Dear Shareholders,
It gives me immense pleasure to share with you our performance for the year and perspectives
on the way forward.
FY 2018-19 was marked by steady growth in power demand, led by an improvement in the
overall economic environment in India. Over the next decade, the Indian economy is set
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electricity needs. We expect the growth momentum in the Indian power sector to continue,
led by government’s infrastructure push and various structural policy reforms, which should
augur well for the country’s power demand growth.
Your Company’s consolidated PAT for FY 2019 was at ` 2,441 crore compared to
` (cid:21)(cid:15)(cid:25)(cid:20)(cid:20)(cid:3)(cid:70)(cid:85)(cid:82)(cid:85)(cid:72)(cid:3)(cid:76)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:83)(cid:85)(cid:72)(cid:89)(cid:76)(cid:82)(cid:88)(cid:86)(cid:3)(cid:92)(cid:72)(cid:68)(cid:85)(cid:3)(cid:80)(cid:68)(cid:76)(cid:81)(cid:79)(cid:92)(cid:3)(cid:71)(cid:88)(cid:72)(cid:3)(cid:87)(cid:82)(cid:3)(cid:79)(cid:82)(cid:90)(cid:72)(cid:85)(cid:3)(cid:83)(cid:85)(cid:82)(cid:191)(cid:87)(cid:86)(cid:3)(cid:73)(cid:85)(cid:82)(cid:80)(cid:3)(cid:70)(cid:82)(cid:68)(cid:79)(cid:3)(cid:70)(cid:82)(cid:80)(cid:83)(cid:68)(cid:81)(cid:76)(cid:72)(cid:86)(cid:17)(cid:3)(cid:55)(cid:75)(cid:72)(cid:3)
(cid:83)(cid:85)(cid:82)(cid:191)(cid:87)(cid:68)(cid:69)(cid:76)(cid:79)(cid:76)(cid:87)(cid:92)(cid:3) (cid:82)(cid:73)(cid:3) (cid:70)(cid:82)(cid:68)(cid:79)(cid:3) (cid:70)(cid:82)(cid:80)(cid:83)(cid:68)(cid:81)(cid:76)(cid:72)(cid:86)(cid:3) (cid:71)(cid:88)(cid:85)(cid:76)(cid:81)(cid:74)(cid:3) (cid:87)(cid:75)(cid:72)(cid:3) (cid:92)(cid:72)(cid:68)(cid:85)(cid:3) (cid:90)(cid:68)(cid:86)(cid:3) (cid:68)(cid:71)(cid:89)(cid:72)(cid:85)(cid:86)(cid:72)(cid:79)(cid:92)(cid:3) (cid:68)(cid:73)(cid:73)(cid:72)(cid:70)(cid:87)(cid:72)(cid:71)(cid:3) (cid:71)(cid:88)(cid:72)(cid:3) (cid:87)(cid:82)(cid:3) (cid:71)(cid:82)(cid:80)(cid:72)(cid:86)(cid:87)(cid:76)(cid:70)(cid:3)
market pricing obligation in Indonesia and increased fuel prices. All our subsidiaries and
operating divisions have reported robust performance despite sectoral challenges. Our
renewable power business added 200 MW in the current year and with another 400 MW
in the pipeline. The solar EPC business possesses a healthy order book of ` 1,360 crore.
We also launched residential solar rooftop solutions in several cities and installed 65 EV charging points across
the country. The Trombay PPA with BEST and Tata Power’s Mumbai discom received an extension for 5 years.
Through the Resurgent platform, the Company is in the process of acquiring the 1,980 MW Prayagraj power plant
in Uttar Pradesh. Regarding Coastal Gujarat Power Limited, further to the recommendations by a High Powered
Committee set up by the Government of Gujarat, we are in discussion with various state governments and state
discoms and expect a compensatory tariff for it soon.
The Company continued its exit from non-core investments and raised about ` 1,897 crore through disinvestment
of Tata Communications Limited and Panatone Finvest Limited. The management is committed to deleveraging the
Balance Sheet by divesting the non-core assets. The proceeds from such sale would be re-invested in core areas
as well as emerging areas where there is a huge growth opportunity. Our future growth would be in conventional
power generation with emphasis on renewable power, power distribution and service-led businesses and this will
bring in greater value and help us align with the emerging consumer needs.
(cid:39)(cid:88)(cid:85)(cid:76)(cid:81)(cid:74)(cid:3) (cid:87)(cid:75)(cid:72)(cid:3) (cid:92)(cid:72)(cid:68)(cid:85)(cid:15)(cid:3) (cid:55)(cid:68)(cid:87)(cid:68)(cid:3) (cid:51)(cid:82)(cid:90)(cid:72)(cid:85)(cid:3) (cid:85)(cid:72)(cid:71)(cid:72)(cid:86)(cid:76)(cid:74)(cid:81)(cid:72)(cid:71)(cid:3) (cid:76)(cid:87)(cid:86)(cid:3) (cid:82)(cid:85)(cid:74)(cid:68)(cid:81)(cid:76)(cid:93)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3) (cid:86)(cid:87)(cid:85)(cid:88)(cid:70)(cid:87)(cid:88)(cid:85)(cid:72)(cid:3) (cid:87)(cid:82)(cid:3) (cid:73)(cid:82)(cid:70)(cid:88)(cid:86)(cid:3) (cid:82)(cid:81)(cid:3) (cid:78)(cid:72)(cid:92)(cid:3) (cid:76)(cid:71)(cid:72)(cid:81)(cid:87)(cid:76)(cid:191)(cid:72)(cid:71)(cid:3) (cid:74)(cid:85)(cid:82)(cid:90)(cid:87)(cid:75)(cid:3) (cid:68)(cid:85)(cid:72)(cid:68)(cid:86)(cid:3) (cid:79)(cid:76)(cid:78)(cid:72)(cid:3)
Thermal & Hydro Generation, Renewable Generation, Transmission, Distribution and New & Value-Added
Businesses including Rooftop Solar, Smart Metering, Micro Grids in rural areas and setting up of Electric Vehicle
charging units.
The Company, during its century old existence, has constantly evolved to stay relevant to meet the needs of
customers and contribute to nation building. It remains focused on building sustainable value to all our stakeholders
while upholding the Tata values.
I would like to take this opportunity to thank our customers, suppliers, shareholders, unions, employees and the
Board for their constant support, faith and trust in us, with the belief that it will continue for the times to come.
(cid:44)(cid:3)(cid:68)(cid:79)(cid:86)(cid:82)(cid:3)(cid:87)(cid:75)(cid:68)(cid:81)(cid:78)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:79)(cid:72)(cid:81)(cid:71)(cid:72)(cid:85)(cid:86)(cid:15)(cid:3)(cid:74)(cid:82)(cid:89)(cid:72)(cid:85)(cid:81)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)(cid:72)(cid:91)(cid:72)(cid:70)(cid:88)(cid:87)(cid:76)(cid:89)(cid:72)(cid:86)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:82)(cid:73)(cid:191)(cid:70)(cid:72)(cid:85)(cid:86)(cid:3)(cid:73)(cid:82)(cid:85)(cid:3)(cid:87)(cid:75)(cid:72)(cid:76)(cid:85)(cid:3)(cid:74)(cid:88)(cid:76)(cid:71)(cid:68)(cid:81)(cid:70)(cid:72)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:86)(cid:88)(cid:83)(cid:83)(cid:82)(cid:85)(cid:87)(cid:3)(cid:87)(cid:82)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:89)(cid:68)(cid:85)(cid:76)(cid:82)(cid:88)(cid:86)(cid:3)(cid:89)(cid:72)(cid:81)(cid:87)(cid:88)(cid:85)(cid:72)(cid:86)(cid:17)
Yours sincerely,
Praveer Sinha
CEO & MD, Tata Power
100th Annual Report 2018-19
CHIEF FINANCIAL OFFICER
Mr. Ramesh N. Subramanyam
COMPANY SECRETARY
Mr. Hanoz M. Mistry
STATUTORY AUDITORS
S R B C & CO. LLP
SOLICITORS
Mulla & Mulla & Craigie Blunt & Caroe
BANKERS
Axis Bank Limited
Bank of America
Citibank N. A.
Credit Agricole S. A.
DBS Bank Limited
HDFC Bank Limited
ICICI Bank Limited
IDBI Bank Limited
IDFC Bank Limited
Induslnd Bank Limited
Kotak Mahindra Bank Limited
Standard Chartered Bank Limited
State Bank of India
REGISTERED OFFICE
Bombay House,
24, Homi Mody Street,
Mumbai 400 001.
Tel. 022 6665 8282; Fax. 022 6665 8801
Email: tatapower@tatapower.com
Website: www.tatapower.com
CIN: L28920MH1919PLC000567
CORPORATE OFFICE
Corporate Centre, 34, Sant Tukaram Road,
Carnac Bunder, Mumbai 400 009.
Tel. 022 6717 1000
SHARE REGISTRARS
TSR Darashaw Limited
6-10, Haji Moosa Patrawala Industrial Estate,
(Near Famous Studio), 20, Dr. E. Moses Road,
Mahalaxmi, Mumbai 400 011.
Tel. 022 6656 8484; Fax. 022 6656 8494
Email: csg-unit@tsrdarashaw.com
Website: www.tsrdarashaw.com
CONTENTS
Notice and Explanatory Statement ....................................
Shareholder Information ........................................................
Board’s Report ............................................................................
Annexures to the Board’s Report .........................................
Management Discussion & Analysis ...................................
Report on Corporate Governance .......................................
Business Responsibility Report ...........................................
Consolidated Financial Statements
Independent Auditor’s Report ..............................................
Annexure to the Independent Auditor’s Report ............
Consolidated Balance Sheet ..................................................
Consolidated Statement of Profit and Loss .....................
Consolidated Statement of Cash Flows .............................
Consolidated Statement of Changes in Equity ...............
Notes to the Consolidated Financial Statements ..........
Form AOC - 1 ...............................................................................
Standalone Financial Statements
Independent Auditor’s Report ..............................................
Annexures to the Independent Auditor’s Report ..........
Balance Sheet .............................................................................
Statement of Profit and Loss .................................................
Statement of Cash Flows ........................................................
Statement of Changes in Equity ..........................................
Notes to the Financial Statements ......................................
Performance Perspective ........................................................
Glossary.........................................................................................
Proxy Form
02
11
13
26
62
83
113
124
130
132
133
134
136
137
239
242
247
250
251
252
254
255
324
325
100TH ANNUAL GENERAL MEETING
Day & Date : Tuesday, 18th June 2019
Time
Venue
: 3:00 p.m.
: Birla Matushri Sabhagar,
Sir Vithaldas Thackersey Marg,
19, New Marine Lines, Mumbai 400 020
Contents I 1
The Tata Power Company Limited
NOTICE
NOTICE IS HEREBY GIVEN THAT THE HUNDREDTH ANNUAL
GENERAL MEETING OF THE TATA POWER COMPANY LIMITED
will be held on Tuesday, the 18th day of June 2019 at 3 p.m.
at Birla Matushri Sabhagar, Sir Vithaldas Thackersey Marg, 19,
New Marine Lines, Mumbai 400 020, to transact the following
business:-
Ordinary Business:
1.
2.
3.
4.
To receive, consider and adopt the Audited Financial
Statements of the Company for the financial year ended
31st March 2019, together with the Reports of the Board
of Directors and the Auditors thereon.
To receive, consider and adopt the Audited Consolidated
Financial Statements of the Company for the financial year
ended 31st March 2019, together with the Report of the
Auditors thereon.
To declare a dividend on Equity Shares for the financial
year ended 31st March 2019.
To appoint a Director in place of Mr. Banmali Agrawala
(DIN: 00120029), who retires by rotation and, being
eligible, offers himself for re-appointment.
Special Business:
5.
Appointment of Mr. Ashok Sinha as a Director and as
an Independent Director
To consider and, if thought fit, to pass the following
resolution as an Ordinary Resolution:-
“RESOLVED that Mr. Ashok Sinha (DIN: 00070477), who
was appointed by the Board of Directors as an Additional
Director of the Company with effect from 2nd May 2019
and who holds office upto the date of this Annual General
Meeting of the Company in terms of Section 161(1) of
the Companies Act, 2013 (the Act) and Article 132 of the
Articles of Association of the Company but who is eligible
for appointment and in respect of whom the Company has
received a notice in writing from a Member under Section
160(1) of the Act proposing his candidature for the office
of Director, be and is hereby appointed as a Director of the
Company.
RESOLVED FURTHER that pursuant to the provisions
of Sections 149, 152 and other applicable provisions,
if any, of the Act (including any statutory modification
or re-enactment thereof for the time being in force),
the Companies
(Appointment and Qualifications of
Directors) Rules, 2014, read with Schedule IV to the Act
and Regulation 17 and other applicable regulations
of the Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations,
2015 (Listing Regulations), as amended from time to time,
the appointment of Mr. Ashok Sinha (DIN: 00070477), who
meets the criteria for independence as provided in Section
149(6) of the Act and the Rules framed thereunder and
Regulation 16(1)(b) of the Listing Regulations and who
has submitted a declaration to that effect, and who is
eligible for appointment, as an Independent Director of
2 I Notice
the Company, not liable to retire by rotation, for a term of
five years commencing from 2nd May 2019 upto 1st May
2024, be and is hereby approved.”
6.
Appointment of Branch Auditors
To consider and, if thought fit, to pass the following
resolution as an Ordinary Resolution:-
“RESOLVED that pursuant to the provisions of Section
143(8) and other applicable provisions, if any, of the
Companies Act, 2013 (the Act) (including any statutory
modification or re-enactment thereof for the time being in
force) and the Companies (Audit and Auditors) Rules, 2014,
as amended from time to time, the Board of Directors
(which term shall be deemed to include any Committee
of the Board constituted to exercise its powers, including
the powers conferred by this Resolution) be and is hereby
authorised to appoint as Branch Auditor(s) of any Branch
Office of the Company, whether existing or which may be
opened/acquired hereafter, outside India, in consultation
with the Company’s Auditors, any persons, qualified to act
as Branch Auditors within the provisions of Section 143(8)
of the Act and to fix their remuneration.
RESOLVED FURTHER that the Board of Directors of the
Company be and is hereby authorised to do all acts,
matters, deeds and things and take all such steps as may
be necessary, proper or expedient to give effect to this
Resolution.”
7.
Ratification of Cost Auditor’s Remuneration
To consider and, if thought fit, to pass the following
resolution as an Ordinary Resolution:-
“RESOLVED that pursuant to the provisions of Section
148(3) and other applicable provisions, if any, of the
Companies Act, 2013 (including any statutory modification
or re-enactment thereof for the time being in force)
and the Companies (Audit and Auditors) Rules, 2014, as
amended from time to time, the Company hereby ratifies
the remuneration of ₹ 6,50,000 (Rupees Six lakh fifty
thousand) plus applicable taxes, travel and actual out-of-
pocket expenses incurred in connection with the audit,
payable to M/s. Sanjay Gupta and Associates, who are
appointed as Cost Auditors to conduct the audit of cost
records maintained by the Company for the financial year
2019-20.
RESOLVED FURTHER that the Board of Directors of the
Company be and is hereby authorised to do all acts,
matters, deeds and things and take all such steps as may
be necessary, proper or expedient to give effect to this
Resolution.”
NOTES:
1.
The relative Explanatory Statement pursuant to Section
102 of the Companies Act, 2013 (the Act), in regard to
the business as set out in Item Nos.5 to 7 above and the
relevant details of the Directors seeking re-appointment/
appointment as set out in Item Nos.4 and 5 above as
100th Annual Report 2018-19
2.
3.
4.
5.
required by Regulations 26(4) and 36(3) of the Securities
and Exchange Board of India (Listing Obligations and
Disclosure Requirements) Regulations, 2015
(Listing
Regulations) and as required under Secretarial Standard -
2 on General Meetings issued by The Institute of Company
Secretaries of India, are annexed hereto.
A MEMBER ENTITLED TO ATTEND AND VOTE IS ENTITLED
TO APPOINT A PROXY TO ATTEND AND VOTE INSTEAD
OF HIMSELF AND THE PROXY NEED NOT BE A MEMBER.
Proxies, in order to be effective, must be received at the
Company’s Registered Office not less than 48 hours before
the meeting. Proxies submitted on behalf of companies,
societies, partnership firms etc. must be supported by
appropriate resolution/authority, as applicable, issued on
behalf of the nominating organisation.
Members are requested to note that a person can act as a
proxy on behalf of Members not exceeding 50 and holding
in the aggregate not more than 10% of the total share
capital of the Company carrying voting rights. In case a
proxy is proposed to be appointed by a Member holding
more than 10% of the total share capital of the Company
carrying voting rights, then such proxy shall not act as a
proxy for any other person or Member.
Corporate Members intending to send their authorised
representatives to attend the Annual General Meeting
(AGM) are requested to send a certified copy of the Board
Resolution authorising their representative to attend and
vote on their behalf at the AGM.
Members/Proxies and authorised representatives are
requested to bring the duly completed Attendance Slip
enclosed herewith to attend the AGM.
In case of joint holders attending the AGM, only such joint
holder who is higher in the order of names will be entitled
to vote.
The Register of Members and the Transfer Books of
the Company will remain closed from Friday, 7th June
2019 to Tuesday, 18th June 2019, both days inclusive. If
the dividend, as recommended by the Board of Directors,
is approved at the AGM, payment of such dividend will be
made on or after Thursday, 20th June 2019, as under:
i)
ii)
To all Beneficial Owners in respect of shares held
in electronic form as per the data as may be made
available by National Securities Depository Limited
and Central Depository Services (India) Limited
(both collectively referred to as ‘Depositories’) as of
the close of business hours on Thursday, 6th June
2019;
To all Members in respect of shares held in physical
form after giving effect to transfers in respect of
valid transfer requests lodged with the Company on
or before the close of business hours on Thursday,
6th June 2019.
7.
8.
9.
10.
11.
12.
6.
Members are requested to notify immediately any change
in their addresses and/or the Bank Mandate details to
the Company’s Registrars and Share Transfer Agents, TSR
Darashaw Limited (TSRD) for shares held in physical form
and to their respective Depository Participant (DP) for
shares held in electronic form.
Members holding shares in electronic form may please
note that their bank details as furnished by the respective
Depositories to the Company will be considered for
remittance of dividend as per the applicable regulations of
the Depositories and the Company will not entertain any
direct request from such Members for change/deletion
in such bank details. Further, instructions, if any, already
given by them in respect of shares held in physical form,
will not be automatically applicable to the dividend paid
on shares held in electronic form. Members may, therefore,
give instructions regarding bank accounts in which they
wish to receive dividend to their DP.
Members are requested to note that dividends, if not
encashed for a consecutive period of 7 years from the date
of transfer to Unpaid Dividend Account of the Company,
are liable to be transferred to the Investor Education and
Protection Fund (IEPF). Further, the shares in respect of
such unclaimed dividends are also liable to be transferred
to the demat account of the IEPF Authority. In view of this,
Members/Claimants are requested to claim their dividends
from the Company, within the stipulated timeline. The
Members, whose unclaimed dividends/shares have
been transferred to IEPF, may claim the same by making
an application to the IEPF Authority in Form No. IEPF-5
available on www.iepf.gov.in. The Members/Claimants
can file only one consolidated claim in a financial year
as per the IEPF Rules. For details, please refer to Report
on Corporate Governance which is a part of this Annual
Report.
Members holding shares in physical form and who have
not registered their e-mail IDs, are requested to register
the same with TSRD.
The Notice of the AGM alongwith the Annual Report
2018-19 is being sent by electronic mode to those
Members whose e-mail addresses are registered with the
Company/Depositories, unless any Member has requested
for a physical copy of the same. For Members who have
not registered their e-mail addresses, physical copies are
being sent by the permitted mode.
To support the ‘Green Initiative’, Members who have not
registered their e-mail addresses are requested to register
the same with TSRD/Depositories.
Process and manner for Members opting for e-Voting are
as under:-
I.
In compliance with the provisions of the Act,
Rule 20 of the Companies (Management and
Administration) Rules, 2014 as amended by the
Companies
(Management and Administration)
Amendment Rules, 2015 and Regulation 44 of the
Listing Regulations, the Company is pleased to
provide Members facility to exercise their right to
vote on resolutions proposed to be considered
Notice I 3
E
C
I
T
O
N
T
R
O
P
E
R
S
D
R
A
O
B
’
A
&
D
M
T
R
O
P
E
R
G
C
R
R
B
D
E
T
A
D
I
L
O
S
N
O
C
E
N
O
L
A
D
N
A
T
S
at the AGM by electronic means and the business
may be transacted through e-Voting services. The
facility of casting the votes by the Members using
an electronic voting system from a place other
than the venue of the AGM (remote e-Voting) will
be provided by National Securities Depository
Limited (NSDL). Instructions for e-Voting are given
hereinbelow. Resolution(s) passed by Members
through e-Voting is/are deemed to have been
passed as if it/they have been passed at the AGM.
Members are provided with the facility for voting
through electronic voting system at the AGM and
Members attending the AGM, who have not already
cast their vote by remote e-Voting, are eligible to
exercise their right to vote at the AGM.
II.
III. Members who have cast their vote by remote
e-Voting prior to the AGM are also eligible to attend
the AGM but shall not be entitled to cast their vote
again. In case a Member votes by both the modes
then the votes cast through remote e-voting shall
prevail and the votes cast at the AGM shall be
considered invalid.
IV. Members of the Company, holding shares either in
physical form or in electronic form, as on the cut-
off date of Tuesday, 11th June 2019, may cast their
vote by remote e-Voting. The remote e-Voting
period commences on Friday, 14th June 2019 at
9:00 a.m. (IST) and ends on Monday, 17th June 2019
at 5:00 p.m. (IST). The remote e-Voting module shall
be disabled by NSDL for voting thereafter. Once
the vote on a resolution is cast by the Member,
the Member shall not be allowed to change it
subsequently.
V.
The instructions for Members for e-Voting are as
under:
The way to vote electronically on NSDL e-Voting
system consists of “Two Steps” which are mentioned
below:
Step 1: Log-in to NSDL e-Voting system at
www.evoting.nsdl.com
How to Log-in to NSDL e-Voting website?
A.
B.
C.
Visit the e-Voting website of NSDL. Open
web browser by typing the
following:
www.evoting.nsdl.com either on a Personal
Computer or on a mobile.
Once the home page of e-Voting system is
launched, click on the icon ‘Login’ which is
available under ‘Shareholders’ section.
A new screen will open. You will have to enter
your User ID, your Password and a Verification
Code as shown on the screen.
Alternatively, if you are registered for NSDL
e-services
log-in at
eservices.nsdl.com with your existing IDEAS
IDEAS, you can
i.e.
4 I Notice
The Tata Power Company Limited
login. Once you log-in to NSDL e-services after
using your log-in credentials, click on e-Voting
and you can proceed to Step 2 i.e. Cast your vote
electronically.
D.
Your User ID details are given below:
i)
Manner of holding
shares i.e. Demat
(NSDL or CDSL) or
Physical
For Members
who hold
shares in
demat
account with
NSDL.
ii)
iii)
For Members
who hold
shares in
demat
account with
CDSL.
For Members
holding
shares in
Physical
Form.
Your User ID is:
IN300*** and Client
if your DP
ID
8 Character DP ID followed by 8
Digit Client ID
ID
For example
is
is
12****** then your user ID is
IN300***12******
16 Digit Beneficiary ID
For example if your Beneficiary ID
is 12************** then your user
ID is 12**************
registered with
EVEN Number followed by Folio
Number
the
Company.
For example if Folio Number is
001*** and EVEN is 101456 then
user ID is 101456001***
E.
Your password details are given below:
i)
ii)
If you are already registered
for
e-Voting, then you can use your
existing password to login and cast
your vote.
If you are using NSDL e-Voting system
for the first time, you will need to
retrieve the ‘initial password’ which
was communicated to you. Once you
retrieve your ‘initial password’, you
need to enter the ‘initial password’ and
the system will force you to change
your password.
iii)
How to retrieve your ‘initial password’?
a)
If your e-mail ID is registered in
your demat account or with the
company, your ‘initial password’
is communicated to you on
your e-mail ID. Trace the e-mail
sent to you from NSDL from
your mailbox. Open the e-mail
and open the attachment i.e.
a .pdf file. Open the .pdf file.
The password to open the .pdf
file is your 8 digit Client ID for
NSDL account, last 8 digits of
Client ID for CDSL account or
folio number for shares held
in physical form. The .pdf file
100th Annual Report 2018-19
b)
contains your ‘User ID’ and your
‘initial password’.
ID
If your e-mail
is not
registered, your ‘initial password’
is communicated to you on your
postal address.
F.
If you are unable to retrieve or have not
received
‘initial password’ or have
the
forgotten your password:
i)
ii)
iii)
Click on ‘Forgot User Details/Password?’
(If you are holding shares in your demat
account with NSDL or CDSL) option
available on www.evoting.nsdl.com.
‘Physical User Reset Password?’ (If you
are holding shares in physical mode)
option available on www.evoting.nsdl.
com.
If you are still unable to get the
password by aforesaid two options,
you can send a request at evoting@
nsdl.co.in mentioning your demat
account number/folio number, your
PAN, your name and your registered
address.
G.
H.
I.
After entering your password, tick on Agree
to ‘Terms and Conditions’ by selecting on the
check box.
Now, you will have to click on ‘Login’ button.
After you click on the ‘Login’ button, Home
page of e-Voting will open.
Step 2: Cast your vote electronically on NSDL
e-Voting system.
How to cast your vote electronically on NSDL
e-Voting system?
A.
B.
C.
D.
E.
After successful login at Step 1, you will be able
to see the Home page of e-Voting. Click on
e-Voting. Then, click on Active Voting Cycles.
After clicking on Active Voting Cycles, you
will be able to see all the companies ‘EVEN’
in which you are holding shares and whose
voting cycle is in active status.
Select ‘EVEN’ of company for which you wish
to cast your vote.
Now you are ready for e-Voting as the Voting
page opens.
Cast your vote by selecting appropriate
options i.e. assent or dissent, verify/modify
the number of shares for which you wish to
cast your vote and click on ‘Submit’ and also
‘Confirm’ when prompted.
G.
H.
You can also take the printout of the votes
cast by you by clicking on the print option on
the confirmation page.
Once you confirm your vote on the resolution,
you will not be allowed to modify your vote.
General Guidelines for Members
i)
ii)
iii)
iv)
(i.e. other
Institutional Members
than
individuals, HUF, NRI etc.) are required to
send scanned copy (PDF/JPG Format) of
relevant Board Resolution/Authority
the
letter etc. with attested specimen signature
of the duly authorised signatory(ies) who
are authorised to vote, to the Scrutinizer by
e-mail to cs@parikhassociates.com with a
copy marked to evoting@nsdl.co.in.
It is strongly recommended not to share
your password with any other person and
take utmost care to keep your password
confidential. Login to the e-Voting website
will be disabled upon five unsuccessful
attempts to key in the correct password. In
such an event, you will need to go through
‘Forgot User Details/Password?’ or
the
‘Physical User Reset Password?’ option
available on www.evoting.nsdl.com to reset
the password.
(FAQs)
In case of any queries, you may refer the
for
Frequently Asked Questions
Shareholders and e-Voting user manual for
Shareholders available at the download
section of www.evoting.nsdl.com or call on
toll free no.: 1800-222-990 or send a request
at evoting@nsdl.co.in.
You can also update your mobile number
and e-mail id in the user profile details of the
folio which may be used for sending future
communication(s).
VI.
The voting rights of Members shall be in proportion
to their shares of the paid-up equity share capital
of the Company as on the cut-off date of Tuesday,
11th June 2019.
VII. Any person, who acquires shares of the Company
and becomes Member of the Company after
dispatch of the Notice and holding shares as of the
cut-off date i.e. Tuesday, 11th June 2019, may obtain
the login ID and password by sending a request at
evoting@nsdl.co.in or the Company/TSRD.
VIII. A person whose name is recorded in the Register
of Members or in the Register of Beneficial Owners
maintained by the Depositories as on the cut-off
date only shall be entitled to avail the facility of
remote e-Voting, as well as voting at the meeting.
F.
Upon confirmation, the message ‘Vote cast
successfully’ will be displayed.
IX.
The Board of Directors has appointed Mr. P. N. Parikh
(FCS 327) or failing him, Mr. Mitesh Dhabliwala
Notice I 5
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XI.
XII.
(FCS 8331) of M/s. Parikh and Associates, Company
Secretaries as Scrutinizer to scrutinize the voting at
the AGM and remote e-Voting process, in a fair and
transparent manner.
The Chairman shall, at the AGM, allow voting with
the assistance of Scrutinizer, to all those Members/
Proxies who are present at the AGM but have not
cast their votes by availing the remote e-Voting
facility.
The Scrutinizer shall, after the conclusion of voting
at the AGM, first count the votes cast at the meeting
and, thereafter, unblock the votes cast through
remote e-Voting, in the presence of at least two
witnesses not in the employment of the Company
and shall make, not later than two days from the
conclusion of the AGM, a Consolidated Scrutinizer’s
Report of the total votes cast in favour or against,
if any, to the Chairman or a person authorised by
him in writing, who shall countersign the same and
declare the result of the voting forthwith.
The Results declared, alongwith the Scrutinizer’s
Report, shall be placed on the Company’s website
www.tatapower.com and on the website of NSDL,
immediately after the declaration of the result by the
Chairman or a person authorised by him in writing.
The results shall also be immediately forwarded to
the Stock Exchanges where the Company’s Equity
Shares are listed viz. BSE Limited and National Stock
Exchange of India Limited. The Results shall also be
displayed on the Notice Board at the Registered
Office of the Company.
13.
The Members are requested to note that the Company
is pleased to provide a one way Webcast facility to view
the live streaming of the proceedings of the AGM for the
convenience of those Members who are unable to attend
the AGM due to locational constraints. The Members
will be able to view the proceedings on NSDL’s e-Voting
website www.evoting.nsdl.com.
14. Members who are unable to attend the Meeting in person
may use this facility by using the same login credentials as
provided for remote e-Voting. Members on the day of the
AGM will login through their user ID and password on to
the e-Voting website. The link will be available in Member
login where the EVEN of Company will be displayed. On
clicking this link, the Member will be able to view the
webcasting of the AGM proceedings. The Webcast facility
will be available on 18th June 2019 from 3:00 p.m. onwards
till the conclusion of the Meeting.
As per the provisions of Section 72 of the Act, the facility for
making nomination is available for the Members in respect
of the shares held by them. Members who have not yet
registered their nomination are requested to register the
same by submitting Form No. SH-13. The said form can be
downloaded from the Company’s website www.tatapower.
com (under ‘Investor Relations’ section). Members are
requested to submit the said details to their DP in case the
shares are held by them in electronic form and to TSRD in
case the shares are held by them in physical form.
15.
6 I Notice
The Tata Power Company Limited
16. Updation of Members details:
17.
The format of the Register of Members prescribed by the
Ministry of Corporate Affairs under the Act, requires the
Company/Registrars and Share Transfer Agents to record
additional details of Members, including their PAN details,
e-mail address, bank details for payment of dividend etc.
A form for capturing additional details is available on the
Company’s website under the section ‘Investor Relations’
as also attached as part of this Report (page 11). Members
holding shares in physical form are requested to submit
the filled in form to the Company or TSRD in physical mode
or in electronic mode, as per instructions mentioned in
the form. Members holding shares in electronic form are
requested to submit the details to their respective DP only
and not to the Company or TSRD.
SEBI had vide Notification Nos. SEBI/LAD-NRO/
GN/2018/24 dated 8th June 2018 and SEBI/LAD-NRO/
GN/2018/49 dated 30th November 2018 read with BSE
circular no. LIST/COMP/15/2018-19 dated 5th July 2018
and NSE circular no. NSE/CML/2018/26 dated 9th July
2018 directed that transfer of securities would be carried
out in dematerialised form only with effect from 1st April
2019, except in case of transmission or transposition of
securities. Accordingly, Members holding securities in
physical form were separately communicated by TSRD
vide letter dated 19th July 2018, and reminders dated 31st
October 2018 and 29th November 2018 at their registered
address. In view of the above and to avail the benefits of
dematerialisation, Members are requested to consider
dematerialising shares held by them in physical form.
However, the transfer deed(s) lodged prior to the 1st April
deadline and returned due to deficiency in the document,
may be re-lodged for transfer even after the deadline of
1st April 2019 with the office of TSRD in Mumbai or at their
Branch Offices or at the Registered Office of the Company.
18. Members seeking any information with regard to the
accounts, are requested to write to the Company at an
early date, so as to enable the Management to keep the
information ready at the AGM.
By Order of the Board of Directors,
For The Tata Power Company Limited
H. M. Mistry
Company Secretary
FCS No.: 3606
Mumbai, 2nd May 2019
Registered Office:
Bombay House,
24, Homi Mody Street,
Mumbai 400 001.
CIN: L28920MH1919PLC000567
Tel: 91 22 6665 8282 Fax: 91 22 6665 8801
E-mail: tatapower@tatapower.com
Website: www.tatapower.com
100th Annual Report 2018-19
EXPLANATORY STATEMENT
As required by Section 102 of the Companies Act, 2013 (the Act),
the following Explanatory Statement sets out all material facts
relating to the business mentioned under Item Nos.5 to 7 of the
accompanying Notice dated 2nd May 2019:
Item No. 5: Based on the recommendation of the Nomination
and Remuneration Committee, the Board of Directors appointed
Mr. Ashok Sinha (DIN: 00070477) as Additional Director of the
Company and also as Independent Director, not being liable to
retire by rotation, for a term of 5 years i.e. from 2nd May 2019
upto 1st May 2024, subject to approval of the Members.
Pursuant to the provisions of Section 161(1) of the Act and Article
132 of the Articles of Association of the Company, Mr. Sinha
holds office only upto the date of this Annual General Meeting
(AGM) and is eligible to be appointed as Director. The Company
has, in terms of Section 160(1) of the Act, received in writing a
Notice from a Member, proposing his candidature for the office
of Director.
The Company has received declaration from Mr. Sinha to the
effect that he meets the criteria of independence as provided in
Section 149(6) of the Act, read with the Rules framed thereunder
and Regulation 16(1)(b) of the Securities and Exchange Board
of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015 (Listing Regulations). In the opinion of the
Board of Directors, Mr. Sinha is independent of management.
The terms and conditions of his appointment shall be open for
inspection by the Members of the Company, without payment
of any fees, at the Registered Office of the Company at Bombay
House, 24, Homi Mody Street, Mumbai 400 001, between 10:00
a.m. to 3:00 p.m. (IST) on all working days (except Saturdays,
Sundays and holidays), upto the date of the AGM and also at the
venue during the AGM.
A brief profile of Mr. Sinha is as under:
Mr. Sinha has a B.Tech. degree in Electrical Engineering from the
Indian Institute of Technology (IIT), Kanpur (1973) and PGDBM
from the Indian Institute of Management (IIM), Bangalore, with
specialisation in Finance (1977). He has been conferred the
Distinguished Alumnus Award from both IIT, Kanpur and IIM,
Bangalore. He has been conferred with the India Chief Financial
Officer Award 2001 for Information and Knowledge Management
by the Economic Intelligence Unit India and American Express.
He received award from Technology Media Group for Customer
Management.
He has a wealth of experience, competencies and expertise from
his leadership journey as the Chairman and Managing Director
of Bharat Petroleum Corporation Limited (BPCL), which is present
across the entire value chain with activities covering exploration
and production, refining and marketing oil and gas products. He
spent 33 years in BPCL, where he served on the Board of BPCL
for 15 years – first as Director (Finance) for 10 years from 1996
and then as its Chairman and Managing Director for 5 years from
August 2005.
Since 2011, he has served on the Boards of Petronet LNG Limited,
CMC Limited (erstwhile subsidiary of Tata Consultancy Services
Limited), four subsidiaries of Vodafone India Limited, Tata
Advanced Systems Limited, Tata Lockheed Martin Aerostructures
Limited and Nova Integrated Systems Limited. Currently, he is an
independent director on the board of Cipla Limited, Axis Asset
Management Company Limited, You Broadband India Limited
and AirAsia (India) Limited.
Further details and current directorships of Mr. Sinha are provided
in the Annexure to this Notice.
In compliance with the provisions of Section 149, read with
Schedule IV to the Act and Regulation 17 of the Listing Regulations,
the appointment of Mr. Sinha as Independent Director is now
being placed before the Members for their approval.
The Board recommends the Resolution at Item No.5 of the
accompanying Notice for approval by the Members of the
Company.
Other than Mr. Sinha and his relatives, none of the Directors or
KMP of the Company or their respective relatives is concerned
or interested in the Resolution mentioned at Item No.5 of the
accompanying Notice.
Mr. Sinha is not related to any Director or KMP of the Company.
Item No.6: As Members are aware, the Company is undertaking
several projects/contracts in India as well as outside India
mainly for the erection, operation and maintenance of power
generation, transmission and distribution facilities. To enable the
Directors to appoint Branch Auditors for the purpose of auditing
the accounts of the Company’s Branch Offices outside India
(whether now existing or as may be established), the necessary
authorisation of the members is being obtained in accordance
with the provisions of Section 143 of the Act, in terms of the
Resolution at Item No.6 of the accompanying Notice.
The Board recommends the Resolution at Item No.6 of the
accompanying Notice for approval by the Members of the
Company.
None of the Directors or KMP of the Company or their respective
relatives is concerned or interested in the Resolution at Item No.6
of the accompanying Notice.
Item No.7: Pursuant to Section 148 of the Act, the Company is
required to have the audit of its cost records conducted by a cost
accountant in practice. On the recommendation of the Audit
Committee of Directors, the Board of Directors has approved the
re-appointment of M/s. Sanjay Gupta and Associates (SGA) as the
Cost Auditors of the Company to conduct audit of cost records
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Notice I 7
maintained by the Company for the Financial Year 2019-20, at a
remuneration of ₹ 6,50,000 (Rupees Six lakh fifty thousand) plus
applicable taxes and actual out-of-pocket expenses.
SGA have furnished a certificate regarding their eligibility for
appointment as Cost Auditors of the Company. They have vast
experience in the field of cost audit and have conducted the
audit of the cost records of the Company for previous years under
the provisions of the Act.
The Board recommends the Resolution at Item No.7 of the
accompanying Notice for ratification of the Cost Auditors’
remuneration by the Members of the Company.
None of the Directors or KMP of the Company or their respective
relatives is concerned or interested in the Resolution at Item
No.7 of the accompanying Notice.
The Tata Power Company Limited
By Order of the Board of Directors,
For The Tata Power Company Limited
H. M. Mistry
Company Secretary
FCS No.: 3606
Mumbai, 2nd May 2019
Registered Office:
Bombay House,
24, Homi Mody Street,
Mumbai 400 001.
