PTC India

1. The company has called for and received in previous year, Rs.
 11,999.95 millions i.e. 7,74,19,000 Equity shares @ Rs. 155 per share
 (including premium of Rs.  145 per share), from Qualified Institutional
 Placement (QIP). Amount raised has been utilized in the following
 manner:-
 
 2.  Share issue expenses amounting to Rs. Nil (Previous year Rs. 81.17
 million) have been adjusted against the Share Premium Account as per
 Section 78 of Companies Act, 1956.
 
 3.  As per PPAs entered into with the off takers of Chukha and Kurichhu
 power projects (Bhutan), the interest earned on the Term Deposits made
 with commercial banks for the payments received on behalf of these
 projects is passed back to them. Accordingly interest income as well as
 expense is accounted for in the books of account.
 
 5. The company is primarily in the business of trading of power.
 Generation of power and consultancy income has not been reported
 separately as the same being insignificant.
 
 g) Significant assumptions used during the year to estimate the fair
 values of the options
 
 The fair value of each options estimated using the Black Scholes
 Options Pricing Model after applying the following key assumptions
 (weighted values)
 
 6.  Estimated amount of capital commitments:
 
                                                    (Rs. in million)
 
                                     As at 31.03.2009  As at 31.03.2008
 
                                                1.24       1.40
 
 7.    Details of Contingent liabilities:
 
 a.  Claims against the company not acknowledge as debt:
 
                                                   (Rs. in million)
 
 Particulars         As at      As at                 Remarks
                  31.03.2009   31.03.2008
 
 Claims of suppliers   852.87   852.87 
                                        Out of total claims, Rs. 849.50
                                        Million pertains to claim 
                                        of Himachal Pradesh State 
                                        Electricity Board.Arbitrator 
                                        concluded the arbitration in
                                        favour of PTC on 30.10.2008,
                                        however HPSEB has contested 
                                        the award in the High Court 
                                        of HimachalPradesh.
 
 Income Tax Demands      7.71     0.36  Case is pending with the ITAT/
                                        Commissioner (Appeal)
 Others                  2.23     2.23        -
 Total                 862.81   855.46
 
 b.  Bank Guarantees :
 
                                                (Rs. in million)
 
        As at 31.03.2009                       As at 31.03.2008
 
            735.00                                 475.80
 
 Note: Bank guarantees include a *guarantee of Rs. 330.00 million issued
 in favour of Gujarat Urja Vikas Nigam Limited (GUVNL) based on back to
 back *Corporate guarantee of Corporate Ispat Alloys Limited (Guarantor)
 on behalf of Corporate Power Limited of Rs.330.00 million and *personal
 Guarantee of Mr. Manoj Jayaswal amounting to Rs.330.00 million, in lieu
 of the Bank Guarantee.
 
 *since returned
 
 c.  Letter of Credit:
 
                                               (Rs. in millions)
 
 As at 31.03.2009                   As at 31.03.2008
 
 1474.60*                                NIL
 
 *against energy banking
 
 8.  Current liabilities, Sundry debtors and certain balances of Loans
 and Advances are subject to confirmation.
 
 9.  In the opinion of the management, the value of current assets,
 loans and advances on realization in the ordinary course of business,
 will not be less than the value at which these are stated in the
 Balance Sheet.
 
 10. Book Debts are hypothecated to the banks for availing the non fund
 based working capital facilities.
 
 The Company expects to contribute Rs.0.62 millions to gratuity and
 Rs.1.82 millions to leave encashment in 2009-10
 
 (f) Effect of one percentage point change in the assumed inflation rate
 in case of valuation of benefits under postretirement medical benefits
 scheme.
 
 (g) Economic Assumption:
 
 The principal assumptions are the discount rate & salary increase. The
 discount rate is based upon the market yields available on Government
 bonds at the accounting date with a term that matches that of the
 liabilities & the salary increase takes account of inflation,
 seniority, promotion and other relevant factors on long term basis.
 
 Note- The estimates of future salary increases, considered in Actuarial
 valuation, take account of inflation, seniority, promotion and other
 relevant factor, such as supply and demand in the employment market.
 
