangible assets,
 hypothecation of all the movable assets, assignment of Project
 Agreements and Escrow Agreement, all present and future rights, titles,
 interests, benefits, claims and demands whatsoever with respect to the
 Insurance Policies, claims and benefits to all monies receivable there
 under and all other claims there under in respect of all the insured
 assets of the Project.
 
 (ii) First ranking equitable mortgage on all rights, titles, interests
 and benefits in respect of immovable properties and assets of the 400
 MW Vishnuprayag HEP.
 
 (iii) Pledge of 6,291 Lacs shares of the Company held by JAL on
 pari-passu basis with lenders of Baspa – II HEP and Nigrie Super
 Thermal Power Project.
 
 (iv) Corporate Guarantee furnished by JAL, the Holding Company, for
 outstanding financial assistance of Power Finance Corporation Ltd., as
 on 31.03.2012 amounting to US$ 161.81 Lacs (Previous Year $ 192.63 Lacs).
 
 4.2(b) Working Capital Loan of Rs. 6,000 Lacs sanctioned by ICICI Bank
 Ltd., is secured by second mortgage/ hypothecation and charge on all
 movable and immovable assets of 400 MW Jaypee Vishnuprayag HEP
 (including all revenues, receipts, receivables and intangible
 properties) both present and future and second charge on bank accounts
 including Trust and Retention accounts of the Plant.
 
 4.3 1000 MW Jaypee Karcham Wangtoo HEP:
 
 4.3(a) The Rupee Term Loan assistance of Rs. 4,56,123 Lacs (Previous Year
 - Rs. 4,18,919 Lacs) by financial institutions and banks together with
 all interest, cost and other charges/dues are secured by:
 
 (i) First ranking pari-passu mortgage and hypothecation of all the
 immovable and movable assets both present and future, all intangible
 assets, uncalled capital and all revenues and receivables pertaining to
 Jaypee Karcham Wangtoo HEP and English mortgage on immovable property
 at Vadgaon, Taluka Mawal, District Pune, Maharashtra.
 
 (ii) Pledge of 12,06,00,000 equity shares of the Company held by JAL on
 pari passu basis with the lenders.
 
 In the Previous year 32,55,00,000 equity shares of erstwhile Jaypee
 Karcham Hydro Corporation Limited (JKHCL) held by Jaiprakash Power
 Ventures Ltd (JPVL), earlier Holding Company of JKHCL and 27,75,00,000
 equity shares of JKHCL held by Jaiprakash Associates Limited (JAL) were
 pledged with lenders on pari passu basis. Consequent to amalgamation,
 of JKHCL with JPVL 60,30,00,000 equity shares were converted into
 12,06,00,000 equity shares of JPVL (6,51,00,000 equity shares held by
 JPVL and 5,55,00,000 equity shares held by JAL). 6,51,00,000 equity
 shares held by JPVL were released and replaced by JAL. Thus total
 12,06,00,000 equity shares held by JAL were pledged.
 
 4.3(b) The aforesaid Security ranks pari-passu with working capital
 lender (i.e. IDBI Bank Limited) for Working Capital limit of Rs. 30,500
 Lacs (Outstanding Bank Guarantees of Rs. 182 Lacs) (Previous Year – Nil).
 
 4.4 500 MW Jaypee Bina Thermal Power Plant :
 
 4.4(a) Financial Assistance of Rs.1,87,888 Lacs (Previous Year Rs.1,16,668
 Lacs) from consortium of Financial Institutions and Banks with all
 interest, cost and other charges/dues are secured by:
 
 (i) First ranking pari-passu mortgage and hypothecation of all
 immovable and movable assets both present and future, all intangible
 assets, uncalled capital and all revenues and receivables pertaining to
 Jaypee Bina Thermal Power Plant.
 
 (ii) Pledge of 6,48,09,231 equity shares of the Company held by JAL, on
 pari-passu basis with the lenders.
 
