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HOME   >  CORPORATE INFO >  NOTES TO ACCOUNT
Notes Of Account      
 
Year End: March 2016

Notes to Financial Statements for the year ended 31st March, 2016

1 Corporate information

Adani Power Limited ("the Company") is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956, The Company, together with its subsidiaries currently has five power projects with a combined installed and commissioned capacity of 10480 MW, The Company intends to sell the power generated from these projects under a combination of long term Power Purchase Agreements and on merchant basis, The Company gets synergetic benefit of the integrated value chain of Adani group,

2 Significant accounting policies

a. Basis of Preparation of Finan cial Statements

The financial statements of the Company have been brpared in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP) to comply with the Accounting Standards specified under section 133 of the Companies Act, 2013 ("the 2013 Act") read with Rule 7 of the Companies (Accounts) Rules 2014 and the relevant provision of the Companies Act, 2013, The financial statements have been brpared on accrual basis under historical cost convention (except in case of derivative transactions referred in Note 41) and going concern basis, The accounting policies adopted in the brparation of the financial statements are consistent with those followed in the brvious year, except for change in accounting policy, as referred in Note 41,

b. Use of Estimates

The brparation of the financial statements in conformity with Indian GAAP requires the Management to make estimates and assumptions considered in the reported amounts of assets and liabilities (including contingent liabilities) and the reported income and expenses during the year, The Management believes that the estimates used in brparation of the financial statements are prudent and reasonable, Future results could differ due to these estimates and the differences between the actual results and the estimates are recognised in the periods in which the results are known / materialise,

c. Tangible Assets

Fixed assets are stated at cost less accumulated debrciation and impairment losses, if any, The cost of fixed assets comprises of its purchase price, any non-refundable duties and taxes and any attributable cost for bringing the assets ready for their intended use, Borrowing costs directly attributable to qualifying assets / capital projects are capitalized and included in the cost of fixed assets to the extent they relate to the period till such assets are ready for their intended use,

The Company has adopted the provisions of para 46 / 46A of AS 11 "The Effects of Changes in Foreign Exchange Rates," Accordingly, exchange differences arising on restatement / settlement of long-term foreign currency borrowings relating to acquisition of debrciable fixed assets are adjusted to the cost of the respective assets and debrciated over the remaining useful life of such assets, Subsequent expenditure on fixed assets after its purchase / completion is capitalized only if such expenditure results in an increase in the future benefits from such assets beyond its brviously assessed standard of performance,

d. Project Development Expenditure / Capital Work in Progress

Expenditure related to and incurred during implementation of capital projects is included under "Capital Work in Progress" or "Project Development Expenditure" as the case may be, The same is allocated to the respective fixed assets on completion of construction / erection of the capital project / fixed assets,

e. Intangible assets

Intangible assets are stated at cost, less accumulated amortization and impairment losses if any,

f. Debrciation / Amortisation

i) Debrciation on fixed assets has been provided on straight line method as per the useful life brscribed in Schedule II to the Companies Act, 2013, except 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, except for major components identified during the year, debrciation 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 w,e,f, 1st April 2015,

ii) Cost of Leasehold land is amortized over a period of lease.

iii) Intangible assets are amortised over the economic useful life of the assets.

Assets acquired on leases where a significant portion of risks and rewards incidental to ownership is retained by the lessor are classified as operating lease. Lease rentals under operating leases are recognised in the Statement of Profit and Loss on a straight-line basis over the lease term.

h. Investments

Long term investments are carried at cost. Provision for diminution in the value of long-term investments is made only if, such a decline is other than temporary in the opinion of the management. Current Investments are carried at lower of cost or fair value.

i. Revenue recognition

i) Revenue from Power Supply is recognised on the basis of sales to State Distribution Companies in terms of the Power Purchase Agreements ("PPAs") and on the basis of sales under merchant trading based on the contracted rates, as the case may be.

ii) Interest income is recognised on an accrual basis. Dividend income is accounted for when the right to receive income is established.

iii) Delayed payment charges and interest on delayed payment for power supply are recognised based on reasonable certainty to expect ultimate collection.