 1.  (i) Investments under Portfolio Management Services (PMS) with HDFC
 AMC Limited (PMS) (at lower of cost or market value):
 
 A.  Equity Shares (fully paid-up, quoted unless otherwise stated) as at
 31/03/2009 (Figures in Rs.) 3998 Equity Shares Of Re.2 each in AIA
 Engineering Ltd at a cost of Rs.541655, 25136 Equity Shares Of Re.1
 each in Apollo Tyres Ltd at a cost of Rs.492,072, 3307 Equity Shares Of
 Rs.5 each in Biocon Ltd at a cost of Rs.399447,2687 Equity Shares Of
 Rs.2 each in Blue Star Ltd at a cost of Rs. 414625, 4130 Equity Shares
 Of Rs.2 each in Crompton Greaves Ltd at a cost of Rs. 562904, 1602
 Equity Shares Of Rs.10 each in ICICI Bank Ltd at a cost of Rs. 718991,
 343 Equity Shares Of Rs.5 each in Infosys Technologies Ltd at a cost of
 Rs.396213, 4575 Equity Shares Of Rs.2 each in Pantaloon Retail India
 Ltd at a cost of Rs. 961131, 1366 Equity Shares Of Re.1 each in Tata
 Consultancy Services Ltd at a cost of Rs. 662425, 822 Equity Shares Of
 Rs.10 each in Jammu & Kashmir Bank Ltd at a cost of Rs. 280248, 5025
 Equity Shares Of Rs.2 each in United Phosphorous Ltd. at a cost of Rs.
 555913, 3984 Equity Shares Of Rs.1 each in Zee Entertainment Ltd at a
 cost of Rs. 554268, 12000 Equity Shares Of Rs.5 each in Himatsingka
 Seide Ltd at a cost of Rs. 722400, 1554 Equity Shares Of Re.1 each in
 ITC Ltd at a cost of Rs. 247498, 758 Equity Shares Of Rs.2 each in
 Larsen &Toubro Ltd at a cost of Rs.  329315, 3000Equity Shares Of Rs.
 10 each in HBL Nife Power Systems Ltd.  at a cost of Rs. 701057, 1489
 Shares Of Rs. 2 each in Siemens Ltd at a cost of Rs. 877453, 2993
 Shares Of Re. 2 each in Carborundum Universal Ltd at a cost of Rs.
 323543, 779 Shares Of Rs.10 each in State Bank of India Ltd at a cost
 of Rs. 1293975, 8547 Shares of Rs. 1 each in Voltas Ltd at a cost of
 Rs. 345174, 742 Shares of Rs. 10 each in Bank of Baroda Ltd at a cost
 of Rs. 135701,977 Shares of Rs. 10 each in Bharat Petroleum Corp at a
 cost of Rs. 334915, 643 Shares of Rs. 10 each in Bharti Airtel Ltd. at
 a cost of Rs. 392706, 13610 shares of Rs. 1 each in Dish TV India Ltd.
 at a cost of Rs. 299526,4701 Shares of Rs. 2 each in HCL Technologies
 Ltd. at a cost of Rs. 494402,2506 Shares of Rs. 5 each in Reliance
 Communications Ltd at a cost of Rs.  427674,1627 Shares of Rs. 10 each
 in Tata Steel Ltd at a cost of Rs. 247696.
 
 B.  Mutual Funds (fully paid-up, un-quoted) as at 31/03/2009 (Figures
 in Rs.) 4605068.72 units of Rs. 10 each in HDFC QIF Plan C WD at a cost
 of Rs. 46051451
 
 A.  Equity Shares (fully paid-up, quoted unless otherwise stated) as on
 31st March 2008 (Figures in Rs.) 16620 Equity Shares Of Re.1 each in
 ITC at a cost of Rs.2646985, 1650 Equity Shares Of Re.1 each in Siemens
 at a cost of Rs.1944656, 500 Equity Shares Of Re.1 each in Bosch at a
 cost of Rs.1053305, 15000 Equity Shares Of Re.1 each in Carborundum
 Universal at a Cost of Rs.  1621500, 7000 Equity Shares Of Re.1 each in
 Subex Systems at a cost of Rs.1412950, 439 Equity Shares Of Re.1 each
 in Larsen and Toubro new at a cost of Rs. 274139, 15000 Equity Shares
 Of Re. 1 each in Shanthi Gears at a cost of Rs. 854250, 3000 Equity
 Shares Of Re. 1 each in HBL Nife Power Systems at a cost of Rs. 701056,
 12000 Equity Shares Of Re. 1 each in Himatsingka Seide at a cost of Rs.
 722400, 1000 Equity Shares Of Re. 1 each in Procter & Gamble India at a
 cost of Rs. 689350, 8000 Equity Shares Of Re. 1 each in Asahi India
 Safety Glass at a cost of Rs.  535200, 276 Equity Shares of Re. 1 each
 in Container Corporation of India at a cost of Rs. 350584.
 