 In the Previous Year, 42,12,60,000 equity shares of erstwhile Bina
 Power Supply Company Ltd. (BPSCL) (earlier the Subsidiary Company),
 held by Jaiprakash Power Ventures Ltd. (earlier the Holding Company)
 were pledged with lenders on pari pasu basis. Consequent to
 amalgamation of BPSCL with JPVL, the pledged shares of BPSCL were
 converted to 6,48,09,231 equity shares of JPVL, which were got released
 from the lenders and similar number of shares of JPVL held by JAL were
 pledged .
 
 4.4(b) The aforesaid Security ranks pari-passu with working capital
 lender (i.e. IDBI Bank Limited) for working capital limit of Rs. 7,500
 Lacs. Bank Guarantees outstanding of Rs.4,808 Lacs (Previous Year – Rs.
 3,235 Lacs).
 
 4.5 1320 MW Jaypee Nigrie Super Thermal Power Project :
 
 4.5(a) Financial assistance of Rs. 2,23,169 Lacs (Previous year Rs. 40,120
 Lacs) availed out of amount of Rs. 5,67,000 Lacs (INR 4,82,110 Lacs and
 External Commercial Borrowing (ECB) amounting to Jap. Yen 15.30 Billion
 equivalent to Rs. 84,890 Lacs) sanctioned by consortium of Financial
 Institutions and Banks with all interest, cost and other charges/dues
 are secured by:
 
 (i) First ranking pari-passu mortgage and hypothecation of all
 immovable and movable assets both present and future, all intangible
 assets, uncalled capital and all revenues and receivables pertaining to
 the Jaypee Nigrie Super Thermal Power Project.
 
 (ii) Pledge of 6,291 Lacs equity shares (Previous Year 6,291 Lacs ) of
 the Company held by JAL on pari-passu basis with lenders of Jaypee
 Baspa – II HEP and Jaypee Vishnuprayag HEP.
 
 4.5(b) Bank Guarantee limit of Rs.10,000 Lacs sanctioned by IDBI Bank
 Limited. Bank Guarantees outstanding for Rs. 10,000 Lacs (Previous Year-
 Rs. 7,565 Lacs). The said Bank Guarantee is secured by way of subservient
 charge on the movable assets of the Jaypee Nigrie STPP and also by
 personal guarantee of Shri Manoj Gaur, Chairman of the Company.
 
 4.6 Rupee Term Loan/Corporate Loan:
 
 The Rupee Term Loan of Rs.1,00,000 Lacs sanctioned by ICICI Bank Limited
 together with all interests, liquidated damages, front end fee, premia
 on prepayment, costs, charges, expenses and other monies is secured by
 (i) second charge on all present and future movable and immovable
 properties and assets of Sangam Power Generation Company Limited and
 Prayagraj Power Generation Company Limited (subsidiaries of the
 Company) and first charge on the designated bank account together with
 all the monies therein (ii) pledge of 52,79,00,000 equity shares of Rs.
 10/- each fully paid up (Previous Year 45,46,00,000 equity shares) of
 the Company held by JAL.
 
 4.7 The Non-Convertible Debentures Series I of Rs. 99,998 Lacs and series
 II of Rs. 98,259 Lacs, subscribed by ICICI Bank Limited are secured by :
 
 (i) Residual charge on the entire fixed assets of the Company.
 
 (ii) Unconditional and irrevocable personal guarantee of Shri Manoj
 Gaur, Chairman towards repayment of principal and interest on the
 Debentures.
 
 (iii) Letter of Comfort from Jaiprakash Associates Limited, the holding
 company.
 
 4.8 Repayment of Term Loans and Non-Convertible Debentures
 
 4.8(a) 300 MW BASPA-II HEP :
 
 All Rupee Term Loans are repayable in 56 installments payable in July,
 August, September and October each year commenced from July, 2010
 onwards, with the following variation:
 
 4.8(b) 400 MW Vishnuprayag HEP :
 
 Rupee Term Loan of  1,65,000 Lacs is repayable in 54 equal quarterly
 installments payable in February, May, August and November each year
 commenced from November, 2009 onwards.
 