CIN: L28920MH1919PLC000567
Tel: 91 22 6665 8282 Fax: 91 22 6665 8801
E-mail: tatapower@tatapower.com
Website: www.tatapower.com
Details of the Directors seeking re-appointment/appointment at the forthcoming Annual General Meeting
(In pursuance of Regulations 26(4) and 36(3) of the Listing Regulations and Secretarial Standard - 2 on General Meetings)
Name of Director
Date of Birth (Age)
Date of Appointment
Expertise in specific
functional areas
8 I Notice
Mr. Banmali Agrawala
Mr. Ashok Sinha
30th April 1963 (56 years)
15th February 1952 (67 years)
17th November 2017
2nd May 2019
Mr. Banmali Agrawala
joined Tata Sons
Private Limited in October 2017 as President,
Infrastructure, Defence and Aerospace. His
global experience in infrastructure will be very
beneficial as the Company aspires for the next
phase of growth. His knowledge in several
areas including leadership development, digital
infrastructure,
technology,
innovation and
will also be very beneficial to the Company.
Prior to this, he was President and CEO of GE
South Asia, a position he held since February
2013. Earlier, Mr. Agrawala was the Executive
Director (Business Development & Strategy)
on the Company’s Board from February 2008
to November 2011. Prior to that, he was the
Managing Director of Wartsila India Limited
and Group Vice President, Bio Power, Wartsila
Corporation, responsible for the global Bio
Power business.
Mr. Sinha has been conferred the Distinguished
Alumnus Award from both Indian Institute
of Technology, Kanpur and Indian Institute
of Management, Bangalore. He has been
conferred with the India Chief Financial Officer
Award 2001 for Information and Knowledge
Management by the Economic Intelligence Unit
India and American Express. He received award
from Technology Media Group for Customer
Management.
He has a wealth of experience, competencies
and expertise from his leadership journey as
the Chairman and Managing Director of Bharat
Petroleum Corporation Limited (BPCL), which
is present across the entire value chain with
activities covering exploration and production,
refining and marketing oil and gas products.
He spent 33 years in BPCL, where he served on
the Board of BPCL for 15 years – first as Director
(Finance) for 10 years from 1996 and then as its
Chairman and Managing Director for 5 years
from August 2005.
Since 2011, he has served on the Boards of
Petronet LNG Limited, CMC Limited (erstwhile
subsidiary of Tata Consultancy Services
Limited), four subsidiaries of Vodafone India
Limited, Tata Advanced Systems Limited, Tata
Lockheed Martin Aerostructures Limited and
Nova Integrated Systems Limited.
100th Annual Report 2018-19
Name of Director
Qualifications
Mr. Banmali Agrawala
Mr. Ashok Sinha
Mechanical
Mangalore University.
Engineering graduate
from
B.Tech. degree in Electrical Engineering from
the Indian Institute of Technology, Kanpur.
Alumnus of
Programme of Harvard Business School.
the Advanced Management
from
PGDBM
Institute of
Management, Bangalore, with specialisation in
Finance.
Indian
the
Directorships held in other
companies (excluding
foreign companies)
(cid:120)
(cid:120)
(cid:120)
(cid:120)
(cid:120)
(cid:120)
Tata Projects Ltd.
Tata Advanced Materials Ltd.
Tata Housing Development Co. Ltd.
Tata Realty and Infrastructure Ltd.
Tata Advanced Systems Ltd.
AirAsia (India) Ltd.
(cid:120)
(cid:120)
(cid:120)
(cid:120)
(cid:120)
Cipla Ltd.
Axis Asset Management Co. Ltd.
AirAsia (India) Ltd.
You Broadband India Ltd.
The Hospital & Nursing Home Benefits
Association
Committee position held in
other companies
Audit Committee
Chairman
Audit Committee
Chairman
Tata Advanced Systems Ltd.
(cid:120)
Nomination and Remuneration Committee
Chairman
Tata Advanced Systems Ltd.
(cid:120)
Member
Tata Projects Ltd.
(cid:120)
(cid:120)
Corporate Social Responsibility Committee
Tata Realty and Infrastructure Ltd.
Chairman
Tata Housing Development Co. Ltd.
(cid:120)
Member
Tata Realty and Infrastructure Ltd.
(cid:120)
Securities and Allotment Committee
Member
Tata Realty and Infrastructure Ltd.
(cid:120)
Share Allotment Committee
Member
Tata Advanced Systems Ltd.
(cid:120)
Project Review Committee
Chairman
(cid:120)
Tata Projects Ltd.
Eligible for sitting fees
Cipla Ltd.
AirAsia (India) Ltd.
You Broadband India Ltd.
(cid:120)
(cid:120)
(cid:120)
Member
Axis Asset Management Co. Ltd.
(cid:120)
Nomination and Remuneration Committee
Member
AirAsia (India) Ltd.
Axis Asset Management Co. Ltd.
(cid:120)
(cid:120)
(cid:120)
Corporate Social Responsibility Committee
You Broadband India Ltd.
Chairman
Axis Asset Management Co. Ltd.
You Broadband India Ltd.
(cid:120)
(cid:120)
Investment and Risk Management
Committee
Member
(cid:120)
Cipla Ltd.
Eligible for sitting fees and commission, as
approved by the Board
7
Nil
Nil
N.A.
Nil
Nil
Remuneration
No. of meetings of the Board
attended during the year
No. of shares held:
(a) Own
(b)
For other persons on a
beneficial basis
For other details such as number of meetings of the Board attended during the year, remuneration drawn and relationship with other
directors and key managerial personnel in respect of above directors, please refer to the Report on Corporate Governance, which is a
part of this Annual Report.
Notice I 9
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The Tata Power Company Limited
Route Map for AGM Venue
Venue:
Birla Matushri Sabhagar,
Sir Vithaldas Thackersey
Marg, 19, New Marine Lines,
Mumbai 400 020.
Landmark:
Next to Bombay Hospital
Distance from
Churchgate Station: 1 km
Distance from Chhatrapati
Shivaji Terminus: 1.2 km
Distance from Marine Lines
Station: 0.8 km
10 I Notice
(cid:5)
(cid:5)
(cid:5)
SHAREHOLDER INFORMATION
To,
TSR Darashaw Limited
Unit : The Tata Power Company Limited
6-10, Haji Moosa Patrawala Industrial Estate (Near Famous Studio),
20, Dr. E. Moses Road, Mahalaxmi 400 011.
I/We request you to record the following information against my/our Folio No.:
Updation of Shareholder Information for Physical Holdings
General Information:
Folio No.
Name of the sole/first shareholder
PAN*
CIN/Registration No.:*
(applicable to corporate shareholders)
Tel. No. with STD Code
Mobile No.
E-mail Id
* Self attested copy of the document(s) enclosed
Bank Details:
IFSC:
(11 Digit)
Bank A/c Type:
Name of the Bank:
Bank Branch Address
MICR:
(9 digit)
Bank A/c Type:#
# A blank cancelled cheque is enclosed to enable verification of bank details.
I/We hereby declare that the particulars given above are correct and complete. If the transaction is delayed because of incomplete
or incorrect information, I/we shall not hold the Company/RTA responsible. I/We undertake to inform any subsequent changes in the
above particulars as and when the changes take place. I/We understand that the above details shall be maintained by you till I/we
hold the securities under the above mentioned Folio No.
Place :
Date :
Encl.:
Notes :
Signature of sole/first holder
1)
2)
Scanned copy of the above form, duly completed, along with the necessary documents, can also be sent to us on the following
e-mail IDs: csg-unit@tsrdarashaw.com or investorcomplaints@tatapower.com.
For Members holding shares in electronic form, any change in the above details must be intimated directly to their Depository
Participant only and not to the Company or its Registrars and Share Transfer Agents.
Shareholder Information I 11
THIS PAGE HAS BEEN INTENTIONALLY LEFT BLANK
12 I Shareholder Information
100th Annual Report 2018-19
To the Members,
BOARD’S REPORT
The Directors are pleased to present to you the Hundredth Annual Report on the business and operations of your Company along
with the audited Financial Statements of Account for the year ended 31st March 2019.
1.
FINANCIAL RESULTS
(Table 1)
Figures in ₹ crore
(a)
(b)
(c)
(d)
(e)
(f )
(g)
(h)
(i)
(j)
(k)
(l)
(m)
(n)
(o)
(p)
(q)
(r)
(s)
(t)
Net Sales/Income from Operations*
(Less): Operating Expenditure
Operating Profit
(Less)/: Forex Loss/(Gain)
Add: Other Income
(Less): Finance Cost
Profit before Depreciation and Tax
(Less): Depreciation/Amortisation/Impairment
Profit Before Share of Profit of Associates and Joint
Ventures
Add: Share of Profit of Associates and Joint Ventures
Profit Before Exceptional Item
(Less)/Add: Exceptional Item
Profit/ (Loss) before Tax
(Less)/Add: Tax Expenses or Credit
Net Profit/(Loss) after Tax from Continuing Operations
Profit/ (Loss) before Tax from Discontinued Operations
(Less)/Add: Tax Expenses or Credit from Discontinued
Operations
Net Profit/(Loss) after Tax from Discontinued Operations
Net Profit for the year
Net Profit for the year Attributable to –
- Owners of the Company
- Non-controlling interests
(u) Other Comprehensive income (Net of Tax)
(v)
Total Comprehensive Income
Attributable to –
- Owners of the Company
- Non-controlling interests
*Including rate regulatory income/(expense)
#Restated - Refer notes to consolidated financial statements
Standalone
FY19
7,688
(5,302)
2,386
(11)
516
(1,500)
1,391
(632)
759
FY18
7,301
(4,924)
2,377
(20)
929
(1,431)
1,855
(663)
1,192
-
759
1,168
1,927
(92)
1,835
(192)
66
(126)
1,709
1,709
-
(45)
1,664
1,664
-
-
1,192
(4,437)
(3,245)
166
(3,079)
(86)
14
(72)
(3,151)
(3,151)
-
45
(3,106)
(3,106)
-
Consolidated
FY19
29,493
(22,995)
6,498
(141)
396
(4,170)
2,583
(2,393)
190
FY18#
26,430
(20,453)
5,977
(114)
433
(3,761)
2,535
(2,346)
189
1,287
1,477
1,746
3,223
(656)
2,567
(192)
66
(126)
2,441
2,191
250
165
2,606
2,356
250
1,554
1,743
1,102
2,845
(162)
2,683
(86)
14
(72)
2,611
2,408
203
94
2,705
2,502
203
2.
FINANCIAL PERFORMANCE AND THE STATE OF THE COMPANY’S AFFAIRS
2.1. CONSOLIDATED
On a Consolidated basis, the Operating Revenue was at ₹ 29,493 crore in FY19, compared to ₹ 26,430 crore in FY18. The
increase was mainly due to recovery of higher fuel and power purchase cost related to regulated businesses, capacity addition
in renewable business and good operational performance by the businesses. The operating profit for the year under review
recorded an 8.72% growth over FY18. Finance costs increased from ₹ 3,761 crore to ₹ 4,170 crore largely due to forex, other
credits in FY18 and other one-off items. The profits from Joint Ventures (JV) and Associates were lower mainly due to lower FOB
price of coal on account of new regulations in Indonesia impacting the coal mines.
Board’s Report I 13
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The Consolidated Profit after Tax in FY19 was at ₹ 2,441
crore compared to ₹ 2,611 crore in FY18 mainly due to
lower profits from coal companies on account of lower
FOB price. The current year exceptional items include
gain on sale of investments in associate companies viz.
Tata Communications Limited (TCL) and Panatone Finvest
Limited (PFL) partially offset by impairment provisions
of Rithala plant. The previous year’s exceptional items
include reversal of impairment provision of investment in
coal mining made in earlier years.
[Refer Section 10 - Management Discussion and Analysis
(MD&A) of this report for details]
2.2. STANDALONE
On a Standalone basis, the Operating Revenue stood at
₹ 7,688 crore in FY19 compared to ₹ 7,301 crore in FY18.
The increase was mainly due to higher fuel cost and power
purchase cost being passed through for the regulated
business and positive effect of Multi-Year Tariff (MYT)
order for the Mumbai license area.
The profit in FY19 was at ₹ 1,709 crore as compared to
a loss of ₹ 3,151 crore last year. This was mainly due to
provision of ₹ 4,330 crore for impairment of investments in
Mundra, Georgia and Trombay generating station in FY18.
The Earnings per Share (Basic and Diluted) in FY19 stood
at ₹ 2.63 before exceptional items and at ₹ 5.90 after
exceptional items.
The Tata Power Company Limited
in TCL and PFL which were classified as assets held for
sale in FY18. The resultant gain on sale of investments of
₹ 1,213 crore and ₹ 1,897 crore has been included as an
exceptional income in the standalone and consolidated
financial statements respectively.
Others (only in the consolidated accounts): Impairment
of ₹ 106 crore for the carrying amount of Rithala power
plant has been made in Tata Power Delhi Distribution
Limited (TPDDL) due to no likelihood of its operation with
gas not being available at administered prices and the
partial disallowance of tariff by Delhi Electricity Regulatory
Commission (DERC).
No material changes and commitments have occurred
after the close of the year under review till the date of this
Report which affect the financial position of the Company.
2.4. ANNUAL PERFORMANCE
Details of the Company’s annual
financial performance as published
on the Company’s website and
presented during the Analyst Meet,
after declaration of annual results
can be accessed on the Company’s
website at https://www.tatapower.
com/investor-relations/inv-info-
archive.aspx (alternatively, scan the adjacent QR code
using a mobile device to read the file on the Company
website).
(Refer Section 9 - MD&A of this report for details)
3.
DIVIDEND
2.3. EXCEPTIONAL ITEMS
CGPL-Coal Mines SBU: Considering the fact that the
investment in Indonesian coal mines were made to secure
coal supply to CGPL and an adverse impact on CGPL is
offset to some extent by the investment in the coal mines,
the said investments have been treated as a single Cash
Generating Unit (CGU). This has a significant impact on
how the impairment of the combined CGU is assessed
every year as per Ind AS 36.
The combined effect of these two had resulted in an
impairment of ₹ 3,555 crore of the investment in CGPL in
the standalone accounts and reversal of impairment of
₹ 1,887 crore (part amount of earlier impairment provided)
of investment in coal mining companies in consolidated
accounts of FY18.
Entry Tax: The Company had received demands in respect
of entry tax on import of fuel for Trombay plant. During
the year under review, Government of Maharashtra has
notified an amnesty scheme for settlement of arrears of
tax, interest and penalty. The Company has decided to avail
of the scheme and, accordingly, recognized a provision of
₹ 345 crore towards settlement as per the above scheme.
The amount has been recognised as revenue to the extent
recoverable from consumers.
Sale of Investments in Associate Companies: During
the year under review, the Company sold investments
Based on the Company’s performance, the Directors of
your Company recommend a dividend of 130% (₹ 1.30 per
share of ₹ 1 each), subject to the approval of the Members.
According to Regulation 43A of the Securities and
Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015 (Listing Regulations),
the top 500 listed entities based on market capitalization,
calculated as on 31st March of every financial year, are
required to formulate a dividend distribution policy which
shall be disclosed in their annual
reports and on
their websites.
Accordingly, the Dividend Policy
in
of the Company
Annexure-I.
is provided
The Dividend Policy of the Company
can also be accessed on
the
Company’s website at https://www.
tatapower.com/corporate/policies.aspx (alternatively, scan
the adjacent QR code using a mobile device to read the
policy on the Company website).
4.
CURRENT BUSINESS
Your Company is present across the value chain of power
business viz. Generation, Transmission, Distribution,
Power Trading, Power Services, Coal Mines and Logistics,
Solar Photovoltaic (PV) manufacturing and associated
Engineering, Procurement & Construction (EPC) services.
14 I Board’s Report
100th Annual Report 2018-19
The Company has re-organised itself into 4 business
verticals in order to bring focus and accountability.
These segments will eventually be converted to Strategic
Business Units (SBUs) with individual Profit and Loss (P&L)
and Balance Sheet targets of their own and this change
shall be reflected in the consolidated financial statement
from next year onwards.
Currently, the Company (including its subsidiaries) has
Details of generation businesses in operation
nearly 33% of its capacity (in MW terms) in clean and green
generation sources (hydro, wind, solar and waste heat
recovery).
As on 31st March 2019, the Tata Power group of companies
had an operational generation capacity of 10,957 MW from
various fuel sources - thermal (coal, gas and oil), hydroelectric,
renewable energy (wind and solar PV) and waste heat
recovery, details of which are given below in Table 2.
(Table 2)
Category
Total
(MW)
Fuel Source
State
Location
Normative
Capacity under
management
(MW)
PPA Tenure
Return Profile
Gujarat
Mundra
Maharashtra
Trombay
Jharkhand
Maithon
4,150
1,430*
1,050
Long term PPA
Bid-based
Medium term PPA Regulated
Long term PPA
Regulated
Thermal –
Coal/Oil/Gas
Jharkhand
Jojobera
548
Long term PPA
Indonesia
New Delhi
PT Citra Kusuma
Perdana
Rithala (Gas
based)
Jharkhand
Jamshedpur
Odisha
Kalinganagar
West Bengal
Haldia
Maharashtra
Bhira
Maharashtra
Khopoli
Thermal –
Waste Heat
Recovery
Hydro
Maharashtra
Bhivpuri
Bhutan
Zambia
Dagachhu
Itezhi Tezhi
54
108
120
135
120
300
72
75
126
120
a) Regulated returns
b) Bilaterally
negotiated (captive)
Bilaterally negotiated
(captive)
7,340
Long term PPA
None
PPA is being pursued
Long term PPA
Long term PPA
Bilaterally negotiated
(captive)
Bilaterally negotiated
(captive)
375
Short term PPA
Merchant sale and
bilateral contracts
Medium term PPA Regulated
Short term PPA
Merchant sale
Long term PPA
Regulated
693
Renewables
Maharashtra,
Gujarat, Madhya
Pradesh,
Karnataka, Tamil
Nadu, Rajasthan,
Andhra Pradesh
and South Africa
Wind farms
1,161
Long Term PPA
Feed-in tariff and bid-
driven contracts
2,549
Board’s Report I 15
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Fuel Source
State
Location
Normative
Capacity under
management
(MW)
PPA Tenure
Return Profile
Category
Total
(MW)
The Tata Power Company Limited
Andhra
Pradesh, Bihar,
Delhi, Gujarat,
Haryana,
Jharkhand,
Karnataka,
Madhya
Pradesh, Punjab,
Rajasthan, Tamil
Nadu, Telangana
and Uttar
Pradesh
Solar
Photovoltaic (PV)
1,388
Long Term PPA
Feed-in tariff and bid-
driven contracts
2,549
Total
*500 MW capacity (Unit#6) is classified as assets held for sale
Details of other businesses
10,957
(Table 3)
Business
Entity
Returns/ Earnings Model
Key details
Tata Power (TPC - T), Mumbai
25-year license w.e.f. August
2015 - regulated Return on
Equity
Approx. 1,188 Ckms. of transmission
lines, connecting generating stations to
22 receiving stations.
Transmission
Powerlinks Transmission
Limited (PTL)
Regulated Return on Equity
Tata Power (TPC - D), Mumbai
25-year license w.e.f. August
2015 - Regulated Return on
Equity
Distribution
TPDDL
Regulated Return on Equity
Tata Power Ajmer Distribution
Limited (TPADL)
Coal Investments
Coal and Infrastructure,
Indonesia
Solar PV
manufacturing, EPC
Tata Power Solar Systems
Limited (TPSSL)
Distribution Franchisee model
Returns based on dynamics
in International thermal coal
market
Returns based on sector
dynamics
and market
competition
Power Trading
Tata Power Trading Company
Limited (TPTCL)
in
short
Returns based on market
term
dynamics
and bilateral power market
subject to cap prescribed by
CERC
Approx. 2,328 Ckms. of 220 kV and 400
kV transmission lines to evacuate power
from Eastern/North Eastern region to
Northern Region.
Approx. 4,500 Ckms. of distribution
network. Approx. 7 lakh consumers.
Approx. 15,081 Ckms. of distribution lines.
Over 16.96 lakh consumers.
Approx. 2,130 Ckms. of network length.
Approx. 1.40 lakh consumers.
Stake in Indonesian mines.
Manufacturing and sale of solar PV cells
and modules and EPC services.
Category I power trading license, which
permits the company to trade any
quantum of power.
Shipping
Trust Energy Resources Pte.
Limited, Singapore (TERPL)
Returns based on long term
charters
Vessels operated are of cape size.
Power Services
Tata Power
Returns based on
dynamics
competition
and
sector
market
One of the leading service providers
of project management, O&M and
specialized services in the power sector.
16 I Board’s Report
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Percentage contribution of different business models in the Generation segment (excludes those under construction)
(Table 4)
Model
Returns
Tata Power’s Projects
Fixed return on equity
Fixed Tariff (Renewables)
1) Regulated Return on
Equity
2) Bilateral
captive
agreement
Feed-in-tariff
Driven
+
Bid
1) Mumbai Operations (Trombay &
Hydro), Maithon, Jojobera Unit #2
and #3, TPDDL
2) IEL (Unit 5, PH6, KPO), Jojobera
Unit#1 and #4, CKP (Indonesia)
Wind and Solar projects
Fixed Tariff
Hydro)
Merchant
Total
(Thermal/
Bilateral agreement +
Bid Driven
CGPL, ITPC (Zambia)
Market driven
Haldia (120 MW) Dagachhu (126 MW)
Capacity
(MW)
% of overall
capacity
3,892
35.5
2,549
4,270
246
10,957
23.3
39.0
2.2
100
As part of its focus to prepare for the next phase of growth,
the Company has embarked upon a plan to Simplify,
Synergize and Scale-up (3S) its operations. The following
key steps were taken during the year under review:
a)
b)
c)
d)
e)
Sale of TCL and PFL;
Sale of Strategic Engineering Division (SED);
Purchase of 100% shares in Energy Eastern Pte
Limited (EEPL), a wholly owned subsidiary of
CGPL by TERPL, a wholly owned subsidiary of the
Company;
Exploring opportunities to review and monetize
overseas investments;
Changes in organisational structure.
Sale of Strategic Engineering Division
Your Company decided to sell SED to Tata Advanced
Systems Limited, a wholly owned subsidiary of Tata Sons
Private Limited at an enterprise value of ₹ 2,230 crore.
SED is engaged in the business of indigenous design,
development, production, integration, supply and life
cycle support of mission critical defence systems. The
Company had identified this business as a non-core
activity and was looking for an appropriate buyer to
exploit its full potential. This sale has been approved by
the Company’s shareholders and is pending approval of
National Company Law tribunal (NCLT) and Ministry of
Defence. The transaction is proposed to be executed on
a slump sale basis. The business value is mainly derived
from future projections and orders; hence, the sale
consideration has been split into upfront payment and
milestone-based earn outs. The upfront payment has
been agreed at an enterprise value of ₹ 1,040 crore. The
upfront value will be adjusted for working capital changes
and any profits or losses accrued till the time of closing.
The balance earnout payment of ₹ 1,190 crore is subject to
receipt of identified orders spread over the next 6 years.
Thermal Investment Platform – Acquisition of Prayagraj
Power Generation Company Limited
Resurgent Power Ventures Pte Limited is a joint venture
based out of Singapore between the Company, ICICI
Bank Limited and international investors such as Kuwait
Investment Authority and State General Reserve Fund of
Oman. The Company owns a 26 per cent stake and the
balance is held by the other investors.
In September 2018, Renascent Power Ventures Private
Limited, a wholly owned subsidiary of Resurgent Power
Ventures Pte Limited, Singapore signed a SPA with a
consortium of lenders led by State Bank of India to acquire
75.01% stake in Prayagraj Power Generation Company
Limited (PPGCL), which owns and operates a 1,980 MW
supercritical power plant in the state of Uttar Pradesh.
The project has a 25-year PPA for 90% of generated power
with UP Discoms with fuel cost as pass-through and Fuel
Supply Agreement (FSA) with Northern Coalfields Limited
(NCL) for 90% of its fuel requirement. The matter is pending
adjudication by the regulator in light of certain conditions
imposed prior to transfer of the ownership of the target
company.
5.
SUBSIDIARIES/JOINT VENTURES/ASSOCIATES
As on 31st March 2019, the Company had 50 subsidiaries
(40 are wholly-owned subsidiaries), 38 Joint Ventures
(JVs) and 6 Associates. Of the erstwhile subsidiaries,
3 companies have been classified as JVs under Indian
Accounting Standards (Ind AS) and one of the investments
has been classified as Associate.
During the year under review, the following changes
occurred in your Company’s holding structure:
(cid:120)
The entire shareholding in erstwhile associates i.e.
TCL and PFL was sold during the year. Renascent
Power Ventures Private Limited was incorporated in
India as a 100% subsidiary to an existing associate
i.e. Resurgent Power Ventures Pte Limited.
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Board’s Report I 17
A report on the performance and financial position of each
of the subsidiaries, JVs and Associates has been provided
in Form AOC-1.
subsidiaries of
for determining
The policy
material
the
Company has been provided
on the Company’s website at
h t t p s : / / w w w . t a t a p o w e r .
com/corporate/policies.aspx
(alternatively, scan the adjacent
QR code using a mobile device to
read the policy on the Company
website).
6.
RESERVES
As per Standalone financials, the net movement in the
reserves of the Company for FY19 and FY18 is as follows:
Figures in ` crore (Table 5)
Particulars - Standalone
Capital Redemption Reserve
Capital Reserve
Securities Premium
Debenture Redemption Reserve
General Reserve
Retained Earnings
As of
31st
March
2019
1.85
61.66
5,634.98
421.95
3,853.98
2,954.12
As of
31st
March
2018
1.85
61.66
5,634.98
1,000.61
3,853.98
1,878.99
Equity Instrument through OCI
330.48
(374.12)
Statutory Reserve
660.08
660.08
The Board of Directors has decided to retain the entire
amount of profits for FY19 in P&L account.
7.
FOREIGN EXCHANGE - EARNINGS AND OUTGO
(Table 6)
Figures in ` crore
FY18
FY19
116
1,336
398
1,273
1,222
1,087
4
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Particulars – Standalone
Foreign Exchange Earnings
Foreign Exchange Outflow mainly
on account of:
(cid:120)(cid:3)(cid:3) Fuel purchase
(cid:120)(cid:3)
Interest on foreign currency
borrowings, NRI dividends
(cid:120)(cid:3) Purchase of capital equipment,
components and spares and
other miscellaneous expenses
The Tata Power Company Limited
8.1. COASTAL GUJARAT POWER LIMITED
8.1.1. RECOMMENDATIONS OF
THE HIGH-POWERED
COMMITTEE (HPC) APPOINTED BY THE GOVERNMENT
OF GUJARAT
In order to resolve the viability issues of imported coal-
based plants in the state of Gujarat, a HPC was set up by
the Government of Gujarat in July 2018 and after several
rounds of deliberations with various stakeholders like
generators, distribution companies, consumer groups,
lenders and others, it submitted its report in October 2018.
Thereafter, the Government of Gujarat filed a petition with
the Supreme Court of India (SC) for seeking clarification
on whether the said report can be implemented and if
the existing PPA can be amended. The SC clarified that the
PPA can be amended if all the parties to the PPA agree to
do so and its own judgement of April 2017 passed in this
case shall not prevent such an amendment. It also asked
CERC to consider the matter at the earliest. Accordingly,
the Company has proceeded to amend the PPA with the
five states to whom it is supplying power. The Company is
in discussion with all the procurers to obtain their consent
to the proposed amendments.
8.1.2. CHANGE IN LAW
The Ministry of Environment, Forest and Climate Change,
Government of India (MoEF&CC), vide its notification, has
revised the environment emissions norms mandating all
thermal power plants to comply with the same by 2022.
CGPL’s PPA provides for considering this as a “Change in
Law” event as this law was passed after the bidding date
(December 2006). Your Company filed a petition with the
CERC for declaring this notification as Change in Law to
which the CERC has agreed. This order enables CGPL to
recover through tariff, the capital cost and additional
operational expenditure required to be incurred to meet
the revised norms.
8.2.
INDONESIAN COAL MINES
The Indonesian government, in early 2018, introduced a
Domestic Market Obligation (DMO) scheme which requires
a local coal mining company to sell 25 percent of its
production to the domestic market at a fixed price of USD
70/MT or the market rate, whichever is lower, to protect
state owned power plants against rising coal prices.
This impacted the sale realisation of the mines, thereby
impacting their profitability. The validity of the policy is
till December 2019 and the Indonesian Government will
review the same thereafter.
110
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8.3. MUMBAI OPERATIONS
8.3.1. MULTI YEAR TARIFF ORDERS OF MERC
8.
REGULATORY AND LEGAL MATTERS
The businesses of the Company are governed primarily
by the Electricity Act, 2003 (EA, 2003) and associated
regulations. Mentioned below are the critical regulatory
orders pertaining to the Company that were issued during
FY19, none of which impact the ‘going concern’ status of
your Company.
Maharashtra Electricity Regulatory Commission (MERC)
its Mid-Term Review (MTR) Orders for Tariff
passed
Determination for FY19-20 for Mumbai Generation,
Transmission and Distribution Business in the month of
September 2018. Review petitions, as relevant, against
some of the disallowances in the orders have been filed
before the appropriate forum and orders for the same
18 I Board’s Report
100th Annual Report 2018-19
have been issued. Appeals have been filed for various
issues against all three orders for Generation, Transmission
and Distribution and hearings are yet to commence for the
same.
8.3.2. ENTRY TAX
Your Company had filed a writ petition before the Bombay
High Court (HC) challenging the constitutional validity of the
Maharashtra Entry Tax Act and its applicability on some of
our imported raw materials. HC dismissed the writ petition.
Aggrieved, your Company filed Special Leave Petitions (SLP)
with the SC and obtained a stay order. Thereafter, during
the pendency of the SLP, the Government of Maharashtra
amended the limitation period under the Entry Tax Act with
retrospective effect. Aggrieved by this, your Company filed
a Writ Petition in SC on the said issue. SC tagged the same
along with our earlier SLP. The matter is now awaited for
listing for final hearing and disposal.
The Government of Maharashtra in the meanwhile, has
issued an Amnesty Scheme for settlement of arrears
of tax, interest and penalty levied, payable or imposed
under various acts including Entry Tax. The Company
has decided to avail of the scheme and, accordingly,
recognized a provision of ₹ 345 crore towards settlement
as per the above scheme.
8.3.3. EXTENSION OF PPA BETWEEN TPC - G and BEST
MERC, vide its order dated 27th February 2018, approved
extension of the validity of the PPA between Tata Power-
Generation (TPC-G) and BEST for 677 MW (excluding
Unit#6) till 31st March 2019.
Following a re-tendering process, BEST signed an
agreement on 28th March 2019 to extend the PPA with
TPC-G for a period of five more years till 31st March 2024.
8.3.4. EXTENSION OF PPA BETWEEN TPC - G AND TPC - D
MERC, vide its order dated 26th March 2019, approved
extension of the validity of the PPA between TPC-G and
Tata Power-Distribution (TPC-D) for 700 MW (excluding
Unit#6) for a period of five more years till 31st March 2024.
Both parties signed the PPA on 28th March 2019.
8.3.5. DEEMED CLOSURE OF 400 KV VIKROLI RECEIVING
STATION AND ALLIED TRANSMISSION SCHEMES
MERC, vide its order on Tata Power - Transmission’s (TPC-T)
Mid Term Review (MTR) Petition, ordered deemed closure
of ‘400 kV Receiving station at Vikhroli’ transmission
scheme.
TPC-T had filed a review petition seeking withdrawal of this
deemed closure order. MERC, in January 2019, dismissed this
petition and directed the State Transmission Utility (STU) to
submit its recommendations regarding execution of the
scheme under tariff-based bidding guidelines. TPC-T has filed
an appeal before the Appellate Tribunal (APTEL) challenging
the MERC order and sought expeditious disposal of the
appeal. The hearings in the matter are in progress.
8.4. MAITHON POWER LIMITED (MPL)
PETITION SEEKING REVERSAL OF LIQUIDATED
DAMAGES
CERC provisionally deducted ` 160 crore from the capital
cost for expected Liquidated Damages (LD). MPL has filed a
petition giving details of actual LD recovery and requested
the CERC to pass the supplementary order for reversal of
this deduction.
8.5. POWERLINKS TRANSMISSION LIMITED (PTL)
TRUING-UP FOR FY10-14 AND MULTI YEAR TARIFF FOR
FY14-19
CERC had notified a draft amendment to CERC Tariff
Regulations, 2014 abolishing
the continuation of
transmission majoration factor for PTL. PTL had objected
to such an amendment. CERC, vide its amendment
notified on 30th January 2019, confirmed admissibility
of transmission majoration factor to PTL for a period of
25 years from the date of issue of the transmission license.
8.6. ENVIRONMENTAL NORMS
MoEF&CC, vide its notification has revised the environment
emissions norms mandating all thermal power plants to
comply with the same. Your Company is in the process of
filing a petition with CERC seeking approval for the capital
expenditure and tariff revision in lieu of the same for
existing thermal units wherever applicable.
9.
RISKS AND CONCERNS
Your Company is faced with risks of different types, all of
which need different approaches for mitigation. Details of
various risks faced by the Company are provided in section
4 of MD&A in this Annual Report.
10. RISK MANAGEMENT FRAMEWORK AND INTERNAL
FINANCIAL CONTROLS
Risk Management Framework:
The Company has adopted the Risk Management Policy
which can be accessed on the
Company’s website at https://
www.tatapower.com/corporate/
policies.aspx (alternatively, scan
the adjacent QR Code using a
mobile device to read the policy
on the Company website). As per
the said policy, a standardized Risk
Management Process and System
has been implemented across Tata Power group. Risk plans
have been framed for all identified risks and uploaded
in the system with mitigation action, target dates and
responsibility. The Risk Register contains the mitigation
plans. Functional Risk Management Committees closely
monitor and review the risk plans.
As per the Listing Regulations, a Risk Management
Committee
(RMC) was constituted which currently
comprises three Independent Directors and one Non-
Executive Director. The RMC meets regularly to review
critical strategic risks.
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The Company was the first power company in India to
get ISO 31000:2009 Statement of Compliance in FY15.
In August 2018, the British Standards Institution (BSI)
did an assessment of the Company and its eight major
subsidiaries and conferred the ‘Statement of Compliance’
for Tata Power Group for ISO 31000:2009. The Company
also bagged two awards for its Risk Management System.
The Company has obtained two copyrights for Risk
Management – one for its Risk Quantification process and
another for its web-based Risk Management System.
Internal Financial Controls and Systems:
The Company has its internal audit function which reviews
and ensures sustained effectiveness of Internal Financial
Controls (IFC) by adopting a systematic approach to its
work.
To fulfil the requirements of the Companies Act, 2013 (Act),
the in-house internal audit team integrated IFC controls
into risk control matrix (RCM) of enterprise processes in
FY18. 100% testing of IFC controls was ensured during
process audit or creating separate audit areas of IFC testing
where process audits were not due.
On review of the internal audit observations and action
taken on audit observations, there are no adverse
observations having material
impact on financials,
commercial implications or material non-compliances
which have not been acted upon.
The Company continued the Control Self-Assessment
(CSA) process, which included seven Tata Power group
companies this year, whereby responses of all process
owners were used to assess internal controls in each
process. This helps the Company to identify focus audit
areas, design the audit plan and support CEO/CFO
certifications for internal controls.
11.
SAFETY
Safety is a core value for the Company and is given topmost
priority. The Company has developed and implemented
standards and procedures, in order to achieve world-
class safety practices. This has helped in establishing a
safety culture and inculcating safe behaviour among the
employees and business associates. This ensures zero harm
to everyone associated with the Company’s operations
directly or indirectly.
The Company is committed to provide a safe and healthy
working environment for its employees and associates.
A Company-level occupational health and safety policy
exists
in line with Tata group’s occupational health
and safety policy. This ensures increased vigilance and
awareness on health and safety. Safety organisation has
been established for developing and implementing Safety
Management Systems and to facilitate a change in culture
through leadership interventions to mitigate risks.
20 I Board’s Report
The Tata Power Company Limited
Safety Statistics FY19:
(Table 7)
Sl.
No
1
2
3
4
Safety Parameters in your Company’s
work jurisdiction (Tata Power, CGPL,
MPL, IEL, CTTL, PTL, TPDDL and TPSSL)
Fatality (Number)
LTIFR (Lost Time Injuries Frequency Rate
per million-man hours)
Total Injury Frequency Rate (No of injuries
per million-man hours)
Reporting of Safety Observation (higher
the better)
FY19
2
0.26
1.72
1,40,828
Your Company is deeply aggrieved by the fatalities and
accidents. It treats any fatality in any of its premises, of
any of its employees, contractor/associate employees or
any third party, with equal gravitas and is committed to
taking the entire working environment and behaviour to
the highest safety standards.
Your Company has increased its efforts on safety by
adopting the following safety interventions in FY19 to
improve safety in the organisation:
(cid:120)
ISO 45001:2018 certification due to
Launched a campaign on Life Changing Injuries
and Fatality Elimination Program (LIFE) across the
Company.
Received
improvements in the safety management system.
Used analytics for safety indices to enhance safety
performance through evolved insights.
Organised Best Safety Practices Conclaves for
horizontal information sharing.
Deployed Tata Power’s Safety Management System
in JVs and Subsidiaries.
Used a focussed approach on unsafe work stoppage
to eliminate the hazard at source.
Competency building and site safety enhancement
of renewable sites.
(cid:120)
(cid:120)
(cid:120)
(cid:120)
(cid:120)
(cid:120)
12.
SUSTAINABILITY
legacy of being a
Taking forward the century old
responsible corporate citizen, your Company continued
its journey of practising sustainability in alignment with
the core value of Leadership with Care. For your Company,
sustainability is about care for the environment, customers
and shareholders, community and for our people.
The Company’s efforts on sustainability were recognized at
various platforms and a testimony to this were the various
awards bestowed upon it. Your Company was ranked 6th
in the Responsible Business Ranking for Sustainability and
CSR released in November 2018 and won the ICSI CSR
Excellence Award 2018 (in medium category) conducted
by the Institute of Company Secretaries of India. Your
Company also bagged the 2018 CSR Award for Education
and Energy Conservation constituted by Indo-American
Chamber of Commerce and Industry. Your Company also
got the Social Impact Award for CSR for promoting Best
Sanitation Practices at Asia Level and Best Sustainable
Green Initiative for the Mahseer conservation program by
ACEF Forum 2018.
