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SENSEX NIFTY India | Notes to Account > Power - Generation & Distribution > Notes to Account from Adani Power - BSE: 533096, NSE: ADANIPOWER

Adani Power

BSE: 533096|NSE: ADANIPOWER|ISIN: INE814H01011|SECTOR: Power - Generation & Distribution
Jul 18, 16:00
-0.7 (-1.1%)
VOLUME 2,204,809
Jul 18, 15:59
-0.7 (-1.1%)
VOLUME 27,403,170
Mar 17
Notes to Accounts Year End : Mar '18

1 Corporate information

The financial statements comprise financial statements of Adani Power Limited (the “Company, APL”) for the year ended MarcRs.31, 2018. The Company is a public company domiciled in India and incorporated under the provisions of the Companies Act applicable in India. Its shares are listed on two recognized stock exchanges in India. The registered office of the Company is located at “Shikhar”, Near Adani House, Mithakhali Six Roads, Navrangpura, Ahmedabad - 380 009, Gujarat, India.

The Company, together with its subsidiaries currently has multiple power projects located at various locations with a combined installed and commissioned capacity of 10480 MW. The Company sells power generated from these projects under a combination of long term Power Purchase Agreements and on merchant basis.

As at 31st March, 2018, S. B. Adani Family Trust (“SBAFT”) together with entities controlled by it has the ability to control the Company. The Company gets synergetic benefit of the integrated value chain of Adani group.

The financial statements were authorised for issue in accordance with a resolution of the directors on May 03, 2018.

2 Significant accounting policies

2.1 Basis of preparation

The financial statements of the Company have been prepared in accordance with Indian Accounting Standards (Ind AS) notified under the Companies (Indian Accounting Standards) Rules, 2015 (as amended) read with section 133 of Companies Act, 2013, on the historical cost basis except for certain financial instruments that are measured at fair values, as explained in the accounting policies below.

In addition, The financial statements are presented in INR and all values are rounded to the nearest Crore, except when otherwise indicated.

3 Significant accounting judgements, estimates and assumptions

The preparation of the Company’s financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures, and the disclosure of contingent liabilities, The estimates and assumptions are based on historical experience and other factors that are considered to be relevant, The estimates and underlying assumptions are reviewed on an ongoing basis and any revisions thereto are recognized in the period in which they are revised or in the period of revision and future periods if the revision affects both the current and future periods, Uncertainties about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods,

Key sources of estimation uncertainty :

The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below, Existing circumstances and assumptions about future developments may change due to market changes or circumstances arising that are beyond the control of the Company, Such changes are reflected in the assumptions when they occur,

i) Useful lives of property, plant and equipment

In case of the power plant assets, in whose case the life of the assets has been estimated at 25 years based on technical assessment, taking into account the nature of the assets, the estimated usage of the asset, the operating condition of the asset, anticipated technological changes, manufacturer warranties and maintenance support, depreciation on the same is provided based on the useful life of each such component based on technical assessment, if materially different from that of the main asset,

ii) Fair value measurement of financial instruments

In estimating the fair value of financial assets and financial liabilities, the Company uses market observable data to the extent available, Where such Level 1 inputs are not available, the Company establishes appropriate valuation techniques and inputs to the model, The inputs to these models are taken from observable markets where possible, but where this is not feasible, a degree of judgement is required in establishing fair values, Judgements include considerations of inputs such as liquidity risk, credit risk and volatility, Changes in assumptions about these factors could affect the reported fair value of financial instruments, Information about the valuation techniques and inputs used in determining the fair value of various assets and liabilities are disclosed in Note 43,

iii) Defined benefit plans (gratuity benefits)

The cost of the defined benefit gratuity plan and the present value of the gratuity obligation are determined using actuarial valuations, An actuarial valuation involves making various assumptions that may differ from actual developments in the future, These include the determination of the discount rate, future salary increases and mortality rates, Due to the complexities involved in the valuation and its long-term nature, a defined benefit obligation is highly sensitive to changes in these assumptions, All assumptions are reviewed at each reporting date, Information about the various estimates and assumptions made in determining the present value of defined benefit obligations are disclosed in Note 48,