 4.8(c) 1000 MW Jaypee Karcham Wangtoo HEP :
 
 All Rupee Term Loans are repayable in 75 equal installments payable in
 June, July, August, September & October each year commencing from 15th
 June, 2012 to 15th October, 2026.
 
 4.8(d) 500 MW Jaypee Bina Thermal Power Project :
 
 All Rupee Term Loans are repayable in 40 equal quarterly installments
 in March, June, September and December each year commencing from March,
 2013 for 80% of loan and balance 20% in 41st Installment payable on 1st
 March, 2023.
 
 4.8(e) 1320 MW Jaypee Nigrie Super Thermal Power Project :
 
 All Rupee Term Loans are repayable in 40 equal quarterly installments
 commencing from November, 2014.
 
 ECB is repayable in 20 equal half yearly installments commencing from
 November, 2014.
 
 4.8(f) Other Loans :
 
 (i) Rupee Term Loan of 1,00,000 Lacs of ICICI Bank Limited are
 repayable in 9 quarterly installments payable in February, May, August
 and November each year commencing from August, 2012 onwards.
 
 4.9 Unsecured Loans
 
 (i) Unsecured loan of 1,000 Lacs is repayable to Government of
 Uttarakhand, which would be paid after having decision arrived between
 Government of Uttar Pradesh and Government of Uttarakhand for receipt
 of said payment.
 
 (ii) The Company had issued 2,000 Nos. 5% Foreign Currency Convertible
 Bonds (FCCB) of US$ 1.00 Lacs each aggregating to US$ 200 Million at
 par on 12.02.2010. These Bonds are convertible at the option of the
 bond-holders into equity shares of  10/- each fully paid up at the
 conversion price of  85.8139 per share, subject to the terms of issue
 with a fixed exchange rate of  46.14 equal to US$ 1 at any time on or
 after 25.03.2010 and prior to the close of business on 06.02.2015.
 
 No conversion has taken place till date upto financial year 2011-12.
 
 The bonds are redeemable at maturity on 13.02.2015 at a YTM of 7% p.a.
 inclusive of coupon rate of 5% p.a. [value as on 31.03.2012 in US$ 1.04
 Lacs (Previous Year - US.02 Lacs) for a principal amount of US$ 1.00
 Lacs each]. A reserve aggregating to  3,935 Lacs up to 31.03.2012
 (Previous year-  2,089 Lacs) has been created for the redemption
 premium.
 
 As on 31.03.2012 the Company has outstanding exposure of US$ 200
 Million against FCCB unhedged, pending conversion into equity share
 capital. (An amount of US$ 242.64 Lacs (hedged) out of FCCB funds is
 parked overseas pending utilization as on 31.03.2012).
 
 Note - 5
 
 In the opinion of the Board of Directors, the Non Current Assets and
 Long Term Loans and Advances, have a value on realisation, in the
 ordinary course of business, at least equal to the amount at which they
 are stated in the Balance Sheet.
 
 Note - 6
 
 Disclosure as required under Notification No. G.S.R. 719 (E) dated 16th
 November, 2007 issued by the Ministry of Corporate Affairs (As
 certified by the Management):
 
                                                      (Rs.in Lacs)
 
                                         Figures as at    Figures as at
                                         the end of       the end of
 Particulars                             current
                                         reporting        previous 
                                                          reporting
                                         period,          period,
                                         March 31, 2012   March 31, 2011
 
 Note 6 Contingent Liabilities: 
 
 (i) Outstanding amount of
 Letter of Credit                          41,802          12,331
 
 Margin Money against above                   244             191
 
 (ii) Outstanding amount of
 Bank Guarantee                            20,056          11,630
 