100th Annual Report 2018-19
12.1. CARE FOR OUR COMMUNITY/COMMUNITY RELATIONS
Your Company actively worked on five thrust areas viz.
education, health and sanitation, livelihood and skill
building, water and financial inclusivity in which fifteen
flagship interventions were undertaken in the vicinity
of the Company’s business presence and beyond, while
maintaining focus on Affirmative Action (AA) initiatives of
the Tata group.
The CSR policy of the Company
the
has been provided on
Company’s website at https://
www.tatapower.com/corporate/
policies.aspx (alternatively, scan
the adjacent QR code using a
mobile device to read the policy
on the Company website).
The Company’s standalone CSR spend for FY19 stood at
₹ 12.66 crore against the Act requirement of ₹ 12.65 crore.
Details of the consolidated CSR activities of your Company
and its key subsidiaries are listed in the MD&A section of
this annual report. The annual report on CSR activities
(standalone) is provided in Annexure-II to this Report.
12.2. AFFIRMATIVE ACTION
Under its Affirmative Action (AA) program, your Company
continued to focus on upliftment of dalit and tribal
communities through 5Es under AA viz. Employment,
Entrepreneurship, Employability, Education and Essential
Amenities around its operating sites.
focus, Tata Power Skill
As part of the enhanced
Development Institute (TPSDI) inducted 25% trainees from
AA communities and achieved more than 80% placements
post-training. In total, 1.3 lakh beneficiaries were covered
under AA.
Around 1,050 women were covered under ‘Dhaaga’, a
Women Empowerment initiative. Out of this, 20% women
were from AA communities and were provided training on
garment making, traditional handicrafts and other income
generation initiatives which helped them generate ₹ 2,500
as average monthly income.
Besides this, your Company also engaged in nurturing
vendors and suppliers from AA communities to help with
job creation.
12.3. CLUB ENERJI
Tata Power’s Club Enerji is focused on school students to
help champion the noble cause of resource conservation
and to enhance moral and civic values. The Club has
been working ceaselessly towards creating responsible
citizens of tomorrow who focus on conserving energy
and natural resources, waste management, combatting
climate change and active citizenship. Yearly theme for
FY19 was ‘Saying No to Plastics’.
Recognizing the immense value that schools can bring to
the initiative and taking due consideration of social needs,
the Company started ‘Tata Power Club Enerji’ in 2007
to propagate efficient usage of energy and to educate
the society on climate change issues. The program has
now reached out to 553 schools across Mumbai, Delhi,
Pune, Ahmedabad, Bengaluru, Kolkata, Ajmer, Belgaum,
Jamshedpur, Lonavala and five more cities. It has reached
out to more than 2.38 crore citizens, collectively saved
29.8 million units. All over India, 2,000 mini clubs have also
been formed under the Club Enerji initiative.
Some of key highlights this year include conducting rallies
and skits based on resource conservation and saying no
to plastics, session on urban bio diversity, a nationwide
contest called “Bijli Bachao “which received more than
1,000 entries from India and abroad. Additionally, Club
Enerji also collaborated with Yes Bank to spread the
message of conservation across its branches. The program
is also a case study in IIM Ahmedabad and has been
featured at IIM-A’s TEDx event under the theme ‘Inspiring
the Future’.
The initiative has won several domestic and international
accolades and has also been recognized as a best practice
within Tata group. In FY18, Club Enerji won the ABCI
award for its module on active citizenship. It also won the
prestigious ET CSR Leadership award under the category
‘Cause Branding’ and PRCI (Public Relations Council of
India) award for the Club’s revamped website under the
‘Digital Newsletter’ category.
12.4. SUSTAINABILITY REPORTING
to
Your Company has adopted the Global Reporting
Initiative (GRI) Standards for its upcoming Sustainability
Report for FY19, which is currently
under preparation,
report
on
sustainability performance
specific to the Indian operations
of your Company viz. generation,
transmission and distribution. The
Company’s Sustainability Reports
can be accessed on the Company’s
website at https://www.tatapower.
com/sustainability/communication.aspx (alternatively, scan
the adjacent QR code using a mobile device to read the
policy on the Company website).
12.5. BUSINESS RESPONSIBILITY REPORT (BRR)
The Business Responsibility Reporting is in line with
the SEBI requirement based on the ‘National Voluntary
Guidelines on Social, Environmental and Economic
Responsibilities of Business’ notified by Ministry of
Corporate Affairs (MCA), Government of India, in July 2011.
Your Company reported its performance for FY19 as per
the BRR framework, describing initiatives taken from an
environmental, social and governance perspective.
12.6. PREVENTION OF SEXUAL HARASSMENT
Disclosures in relation to the Sexual Harassment of Women
at Workplace (Prevention, Prohibition and Redressal) Act,
2013 have been provided in the Report on Corporate
Governance as well as MD&A.
13. DIRECTORS AND KEY MANAGERIAL PERSONNEL
Change in Board Composition
Mr. Anil Sardana resigned as CEO & Managing Director
of the Company effective close of business hours on
30th April 2018.
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Mr. Praveer Sinha was appointed as CEO & Managing
Director of the Company for a period of 5 years from
1st May 2018 to 30th April 2023. His appointment as CEO
& Managing Director was approved at the 99th Annual
General Meeting (AGM) by the Members.
(cid:1)
(cid:1)
(cid:1)
Mr. Ashok S. Sethi has superannuated from the services
of the Company w.e.f. close of business hours on
30th April 2019, on completing 65 years of age, as per
the guidelines adopted by the Company for retirement
of Executive Directors. Consequently, he has ceased to be
COO & Executive Director of the Company effective the
said date. The Board has placed on record its deep sense
of appreciation of the valuable contribution made by
Mr. Sethi to the operations and growth of the Company
during his long association with the Company.
the
recommendation of
On
the Nomination and
Remuneration Committee (NRC), Mr. Ashok Sinha was
appointed as Additional and Independent Director of the
Company for a period of 5 years from 2nd May 2019 to
1st May 2024, subject to approval of the Members at the
ensuing general meeting.
In accordance with the requirements of the Act and the
Company’s Articles of Association, Mr. Banmali Agrawala
retires by rotation and is eligible for re-appointment.
Members’ approval is being sought at the ensuing AGM
for his re-appointment.
Number of Board Meetings
Seven Board Meetings were held during the year under
review. For further details, please refer to the Report on
Corporate Governance, which forms a part of this Annual
Report.
Independent Directors
from all
In terms of Section 149 of the Act and the Listing
Regulations, Mr. Nawshir H. Mirza, Mr. Deepak M.
Satwalekar, Ms. Anjali Bansal, Ms. Vibha Padalkar,
Mr. Sanjay V. Bhandarkar, Mr. K. M. Chandrasekhar and
Independent Directors of
Mr. Ashok Sinha are the
the Company as on date. The Company has received
declarations
Independent Directors
the
confirming that they meet the criteria of independence as
prescribed under Section 149(6) of the Act read with rules
framed thereunder and Regulation 16(1)(b) of the Listing
Regulations. In terms of Regulations 25(8) of the Listing
Regulations, the Independent Directors have confirmed
that they are not aware of any circumstance or situation
which exists or may be anticipated that could impair or
impact their ability to discharge their duties.
At the AGM held on 13th August 2014, Mr. Mirza and
Mr. Satwalekar were appointed as Independent Directors
of the Company for a period of 5 years. Thus, they will hold
office till 12th August 2019.
Key Managerial Personnel
In terms of Section 203 of the Act, the following are the
Key Managerial Personnel (KMP) of the Company as on
31st March 2019:
(cid:116)(cid:1)
(cid:46)(cid:83)(cid:15)(cid:1)(cid:49)(cid:83)(cid:66)(cid:87)(cid:70)(cid:70)(cid:83)(cid:1)(cid:52)(cid:74)(cid:79)(cid:73)(cid:66)(cid:13)(cid:1)(cid:36)(cid:38)(cid:48)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:46)(cid:66)(cid:79)(cid:66)(cid:72)(cid:74)(cid:79)(cid:72)(cid:1)(cid:37)(cid:74)(cid:83)(cid:70)(cid:68)(cid:85)(cid:80)(cid:83)
(cid:1)
22 I Board’s Report
The Tata Power Company Limited
(cid:116)(cid:1)
(cid:46)(cid:83)(cid:15)(cid:1) (cid:34)(cid:84)(cid:73)(cid:80)(cid:76)(cid:1) (cid:52)(cid:15)(cid:1) (cid:52)(cid:70)(cid:85)(cid:73)(cid:74)(cid:13)(cid:1) (cid:36)(cid:48)(cid:48)(cid:1) (cid:7)(cid:1) (cid:38)(cid:89)(cid:70)(cid:68)(cid:86)(cid:85)(cid:74)(cid:87)(cid:70)(cid:1) (cid:37)(cid:74)(cid:83)(cid:70)(cid:68)(cid:85)(cid:80)(cid:83)(cid:1)(cid:1)
(superannuated on 30th April 2019)
(cid:46)(cid:83)(cid:15)(cid:1)(cid:51)(cid:66)(cid:78)(cid:70)(cid:84)(cid:73)(cid:1)(cid:47)(cid:15)(cid:1)(cid:52)(cid:86)(cid:67)(cid:83)(cid:66)(cid:78)(cid:66)(cid:79)(cid:90)(cid:66)(cid:78)(cid:13)(cid:1)(cid:36)(cid:73)(cid:74)(cid:70)(cid:71)(cid:1)(cid:39)(cid:74)(cid:79)(cid:66)(cid:79)(cid:68)(cid:74)(cid:66)(cid:77)(cid:1)(cid:48)(cid:243)(cid:68)(cid:70)(cid:83)
(cid:46)(cid:83)(cid:15)(cid:1)(cid:41)(cid:66)(cid:79)(cid:80)(cid:91)(cid:1)(cid:46)(cid:15)(cid:1)(cid:46)(cid:74)(cid:84)(cid:85)(cid:83)(cid:90)(cid:13)(cid:1)(cid:36)(cid:80)(cid:78)(cid:81)(cid:66)(cid:79)(cid:90)(cid:1)(cid:52)(cid:70)(cid:68)(cid:83)(cid:70)(cid:85)(cid:66)(cid:83)(cid:90)
(cid:116)(cid:1)
(cid:116)(cid:1)
Codes of Conduct for Directors and Employees
its employees
The Company has adopted a Code of Conduct for its
Non-Executive Directors including a code of conduct for
Independent Directors which suitably incorporates the
duties of Independent Directors as laid down in the Act.
The Company has also adopted the Tata Code of Conduct
for
including the
Managing and Executive Directors.
The above codes can be accessed on
the Company’s website at https://
www.tatapower.com/corporate/
policies.aspx (alternatively, scan the
adjacent QR Code using a mobile
device to read the policy on the
Company website).
In terms of the Listing Regulations, all Directors and senior
management personnel have affirmed compliance with
their respective codes. The CEO & Managing Director has
also confirmed and certified the same, which certification
is provided at the end of the Report on Corporate
Governance.
14. ANNUAL EVALUATION OF BOARD PERFORMANCE
ITS COMMITTEES AND
AND PERFORMANCE OF
INDIVIDUAL DIRECTORS
The Board of Directors has carried out an annual evaluation
of its own performance, Board Committees and individual
Directors, pursuant to the provisions of the Act and Listing
Regulations.
The performance of the Board was evaluated by the
entire Board after seeking inputs from all the Directors on
the basis of criteria such as the Board composition and
structure, effectiveness of Board processes, information
and functioning, etc. The performance of the Committees
was evaluated after seeking inputs from the Committee
members on the basis of criteria such as the composition
of Committees, effectiveness of Committee meetings, etc.
The above criteria are based on the Guidance Note on
Board Evaluation issued by the Securities and Exchange
Board of India on 5th January 2017.
In a separate meeting of
Independent Directors,
performance of Non-Independent Directors, the Board as a
whole and the Chairman of the Company after taking into
account the views of Executive Directors and Non-Executive
Directors, was evaluated. The Board and the NRC reviewed
the performance of individual directors on the basis of
criteria such as the contribution of the individual director
to the Board and Committee meetings like preparedness
on the issues to be discussed, meaningful and constructive
contribution and inputs in meetings, etc. In the Board
meeting that followed the meeting of the Independent
Directors and meeting of the NRC, the performance of
the Board, its Committees, and individual Directors was
100th Annual Report 2018-19
also discussed. Performance evaluation of Independent
Directors was done by the entire Board, excluding the
Independent Director being evaluated.
Outcome of evaluation process
Based on inputs received from the members, it emerged
that the Board had a good mix of competency, experience,
qualifications and diversity. Each Board member
contributed in his/her own manner to the collective
wisdom of the Board, keeping in mind his/her own
background and experience. There was active participation
and adequate time was given for discussing strategy.
Some of the directors felt that the grievance redressal
mechanism of investors etc. required to be reviewed by
the Board. Overall, the Board was functioning very well in
a cohesive and interactive manner.
15. REMUNERATION POLICY FOR THE DIRECTORS, KEY
MANAGERIAL PERSONNEL AND OTHER EMPLOYEES
In terms of the provisions of Section 178(3) of the Act
and Regulation 19 read with Part D of Schedule II to
the Listing Regulations, the NRC
is responsible for
formulating the criteria for determining qualification,
positive attributes and independence of a Director. The
NRC is also responsible for recommending to the Board,
a policy relating to the remuneration of the Directors, Key
Managerial Personnel and other employees. In line with
this requirement, the Board has adopted the Policy on
Board Diversity and Director Attributes, which is provided
in Annexure-III to this Report and Remuneration Policy for
Directors, Key Managerial Personnel and other employees
of the Company, which is reproduced in Annexure-IV to
this Report.
16. COMMITTEES OF THE BOARD
The Committees of the Board focus on certain specific
areas and make informed decisions in line with the
delegated authority.
The following statutory Committees constituted by the
Board function according to their respective roles and
defined scope:
Audit Committee of Directors
Nomination and Remuneration Committee
Corporate Social Responsibility Committee
Stakeholders Relationship Committee
Risk Management Committee
(cid:120)
(cid:120)
(cid:120)
(cid:120)
(cid:120)
Details of composition, terms of reference and number
of meetings held for respective committees are given in
the Report on Corporate Governance, which forms a part
of this Report. Further, during the year under review, all
recommendations made by the Audit Committee have
been accepted by the Board.
17. CONSERVATION
OF
ENERGY,
TECHNOLOGY
ABSORPTION
The information on conservation of energy and technology
absorption stipulated under Section 134(3)(m) of the Act
read with Rule 8 of the Companies (Accounts) Rules, 2014,
is attached as Annexure - V to this Report.
18. PARTICULARS OF EMPLOYEES AND REMUNERATION
The information required under Section 197(12) of the Act
read with Rule 5(1) of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014, is
attached as Annexure - VI.
The information required under Rule 5(2) and (3) of
the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014, is provided in the
Annexure forming part of this Report. In terms of the
proviso to Section 136 of the Act, the Report and Accounts
are being sent to the Members excluding the aforesaid
Annexure. Any member interested in obtaining the same
may write to the Company Secretary at the Registered
Office of the Company. None of the employees listed in the
said Annexure are related to any Director of the Company.
Officers of the organisation are classified
into five
management work levels i.e. MA, MB, MC, MD and ME.
The work levels are further divided into grades. Non-
management employees are across different grades and
also have been classified as unskilled, semi-skilled, skilled
and highly skilled.
19. RELATED PARTY TRANSACTIONS
and
Transactions
In line with the requirements of the Act and the Listing
Regulations, the Company has
formulated a Policy on Related
Party
the
same can be accessed on the
Company’s website at https://
www.tatapower.com/corporate/
policies.aspx (alternatively, scan
the adjacent QR Code using a
mobile device to read the policy
on the Company website).
During the year under review, all transactions entered
into with related parties were approved by the Audit
Committee. Details of transactions with related party
as per Form AOC-2 are provided in Annexure-VII to this
Report.
20. DEPOSITS
Sl.
No.
1.
2.
Particulars
Accepted during the year
Remained unpaid or unclaimed at the
end of the year*
3. Whether there has been any default in
repayment of deposits or payment of
interest thereon during the year and if
so, number of such cases and the total
amount involved
(cid:131)
(cid:131)
(cid:131)
At the beginning of the year
Maximum during the year
At the end of the year
4. Details of deposits which are not in
compliance with the requirements of
Chapter V of the Act
*This amount pertains to disputed/court cases.
(Table 8)
Amount
in `
Nil
2,58,105
NA
NA
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LOANS, GUARANTEES, SECURITY AND INVESTMENTS
The Company, being an infrastructure company, is exempt
from the provisions as applicable to loans, guarantees,
security and investments under Section 186 of the Act.
Therefore, no details are provided.
22.
EXTRACT OF ANNUAL RETURN
Pursuant to Sections 92 & 134(3) of the Act and Rule 12
of the Companies (Management and Administration)
Rules, 2014, the extract of Annual Return in Form MGT-9 is
provided in Annexure-VIII to this Report.
accessed on
The extracts of
the Annual
Return of the Company can
the
also be
Company’s website at https://
www.tatapower.com/investor-
re l a t i o n s / a n n u a l - re t u r n . p d f
(alternatively, scan the adjacent
QR Code using a mobile device to
read the policy on the Company
website).
23.
STATUTORY AUDITORS
At the 98th AGM held on 23rd August 2017, the Members
had approved the appointment of M/s. S R B C & CO. LLP
(SRBC), Chartered Accountants (ICAI Firm Registration
No.324982E/E300003) as the Statutory Auditors for a
period of 5 years commencing from the conclusion of the
98th AGM until the conclusion of the 103th AGM to be held
in the year 2022. Pursuant to Sections 139 and 141 of the
Act read with the Companies (Audit and Auditors) Rules
2014, SRBC has furnished a certificate of their eligibility
and consent as the Auditors of the Company.
The standalone and the consolidated financial statements
of the Company have been prepared in accordance with
Indian Accounting Standards (Ind AS) notified under
Section 133 of the Act.
The Statutory Auditor’s report does not contain any
qualifications, reservations, adverse remarks or disclaimers.
The Statutory Auditors were present at the last AGM.
24. BRANCH AUDITORS
Members’ approval is being sought vide Item No. 6 of the
Notice, for authorizing the Board of Directors to appoint
Branch Auditors for the purpose of auditing the accounts
maintained at the Branch Offices of the Company abroad.
25. COST AUDITORS
Your Board has appointed M/s. Sanjay Gupta and
Associates, Cost Accountants, as Cost Auditors of the
Company for conducting cost audit for FY20. A resolution
seeking ratification of remuneration payable to the Cost
Auditors for FY20 is provided at Item No. 7 of the Notice of
the ensuing AGM.
24 I Board’s Report
The Tata Power Company Limited
Pursuant to Section 148 of the Act, your Company carries
out an annual audit of cost accounts relating to electricity.
The Cost Audit Report and the Compliance Report of your
Company for FY18, was filed on 13th August 2018 with the
Ministry of Corporate Affairs through Extensive Business
Reporting Language (XBRL) by M/s. Sanjay Gupta and
Associates, Cost Accountants, before the due date of 30th
September 2018. Further, the cost accounts and records as
required to be maintained under Section 148 of the Act are
duly made and maintained by the Company.
26.
SECRETARIAL AUDITORS
M/s. Parikh & Associates, Company Secretaries, were
appointed as Secretarial Auditors of your Company to
conduct a Secretarial Audit of records and documents
of the Company for FY19. The Secretarial Audit Report
confirms that the Company has complied with the
provisions of the Act, Rules, Regulations and Guidelines
and that there were no deviations or non-compliances.
The Secretarial Audit Report does not contain any
qualifications,
remarks or
reservations or adverse
disclaimers. The Secretarial Audit Report is provided in
Annexure-IX to this Report.
As per the requirements of the Listing Regulations,
Practicing Company Secretaries of the respective material
subsidiaries of the Company have undertaken secretarial
audits of these subsidiaries for FY19. The Audit Report
confirms that the material subsidiaries have complied with
the provisions of the Act, Rules, Regulations and Guidelines
and that there were no deviations or non-compliances.
27. COMPLIANCE WITH SECRETARIAL STANDARDS
The Company confirms compliance with the applicable
requirements of Secretarial Standards 1 and 2.
28. CORPORATE GOVERNANCE
Pursuant to Regulation 34 of the Listing Regulations and
relevant sections of the Act, a Management Discussion and
Analysis Statement, Report on Corporate Governance and
Auditors’ Certificate thereon are included in the Annual
Report.
29. VIGIL MECHANISM
Your Company believes in the conduct of the affairs of its
constituents in a fair and transparent manner by adopting
the highest standards of professionalism, honesty,
integrity and ethical behaviour. In line with the Tata Code
of Conduct (TCOC), any actual or potential violation,
howsoever insignificant or perceived as such, would be
a matter of serious concern for the Company. The role of
the employees in pointing out such violations of the TCOC
cannot be undermined.
Pursuant to Section 177(9) of the Act and Regulation
4(2)(d)(iv) of the Listing Regulations, a Whistleblower
Policy and Vigil Mechanism was established for directors,
100th Annual Report 2018-19
employees and stakeholders to report to the management
instances of unethical behaviour, actual or suspected,
fraud or violation of the Company’s code of conduct or
ethics policy. The Vigil Mechanism provides a mechanism
for employees of the Company to approach the Chief
Ethics Counsellor (CEC)/Chairman of the Audit Committee
of the Company for redressal. The Company has revised
the Whistleblower Policy to include “reporting of incidents
of leak or suspected leak of unpublished price sensitive
information” in terms of SEBI (Prohibition of Insider
Trading) Regulations, 2015, as
amended from time to time. The
revised Policy was recommended
by the Audit Committee and
approved by the Board at their
respective meetings. The updated
policy has been posted on the
Company’s website at https://
www.tatapower.com/corporate/
policies.aspx (alternatively, scan the adjacent QR Code
using a mobile device to read the policy on the Company
website). The Company affirms that no personnel have
been denied access to the Audit Committee.
30. DIRECTORS’ RESPONSIBILITY STATEMENT
Based on the framework of IFC and compliance systems
established and maintained by the Company, work
performed by the
internal, statutory, cost auditors,
secretarial auditors and external consultants including
audit of IFC for financial reporting by the statutory
auditors and the reviews performed by management
and the relevant Board Committees, including the Audit
Committee, the Board is of the opinion that the Company’s
IFC were adequate and effective during FY19.
Accordingly, pursuant to Section 134(5) of the Act, the
Board of Directors, to the best of its knowledge and ability,
confirm that:
a)
b)
in the preparation of the annual accounts, the
applicable accounting standards had been followed
and there are no material departures;
the Directors had selected such accounting
policies and applied them consistently and made
judgements and estimates that are reasonable and
prudent so as to give a true and fair view of the state
of affairs of the Company at the end of the financial
c)
d)
e)
f )
year and of the profit of the Company for that
period;
the Directors had taken proper and sufficient care
for the maintenance of adequate accounting
records in accordance with the provisions of the
Companies Act, 2013 for safeguarding the assets
of the Company and for preventing and detecting
fraud and other irregularities;
the Directors had prepared the annual accounts on
a going concern basis;
the Directors had laid down internal financial
controls to be followed by the Company and that
such internal financial controls are adequate and
were operating effectively (refer section 10);
the Directors had devised proper systems to ensure
compliance with the provision of all applicable laws
and that such systems were adequate and operating
effectively.
31. ACKNOWLEDGEMENTS
On behalf of the Directors of the Company, I would like to
place on record our deep appreciation to our shareholders,
customers, business partners, vendors - both international
and domestic, bankers, financial institutions and academic
institutions for all the support rendered during the year
under review.
The Directors are thankful to the Government of India, the
various ministries of the State Governments, the central
and state electricity regulatory authorities, communities
in the neighbourhood of our operations, municipal
authorities of Mumbai, and local authorities in areas where
we are operational in India; as also partners, governments
and stakeholders in international geographies where the
Company operates, for all the support rendered during the
year under review.
Finally, we appreciate and value the contributions made
by all our employees and their families for making the
Company what it is.
On behalf of the Board of Directors,
Mumbai, 2nd May 2019
N. Chandrasekaran
Chairman
(DIN: 00121863)
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Board’s Report I 25
The Tata Power Company Limited
Annexure – I : DIVIDEND POLICY
(Ref.: Board’s Report, Section 3)
1.
1.1
2.
2.1
2.2
(cid:1)
(cid:1)
(cid:1)
(cid:1)
(cid:1)
(cid:1)
2.3
Context:
In July 2016, SEBI has inserted Regulation 43A with respect to Dividend Distribution Policy in Securities and Exchange Board
of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, whereby the top 500 listed entities based on
market capitalization (calculated as on 31st March of every financial year) are required to formulate a dividend distribution
policy which shall be disclosed in their annual reports and on their websites and the dividend distribution policy shall also
include certain stated parameters. Tata Power, being one of the top 500 companies, needs to frame such policy as per the SEBI
regulations.
Background:
The Company’s overarching objective is to strike the right balance between adequately rewarding shareholders through
dividend and providing enough funds to drive future growth, both organic and inorganic, to maximize long term sustainable
shareholder value.
In order to be compliant with various statutes, the Company has to appropriate the following out of PAT earned each financial
year:
(cid:116)(cid:1)
(cid:116)(cid:1)
(cid:116)(cid:1)
(cid:116)(cid:1)
(cid:116)(cid:1)
(cid:116)(cid:1)
Each financial year end, the Company management viz. the CFO in consultation with CEO & Managing Director recommends
the amount to be declared as dividend to the Board along with all relevant workings, ratios, payouts, trends etc. As per the
existing laws and rules, Interim dividends are confirmed by the shareholders and final dividends recommended by the Directors
(cid:85)(cid:80)(cid:1)(cid:84)(cid:73)(cid:66)(cid:83)(cid:70)(cid:73)(cid:80)(cid:77)(cid:69)(cid:70)(cid:83)(cid:84)(cid:1)(cid:71)(cid:80)(cid:83)(cid:1)(cid:66)(cid:81)(cid:81)(cid:83)(cid:80)(cid:87)(cid:66)(cid:77)(cid:1)(cid:66)(cid:85)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:34)(cid:79)(cid:79)(cid:86)(cid:66)(cid:77)(cid:1)(cid:40)(cid:70)(cid:79)(cid:70)(cid:83)(cid:66)(cid:77)(cid:1)(cid:46)(cid:70)(cid:70)(cid:85)(cid:74)(cid:79)(cid:72)(cid:1)(cid:80)(cid:71)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:36)(cid:80)(cid:78)(cid:81)(cid:66)(cid:79)(cid:90)(cid:15)
(cid:53)(cid:83)(cid:66)(cid:79)(cid:84)(cid:71)(cid:70)(cid:83)(cid:1)(cid:85)(cid:80)(cid:1)(cid:37)(cid:70)(cid:67)(cid:70)(cid:79)(cid:85)(cid:86)(cid:83)(cid:70)(cid:1)(cid:51)(cid:70)(cid:69)(cid:70)(cid:78)(cid:81)(cid:85)(cid:74)(cid:80)(cid:79)(cid:1)(cid:51)(cid:70)(cid:84)(cid:70)(cid:83)(cid:87)(cid:70)(cid:84)(cid:1)(cid:66)(cid:84)(cid:1)(cid:81)(cid:70)(cid:83)(cid:1)(cid:72)(cid:86)(cid:74)(cid:69)(cid:70)(cid:77)(cid:74)(cid:79)(cid:70)(cid:84)(cid:1)(cid:84)(cid:85)(cid:66)(cid:85)(cid:70)(cid:69)(cid:1)(cid:74)(cid:79)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:36)(cid:80)(cid:78)(cid:81)(cid:66)(cid:79)(cid:74)(cid:70)(cid:84)(cid:1)(cid:34)(cid:68)(cid:85)(cid:15)
(cid:53)(cid:83)(cid:66)(cid:79)(cid:84)(cid:71)(cid:70)(cid:83)(cid:1)(cid:85)(cid:80)(cid:1)(cid:36)(cid:80)(cid:79)(cid:85)(cid:74)(cid:79)(cid:72)(cid:70)(cid:79)(cid:68)(cid:74)(cid:70)(cid:84)(cid:1)(cid:51)(cid:70)(cid:84)(cid:70)(cid:83)(cid:87)(cid:70)(cid:1)(cid:66)(cid:84)(cid:1)(cid:81)(cid:70)(cid:83)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:38)(cid:77)(cid:70)(cid:68)(cid:85)(cid:83)(cid:74)(cid:68)(cid:74)(cid:85)(cid:90)(cid:1)(cid:34)(cid:68)(cid:85)(cid:15)
(cid:52)(cid:70)(cid:83)(cid:87)(cid:74)(cid:68)(cid:74)(cid:79)(cid:72)(cid:1)(cid:80)(cid:71)(cid:1)(cid:54)(cid:79)(cid:84)(cid:70)(cid:68)(cid:86)(cid:83)(cid:70)(cid:69)(cid:1)(cid:49)(cid:70)(cid:83)(cid:81)(cid:70)(cid:85)(cid:86)(cid:66)(cid:77)(cid:1)(cid:52)(cid:70)(cid:68)(cid:86)(cid:83)(cid:74)(cid:85)(cid:74)(cid:70)(cid:84)(cid:15)
(cid:53)(cid:83)(cid:66)(cid:79)(cid:84)(cid:71)(cid:70)(cid:83)(cid:1)(cid:85)(cid:80)(cid:1)(cid:40)(cid:70)(cid:79)(cid:70)(cid:83)(cid:66)(cid:77)(cid:1)(cid:51)(cid:70)(cid:84)(cid:70)(cid:83)(cid:87)(cid:70)(cid:84)(cid:15)
(cid:37)(cid:74)(cid:87)(cid:74)(cid:69)(cid:70)(cid:79)(cid:69)(cid:1)(cid:37)(cid:74)(cid:84)(cid:85)(cid:83)(cid:74)(cid:67)(cid:86)(cid:85)(cid:74)(cid:80)(cid:79)(cid:1)(cid:85)(cid:80)(cid:1)(cid:84)(cid:73)(cid:66)(cid:83)(cid:70)(cid:73)(cid:80)(cid:77)(cid:69)(cid:70)(cid:83)(cid:84)(cid:1)(cid:74)(cid:79)(cid:68)(cid:77)(cid:86)(cid:69)(cid:74)(cid:79)(cid:72)(cid:1)(cid:69)(cid:74)(cid:87)(cid:74)(cid:69)(cid:70)(cid:79)(cid:69)(cid:1)(cid:69)(cid:74)(cid:84)(cid:85)(cid:83)(cid:74)(cid:67)(cid:86)(cid:85)(cid:74)(cid:80)(cid:79)(cid:1)(cid:85)(cid:66)(cid:89)(cid:15)
(cid:34)(cid:79)(cid:90)(cid:1)(cid:66)(cid:69)(cid:75)(cid:86)(cid:84)(cid:85)(cid:78)(cid:70)(cid:79)(cid:85)(cid:84)(cid:1)(cid:85)(cid:80)(cid:1)(cid:48)(cid:85)(cid:73)(cid:70)(cid:83)(cid:1)(cid:36)(cid:80)(cid:78)(cid:81)(cid:83)(cid:70)(cid:73)(cid:70)(cid:79)(cid:84)(cid:74)(cid:87)(cid:70)(cid:1)(cid:42)(cid:79)(cid:68)(cid:80)(cid:78)(cid:70)(cid:1)(cid:9)(cid:48)(cid:36)(cid:42)(cid:10)(cid:1)(cid:66)(cid:84)(cid:1)(cid:81)(cid:70)(cid:83)(cid:1)(cid:42)(cid:79)(cid:69)(cid:1)(cid:34)(cid:52)(cid:1)(cid:72)(cid:86)(cid:74)(cid:69)(cid:70)(cid:77)(cid:74)(cid:79)(cid:70)(cid:84)(cid:15)
[a] Circumstances under which the shareholders of the listed entities may or may not expect dividend:
For the purposes of dividend distribution, the Company’s shareholders may expect the following broad criteria to be followed
by the Company -
(cid:116)(cid:1)
(cid:37)(cid:74)(cid:87)(cid:74)(cid:69)(cid:70)(cid:79)(cid:69)(cid:84)(cid:1)(cid:78)(cid:66)(cid:90)(cid:1)(cid:67)(cid:70)(cid:1)(cid:70)(cid:89)(cid:81)(cid:70)(cid:68)(cid:85)(cid:70)(cid:69)(cid:1)(cid:71)(cid:83)(cid:80)(cid:78)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:36)(cid:80)(cid:78)(cid:81)(cid:66)(cid:79)(cid:90)(cid:1)(cid:80)(cid:79)(cid:77)(cid:90)(cid:1)(cid:66)(cid:71)(cid:85)(cid:70)(cid:83)(cid:1)(cid:66)(cid:77)(cid:77)(cid:1)(cid:83)(cid:70)(cid:82)(cid:86)(cid:74)(cid:83)(cid:70)(cid:69)(cid:1)(cid:66)(cid:81)(cid:81)(cid:83)(cid:80)(cid:81)(cid:83)(cid:74)(cid:66)(cid:85)(cid:74)(cid:80)(cid:79)(cid:84)(cid:1)(cid:73)(cid:66)(cid:87)(cid:70)(cid:1)(cid:67)(cid:70)(cid:70)(cid:79)(cid:1)(cid:78)(cid:66)(cid:69)(cid:70)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:83)(cid:70)(cid:84)(cid:86)(cid:77)(cid:85)(cid:66)(cid:79)(cid:85)(cid:1)
profit after the appropriations is positive and sufficient for distribution of dividends as per the parameters - financial or
otherwise mentioned below in point no.(b).
(cid:34)(cid:1)(cid:77)(cid:80)(cid:88)(cid:70)(cid:83)(cid:1)(cid:69)(cid:74)(cid:87)(cid:74)(cid:69)(cid:70)(cid:79)(cid:69)(cid:1)(cid:78)(cid:66)(cid:90)(cid:1)(cid:67)(cid:70)(cid:1)(cid:81)(cid:83)(cid:80)(cid:81)(cid:80)(cid:84)(cid:70)(cid:69)(cid:1)(cid:74)(cid:79)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:90)(cid:70)(cid:66)(cid:83)(cid:84)(cid:1)(cid:85)(cid:73)(cid:66)(cid:85)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:36)(cid:80)(cid:78)(cid:81)(cid:66)(cid:79)(cid:90)(cid:1)(cid:73)(cid:66)(cid:84)(cid:1)(cid:79)(cid:80)(cid:85)(cid:1)(cid:78)(cid:66)(cid:69)(cid:70)(cid:1)(cid:84)(cid:86)(cid:243)(cid:68)(cid:74)(cid:70)(cid:79)(cid:85)(cid:1)(cid:81)(cid:83)(cid:80)(cid:246)(cid:85)(cid:84)(cid:15)
(cid:34)(cid:79)(cid:90)(cid:1) (cid:69)(cid:74)(cid:87)(cid:74)(cid:69)(cid:70)(cid:79)(cid:69)(cid:1) (cid:66)(cid:83)(cid:74)(cid:84)(cid:74)(cid:79)(cid:72)(cid:1) (cid:71)(cid:83)(cid:80)(cid:78)(cid:1) (cid:79)(cid:70)(cid:72)(cid:66)(cid:85)(cid:74)(cid:87)(cid:70)(cid:1) (cid:81)(cid:83)(cid:80)(cid:246)(cid:85)(cid:84)(cid:1) (cid:88)(cid:80)(cid:86)(cid:77)(cid:69)(cid:1) (cid:79)(cid:80)(cid:85)(cid:1) (cid:67)(cid:70)(cid:1) (cid:70)(cid:89)(cid:81)(cid:70)(cid:68)(cid:85)(cid:70)(cid:69)(cid:1) (cid:85)(cid:80)(cid:1) (cid:67)(cid:70)(cid:1) (cid:78)(cid:66)(cid:69)(cid:70)(cid:1) (cid:86)(cid:81)(cid:1) (cid:85)(cid:73)(cid:83)(cid:80)(cid:86)(cid:72)(cid:73)(cid:1) (cid:81)(cid:77)(cid:80)(cid:86)(cid:72)(cid:73)(cid:1) (cid:67)(cid:66)(cid:68)(cid:76)(cid:1) (cid:71)(cid:83)(cid:80)(cid:78)(cid:1) (cid:85)(cid:73)(cid:70)(cid:1)
Company’s accumulated Reserves. However, in exceptional cases, considering the reasons for which the profits are
negative for the year, the Board may recommend dividends out of accumulated profits.
(cid:116)(cid:1)
(cid:116)(cid:1)
[b] Financial Parameters would ideally include:
(cid:116)(cid:1)
(cid:116)(cid:1)
(cid:116)(cid:1)
(cid:116)(cid:1)
(cid:116)(cid:1)
(cid:116)(cid:1)
(cid:116)(cid:1)
(cid:37)(cid:74)(cid:84)(cid:85)(cid:83)(cid:74)(cid:67)(cid:86)(cid:85)(cid:66)(cid:67)(cid:77)(cid:70)(cid:1)(cid:81)(cid:83)(cid:80)(cid:246)(cid:85)(cid:84)(cid:1)(cid:66)(cid:69)(cid:70)(cid:82)(cid:86)(cid:66)(cid:68)(cid:90)(cid:1)(cid:66)(cid:71)(cid:85)(cid:70)(cid:83)(cid:1)(cid:66)(cid:81)(cid:81)(cid:83)(cid:80)(cid:81)(cid:83)(cid:74)(cid:66)(cid:85)(cid:74)(cid:79)(cid:72)(cid:1)(cid:85)(cid:80)(cid:1)(cid:66)(cid:77)(cid:77)(cid:1)(cid:51)(cid:70)(cid:84)(cid:70)(cid:83)(cid:87)(cid:70)(cid:84)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:78)(cid:66)(cid:76)(cid:74)(cid:79)(cid:72)(cid:1)(cid:66)(cid:77)(cid:77)(cid:1)(cid:66)(cid:69)(cid:75)(cid:86)(cid:84)(cid:85)(cid:78)(cid:70)(cid:79)(cid:85)(cid:84)(cid:1)(cid:67)(cid:86)(cid:85)(cid:1)(cid:67)(cid:70)(cid:71)(cid:80)(cid:83)(cid:70)(cid:1)(cid:81)(cid:83)(cid:80)(cid:87)(cid:74)(cid:69)(cid:74)(cid:79)(cid:72)(cid:1)(cid:71)(cid:80)(cid:83)(cid:1)
dividends and tax thereon.