Inventories are valued at weighted average cost or net realizable value, whichever is lower. Costs includes all non refundable duties and all charges incurred in bringing the goods to the their brsent location and condition.

k. Borrowing costs

Borrowing costs includes interest on borrowings, amortisation of ancillary costs incurred for borrowings and exchange differences arising from foreign currency borrowings to the extent they are regarded as an adjustment to interest cost. Such costs to the extent not directly related to the acquisition of qualifying assets are charged to the Statement of Profit and Loss. Borrowing costs that are attributable to construction / acquisition of qualifying assets are capitalized as part of the cost of such assets up to the date the assets are ready for their intended use.

l. Impairment of Assets

The carrying values of assets / cash generating units at each balance sheet date are reviewed for impairment if any indication of impairment exists. If the carrying amount of the assets exceed the estimated recoverable amount, an impairment is recognised for such excess amount. The impairment loss is recognised as an expense in the Statement of Profit and Loss, unless the asset is carried at revalued amount, in which case any impairment loss of the revalued asset is treated as a revaluation decrease to the extent a revaluation reserve is available for that asset.The recoverable amount is the greater of the net selling price and their value in use. Value in use is arrived at by discounting the estimated future cash flows to their brsent value based on an appropriate discount factor. When there is indication that an impairment loss recognised for an asset (other than a revalued asset) in earlier accounting periods no longer exists or may have decreased, such reversal of impairment loss is recognised in the Statement of Profit and Loss, to the extent the amount was brviously charged to the Statement of Profit and Loss. In case of revalued assets such reversal is not recognised.

m. Foreign exchange transactions

i) Transactions denominated in foreign currencies are recorded at the exchange rates brvailing on the date of the transaction.

ii) Monetary items denominated in foreign currencies outstanding at the balance sheet date are restated at the rates brvailing on that date. The exchange differences arising on settlement / restatement of long term foreign currency monetary items are capitalized as part of the debrciable fixed assets to which the monetary item relates and debrciated over the remaining useful life of such assets. If such monetary items do not relate to acquisition of debrciable fixed assets, the exchange differences are accumulated

in "Foreign Currency Monetary Item Translation Difference Account" and are amortised over the maturity period / up to the date of settlement of such monetary items, whichever is earlier and charged to the Statement of Profit and Loss, Exchange differences arising on settlement / restatement of short term foreign currency monetary items are recognized as income or expense in the Statement of Profit and Loss,

iii) Premium / discount on forward exchange contracts, which are not intended for trading or speculation purposes, are amortised over the period of the contracts if such contracts relate to monetary items as at the balance sheet date, Any profit or loss arising on cancellation or renewal of such forward exchange contract is recognised as income or expense in the period in which such cancellation or renewal is made,

iv) Non monetary foreign currency items are carried at cost,

n. Derivative transactions

The Company enters into derivative contracts in the nature of foreign currency swaps, currency options, interest rate swaps and forward contracts with an intention to hedge its existing assets and liabilities, firm commitments and highly probable forecast transactions, Forward contracts which are closely linked to the existing assets and liabilities are accounted as per the policy stated for foreign currency transactions and translations, The Company has adopted the "Guidance Note on Accounting for Derivative Contracts" issued by the Institute of Chartered Accountants of India, (except the guidance related to hedge accounting) which requires recognition of all derivative contracts on the balance sheet and measured at fair value,

o. Employee Benefits

i) Defined benefit plans :The Company has an obligation towards gratuity, a defined benefit retirement plan covering eligible employees through Group Gratuity Scheme of Life Insurance Corporation of India, The Company accounts for the liability for the gratuity benefits payable in future based on an independent actuarial valuation carried out using Projected Unit Credit Method considering discounting rate relevant to Government Securities at the Balance Sheet Date, Actuarial gains and losses recognised in the Statement of Profit and Loss in the period in which they occur,

ii) Defined contribution plan: Retirement Benefits in the form of Provident Fund and Family Pension Fund, which are defined contribution schemes, are charged to the Project Development Expenditure Account till the commencement of commercial production otherwise, the same is charged to the Statement of Profit and Loss for the period, in which the contributions to the respective funds accrue,

iii) Compensated Absences: Provision for Compensated Absences and its classifications between current and non-current liabilities are based on independent actuarial valuation, The actuarial valuation is done as per the projected unit credit method,

iv) Short term employee benefits are recognised at an undiscounted amount in the Statement of Profit and Loss for the year in which the related services are received,

p. Earnings per share

Basic earnings per share is computed by dividing the profit / loss after tax by the weighted average number of equity shares outstanding during the year, Diluted earnings per share is computed by dividing the profit / (loss) after tax as adjusted for the effects of dividend, interest and other charges relating to the dilutive potential equity shares by weighted average number of equity shares plus dilutive potential equity shares,

q. Taxes on Income

Current tax is the amount of tax payable on the taxable income for the year as determined in accordance with the applicable tax rates and the other provisions of the Income Tax Act, 1961 and other applicable tax laws,