 B.  Mutual Funds (fully paid-up, un-quoted) as at 31st March 2008.
 
 176175.406 units of Rs.10 each in HDFC Cash Management Savings Growth
 at a cost of Rs. 2976000, 4253563.98 units of Rs.10 each in HDFC HDFC
 QIF Plan C WD at a cost of Rs. 4,25,35,914.
 
 (ii) Investments under PMS purchased and sold during the year
 01/04/2008 to 31/03/2009
 
 A.  Equity Shares (fully paid-up,quoted) as on 01/04/2008 to 31/03/2009
 (Figures in Rs.):
 
 Purchases:
 
 3998 Equity Shares of Rs. 2 each in AIA Engineering Ltd at a cost of
 Rs. 541655, 25136 Equity Shares of Re.1 each in Apollo Tyres Ltd at a
 cost of Rs. 492072, 300 Equity Shares of Rs. 10 each in BHEL Ltd at a
 cost of Rs. 427883, 3307 Equity Shares of Rs. 5 each in Biocon Ltd at a
 cost of Rs. 399447, 2687 Equity Shares of Rs. 2 each in Blue Star Ltd
 at a cost of Rs. 414625, 4130 Equity Shares of Rs. 2 each in Crompton
 Greaves Ltd at a cost of Rs. 562904, 1602 Equity Shares of Rs. 10 each
 in ICICI Bank Ltd. at a cost of Rs. 718991, 713 Equity Shares of Rs. 5
 each in Infosys Technologies Ltd. at a cost of Rs. 823616, 914 Equity
 Shares of Rs. 5 each in Maruti Suzuki Ltd. at a cost of Rs. 449730, 803
 Equity Shares of Rs. 10 each in ONGC at a cost of Rs. 550306, 4575
 Equity Shares of Rs. 2 each in Pantaloon Retail India Ltd. at a cost of
 Rs. 961131, 1650 Equity Shares of Rs. 2 each in Satyam Computers Ltd at
 a cost of Rs. 276006, 1366 Equity Shares of Re. 1 each in Tata
 Consultancy Services Ltd at a cost of Rs. 662425, 822 Equity Shares of
 Rs. 10 each in Jammu & Kashmir Bank Ltd at a cost of Rs. 280248, 5025
 Equity Shares of Rs. 2 each in United Phosphorous Ltd. at a cost of Rs.
 555913, 3984 Equity Shares of Re. 1 each in Zee Entertainment Ltd at a
 cost of Rs. 554268, 779 Shares Of Re.10 each in State Bank of India Ltd
 at a cost of Rs. 1293976, 1038 Shares Of Re.5 each in Sun
 Pharmaceuticals Industries Ltd at a cost of Rs. 2328384, 742 Shares of
 Rs. 10 each in Bank of Baroda Ltd at a Cost of Rs. 135701, 977 Shares
 of Rs. 10 each in Bharat Petroleum Corp at a Cost of Rs. 334915, 643
 Shares of Rs. 10 each in Bharti Airtel Ltd. at a Cost of Rs. 392706,
 13610 Shares of Re. 1 each in Dish TV India Ltd. at a Cost of Rs.
 299526, 4701 Shares of Rs. 2 each in HCL Technologies Ltd. at a cost of
 Rs. 494402, 2506 Shares of Rs. 5 each in Reliance Communications Ltd at
 a cost of Rs. 427674, 666 Shares of Rs. 10 each in United Spirits Ltd.
 at a cost of Rs. 347076, 8547 Shares of Rs. 1 each in Voltas Ltd at a
 cost of Rs.  345174, 238 Shares of Rs. 2 each in Larsen and Toubro Ltd
 of Rs. 166955
 