(cid:52)(cid:81)(cid:70)(cid:68)(cid:74)(cid:66)(cid:77)(cid:1)(cid:66)(cid:69)(cid:75)(cid:86)(cid:84)(cid:85)(cid:78)(cid:70)(cid:79)(cid:85)(cid:84)(cid:1)(cid:9)(cid:86)(cid:81)(cid:84)(cid:74)(cid:69)(cid:70)(cid:84)(cid:16)(cid:69)(cid:80)(cid:88)(cid:79)(cid:84)(cid:74)(cid:69)(cid:70)(cid:84)(cid:10)(cid:1)(cid:88)(cid:73)(cid:74)(cid:68)(cid:73)(cid:1)(cid:73)(cid:66)(cid:87)(cid:70)(cid:1)(cid:66)(cid:242)(cid:70)(cid:68)(cid:85)(cid:70)(cid:69)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:81)(cid:83)(cid:80)(cid:246)(cid:85)(cid:84)(cid:1)(cid:71)(cid:80)(cid:83)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:90)(cid:70)(cid:66)(cid:83)(cid:1)(cid:74)(cid:79)(cid:1)(cid:68)(cid:80)(cid:79)(cid:84)(cid:74)(cid:69)(cid:70)(cid:83)(cid:66)(cid:85)(cid:74)(cid:80)(cid:79)(cid:15)
(cid:41)(cid:74)(cid:84)(cid:85)(cid:80)(cid:83)(cid:74)(cid:68)(cid:66)(cid:77)(cid:1)(cid:85)(cid:83)(cid:70)(cid:79)(cid:69)(cid:1)(cid:80)(cid:71)(cid:1)(cid:69)(cid:74)(cid:87)(cid:74)(cid:69)(cid:70)(cid:79)(cid:69)(cid:1)(cid:69)(cid:70)(cid:68)(cid:77)(cid:66)(cid:83)(cid:70)(cid:69)(cid:1)(cid:83)(cid:66)(cid:85)(cid:70)(cid:1)(cid:81)(cid:70)(cid:83)(cid:1)(cid:84)(cid:73)(cid:66)(cid:83)(cid:70)(cid:1)(cid:71)(cid:80)(cid:83)(cid:1)(cid:81)(cid:66)(cid:84)(cid:85)(cid:1)(cid:18)(cid:17)(cid:1)(cid:90)(cid:70)(cid:66)(cid:83)(cid:84)(cid:15)
(cid:53)(cid:80)(cid:85)(cid:66)(cid:77)(cid:1)(cid:81)(cid:66)(cid:90)(cid:80)(cid:86)(cid:85)(cid:1)(cid:80)(cid:71)(cid:1)(cid:69)(cid:74)(cid:87)(cid:74)(cid:69)(cid:70)(cid:79)(cid:69)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:69)(cid:74)(cid:87)(cid:74)(cid:69)(cid:70)(cid:79)(cid:69)(cid:1)(cid:85)(cid:66)(cid:89)(cid:1)(cid:80)(cid:79)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:84)(cid:66)(cid:78)(cid:70)(cid:1)(cid:74)(cid:79)(cid:1)(cid:846)(cid:1)(cid:68)(cid:83)(cid:80)(cid:83)(cid:70)(cid:15)(cid:1)
(cid:49)(cid:66)(cid:90)(cid:80)(cid:86)(cid:85)(cid:1)(cid:83)(cid:66)(cid:85)(cid:74)(cid:80)(cid:1)(cid:80)(cid:79)(cid:1)(cid:49)(cid:34)(cid:53)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:69)(cid:74)(cid:84)(cid:85)(cid:83)(cid:74)(cid:67)(cid:86)(cid:85)(cid:66)(cid:67)(cid:77)(cid:70)(cid:1)(cid:81)(cid:83)(cid:80)(cid:246)(cid:85)(cid:84)(cid:15)
(cid:38)(cid:66)(cid:83)(cid:79)(cid:74)(cid:79)(cid:72)(cid:84)(cid:1)(cid:81)(cid:70)(cid:83)(cid:1)(cid:84)(cid:73)(cid:66)(cid:83)(cid:70)(cid:1)(cid:80)(cid:79)(cid:1)(cid:69)(cid:74)(cid:84)(cid:85)(cid:83)(cid:74)(cid:67)(cid:86)(cid:85)(cid:66)(cid:67)(cid:77)(cid:70)(cid:1)(cid:81)(cid:83)(cid:80)(cid:246)(cid:85)(cid:84)(cid:15)
(cid:36)(cid:66)(cid:84)(cid:73)(cid:1)(cid:66)(cid:87)(cid:66)(cid:74)(cid:77)(cid:66)(cid:67)(cid:74)(cid:77)(cid:74)(cid:85)(cid:90)(cid:1)(cid:71)(cid:80)(cid:83)(cid:1)(cid:81)(cid:66)(cid:90)(cid:74)(cid:79)(cid:72)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:81)(cid:83)(cid:80)(cid:81)(cid:80)(cid:84)(cid:70)(cid:69)(cid:1)(cid:69)(cid:74)(cid:87)(cid:74)(cid:69)(cid:70)(cid:79)(cid:69)(cid:15)
[c] Internal and External factors to be viewed:
(cid:116)(cid:1)
(cid:116)(cid:1)
(cid:116)(cid:1)
(cid:116)(cid:1)
(cid:116)(cid:1)
(cid:116)(cid:1)
(cid:116)(cid:1)
(cid:116)(cid:1)
(cid:49)(cid:83)(cid:80)(cid:246)(cid:85)(cid:84)(cid:1)(cid:81)(cid:83)(cid:80)(cid:75)(cid:70)(cid:68)(cid:85)(cid:70)(cid:69)(cid:1)(cid:71)(cid:80)(cid:83)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:70)(cid:79)(cid:84)(cid:86)(cid:74)(cid:79)(cid:72)(cid:1)(cid:246)(cid:79)(cid:66)(cid:79)(cid:68)(cid:74)(cid:66)(cid:77)(cid:1)(cid:90)(cid:70)(cid:66)(cid:83)(cid:15)
(cid:36)(cid:80)(cid:79)(cid:84)(cid:80)(cid:77)(cid:74)(cid:69)(cid:66)(cid:85)(cid:70)(cid:69)(cid:1)(cid:81)(cid:83)(cid:80)(cid:246)(cid:85)(cid:84)(cid:1)(cid:80)(cid:71)(cid:1)(cid:53)(cid:66)(cid:85)(cid:66)(cid:1)(cid:49)(cid:80)(cid:88)(cid:70)(cid:83)(cid:1)(cid:72)(cid:83)(cid:80)(cid:86)(cid:81)(cid:15)
(cid:52)(cid:85)(cid:66)(cid:85)(cid:70)(cid:1)(cid:80)(cid:71)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:70)(cid:68)(cid:80)(cid:79)(cid:80)(cid:78)(cid:90)(cid:15)
(cid:36)(cid:73)(cid:66)(cid:79)(cid:72)(cid:70)(cid:1)(cid:74)(cid:79)(cid:1)(cid:83)(cid:86)(cid:77)(cid:70)(cid:84)(cid:13)(cid:1)(cid:83)(cid:70)(cid:72)(cid:86)(cid:77)(cid:66)(cid:85)(cid:74)(cid:80)(cid:79)(cid:84)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:68)(cid:80)(cid:78)(cid:81)(cid:77)(cid:74)(cid:66)(cid:79)(cid:68)(cid:70)(cid:84)(cid:15)
(cid:51)(cid:70)(cid:84)(cid:85)(cid:83)(cid:74)(cid:68)(cid:85)(cid:74)(cid:80)(cid:79)(cid:84)(cid:1)(cid:86)(cid:79)(cid:69)(cid:70)(cid:83)(cid:1)(cid:66)(cid:81)(cid:81)(cid:77)(cid:74)(cid:68)(cid:66)(cid:67)(cid:77)(cid:70)(cid:1)(cid:77)(cid:66)(cid:88)(cid:84)(cid:1)(cid:74)(cid:79)(cid:68)(cid:77)(cid:86)(cid:69)(cid:74)(cid:79)(cid:72)(cid:1)(cid:85)(cid:66)(cid:89)(cid:1)(cid:77)(cid:66)(cid:88)(cid:84)(cid:15)
(cid:56)(cid:80)(cid:83)(cid:76)(cid:74)(cid:79)(cid:72)(cid:1)(cid:68)(cid:66)(cid:81)(cid:74)(cid:85)(cid:66)(cid:77)(cid:1)(cid:79)(cid:70)(cid:70)(cid:69)(cid:84)(cid:1)(cid:80)(cid:71)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:36)(cid:80)(cid:78)(cid:81)(cid:66)(cid:79)(cid:90)(cid:15)
(cid:49)(cid:83)(cid:80)(cid:75)(cid:70)(cid:68)(cid:85)(cid:84)(cid:1)(cid:74)(cid:79)(cid:1)(cid:73)(cid:66)(cid:79)(cid:69)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:84)(cid:86)(cid:81)(cid:81)(cid:80)(cid:83)(cid:85)(cid:1)(cid:83)(cid:70)(cid:82)(cid:86)(cid:74)(cid:83)(cid:70)(cid:69)(cid:1)(cid:85)(cid:80)(cid:1)(cid:68)(cid:80)(cid:78)(cid:81)(cid:77)(cid:70)(cid:85)(cid:70)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:81)(cid:83)(cid:80)(cid:75)(cid:70)(cid:68)(cid:85)(cid:84)(cid:1)(cid:71)(cid:83)(cid:80)(cid:78)(cid:1)(cid:49)(cid:66)(cid:83)(cid:70)(cid:79)(cid:85)(cid:1)(cid:36)(cid:80)(cid:78)(cid:81)(cid:66)(cid:79)(cid:90)(cid:15)
(cid:34)(cid:69)(cid:70)(cid:82)(cid:86)(cid:66)(cid:68)(cid:90)(cid:1)(cid:80)(cid:71)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:36)(cid:80)(cid:78)(cid:81)(cid:66)(cid:79)(cid:90)(cid:8)(cid:84)(cid:1)(cid:68)(cid:86)(cid:83)(cid:83)(cid:70)(cid:79)(cid:85)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:81)(cid:83)(cid:80)(cid:75)(cid:70)(cid:68)(cid:85)(cid:70)(cid:69)(cid:1)(cid:36)(cid:66)(cid:84)(cid:73)(cid:1)(cid:248)(cid:80)(cid:88)(cid:84)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:84)(cid:85)(cid:83)(cid:66)(cid:74)(cid:79)(cid:1)(cid:80)(cid:79)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:70)(cid:89)(cid:74)(cid:84)(cid:85)(cid:74)(cid:79)(cid:72)(cid:1)(cid:68)(cid:66)(cid:84)(cid:73)(cid:1)(cid:83)(cid:70)(cid:84)(cid:70)(cid:83)(cid:87)(cid:70)(cid:84)(cid:1)(cid:80)(cid:79)(cid:1)(cid:66)(cid:68)(cid:68)(cid:80)(cid:86)(cid:79)(cid:85)(cid:1)(cid:80)(cid:71)(cid:1)
declaration of dividends.
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26 I Board’s Report
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3.
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100th Annual Report 2018-19
(cid:116)(cid:1)
(cid:116)(cid:1)
(cid:116)(cid:1)
(cid:116)(cid:1)
(cid:116)(cid:1)
(cid:37)(cid:74)(cid:87)(cid:74)(cid:69)(cid:70)(cid:79)(cid:69)(cid:1)(cid:81)(cid:66)(cid:90)(cid:14)(cid:80)(cid:86)(cid:85)(cid:1)(cid:83)(cid:66)(cid:85)(cid:74)(cid:80)(cid:84)(cid:1)(cid:80)(cid:71)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:68)(cid:80)(cid:78)(cid:81)(cid:66)(cid:79)(cid:74)(cid:70)(cid:84)(cid:1)(cid:74)(cid:79)(cid:1)(cid:84)(cid:66)(cid:78)(cid:70)(cid:1)(cid:42)(cid:79)(cid:69)(cid:86)(cid:84)(cid:85)(cid:83)(cid:90)(cid:15)
(cid:37)(cid:70)(cid:67)(cid:85)(cid:1)(cid:83)(cid:70)(cid:69)(cid:86)(cid:68)(cid:85)(cid:74)(cid:80)(cid:79)(cid:1)(cid:81)(cid:77)(cid:66)(cid:79)(cid:84)(cid:1)(cid:80)(cid:71)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:36)(cid:80)(cid:78)(cid:81)(cid:66)(cid:79)(cid:90)(cid:15)
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(cid:47)(cid:70)(cid:68)(cid:70)(cid:84)(cid:84)(cid:74)(cid:85)(cid:90)(cid:1) (cid:85)(cid:80)(cid:1) (cid:78)(cid:66)(cid:74)(cid:79)(cid:85)(cid:66)(cid:74)(cid:79)(cid:1) (cid:66)(cid:69)(cid:70)(cid:82)(cid:86)(cid:66)(cid:85)(cid:70)(cid:1) (cid:51)(cid:70)(cid:84)(cid:70)(cid:83)(cid:87)(cid:70)(cid:84)(cid:1) (cid:71)(cid:80)(cid:83)(cid:1) (cid:71)(cid:86)(cid:85)(cid:86)(cid:83)(cid:70)(cid:1) (cid:36)(cid:80)(cid:79)(cid:85)(cid:74)(cid:79)(cid:72)(cid:70)(cid:79)(cid:68)(cid:74)(cid:70)(cid:84)(cid:1) (cid:88)(cid:73)(cid:74)(cid:68)(cid:73)(cid:1) (cid:73)(cid:66)(cid:87)(cid:70)(cid:1) (cid:79)(cid:80)(cid:85)(cid:1) (cid:90)(cid:70)(cid:85)(cid:1) (cid:78)(cid:66)(cid:85)(cid:70)(cid:83)(cid:74)(cid:66)(cid:77)(cid:74)(cid:91)(cid:70)(cid:69)(cid:1) (cid:66)(cid:79)(cid:69)(cid:1) (cid:66)(cid:83)(cid:70)(cid:1) (cid:85)(cid:73)(cid:86)(cid:84)(cid:1) (cid:79)(cid:80)(cid:85)(cid:1)
currently accounted for.
[d] Utilisation of Retained Earnings:
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(cid:116)(cid:1)
(cid:49)(cid:83)(cid:74)(cid:78)(cid:70)(cid:1) (cid:80)(cid:67)(cid:75)(cid:70)(cid:68)(cid:85)(cid:74)(cid:87)(cid:70)(cid:1) (cid:80)(cid:71)(cid:1) (cid:83)(cid:70)(cid:85)(cid:66)(cid:74)(cid:79)(cid:70)(cid:69)(cid:1) (cid:70)(cid:66)(cid:83)(cid:79)(cid:74)(cid:79)(cid:72)(cid:84)(cid:1) (cid:74)(cid:84)(cid:1) (cid:85)(cid:80)(cid:1) (cid:86)(cid:84)(cid:70)(cid:1) (cid:74)(cid:85)(cid:1) (cid:75)(cid:86)(cid:69)(cid:74)(cid:68)(cid:74)(cid:80)(cid:86)(cid:84)(cid:77)(cid:90)(cid:1) (cid:66)(cid:79)(cid:69)(cid:1) (cid:74)(cid:79)(cid:87)(cid:70)(cid:84)(cid:85)(cid:1) (cid:70)(cid:74)(cid:85)(cid:73)(cid:70)(cid:83)(cid:1) (cid:74)(cid:79)(cid:1) (cid:70)(cid:89)(cid:74)(cid:84)(cid:85)(cid:74)(cid:79)(cid:72)(cid:1) (cid:81)(cid:83)(cid:80)(cid:75)(cid:70)(cid:68)(cid:85)(cid:84)(cid:1) (cid:80)(cid:71)(cid:1) (cid:85)(cid:73)(cid:70)(cid:1) (cid:36)(cid:80)(cid:78)(cid:81)(cid:66)(cid:79)(cid:90)(cid:13)(cid:1)
modernization not funded by consumers, new projects or growth areas approved by the Board, retiring high cost debt
etc.
(cid:53)(cid:73)(cid:70)(cid:1)(cid:36)(cid:80)(cid:78)(cid:81)(cid:66)(cid:79)(cid:90)(cid:13)(cid:1)(cid:80)(cid:79)(cid:1)(cid:67)(cid:70)(cid:73)(cid:66)(cid:77)(cid:71)(cid:1)(cid:80)(cid:71)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:84)(cid:73)(cid:66)(cid:83)(cid:70)(cid:73)(cid:80)(cid:77)(cid:69)(cid:70)(cid:83)(cid:84)(cid:13)(cid:1)(cid:84)(cid:73)(cid:66)(cid:77)(cid:77)(cid:1)(cid:84)(cid:85)(cid:83)(cid:74)(cid:87)(cid:70)(cid:1)(cid:85)(cid:80)(cid:1)(cid:72)(cid:83)(cid:80)(cid:88)(cid:1)(cid:74)(cid:85)(cid:84)(cid:1)(cid:83)(cid:70)(cid:85)(cid:66)(cid:74)(cid:79)(cid:70)(cid:69)(cid:1)(cid:70)(cid:66)(cid:83)(cid:79)(cid:74)(cid:79)(cid:72)(cid:84)(cid:1)(cid:66)(cid:85)(cid:1)(cid:66)(cid:1)(cid:83)(cid:66)(cid:85)(cid:70)(cid:1)(cid:88)(cid:73)(cid:74)(cid:68)(cid:73)(cid:1)(cid:88)(cid:80)(cid:86)(cid:77)(cid:69)(cid:1)(cid:67)(cid:70)(cid:1)(cid:73)(cid:74)(cid:72)(cid:73)(cid:70)(cid:83)(cid:1)
than the risk free rate of return that can be earned alternatively.
(cid:53)(cid:73)(cid:70)(cid:1)(cid:36)(cid:80)(cid:78)(cid:81)(cid:66)(cid:79)(cid:90)(cid:1)(cid:88)(cid:80)(cid:86)(cid:77)(cid:69)(cid:1)(cid:66)(cid:77)(cid:84)(cid:80)(cid:1)(cid:68)(cid:73)(cid:70)(cid:68)(cid:76)(cid:1)(cid:74)(cid:85)(cid:84)(cid:1)(cid:83)(cid:70)(cid:85)(cid:66)(cid:74)(cid:79)(cid:70)(cid:69)(cid:1)(cid:70)(cid:66)(cid:83)(cid:79)(cid:74)(cid:79)(cid:72)(cid:84)(cid:1)(cid:87)(cid:74)(cid:84)(cid:14)(cid:203)(cid:14)(cid:87)(cid:74)(cid:84)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:69)(cid:70)(cid:67)(cid:85)(cid:14)(cid:70)(cid:82)(cid:86)(cid:74)(cid:85)(cid:90)(cid:1)(cid:81)(cid:83)(cid:80)(cid:246)(cid:77)(cid:70)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:51)(cid:48)(cid:38)(cid:1)(cid:77)(cid:70)(cid:87)(cid:70)(cid:77)(cid:84)(cid:1)(cid:71)(cid:80)(cid:83)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:77)(cid:80)(cid:79)(cid:72)(cid:14)(cid:85)(cid:70)(cid:83)(cid:78)(cid:1)
investors of the Company.
(cid:35)(cid:66)(cid:84)(cid:70)(cid:69)(cid:1)(cid:80)(cid:79)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:36)(cid:80)(cid:78)(cid:81)(cid:66)(cid:79)(cid:90)(cid:8)(cid:84)(cid:1)(cid:81)(cid:83)(cid:80)(cid:75)(cid:70)(cid:68)(cid:85)(cid:70)(cid:69)(cid:1)(cid:42)(cid:79)(cid:87)(cid:70)(cid:84)(cid:85)(cid:78)(cid:70)(cid:79)(cid:85)(cid:1)(cid:48)(cid:81)(cid:81)(cid:80)(cid:83)(cid:85)(cid:86)(cid:79)(cid:74)(cid:85)(cid:90)(cid:1)(cid:67)(cid:66)(cid:77)(cid:66)(cid:79)(cid:68)(cid:70)(cid:13)(cid:1)(cid:68)(cid:80)(cid:78)(cid:81)(cid:66)(cid:83)(cid:70)(cid:69)(cid:1)(cid:88)(cid:74)(cid:85)(cid:73)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:70)(cid:89)(cid:74)(cid:84)(cid:85)(cid:74)(cid:79)(cid:72)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:81)(cid:83)(cid:80)(cid:75)(cid:70)(cid:68)(cid:85)(cid:70)(cid:69)(cid:1)(cid:69)(cid:70)(cid:67)(cid:85)(cid:14)
equity structure as well as the cost of external borrowings, the enhanced or reduced retained earnings need would be
ascertained and the funds would be accordingly deployed for the same.
[e] Parameters that shall be adopted with regard to various classes of shares:
(cid:116)(cid:1)
(cid:116)(cid:1)
(cid:116)(cid:1)
(cid:116)(cid:1)
(cid:116)(cid:1)
(cid:34)(cid:79)(cid:90)(cid:1)(cid:68)(cid:86)(cid:83)(cid:83)(cid:70)(cid:79)(cid:85)(cid:1)(cid:80)(cid:83)(cid:1)(cid:71)(cid:86)(cid:85)(cid:86)(cid:83)(cid:70)(cid:1)(cid:81)(cid:83)(cid:70)(cid:71)(cid:70)(cid:83)(cid:70)(cid:79)(cid:68)(cid:70)(cid:1)(cid:85)(cid:83)(cid:70)(cid:66)(cid:85)(cid:78)(cid:70)(cid:79)(cid:85)(cid:1)(cid:84)(cid:73)(cid:66)(cid:83)(cid:70)(cid:84)(cid:13)(cid:1)(cid:66)(cid:84)(cid:1)(cid:81)(cid:70)(cid:83)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:83)(cid:74)(cid:72)(cid:73)(cid:85)(cid:84)(cid:1)(cid:78)(cid:70)(cid:79)(cid:85)(cid:74)(cid:80)(cid:79)(cid:70)(cid:69)(cid:1)(cid:85)(cid:73)(cid:70)(cid:83)(cid:70)(cid:74)(cid:79)(cid:13)(cid:1)(cid:88)(cid:80)(cid:86)(cid:77)(cid:69)(cid:1)(cid:67)(cid:70)(cid:1)(cid:66)(cid:68)(cid:68)(cid:80)(cid:83)(cid:69)(cid:70)(cid:69)(cid:1)(cid:81)(cid:83)(cid:70)(cid:71)(cid:70)(cid:83)(cid:70)(cid:79)(cid:85)(cid:74)(cid:66)(cid:77)(cid:1)
dividend distribution.
(cid:35)(cid:66)(cid:77)(cid:66)(cid:79)(cid:68)(cid:70)(cid:1)(cid:69)(cid:74)(cid:84)(cid:85)(cid:83)(cid:74)(cid:67)(cid:86)(cid:85)(cid:74)(cid:80)(cid:79)(cid:1)(cid:88)(cid:80)(cid:86)(cid:77)(cid:69)(cid:1)(cid:67)(cid:70)(cid:1)(cid:70)(cid:242)(cid:70)(cid:68)(cid:85)(cid:70)(cid:69)(cid:1)(cid:67)(cid:90)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:36)(cid:80)(cid:78)(cid:81)(cid:66)(cid:79)(cid:90)(cid:1)(cid:71)(cid:80)(cid:83)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:70)(cid:82)(cid:86)(cid:74)(cid:85)(cid:90)(cid:1)(cid:84)(cid:73)(cid:66)(cid:83)(cid:70)(cid:1)(cid:68)(cid:80)(cid:78)(cid:81)(cid:80)(cid:79)(cid:70)(cid:79)(cid:85)(cid:15)
(cid:34)(cid:84)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:88)(cid:73)(cid:70)(cid:79)(cid:1)(cid:36)(cid:80)(cid:78)(cid:81)(cid:66)(cid:79)(cid:90)(cid:1)(cid:74)(cid:84)(cid:84)(cid:86)(cid:70)(cid:84)(cid:1)(cid:80)(cid:85)(cid:73)(cid:70)(cid:83)(cid:1)(cid:76)(cid:74)(cid:79)(cid:69)(cid:1)(cid:80)(cid:71)(cid:1)(cid:84)(cid:73)(cid:66)(cid:83)(cid:70)(cid:84)(cid:13)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:35)(cid:80)(cid:66)(cid:83)(cid:69)(cid:1)(cid:78)(cid:66)(cid:90)(cid:1)(cid:84)(cid:86)(cid:74)(cid:85)(cid:66)(cid:67)(cid:77)(cid:90)(cid:1)(cid:66)(cid:78)(cid:70)(cid:79)(cid:69)(cid:1)(cid:85)(cid:73)(cid:74)(cid:84)(cid:1)(cid:81)(cid:80)(cid:77)(cid:74)(cid:68)(cid:90)(cid:15)
[f] Others
(cid:116)(cid:1)
(cid:116)(cid:1)
(cid:116)(cid:1)
(cid:116)(cid:1)
(cid:116)(cid:1)
(cid:53)(cid:73)(cid:74)(cid:84)(cid:1)(cid:81)(cid:80)(cid:77)(cid:74)(cid:68)(cid:90)(cid:1)(cid:78)(cid:66)(cid:90)(cid:1)(cid:67)(cid:70)(cid:1)(cid:69)(cid:74)(cid:84)(cid:68)(cid:77)(cid:80)(cid:84)(cid:70)(cid:69)(cid:1)(cid:66)(cid:84)(cid:1)(cid:81)(cid:70)(cid:83)(cid:1)(cid:51)(cid:70)(cid:72)(cid:86)(cid:77)(cid:66)(cid:85)(cid:74)(cid:80)(cid:79)(cid:84)(cid:1)(cid:66)(cid:81)(cid:81)(cid:77)(cid:74)(cid:68)(cid:66)(cid:67)(cid:77)(cid:70)(cid:15)
(cid:53)(cid:73)(cid:74)(cid:84)(cid:1)(cid:81)(cid:80)(cid:77)(cid:74)(cid:68)(cid:90)(cid:1)(cid:78)(cid:66)(cid:90)(cid:1)(cid:67)(cid:70)(cid:1)(cid:84)(cid:86)(cid:67)(cid:75)(cid:70)(cid:68)(cid:85)(cid:1)(cid:85)(cid:80)(cid:1)(cid:83)(cid:70)(cid:87)(cid:74)(cid:84)(cid:74)(cid:80)(cid:79)(cid:16)(cid:66)(cid:78)(cid:70)(cid:79)(cid:69)(cid:78)(cid:70)(cid:79)(cid:85)(cid:1)(cid:66)(cid:84)(cid:1)(cid:81)(cid:70)(cid:83)(cid:1)(cid:46)(cid:36)(cid:34)(cid:16)(cid:52)(cid:38)(cid:35)(cid:42)(cid:1)(cid:72)(cid:86)(cid:74)(cid:69)(cid:70)(cid:77)(cid:74)(cid:79)(cid:70)(cid:84)(cid:1)(cid:74)(cid:84)(cid:84)(cid:86)(cid:70)(cid:69)(cid:1)(cid:71)(cid:83)(cid:80)(cid:78)(cid:1)(cid:85)(cid:74)(cid:78)(cid:70)(cid:1)(cid:85)(cid:80)(cid:1)(cid:85)(cid:74)(cid:78)(cid:70)(cid:15)
(cid:36)(cid:80)(cid:78)(cid:81)(cid:66)(cid:79)(cid:90)(cid:1)(cid:78)(cid:66)(cid:90)(cid:1)(cid:78)(cid:80)(cid:69)(cid:74)(cid:71)(cid:90)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:81)(cid:80)(cid:77)(cid:74)(cid:68)(cid:90)(cid:1)(cid:67)(cid:90)(cid:1)(cid:66)(cid:69)(cid:69)(cid:74)(cid:79)(cid:72)(cid:13)(cid:1)(cid:69)(cid:70)(cid:77)(cid:70)(cid:85)(cid:74)(cid:79)(cid:72)(cid:1)(cid:80)(cid:83)(cid:1)(cid:66)(cid:77)(cid:85)(cid:70)(cid:83)(cid:74)(cid:79)(cid:72)(cid:1)(cid:84)(cid:80)(cid:78)(cid:70)(cid:1)(cid:81)(cid:83)(cid:80)(cid:87)(cid:74)(cid:84)(cid:74)(cid:80)(cid:79)(cid:84)(cid:1)(cid:66)(cid:84)(cid:1)(cid:69)(cid:70)(cid:70)(cid:78)(cid:70)(cid:69)(cid:1)(cid:246)(cid:85)(cid:15)
(cid:42)(cid:71)(cid:1) (cid:83)(cid:70)(cid:87)(cid:74)(cid:84)(cid:74)(cid:80)(cid:79)(cid:16)(cid:66)(cid:78)(cid:70)(cid:79)(cid:69)(cid:78)(cid:70)(cid:79)(cid:85)(cid:84)(cid:1) (cid:66)(cid:83)(cid:70)(cid:1) (cid:79)(cid:80)(cid:85)(cid:1) (cid:68)(cid:80)(cid:79)(cid:84)(cid:74)(cid:84)(cid:85)(cid:70)(cid:79)(cid:85)(cid:1) (cid:88)(cid:74)(cid:85)(cid:73)(cid:1) (cid:85)(cid:73)(cid:70)(cid:1) (cid:70)(cid:89)(cid:74)(cid:84)(cid:85)(cid:74)(cid:79)(cid:72)(cid:1) (cid:81)(cid:83)(cid:66)(cid:68)(cid:85)(cid:74)(cid:68)(cid:70)(cid:1) (cid:71)(cid:80)(cid:77)(cid:77)(cid:80)(cid:88)(cid:70)(cid:69)(cid:1) (cid:85)(cid:73)(cid:70)(cid:79)(cid:1) (cid:84)(cid:86)(cid:68)(cid:73)(cid:1) (cid:83)(cid:70)(cid:87)(cid:74)(cid:84)(cid:74)(cid:80)(cid:79)(cid:16)(cid:66)(cid:78)(cid:70)(cid:79)(cid:69)(cid:78)(cid:70)(cid:79)(cid:85)(cid:84)(cid:1) (cid:88)(cid:74)(cid:77)(cid:77)(cid:1)
supersede and the provisions will be modified accordingly.
(cid:53)(cid:73)(cid:70)(cid:1)(cid:36)(cid:80)(cid:78)(cid:81)(cid:66)(cid:79)(cid:90)(cid:1)(cid:81)(cid:83)(cid:80)(cid:81)(cid:80)(cid:84)(cid:70)(cid:84)(cid:1)(cid:85)(cid:80)(cid:1)(cid:77)(cid:74)(cid:78)(cid:74)(cid:85)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:69)(cid:74)(cid:84)(cid:85)(cid:83)(cid:74)(cid:67)(cid:86)(cid:85)(cid:74)(cid:80)(cid:79)(cid:1)(cid:80)(cid:71)(cid:1)(cid:69)(cid:74)(cid:87)(cid:74)(cid:69)(cid:70)(cid:79)(cid:69)(cid:1)(cid:74)(cid:79)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:83)(cid:66)(cid:79)(cid:72)(cid:70)(cid:1)(cid:80)(cid:71)(cid:1)(cid:20)(cid:17)(cid:6)(cid:1)(cid:85)(cid:80)(cid:1)(cid:23)(cid:17)(cid:6)(cid:1)(cid:80)(cid:71)(cid:1)(cid:69)(cid:74)(cid:84)(cid:85)(cid:83)(cid:74)(cid:67)(cid:86)(cid:85)(cid:66)(cid:67)(cid:77)(cid:70)(cid:1)(cid:81)(cid:83)(cid:80)(cid:246)(cid:85)(cid:84)(cid:1)(cid:86)(cid:79)(cid:77)(cid:70)(cid:84)(cid:84)(cid:1)(cid:85)(cid:73)(cid:74)(cid:84)(cid:1)
policy is reviewed by the Board again.
(cid:34)(cid:79)(cid:90)(cid:1)(cid:81)(cid:66)(cid:90)(cid:80)(cid:86)(cid:85)(cid:1)(cid:80)(cid:71)(cid:1)(cid:37)(cid:74)(cid:87)(cid:74)(cid:69)(cid:70)(cid:79)(cid:69)(cid:1)(cid:67)(cid:70)(cid:77)(cid:80)(cid:88)(cid:1)(cid:19)(cid:17)(cid:6)(cid:1)(cid:80)(cid:71)(cid:1)(cid:69)(cid:74)(cid:84)(cid:85)(cid:83)(cid:74)(cid:67)(cid:86)(cid:85)(cid:66)(cid:67)(cid:77)(cid:70)(cid:1)(cid:81)(cid:83)(cid:80)(cid:246)(cid:85)(cid:84)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:66)(cid:67)(cid:80)(cid:87)(cid:70)(cid:1)(cid:23)(cid:17)(cid:6)(cid:1)(cid:88)(cid:80)(cid:86)(cid:77)(cid:69)(cid:1)(cid:79)(cid:70)(cid:70)(cid:69)(cid:1)(cid:67)(cid:70)(cid:1)(cid:84)(cid:81)(cid:70)(cid:68)(cid:74)(cid:246)(cid:68)(cid:66)(cid:77)(cid:77)(cid:90)(cid:1)(cid:66)(cid:81)(cid:81)(cid:83)(cid:80)(cid:87)(cid:70)(cid:69)(cid:1)(cid:67)(cid:90)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)
Board as an exception to the policy.
Subsidiary Companies - Draft Dividend Policy
Subsidiary companies may consider the following aspects whilst dealing with their surplus profits and determining the best
possible use for the same:
(cid:116)(cid:1)
(cid:116)(cid:1)
(cid:42)(cid:79)(cid:87)(cid:70)(cid:84)(cid:85)(cid:78)(cid:70)(cid:79)(cid:85)(cid:84)(cid:1)(cid:78)(cid:66)(cid:69)(cid:70)(cid:1)(cid:67)(cid:90)(cid:835)(cid:49)(cid:66)(cid:83)(cid:70)(cid:79)(cid:85)(cid:1)(cid:36)(cid:80)(cid:78)(cid:81)(cid:66)(cid:79)(cid:90)(cid:1)(cid:74)(cid:79)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:52)(cid:86)(cid:67)(cid:84)(cid:74)(cid:69)(cid:74)(cid:66)(cid:83)(cid:90)(cid:835)(cid:73)(cid:66)(cid:87)(cid:70)(cid:1)(cid:67)(cid:70)(cid:70)(cid:79)(cid:1)(cid:66)(cid:81)(cid:81)(cid:83)(cid:80)(cid:87)(cid:70)(cid:69)(cid:1)(cid:67)(cid:66)(cid:84)(cid:70)(cid:69)(cid:1)(cid:80)(cid:79)(cid:1)(cid:42)(cid:51)(cid:51)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:68)(cid:66)(cid:84)(cid:73)(cid:1)(cid:248)(cid:80)(cid:88)(cid:84)(cid:1)(cid:83)(cid:70)(cid:248)(cid:70)(cid:68)(cid:85)(cid:70)(cid:69)(cid:1)(cid:74)(cid:79)(cid:1)
the financial model used for investment approvals.
(cid:34)(cid:84)(cid:1) (cid:66)(cid:1) (cid:78)(cid:66)(cid:75)(cid:80)(cid:83)(cid:74)(cid:85)(cid:90)(cid:1) (cid:84)(cid:73)(cid:66)(cid:83)(cid:70)(cid:73)(cid:80)(cid:77)(cid:69)(cid:70)(cid:83)(cid:13)(cid:1) (cid:85)(cid:73)(cid:70)(cid:1) (cid:49)(cid:66)(cid:83)(cid:70)(cid:79)(cid:85)(cid:1) (cid:36)(cid:80)(cid:78)(cid:81)(cid:66)(cid:79)(cid:90)(cid:835) (cid:88)(cid:80)(cid:86)(cid:77)(cid:69)(cid:1) (cid:67)(cid:70)(cid:1) (cid:68)(cid:80)(cid:79)(cid:68)(cid:70)(cid:83)(cid:79)(cid:70)(cid:69)(cid:1) (cid:66)(cid:67)(cid:80)(cid:86)(cid:85)(cid:1) (cid:78)(cid:80)(cid:69)(cid:70)(cid:1) (cid:80)(cid:71)(cid:835) (cid:69)(cid:74)(cid:84)(cid:85)(cid:83)(cid:74)(cid:67)(cid:86)(cid:85)(cid:74)(cid:80)(cid:79)(cid:1) (cid:80)(cid:71)(cid:1) (cid:85)(cid:73)(cid:70)(cid:1) (cid:84)(cid:86)(cid:83)(cid:81)(cid:77)(cid:86)(cid:84)(cid:1) (cid:68)(cid:66)(cid:84)(cid:73)(cid:1)
earned by the Subsidiaries particularly because dividend is the only way to get returns on the investments made in that
subsidiary.
(cid:52)(cid:86)(cid:67)(cid:84)(cid:70)(cid:82)(cid:86)(cid:70)(cid:79)(cid:85)(cid:1) (cid:85)(cid:80)(cid:1) (cid:85)(cid:73)(cid:70)(cid:1) (cid:74)(cid:79)(cid:74)(cid:85)(cid:74)(cid:66)(cid:77)(cid:1) (cid:74)(cid:79)(cid:87)(cid:70)(cid:84)(cid:85)(cid:78)(cid:70)(cid:79)(cid:85)(cid:1) (cid:74)(cid:79)(cid:1) (cid:85)(cid:73)(cid:70)(cid:1) (cid:84)(cid:86)(cid:67)(cid:84)(cid:74)(cid:69)(cid:74)(cid:66)(cid:83)(cid:90)(cid:13)(cid:835) (cid:66)(cid:79)(cid:90)(cid:835) (cid:68)(cid:66)(cid:81)(cid:70)(cid:89)(cid:13)(cid:835) (cid:72)(cid:83)(cid:80)(cid:88)(cid:85)(cid:73)(cid:1) (cid:80)(cid:83)(cid:1) (cid:69)(cid:74)(cid:87)(cid:70)(cid:83)(cid:84)(cid:74)(cid:246)(cid:68)(cid:66)(cid:85)(cid:74)(cid:80)(cid:79)(cid:1) (cid:81)(cid:77)(cid:66)(cid:79)(cid:835) (cid:80)(cid:71)(cid:1) (cid:85)(cid:73)(cid:70)(cid:1) (cid:52)(cid:86)(cid:67)(cid:84)(cid:74)(cid:69)(cid:74)(cid:66)(cid:83)(cid:74)(cid:70)(cid:84)(cid:1)
needs to be placed to Tata Power Board for approval as per current practice due to the immediate decision required on
providing equity funding and in some cases support to lenders.