 Margin Money against above                   208             199
 
 (iii) Estimated amount of
 contracts remaining to be          INR   273,196         312,033
 
 executed on Capital Account        USD       415             771
 
 and not provided for (net of       Euro      165             219
 advances)                          JPY    87,071         124,499
 Can. Dollar                                  -                 1
 
 (iv) Claims against the Company
 not acknowledged as debts.                   188             191
 
 (v) Income tax matters under
 appeal                                       795           1,895
 
 (vi) The Government of Himachal Pradesh has imposed entry tax on the
 goods entering the state of Himachal Pradesh. This was challenged by
 the Company before the Hon''ble High Court of Himachal Pradesh at
 Shimla. The Hon''ble High Court passed an interim order that tax paid by
 the Company would be treated as deposit and not as tax payment. The
 final decision of Hon''ble High Court is awaited. The total liability as
 at 31st March, 2012 is Rs.3,363.60 Lacs (Previous Year Rs.2,714.69 Lacs)
 against which the Company has deposited Rs.1,834.53 Lacs.
 
 Note - 7
 
 Advance to Suppliers, Contractors and others shown under Long Term
 Loans and Advances in Note ''17'' and under  Short Term Loans &
 Advances in Note ''22'' includes Advance to Jaiprakash Associates
 Limited, the holding Company under EPC Contract for Rs. 7,145.79 Lacs (
 Previous Year Rs. 395.14 Lacs ) and Rs.134.41 Lacs (Previous Year Rs.
 3,620.86 Lacs) respectively. Maximum amount outstanding during the Year
 was Rs. 5,718.39 Lacs (Previous year Rs. 24,579 Lacs ).
 
 Note - 8
 
 Related Party Disclosures, as required in terms of Accounting Standard
 [AS] 18 are given below:
 
 (1) Relationships (Related party relationships are as identified by the
 Company and relied upon by the Auditors)
 
 (a) Holding Company
 
 Jaiprakash Associates Limited
 
 (b) Subsidiary Companies:
 
 (1) Jaypee Powergrid Limited
 
 (2) Sangam Power Generation Company Limited
 
 (3) Prayagraj Power Generation Company Limited
 
 (4) Jaypee Arunachal Power Limited
 
 (5) Jaypee Meghalaya Power Limited
 
 (c) Fellow Subsidiary Companies:
 
 (1) Jaypee Ganga Infrastructure Corporation Limited
 
 (2) Himalyan Expressway Limited
 
 (3) Jaypee Infratech Limited
 
 (4) Jaypee Sports International Limited
 
 (5) Jaypee Cement Corporation Limited
 
 (6) Bhilai Jaypee Cement Limited
 
 (7) Bokaro Jaypee Cement Limited
 
 (8) Gujarat Jaypee Cement & Infrastructure Limited
 
 (9) Jaypee Agra Vikas Limited
 
 (10) Jaypee Fertilizers & Industries Limited
 
 (11) Jaypee Assam Cement Limited (w.e.f. 30.08.2011)
 
 (12) Himalayaputra Aviation Limited (w.e.f. 23.07.2011)
 
 (d) Associate Companies/Concerns :
 
 (1) Jaypee Infra Ventures (A Private Company with unlimited liability)
 - (The erstwhile Jaypee Ventures Private limited merged in the Company
 w.e.f.  01.04.2011, the appointed date)
 
 (2) Jaypee Development Corporation Limited (subsidiary of Jaypee Infra
 Ventures (A Private Company with unlimited liability)
 
 (3) JIL Information Technology Limited (subsidiary of Jaypee Infra
 Ventures (A Private Company with unlimited liability)
 
 (4) Gaur & Nagi Limited (subsidiary of JIL Information Technology
 Limited)
 
 (5) Indesign Enterprises Pvt. Limited (subsidiary of Jaypee Infra
 Ventures (A Private Company with unlimited liability)
 
 (6) Indus Hotels UK Limited (subsidiary of Indesign Enterprises Pvt.
 Limited) (up to 05.07.2011)
 
 (7) GM Global Mineral Mining Private Limited (Subsidiary of Indesign
 Enterprises Pvt. Limited)
 