 Sales:
 
 15066 Equity Shares of Re.1 each in ITC Ltd at price of Rs. 2659273,
 500 Equity Shares of Rs. 10 each in Bosch Ltd. at price of Rs. 1510171,
 1000 Equity Shares of Rs. 10 each in Procter & Gamble India Ltd at
 price of Rs. 748938, 15000 Equity Shares of Re.1 each in Shanthi Gears
 Ltd at price of Rs. 542338, 1811 Equity Shares of Rs. 2 each in Siemens
 Ltd at price of Rs. 512680, 12007Equity Shares of Rs. 2 each in
 Carbourundum Universal Ltd at price of Rs.1100759, 832 Shares of Rs. 5
 each in Sun Pharmaceuticals at price of Rs.886965, 7000 Equity Shares
 Of Rs. 10 each in Subex Systems Ltd at a price of Rs.1027639, 552
 Equity Shares of Rs. 10 each in Container Corporation of India at a
 price of Rs.456336, 8000 Equity Shares of Rs. 1 each in Asahi India
 Safety Glass Ltd at a price of Rs. 299447, 300 Equity Shares of Rs. 10
 each in BHEL Ltd at a price of Rs. 430208, 370 Equity Shares of Rs. 5
 each in Infosys Technologies Ltd at a price of Rs. 498473, 914 Equity
 Shares of Rs. 5 each in Maruti Suzuki India Ltd. at a price of Rs.
 511052, 803 Equity Shares of Rs. 10 each in ONGC at a price of Rs.
 581854, 1650 Equity Shares of Rs. 2 each in Satyam Computers Ltd at a
 price of Rs. 101304, 666 Equity Shares of Rs. 10 each in United Spirits
 Ltd. at a price of Rs. 462086, 358 Equity Shares of Rs. 2 each in
 Larsen & Toubro Ltd at a price of Rs.  304414, 1870 Equity Shares of
 Rs. 5 each in Sun Pharmaceuticals Ltd. at a price of Rs. 1919529
 
 B.  Mutual Funds (fully paid-up, unquoted)
 
 Purchases:
 
 18428.312 Units Of Rs10 each in HDFC Cash Management Savings Growth at
 a cost of Rs.314000, 60278.76 Units Of Rs.10 each in HDFC Cash
 Management Savings Growth at a cost of Rs.1028000, 13267.902 Units Of
 Rs.10 each in HDFC Cash Management Savings Growth at a cost of
 Rs.229000, 7005.978 Units Of Rs.10. each in HDFC Cash Management
 Savings Growth at a cost of Rs.122000, 60,756.11 Units Of Rs.10 each in
 HDFC Cash Management Savings Growth at a cost of Rs.1092000, 14645.76
 Units Of Rs.10 each in HDFC Cash Management Savings Growth at a cost of
 Rs.264000, 185748.04 Units Of Rs10. each in HDFC Cash Management
 Savings Growth at a cost of Rs.3349000, 81704.477 Units Of Rs.10 each
 in HDFC QIF Plan C Wholesale Div at a cost of Rs.817535, 77601.305
 Units Of Rs.10 each in HDFC QIF Plan C Wholesale Div at a cost of
 Rs.776013. 95141.47 Units Of Rs.10 each in HDFC QIF Plan C Wholesale
 Div at a cost of Rs.951415., 18735.182 Units of Rs 10 each in HDFC Cash
 Management Savings Growth at a cost of Rs. 339000, 53630.409 Units Of
 Rs 10 each in HDFC Cash Management Savings Growth at a cost of Rs.
 971000, 9166.763 Units Of Rs 10 each in HDFC Cash Management Savings
 Growth at a cost of Rs. 166000, 12913.765 Units Of Rs. 10 each in HDFC
 Cash Management Savings Growth at a cost of Rs. 234000, 6823.497 Units
 Of Rs. 10 each in HDFC Cash Management Savings Growth at a cost of Rs.
 124000, 25600.684 Units Of Rs. 10 each in HDFC Cash Management Savings
 Growth at a cost of Rs.  467000, 8460.052 Units Of Rs 10 each in HDFC
 Cash Management Savings Growth at a cost of Rs. 155000, 12748.639 Units
 Of Rs 10 each in HDFC Cash Management Savings Growth at a cost of Rs.
 234000, 97057.48 Units Of Rs.10 each in HDFC QIF Plan C Wholesale Div
 at a cost of Rs.970575.
 