(cid:53)(cid:73)(cid:70)(cid:1) (cid:49)(cid:66)(cid:83)(cid:70)(cid:79)(cid:85)(cid:1) (cid:36)(cid:80)(cid:78)(cid:81)(cid:66)(cid:79)(cid:90)(cid:8)(cid:84)(cid:835) (cid:35)(cid:80)(cid:66)(cid:83)(cid:69)(cid:1) (cid:88)(cid:80)(cid:86)(cid:77)(cid:69)(cid:835) (cid:68)(cid:80)(cid:79)(cid:87)(cid:70)(cid:90)(cid:835) (cid:85)(cid:80)(cid:1) (cid:85)(cid:73)(cid:70)(cid:1) (cid:52)(cid:86)(cid:67)(cid:84)(cid:74)(cid:69)(cid:74)(cid:66)(cid:83)(cid:90)(cid:1) (cid:68)(cid:80)(cid:79)(cid:68)(cid:70)(cid:83)(cid:79)(cid:70)(cid:69)(cid:13)(cid:835) (cid:74)(cid:85)(cid:84)(cid:1) (cid:66)(cid:67)(cid:74)(cid:77)(cid:74)(cid:85)(cid:90)(cid:835) (cid:9)(cid:80)(cid:83)(cid:1) (cid:80)(cid:85)(cid:73)(cid:70)(cid:83)(cid:88)(cid:74)(cid:84)(cid:70)(cid:10)(cid:835) (cid:85)(cid:80)(cid:1) (cid:84)(cid:86)(cid:81)(cid:81)(cid:80)(cid:83)(cid:85)(cid:1) (cid:85)(cid:73)(cid:70)(cid:1)
requirements keeping in mind the overall leverage ratios and the specific equity raising plans at the parent level. It
could also advise other suggested modes of funding the requirements.
(cid:52)(cid:86)(cid:67)(cid:84)(cid:74)(cid:69)(cid:74)(cid:66)(cid:83)(cid:90)(cid:1)(cid:68)(cid:80)(cid:78)(cid:81)(cid:66)(cid:79)(cid:74)(cid:70)(cid:84)(cid:835)(cid:66)(cid:83)(cid:70)(cid:1)(cid:70)(cid:89)(cid:81)(cid:70)(cid:68)(cid:85)(cid:70)(cid:69)(cid:1)(cid:85)(cid:80)(cid:1)(cid:67)(cid:70)(cid:1)(cid:71)(cid:66)(cid:78)(cid:74)(cid:77)(cid:74)(cid:66)(cid:83)(cid:1)(cid:88)(cid:74)(cid:85)(cid:73)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:80)(cid:87)(cid:70)(cid:83)(cid:66)(cid:77)(cid:77)(cid:1)(cid:84)(cid:85)(cid:83)(cid:66)(cid:85)(cid:70)(cid:72)(cid:90)(cid:1)(cid:84)(cid:70)(cid:85)(cid:1)(cid:67)(cid:90)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:49)(cid:66)(cid:83)(cid:70)(cid:79)(cid:85)(cid:1)(cid:36)(cid:80)(cid:78)(cid:81)(cid:66)(cid:79)(cid:90)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:66)(cid:77)(cid:74)(cid:72)(cid:79)(cid:1)(cid:74)(cid:85)(cid:84)(cid:70)(cid:77)(cid:71)(cid:1)(cid:85)(cid:80)(cid:1)
the strategic intent.
(cid:34)(cid:77)(cid:77)(cid:1)(cid:52)(cid:86)(cid:67)(cid:84)(cid:74)(cid:69)(cid:74)(cid:66)(cid:83)(cid:74)(cid:70)(cid:84)(cid:16)(cid:43)(cid:55)(cid:1)(cid:66)(cid:83)(cid:70)(cid:1)(cid:70)(cid:89)(cid:81)(cid:70)(cid:68)(cid:85)(cid:70)(cid:69)(cid:835)(cid:85)(cid:80)(cid:1)(cid:71)(cid:80)(cid:77)(cid:77)(cid:80)(cid:88)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:81)(cid:83)(cid:74)(cid:79)(cid:68)(cid:74)(cid:81)(cid:77)(cid:70)(cid:1)(cid:80)(cid:71)(cid:1)(cid:78)(cid:66)(cid:89)(cid:74)(cid:78)(cid:74)(cid:84)(cid:74)(cid:79)(cid:72)(cid:835)(cid:85)(cid:73)(cid:70)(cid:1)(cid:69)(cid:74)(cid:87)(cid:74)(cid:69)(cid:70)(cid:79)(cid:69)(cid:835)(cid:81)(cid:66)(cid:90)(cid:80)(cid:86)(cid:85)(cid:1)(cid:86)(cid:79)(cid:77)(cid:70)(cid:84)(cid:84)(cid:835)(cid:84)(cid:81)(cid:70)(cid:68)(cid:74)(cid:246)(cid:68)(cid:1)(cid:81)(cid:86)(cid:83)(cid:81)(cid:80)(cid:84)(cid:70)(cid:1)(cid:71)(cid:80)(cid:83)(cid:1)
retaining the funds is identified and agreed to with the Parent in its capacity as shareholder.
(cid:34)(cid:84)(cid:1)(cid:71)(cid:66)(cid:83)(cid:1)(cid:66)(cid:84)(cid:1)(cid:71)(cid:80)(cid:83)(cid:70)(cid:74)(cid:72)(cid:79)(cid:1)(cid:52)(cid:86)(cid:67)(cid:84)(cid:74)(cid:69)(cid:74)(cid:66)(cid:83)(cid:74)(cid:70)(cid:84)(cid:1)(cid:80)(cid:71)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:49)(cid:66)(cid:83)(cid:70)(cid:79)(cid:85)(cid:1)(cid:36)(cid:80)(cid:78)(cid:81)(cid:66)(cid:79)(cid:90)(cid:1)(cid:66)(cid:83)(cid:70)(cid:1)(cid:68)(cid:80)(cid:79)(cid:68)(cid:70)(cid:83)(cid:79)(cid:70)(cid:69)(cid:13)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:49)(cid:66)(cid:83)(cid:70)(cid:79)(cid:85)(cid:1)(cid:36)(cid:80)(cid:78)(cid:81)(cid:66)(cid:79)(cid:90)(cid:1)(cid:35)(cid:80)(cid:66)(cid:83)(cid:69)(cid:1)(cid:88)(cid:80)(cid:86)(cid:77)(cid:69)(cid:1)(cid:81)(cid:77)(cid:66)(cid:90)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:83)(cid:80)(cid:77)(cid:70)(cid:1)(cid:80)(cid:71)(cid:1)
advising the concerned Subsidiary of the usage of surplus funds of course the basic principles underlying remaining the
same as above.
(cid:116)(cid:1)
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Board’s Report I 27
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The Tata Power Company Limited
Annexure – II : Annual Report on CSR Activities
(Ref.: Board’s Report, Section 12.1)
Tata Power CSR Policy outlines five thrust areas for community development:
1.
A brief outline of the company’s CSR policy,
including an overview of projects or programs
proposed to be undertaken and a reference to
the web-link to the CSR policy and projects or
programs.
(cid:120) Education
(cid:120) Livelihood & Skill Building
(cid:120)(cid:1) (cid:56)(cid:66)(cid:85)(cid:70)(cid:83)(cid:1)(cid:9)(cid:71)(cid:80)(cid:83)(cid:1)(cid:69)(cid:83)(cid:74)(cid:79)(cid:76)(cid:74)(cid:79)(cid:72)(cid:1)(cid:7)(cid:1)(cid:74)(cid:83)(cid:83)(cid:74)(cid:72)(cid:66)(cid:85)(cid:74)(cid:80)(cid:79)(cid:10)
(cid:120) Health and Sanitation
(cid:120) Financial Inclusivity
The Company focussed on synergy, scale and simplification for process
(cid:74)(cid:78)(cid:81)(cid:83)(cid:80)(cid:87)(cid:70)(cid:78)(cid:70)(cid:79)(cid:85)(cid:15)(cid:1) (cid:18)(cid:22)(cid:1) (cid:248)(cid:66)(cid:72)(cid:84)(cid:73)(cid:74)(cid:81)(cid:1) (cid:74)(cid:79)(cid:74)(cid:85)(cid:74)(cid:66)(cid:85)(cid:74)(cid:87)(cid:70)(cid:84)(cid:1) (cid:66)(cid:68)(cid:83)(cid:80)(cid:84)(cid:84)(cid:1) (cid:77)(cid:80)(cid:68)(cid:66)(cid:85)(cid:74)(cid:80)(cid:79)(cid:84)(cid:1) (cid:73)(cid:70)(cid:77)(cid:81)(cid:70)(cid:69)(cid:1) (cid:66)(cid:68)(cid:73)(cid:74)(cid:70)(cid:87)(cid:70)(cid:1) (cid:84)(cid:68)(cid:66)(cid:77)(cid:70)(cid:1)
and deliver sustainable results and change to the communities. Tata Power
Community Development Trust (TPCDT) has internal capabilities to execute
(cid:36)(cid:52)(cid:51)(cid:1)(cid:81)(cid:83)(cid:80)(cid:72)(cid:83)(cid:66)(cid:78)(cid:84)(cid:1)(cid:70)(cid:242)(cid:70)(cid:68)(cid:85)(cid:74)(cid:87)(cid:70)(cid:77)(cid:90)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:70)(cid:243)(cid:68)(cid:74)(cid:70)(cid:79)(cid:85)(cid:77)(cid:90)(cid:15)(cid:1)(cid:53)(cid:73)(cid:70)(cid:1)(cid:36)(cid:80)(cid:78)(cid:81)(cid:66)(cid:79)(cid:90)(cid:8)(cid:84)(cid:1)(cid:36)(cid:52)(cid:51)(cid:1)(cid:81)(cid:80)(cid:77)(cid:74)(cid:68)(cid:90)(cid:13)(cid:1)(cid:74)(cid:79)(cid:68)(cid:77)(cid:86)(cid:69)(cid:74)(cid:79)(cid:72)(cid:1)
overview of projects or programs undertaken or proposed to be undertaken,
is provided on the Company’s website.
2.
The composition of the CSR Committee
Mr. Deepak M. Satwalekar
Ms. Anjali Bansal, Chairperson
Mr. Praveer Sinha
3.
4.
Average net profit of the company for last
three financial years.
(cid:846)(cid:1)(cid:23)(cid:20)(cid:19)(cid:15)(cid:21)(cid:26)(cid:1)(cid:68)(cid:83)(cid:80)(cid:83)(cid:70)
Prescribed CSR Expenditure (two percent of
the amount as in item 3 above)
(cid:846)(cid:1)(cid:18)(cid:19)(cid:15)(cid:23)(cid:22)(cid:1)(cid:68)(cid:83)(cid:80)(cid:83)(cid:70)
5. Details of CSR spend during the financial year
(a)
Total amount to be spent for the financial year (cid:846)(cid:1)(cid:18)(cid:19)(cid:15)(cid:23)(cid:23)(cid:1)(cid:68)(cid:83)(cid:80)(cid:83)(cid:70)
(b) Amount unspent, if any
(cid:47)(cid:74)(cid:77)
(c)
Manner in which the amount spent during the
financial year
Detailed overleaf
28 I Board’s Report
100th Annual Report 2018-19
Sl.
No
CSR project
or activity
identified
Sector in which
the Project is
covered
Project or
Programs (1) Local
area or other (2)
Specify the
State and district
where projects or
programs were
undertaken
Amount
outlay
(budget)
project or
programs
wise
(` in lakh)
Amount
spent on the
projects or
programs
Sub-heads:
(1) Direct
Expenditure
on projects
or Programs
(2)
Overheads
(` in lakh)
Cumulative
expenditure
upto the
reporting
period
(as on
31.03.2019)
(` in lakh)
Amount spent:
Direct or
through
implementing
agency
i
ii
Education
Promotion of
Education
125
125
1,427
Livelihood &
Skill Building
(Focus
Areas: Skill
Development,
(cid:55)(cid:80)(cid:68)(cid:66)(cid:85)(cid:74)(cid:80)(cid:79)(cid:66)(cid:77)(cid:1)
training,
Promote
Livelihood
practices
among
(cid:71)(cid:66)(cid:83)(cid:78)(cid:70)(cid:83)(cid:84)(cid:16)(cid:1)
fishermen,
Income
(cid:40)(cid:70)(cid:79)(cid:70)(cid:83)(cid:66)(cid:85)(cid:74)(cid:80)(cid:79)(cid:1)
activities for
(cid:56)(cid:80)(cid:78)(cid:70)(cid:79)(cid:1)(cid:52)(cid:70)(cid:77)(cid:71)(cid:1)
(cid:41)(cid:70)(cid:77)(cid:81)(cid:1)(cid:40)(cid:83)(cid:80)(cid:86)(cid:81)(cid:84)(cid:10)
Livelihood
enhancement
projects;
Promoting
gender equality,
empowering
women and
measures
for reducing
inequalities faced
by socially and
economically
backward groups
Local Areas
(cid:120) Maval, Mulshi
(Hydros)
(cid:120) Trombay, T&D
License Area
(cid:120) Jojobera
(cid:120) Mundra
(cid:120)(cid:3)Dehrand
State:
(cid:120) Maharashtra
(cid:120) Jharkhand
(cid:120)(cid:1)(cid:40)(cid:86)(cid:75)(cid:66)(cid:83)(cid:66)(cid:85)
550
550
(cid:22)(cid:13)(cid:20)(cid:21)(cid:26)
District:
(cid:120) Pune
(cid:120) Mumbai
(cid:120) Singhbhum East
(cid:120) Saraikela-Kharsawan
(cid:120) Kutch
141
141
153
Direct:
Tata Power
Implementation
Agency
(internal):
(cid:120) Tata Power
Community
Development
Trust (TPCDT)
(cid:120) Employee
(cid:55)(cid:80)(cid:77)(cid:86)(cid:79)(cid:85)(cid:70)(cid:70)(cid:83)(cid:84)
Implementation
Agency
(external):
(cid:120)(cid:1)(cid:1)(cid:40)(cid:80)(cid:87)(cid:70)(cid:83)(cid:79)(cid:78)(cid:70)(cid:79)(cid:85)(cid:1)
Agencies
(cid:120) Local
Panchayats
(cid:120) Zilla Parishad
(cid:120)(cid:1)(cid:47)(cid:40)(cid:48)(cid:84)
(cid:120) Skill
Development
Agencies
iii (cid:56)(cid:66)(cid:85)(cid:70)(cid:83)(cid:1)
(Drinking &
Irrigation)
iv
v
vi
Health &
Sanitation
Financial
Inclusivity
Affirmative
Action (AA)
Sports and
Others
Total
Promoting
Preventive
healthcare and
sanitation and
making available
safe drinking
water
Education,
Employability,
Entrepreneurship,
Essential
Amenities, Sports,
and Community
Engagement
127
127
1,305
(cid:120) Other Resource
Agencies
74
74
74
(cid:19)(cid:21)(cid:26)
(cid:19)(cid:21)(cid:26)
2,776
1,266
1,266
11,083
Board’s Report I (cid:19)(cid:26)
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The Tata Power Company Limited
(cid:3)
(cid:3)
(cid:3)
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(cid:3)
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(cid:3)
(cid:3)
(cid:3)
(cid:3)
Key Highlights of the CSR Program
(cid:53)(cid:66)(cid:85)(cid:66)(cid:1)(cid:49)(cid:80)(cid:88)(cid:70)(cid:83)(cid:8)(cid:84)(cid:1)(cid:36)(cid:52)(cid:51)(cid:1)(cid:42)(cid:79)(cid:74)(cid:85)(cid:74)(cid:66)(cid:85)(cid:74)(cid:87)(cid:70)(cid:84)(cid:1)(cid:83)(cid:70)(cid:66)(cid:68)(cid:73)(cid:70)(cid:69)(cid:1)(cid:80)(cid:86)(cid:85)(cid:1)(cid:85)(cid:80)(cid:1)(cid:18)(cid:20)(cid:15)(cid:24)(cid:23)(cid:1)(cid:77)(cid:66)(cid:76)(cid:73)(cid:1)(cid:67)(cid:70)(cid:79)(cid:70)(cid:246)(cid:68)(cid:74)(cid:66)(cid:83)(cid:74)(cid:70)(cid:84)(cid:1)(cid:66)(cid:68)(cid:83)(cid:80)(cid:84)(cid:84)(cid:1)(cid:19)(cid:19)(cid:22)(cid:1)(cid:87)(cid:74)(cid:77)(cid:77)(cid:66)(cid:72)(cid:70)(cid:84)(cid:1)(cid:74)(cid:79)(cid:1)(cid:46)(cid:66)(cid:73)(cid:66)(cid:83)(cid:66)(cid:84)(cid:73)(cid:85)(cid:83)(cid:66)(cid:13)(cid:1)(cid:40)(cid:86)(cid:75)(cid:66)(cid:83)(cid:66)(cid:85)(cid:13)(cid:1)(cid:43)(cid:73)(cid:66)(cid:83)(cid:76)(cid:73)(cid:66)(cid:79)(cid:69)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)
(cid:56)(cid:70)(cid:84)(cid:85)(cid:1)(cid:35)(cid:70)(cid:79)(cid:72)(cid:66)(cid:77)(cid:15)(cid:1)(cid:53)(cid:73)(cid:83)(cid:86)(cid:84)(cid:85)(cid:1)(cid:66)(cid:83)(cid:70)(cid:66)(cid:14)(cid:88)(cid:74)(cid:84)(cid:70)(cid:1)(cid:69)(cid:70)(cid:85)(cid:66)(cid:74)(cid:77)(cid:84)(cid:1)(cid:66)(cid:83)(cid:70)(cid:1)(cid:66)(cid:84)(cid:1)(cid:71)(cid:80)(cid:77)(cid:77)(cid:80)(cid:88)(cid:84)(cid:27)
(cid:37)(cid:70)(cid:85)(cid:66)(cid:74)(cid:77)(cid:84)(cid:1)(cid:80)(cid:71)(cid:1)(cid:38)(cid:69)(cid:86)(cid:68)(cid:66)(cid:85)(cid:74)(cid:80)(cid:79)(cid:1)(cid:42)(cid:79)(cid:74)(cid:85)(cid:74)(cid:66)(cid:85)(cid:74)(cid:87)(cid:70)(cid:84)(cid:1)(cid:9)(cid:55)(cid:42)(cid:37)(cid:58)(cid:34)(cid:10)(cid:27)
(cid:120)(cid:1)
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(cid:120)
(cid:37)(cid:70)(cid:85)(cid:66)(cid:74)(cid:77)(cid:84)(cid:1)(cid:80)(cid:71)(cid:1)(cid:41)(cid:70)(cid:66)(cid:77)(cid:85)(cid:73)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:52)(cid:66)(cid:79)(cid:74)(cid:85)(cid:66)(cid:85)(cid:74)(cid:80)(cid:79)(cid:1)(cid:42)(cid:79)(cid:74)(cid:85)(cid:74)(cid:66)(cid:85)(cid:74)(cid:87)(cid:70)(cid:84)(cid:1)(cid:9)(cid:34)(cid:51)(cid:48)(cid:40)(cid:58)(cid:34)(cid:10)(cid:27)
(cid:120)
(cid:120)
(cid:120)
(cid:19)(cid:24)(cid:13)(cid:21)(cid:26)(cid:20)(cid:1)(cid:84)(cid:85)(cid:86)(cid:69)(cid:70)(cid:79)(cid:85)(cid:84)(cid:1)(cid:88)(cid:70)(cid:83)(cid:70)(cid:1)(cid:68)(cid:80)(cid:87)(cid:70)(cid:83)(cid:70)(cid:69)(cid:1)(cid:86)(cid:79)(cid:69)(cid:70)(cid:83)(cid:1)(cid:70)(cid:14)(cid:55)(cid:74)(cid:69)(cid:90)(cid:66)(cid:1)(cid:9)(cid:37)(cid:74)(cid:72)(cid:74)(cid:85)(cid:66)(cid:77)(cid:1)(cid:45)(cid:70)(cid:66)(cid:83)(cid:79)(cid:74)(cid:79)(cid:72)(cid:10)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:55)(cid:74)(cid:69)(cid:90)(cid:66)(cid:1)(cid:52)(cid:66)(cid:72)(cid:66)(cid:83)(cid:1)(cid:9)(cid:51)(cid:70)(cid:78)(cid:70)(cid:69)(cid:74)(cid:66)(cid:77)(cid:1)(cid:36)(cid:80)(cid:66)(cid:68)(cid:73)(cid:74)(cid:79)(cid:72)(cid:10)(cid:1)(cid:66)(cid:68)(cid:83)(cid:80)(cid:84)(cid:84)(cid:1)(cid:66)(cid:77)(cid:77)(cid:1)(cid:77)(cid:80)(cid:68)(cid:66)(cid:85)(cid:74)(cid:80)(cid:79)(cid:84)(cid:15)
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During the year, innovative learning methodologies adopted included STEM learning
57,271 women and children were covered under maternal and child health initiatives.
Focus was on adolescent girls and youth to enhance awareness on life skill education and anaemia control.
Collaboration with stakeholders and government to promote sanitation resulted in improvement in adoption of best
sanitation practices by the community.
The community led sanitation project converged with Swachh Bharat Abhiyaan to enable construction and usage of
toilets resulting in making nearby villages open defecation free.
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(cid:3)
(cid:3)
(cid:1)
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(cid:3)
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Details of Livelihood (SAMRIDDHI) and Skill Building (DAKSH) Initiatives:
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1.55 lakh women, youth, farmers and fishermen were covered under Livelihood and Skill building initiatives with key
focus on women micro enterprise development.
Focus on integrated agriculture initiatives included SRI techniques, low water consuming cropping pattern,
vermicompost, and micro-irrigation promotion.
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1,341 women covered under this initiative. TPSDI has also adopted this concept and rolled outskill training exclusively
for women
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(cid:120)(cid:1)
(cid:120)
(cid:120)(cid:1)
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Focus on drinking water at schools and village household level included RO plant installation and recharging of bore wells.
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hectares of area.
Details of Financial Inclusivity (Adhikaar)
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facilitated access to various state and central government schemes.
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CSR Awards and Recognition received in FY19
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ICSI CSR Excellence Award 2018 to Tata Power (Mid Company Segment)
(cid:53)(cid:66)(cid:85)(cid:66)(cid:1)(cid:49)(cid:80)(cid:88)(cid:70)(cid:83)(cid:1)(cid:83)(cid:66)(cid:79)(cid:76)(cid:70)(cid:69)(cid:1)(cid:23)(cid:85)(cid:73)(cid:1)(cid:9)(cid:80)(cid:87)(cid:70)(cid:83)(cid:66)(cid:77)(cid:77)(cid:10)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:18)(cid:84)(cid:85)(cid:1)(cid:9)(cid:54)(cid:85)(cid:74)(cid:77)(cid:74)(cid:85)(cid:74)(cid:70)(cid:84)(cid:1)(cid:84)(cid:70)(cid:72)(cid:78)(cid:70)(cid:79)(cid:85)(cid:10)(cid:1)(cid:74)(cid:79)(cid:1)(cid:47)(cid:66)(cid:85)(cid:74)(cid:80)(cid:79)(cid:66)(cid:77)(cid:1)(cid:51)(cid:70)(cid:84)(cid:81)(cid:80)(cid:79)(cid:84)(cid:74)(cid:67)(cid:77)(cid:70)(cid:1)(cid:35)(cid:86)(cid:84)(cid:74)(cid:79)(cid:70)(cid:84)(cid:84)(cid:1)(cid:51)(cid:66)(cid:79)(cid:76)(cid:74)(cid:79)(cid:72)(cid:1)(cid:19)(cid:17)(cid:18)(cid:25)(cid:1)(cid:14)(cid:1)(cid:42)(cid:42)(cid:46)(cid:1)(cid:54)(cid:69)(cid:66)(cid:74)(cid:81)(cid:86)(cid:83)
Tata Power Affirmative Action Jury Award 2018
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Asian Communication Engagement Forum – CSR Award 2018 for Corporate Community Partnership Category
(Sanitation Initiative).
Sandvik Award for promoting Sustainable Agriculture based Livelihood at regional level.
(cid:51)(cid:70)(cid:84)(cid:81)(cid:80)(cid:79)(cid:84)(cid:74)(cid:67)(cid:77)(cid:70)(cid:1)(cid:45)(cid:70)(cid:66)(cid:69)(cid:70)(cid:83)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:35)(cid:70)(cid:84)(cid:85)(cid:1)(cid:52)(cid:49)(cid:48)(cid:36)(cid:1)(cid:68)(cid:66)(cid:85)(cid:70)(cid:72)(cid:80)(cid:83)(cid:90)(cid:1)(cid:71)(cid:80)(cid:83)(cid:1)(cid:81)(cid:83)(cid:80)(cid:78)(cid:80)(cid:85)(cid:74)(cid:79)(cid:72)(cid:1)(cid:53)(cid:66)(cid:85)(cid:66)(cid:1)(cid:55)(cid:80)(cid:77)(cid:86)(cid:79)(cid:85)(cid:70)(cid:70)(cid:83)(cid:74)(cid:79)(cid:72)(cid:1)(cid:56)(cid:70)(cid:70)(cid:76)
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In case the company has failed to spend the two percent of the average net profit of the
last three financial years or any part thereof, the company shall provide the reasons for
not spending the amount in its Board Report
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6.
7. A responsibility statement of the CSR Committee that the implementation and
monitoring of CSR policy, is in compliance with CSR objectives and Policy of the company
Anjali Bansal
Chairperson, CSR Committee
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30 I Board’s Report
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The Committee hereby confirms
that the
implementation and
monitoring of the CSR Policy is in
compliance with CSR objectives
and Policy of the Company
Praveer Sinha
CEO & Managing Director
(cid:9)(cid:37)(cid:42)(cid:47)(cid:27)(cid:1)(cid:17)(cid:18)(cid:24)(cid:25)(cid:22)(cid:18)(cid:23)(cid:21)(cid:10)
100th Annual Report 2018-19
Annexure – III : POLICY ON BOARD DIVERSITY AND DIRECTOR ATTRIBUTES
(Ref.: Board’s Report, Section 15)
Objective
The Policy on Board Diversity (‘the Policy’) sets out the approach to diversity on the board of directors (‘the Board’) of The Tata
Power Company Limited (‘the company’).
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independent and other non-executive directors is one important facet of diverse attributes that the company desires. Further,
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perspective results in delivering a competitive advantage and a better appreciation of the interests of stakeholders. These
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having regard to this policy.
Attributes of directors
The following attributes need to be considered in considering optimum board composition:
i)
Gender diversity
Having at least one woman director on the Board with an aspiration to reach three women directors.
ii)
Age
The average age of board members should be in the range of 60 - 65 years.
iii)
Competency
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experience in finance, accounting, economics, legal and regulatory matters, the environment, green technologies,
operations of the company’s businesses, energy commodity markets and other disciplines related to the company’s
businesses.
iv)
Independence
The independent directors should satisfy the requirements of the Companies Act, 2013 (the Act) and the Securities
and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 in respect of the
‘independence’ criterion.
Additional Attributes
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joint ventures and the company’s promoters, besides sitting fees and commission.
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employees or other stakeholders (other than with immaterial dealings) of the company, its subsidiaries, associates
or joint ventures.
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company, as also with the directors and employees of its subsidiaries, associates, joint ventures, promoters and
stakeholders for whom the relationship with these entities is material.
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professional lives.
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Role of the Nomination and Remuneration Committee
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the appointment or reappointment of independent directors.
1.
1.1
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2.
2.1
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3.
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4.
Review of the Policy
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Board’s Report I 31
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The Tata Power Company Limited
Annexure – IV : REMUNERATION POLICY FOR DIRECTORS,
KEY MANAGERIAL PERSONNEL AND OTHER EMPLOYEES
(Ref.: Board’s Report, Section 15)
The philosophy for remuneration of directors, Key Managerial Personnel (“KMP”) and all other employees of The Tata Power Company
Limited (“company”) is based on the commitment of fostering a culture of leadership with trust. The remuneration policy is aligned
to this philosophy.
This remuneration policy has been prepared pursuant to the provisions of Section 178(3) of the Companies Act, 2013 (“Act”) and
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Requirements) Regulations, 2015 (“Listing Regulations”). In case of any inconsistency between the provisions of law and this
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which are as under:
“(a)
the level and composition of remuneration is reasonable and sufficient to attract, retain and motivate directors of the quality
required to run the company successfully;
(b)
(c)
relationship of remuneration to performance is clear and meets appropriate performance benchmarks; and
remuneration to directors, key managerial personnel and senior management involves a balance between fixed and incentive
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Key principles governing this remuneration policy are as follows:
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Remuneration for independent directors and non-independent non-executive directors
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(cid:80)(cid:1)
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o
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o
o
(cid:80)(cid:1)
(cid:80)(cid:1)
o
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the meetings of the Board and of committees of which they may be members) and commission within regulatory limits.
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and approved by the Board.
Overall remuneration (sitting fees and commission) should be reasonable and sufficient to attract, retain and motivate
directors aligned to the requirements of the company (taking into consideration the challenges faced by the company
and its future growth imperatives).
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operations and the company’s capacity to pay the remuneration.
Overall remuneration practices should be consistent with recognized best practices.
Quantum of sitting fees may be subject to review on a periodic basis, as required.
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company performance, profits, return to investors, shareholder value creation and any other significant qualitative
parameters as may be decided by the Board.
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evaluation process which is driven by various factors including attendance and time spent in the Board and committee
meetings, individual contributions at the meetings and contributions made by directors other than in meetings.
In addition to the sitting fees and commission, the company may pay to any director such fair and reasonable expenditure,
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(cid:67)(cid:90)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:68)(cid:80)(cid:78)(cid:81)(cid:66)(cid:79)(cid:90)(cid:1)(cid:71)(cid:80)(cid:83)(cid:1)(cid:69)(cid:74)(cid:83)(cid:70)(cid:68)(cid:85)(cid:80)(cid:83)(cid:84)(cid:10)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:74)(cid:79)(cid:1)(cid:80)(cid:67)(cid:85)(cid:66)(cid:74)(cid:79)(cid:74)(cid:79)(cid:72)(cid:1)(cid:81)(cid:83)(cid:80)(cid:71)(cid:70)(cid:84)(cid:84)(cid:74)(cid:80)(cid:79)(cid:66)(cid:77)(cid:1)(cid:66)(cid:69)(cid:87)(cid:74)(cid:68)(cid:70)(cid:1)(cid:71)(cid:83)(cid:80)(cid:78)(cid:1)(cid:74)(cid:79)(cid:69)(cid:70)(cid:81)(cid:70)(cid:79)(cid:69)(cid:70)(cid:79)(cid:85)(cid:1)(cid:66)(cid:69)(cid:87)(cid:74)(cid:84)(cid:80)(cid:83)(cid:84)(cid:1)(cid:74)(cid:79)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:71)(cid:86)(cid:83)(cid:85)(cid:73)(cid:70)(cid:83)(cid:66)(cid:79)(cid:68)(cid:70)(cid:1)(cid:80)(cid:71)(cid:1)(cid:73)(cid:74)(cid:84)(cid:16)
her duties as a director.
32 I Board’s Report
100th Annual Report 2018-19
(cid:122)
Remuneration for managing director (“MD”)/executive directors (“ED”)/KMP/rest of the employees1
o
The extent of overall remuneration should be sufficient to attract and retain talented and qualified individuals suitable
for every role. Hence remuneration should be:
(cid:131)
(cid:131)
(cid:131)(cid:1)
(cid:131)
(cid:131)
Market competitive (market for every role is defined as companies from which the company attracts talent or
companies to which the company loses talent).
Driven by the role played by the individual.
(cid:51)(cid:70)(cid:248)(cid:70)(cid:68)(cid:85)(cid:74)(cid:87)(cid:70)(cid:1) (cid:80)(cid:71)(cid:1) (cid:84)(cid:74)(cid:91)(cid:70)(cid:1) (cid:80)(cid:71)(cid:1) (cid:85)(cid:73)(cid:70)(cid:1) (cid:68)(cid:80)(cid:78)(cid:81)(cid:66)(cid:79)(cid:90)(cid:13)(cid:1) (cid:68)(cid:80)(cid:78)(cid:81)(cid:77)(cid:70)(cid:89)(cid:74)(cid:85)(cid:90)(cid:1) (cid:80)(cid:71)(cid:1) (cid:85)(cid:73)(cid:70)(cid:1) (cid:84)(cid:70)(cid:68)(cid:85)(cid:80)(cid:83)(cid:16)(cid:74)(cid:79)(cid:69)(cid:86)(cid:84)(cid:85)(cid:83)(cid:90)(cid:16)(cid:68)(cid:80)(cid:78)(cid:81)(cid:66)(cid:79)(cid:90)(cid:8)(cid:84)(cid:1) (cid:80)(cid:81)(cid:70)(cid:83)(cid:66)(cid:85)(cid:74)(cid:80)(cid:79)(cid:84)(cid:1) (cid:66)(cid:79)(cid:69)(cid:1) (cid:85)(cid:73)(cid:70)(cid:1) (cid:68)(cid:80)(cid:78)(cid:81)(cid:66)(cid:79)(cid:90)(cid:8)(cid:84)(cid:1)
capacity to pay.
Consistent with recognized best practices.
Aligned to any regulatory requirements.
o
In terms of remuneration mix or composition:
(cid:131)(cid:1)
(cid:131)(cid:1)
(cid:131)(cid:1)
(cid:131)
(cid:131)(cid:1)
(cid:131)
(cid:53)(cid:73)(cid:70)(cid:1)(cid:83)(cid:70)(cid:78)(cid:86)(cid:79)(cid:70)(cid:83)(cid:66)(cid:85)(cid:74)(cid:80)(cid:79)(cid:1)(cid:78)(cid:74)(cid:89)(cid:1)(cid:71)(cid:80)(cid:83)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:46)(cid:37)(cid:16)(cid:38)(cid:37)(cid:84)(cid:1)(cid:74)(cid:84)(cid:1)(cid:66)(cid:84)(cid:1)(cid:81)(cid:70)(cid:83)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:68)(cid:80)(cid:79)(cid:85)(cid:83)(cid:66)(cid:68)(cid:85)(cid:1)(cid:66)(cid:81)(cid:81)(cid:83)(cid:80)(cid:87)(cid:70)(cid:69)(cid:1)(cid:67)(cid:90)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:84)(cid:73)(cid:66)(cid:83)(cid:70)(cid:73)(cid:80)(cid:77)(cid:69)(cid:70)(cid:83)(cid:84)(cid:15)(cid:1)(cid:42)(cid:79)(cid:1)(cid:68)(cid:66)(cid:84)(cid:70)(cid:1)(cid:80)(cid:71)(cid:1)(cid:66)(cid:79)(cid:90)(cid:1)(cid:68)(cid:73)(cid:66)(cid:79)(cid:72)(cid:70)(cid:13)(cid:1)
the same would require the approval of the shareholders.
(cid:35)(cid:66)(cid:84)(cid:74)(cid:68)(cid:16)(cid:246)(cid:89)(cid:70)(cid:69)(cid:1)(cid:84)(cid:66)(cid:77)(cid:66)(cid:83)(cid:90)(cid:1)(cid:74)(cid:84)(cid:1)(cid:81)(cid:83)(cid:80)(cid:87)(cid:74)(cid:69)(cid:70)(cid:69)(cid:1)(cid:85)(cid:80)(cid:1)(cid:66)(cid:77)(cid:77)(cid:1)(cid:70)(cid:78)(cid:81)(cid:77)(cid:80)(cid:90)(cid:70)(cid:70)(cid:84)(cid:1)(cid:85)(cid:80)(cid:1)(cid:70)(cid:79)(cid:84)(cid:86)(cid:83)(cid:70)(cid:1)(cid:85)(cid:73)(cid:66)(cid:85)(cid:1)(cid:85)(cid:73)(cid:70)(cid:83)(cid:70)(cid:1)(cid:74)(cid:84)(cid:1)(cid:66)(cid:1)(cid:84)(cid:85)(cid:70)(cid:66)(cid:69)(cid:90)(cid:1)(cid:74)(cid:79)(cid:68)(cid:80)(cid:78)(cid:70)(cid:1)(cid:74)(cid:79)(cid:1)(cid:77)(cid:74)(cid:79)(cid:70)(cid:1)(cid:88)(cid:74)(cid:85)(cid:73)(cid:1)(cid:85)(cid:73)(cid:70)(cid:74)(cid:83)(cid:1)(cid:84)(cid:76)(cid:74)(cid:77)(cid:77)(cid:84)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)
experience.
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(cid:67)(cid:70)(cid:79)(cid:70)(cid:246)(cid:85)(cid:84)(cid:1)(cid:85)(cid:80)(cid:1)(cid:70)(cid:79)(cid:66)(cid:67)(cid:77)(cid:70)(cid:1)(cid:66)(cid:1)(cid:68)(cid:70)(cid:83)(cid:85)(cid:66)(cid:74)(cid:79)(cid:1)(cid:77)(cid:70)(cid:87)(cid:70)(cid:77)(cid:1)(cid:80)(cid:71)(cid:1)(cid:77)(cid:74)(cid:71)(cid:70)(cid:84)(cid:85)(cid:90)(cid:77)(cid:70)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:85)(cid:80)(cid:1)(cid:80)(cid:242)(cid:70)(cid:83)(cid:1)(cid:84)(cid:68)(cid:80)(cid:81)(cid:70)(cid:1)(cid:71)(cid:80)(cid:83)(cid:1)(cid:84)(cid:66)(cid:87)(cid:74)(cid:79)(cid:72)(cid:84)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:85)(cid:66)(cid:89)(cid:1)(cid:80)(cid:81)(cid:85)(cid:74)(cid:78)(cid:74)(cid:91)(cid:66)(cid:85)(cid:74)(cid:80)(cid:79)(cid:13)(cid:1)(cid:88)(cid:73)(cid:70)(cid:83)(cid:70)(cid:1)(cid:81)(cid:80)(cid:84)(cid:84)(cid:74)(cid:67)(cid:77)(cid:70)(cid:15)(cid:1)
The company also provides all employees with a social security net (subject to limits) by covering medical expenses
and hospitalisation through re-imbursements or insurance cover and accidental death and dismemberment
through personal accident insurance.
The company provides retirement benefits as applicable.