 (8) Jaiprakash Agri Initiatives Company Limited (subsidiary of Jaypee
 Infra Ventures (A Private Company with unlimited liability)
 
 (9) Jaypee International Logistics Company Private Limited (subsidiary
 of Jaypee Infra Ventures (A Private Company with unlimited liability)
 
 (10) Tiger Hills Holiday Resort Private Limited (subsidiary of Jaypee
 Development Corporation Limited)
 
 (11) Anvi Hotels Private Limited (subsidiary of Jaypee Infra Ventures
 (A Private Company with unlimited liability)
 
 (12) Jaypee Uttar Bharat Vikas Private Limited
 
 (13) Kanpur Fertilizers and Cement limited (subsidiary of Jaypee Uttar
 Bharat Vikas Pvt. Limited )
 
 (14) RPJ Minerals Private Limited
 
 (15) Sarveshwari Stone Products Pvt. Ltd. (subsidiary of RPJ Minerals
 Private Limited)
 
 (16) Rock Solid Cement Limited (subsidiary of RPJ Minerals Private
 Limited)
 
 (17) Sonebhadra Minerals Private Limited
 
 (18) MP Jaypee Coal Limited
 
 (19) Madhya Pradesh Jaypee Minerals Limited
 
 (20) MP Jaypee Coal Fields Limited
 
 (21) Jaiprakash Kashmir Energy Limited
 
 (22) Jaypee Hotels Limited
 
 (23) Jaypee Mining Venture Private Limited
 
 (24) Ceekay Estate Private Limited
 
 (25) Pac Pharma Drugs and Chemicals Private Limited
 
 (26) Akasva Associates Private Limited
 
 (27) Sparton Growth Fund Private Limited - Upto 30.6.2011
 
 (28) Jaiprakash Exports Private Limited
 
 (29) Bhumi Estate Developers Private Limited
 
 (30) Jaypee Technical Consultants Private Limited
 
 (31) Essjay Enterprises Private Limited - Upto 30.6.2011
 
 (32) Angad Growth Fund Private Limited - Upto 30.6.2011
 
 (33) Andhra Cements Limited (subsidiary of Jaypee Development
 Corporation Limited (w.e.f. 10.02.2012)
 
 (e) Key Management Personnel:
 
 Jaiprakash Power Ventures Limited
 
 (1) Shri Manoj Gaur, Chairman
 
 (2) Shri Sunil Kumar Sharma, Vice Chairman and CEO
 
 (3) Shri Suren Jain, Managing Director and CFO
 
 (4) Shri R.K. Narang, Whole-time Director
 
 (5) Shri Suresh Chandra, Whole-time Director
 
 (6) Shri Dharam Paul Goyal, Whole-time Director (w.e.f. 12.08.2011)*
 
 (7) Shri Parveen Kumar Singh, Whole-time Director (w.e.f.  12.08.2011)*
 
 (8) Shri Ravindra Mohan Chadha, Whole-time Director (w.e.f.
 12.08.2011)*
 
 (9) Shri P.K.Jain, Whole-time Director of erstwhile Bina Power Supply
 Company Limited (up to 30.06.2011)
 
 (10) Shri V.K.Sriwastava, Whole-time Director of erstwhile Bina Power
 Supply Company Limited (up to 25.07.2011)
 
 * Shri Dharam Paul Goyal was Managing Director of erstwhile Jaypee
 Karcham Hydro Corporation Limited (JKHCL) up to 11.08.2011 and Shri
 Ravindra Mohan Chadha & Shri Praveen Kumar Singh were Whole-time
 Directors of erstwhile JKHCL up to 11.08.2011
 
 Note - 9
 
 Pursuant to the Memorandum of Understanding signed with Power Grid
 Corporation of India Limited (PGCIL), a Joint Venture Company in the
 name of ''Jaypee Powergrid Ltd.'' (JPL) had been incorporated on
 05.10.2006 by the Company for developing a Transmission System for the
 evacuation of power to be generated by the 1000 MW Karcham Wangtoo
 Hydro Electric Project in the State of Himachal Pradesh, to a suitable
 interconnection point. The Shareholders'' Agreement had been signed with
 PGCIL on 22.02.2007 with 74% Equity Participation by the Company and
 the balance 26% Equity is to be contributed by PGCIL.
 