 Sales:
 
 141695.744 Units Of Rs.10 each in HDFC Cash Management Savings Growth
 at a price of Rs.2400000, 76143.619 Units Of Rs.10 each in HDFC Cash
 Management Savings Growth at a price of Rs.1300000, 55613.64 Units Of
 Rs.10 each in HDFC Cash Management Savings Growth at a price of
 Rs.1000000, 33339.82 Units Of Rs.10 each in HDFC Cash Management
 Savings Growth at a price of Rs.600000, 29119.65 Units Of Rs.10 each in
 HDFC Cash Management Savings Growth at a price of Rs.524288, 149588.63
 Units Of Rs.10 each in HDFC Cash Management Savings Growth at a price
 of Rs.2700000, 33226.64 Units Of Rs.10 each in HDFC Cash Management
 Savings Growth at a price of Rs.600000, 17578.525 Units Of Rs.10 each
 in HDFC Cash Management Savings Growth at a price of Rs.318071.10,
 11041.976 Units Of Rs.10 each in HDFC Cash Management Savings Growth at
 a price of Rs.200000, 38638.81 Units Of Rs.10 each in HDFC Cash
 Management Savings Growth at a price of Rs.700000, 33030.371 Units Of
 Rs.10 each in HDFC Cash Management Savings Growth at a price of
 Rs.600000, 10951.103 Units Of Rs.10 each in HDFC Cash Management
 Savings Growth at a price of Rs.200000, 10948.885 Units Of Rs.10 each
 in HDFC Cash Management Savings Growth at a price of Rs.200000,
 16386.279 Units Of Rs.10 each in HDFC Cash Management Savings Growth at
 a price of Rs.300000, 5872.876 Units Of Rs.10 each in HDFC Cash
 Management Savings Growth at a price of Rs.107599.31, 8460.052 Units Of
 Rs.10 each in HDFC Cash Management Savings Growth at a price of
 Rs.155115.90, 12748.639 Units Of Rs.10 each in HDFC Cash Management
 Savings Growth at a price of Rs.234325.08.
 
 A.  Equity Shares (fully paid-up,quoted) as on 01/04/2007 to 31/03/2008
 (Figures in Rs.):
 
 Purchases :
 
 2500 Equity Shares Of Re.1 each in Asahi India Safety Glass at a cost
 of Rs. 269875.55, 15000 Equity Shares Of Rs. 2 each in Carborundum
 Universal at a cost of Rs. 2551167.40, 6000 Equity Shares Of Rs. 5 each
 in Himatsingka Seide at a cost of Rs. 699596.73, 1500 Equity Shares Of
 Rs. 10 each in ICICI Bank at a cost of Rs. 1302887.35, 11970 Equity
 Shares Of Re. 1 each in Shanthi Gears at a cost of Rs. 982390.20, 7000
 Equity Shares Of Rs. 10 each in Subex Systems at a cost of Rs.
 3124897.48, 2300 Equity shares Of Rs. 2 each in Wipro at a cost of Rs.
 1242195.22.
 
 Sales:
 
 2450 Equity Shares Of Re.1 each in Hindustan Unilever Limited at a cost
 of Rs.479158, 1500 Equity Shares Of Rs. 10 each in ICICI Bank at a cost
 of Rs.1387688.05, 1500 Equity Shares Of Rs. 10 each in Tech Mahindra
 Ltd at a cost of Rs.2095170.8, 5800 Equity Shares Of Rs. 2 each in
 Wipro at a cost of Rs.2751269.12, 147 Equity Shares Of Rs. 2 each in
 Larsen and Toubro new at a cost of Rs.418558.52, 474 Equity Shares Of
 Rs. 10 each in Container Corporation of India at a cost of
 Rs.765682.57, 1500 Equity Shares Of Rs.2 each in Financial Technology
 at a cost of Rs.2092278.82,
 