Iv) Impairment

Determining whether property, plant and equipment are impaired requires an estimation of the value in use of the relevant cash generating units, The value in use calculation is based on a Discounted Cash Flow model over the estimated useful life of the Power Plants, Further, the cash flow projections are based on estimates and assumptions relating to tariff, operational performance of the Plants, life extension plans, market prices of coal and other fuels, exchange variations, inflation, terminal value etc, which are considered reasonable by the Management,(Refer note 38)

v) Investments made / Intercorporate deposits (“ICDs”) given to subsidiaries

In case of investments made and Intercorporate Deposits (“ICD”) given by the company in its subsidiaries, the Management assesses whether there is any indication of impairment in the value of investments and ICDs, The carrying amount is compared with the present value of future net cash flow of the subsidiaries, (Refer note 39)

vi) Taxes

Significant management judgement is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and the level of future taxable profits together with future tax planning strategies, including estimates of temporary differences reversing on account of available benefits from the Income Tax Act, 1961. Deferred tax assets is recognised to the extent of the corresponding deferred tax liability. (Refer note 22.1)

vii) Revenue

Revenue from operations on account of force majeure / change in law events in terms of Power Purchase Agreements with various State Power Distribution Utilities in some cases is accounted for by the Company based on best estimates including orders / reports of Regulatory Authorities, which may be subject to adjustments on receipt of final orders of the respective Regulatory Authorities.

4.1 Unrecognised deductible temporary differences, unused tax losses and unused tax credits

Deductible temporary differences, unused tax losses and unused tax credits for which no Deferred Tax Assets have been recognised are attributable to the following :

No Deferred Tax Asset has been recognised on the above unutilised tax losses and tax credits as there is no evidence that sufficient taxable profit will be available in the future against which they can be utilised by the Company.

5 As at the year end, the Company is carrying equity investment of RS.106.05 Crores in equity of its subsidiary Adani Power (Mundra) Limited (“APMuL’) which owns and operates 4,620MW Mundra thermal power undertaking and also has outstanding loans and advances granted to APMuL of RS.2,415.30 Crores. APMuL has reported a loss of RS.1,694.09 Crores for the year ended 31st March, 2018 and has accumulated losses of RS.9,747.59 Crores as at 31st March, 2018 (read with note 51). Further, its current liabilities (including RS.6,329.78 Crores to related parties) exceed current assets by RS.10,729.22 Crores and the net worth of APMuL has been completely eroded based on the latest financial statements.

Notwithstanding the above, the Management believes based on its assessment made, that over the foreseeable future, APMuL would be able to establish profitable operations with settlement of change in law claims with Discoms, better future merchant tariff price / other operating parameters and alternative arrangements / approaches to deal with the current situation leading to better cash flows in APMuL. Considering APMuL Management’s plan and assessment and the support of the Company, Management of the Company believes that APMuL would be able to meet its financial obligations and has accordingly prepared its financial statements on a going concern basis and no provision / adjustment to the carrying value of the said investment / loans and advances is considered necessary by the management as at 31st March, 2018.

6 The Company has determined the recoverable amounts of the Power Plants over its useful life under Ind AS 36, Impairment of Assets based on the estimates relating to tariff, operational performance of the Plants, life extension plans, inflation, terminal value etc. which are considered reasonable by the Management.

On a careful evaluation of the aforesaid factors, the Management of the Company has concluded that the recoverable amounts of the Power Plant is higher than their carrying amounts as at 31st March, 2018,