(cid:42)(cid:79)(cid:1)(cid:66)(cid:69)(cid:69)(cid:74)(cid:85)(cid:74)(cid:80)(cid:79)(cid:1)(cid:85)(cid:80)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:67)(cid:66)(cid:84)(cid:74)(cid:68)(cid:16)(cid:246)(cid:89)(cid:70)(cid:69)(cid:1)(cid:84)(cid:66)(cid:77)(cid:66)(cid:83)(cid:90)(cid:13)(cid:1)(cid:67)(cid:70)(cid:79)(cid:70)(cid:246)(cid:85)(cid:84)(cid:13)(cid:1)(cid:81)(cid:70)(cid:83)(cid:82)(cid:86)(cid:74)(cid:84)(cid:74)(cid:85)(cid:70)(cid:84)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:66)(cid:77)(cid:77)(cid:80)(cid:88)(cid:66)(cid:79)(cid:68)(cid:70)(cid:84)(cid:1)(cid:66)(cid:84)(cid:1)(cid:81)(cid:83)(cid:80)(cid:87)(cid:74)(cid:69)(cid:70)(cid:69)(cid:1)(cid:66)(cid:67)(cid:80)(cid:87)(cid:70)(cid:13)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:68)(cid:80)(cid:78)(cid:81)(cid:66)(cid:79)(cid:90)(cid:1)(cid:81)(cid:83)(cid:80)(cid:87)(cid:74)(cid:69)(cid:70)(cid:84)(cid:1)
(cid:46)(cid:37)(cid:16)(cid:38)(cid:37)(cid:84)(cid:1)(cid:84)(cid:86)(cid:68)(cid:73)(cid:1)(cid:83)(cid:70)(cid:78)(cid:86)(cid:79)(cid:70)(cid:83)(cid:66)(cid:85)(cid:74)(cid:80)(cid:79)(cid:1)(cid:67)(cid:90)(cid:1)(cid:88)(cid:66)(cid:90)(cid:1)(cid:80)(cid:71)(cid:1)(cid:68)(cid:80)(cid:78)(cid:78)(cid:74)(cid:84)(cid:84)(cid:74)(cid:80)(cid:79)(cid:13)(cid:1)(cid:68)(cid:66)(cid:77)(cid:68)(cid:86)(cid:77)(cid:66)(cid:85)(cid:70)(cid:69)(cid:1)(cid:88)(cid:74)(cid:85)(cid:73)(cid:1)(cid:83)(cid:70)(cid:71)(cid:70)(cid:83)(cid:70)(cid:79)(cid:68)(cid:70)(cid:1)(cid:85)(cid:80)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:79)(cid:70)(cid:85)(cid:1)(cid:81)(cid:83)(cid:80)(cid:246)(cid:85)(cid:84)(cid:1)(cid:80)(cid:71)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:68)(cid:80)(cid:78)(cid:81)(cid:66)(cid:79)(cid:90)(cid:1)(cid:74)(cid:79)(cid:1)
a particular financial year, as may be determined by the Board, subject to the overall ceilings stipulated in Section
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(cid:35)(cid:80)(cid:66)(cid:83)(cid:69)(cid:1)(cid:80)(cid:83)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:47)(cid:51)(cid:36)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:66)(cid:81)(cid:81)(cid:83)(cid:80)(cid:87)(cid:70)(cid:69)(cid:1)(cid:67)(cid:90)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:35)(cid:80)(cid:66)(cid:83)(cid:69)(cid:15)(cid:1)
The company provides the rest of the employees a performance linked bonus. The performance linked bonus
would be driven by the outcome of the performance appraisal process and the performance of the company.
(cid:122)
Remuneration payable to Director for services rendered in other capacity
The remuneration payable to the Directors shall be inclusive of any remuneration payable for services rendered by such director
in any other capacity unless:
a)
(cid:67)(cid:10)(cid:1)
The services rendered are of a professional nature; and
(cid:53)(cid:73)(cid:70)(cid:1)(cid:47)(cid:51)(cid:36)(cid:1)(cid:74)(cid:84)(cid:1)(cid:80)(cid:71)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:80)(cid:81)(cid:74)(cid:79)(cid:74)(cid:80)(cid:79)(cid:1)(cid:85)(cid:73)(cid:66)(cid:85)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:69)(cid:74)(cid:83)(cid:70)(cid:68)(cid:85)(cid:80)(cid:83)(cid:1)(cid:81)(cid:80)(cid:84)(cid:84)(cid:70)(cid:84)(cid:84)(cid:70)(cid:84)(cid:1)(cid:83)(cid:70)(cid:82)(cid:86)(cid:74)(cid:84)(cid:74)(cid:85)(cid:70)(cid:1)(cid:82)(cid:86)(cid:66)(cid:77)(cid:74)(cid:246)(cid:68)(cid:66)(cid:85)(cid:74)(cid:80)(cid:79)(cid:1)(cid:71)(cid:80)(cid:83)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:81)(cid:83)(cid:66)(cid:68)(cid:85)(cid:74)(cid:68)(cid:70)(cid:1)(cid:80)(cid:71)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:81)(cid:83)(cid:80)(cid:71)(cid:70)(cid:84)(cid:84)(cid:74)(cid:80)(cid:79)(cid:15)
Policy implementation
(cid:53)(cid:73)(cid:70)(cid:1)(cid:47)(cid:51)(cid:36)(cid:1)(cid:74)(cid:84)(cid:1)(cid:83)(cid:70)(cid:84)(cid:81)(cid:80)(cid:79)(cid:84)(cid:74)(cid:67)(cid:77)(cid:70)(cid:1)(cid:71)(cid:80)(cid:83)(cid:1)(cid:83)(cid:70)(cid:68)(cid:80)(cid:78)(cid:78)(cid:70)(cid:79)(cid:69)(cid:74)(cid:79)(cid:72)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:83)(cid:70)(cid:78)(cid:86)(cid:79)(cid:70)(cid:83)(cid:66)(cid:85)(cid:74)(cid:80)(cid:79)(cid:1)(cid:81)(cid:80)(cid:77)(cid:74)(cid:68)(cid:90)(cid:1)(cid:85)(cid:80)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:35)(cid:80)(cid:66)(cid:83)(cid:69)(cid:15)(cid:1)(cid:53)(cid:73)(cid:70)(cid:1)(cid:35)(cid:80)(cid:66)(cid:83)(cid:69)(cid:1)(cid:74)(cid:84)(cid:1)(cid:83)(cid:70)(cid:84)(cid:81)(cid:80)(cid:79)(cid:84)(cid:74)(cid:67)(cid:77)(cid:70)(cid:1)(cid:71)(cid:80)(cid:83)(cid:1)(cid:66)(cid:81)(cid:81)(cid:83)(cid:80)(cid:87)(cid:74)(cid:79)(cid:72)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)
overseeing implementation of the remuneration policy.
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1Excludes employees covered by any long term settlements or specific term contracts. The remuneration for these employees would be driven
by the respective long term settlements or contracts.
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Board’s Report I 33
The Tata Power Company Limited
Annexure – V: Conservation of Energy and Technology Absorption
(Ref.: Board’s Report, Section 17)
A.
Conservation of Energy
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i.
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The steps taken for impact on conservation of energy:
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consumption by looking at half-hourly energy consumption with comparative previous month pattern. This scheme
also has a provision of budgeting energy consumption plan for the period including receiving alert in case of breaching
the budgeted energy. For residential consumers, a provision has been incorporated for providing an alert on crossing of
energy consumption beyond the slab. One of the unique features is alerts for energy consumption during periods of no
occupancy.
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initiative gave an opportunity to the Company’s consumers to exchange their inefficient electrical appliances for 5-star
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programs were launched after due and prior approval of the Maharashtra Electricity Regulatory Commission (MERC).
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highly energy efficient as most of the energy required for water heating comes from the external environment and only
a fraction comes from electricity. This pilot program incentivized the consumers to use the energy efficient Heat Pump
Technology for water heating. About 4,000 energy efficient appliances (ceiling fan, AC, refrigerator) were provided to
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paper without harming the environment, which is equivalent to saving 2,800 trees annually. In addition, your Company
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catchment area around the Company’s hydro power stations.
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in Jojobera, optimising usage of non-essential air in Trombay. Additionally, robotic cleaning of AC duct resulted in
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34 I Board’s Report
100th Annual Report 2018-19
B.
RESEARCH AND DEVELOPMENT
1
Specific area in which R&D
carried out by the Company
2
Benefits derived as a result of
the above R&D
3
Future Plan of Action
C.
TECHNOLOGY ABSORPTION
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(cid:120)
(cid:120)(cid:1)
(cid:120)
(cid:120)
(cid:120)(cid:1)
(cid:120)(cid:1)
(cid:120)(cid:1)
(cid:120)
(cid:120)(cid:1)
(cid:120)
(cid:120)(cid:1)
(cid:120)
(cid:120)
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and indigenous thermal Engine and rugged console
Multispectral imaging system with integrated radar for navigation in adverse
weather
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heterogeneous sensors with refresh rate of 0.5 secs
Enhancement of the spider framework to support newer generation of sensors
Development of Direct Line Light with high shock substance for usage in high
calibre artillery guns
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dynamic load
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Long Range Observation System supplied to MHA for deployment in high
attitude, harsh weather environment
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Deployment of Border Management capability with SPIDER framework as part
of CIBMS program of MHA and in IPSS trials of Indian Air Force
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the same
Deployment of analytics & SPIDER framework in the cloud for customers &
partners
Identify gaps in technology and subsystems and initiate development projects
1
2
3
4
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Technology Absorption,
adaptation and innovation
Benefits derived as a result of the
(cid:66)(cid:67)(cid:80)(cid:87)(cid:70)(cid:1)(cid:70)(cid:242)(cid:80)(cid:83)(cid:85)(cid:84)
In case of imported technology
(imported during the last
five years reckoned from the
beginning of the financial year),
following information may be
furnished:
a)
(cid:67)(cid:10)(cid:1)
c)
Technology Imported
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Has technology been fully
absorbed?
If not fully absorbed, areas
where this has not taken
place, reasons thereof and
future plans of action
d)
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a)
b)
Capital
Recurring
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d)
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Bottom Ash and waste plastic-based bricks for heavy load applications
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(cid:54)(cid:85)(cid:74)(cid:77)(cid:74)(cid:84)(cid:66)(cid:85)(cid:74)(cid:80)(cid:79)(cid:1)(cid:80)(cid:71)(cid:1)(cid:69)(cid:83)(cid:80)(cid:79)(cid:70)(cid:84)(cid:1)(cid:71)(cid:80)(cid:83)(cid:1)(cid:78)(cid:66)(cid:74)(cid:79)(cid:85)(cid:70)(cid:79)(cid:66)(cid:79)(cid:68)(cid:70)(cid:13)(cid:1)(cid:74)(cid:79)(cid:68)(cid:77)(cid:86)(cid:69)(cid:74)(cid:79)(cid:72)(cid:1)(cid:85)(cid:73)(cid:70)(cid:83)(cid:78)(cid:66)(cid:77)(cid:1)(cid:74)(cid:78)(cid:66)(cid:72)(cid:74)(cid:79)(cid:72)(cid:1)(cid:80)(cid:71)(cid:1)(cid:66)(cid:84)(cid:84)(cid:70)(cid:85)(cid:84)
Drone-based image analytics for solar and wind assets
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Devising methods for ash utilisation
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technology insights
Safe operations and maintenance in open switch yards
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Technology to go for manufacturing
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(cid:52)(cid:38)(cid:37)(cid:1)(cid:1)(cid:1) (cid:1)
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Board’s Report I 35
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The Tata Power Company Limited
GENERATION BUSINESS
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Installation of Energy Management System through PI system at Maithon
RFID-based masking system for coal sampling and analysis at Maithon
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automation
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TRANSMISSION AND DISTRIBUTION BUSINESS
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developed.
Introduced Smart Meter Reading & Bill Distribution (SMRD) for improving process efficiency in meter reading and bill dispatch
activities.
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Corporation (MMRC)’s Metro 7 project within available space.
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building construction time and hence cost for receiving stations.
Partial Discharge (PD) measurement for indoor switchgears which helps in early detection of equipment condition to avert
failures by taking preventive action.
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On behalf of the Board of Directors,
N. Chandrasekaran
Chairman
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36 I Board’s Report
100th Annual Report 2018-19
Annexure – VI : DISCLOSURE OF MANAGERIAL REMUNERATION
(Ref.: Board’s Report, Section 18)
a)
The ratio of the remuneration of each director to the median remuneration of the employees of the Company for the financial year:
Name of Director
Ratio of Director’s remuneration to the median
remuneration of the employees of the Company
for the financial year
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Mr. Deepak M. Satwalekar
Ms. Anjali Bansal
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Mr. K. M. Chandrasekhar
Mr. Hemant Bhargava
Mr. Saurabh Agrawal #
Mr. Banmali Agrawala #
Mr. Praveer Sinha, CEO and Managing Director (w.e.f 01.05.2018)
-
6.88
6.47
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5.01
5.55
4.01
(cid:18)(cid:15)(cid:26)(cid:19)
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-
40.86
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b)
Mr. Ashok S. Sethi, COO and Executive Director*
Mr. Anil Sardana, CEO and Managing Director@
$ (cid:34)(cid:84)(cid:1)(cid:66)(cid:1)(cid:81)(cid:80)(cid:77)(cid:74)(cid:68)(cid:90)(cid:13)(cid:1)(cid:46)(cid:83)(cid:15)(cid:1)(cid:47)(cid:15)(cid:1)(cid:36)(cid:73)(cid:66)(cid:79)(cid:69)(cid:83)(cid:66)(cid:84)(cid:70)(cid:76)(cid:66)(cid:83)(cid:66)(cid:79)(cid:13)(cid:1)(cid:36)(cid:73)(cid:66)(cid:74)(cid:83)(cid:78)(cid:66)(cid:79)(cid:13)(cid:1)(cid:73)(cid:66)(cid:84)(cid:1)(cid:66)(cid:67)(cid:84)(cid:85)(cid:66)(cid:74)(cid:79)(cid:70)(cid:69)(cid:1)(cid:71)(cid:83)(cid:80)(cid:78)(cid:1)(cid:83)(cid:70)(cid:68)(cid:70)(cid:74)(cid:87)(cid:74)(cid:79)(cid:72)(cid:1)(cid:36)(cid:80)(cid:78)(cid:78)(cid:74)(cid:84)(cid:84)(cid:74)(cid:80)(cid:79)(cid:1)(cid:71)(cid:83)(cid:80)(cid:78)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:36)(cid:80)(cid:78)(cid:81)(cid:66)(cid:79)(cid:90)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:73)(cid:70)(cid:79)(cid:68)(cid:70)(cid:1)(cid:79)(cid:80)(cid:85)(cid:1)(cid:84)(cid:85)(cid:66)(cid:85)(cid:70)(cid:69)(cid:15)(cid:1)
# (cid:42)(cid:79)(cid:1)(cid:77)(cid:74)(cid:79)(cid:70)(cid:1)(cid:88)(cid:74)(cid:85)(cid:73)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:74)(cid:79)(cid:85)(cid:70)(cid:83)(cid:79)(cid:66)(cid:77)(cid:1)(cid:72)(cid:86)(cid:74)(cid:69)(cid:70)(cid:77)(cid:74)(cid:79)(cid:70)(cid:84)(cid:1)(cid:80)(cid:71)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:36)(cid:80)(cid:78)(cid:81)(cid:66)(cid:79)(cid:90)(cid:13)(cid:1)(cid:79)(cid:80)(cid:1)(cid:81)(cid:66)(cid:90)(cid:78)(cid:70)(cid:79)(cid:85)(cid:1)(cid:74)(cid:84)(cid:1)(cid:78)(cid:66)(cid:69)(cid:70)(cid:1)(cid:85)(cid:80)(cid:88)(cid:66)(cid:83)(cid:69)(cid:84)(cid:1)(cid:68)(cid:80)(cid:78)(cid:78)(cid:74)(cid:84)(cid:84)(cid:74)(cid:80)(cid:79)(cid:1)(cid:85)(cid:80)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:47)(cid:80)(cid:79)(cid:14)(cid:38)(cid:89)(cid:70)(cid:68)(cid:86)(cid:85)(cid:74)(cid:87)(cid:70)(cid:1)(cid:37)(cid:74)(cid:83)(cid:70)(cid:68)(cid:85)(cid:80)(cid:83)(cid:84)(cid:1)(cid:9)(cid:47)(cid:38)(cid:37)(cid:84)(cid:10)(cid:1)(cid:80)(cid:71)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)
Company, who are in full time employment with another Tata company and hence not stated.
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@(cid:1)(cid:46)(cid:83)(cid:15)(cid:1)(cid:52)(cid:66)(cid:83)(cid:69)(cid:66)(cid:79)(cid:66)(cid:1)(cid:83)(cid:70)(cid:84)(cid:74)(cid:72)(cid:79)(cid:70)(cid:69)(cid:1)(cid:66)(cid:84)(cid:1)(cid:36)(cid:38)(cid:48)(cid:1)(cid:7)(cid:1)(cid:46)(cid:66)(cid:79)(cid:66)(cid:72)(cid:74)(cid:79)(cid:72)(cid:1)(cid:37)(cid:74)(cid:83)(cid:70)(cid:68)(cid:85)(cid:80)(cid:83)(cid:1)(cid:80)(cid:71)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:36)(cid:80)(cid:78)(cid:81)(cid:66)(cid:79)(cid:90)(cid:1)(cid:88)(cid:74)(cid:85)(cid:73)(cid:1)(cid:70)(cid:242)(cid:70)(cid:68)(cid:85)(cid:1)(cid:71)(cid:83)(cid:80)(cid:78)(cid:1)(cid:68)(cid:77)(cid:80)(cid:84)(cid:70)(cid:1)(cid:80)(cid:71)(cid:1)(cid:67)(cid:86)(cid:84)(cid:74)(cid:79)(cid:70)(cid:84)(cid:84)(cid:1)(cid:73)(cid:80)(cid:86)(cid:83)(cid:84)(cid:1)(cid:80)(cid:79)(cid:1)(cid:20)(cid:17)(cid:85)(cid:73)(cid:1)(cid:34)(cid:81)(cid:83)(cid:74)(cid:77)(cid:1)(cid:19)(cid:17)(cid:18)(cid:25)(cid:15)
18.54
38.68
The percentage increase in remuneration of each director, Chief Financial Officer, Chief Executive Officer, Company Secretary or
Manager, if any, in the financial year:
Name of Director and Key Managerial Personnel
Percentage (%) increase in remuneration in the
financial year
(cid:46)(cid:83)(cid:15)(cid:1)(cid:47)(cid:15)(cid:1)(cid:36)(cid:73)(cid:66)(cid:79)(cid:69)(cid:83)(cid:66)(cid:84)(cid:70)(cid:76)(cid:66)(cid:83)(cid:66)(cid:79)(cid:1)$
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Mr. Deepak M. Satwalekar
Ms. Anjali Bansal
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Mr. K. M. Chandrasekhar
Mr. Hemant Bhargava
Mr. Saurabh Agrawal #
Mr. Banmali Agrawala #
Mr. Praveer Sinha, CEO and Managing Director (KMP) (w.e.f 01.05.2018)
Mr. Ashok S. Sethi, COO and Executive Director (KMP) *
Mr. Anil Sardana, CEO and Managing Director (KMP) @
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Mr. Hanoz M. Mistry, Company Secretary (KMP)
-
-27.17
(cid:14)(cid:18)(cid:26)(cid:15)(cid:26)(cid:18)
18.60
15.47
20.32
110.63
67.20
-
-
(cid:47)(cid:15)(cid:34)(cid:15)
14.41
-78.86
11.00
13.21
$ (cid:34)(cid:84)(cid:1)(cid:66)(cid:1)(cid:81)(cid:80)(cid:77)(cid:74)(cid:68)(cid:90)(cid:13)(cid:1)(cid:46)(cid:83)(cid:15)(cid:1)(cid:47)(cid:15)(cid:1)(cid:36)(cid:73)(cid:66)(cid:79)(cid:69)(cid:83)(cid:66)(cid:84)(cid:70)(cid:76)(cid:66)(cid:83)(cid:66)(cid:79)(cid:13)(cid:1)(cid:36)(cid:73)(cid:66)(cid:74)(cid:83)(cid:78)(cid:66)(cid:79)(cid:13)(cid:1)(cid:73)(cid:66)(cid:84)(cid:1)(cid:66)(cid:67)(cid:84)(cid:85)(cid:66)(cid:74)(cid:79)(cid:70)(cid:69)(cid:1)(cid:71)(cid:83)(cid:80)(cid:78)(cid:1)(cid:83)(cid:70)(cid:68)(cid:70)(cid:74)(cid:87)(cid:74)(cid:79)(cid:72)(cid:1)(cid:36)(cid:80)(cid:78)(cid:78)(cid:74)(cid:84)(cid:84)(cid:74)(cid:80)(cid:79)(cid:1)(cid:71)(cid:83)(cid:80)(cid:78)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:36)(cid:80)(cid:78)(cid:81)(cid:66)(cid:79)(cid:90)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:73)(cid:70)(cid:79)(cid:68)(cid:70)(cid:1)(cid:79)(cid:80)(cid:85)(cid:1)(cid:84)(cid:85)(cid:66)(cid:85)(cid:70)(cid:69)(cid:15)(cid:1)
# (cid:42)(cid:79)(cid:1)(cid:77)(cid:74)(cid:79)(cid:70)(cid:1)(cid:88)(cid:74)(cid:85)(cid:73)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:74)(cid:79)(cid:85)(cid:70)(cid:83)(cid:79)(cid:66)(cid:77)(cid:1)(cid:72)(cid:86)(cid:74)(cid:69)(cid:70)(cid:77)(cid:74)(cid:79)(cid:70)(cid:84)(cid:1)(cid:80)(cid:71)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:36)(cid:80)(cid:78)(cid:81)(cid:66)(cid:79)(cid:90)(cid:13)(cid:1)(cid:79)(cid:80)(cid:1)(cid:81)(cid:66)(cid:90)(cid:78)(cid:70)(cid:79)(cid:85)(cid:1)(cid:74)(cid:84)(cid:1)(cid:78)(cid:66)(cid:69)(cid:70)(cid:1)(cid:85)(cid:80)(cid:88)(cid:66)(cid:83)(cid:69)(cid:84)(cid:1)(cid:68)(cid:80)(cid:78)(cid:78)(cid:74)(cid:84)(cid:84)(cid:74)(cid:80)(cid:79)(cid:1)(cid:85)(cid:80)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:47)(cid:38)(cid:37)(cid:84)(cid:1)(cid:80)(cid:71)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:36)(cid:80)(cid:78)(cid:81)(cid:66)(cid:79)(cid:90)(cid:13)(cid:1)(cid:88)(cid:73)(cid:80)(cid:1)(cid:66)(cid:83)(cid:70)(cid:1)(cid:74)(cid:79)(cid:1)(cid:71)(cid:86)(cid:77)(cid:77)(cid:1)(cid:85)(cid:74)(cid:78)(cid:70)(cid:1)
employment with another Tata company and hence not stated.
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(cid:1)
Board’s Report I 37
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The Tata Power Company Limited
(cid:68)(cid:10)(cid:1)
d)
e)
(cid:1)
(cid:1)
(cid:53)(cid:73)(cid:70)(cid:1)(cid:81)(cid:70)(cid:83)(cid:68)(cid:70)(cid:79)(cid:85)(cid:66)(cid:72)(cid:70)(cid:1)(cid:74)(cid:79)(cid:68)(cid:83)(cid:70)(cid:66)(cid:84)(cid:70)(cid:1)(cid:74)(cid:79)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:78)(cid:70)(cid:69)(cid:74)(cid:66)(cid:79)(cid:1)(cid:83)(cid:70)(cid:78)(cid:86)(cid:79)(cid:70)(cid:83)(cid:66)(cid:85)(cid:74)(cid:80)(cid:79)(cid:1)(cid:80)(cid:71)(cid:1)(cid:70)(cid:78)(cid:81)(cid:77)(cid:80)(cid:90)(cid:70)(cid:70)(cid:84)(cid:1)(cid:74)(cid:79)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:246)(cid:79)(cid:66)(cid:79)(cid:68)(cid:74)(cid:66)(cid:77)(cid:1)(cid:90)(cid:70)(cid:66)(cid:83)(cid:27)(cid:1)(cid:14)(cid:18)(cid:15)(cid:17)(cid:24)(cid:6)(cid:15)
The number of permanent employees on the rolls of the company: 3,248.
Average percentile increase already made in the salaries of employees other than the managerial personnel in the last financial
year, its comparison with the percentile increase in the managerial remuneration, justification thereof and point out if there are
any exceptional circumstances for increase in the managerial remuneration:
(cid:14)(cid:1)
(cid:14)(cid:1)
(cid:34)(cid:87)(cid:70)(cid:83)(cid:66)(cid:72)(cid:70)(cid:1)(cid:81)(cid:70)(cid:83)(cid:68)(cid:70)(cid:79)(cid:85)(cid:74)(cid:77)(cid:70)(cid:1)(cid:74)(cid:79)(cid:68)(cid:83)(cid:70)(cid:66)(cid:84)(cid:70)(cid:1)(cid:74)(cid:79)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:84)(cid:66)(cid:77)(cid:66)(cid:83)(cid:74)(cid:70)(cid:84)(cid:1)(cid:80)(cid:71)(cid:1)(cid:70)(cid:78)(cid:81)(cid:77)(cid:80)(cid:90)(cid:70)(cid:70)(cid:84)(cid:1)(cid:80)(cid:85)(cid:73)(cid:70)(cid:83)(cid:1)(cid:85)(cid:73)(cid:66)(cid:79)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:78)(cid:66)(cid:79)(cid:66)(cid:72)(cid:70)(cid:83)(cid:74)(cid:66)(cid:77)(cid:1)(cid:81)(cid:70)(cid:83)(cid:84)(cid:80)(cid:79)(cid:79)(cid:70)(cid:77)(cid:1)(cid:88)(cid:66)(cid:84)(cid:1)(cid:24)(cid:6)(cid:15)
(cid:34)(cid:87)(cid:70)(cid:83)(cid:66)(cid:72)(cid:70)(cid:1) (cid:74)(cid:79)(cid:68)(cid:83)(cid:70)(cid:66)(cid:84)(cid:70)(cid:1) (cid:74)(cid:79)(cid:1) (cid:83)(cid:70)(cid:78)(cid:86)(cid:79)(cid:70)(cid:83)(cid:66)(cid:85)(cid:74)(cid:80)(cid:79)(cid:1) (cid:80)(cid:71)(cid:1) (cid:46)(cid:66)(cid:79)(cid:66)(cid:72)(cid:70)(cid:83)(cid:84)(cid:1) (cid:9)(cid:69)(cid:70)(cid:246)(cid:79)(cid:70)(cid:69)(cid:1) (cid:66)(cid:84)(cid:1) (cid:46)(cid:37)(cid:1) (cid:66)(cid:79)(cid:69)(cid:1) (cid:38)(cid:37)(cid:1) (cid:80)(cid:79)(cid:1) (cid:85)(cid:73)(cid:70)(cid:1) (cid:35)(cid:80)(cid:66)(cid:83)(cid:69)(cid:1) (cid:80)(cid:71)(cid:1) (cid:90)(cid:80)(cid:86)(cid:83)(cid:1) (cid:36)(cid:80)(cid:78)(cid:81)(cid:66)(cid:79)(cid:90)(cid:10)(cid:1) (cid:88)(cid:66)(cid:84)(cid:1) (cid:18)(cid:21)(cid:15)(cid:21)(cid:18)(cid:6)(cid:15)(cid:1)
As Mr. Praveer Sinha was appointed as CEO and Managing Director of the Company effective 1st May 2018, his remuneration
is not comparable for the purpose of calculating aforesaid average increase in remuneration.
f )
Affirmation that the remuneration is as per the remuneration policy of the Company:
It is affirmed that the remuneration is as per the ‘Remuneration Policy for Directors, Key Managerial Personnel and other
employees, approved by the Board.
On behalf of the Board of Directors,
N. Chandrasekaran
Chairman
(cid:9)(cid:37)(cid:42)(cid:47)(cid:27)(cid:1)(cid:17)(cid:17)(cid:18)(cid:19)(cid:18)(cid:25)(cid:23)(cid:20)(cid:10)
(cid:46)(cid:86)(cid:78)(cid:67)(cid:66)(cid:74)(cid:13)(cid:1)(cid:19)(cid:79)(cid:69)(cid:1)(cid:46)(cid:66)(cid:90)(cid:1)(cid:19)(cid:17)(cid:18)(cid:26)
38 I Board’s Report
100th Annual Report 2018-19
Annexure – VII : RELATED PARTY TRANSACTIONS
(cid:9)(cid:51)(cid:70)(cid:71)(cid:15)(cid:27)(cid:1)(cid:35)(cid:80)(cid:66)(cid:83)(cid:69)(cid:8)(cid:84)(cid:1)(cid:51)(cid:70)(cid:81)(cid:80)(cid:83)(cid:85)(cid:13)(cid:1)(cid:52)(cid:70)(cid:68)(cid:85)(cid:74)(cid:80)(cid:79)(cid:1)(cid:18)(cid:26)(cid:10)
FORM No. AOC-2
(cid:39)(cid:80)(cid:83)(cid:78)(cid:1)(cid:71)(cid:80)(cid:83)(cid:1)(cid:69)(cid:74)(cid:84)(cid:68)(cid:77)(cid:80)(cid:84)(cid:86)(cid:83)(cid:70)(cid:1)(cid:80)(cid:71)(cid:1)(cid:81)(cid:66)(cid:83)(cid:85)(cid:74)(cid:68)(cid:86)(cid:77)(cid:66)(cid:83)(cid:84)(cid:1)(cid:80)(cid:71)(cid:1)(cid:68)(cid:80)(cid:79)(cid:85)(cid:83)(cid:66)(cid:68)(cid:85)(cid:84)(cid:16)(cid:66)(cid:83)(cid:83)(cid:66)(cid:79)(cid:72)(cid:70)(cid:78)(cid:70)(cid:79)(cid:85)(cid:84)(cid:1)(cid:70)(cid:79)(cid:85)(cid:70)(cid:83)(cid:70)(cid:69)(cid:1)(cid:74)(cid:79)(cid:85)(cid:80)(cid:1)(cid:67)(cid:90)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:68)(cid:80)(cid:78)(cid:81)(cid:66)(cid:79)(cid:90)(cid:1)(cid:88)(cid:74)(cid:85)(cid:73)(cid:1)(cid:83)(cid:70)(cid:77)(cid:66)(cid:85)(cid:70)(cid:69)(cid:1)(cid:81)(cid:66)(cid:83)(cid:85)(cid:74)(cid:70)(cid:84)(cid:1)(cid:83)(cid:70)(cid:71)(cid:70)(cid:83)(cid:83)(cid:70)(cid:69)(cid:1)(cid:85)(cid:80)(cid:1)(cid:74)(cid:79)(cid:1)(cid:84)(cid:86)(cid:67)(cid:14)
section (1) of section 188 of the Companies Act, 2013 including certain arms length transactions under third proviso thereto
[Pursuant to clause (h) of sub-section (3) of section 134 of the Act and Rule 8(2) of the Companies (Accounts) Rules, 2014]
1.
Details of contracts or arrangements or transactions not at arm’s length basis:
Name(s) of
the related
party and
nature of
relationship
Tata Sons
Private
Limited
(Investee
Company)*
Panatone
Finvest
Limited
(Associate
Company)*
Nature of
contracts/
arrangements/
transactions
Duration of
the contracts/
arrangements/
transactions
Salient terms of the
contracts or
arrangements
or transactions including
the value, if any
Justification for
entering into
such contracts or
arrangements or
transactions
Date(s) of
approval
by the
Board
Amount
paid as
advances,
if any
Share
Purchase
Agreement
(cid:47)(cid:15)(cid:34)(cid:15)
Share
Purchase
Agreement
(cid:47)(cid:15)(cid:34)(cid:15)
(cid:19)(cid:26)(cid:15)(cid:17)(cid:20)(cid:15)(cid:19)(cid:17)(cid:18)(cid:25)
(cid:47)(cid:74)(cid:77)
(cid:19)(cid:26)(cid:15)(cid:17)(cid:20)(cid:15)(cid:19)(cid:17)(cid:18)(cid:25)
(cid:47)(cid:74)(cid:77)
Share Purchase
Agreement for sale of
(cid:22)(cid:26)(cid:13)(cid:17)(cid:25)(cid:13)(cid:25)(cid:19)(cid:13)(cid:17)(cid:17)(cid:17)(cid:1)(cid:38)(cid:82)(cid:86)(cid:74)(cid:85)(cid:90)(cid:1)
Shares held in Panatone
Finvest Limited to Tata
Sons Private Limited.
Consideration value
(cid:846)(cid:1)(cid:18)(cid:13)(cid:22)(cid:21)(cid:19)(cid:15)(cid:23)(cid:18)(cid:1)(cid:68)(cid:83)(cid:80)(cid:83)(cid:70)(cid:15)
Share Purchase
Agreement for sale
(cid:80)(cid:71)(cid:1)(cid:18)(cid:13)(cid:20)(cid:20)(cid:13)(cid:26)(cid:23)(cid:13)(cid:19)(cid:17)(cid:17)(cid:1)(cid:38)(cid:82)(cid:86)(cid:74)(cid:85)(cid:90)(cid:1)
Shares held in Tata
Communications
Limited to Panatone
Finvest Limited.
Consideration value
(cid:846)(cid:1)(cid:23)(cid:18)(cid:20)(cid:15)(cid:21)(cid:26)(cid:1)(cid:68)(cid:83)(cid:80)(cid:83)(cid:70)(cid:15)
Share Purchase
Agreement
for sale of
(cid:22)(cid:26)(cid:13)(cid:17)(cid:25)(cid:13)(cid:25)(cid:19)(cid:13)(cid:17)(cid:17)(cid:17)(cid:1)
Equity Shares
held in Panatone
Finvest Limited to
Tata Sons Private
Limited.
Share Purchase
Agreement
for sale of
(cid:18)(cid:13)(cid:20)(cid:20)(cid:13)(cid:26)(cid:23)(cid:13)(cid:19)(cid:17)(cid:17)(cid:1)
Equity Shares
held in Tata
Communications
Limited to
Panatone Finvest
Limited.
Date on which the
special resolution
was passed in
general meeting
as required under
first proviso to
Section 188
Shareholders
approval
obtained by
Postal Ballot on
18.05.2018
Shareholders
approval
obtained by
Postal Ballot on
18.05.2018
* Details of above trasactions were disclosed in the previous year also.
2.
Details of material contracts or arrangement or transactions at arm’s length basis:
Name(s) of the
related party and
nature of
relationship
Nature of
contracts/
arrangements/
transactions
Duration of
the contracts/
arrangements/
transactions
Date(s) of
approval by the
Board, if any
Amount paid as
advances, if any
Salient terms of
the contracts or
arrangements
or transactions
including the
value, if any
(cid:47)(cid:74)(cid:77)
(cid:46)(cid:86)(cid:78)(cid:67)(cid:66)(cid:74)(cid:13)(cid:1)(cid:19)(cid:79)(cid:69)(cid:1)(cid:46)(cid:66)(cid:90)(cid:1)(cid:19)(cid:17)(cid:18)(cid:26)(cid:1)
On behalf of the Board of Directors,
N. Chandrasekaran
Chairman
(cid:1)(cid:9)(cid:37)(cid:42)(cid:47)(cid:27)(cid:1)(cid:17)(cid:17)(cid:18)(cid:19)(cid:18)(cid:25)(cid:23)(cid:20)(cid:10)
Board’s Report I (cid:20)(cid:26)
I
E
C
T
O
N
T
R
O
P
E
R
S
D
R
A
O
B
’
A
&
D
M
T
R
O
P
E
R
G
C
R
R
B
D
E
T
A
D
I
L
O
S
N
O
C
E
N
O
L
A
D
N
A
T
S
The Tata Power Company Limited
Annexure – VIII : EXTRACT OF ANNUAL RETURN
(Ref.: Board’s Report, Section 22)
FORM No. MGT-9
(cid:38)(cid:57)(cid:53)(cid:51)(cid:34)(cid:36)(cid:53)(cid:1)(cid:48)(cid:39)(cid:1)(cid:34)(cid:47)(cid:47)(cid:54)(cid:34)(cid:45)(cid:1)(cid:51)(cid:38)(cid:53)(cid:54)(cid:51)(cid:47)
(cid:66)(cid:84)(cid:1)(cid:80)(cid:79)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:246)(cid:79)(cid:66)(cid:79)(cid:68)(cid:74)(cid:66)(cid:77)(cid:1)(cid:90)(cid:70)(cid:66)(cid:83)(cid:1)(cid:70)(cid:79)(cid:69)(cid:70)(cid:69)(cid:1)(cid:80)(cid:79)(cid:1)(cid:20)(cid:18)(cid:84)(cid:85)(cid:1)(cid:46)(cid:66)(cid:83)(cid:68)(cid:73)(cid:1)(cid:19)(cid:17)(cid:18)(cid:26)
(cid:60)(cid:49)(cid:86)(cid:83)(cid:84)(cid:86)(cid:66)(cid:79)(cid:85)(cid:1)(cid:85)(cid:80)(cid:1)(cid:84)(cid:70)(cid:68)(cid:85)(cid:74)(cid:80)(cid:79)(cid:1)(cid:26)(cid:19)(cid:9)(cid:20)(cid:10)(cid:1)(cid:80)(cid:71)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:36)(cid:80)(cid:78)(cid:81)(cid:66)(cid:79)(cid:74)(cid:70)(cid:84)(cid:1)(cid:34)(cid:68)(cid:85)(cid:13)(cid:1)(cid:19)(cid:17)(cid:18)(cid:20)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:83)(cid:86)(cid:77)(cid:70)(cid:1)(cid:18)(cid:19)(cid:9)(cid:18)(cid:10)(cid:1)
of the Companies (Management and Administration) Rules, 2014]
I.
REGISTRATION AND OTHER DETAILS:
(cid:1)
(cid:1)
(cid:1)
(cid:1)
(cid:1)
(cid:1)
(cid:1)
II.