 B.  Mutual Funds (fully paid-up, unquoted)
 
 Purchases:
 
 33327.842 Units Of Rs. 10. each in HDFC Cash Management Savings Growth
 at a cost of Rs.526000, 50606.007 Units Of Rs. 10. each in HDFC Cash
 Management Savings Growth at a cost of Rs. 800000, 91458.61 Units Of
 Rs10. each in HDFC Cash Management Savings Growth at a cost of
 Rs.1451000, 132967.563 Units Of Rs10. each in HDFC Cash Management
 Savings Growth at a cost of Rs.2123000, 54917.997 Units Of Rs10. each
 in HDFC Cash Management Savings Growth at a cost of Rs.881000,
 24688.441 Units Of Rs10. each in HDFC Cash Management Savings Growth at
 a cost of Rs.397000, 31074.623 Units Of Rs.10. each in HDFC Cash
 Management Savings Growth at a cost of Rs.500000, 176158.629 Units Of
 Rs. 10. each in HDFC Cash Management Savings Growth at a cost of Rs.
 2850000, 31318.259 Units Of Rs. 10. each in HDFC Cash Management
 Savings Growth at a cost of Rs. 509000, 11287.026 Units Of Rs. 10. each
 in HDFC Cash Management Savings Growth at a cost of Rs. 185000,
 6269.667 Equity Shares Of Rs. 10.  each in HDFC Cash Management Savings
 Growth at a cost of Rs. 105000, 84905.325 Equity Shares Of Rs. 10 each
 in HDFC Cash Management Savings Growth at a cost of Rs. 1434000,
 85000.414 Equity Shares Of Rs. 10. each in HDFC Cash Management Savings
 Growth at a cost of Rs. 1437000.
 
 4124126.478 Units Of Rs.10 each in HDFC QIF Plan C Wholesale Div at a
 cost of Rs.41241264.78, 66824.692 Units Of Rs.10 each in HDFC QIF Plan
 C Wholesale Div at a cost of Rs.668520.90, 62612.81 Units Of Rs.10 each
 in HDFC QIF Plan C Wholesale Div at a cost of Rs.626128.10, 4124126.48
 Units Of Rs.10 each in HDFC FMP 90D Feb 07 - WD at a cost of
 Rs.41241264.78
 
 Sales:
 
 83178.691 Units Of Rs.10 each in HDFC Cash Management Savings Growth at
 a cost of Rs.1312459.92, 81956.878 Units Of Rs.10 each in HDFC Cash
 Management Savings Growth at a cost of Rs.1300000, 87871.807 Units Of
 Rs.10 each in HDFC Cash Management Savings Growth at a cost of
 Rs.1400000, 138531.337 Units Of Rs.10 each in HDFC Cash Management
 Savings Growth at a cost of Rs.2221959.53, 31080.804 Units Of Rs.10
 each in HDFC Cash Management Savings Growth at a cost of Rs.500000,
 49666.304 Units Of Rs.10 each in HDFC Cash Management Savings Growth at
 a cost of Rs.800000, 67724.816 Units Of Rs.10 each in HDFC Cash
 Management Savings Growth at a cost of Rs.1100000, 55083.605 Units Of
 Rs.10 each in HDFC Cash Management Savings Growth at a cost of
 Rs.900000, 24431.062 Units Of Rs.10 each in HDFC Cash Management
 Savings Growth at a cost of Rs.400000, 78699.163 Units Of Rs.10 each in
 HDFC Cash Management Savings Growth at a cost of Rs.1300000, 22759.221
 Units Of Rs.10 each in HDFC Cash Management Savings Growth at a cost of
 Rs.378941.03,
 
 11 Dividend Received from subsidiary company -NIL
 
 30 As per Accounting Standard - 27 - ‘Financial reporting of interest
 in Joint Ventures issued by the Institute of Chartered Accountants of
 India, the Companys share of ownership interest, assets, liabilities,
 income, expenses, contingent liabilities and capital commitments in the
 joint venture company, incorporated in India, are given below:
 
 12 Loans and Advances due from directors-NIL.
 
 13 Figures of the previous year have been regrouped /reclassified
 wherever considered necessary to confirm to current year
 classification.
 
 14 Schedules A to and accounting policies form an integral part of
 accounts.