 Note - 10
 
 Earnings Per Share is computed in accordance with Accounting
 Standard-20 issued by the Institute of Chartered Accountants of India.
 
 Note 11
 
 (a) Provident Fund - Defined Contribution Plan
 
 Employees are entitled to Provident Fund benefits. Amount debited to
 Profit and Loss account including Administrative and Employees Deposit
 Linked Insurance charges  157.00 Lacs during the year (Previous Year 
 90.16 Lacs) and  60.05 Lacs (Previous year  86.86 Lacs) booked in
 Incidental Expenses (Pending Capitalisation).
 
 (b) Gratuity - The liability for Gratuity is provided on the basis of
 Actuarial Valuation made at the end of each financial year. The
 Actuarial Valuation is made on Projected Unit Credit method as per
 AS-15 (Revised). Jaiprakash Associates Limited (JAL) (the Company''s
 holding company) has constituted a Gratuity Fund Trust under the name
 Jaiprakash Associates Employees Gratuity Fund Trust vide Trust Deed
 dated 30th March, 2009 for JAL and its subsidiaries and appointed SBI
 Life Insurance Co. Ltd. for the management of the Trust Funds for the
 benefits of employees.  As a subsidiary of JAL, the Company is
 participating in the Trust Fund by contributing its liability accrued
 up to the close of each financial year to the Trust Fund.
 
 Note - 12
 
 (a) Pursuant to Revised Schedule-VI of the Companies Act, 1956 and
 Guidance Note issued by the Institute of Chartered Accountants of India
 requiring recognition of MAT credit in the Books of Accounts, it has
 been decided to opt for benefit under Section 80 (IA) of the Income
 Act, 1961 from a subsequent year in respect of Jaypee Karcham Hydro
 electric Plant. Therefore the MAT credit entitlement and Deferred Tax
 Liability (Net) has been recognised in the Books of Accounts from the
 current year. Necessary adjustments of MAT credit entitlement/Deferred
 Tax Liability (Net) in respect of earlier years have been disclosed in
 Note No. 4 under the heading Surplus.
 
 (b) A provision of Rs. 9,265 Lacs (Previous Year Rs. 4,116 Lacs) towards
 Minimum Alternate Tax (MAT) as Tax payable under Section 115JB of
 Income Tax Act, 1961 has been made. MAT paid by the Company for the
 year is allowed to be carried forward for a period up to next 10 years
 to be adjusted against the normal tax payable, if any, in those years,
 therefore the same has been shown as MAT Credit entitlement for the
 current year as per revised Schedule VI. Further an amount of Rs. 23,201
 Lacs available to the Company as MAT Credit entitlement for earlier
 years have been added to Surplus with a corresponding debit to MAT
 credit entitlement under Short Term Loans and Advances- Ref. Note 22.
 
 (c) Wealth Tax Liability of Rs. 1.11 Lacs has been provided in Statement
 of Profit and Loss.
 
 Note - 13
 
 (a) A Power Purchase Agreement (PPA) for sale of 704 MW power, out of
 1000 MW power from the Karcham Wangtoo HEP to Power Trading Corporation
 (India) Limited (PTC) was executed by erstwhile JKHCL (since merged
 with the Company) on 21st March, 2006 for a term of 35 years with the
 stipulation that the tariff for sale of power shall be as approved by
 Central Electricity Regulatory Commission (CERC) based on the
 completion cost to be approved by Central Electricity Authority
 (CEA)/Central Electricity Regulatory Commission. It was subsequently
 found that the Electricity Act, 2003, does not provide for the
 determination of tariff for sale of power by a Generating Company to a
 Trading company and therefore based on the legal opinion the said PPA
 was considered to be void and PTC was informed accordingly. PTC had
 approached the Hon''ble High Court of Delhi with a prayer for
 restraining the Company from entering into agreement for sale of
 aforesaid power to any third party which was rejected. The PTC then
 filed a SLP in the Hon''ble Supreme Court against the order of Hon''ble
 High Court of Delhi, which is pending.
 