(cid:1)
(cid:74)(cid:10)(cid:1)
(cid:74)(cid:74)(cid:10)(cid:1)
(cid:74)(cid:74)(cid:74)(cid:10)(cid:1)
(cid:74)(cid:87)(cid:10)(cid:1)
v)
(cid:36)(cid:42)(cid:47)(cid:27)(cid:1)(cid:45)(cid:19)(cid:25)(cid:26)(cid:19)(cid:17)(cid:46)(cid:41)(cid:18)(cid:26)(cid:18)(cid:26)(cid:49)(cid:45)(cid:36)(cid:17)(cid:17)(cid:17)(cid:22)(cid:23)(cid:24)
(cid:51)(cid:70)(cid:72)(cid:74)(cid:84)(cid:85)(cid:83)(cid:66)(cid:85)(cid:74)(cid:80)(cid:79)(cid:1)(cid:37)(cid:66)(cid:85)(cid:70)(cid:27)(cid:1)(cid:18)(cid:25)(cid:85)(cid:73)(cid:1)(cid:52)(cid:70)(cid:81)(cid:85)(cid:70)(cid:78)(cid:67)(cid:70)(cid:83)(cid:1)(cid:18)(cid:26)(cid:18)(cid:26)
(cid:47)(cid:66)(cid:78)(cid:70)(cid:1)(cid:80)(cid:71)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:36)(cid:80)(cid:78)(cid:81)(cid:66)(cid:79)(cid:90)(cid:27)(cid:1)(cid:53)(cid:73)(cid:70)(cid:1)(cid:53)(cid:66)(cid:85)(cid:66)(cid:1)(cid:49)(cid:80)(cid:88)(cid:70)(cid:83)(cid:1)(cid:36)(cid:80)(cid:78)(cid:81)(cid:66)(cid:79)(cid:90)(cid:1)(cid:45)(cid:74)(cid:78)(cid:74)(cid:85)(cid:70)(cid:69)
(cid:36)(cid:66)(cid:85)(cid:70)(cid:72)(cid:80)(cid:83)(cid:90)(cid:16)(cid:52)(cid:86)(cid:67)(cid:14)(cid:36)(cid:66)(cid:85)(cid:70)(cid:72)(cid:80)(cid:83)(cid:90)(cid:1)(cid:80)(cid:71)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:36)(cid:80)(cid:78)(cid:81)(cid:66)(cid:79)(cid:90)(cid:27)(cid:1)(cid:49)(cid:86)(cid:67)(cid:77)(cid:74)(cid:68)(cid:1)(cid:36)(cid:80)(cid:78)(cid:81)(cid:66)(cid:79)(cid:90)(cid:1)(cid:77)(cid:74)(cid:78)(cid:74)(cid:85)(cid:70)(cid:69)(cid:1)(cid:67)(cid:90)(cid:1)(cid:84)(cid:73)(cid:66)(cid:83)(cid:70)(cid:84)
Address of the Registered office and contact details: Bombay House, 24, Homi Mody Street, Mumbai - 400 001.
Tel.: 022 6665 8282 Fax: 022 6665 8801 E-mail: tatapower@tatapower.com(cid:1)(cid:56)(cid:70)(cid:67)(cid:84)(cid:74)(cid:85)(cid:70)(cid:27)(cid:1)www.tatapower.com
(cid:87)(cid:74)(cid:10)(cid:1) (cid:56)(cid:73)(cid:70)(cid:85)(cid:73)(cid:70)(cid:83)(cid:1)(cid:77)(cid:74)(cid:84)(cid:85)(cid:70)(cid:69)(cid:1)(cid:68)(cid:80)(cid:78)(cid:81)(cid:66)(cid:79)(cid:90)(cid:27)(cid:1)(cid:58)(cid:70)(cid:84)(cid:1)
(cid:87)(cid:74)(cid:74)(cid:10)(cid:1) (cid:47)(cid:66)(cid:78)(cid:70)(cid:13)(cid:1)(cid:34)(cid:69)(cid:69)(cid:83)(cid:70)(cid:84)(cid:84)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:36)(cid:80)(cid:79)(cid:85)(cid:66)(cid:68)(cid:85)(cid:1)(cid:69)(cid:70)(cid:85)(cid:66)(cid:74)(cid:77)(cid:84)(cid:1)(cid:80)(cid:71)(cid:1)(cid:51)(cid:70)(cid:72)(cid:74)(cid:84)(cid:85)(cid:83)(cid:66)(cid:83)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:53)(cid:83)(cid:66)(cid:79)(cid:84)(cid:71)(cid:70)(cid:83)(cid:1)(cid:34)(cid:72)(cid:70)(cid:79)(cid:85)(cid:13)(cid:1)(cid:74)(cid:71)(cid:1)(cid:66)(cid:79)(cid:90)(cid:27)
TSR Darashaw Limited
6-10, Haji Moosa Patrawala Industrial Estate, 20, Dr. E. Moses Road, Mahalaxmi, Mumbai - 400 011.
(cid:53)(cid:70)(cid:77)(cid:15)(cid:27)(cid:1)(cid:17)(cid:19)(cid:19)(cid:1)(cid:23)(cid:23)(cid:22)(cid:23)(cid:1)(cid:25)(cid:21)(cid:25)(cid:21)(cid:1)(cid:39)(cid:66)(cid:89)(cid:15)(cid:27)(cid:1)(cid:17)(cid:19)(cid:19)(cid:1)(cid:23)(cid:23)(cid:22)(cid:23)(cid:1)(cid:25)(cid:21)(cid:26)(cid:21)(cid:1)(cid:38)(cid:14)(cid:78)(cid:66)(cid:74)(cid:77)(cid:27)(cid:1)csg-unit@tsrdarashaw.com(cid:1)(cid:56)(cid:70)(cid:67)(cid:84)(cid:74)(cid:85)(cid:70)(cid:27)(cid:1)www.tsrdarashaw.com
(cid:1)
PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY
(cid:34)(cid:77)(cid:77)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:67)(cid:86)(cid:84)(cid:74)(cid:79)(cid:70)(cid:84)(cid:84)(cid:1)(cid:66)(cid:68)(cid:85)(cid:74)(cid:87)(cid:74)(cid:85)(cid:74)(cid:70)(cid:84)(cid:1)(cid:68)(cid:80)(cid:79)(cid:85)(cid:83)(cid:74)(cid:67)(cid:86)(cid:85)(cid:74)(cid:79)(cid:72)(cid:1)(cid:18)(cid:17)(cid:6)(cid:1)(cid:80)(cid:83)(cid:1)(cid:78)(cid:80)(cid:83)(cid:70)(cid:1)(cid:80)(cid:71)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:85)(cid:80)(cid:85)(cid:66)(cid:77)(cid:1)(cid:85)(cid:86)(cid:83)(cid:79)(cid:80)(cid:87)(cid:70)(cid:83)(cid:1)(cid:80)(cid:71)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:68)(cid:80)(cid:78)(cid:81)(cid:66)(cid:79)(cid:90)(cid:1)(cid:84)(cid:73)(cid:66)(cid:77)(cid:77)(cid:1)(cid:67)(cid:70)(cid:1)(cid:84)(cid:85)(cid:66)(cid:85)(cid:70)(cid:69)(cid:27)(cid:14)
Sl.
No.
Name and Description of
main products/services
NIC Code of the
product/service
% to total turnover of the company
1
Power Supply & Transmission charges
3510
82.60
III.
PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES –
Sl.
No.
1
2
3
4
5
6
Name and Address of the Company *
CIN/GLN
Holding/
Subsidiary/
Associate
% of
shares
held *
Applicable
Section
Af-Taab Investment Co. Ltd.
Corporate Centre, B Block, 34, Sant Tukaram Road,
(cid:36)(cid:66)(cid:83)(cid:79)(cid:66)(cid:68)(cid:1)(cid:35)(cid:86)(cid:79)(cid:69)(cid:70)(cid:83)(cid:13)(cid:1)(cid:46)(cid:86)(cid:78)(cid:67)(cid:66)(cid:74)(cid:1)(cid:21)(cid:17)(cid:17)(cid:1)(cid:17)(cid:17)(cid:26)
Tata Power Trading Co. Ltd.
Carnac Receiving Station, 34, Sant Tukaram Road,
(cid:36)(cid:66)(cid:83)(cid:79)(cid:66)(cid:68)(cid:1)(cid:35)(cid:86)(cid:79)(cid:69)(cid:70)(cid:83)(cid:13)(cid:1)(cid:46)(cid:86)(cid:78)(cid:67)(cid:66)(cid:74)(cid:1)(cid:21)(cid:17)(cid:17)(cid:1)(cid:17)(cid:17)(cid:26)
Powerlinks Transmission Ltd.#
10th Floor, DLF Tower-A, District Center-Jasola,
(cid:47)(cid:70)(cid:88)(cid:1)(cid:37)(cid:70)(cid:77)(cid:73)(cid:74)(cid:1)(cid:18)(cid:18)(cid:17)(cid:1)(cid:17)(cid:19)(cid:22)
Maithon Power Ltd.
Corporate Center, 34, Sant Tukaram Road,
(cid:36)(cid:66)(cid:83)(cid:79)(cid:66)(cid:68)(cid:1)(cid:35)(cid:86)(cid:79)(cid:69)(cid:70)(cid:83)(cid:13)(cid:1)(cid:46)(cid:86)(cid:78)(cid:67)(cid:66)(cid:74)(cid:1)(cid:21)(cid:17)(cid:17)(cid:1)(cid:17)(cid:17)(cid:26)
(cid:47)(cid:38)(cid:45)(cid:36)(cid:48)(cid:1)(cid:45)(cid:85)(cid:69)(cid:15)
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(cid:38)(cid:77)(cid:70)(cid:68)(cid:85)(cid:83)(cid:80)(cid:79)(cid:74)(cid:68)(cid:84)(cid:1)(cid:59)(cid:80)(cid:79)(cid:70)(cid:13)(cid:1)(cid:46)(cid:66)(cid:73)(cid:66)(cid:81)(cid:70)(cid:13)(cid:1)(cid:47)(cid:66)(cid:87)(cid:74)(cid:1)(cid:46)(cid:86)(cid:78)(cid:67)(cid:66)(cid:74)(cid:1)(cid:21)(cid:17)(cid:17)(cid:1)(cid:24)(cid:18)(cid:17)
Tatanet Services Ltd.
(cid:46)(cid:42)(cid:37)(cid:36)(cid:13)(cid:1)(cid:49)(cid:77)(cid:80)(cid:85)(cid:1)(cid:47)(cid:80)(cid:15)(cid:1)(cid:38)(cid:45)(cid:1)(cid:23)(cid:13)(cid:1)(cid:53)(cid:53)(cid:36)(cid:1)(cid:42)(cid:79)(cid:69)(cid:86)(cid:84)(cid:85)(cid:83)(cid:74)(cid:66)(cid:77)(cid:1)(cid:34)(cid:83)(cid:70)(cid:66)(cid:13)(cid:1)
(cid:38)(cid:77)(cid:70)(cid:68)(cid:85)(cid:83)(cid:80)(cid:79)(cid:74)(cid:68)(cid:84)(cid:1)(cid:59)(cid:80)(cid:79)(cid:70)(cid:13)(cid:1)(cid:46)(cid:66)(cid:73)(cid:66)(cid:81)(cid:70)(cid:13)(cid:1)(cid:47)(cid:66)(cid:87)(cid:74)(cid:1)(cid:46)(cid:86)(cid:78)(cid:67)(cid:66)(cid:74)(cid:1)(cid:21)(cid:17)(cid:17)(cid:1)(cid:24)(cid:18)(cid:17)
(cid:54)(cid:23)(cid:22)(cid:26)(cid:26)(cid:17)(cid:46)(cid:41)(cid:18)(cid:26)(cid:24)(cid:26)(cid:49)(cid:45)(cid:36)(cid:17)(cid:19)(cid:18)(cid:17)(cid:20)(cid:24)
Subsidiary
100
Section 2(87)
(cid:54)(cid:21)(cid:17)(cid:18)(cid:17)(cid:17)(cid:46)(cid:41)(cid:19)(cid:17)(cid:17)(cid:20)(cid:49)(cid:45)(cid:36)(cid:18)(cid:21)(cid:20)(cid:24)(cid:24)(cid:17)
Subsidiary
100
Section 2(87)
(cid:54)(cid:21)(cid:17)(cid:18)(cid:17)(cid:22)(cid:37)(cid:45)(cid:19)(cid:17)(cid:17)(cid:18)(cid:49)(cid:45)(cid:36)(cid:18)(cid:18)(cid:17)(cid:24)(cid:18)(cid:21)
Subsidiary
51
Section 2(87)
(cid:54)(cid:24)(cid:21)(cid:25)(cid:26)(cid:26)(cid:46)(cid:41)(cid:19)(cid:17)(cid:17)(cid:17)(cid:49)(cid:45)(cid:36)(cid:19)(cid:23)(cid:24)(cid:19)(cid:26)(cid:24)
Subsidiary
74
Section 2(87)
(cid:45)(cid:20)(cid:19)(cid:19)(cid:17)(cid:17)(cid:46)(cid:41)(cid:18)(cid:26)(cid:21)(cid:17)(cid:49)(cid:45)(cid:36)(cid:17)(cid:17)(cid:20)(cid:18)(cid:23)(cid:21)
Subsidiary
50.04
Section 2(87)
(cid:54)(cid:23)(cid:24)(cid:18)(cid:19)(cid:17)(cid:46)(cid:41)(cid:18)(cid:26)(cid:25)(cid:24)(cid:49)(cid:45)(cid:36)(cid:17)(cid:21)(cid:21)(cid:20)(cid:22)(cid:18)
Subsidiary
50.04
Section 2(87)
40 I Board’s Report
100th Annual Report 2018-19
Sl.
No.
7
8
(cid:26)
10
11
12
13
14
15
16
17
18
(cid:18)(cid:26)
Name and Address of the Company *
CIN/GLN
Holding/
Subsidiary/
Associate
% of
shares
held *
Applicable
Section
(cid:47)(cid:70)(cid:77)(cid:68)(cid:80)(cid:1)(cid:47)(cid:70)(cid:85)(cid:88)(cid:80)(cid:83)(cid:76)(cid:1)(cid:49)(cid:83)(cid:80)(cid:69)(cid:86)(cid:68)(cid:85)(cid:84)(cid:1)(cid:45)(cid:85)(cid:69)(cid:15)
EL-6, TTC Industrial Area, MIDC, Mahape,
(cid:47)(cid:66)(cid:87)(cid:74)(cid:1)(cid:46)(cid:86)(cid:78)(cid:67)(cid:66)(cid:74)(cid:1)(cid:21)(cid:17)(cid:17)(cid:1)(cid:24)(cid:18)(cid:17)
Industrial Energy Ltd.#
(cid:68)(cid:16)(cid:80)(cid:1)(cid:53)(cid:73)(cid:70)(cid:1)(cid:53)(cid:66)(cid:85)(cid:66)(cid:1)(cid:49)(cid:80)(cid:88)(cid:70)(cid:83)(cid:1)(cid:36)(cid:80)(cid:15)(cid:1)(cid:45)(cid:85)(cid:69)(cid:15)(cid:13)(cid:1)(cid:36)(cid:80)(cid:83)(cid:81)(cid:80)(cid:83)(cid:66)(cid:85)(cid:70)(cid:1)(cid:36)(cid:70)(cid:79)(cid:85)(cid:83)(cid:70)(cid:13)(cid:1)
A Block, 34, Sant Tukaram Road, Carnac Bunder,
(cid:46)(cid:86)(cid:78)(cid:67)(cid:66)(cid:74)(cid:1)(cid:21)(cid:17)(cid:17)(cid:1)(cid:17)(cid:17)(cid:26)
(cid:42)(cid:79)(cid:69)(cid:86)(cid:84)(cid:85)(cid:83)(cid:74)(cid:66)(cid:77)(cid:1)(cid:49)(cid:80)(cid:88)(cid:70)(cid:83)(cid:1)(cid:54)(cid:85)(cid:74)(cid:77)(cid:74)(cid:85)(cid:90)(cid:1)(cid:45)(cid:85)(cid:69)(cid:15)
(cid:68)(cid:16)(cid:80)(cid:1)(cid:53)(cid:73)(cid:70)(cid:1)(cid:53)(cid:66)(cid:85)(cid:66)(cid:1)(cid:49)(cid:80)(cid:88)(cid:70)(cid:83)(cid:1)(cid:36)(cid:80)(cid:15)(cid:1)(cid:45)(cid:85)(cid:69)(cid:15)(cid:13)(cid:1)(cid:36)(cid:80)(cid:83)(cid:81)(cid:80)(cid:83)(cid:66)(cid:85)(cid:70)(cid:1)(cid:36)(cid:70)(cid:79)(cid:85)(cid:83)(cid:70)(cid:13)(cid:1)
A Block, 34, Sant Tukaram Road, Carnac Bunder,
(cid:46)(cid:86)(cid:78)(cid:67)(cid:66)(cid:74)(cid:1)(cid:21)(cid:17)(cid:17)(cid:1)(cid:17)(cid:17)(cid:26)
Tata Power Delhi Distribution Ltd.
(cid:47)(cid:37)(cid:49)(cid:45)(cid:1)(cid:41)(cid:80)(cid:86)(cid:84)(cid:70)(cid:13)(cid:1)(cid:41)(cid:86)(cid:69)(cid:84)(cid:80)(cid:79)(cid:1)(cid:45)(cid:74)(cid:79)(cid:70)(cid:84)(cid:13)(cid:1)(cid:44)(cid:74)(cid:79)(cid:72)(cid:84)(cid:88)(cid:66)(cid:90)(cid:1)(cid:36)(cid:66)(cid:78)(cid:81)(cid:13)(cid:1)
(cid:37)(cid:70)(cid:77)(cid:73)(cid:74)(cid:1)(cid:18)(cid:18)(cid:17)(cid:1)(cid:17)(cid:17)(cid:26)
(cid:47)(cid:37)(cid:49)(cid:45)(cid:1)(cid:42)(cid:79)(cid:71)(cid:83)(cid:66)(cid:1)(cid:45)(cid:85)(cid:69)(cid:15)
Jeevan Bharati Tower #1, 10th Floor, 124,
(cid:36)(cid:80)(cid:79)(cid:79)(cid:66)(cid:86)(cid:72)(cid:73)(cid:85)(cid:1)(cid:36)(cid:74)(cid:83)(cid:68)(cid:86)(cid:84)(cid:13)(cid:1)(cid:47)(cid:70)(cid:88)(cid:1)(cid:37)(cid:70)(cid:77)(cid:73)(cid:74)(cid:1)(cid:18)(cid:18)(cid:17)(cid:1)(cid:17)(cid:17)(cid:18)
(cid:36)(cid:80)(cid:66)(cid:84)(cid:85)(cid:66)(cid:77)(cid:1)(cid:40)(cid:86)(cid:75)(cid:66)(cid:83)(cid:66)(cid:85)(cid:1)(cid:49)(cid:80)(cid:88)(cid:70)(cid:83)(cid:1)(cid:45)(cid:85)(cid:69)(cid:15)
(cid:20)(cid:21)(cid:13)(cid:1)(cid:52)(cid:66)(cid:79)(cid:85)(cid:1)(cid:53)(cid:86)(cid:76)(cid:66)(cid:83)(cid:66)(cid:78)(cid:1)(cid:51)(cid:80)(cid:66)(cid:69)(cid:13)(cid:1)(cid:36)(cid:66)(cid:83)(cid:79)(cid:66)(cid:68)(cid:1)(cid:35)(cid:86)(cid:79)(cid:69)(cid:70)(cid:83)(cid:13)(cid:1)(cid:46)(cid:86)(cid:78)(cid:67)(cid:66)(cid:74)(cid:1)(cid:21)(cid:17)(cid:17)(cid:1)(cid:17)(cid:17)(cid:26)
Tata Power Renewable Energy Ltd.
(cid:68)(cid:16)(cid:80)(cid:1)(cid:53)(cid:73)(cid:70)(cid:1)(cid:53)(cid:66)(cid:85)(cid:66)(cid:1)(cid:49)(cid:80)(cid:88)(cid:70)(cid:83)(cid:1)(cid:36)(cid:80)(cid:15)(cid:1)(cid:45)(cid:85)(cid:69)(cid:15)(cid:13)(cid:1)(cid:36)(cid:80)(cid:83)(cid:81)(cid:80)(cid:83)(cid:66)(cid:85)(cid:70)(cid:1)(cid:36)(cid:70)(cid:79)(cid:85)(cid:83)(cid:70)(cid:13)(cid:1)
A Block, 34, Sant Tukaram Road, Carnac Bunder,
(cid:46)(cid:86)(cid:78)(cid:67)(cid:66)(cid:74)(cid:1)(cid:21)(cid:17)(cid:17)(cid:1)(cid:17)(cid:17)(cid:26)
(cid:53)(cid:66)(cid:85)(cid:66)(cid:1)(cid:49)(cid:80)(cid:88)(cid:70)(cid:83)(cid:1)(cid:40)(cid:83)(cid:70)(cid:70)(cid:79)(cid:1)(cid:38)(cid:79)(cid:70)(cid:83)(cid:72)(cid:90)(cid:1)(cid:45)(cid:85)(cid:69)(cid:15)
B Block, Corporate Centre, 34, Sant Tukaram Road,
(cid:36)(cid:66)(cid:83)(cid:79)(cid:66)(cid:68)(cid:1)(cid:35)(cid:86)(cid:79)(cid:69)(cid:70)(cid:83)(cid:13)(cid:1)(cid:46)(cid:86)(cid:78)(cid:67)(cid:66)(cid:74)(cid:1)(cid:21)(cid:17)(cid:17)(cid:1)(cid:17)(cid:17)(cid:26)
(cid:52)(cid:86)(cid:81)(cid:66)(cid:1)(cid:56)(cid:74)(cid:79)(cid:69)(cid:71)(cid:66)(cid:83)(cid:78)(cid:1)(cid:45)(cid:85)(cid:69)(cid:15)
(cid:68)(cid:16)(cid:80)(cid:1)(cid:53)(cid:73)(cid:70)(cid:1)(cid:53)(cid:66)(cid:85)(cid:66)(cid:1)(cid:49)(cid:80)(cid:88)(cid:70)(cid:83)(cid:1)(cid:36)(cid:80)(cid:15)(cid:1)(cid:45)(cid:85)(cid:69)(cid:15)(cid:13)(cid:1)(cid:36)(cid:80)(cid:83)(cid:81)(cid:80)(cid:83)(cid:66)(cid:85)(cid:70)(cid:1)(cid:36)(cid:70)(cid:79)(cid:85)(cid:83)(cid:70)(cid:13)(cid:1)
A Block, 34, Sant Tukaram Road, Carnac Bunder,
(cid:46)(cid:86)(cid:78)(cid:67)(cid:66)(cid:74)(cid:1)(cid:21)(cid:17)(cid:17)(cid:1)(cid:17)(cid:17)(cid:26)
(cid:47)(cid:74)(cid:87)(cid:66)(cid:69)(cid:70)(cid:1)(cid:56)(cid:74)(cid:79)(cid:69)(cid:71)(cid:66)(cid:83)(cid:78)(cid:1)(cid:45)(cid:85)(cid:69)(cid:15)(cid:1)
(cid:68)(cid:16)(cid:80)(cid:1)(cid:53)(cid:73)(cid:70)(cid:1)(cid:53)(cid:66)(cid:85)(cid:66)(cid:1)(cid:49)(cid:80)(cid:88)(cid:70)(cid:83)(cid:1)(cid:36)(cid:80)(cid:15)(cid:1)(cid:45)(cid:85)(cid:69)(cid:15)(cid:13)(cid:1)(cid:36)(cid:80)(cid:83)(cid:81)(cid:80)(cid:83)(cid:66)(cid:85)(cid:70)(cid:1)(cid:36)(cid:70)(cid:79)(cid:85)(cid:83)(cid:70)(cid:13)(cid:1)
A Block, 34, Sant Tukaram Road, Carnac Bunder,
(cid:46)(cid:86)(cid:78)(cid:67)(cid:66)(cid:74)(cid:1)(cid:21)(cid:17)(cid:17)(cid:1)(cid:17)(cid:17)(cid:26)
(cid:49)(cid:80)(cid:80)(cid:77)(cid:66)(cid:87)(cid:66)(cid:69)(cid:74)(cid:1)(cid:56)(cid:74)(cid:79)(cid:69)(cid:71)(cid:66)(cid:83)(cid:78)(cid:1)(cid:45)(cid:85)(cid:69)(cid:15)(cid:1)
(cid:68)(cid:16)(cid:80)(cid:1)(cid:53)(cid:73)(cid:70)(cid:1)(cid:53)(cid:66)(cid:85)(cid:66)(cid:1)(cid:49)(cid:80)(cid:88)(cid:70)(cid:83)(cid:1)(cid:36)(cid:80)(cid:15)(cid:1)(cid:45)(cid:85)(cid:69)(cid:15)(cid:13)(cid:1)(cid:36)(cid:80)(cid:83)(cid:81)(cid:80)(cid:83)(cid:66)(cid:85)(cid:70)(cid:1)(cid:36)(cid:70)(cid:79)(cid:85)(cid:83)(cid:70)(cid:13)(cid:1)
A Block, 34, Sant Tukaram Road, Carnac Bunder,
(cid:46)(cid:86)(cid:78)(cid:67)(cid:66)(cid:74)(cid:1)(cid:21)(cid:17)(cid:17)(cid:1)(cid:17)(cid:17)(cid:26)
Indo Rama Renewables Jath Ltd.
(cid:68)(cid:16)(cid:80)(cid:1)(cid:53)(cid:73)(cid:70)(cid:1)(cid:53)(cid:66)(cid:85)(cid:66)(cid:1)(cid:49)(cid:80)(cid:88)(cid:70)(cid:83)(cid:1)(cid:36)(cid:80)(cid:15)(cid:1)(cid:45)(cid:85)(cid:69)(cid:15)(cid:13)(cid:1)(cid:36)(cid:80)(cid:83)(cid:81)(cid:80)(cid:83)(cid:66)(cid:85)(cid:70)(cid:1)(cid:36)(cid:70)(cid:79)(cid:85)(cid:83)(cid:70)(cid:13)(cid:1)
34, Sant Tukaram Road, Carnac Bunder,
(cid:46)(cid:86)(cid:78)(cid:67)(cid:66)(cid:74)(cid:1)(cid:21)(cid:17)(cid:17)(cid:1)(cid:17)(cid:17)(cid:26)(cid:1)
(cid:55)(cid:66)(cid:72)(cid:66)(cid:83)(cid:66)(cid:74)(cid:1)(cid:56)(cid:74)(cid:79)(cid:69)(cid:71)(cid:66)(cid:83)(cid:78)(cid:1)(cid:45)(cid:85)(cid:69)(cid:15)
(cid:68)(cid:16)(cid:80)(cid:1)(cid:53)(cid:73)(cid:70)(cid:1)(cid:53)(cid:66)(cid:85)(cid:66)(cid:1)(cid:49)(cid:80)(cid:88)(cid:70)(cid:83)(cid:1)(cid:36)(cid:80)(cid:15)(cid:1)(cid:45)(cid:85)(cid:69)(cid:15)(cid:13)(cid:1)(cid:36)(cid:80)(cid:83)(cid:81)(cid:80)(cid:83)(cid:66)(cid:85)(cid:70)(cid:1)(cid:36)(cid:70)(cid:79)(cid:85)(cid:83)(cid:70)(cid:13)(cid:1)(cid:20)(cid:21)(cid:13)(cid:1)
(cid:52)(cid:66)(cid:79)(cid:85)(cid:1)(cid:53)(cid:86)(cid:76)(cid:66)(cid:83)(cid:66)(cid:78)(cid:1)(cid:51)(cid:80)(cid:66)(cid:69)(cid:13)(cid:1)(cid:36)(cid:66)(cid:83)(cid:79)(cid:66)(cid:68)(cid:1)(cid:35)(cid:86)(cid:79)(cid:69)(cid:70)(cid:83)(cid:13)(cid:1)(cid:46)(cid:86)(cid:78)(cid:67)(cid:66)(cid:74)(cid:1)(cid:21)(cid:17)(cid:17)(cid:1)(cid:17)(cid:17)(cid:26)
(cid:54)(cid:20)(cid:19)(cid:20)(cid:17)(cid:26)(cid:46)(cid:41)(cid:19)(cid:17)(cid:18)(cid:23)(cid:49)(cid:45)(cid:36)(cid:19)(cid:25)(cid:22)(cid:23)(cid:26)(cid:20)
Subsidiary
50.04
Section 2(87)
(cid:54)(cid:24)(cid:21)(cid:26)(cid:26)(cid:26)(cid:46)(cid:41)(cid:19)(cid:17)(cid:17)(cid:24)(cid:49)(cid:45)(cid:36)(cid:18)(cid:23)(cid:24)(cid:23)(cid:19)(cid:20)
Subsidiary
74
Section 2(87)
(cid:54)(cid:24)(cid:21)(cid:26)(cid:26)(cid:26)(cid:46)(cid:41)(cid:19)(cid:17)(cid:17)(cid:24)(cid:49)(cid:45)(cid:36)(cid:18)(cid:23)(cid:25)(cid:19)(cid:26)(cid:18)
Subsidiary
100
Section 2(87)
(cid:54)(cid:21)(cid:17)(cid:18)(cid:17)(cid:26)(cid:37)(cid:45)(cid:19)(cid:17)(cid:17)(cid:18)(cid:49)(cid:45)(cid:36)(cid:18)(cid:18)(cid:18)(cid:22)(cid:19)(cid:23)
Subsidiary
51
Section 2(87)
(cid:54)(cid:21)(cid:17)(cid:18)(cid:17)(cid:23)(cid:37)(cid:45)(cid:19)(cid:17)(cid:18)(cid:18)(cid:49)(cid:45)(cid:36)(cid:19)(cid:19)(cid:20)(cid:26)(cid:25)(cid:19)
Subsidiary
51
Section 2(87)
(cid:54)(cid:21)(cid:17)(cid:18)(cid:17)(cid:19)(cid:46)(cid:41)(cid:19)(cid:17)(cid:17)(cid:23)(cid:49)(cid:45)(cid:36)(cid:18)(cid:25)(cid:19)(cid:19)(cid:18)(cid:20)
Subsidiary
100
Section 2(87)
(cid:54)(cid:21)(cid:17)(cid:18)(cid:17)(cid:25)(cid:46)(cid:41)(cid:19)(cid:17)(cid:17)(cid:24)(cid:49)(cid:45)(cid:36)(cid:18)(cid:23)(cid:25)(cid:20)(cid:18)(cid:21)
Subsidiary
100
Section 2(87)
(cid:54)(cid:21)(cid:17)(cid:18)(cid:17)(cid:25)(cid:46)(cid:41)(cid:19)(cid:17)(cid:18)(cid:18)(cid:49)(cid:45)(cid:36)(cid:19)(cid:18)(cid:18)(cid:25)(cid:22)(cid:18)
Subsidiary
100
Section 2(87)
(cid:54)(cid:21)(cid:17)(cid:20)(cid:17)(cid:17)(cid:46)(cid:41)(cid:19)(cid:17)(cid:18)(cid:22)(cid:49)(cid:45)(cid:36)(cid:19)(cid:24)(cid:17)(cid:25)(cid:24)(cid:25)
Subsidiary
100
Section 2(87)
(cid:54)(cid:21)(cid:17)(cid:20)(cid:17)(cid:17)(cid:46)(cid:41)(cid:19)(cid:17)(cid:18)(cid:22)(cid:49)(cid:45)(cid:36)(cid:19)(cid:24)(cid:18)(cid:18)(cid:18)(cid:21)
Subsidiary
100
Section 2(87)
(cid:54)(cid:21)(cid:17)(cid:20)(cid:17)(cid:17)(cid:46)(cid:41)(cid:19)(cid:17)(cid:18)(cid:23)(cid:49)(cid:45)(cid:36)(cid:19)(cid:24)(cid:18)(cid:25)(cid:26)(cid:26)
Subsidiary
100
Section 2(87)
(cid:54)(cid:21)(cid:17)(cid:20)(cid:17)(cid:17)(cid:46)(cid:41)(cid:19)(cid:17)(cid:18)(cid:19)(cid:49)(cid:45)(cid:36)(cid:20)(cid:18)(cid:23)(cid:26)(cid:23)(cid:20)
Subsidiary
100
Section 2(87)
(cid:54)(cid:21)(cid:17)(cid:18)(cid:17)(cid:23)(cid:46)(cid:41)(cid:19)(cid:17)(cid:18)(cid:24)(cid:49)(cid:45)(cid:36)(cid:19)(cid:26)(cid:18)(cid:24)(cid:17)(cid:25)
Subsidiary
72
Section 2(87)
20 (cid:56)(cid:66)(cid:77)(cid:88)(cid:73)(cid:66)(cid:79)(cid:1)(cid:51)(cid:70)(cid:79)(cid:70)(cid:88)(cid:66)(cid:67)(cid:77)(cid:70)(cid:1)(cid:38)(cid:79)(cid:70)(cid:83)(cid:72)(cid:90)(cid:1)(cid:45)(cid:85)(cid:69)(cid:15)
(cid:54)(cid:21)(cid:17)(cid:18)(cid:17)(cid:20)(cid:46)(cid:41)(cid:19)(cid:17)(cid:17)(cid:26)(cid:49)(cid:45)(cid:36)(cid:18)(cid:26)(cid:24)(cid:17)(cid:19)(cid:18)
Subsidiary
100
Section 2(87)
21
22
(cid:68)(cid:16)(cid:80)(cid:1)(cid:53)(cid:73)(cid:70)(cid:1)(cid:53)(cid:66)(cid:85)(cid:66)(cid:1)(cid:49)(cid:80)(cid:88)(cid:70)(cid:83)(cid:1)(cid:36)(cid:80)(cid:15)(cid:1)(cid:45)(cid:85)(cid:69)(cid:15)(cid:13)(cid:1)(cid:36)(cid:80)(cid:83)(cid:81)(cid:80)(cid:83)(cid:66)(cid:85)(cid:70)(cid:1)(cid:36)(cid:70)(cid:79)(cid:85)(cid:83)(cid:70)(cid:1)(cid:35)(cid:13)(cid:1)(cid:20)(cid:21)(cid:13)(cid:1)
(cid:52)(cid:66)(cid:79)(cid:85)(cid:1)(cid:53)(cid:86)(cid:76)(cid:66)(cid:83)(cid:66)(cid:78)(cid:1)(cid:51)(cid:80)(cid:66)(cid:69)(cid:13)(cid:1)(cid:36)(cid:66)(cid:83)(cid:79)(cid:66)(cid:68)(cid:1)(cid:35)(cid:86)(cid:79)(cid:69)(cid:70)(cid:83)(cid:13)(cid:1)(cid:46)(cid:86)(cid:78)(cid:67)(cid:66)(cid:74)(cid:1)(cid:21)(cid:17)(cid:17)(cid:1)(cid:17)(cid:17)(cid:26)
Clean Sustainable Solar Energy Pvt. Ltd.
(cid:68)(cid:16)(cid:80)(cid:1)(cid:53)(cid:73)(cid:70)(cid:1)(cid:53)(cid:66)(cid:85)(cid:66)(cid:1)(cid:49)(cid:80)(cid:88)(cid:70)(cid:83)(cid:1)(cid:36)(cid:80)(cid:15)(cid:1)(cid:45)(cid:85)(cid:69)(cid:15)(cid:13)(cid:1)(cid:36)(cid:80)(cid:83)(cid:81)(cid:80)(cid:83)(cid:66)(cid:85)(cid:70)(cid:1)(cid:36)(cid:70)(cid:79)(cid:85)(cid:83)(cid:70)(cid:1)(cid:35)(cid:13)(cid:1)(cid:20)(cid:21)(cid:13)(cid:1)
(cid:52)(cid:66)(cid:79)(cid:85)(cid:1)(cid:53)(cid:86)(cid:76)(cid:66)(cid:83)(cid:66)(cid:78)(cid:1)(cid:51)(cid:80)(cid:66)(cid:69)(cid:13)(cid:1)(cid:36)(cid:66)(cid:83)(cid:79)(cid:66)(cid:68)(cid:1)(cid:35)(cid:86)(cid:79)(cid:69)(cid:70)(cid:83)(cid:13)(cid:1)(cid:46)(cid:86)(cid:78)(cid:67)(cid:66)(cid:74)(cid:1)(cid:21)(cid:17)(cid:17)(cid:1)(cid:17)(cid:17)(cid:26)
Dreisatz Mysolar24 Pvt. Ltd.
(cid:36)(cid:14)(cid:18)(cid:21)(cid:13)(cid:1)(cid:45)(cid:80)(cid:88)(cid:70)(cid:83)(cid:1)(cid:40)(cid:83)(cid:80)(cid:86)(cid:79)(cid:69)(cid:1)(cid:39)(cid:77)(cid:80)(cid:80)(cid:83)(cid:13)(cid:1)(cid:36)(cid:73)(cid:74)(cid:83)(cid:66)(cid:72)(cid:1)(cid:38)(cid:79)(cid:68)(cid:77)(cid:66)(cid:87)(cid:70)(cid:13)(cid:1)
(cid:40)(cid:83)(cid:70)(cid:66)(cid:85)(cid:70)(cid:83)(cid:1)(cid:44)(cid:66)(cid:74)(cid:77)(cid:66)(cid:84)(cid:73)(cid:1)(cid:14)(cid:1)(cid:18)(cid:13)(cid:1)(cid:47)(cid:70)(cid:88)(cid:1)(cid:37)(cid:70)(cid:77)(cid:73)(cid:74)(cid:1)(cid:18)(cid:18)(cid:17)(cid:1)(cid:17)(cid:21)(cid:25)(cid:1)
(cid:54)(cid:21)(cid:17)(cid:20)(cid:17)(cid:17)(cid:46)(cid:41)(cid:19)(cid:17)(cid:18)(cid:21)(cid:49)(cid:53)(cid:36)(cid:19)(cid:22)(cid:21)(cid:20)(cid:24)(cid:18)
Subsidiary
(cid:26)(cid:26)(cid:15)(cid:26)(cid:26)
Section 2(87)
(cid:54)(cid:21)(cid:17)(cid:18)(cid:17)(cid:19)(cid:37)(cid:45)(cid:19)(cid:17)(cid:17)(cid:26)(cid:49)(cid:53)(cid:36)(cid:18)(cid:26)(cid:22)(cid:17)(cid:25)(cid:19)
Subsidiary
100
Section 2(87)
23 MI Mysolar24 Pvt. Ltd.
(cid:54)(cid:21)(cid:17)(cid:18)(cid:17)(cid:23)(cid:37)(cid:45)(cid:19)(cid:17)(cid:17)(cid:26)(cid:49)(cid:53)(cid:36)(cid:18)(cid:26)(cid:22)(cid:17)(cid:26)(cid:17)
Subsidiary
100
Section 2(87)
(cid:36)(cid:14)(cid:18)(cid:21)(cid:13)(cid:1)(cid:45)(cid:80)(cid:88)(cid:70)(cid:83)(cid:1)(cid:40)(cid:83)(cid:80)(cid:86)(cid:79)(cid:69)(cid:1)(cid:39)(cid:77)(cid:80)(cid:80)(cid:83)(cid:13)(cid:1)(cid:36)(cid:73)(cid:74)(cid:83)(cid:66)(cid:72)(cid:1)(cid:38)(cid:79)(cid:68)(cid:77)(cid:66)(cid:87)(cid:70)(cid:13)(cid:1)
(cid:40)(cid:83)(cid:70)(cid:66)(cid:85)(cid:70)(cid:83)(cid:1)(cid:44)(cid:66)(cid:74)(cid:77)(cid:66)(cid:84)(cid:73)(cid:1)(cid:14)(cid:1)(cid:18)(cid:13)(cid:1)(cid:47)(cid:70)(cid:88)(cid:1)(cid:37)(cid:70)(cid:77)(cid:73)(cid:74)(cid:1)(cid:18)(cid:18)(cid:17)(cid:1)(cid:17)(cid:21)(cid:25)
Board’s Report I 41
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A
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D
M
T
R
O
P
E
R
G
C
R
R
B
D
E
T
A
D
I
L
O
S
N
O
C
E
N
O
L
A
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N
A
T
S
Name and Address of the Company *
CIN/GLN
The Tata Power Company Limited
Holding/
Subsidiary/
Associate
% of
shares
held *
Applicable
Section
(cid:47)(cid:80)(cid:83)(cid:85)(cid:73)(cid:88)(cid:70)(cid:84)(cid:85)(cid:1)(cid:38)(cid:79)(cid:70)(cid:83)(cid:72)(cid:90)(cid:1)(cid:49)(cid:87)(cid:85)(cid:15)(cid:1)(cid:45)(cid:85)(cid:69)(cid:15)
(cid:68)(cid:16)(cid:80)(cid:1)(cid:53)(cid:73)(cid:70)(cid:1)(cid:53)(cid:66)(cid:85)(cid:66)(cid:1)(cid:49)(cid:80)(cid:88)(cid:70)(cid:83)(cid:1)(cid:36)(cid:80)(cid:15)(cid:1)(cid:45)(cid:85)(cid:69)(cid:15)(cid:13)(cid:1)(cid:36)(cid:80)(cid:83)(cid:81)(cid:80)(cid:83)(cid:66)(cid:85)(cid:70)(cid:1)(cid:36)(cid:70)(cid:79)(cid:85)(cid:83)(cid:70)(cid:1)(cid:35)(cid:13)(cid:1)(cid:20)(cid:21)(cid:13)(cid:1)
(cid:52)(cid:66)(cid:79)(cid:85)(cid:1)(cid:53)(cid:86)(cid:76)(cid:66)(cid:83)(cid:66)(cid:78)(cid:1)(cid:51)(cid:80)(cid:66)(cid:69)(cid:13)(cid:1)(cid:36)(cid:66)(cid:83)(cid:79)(cid:66)(cid:68)(cid:1)(cid:35)(cid:86)(cid:79)(cid:69)(cid:70)(cid:83)(cid:13)(cid:1)(cid:1)(cid:46)(cid:86)(cid:78)(cid:67)(cid:66)(cid:74)(cid:1)(cid:21)(cid:17)(cid:17)(cid:1)(cid:17)(cid:17)(cid:26)
Solarsys Renewable Energy Pvt. Ltd.