7 The carrying amounts of Non-current investments in equity shares of wholly owned subsidiary companies viz, Adani Power Maharashtra Limited (“APML’), Adani Power Rajasthan Limited (“APRL’) and Adani Power (Mundra) Limited (“APMuL’) are RS.4,205,92 Crores (Previous year - RS.4,205,92 Crores ), RS.1,200 Crores (Previous year - RS.1,200 Crores) and RS.106,05 Crores (Previous year - H 0,05 Crores ) respectively, and Non-current loans (Refer note 5) include loans given to APML and APRL of RS.3,727,32 Crores (Previous year - RS.2,999,00 Crores ) and RS.2,020,07 Crores (Previous year - RS.1,722,42 Crores ) respectively, Current loans (Refer note 14) includes Loans given to APMuL of RS.2,414,68 Crores (Previous year - Rs. Nil), APMuL, APML and APRL own and operate 4620 MW, 3300 MW and 1320 MW coal based power plants respectively with major capacities tied up under power purchase agreements (“PPAs”) for twenty five years with substantially fixed tariffs, The PPAs for these plants were made based on the commitments / understanding that domestic coal linkages would be available to meet the fuel requirements, However, adequate coal linkages could not be made available due to various reasons, including government policies, not attributable to the respective subsidiary companies, In response to the pleas to various regulatory authorities for compensating the losses due to above and orders passed thereof, the respective state electricity regulators have granted part relief during the year on account of Change in Law / Force Majeure, The Company’s management believes that APML and APRL are eligible to get the required coal linkages as APML and APRL supply power under the Long Term PPAs and until then are eligible for relief on account of Change in Law / Force Majeure to compensate the operating losses, Whilst some of the matters related to relief on account of Change in Law / Force Majeure are under litigation, it is expected that equivalent amounts as recognised by the respective subsidiaries (RS.1,685,14 Crores by APML and RS.2,546,34 Crores by APRL up to 31st March, 2018 (RS.2,583,23 Crores by APML and RS.1,980,92 Crores by APRL up to 31st March, 2017)) will be ultimately recovered, As per the assessment by the Management, it would not be unreasonable to expect ultimate collection of an equivalent amount of relief, which is predicated on the legal advice that APML and APRL have good arguable cases on merits, based on the principles set forth by the Hon, Supreme Court in its order dated 11th April, 2017 and also based on the regulatory orders received during the year, In respect of relief on account of short fall in domestic coal supply in case of APMuL 1424 MW Power Purchase Agreement (“PPA”) with Haryana Utilities (please refer note 34 (i)), Having regard to above and the expectation that similar relief will continue to be available till existence of the aforesaid circumstances, the Management of the Company has concluded that no provision for impairment is considered necessary at this stage,

8 Further to the execution of the share purchase agreement (“SPA”) on 4th March, 2015 with the owners of Korba West Power Company Limited (“KWPCL’), having operating capacity of 600 MW Thermal Power Project at Korba, Chhattisgarh, the Company had paid total amount of RS.775 Crores by 17th March, 2015 to the owners of KWPCL towards 100% acquisition of shares and including RS.107,90 Crores towards loan in KWPCL and has further advanced RS.1,628,32 Crores to KWPCL as inter corporate deposit till 31st March, 2018 (including RS.140,46 Crores advanced during FY 2017-18 & interest accrued thereon (RS.1,487,86 Crores till 31st March, 2017), The process of closure of the acquisition of KWPCL as per SPA, got delayed pending resolution of disputes in terms of the SPA, suspension of plant operations due to failure of generator leading to differences with original equipment supplier and finally, pending restructuring of loans by the lenders, Based on understanding reached with stakeholders and the KWPCL lenders, the Company acquired 49% of the equity shares of KWPCL on 22nd December, 2017 whereby KWPCL became Company’s associate entity,

Further to the above, the Company has entered into a separate SPA to sell / dispose-off, the acquired 49% equity shares to a third party on 18th January, 2018 for a consideration of RS.263,69 Crores and the shares have been transferred to the said party before 31st March, 2018, In terms of SPA, the Company is expected to realise the consideration at the earliest,

Based on restructuring plan proposed and approved by the lead banker of KWPCL, dated 15th March, 2018, which has been approved by few of the other lenders and is under approval of the remaining lenders, the Company expects to acquire 51% of shares of KWPCL in the near future, It also expects that KWPCL plant will be operational in next few months after repair of the generator defect, Further, the Company is of the view that on signing of restructuring plan with the lenders and commencement of operation of the plant, the Company will be able to realise the value of its investments and advances over the expected useful life of the thermal power project,

9 The Company has taken various derivatives to hedge its foreign currency exposures. The outstanding position of derivative instruments is as under: (Also refer note 51)

10 (i) Financial Risk Management Objective and Policies :

The Company’s risk management activities are subject to the management direction and control under the framework of Risk Management Policy as approved by the Board of Directors of the Company. The Management ensures appropriate risk governance framework for the Company through appropriate policies and procedures and the risks are identified, measured and managed in accordance with the Company’s policies and risk objectives.