Deferred tax is recognised on timing differences, being the differences between the taxable income and the accounting income that originate in one period and are capable of reversal in one or more subsequent periods, Deferred tax is measured using the tax rates and the tax laws enacted or substantially enacted as at the reporting date, Deferred tax liabilities are recognised for all timing differences, Deferred tax assets in respect of unabsorbed debrciation and carry forward of losses are recognised only if there is virtual certainty supported by convincing evidence that there will be sufficient future taxable income available to realise such assets, Deferred tax assets are recognised for timing differences of other items only to the extent that reasonable certainty exists that sufficient future taxable income will be available against which these can be realised. Deferred tax assets and liabilities are offset if such items relate to taxes on income levied by the same governing tax laws and the Company has a legally enforceable right for such set off. Deferred tax assets are reviewed at each Balance Sheet date for their realisability. Current and deferred tax relating to items directly recognised in reserves are recognised in reserves and not in Statement of Profit and Loss.

r. Provisions, contingent liabilities and contingent assets

Provisions involving substantial degree of estimation in measurement are recognised when there is a brsent obligation as a result of past events and it is probable that there will be an outflow of resources. Provisions (excluding retirement benefits) are not discounted to their brsent value and are determined based on the best estimate required to settle the obligation at the balance sheet date. These are reviewed at each balance sheet date and adjusted to reflect the current best estimates. Contingent liabilities are not recognised but are disclosed in the notes. Contingent assets are neither recognized nor disclosed in the financial statements.

s. Operating Cycle

Based on the nature of products / activities of the Company and the normal time between acquisition of assets and their realisation in cash or cash equivalents, the Company has determined its operating cycle as 12 months for the purpose of classification of its assets and liabilities as current and non - current.

As at 31st March, 2016, the current liabilities (including Rs.7,806.04 Crores to related parties) exceeded the current assets by Rs.10,274.05 Crores. The Company plans to meet the financial obligations during the ensuing financial year by further issuance of equity shares by brferential allotment, rescheduling of dues from certain related parties, increased borrowing from financial institutions and continuing financial support from a related party. Having regard to the above, the financial statements have been brpared by the Management of the Company on a going concern basis.

4  (a) The Company has, inter alia, committed 712 MW capacity each with Uttar Haryana Bijli Vidyut Nigam Limited and Dakshin Haryana Bijli Vidyut Nigam Limited ("Haryana Discoms"), and 1000 MW with Gujarat Urja Vikas Nigam Limited ("GUVNL') under long term Power Purchase Agreements ("the PPAs"), from its Mundra Plant with a substantially fixed tariff for twenty five years.

The Company had made an application on 5 July, 2012 under Section 79 of the Electricity Act, 2003 to the Central Electricity Regulatory Commission ("the CERC") for evolving a mechanism for regulating and revising the power tariff on account of frustration and/or occurrence of "Force Majeure" and/or "Change in Law" events under the PPAs with Haryana Discoms and with GUVNL Bid 2 ("the customers"), due to change in circumstances for the allotment of domestic coal by the Government of India and the enactment of new coal pricing regulations by Indonesian Government.

The CERC vide its order dated 2nd April, 2013 had rejected the consideration of "Force Majeure" and "Change in Law" in reference to application filed by the Company under Section 79 of the Electricity Act, 2003, and constituted a committee to give its recommendation with respect to the matters raised. The CERC, after considering the recommendations of the committee, vide its order dated 21st February, 2014, concluded that the Company is entitled to Compensatory Tariff ("the CT") from Scheduled Commercial Operation Dates ("SCODs") of the plants, over and above the tariff agreed under the PPAs for a limited period till the events which occasioned for such compensation exists.

The customers had filed appeals against the above orders with the Appellate Tribunal for Electricity ("the APTEL"). In response to an appeal by a customer against an interim order of the APTEL, the Subrme Court had rendered the aforesaid order of the CERC inoperative, and had asked the APTEL to hear the matter afresh considering grounds of 'Change in Law' and 'Force Majeure'. The APTEL, vide its order dated 7th April, 2016, set aside the CERC order and decided that the promulgation of Indonesian regulations as also the non-availability / short supply of domestic coal constitute a Force Majeure event under the PPAs, and has directed the CERC to assess the extent of impact of such Force Majeure events on the project, and give such relief as may be available under the respective PPAs,