 During the proceedings before Hon''ble High Court of Delhi, PTC invoked
 the arbitration clause of the PPA against Company''s stand that the PPA
 was void and an Arbitral Tribunal consisting of three members was
 constituted. The Arbitral Tribunal, by its majority Award dated 28th
 April, 2011, dismissed the claim of PTC and declared the PPA to be
 void. PTC challenged the said Award before the Hon''ble High Court of
 Delhi. The Learned Single Judge of the Hon''ble High Court of Delhi vide
 its judgment and order dated 15th May, 2012 set aside the majority
 Award and concluded that the PPA is not void. Company shall file an
 Appeal against the said judgment before the Division Bench of the
 Hon''ble High Court of Delhi.
 
 (b) The Haryana Power Generation Corporation Limited (HPGCL) with whom
 the PTC had entered into a Power Sale Agreement (PSA) for sale of 200
 MW out of 704 MW power covered by the PPA has approached Haryana
 Electricity Regulatory Commission (HERC) to direct the company to
 supply 200 MW power to PTC for onward supply to HPGCL. The Company has
 taken a position that HPGCL has no privity of contract with the Company
 and HERC has no jurisdiction in the matter. HERC has however held that
 it has jurisdiction in the matter and therefore the Company has filed
 an Appeal before the Appellate Tribunal for Electricity (APTEL) against
 the order of HERC. APTEL after hearing the parties has reserved its
 judgment in the matter.
 
 Note - 14
 
 300 MW BASPA-II HEP: The Company has claimed tax on income (Minimum
 Alternate Tax) as per actual during the tax holiday period available to
 the Company under section 80-IA of the Income Tax Act, 1961. Appellate
 Tribunal of Electricity has also confirmed the claim of the Company.
 HPSEB has filed an appeal with Hon''ble Supreme Court of India against
 the same. Accordingly the receivables to the extent of Rs. 8,607 Lacs
 (Previous year Rs. 7,698 Lacs) from HPSEB are subject to final decision
 on the application/appeal and other legal remedies.
 
 Note - 15
 
 (i) 8,40,00,000 Equity Shares of Rs. 10/- each fully paid (Previous Year
 7,50,00,000) held by the Company of Jaypee Powergrid Ltd.  (Subsidiary
 Company) are pledged with Security Trustees, IDBI Trusteeship Services
 Ltd., as collateral security for the financial assistance granted by
 lenders to Jaypee Powergrid Ltd.
 
 (ii) 35,35,26,798 Equity Shares of Rs. 10/- each fully paid (previous
 year 25,96,86,798) held by the Company of Prayagraj Power Generation
 Co. Ltd. (Subsidiary Company) are pledged with Security Trustees, SBI
 Cap Trusteeship Services Ltd., as collateral security for the financial
 assistance granted by lenders to Prayagraj Power Generation Co. Ltd.
 
 Note - 16
 
 The Company has presently one operative segment i.e. Generation of
 Power; hence, separate segment reporting is not applicable.
 
 Note - 17
 
 In terms of ''Accounting Standard (AS) 28'', the assets are not impaired
 because the recoverable amount of fixed assets collectively determined
 by the present value of estimated future cash flows is higher than its
 carrying value.
 
 Note - 18
 
 All the figures have been rounded off to the nearest rupees in lacs.
 
 Note - 19
 
 Previous Year''s figures have been regrouped/re-arranged as per revised
 Schedule VI to Companies Act, 1956 wherever considered necessary to
 make them conform to the figures for the year.