In the ordinary course of business, the Company is exposed to Market risk, Credit risk and Liquidity risk.

Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: interest rate risk, currency risk and commodity risk.

a) Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company’s exposure to the risk of changes in market interest rates relates primarily to the Company’s long-term debt obligations with floating interest rates.

The Company manages its interest rate risk by having a mixed portfolio of fixed and variable rate loans and borrowings. To manage this, the Company enters into interest rate swaps, in which it agrees to exchange, at specified intervals, the difference between fixed and variable rate interest amounts calculated by reference to an agreed upon notional principal amount.

The sensitivity analysis have been carried out based on the exposure to interest rates for instruments not hedged against interest rate fluctuation at the end of the reporting period. The said analysis has been carried out on the amount of floating rate long term liabilities outstanding at the end of the reporting period. A 50 basis point increase or decrease represents management’s assessment of the reasonably possible change in interest rates.

In case of fluctuation in interest rates by 50 basis points on the exposure on long term borrowings of RS.277.18 Crores as on 31st March, 2018 and RS.14,540.71 Crores as on 31st March, 2017 respectively and if all other variables were held constant, the Company’s profit and loss for the year would increase or decrease as follows:

b) Foreign currency risk

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Company’s exposure to the risk of changes in foreign exchange rates relates primarily to the Company’s operating activities. The Company manages its foreign currency risk by hedging transactions that are expected to realise in future. The Company manages its foreign currency risk by entering into currency swap for converting INR loan into other foreign currency for taking advantage of lower cost of borrowing in stable currency environment. The Company also enters into various foreign exchange contracts to mitigate the risk arising out of foreign exchange rate movement on foreign currency borrowings or trade payables.

Every one percentage point depreciation / appreciation in the exchange rate between the Indian rupee and U.S.dollar on the exposure of $ 14.93 million as on 31st March, 2018 and $ 22.29 million as on 31st March, 2017, would have affected the Company’s profit and loss for the year as follows :

c) Commodity price risk

The Company is affected by the price volatility of certain commodities. Its operating activities require the on-going purchase or continuous supply of coal. Therefore the Company monitors its purchases closely to optimise the price.

Credit risk

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss.

The Company is having majority of receivables from State Electricity Boards which are Government undertakings and hence they are secured from credit losses in the future.

Liquidity risk

The Company monitors its risk of shortage of funds using cash flow forecasting models. These models consider the maturity of its financial investments, committed funding and projected cash flows from operations. The Company’s objective is to provide financial resources to meet its business objectives in a timely, cost effective and reliable manner and to manage its capital structure. A balance between continuity of funding and flexibility is maintained through continued support from lenders, trade creditors as well as subsidiaries.

Maturity profile of financial liabilities :

The table below provides details regarding the remaining contractual maturities of financial liabilities at the reporting date based on contractual undiscounted payments.

(ii) Capital management :

The Company’s objectives when managing capital is to safeguard continuity, maintain a strong credit rating and healthy capital ratios in order to support its business and provide adequate return to shareholders through continuing growth. The Company’s overall strategy remains unchanged from previous year.

The Company sets the amount of capital required on the basis of annual business and long-term operating plans which include capital and other strategic investments.

The funding requirements are met through a mixture of equity, internal fund generation and other long term borrowings. The Company’s policy is to use short-term and long-term borrowings to meet anticipated funding requirements. The Company monitors capital on the basis of the net debt to equity ratio.