As per the assessment by the Management, it would not be unreasonable to expect ultimate collection of an equivalent amount as the CT towards relief due to impact of Force Majeure events which is brdicated on the legal advice that the CERC may be guided by the principles of restitution / mitigation of the impact of the promulgation of the Indonesian Regulations and non-availability of short supply in determining the extent of impact of Force Majeure events, In view of the aforesaid, the Company has continued to recognise total revenue of Rs.3,374,66 Crores on account of the CT upto 31st March, 2016 (including Rs.674,19 Crores for the year ended 31st March, 2016 and Rs.857,35 Crores for the year ended 31st March, 2015) based on the formula and methodology brscribed by CERC vide its order dated 21st February, 2014 considering the same as the most appropriate basis for measuring impact of the Force Majeure,

(b) In another long term PPA for 1000 MW with GUVNL having similar features as described above, the Company had filed petitions with CERC to allow compensatory tariff in view of frustration and/or occurrence of "Force Majeure" and/or "Change in Law" events under the PPAs, In view of the aforementioned order of APTEL, as per the assessment by the Management which is brdicated on the legal advice mentioned supra, it would not be unreasonable to expect similar relief for the said PPA, In view of the aforesaid, the Company has, during the year, recognised additional tariff of Rs.244,83 crores being the additional fuel cost incurred during the year 2015­16, on similar basis as above,

Congruently, the Management has considered cash inflows on account of the said relief for determining the 'value in use' of the power plants in terms of Accounting Standard ("AS") 28, Impairment of Assets and concluded that no provision for impairment is considered necessary at this stage,

5  The Company has determined the recoverable amounts of the Power Plants under Accounting Standard (AS) 28, Impairment of Assets on the basis of their Value in Use by estimating the future cash inflows 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,

On a careful evaluation of the aforesaid factors, the Management of the Company has concluded that the Recoverable Amounts of the Power Plants are higher than their carrying amounts as at 31st March, 2016, However, if these estimates and assumptions change in future, there could be a corresponding impact on the recoverable amounts of the Plants,

The carrying amounts of long-term investments in equity shares of wholly owned subsidiary companies viz, Adani Power Maharashtra Limited ("APML"), Adani Power Rajasthan Limited ("APRL") are H4,205,92 Crores (Previous Year H4,205,92 Crores) and H1,200 Crores (Previous Year H1,200 crores) respectively, and Long term loans and advances (Refer Note 16) include loans given to APML and APRL of H2,964,26 Crores (Previous Year H2,560,94 Crores) and H1,682,95 Crores (Previous Year H1,626,44 Crores) respectively, as at 31st March, 2016,

APML and APRL own and operate 3300 MW and 1320 MW coal based power plants respectively with 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 were not made available due to various reasons not attributable to the respective subsidiary companies, In response to pleas for compensating the losses due to above, the respective state electricity regulators have granted part relief in form of interim compensatory tariffs, The Company's management believes that it is eligible and will get for the required coal linkages as it supplies power under the Long Term PPA and until then will be eligible for compensatory tariff to compensate the operating losses, Whilst the matters related to compensatory tariff are under litigation, it is expected that equivalent amounts as recognised by respective subsidiaries (H2,340,55 Crores by APML and H1,254,44 Crores by APRL up to 31st March, 2016) will be ultimately recovered, which is brdicated on the basis that matters under litigation are similar to that of the Company (Refer note 32) and as legally advised, the principles of restitution as promulgated in the order passed by APTEL dated 7th April, 2016 in case of the Company will be applied by the relevant regulators, 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 diminution in value of the investments as at 31st March, 2016, is not "other than temporary" in terms of Accounting Standard (AS) 13, Accounting for Investments, and the loans are fully recoverable,

7 The Company had, pursuant to a Memorandum of Understanding dated 1st December, 2006 ("the MOU") with Brakel Kinnaur Power Private Limited ("Brakel"), given interest free advances of H288.45 Crores to Brakel during earlier financial years which were, in turn, deposited by Brakel with the Government of Himachal Pradesh ("the GoHP") in relation to 960 MW hydro power plant project ("the project") awarded to it by the GoHP and an agreement was signed between GoHP and Brakel for execution of the project. As per the MOU, the Company was to become a co-venturer in the project at a later date. In 2009, Brakel had filed an application with the GoHP to seek approval to add the Company as a consortium partner. In March, 2014, the GoHP issued a show cause notice to Brakel for forfeiture of the aforesaid deposit for the losses caused to the GoHP. Subsequently, the GoHP vide its letter dated 10th September, 2015 to the Company conveyed that show cause notice served upon Brakel has been decided to be dropped and upfront brmium paid by Brakel shall be refunded to the Company.

The Management of the Company is confident of recovery of the aforesaid amount based on the above referred letter from GoHP."

