Torrent Power

(Rs. in crores)
                                           As at                As at
                                  31st March, 2009   31st March, 2008
 
 1. Estimated amount of contracts 
 remaining to be executed
 on Capital Accounts 
 (Net of Advances)                     207.71               111.41
 2. Contingent Liabilities 
 not provided for in respect of:
 (i) Letters of Credit established
 and Guarantees given by
 banks on behalf of the Company         60.95               436.53
 (ii) Disputed Income-tax matters       19.15                10.22
 (iii) Disputed Sales-tax matters        0.21                 0.21
 (iv) Disputed Custom Duty matters       0.44                 0.44
 (v) Disputed Stamp Duty matter          0.26                 0.26
 (vi) Uncalled liability on 
 Partly Paid Investments                  -                  22.18
 (vii) Claim not acknowledged as Debt    3.96                  -  
 
 3.  During the year, the Company promoted a new subsidiary company viz.
 Torrent Power Distribution Services Limited on 9th September, 2008.
 Later on 11th December, 2008 the name of the company was changed to
 Torrent Power Bhiwandi Limited. Torrent Power Limited has invested
 Rs.0.05 crore in the Equity Capital of the same.
 
 During the year, Torrent Energy Limited (TEL), associate Company, has
 further allotted 99,950,000 shares of Rs.10/- each (Previous Year
 22,500 shares) to the Company, resulting in TEL becoming a subsidiary
 of the Company with effect from 19th March, 2009.
 
 4.  (i) The Company uses forward contracts to hedge its risk associated
 with foreign currency fluctuation relating to firm commitments. The
 Company does not use forward contracts for speculative purposes.
 Outstanding foreign exchange contract as at 31st March, 2009 is Rs.Nil
 (Previous Year Rs.Nil) (ii) Foreign currency exposure not hedged by
 derivative instruments as at 31st March, 2009 on capital imports amount
 to Rs.  189.09 crores (Previous Year Rs.173.40 crores)
 
 5.  Based on the information available with the Company, the balance
 due to Micro and Small Enterprises as defined under MSMED Act, 2006 is
 Rs.0.42 crore (Previous Year Rs.0.97 crore). No interest has been paid
 or payable under MSMED Act, 2006 during the year.
 
 6.  The confirmations of some of the parties for the amounts due to
 them / amount due from them as per books of accounts are not received.
 Necessary adjustments, if any, will be made when the accounts are
 reconciled / settled.
 
 7.  Employee Benefits
 
 The accounting liability on account of gratuity and leave is accounted
 as per AS 15 (revised 2005) dealing with Employee benefits.
 
 The Company operates a defined benefit plan (the Gratuity Plan)
 covering eligible employees, which provides a lump sum payment to
 vested employees at retirement, death, incapacitation or termination of
 employment, of an amount based on the respective employees salary and
 tenure of employment.
 
 8. The Companys primary business segment is Generation and
 Distribution of Electricity. Based on the guiding principles given in
 Accounting Standard on Segment Reporting [(AS-17) issued by the
 Institute of Chartered Accountants of India] , this activity falls
 within a single primary business segment and accordingly the disclosure
 requirements of AS-17 in this regard are not applicable.
 
 9.  Previous years figures have been restated, wherever necessary, to
 conform to this years classification.  Figures are rounded off to
 nearest lakh. Figures below Rs.50000 are denoted by *,