The fair values of the financial assets and financial liabilities included in the level 2 and level 3 categories above have been determined in accordance with generally accepted pricing models based on a discounted cash flow analysis, with the most significant inputs being the discount rate that reflects the credit risk of counterparties,

11 The Company’s activities during the year revolve around power generation, Considering the nature of Company’s business and operations, as well as based on reviews of operating results by the chief operating decision maker to make decisions about resource allocation and performance measurement, there is only one reportable segment in accordance with the requirements of Ind AS - 108 - “Operating Segments’’, prescribed under Companies (Indian Accounting Standards) Rules, 2015,

12 As per Ind AS - 19 “Employee Benefits”, the disclosures are given below.

(a) (i) Defined Benefit Plan

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 employee’s salary and the tenure of employment.

ii.Sensitivity Analysis

Significant actuarial assumptions for the determination of the defined benefit obligation are discount rate, expected salary increase and mortality. The sensitivity analysis below have been determined based on reasonably possible changes of the assumptions occurring at the end of the reporting period, while holding all other assumptions constant. The results of sensitivity analysis is given below:

iii. Asset Liability Matching Strategies

The Company has purchased insurance policy, which is basically a year-on-year cash accumulation plan in which the interest rate is declared on yearly basis and is guaranteed for a period of one year, The insurance company, as part of the policy rules, makes payment of all gratuity outgoes happening during the year (subject to sufficiency of funds under the policy), The policy, thus, mitigates the liquidity risk, However, being a cash accumulation plan,the duration of assets is shorter compared to the duration of liabilities, Thus, the Company is exposed to movement in interest rate (in particular, the significant fall in interest rates, which should result in a increase in liability without corresponding increase in the asset),

iv. Effect of Plan on Entity’s Future Cash Flows

a) Funding arrangements and Funding Policy

The Company has purchased an insurance policy to provide for payment of gratuity to the employees, Every year, the insurance company carries out a funding valuation based on the latest employee data provided by the Company, Any deficit in the assets arising as a result of such valuation is funded by the Company,

b) Expected Contribution during the next annual reporting period

The Company’s best estimate of Contribution during the next year is Rs. Nil,

c) Maturity Profile of Defined Benefit Obligation

Weighted average duration (based on discounted cash flows) - 7 years,

v. The Company has defined benefit plan for Gratuity to eligible employees, the contributions for which are made to Life Insurance Corporation of India who invests the funds as per Insurance Regulatory Development Authority guidelines

The discount rate is based on the prevailing market yields of Government of India’s securities as at the balance sheet date for the estimated term of the obligations,

The expected contributions for Defined Benefit Plan for the next financial year will be in line with FY 2017-18,

The actuarial liability for compensated absences as at the year ended 31st March, 2018 is RS.3,35 Crores (Previous Year RS.12,40 Crores),

(b) Defined Contribution Plan

Contribution to Defined Contribution Plans, recognised in Statement of Profit and Loss, for the year is as under:

13 Corporate Social Responsibility

As per Section 135 of the Companies Act, 2013, a corporate social responsibility (CSR) committee has been formed by the Company. The Company is not required to incur any CSR expense as per the requirement of Section 135 of Companies Act, 2013. However for a noble cause, it has incurred expenses of H 0.01 Crores (Previous year-H 0.23 Crores) on the activities which are specified in Schedule VII of the Companies Act, 2013.

14 The details of loans and advances of the Company outstanding at the end of the year, in terms of regulation 53 (F) read together with para A of Schedule V of SEBI (Listing Obligation and Disclosure Regulation, 2015).

15 Scheme of arrangement

The National Company Law Tribunal (‘NCLT’) had sanctioned the Scheme of Arrangement (Scheme) under section 230-232 of the Companies Act, 2013, for the transfer of the Company’s 4,620 MW thermal power undertaking (“Undertaking”) at Mundra into its subsidiary, Adani Power (Mundra) Limited, on a slump exchange basis from an appointed date of 31st March, 2017. The Undertaking constitutes 4,620 MW thermal power plant (comprising of 9 units i.e. 4 units of 330 MW each and 5 units of 660 MW each) in multi product Special Economic Zone at Mundra and the allotted Jitpur Coal Block in Jharkhand for the end use of units 1 to 6 i.e. for Phase 1 and Phase 2 and Fuel Supply Agreement (‘FSA’) of 8.72 MMTPA for the end use of units 7, 8 and 9, i.e. Phase 3

The scheme has been sanctioned by NCLT through its order dated 3rd November, 2017 and accordingly the aforesaid scheme was made effective on 22nd December, 2017 with appointed date of 31st March, 2017, on receipt of all the requisite approvals. Due to practical difficulties and as a matter of convenience, the effect of the scheme has been given on 31st December, 2017.