During the year, the Company has completed the acquisition of Udupi Power Corporation Limited ("UPCL") at an aggregate cost of Rs.2,256.03 Crores and consequently UPCL has become the wholly owned subsidiary of Adani Power Limited w.e.f. 20th April, 2015.

9 The Company has executed a Share Purchase Agreement for acquisition of 100% stake in Korba West Power Company Limited ("KWPCL") which owns a 600 MW Coal based thermal power plant in state of Chhattisgarh, with Avantha Power and Infrastructure Limited which is pending for necessary approvals and consents. As at 31st March, 2016, the Company has paid advance consideration of Rs.775 Crores (Previous Year Rs.775 Crores).

10  The Company had successfully secured the coal block at Jitpur in the state of Jharkhand and executed the coal mine development and production agreement with the Government of India in the brvious year. The company has already initiated the process for development of the said mine.

11 Based on an approved Scheme of arrangement ("the Scheme") in nature of demerger, under section 391 to 394 of the Companies Act, 1956 which entails transfer of transmission line business of the Company and Adani Power Maharashtra Limited (wholly owned subsidiary of the Company) into Adani Transmission (India) Limited (wholly owned subsidiary of the Company), was effected during the brvious year, based on attribution of assets and liabilities finally transferred, consequent to the receipt of all necessary approvals.

12 The Board of Directors had approved a composite Scheme of Arrangement ("the Scheme") under section 391 and 394 of the Companies Act 1956, between Adani Enterprises Limited (the erstwhile holding Company) ("AEL"), Adani Ports and Special Economic Zone Limited ("APSEZ"), Adani Transmission Limited ("ATL") and Adani Mining Private Limited ("AMPL") and the Company, for the demerger of various businesses of AEL with an appointed date of 1st April, 2015. During the year, on receipt of approval by the Hon'ble High Court of Gujarat and on adherence to the other necessary compliances, the said scheme became effective.

As per the Scheme, Solar Power Undertaking of AEL has been merged into the Company alongwith its assets and liabilities from the appointed date of 1st April, 2015. Pursuant to the merger of the Solar Power Undertaking of AEL into Company and based on fair valuation done, the Company has issued and allotted 63,916,831 new equity shares of H10 each to the equity shareholders of AEL in the ratio of 18,596 equity shares in Company for every 10,000 equity shares held by the equity shareholder in AEL. The equity shares held by AEL in the Company has been cancelled on approval of the said scheme by the Hon'ble High Court of Gujarat vide its order dated 7th May, 2015.

The results of Solar Power Undertaking, as included in the Financial Statements of the Company for the year ended

13 From the current financial year, the Company has early adopted the "Guidance Note on Accounting for Derivative Contracts" issued by the Institute of Chartered Accountants of India, (except the guidance related to hedge accounting) which requires recognition of all derivative contracts on the balance sheet and measured at fair value. Had the Company followed the same accounting policy as in the brvious year, net profit for the year ended on 31st March, 2016 would have been higher by Rs.2.01 crores. The cumulative impact of all derivative contracts outstanding as at the date of the Guidance Note becoming effective, amounting to Rs.4.79 crores is recognized in reserves as at 1st April, 2015 as a transition adjustment in accordance with the transitional provisions of the Guidance Note.

14  There are no Micro, Small and Medium Enterprises, to whom the Company owes dues (including interest on outstanding dues), which are outstanding as at the Balance Sheet date. The above information 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.

15 The Company's activities during the year revolve around power generation. Considering the nature of Company's business and operations, there is only one reportable segment (business and/or geographical) in accordance with the requirements of Accounting Standard 17 - 'Segment Reporting', brscribed under Companies (Accounts) Rules, 2014.

16 Interest income comprises of interest from fixed deposits with banks Rs.23.97 Crores (Previous Year Rs.29.84 Crores), interest from loans and advances Rs.447.38 Crores (Previous Year Rs.342.71 Crores), interest on tax refunds Rs.1.87 Crores (Previous Year Rs.0.57 Crores) and interest on others NIL (Previous Year Rs. Rs.0.80 Crores).

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

In terms of our report attached

For DELOITTE HASKINS & SELLS

CHARTERED ACCOUNTANTS

SAMIR R. SHAH

PARTNER

For and on behalf of Board of Directors

GAUTAM S. ADANI CHAIRMAN DIN: 00006273

RAJESH S. ADANI MANAGING DIRECTOR DIN: 00006322

VINOD BHANDAWAT CHIEF FINANCIAL OFFICER

DEEPAK PANDYA COMPANY SECRETARY

Place : Ahmedabad

Date : 3rd May, 2016

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