Pursuant to the Scheme, the Company transferred the balances of assets, liabilities, components of reserves and surplus (including accumulated losses) pertaining to the Undertaking, at their respective book values to APMuL and the consideration for slump exchange amounting to RS.106 Crores has been credited to Capital Reserve, which is not in accordance with the requirements of Ind AS although the same has been approved by NCLT

Following is the summary of the net assets of the Undertaking as at the appointed date, 31st March, 2017, in terms of the Scheme of Arrangement:

The aforesaid amount of RS.1,506.85 Crores has been shown as an Exceptional item in the statement of profit or loss.

16 Pursuant to the Scheme of Arrangement relating to Mundra Thermal Power Undertaking between the Company and APMuL, which came into effect from 22nd December, 2017, as stated in note 51, the Company continued to procure coal in terms of the Fuel Supply Agreements (“FSAs”) linked to Mundra Thermal Power Undertaking and transfer the same to Adani Power Maharashtra Limited (“APML’) and these transactions are being transferred and recorded in Adani Power (Mundra) Limited till 31st March, 2018. The Company believes such transactions are appropriately entered and accounted in the books.

The amounts outstanding are unsecured and will be settled in cash or kind, No guarantees have been given or received, No expense has been recognised in current year or prior years for bad or doubtful debts in respect of the amounts owed by related parties,

17 Recent accounting pronouncements

The Company applied for first time certain amendmends to the Standards, which are effective for annual periods begining on or after 1st April, 2017, The nature and impact of each amendmend is described below:

Amendmends to Ind AS 7 Statement of Cash flows : Disclosure initiative

The Amendment requires entities to provide disclosure of changes in their liabilities arising from financing activities, including both changes arising from cash flows and non-cash changes (such as foreign exchange gains or losses), The Company has provided the information for both the current and comparative period,

Standard issued but not effective:

Ind As 115 revenue from contracts with customers

Ind AS 115 was notified on 28th March, 2018 and establishes a five-step model to account for revenue arising from contracts with customers, Under Ind AS 115, revenue is recognised at an amount that reflects the consideration to which an entity expects to be entitled in exchange for transferring goods or services to a customer,

The new revenue standard will supersede all current revenue recognition requirements under Ind AS, This new standard requires revenue to be recognized when promised goods or services are transferred to customers in amounts that reflect the consideration to which the Company expects to be entitled in exchange for those goods or services, Adoption of the new rules could affect the timing of revenue recognition for certain transactions of the Company, Ind AS 115 is effective for the Company in the first quarter of fiscal 2019 using either one of two methods: (i) retrospectively to each prior reporting period presented in accordance with Ind AS 8 Accounting Policies, Changes in Accounting Estimates and Errors, with the option to elect certain practical expedients as defined within Ind AS 115 (the full retrospective method); or (ii) retrospectively with the cumulative effect of initially applying Ind AS 115 recognized at the date of initial application (1 April 2018) and providing certain additional disclosures as defined in Ind AS 115 (the modified retrospective method).

The Company continues to evaluate the available transition methods and its contractual arrangements.The ultimate impact on revenue resulting from the application of Ind AS 115 will be subject to assessments that are dependent on many variables, including, but not limited to, the terms of the contractual arrangements and the mix of business.

A reliable estimate of the quantitative impact of Ind AS 115 on the financial statements will only be possible once the implementation project has been completed.

18 Previous year figures have been regrouped and rearranged wherever necessary to conform to this year’s classification.

Source : Dion Global Solutions Limited
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