(cid:36)(cid:14)(cid:18)(cid:21)(cid:13)(cid:1)(cid:45)(cid:80)(cid:88)(cid:70)(cid:83)(cid:1)(cid:40)(cid:83)(cid:80)(cid:86)(cid:79)(cid:69)(cid:1)(cid:39)(cid:77)(cid:80)(cid:80)(cid:83)(cid:13)(cid:1)(cid:36)(cid:73)(cid:74)(cid:83)(cid:66)(cid:72)(cid:1)(cid:38)(cid:79)(cid:68)(cid:77)(cid:66)(cid:87)(cid:70)(cid:13)(cid:1)
(cid:40)(cid:83)(cid:70)(cid:66)(cid:85)(cid:70)(cid:83)(cid:1)(cid:44)(cid:66)(cid:74)(cid:77)(cid:66)(cid:84)(cid:73)(cid:1)(cid:14)(cid:1)(cid:18)(cid:13)(cid:1)(cid:47)(cid:70)(cid:88)(cid:1)(cid:37)(cid:70)(cid:77)(cid:73)(cid:74)(cid:1)(cid:18)(cid:18)(cid:17)(cid:1)(cid:17)(cid:21)(cid:25)
(cid:54)(cid:21)(cid:17)(cid:18)(cid:17)(cid:25)(cid:46)(cid:41)(cid:19)(cid:17)(cid:17)(cid:25)(cid:49)(cid:53)(cid:36)(cid:18)(cid:25)(cid:19)(cid:24)(cid:23)(cid:19)
Subsidiary
100
Section 2(87)
(cid:54)(cid:24)(cid:21)(cid:26)(cid:26)(cid:26)(cid:37)(cid:45)(cid:19)(cid:17)(cid:17)(cid:21)(cid:49)(cid:53)(cid:36)(cid:18)(cid:20)(cid:18)(cid:17)(cid:24)(cid:21)
Subsidiary
100
Section 2(87)
Sl.
No.
24
25
26 (cid:56)(cid:66)(cid:77)(cid:88)(cid:73)(cid:66)(cid:79)(cid:1)(cid:52)(cid:80)(cid:77)(cid:66)(cid:83)(cid:1)(cid:38)(cid:79)(cid:70)(cid:83)(cid:72)(cid:90)(cid:1)(cid:40)(cid:43)(cid:1)(cid:45)(cid:85)(cid:69)(cid:15)
(cid:54)(cid:21)(cid:17)(cid:18)(cid:17)(cid:21)(cid:46)(cid:41)(cid:19)(cid:17)(cid:17)(cid:25)(cid:49)(cid:45)(cid:36)(cid:18)(cid:25)(cid:21)(cid:18)(cid:20)(cid:21)
Subsidiary
100
Section 2(87)
(cid:68)(cid:16)(cid:80)(cid:1)(cid:53)(cid:73)(cid:70)(cid:1)(cid:53)(cid:66)(cid:85)(cid:66)(cid:1)(cid:49)(cid:80)(cid:88)(cid:70)(cid:83)(cid:1)(cid:36)(cid:80)(cid:15)(cid:1)(cid:45)(cid:85)(cid:69)(cid:15)(cid:13)(cid:1)(cid:36)(cid:80)(cid:83)(cid:81)(cid:80)(cid:83)(cid:66)(cid:85)(cid:70)(cid:1)(cid:36)(cid:70)(cid:79)(cid:85)(cid:83)(cid:70)(cid:1)(cid:35)(cid:13)(cid:1)(cid:20)(cid:21)(cid:13)(cid:1)
(cid:52)(cid:66)(cid:79)(cid:85)(cid:1)(cid:53)(cid:86)(cid:76)(cid:66)(cid:83)(cid:66)(cid:78)(cid:1)(cid:51)(cid:80)(cid:66)(cid:69)(cid:13)(cid:1)(cid:36)(cid:66)(cid:83)(cid:79)(cid:66)(cid:68)(cid:1)(cid:35)(cid:86)(cid:79)(cid:69)(cid:70)(cid:83)(cid:13)(cid:1)(cid:46)(cid:86)(cid:78)(cid:67)(cid:66)(cid:74)(cid:1)(cid:21)(cid:17)(cid:17)(cid:1)(cid:17)(cid:17)(cid:26)
27 (cid:56)(cid:66)(cid:77)(cid:88)(cid:73)(cid:66)(cid:79)(cid:1)(cid:52)(cid:80)(cid:77)(cid:66)(cid:83)(cid:1)(cid:51)(cid:66)(cid:75)(cid:1)(cid:45)(cid:85)(cid:69)(cid:15)
(cid:54)(cid:21)(cid:17)(cid:18)(cid:17)(cid:22)(cid:46)(cid:41)(cid:19)(cid:17)(cid:18)(cid:17)(cid:49)(cid:45)(cid:36)(cid:19)(cid:17)(cid:19)(cid:17)(cid:26)(cid:24)
Subsidiary
100
Section 2(87)
(cid:68)(cid:16)(cid:80)(cid:1)(cid:53)(cid:73)(cid:70)(cid:1)(cid:53)(cid:66)(cid:85)(cid:66)(cid:1)(cid:49)(cid:80)(cid:88)(cid:70)(cid:83)(cid:1)(cid:36)(cid:80)(cid:15)(cid:1)(cid:45)(cid:85)(cid:69)(cid:15)(cid:13)(cid:1)(cid:36)(cid:80)(cid:83)(cid:81)(cid:80)(cid:83)(cid:66)(cid:85)(cid:70)(cid:1)(cid:36)(cid:70)(cid:79)(cid:85)(cid:83)(cid:70)(cid:1)(cid:35)(cid:13)(cid:1)(cid:20)(cid:21)(cid:13)(cid:1)
(cid:52)(cid:66)(cid:79)(cid:85)(cid:1)(cid:53)(cid:86)(cid:76)(cid:66)(cid:83)(cid:66)(cid:78)(cid:1)(cid:51)(cid:80)(cid:66)(cid:69)(cid:13)(cid:1)(cid:36)(cid:66)(cid:83)(cid:79)(cid:66)(cid:68)(cid:1)(cid:35)(cid:86)(cid:79)(cid:69)(cid:70)(cid:83)(cid:13)(cid:1)(cid:46)(cid:86)(cid:78)(cid:67)(cid:66)(cid:74)(cid:1)(cid:21)(cid:17)(cid:17)(cid:1)(cid:17)(cid:17)(cid:26)
28 (cid:56)(cid:66)(cid:77)(cid:88)(cid:73)(cid:66)(cid:79)(cid:1)(cid:52)(cid:80)(cid:77)(cid:66)(cid:83)(cid:1)(cid:35)(cid:41)(cid:1)(cid:45)(cid:85)(cid:69)(cid:15)
(cid:54)(cid:21)(cid:17)(cid:18)(cid:17)(cid:23)(cid:46)(cid:41)(cid:19)(cid:17)(cid:18)(cid:17)(cid:49)(cid:45)(cid:36)(cid:19)(cid:17)(cid:26)(cid:23)(cid:18)(cid:22)
Subsidiary
100
Section 2(87)
(cid:68)(cid:16)(cid:80)(cid:1)(cid:53)(cid:73)(cid:70)(cid:1)(cid:53)(cid:66)(cid:85)(cid:66)(cid:1)(cid:49)(cid:80)(cid:88)(cid:70)(cid:83)(cid:1)(cid:36)(cid:80)(cid:15)(cid:1)(cid:45)(cid:85)(cid:69)(cid:15)(cid:13)(cid:1)(cid:36)(cid:80)(cid:83)(cid:81)(cid:80)(cid:83)(cid:66)(cid:85)(cid:70)(cid:1)(cid:36)(cid:70)(cid:79)(cid:85)(cid:83)(cid:70)(cid:1)(cid:35)(cid:13)(cid:1)(cid:20)(cid:21)(cid:13)(cid:1)
(cid:52)(cid:66)(cid:79)(cid:85)(cid:1)(cid:53)(cid:86)(cid:76)(cid:66)(cid:83)(cid:66)(cid:78)(cid:1)(cid:51)(cid:80)(cid:66)(cid:69)(cid:13)(cid:1)(cid:36)(cid:66)(cid:83)(cid:79)(cid:66)(cid:68)(cid:1)(cid:35)(cid:86)(cid:79)(cid:69)(cid:70)(cid:83)(cid:13)(cid:1)(cid:46)(cid:86)(cid:78)(cid:67)(cid:66)(cid:74)(cid:1)(cid:21)(cid:17)(cid:17)(cid:1)(cid:17)(cid:17)(cid:26)
(cid:19)(cid:26) (cid:56)(cid:66)(cid:77)(cid:88)(cid:73)(cid:66)(cid:79)(cid:1)(cid:52)(cid:80)(cid:77)(cid:66)(cid:83)(cid:1)(cid:46)(cid:41)(cid:1)(cid:45)(cid:85)(cid:69)(cid:15)
(cid:54)(cid:21)(cid:17)(cid:18)(cid:17)(cid:25)(cid:46)(cid:41)(cid:19)(cid:17)(cid:17)(cid:23)(cid:49)(cid:45)(cid:36)(cid:18)(cid:23)(cid:22)(cid:23)(cid:24)(cid:20)
Subsidiary
100
Section 2(87)
(cid:68)(cid:16)(cid:80)(cid:1)(cid:53)(cid:73)(cid:70)(cid:1)(cid:53)(cid:66)(cid:85)(cid:66)(cid:1)(cid:49)(cid:80)(cid:88)(cid:70)(cid:83)(cid:1)(cid:36)(cid:80)(cid:15)(cid:1)(cid:45)(cid:85)(cid:69)(cid:15)(cid:13)(cid:1)(cid:36)(cid:80)(cid:83)(cid:81)(cid:80)(cid:83)(cid:66)(cid:85)(cid:70)(cid:1)(cid:36)(cid:70)(cid:79)(cid:85)(cid:83)(cid:70)(cid:1)(cid:35)(cid:13)(cid:1)(cid:20)(cid:21)(cid:13)(cid:1)
(cid:52)(cid:66)(cid:79)(cid:85)(cid:1)(cid:53)(cid:86)(cid:76)(cid:66)(cid:83)(cid:66)(cid:78)(cid:1)(cid:51)(cid:80)(cid:66)(cid:69)(cid:13)(cid:1)(cid:36)(cid:66)(cid:83)(cid:79)(cid:66)(cid:68)(cid:1)(cid:35)(cid:86)(cid:79)(cid:69)(cid:70)(cid:83)(cid:13)(cid:1)(cid:46)(cid:86)(cid:78)(cid:67)(cid:66)(cid:74)(cid:1)(cid:21)(cid:17)(cid:17)(cid:1)(cid:17)(cid:17)(cid:26)
30 (cid:56)(cid:66)(cid:77)(cid:88)(cid:73)(cid:66)(cid:79)(cid:1)(cid:56)(cid:74)(cid:79)(cid:69)(cid:1)(cid:51)(cid:43)(cid:1)(cid:45)(cid:85)(cid:69)(cid:15)
(cid:54)(cid:21)(cid:17)(cid:18)(cid:17)(cid:25)(cid:37)(cid:45)(cid:19)(cid:17)(cid:17)(cid:23)(cid:49)(cid:45)(cid:36)(cid:19)(cid:24)(cid:21)(cid:19)(cid:18)(cid:26)
Subsidiary
100
Section 2(87)
(cid:36)(cid:14)(cid:18)(cid:21)(cid:13)(cid:1)(cid:45)(cid:80)(cid:88)(cid:70)(cid:83)(cid:1)(cid:40)(cid:83)(cid:80)(cid:86)(cid:79)(cid:69)(cid:1)(cid:39)(cid:77)(cid:80)(cid:80)(cid:83)(cid:13)(cid:1)(cid:36)(cid:73)(cid:74)(cid:83)(cid:66)(cid:72)(cid:1)(cid:38)(cid:79)(cid:68)(cid:77)(cid:66)(cid:87)(cid:70)(cid:13)(cid:1)
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31 (cid:56)(cid:66)(cid:77)(cid:88)(cid:73)(cid:66)(cid:79)(cid:1)(cid:52)(cid:80)(cid:77)(cid:66)(cid:83)(cid:1)(cid:34)(cid:49)(cid:1)(cid:45)(cid:85)(cid:69)(cid:15)
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Subsidiary
100
Section 2(87)
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32 (cid:56)(cid:66)(cid:77)(cid:88)(cid:73)(cid:66)(cid:79)(cid:1)(cid:52)(cid:80)(cid:77)(cid:66)(cid:83)(cid:1)(cid:44)(cid:34)(cid:1)(cid:45)(cid:85)(cid:69)(cid:15)
(cid:54)(cid:21)(cid:17)(cid:20)(cid:17)(cid:17)(cid:46)(cid:41)(cid:19)(cid:17)(cid:18)(cid:19)(cid:49)(cid:45)(cid:36)(cid:19)(cid:20)(cid:20)(cid:21)(cid:18)(cid:25)
Subsidiary
100
Section 2(87)
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(cid:52)(cid:66)(cid:79)(cid:85)(cid:1)(cid:53)(cid:86)(cid:76)(cid:66)(cid:83)(cid:66)(cid:78)(cid:1)(cid:51)(cid:80)(cid:66)(cid:69)(cid:13)(cid:1)(cid:36)(cid:66)(cid:83)(cid:79)(cid:66)(cid:68)(cid:1)(cid:35)(cid:86)(cid:79)(cid:69)(cid:70)(cid:83)(cid:13)(cid:1)(cid:46)(cid:86)(cid:78)(cid:67)(cid:66)(cid:74)(cid:1)(cid:21)(cid:17)(cid:17)(cid:1)(cid:17)(cid:17)(cid:26)
33 (cid:56)(cid:66)(cid:77)(cid:88)(cid:73)(cid:66)(cid:79)(cid:1)(cid:52)(cid:80)(cid:77)(cid:66)(cid:83)(cid:1)(cid:46)(cid:49)(cid:1)(cid:45)(cid:85)(cid:69)(cid:15)
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Subsidiary
100
Section 2(87)
(cid:68)(cid:16)(cid:80)(cid:1)(cid:53)(cid:73)(cid:70)(cid:1)(cid:53)(cid:66)(cid:85)(cid:66)(cid:1)(cid:49)(cid:80)(cid:88)(cid:70)(cid:83)(cid:1)(cid:36)(cid:80)(cid:15)(cid:1)(cid:45)(cid:85)(cid:69)(cid:15)(cid:13)(cid:1)(cid:36)(cid:80)(cid:83)(cid:81)(cid:80)(cid:83)(cid:66)(cid:85)(cid:70)(cid:1)(cid:36)(cid:70)(cid:79)(cid:85)(cid:83)(cid:70)(cid:1)(cid:35)(cid:13)(cid:1)(cid:20)(cid:21)(cid:13)(cid:1)
(cid:52)(cid:66)(cid:79)(cid:85)(cid:1)(cid:53)(cid:86)(cid:76)(cid:66)(cid:83)(cid:66)(cid:78)(cid:1)(cid:51)(cid:80)(cid:66)(cid:69)(cid:13)(cid:1)(cid:36)(cid:66)(cid:83)(cid:79)(cid:66)(cid:68)(cid:1)(cid:35)(cid:86)(cid:79)(cid:69)(cid:70)(cid:83)(cid:13)(cid:1)(cid:46)(cid:86)(cid:78)(cid:67)(cid:66)(cid:74)(cid:1)(cid:21)(cid:17)(cid:17)(cid:1)(cid:17)(cid:17)(cid:26)
34 (cid:56)(cid:66)(cid:77)(cid:88)(cid:73)(cid:66)(cid:79)(cid:1)(cid:52)(cid:80)(cid:77)(cid:66)(cid:83)(cid:1)(cid:49)(cid:35)(cid:1)(cid:45)(cid:85)(cid:69)(cid:15)
(cid:54)(cid:21)(cid:17)(cid:20)(cid:17)(cid:17)(cid:37)(cid:45)(cid:19)(cid:17)(cid:18)(cid:17)(cid:49)(cid:45)(cid:36)(cid:19)(cid:24)(cid:21)(cid:19)(cid:19)(cid:17)
Subsidiary
100
Section 2(87)
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(cid:40)(cid:83)(cid:70)(cid:66)(cid:85)(cid:70)(cid:83)(cid:1)(cid:44)(cid:66)(cid:74)(cid:77)(cid:66)(cid:84)(cid:73)(cid:1)(cid:14)(cid:1)(cid:18)(cid:13)(cid:1)(cid:47)(cid:70)(cid:88)(cid:1)(cid:37)(cid:70)(cid:77)(cid:73)(cid:74)(cid:1)(cid:18)(cid:18)(cid:17)(cid:1)(cid:17)(cid:21)(cid:25)
35 (cid:56)(cid:66)(cid:77)(cid:88)(cid:73)(cid:66)(cid:79)(cid:1)(cid:38)(cid:79)(cid:70)(cid:83)(cid:72)(cid:90)(cid:1)(cid:51)(cid:43)(cid:1)(cid:45)(cid:85)(cid:69)(cid:15)(cid:1)
(cid:54)(cid:21)(cid:17)(cid:18)(cid:17)(cid:22)(cid:46)(cid:41)(cid:19)(cid:17)(cid:18)(cid:17)(cid:49)(cid:45)(cid:36)(cid:19)(cid:17)(cid:23)(cid:21)(cid:24)(cid:22)
Subsidiary
100
Section 2(87)
(cid:68)(cid:16)(cid:80)(cid:1)(cid:53)(cid:73)(cid:70)(cid:1)(cid:53)(cid:66)(cid:85)(cid:66)(cid:1)(cid:49)(cid:80)(cid:88)(cid:70)(cid:83)(cid:1)(cid:36)(cid:80)(cid:15)(cid:1)(cid:45)(cid:85)(cid:69)(cid:15)(cid:13)(cid:1)(cid:36)(cid:80)(cid:83)(cid:81)(cid:80)(cid:83)(cid:66)(cid:85)(cid:70)(cid:1)(cid:36)(cid:70)(cid:79)(cid:85)(cid:83)(cid:70)(cid:1)(cid:35)(cid:13)(cid:1)(cid:20)(cid:21)(cid:13)(cid:1)
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36 (cid:56)(cid:66)(cid:77)(cid:88)(cid:73)(cid:66)(cid:79)(cid:1)(cid:52)(cid:80)(cid:77)(cid:66)(cid:83)(cid:1)(cid:53)(cid:47)(cid:1)(cid:45)(cid:85)(cid:69)(cid:15)
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Subsidiary
100
Section 2(87)
(cid:36)(cid:14)(cid:18)(cid:21)(cid:13)(cid:1)(cid:45)(cid:80)(cid:88)(cid:70)(cid:83)(cid:1)(cid:40)(cid:83)(cid:80)(cid:86)(cid:79)(cid:69)(cid:1)(cid:39)(cid:77)(cid:80)(cid:80)(cid:83)(cid:13)(cid:1)(cid:36)(cid:73)(cid:74)(cid:83)(cid:66)(cid:72)(cid:1)(cid:38)(cid:79)(cid:68)(cid:77)(cid:66)(cid:87)(cid:70)(cid:13)(cid:1)
(cid:40)(cid:83)(cid:70)(cid:66)(cid:85)(cid:70)(cid:83)(cid:1)(cid:44)(cid:66)(cid:74)(cid:77)(cid:66)(cid:84)(cid:73)(cid:1)(cid:14)(cid:1)(cid:18)(cid:13)(cid:1)(cid:47)(cid:70)(cid:88)(cid:1)(cid:37)(cid:70)(cid:77)(cid:73)(cid:74)(cid:1)(cid:18)(cid:18)(cid:17)(cid:1)(cid:17)(cid:21)(cid:25)
37 (cid:56)(cid:66)(cid:77)(cid:88)(cid:73)(cid:66)(cid:79)(cid:1)(cid:52)(cid:80)(cid:77)(cid:66)(cid:83)(cid:1)(cid:51)(cid:43)(cid:1)(cid:45)(cid:85)(cid:69)(cid:15)
(cid:54)(cid:21)(cid:17)(cid:20)(cid:17)(cid:17)(cid:46)(cid:41)(cid:19)(cid:17)(cid:18)(cid:18)(cid:49)(cid:45)(cid:36)(cid:19)(cid:18)(cid:20)(cid:21)(cid:24)(cid:17)
Subsidiary
100
Section 2(87)
(cid:68)(cid:16)(cid:80)(cid:1)(cid:53)(cid:73)(cid:70)(cid:1)(cid:53)(cid:66)(cid:85)(cid:66)(cid:1)(cid:49)(cid:80)(cid:88)(cid:70)(cid:83)(cid:1)(cid:36)(cid:80)(cid:15)(cid:1)(cid:45)(cid:85)(cid:69)(cid:15)(cid:13)(cid:1)(cid:36)(cid:80)(cid:83)(cid:81)(cid:80)(cid:83)(cid:66)(cid:85)(cid:70)(cid:1)(cid:36)(cid:70)(cid:79)(cid:85)(cid:83)(cid:70)(cid:1)(cid:35)(cid:13)(cid:1)(cid:20)(cid:21)(cid:13)(cid:1)
(cid:52)(cid:66)(cid:79)(cid:85)(cid:1)(cid:53)(cid:86)(cid:76)(cid:66)(cid:83)(cid:66)(cid:78)(cid:1)(cid:51)(cid:80)(cid:66)(cid:69)(cid:13)(cid:1)(cid:36)(cid:66)(cid:83)(cid:79)(cid:66)(cid:68)(cid:1)(cid:35)(cid:86)(cid:79)(cid:69)(cid:70)(cid:83)(cid:13)(cid:1)(cid:46)(cid:86)(cid:78)(cid:67)(cid:66)(cid:74)(cid:1)(cid:21)(cid:17)(cid:17)(cid:1)(cid:17)(cid:17)(cid:26)
38 (cid:56)(cid:66)(cid:77)(cid:88)(cid:73)(cid:66)(cid:79)(cid:1)(cid:54)(cid:83)(cid:75)(cid:66)(cid:1)(cid:34)(cid:79)(cid:75)(cid:66)(cid:83)(cid:1)(cid:45)(cid:85)(cid:69)(cid:15)
(cid:54)(cid:21)(cid:17)(cid:20)(cid:17)(cid:17)(cid:37)(cid:45)(cid:19)(cid:17)(cid:18)(cid:17)(cid:49)(cid:45)(cid:36)(cid:19)(cid:25)(cid:19)(cid:23)(cid:19)(cid:24)
Subsidiary
100
Section 2(87)
(cid:36)(cid:14)(cid:18)(cid:21)(cid:13)(cid:1)(cid:45)(cid:80)(cid:88)(cid:70)(cid:83)(cid:1)(cid:40)(cid:83)(cid:80)(cid:86)(cid:79)(cid:69)(cid:1)(cid:39)(cid:77)(cid:80)(cid:80)(cid:83)(cid:13)(cid:1)(cid:36)(cid:73)(cid:74)(cid:83)(cid:66)(cid:72)(cid:1)(cid:38)(cid:79)(cid:68)(cid:77)(cid:66)(cid:87)(cid:70)(cid:13)(cid:1)
(cid:40)(cid:83)(cid:70)(cid:66)(cid:85)(cid:70)(cid:83)(cid:1)(cid:44)(cid:66)(cid:74)(cid:77)(cid:66)(cid:84)(cid:73)(cid:1)(cid:14)(cid:1)(cid:18)(cid:13)(cid:1)(cid:47)(cid:70)(cid:88)(cid:1)(cid:37)(cid:70)(cid:77)(cid:73)(cid:74)(cid:1)(cid:18)(cid:18)(cid:17)(cid:1)(cid:17)(cid:21)(cid:25)
(cid:20)(cid:26) (cid:56)(cid:66)(cid:77)(cid:88)(cid:73)(cid:66)(cid:79)(cid:1)(cid:54)(cid:83)(cid:75)(cid:66)(cid:1)(cid:42)(cid:79)(cid:69)(cid:74)(cid:66)(cid:1)(cid:45)(cid:85)(cid:69)(cid:15)(cid:1)
(cid:54)(cid:21)(cid:17)(cid:18)(cid:17)(cid:26)(cid:46)(cid:41)(cid:19)(cid:17)(cid:17)(cid:23)(cid:49)(cid:45)(cid:36)(cid:18)(cid:23)(cid:22)(cid:26)(cid:23)(cid:21)
Subsidiary
100
Section 2(87)
40
41
(cid:68)(cid:16)(cid:80)(cid:1)(cid:53)(cid:73)(cid:70)(cid:1)(cid:53)(cid:66)(cid:85)(cid:66)(cid:1)(cid:49)(cid:80)(cid:88)(cid:70)(cid:83)(cid:1)(cid:36)(cid:80)(cid:15)(cid:1)(cid:45)(cid:85)(cid:69)(cid:15)(cid:13)(cid:1)(cid:36)(cid:80)(cid:83)(cid:81)(cid:80)(cid:83)(cid:66)(cid:85)(cid:70)(cid:1)(cid:36)(cid:70)(cid:79)(cid:85)(cid:83)(cid:70)(cid:1)(cid:35)(cid:13)(cid:1)(cid:20)(cid:21)(cid:13)(cid:1)
(cid:52)(cid:66)(cid:79)(cid:85)(cid:1)(cid:53)(cid:86)(cid:76)(cid:66)(cid:83)(cid:66)(cid:78)(cid:1)(cid:51)(cid:80)(cid:66)(cid:69)(cid:13)(cid:1)(cid:36)(cid:66)(cid:83)(cid:79)(cid:66)(cid:68)(cid:1)(cid:35)(cid:86)(cid:79)(cid:69)(cid:70)(cid:83)(cid:13)(cid:1)(cid:46)(cid:86)(cid:78)(cid:67)(cid:66)(cid:74)(cid:1)(cid:21)(cid:17)(cid:17)(cid:1)(cid:17)(cid:17)(cid:26)
Dugar Hydro Power Ltd.#
(cid:52)(cid:66)(cid:79)(cid:85)(cid:80)(cid:84)(cid:73)(cid:1)(cid:35)(cid:73)(cid:66)(cid:87)(cid:66)(cid:79)(cid:13)(cid:1)(cid:18)(cid:84)(cid:85)(cid:1)(cid:39)(cid:77)(cid:80)(cid:80)(cid:83)(cid:13)(cid:1)(cid:47)(cid:70)(cid:66)(cid:83)(cid:1)(cid:40)(cid:80)(cid:87)(cid:85)(cid:15)(cid:1)(cid:46)(cid:74)(cid:69)(cid:69)(cid:77)(cid:70)(cid:1)(cid:52)(cid:68)(cid:73)(cid:80)(cid:80)(cid:77)(cid:13)(cid:1)
(cid:46)(cid:70)(cid:73)(cid:77)(cid:74)(cid:13)(cid:1)(cid:49)(cid:48)(cid:1)(cid:44)(cid:66)(cid:84)(cid:86)(cid:78)(cid:81)(cid:85)(cid:74)(cid:13)(cid:1)(cid:52)(cid:73)(cid:74)(cid:78)(cid:77)(cid:66)(cid:1)(cid:18)(cid:24)(cid:18)(cid:1)(cid:17)(cid:17)(cid:26)
Tata Power Solar Systems Ltd.
(cid:49)(cid:77)(cid:80)(cid:85)(cid:1)(cid:47)(cid:80)(cid:15)(cid:24)(cid:25)(cid:13)(cid:1)(cid:38)(cid:77)(cid:70)(cid:68)(cid:85)(cid:83)(cid:80)(cid:79)(cid:74)(cid:68)(cid:1)(cid:36)(cid:74)(cid:85)(cid:90)(cid:13)(cid:1)(cid:41)(cid:80)(cid:84)(cid:86)(cid:83)(cid:1)(cid:51)(cid:80)(cid:66)(cid:69)(cid:13)(cid:1)
Bengaluru 560 100
(cid:54)(cid:21)(cid:17)(cid:18)(cid:17)(cid:18)(cid:41)(cid:49)(cid:19)(cid:17)(cid:18)(cid:18)(cid:49)(cid:45)(cid:36)(cid:17)(cid:20)(cid:18)(cid:23)(cid:19)(cid:23)
Subsidiary
50.001
Section 2(87)
(cid:54)(cid:21)(cid:17)(cid:18)(cid:17)(cid:23)(cid:44)(cid:34)(cid:18)(cid:26)(cid:25)(cid:26)(cid:49)(cid:45)(cid:36)(cid:17)(cid:20)(cid:21)(cid:26)(cid:25)(cid:26)
Subsidiary
100
Section 2(87)
42 I Board’s Report
100th Annual Report 2018-19
Name and Address of the Company *
CIN/GLN
Holding/
Subsidiary/
Associate
% of
shares
held *
Applicable
Section
Sl.
No.
42
43
44
45
46
47
48
(cid:21)(cid:26)
50
51
52
53
56
57
58
(cid:22)(cid:26)
60
Chirasthaayee Saurya Ltd.
(cid:47)(cid:80)(cid:15)(cid:24)(cid:25)(cid:13)(cid:1)(cid:38)(cid:77)(cid:70)(cid:68)(cid:85)(cid:83)(cid:80)(cid:79)(cid:74)(cid:68)(cid:1)(cid:36)(cid:74)(cid:85)(cid:90)(cid:13)(cid:1)(cid:41)(cid:80)(cid:84)(cid:86)(cid:83)(cid:1)(cid:51)(cid:80)(cid:66)(cid:69)(cid:13)(cid:1)
Bengaluru 560 100
Tata Power Jamshedpur Distribution Ltd.
(cid:68)(cid:16)(cid:80)(cid:1)(cid:53)(cid:73)(cid:70)(cid:1)(cid:53)(cid:66)(cid:85)(cid:66)(cid:1)(cid:49)(cid:80)(cid:88)(cid:70)(cid:83)(cid:1)(cid:36)(cid:80)(cid:15)(cid:1)(cid:45)(cid:85)(cid:69)(cid:15)(cid:13)(cid:1)(cid:36)(cid:80)(cid:83)(cid:81)(cid:80)(cid:83)(cid:66)(cid:85)(cid:70)(cid:1)(cid:36)(cid:70)(cid:79)(cid:85)(cid:83)(cid:70)(cid:13)(cid:1)
A Block, 34, Sant Tukaram Road, Carnac Bunder,
(cid:46)(cid:86)(cid:78)(cid:67)(cid:66)(cid:74)(cid:1)(cid:21)(cid:17)(cid:17)(cid:1)(cid:17)(cid:17)(cid:26)
Tata Ceramics Ltd.
26 Cochin Special Economic Zone, Kakkanad,
Ernakulam 682 037
TP Ajmer Distribution Ltd.
(cid:68)(cid:16)(cid:80)(cid:1)(cid:53)(cid:73)(cid:70)(cid:1)(cid:53)(cid:66)(cid:85)(cid:66)(cid:1)(cid:49)(cid:80)(cid:88)(cid:70)(cid:83)(cid:1)(cid:36)(cid:80)(cid:15)(cid:1)(cid:45)(cid:85)(cid:69)(cid:15)(cid:13)(cid:1)(cid:20)(cid:21)(cid:13)(cid:1)(cid:52)(cid:66)(cid:79)(cid:85)(cid:1)(cid:53)(cid:86)(cid:76)(cid:66)(cid:83)(cid:66)(cid:78)(cid:1)(cid:51)(cid:80)(cid:66)(cid:69)(cid:13)(cid:1)
(cid:36)(cid:66)(cid:83)(cid:79)(cid:66)(cid:68)(cid:1)(cid:35)(cid:86)(cid:79)(cid:69)(cid:70)(cid:83)(cid:13)(cid:1)(cid:46)(cid:86)(cid:78)(cid:67)(cid:66)(cid:74)(cid:1)(cid:21)(cid:17)(cid:17)(cid:1)(cid:17)(cid:17)(cid:26)
Bhira Investments Ltd.
(cid:24)(cid:25)(cid:1)(cid:52)(cid:73)(cid:70)(cid:79)(cid:85)(cid:80)(cid:79)(cid:1)(cid:56)(cid:66)(cid:90)(cid:13)(cid:1)(cid:18)(cid:24)(cid:14)(cid:17)(cid:18)(cid:16)(cid:17)(cid:19)(cid:13)(cid:1)(cid:52)(cid:74)(cid:79)(cid:72)(cid:66)(cid:81)(cid:80)(cid:83)(cid:70)(cid:1)(cid:17)(cid:24)(cid:26)(cid:18)(cid:19)(cid:17)
Bhivpuri Investments Ltd.
IFS Court, Bank Street, Twenty-Eight,
Cybercity Ebene 72201, Republic of Mauritius
Khopoli Investments Ltd.
IFS Court, Bank Street, Twenty-Eight,
Cybercity Ebene 72201, Republic of Mauritius
Trust Energy Resources Pte. Ltd.
(cid:24)(cid:25)(cid:1)(cid:52)(cid:73)(cid:70)(cid:79)(cid:85)(cid:80)(cid:79)(cid:1)(cid:56)(cid:66)(cid:90)(cid:13)(cid:1)(cid:18)(cid:24)(cid:14)(cid:17)(cid:18)(cid:16)(cid:17)(cid:19)(cid:13)(cid:1)(cid:52)(cid:74)(cid:79)(cid:72)(cid:66)(cid:81)(cid:80)(cid:83)(cid:70)(cid:1)(cid:17)(cid:24)(cid:26)(cid:18)(cid:19)(cid:17)
Energy Eastern Pte. Ltd.
(cid:24)(cid:25)(cid:1)(cid:52)(cid:73)(cid:70)(cid:79)(cid:85)(cid:80)(cid:79)(cid:1)(cid:56)(cid:66)(cid:90)(cid:13)(cid:1)(cid:18)(cid:24)(cid:14)(cid:17)(cid:18)(cid:16)(cid:17)(cid:19)(cid:13)(cid:1)(cid:52)(cid:74)(cid:79)(cid:72)(cid:66)(cid:81)(cid:80)(cid:83)(cid:70)(cid:1)(cid:17)(cid:24)(cid:26)(cid:18)(cid:19)(cid:17)
Tata Power International Pte. Ltd.
(cid:24)(cid:25)(cid:1)(cid:52)(cid:73)(cid:70)(cid:79)(cid:85)(cid:80)(cid:79)(cid:1)(cid:56)(cid:66)(cid:90)(cid:13)(cid:1)(cid:18)(cid:24)(cid:14)(cid:17)(cid:18)(cid:16)(cid:17)(cid:19)(cid:13)(cid:1)(cid:52)(cid:74)(cid:79)(cid:72)(cid:66)(cid:81)(cid:80)(cid:83)(cid:70)(cid:1)(cid:17)(cid:24)(cid:26)(cid:18)(cid:19)(cid:17)
(cid:39)(cid:66)(cid:83)(cid:1)(cid:38)(cid:66)(cid:84)(cid:85)(cid:70)(cid:83)(cid:79)(cid:1)(cid:47)(cid:66)(cid:85)(cid:86)(cid:83)(cid:66)(cid:77)(cid:1)(cid:51)(cid:70)(cid:84)(cid:80)(cid:86)(cid:83)(cid:68)(cid:70)(cid:84)(cid:1)(cid:45)(cid:45)(cid:36)(cid:13)(cid:1)
Russian Federation, 683024, Kamchatka Krai,
Petropavlovsk-Kamchatsky city,
(cid:21)(cid:26)(cid:1)(cid:59)(cid:70)(cid:83)(cid:76)(cid:66)(cid:77)(cid:79)(cid:66)(cid:90)(cid:66)(cid:1)(cid:84)(cid:85)(cid:83)(cid:15)(cid:13)(cid:1)(cid:80)(cid:243)(cid:68)(cid:70)(cid:1)(cid:20)(cid:19)(cid:24)(cid:15)
PT Sumber Energi Andalan Tbk.
Prince Centre 8th Floor, JI. Jend.
Sudirman Kav 3-4, Jakarta 10220, Indonesia
54
Tubed Coal Mines Ltd.
Century Bhavan, 3rd Floor, Dr. Annie Besant Road,
(cid:56)(cid:80)(cid:83)(cid:77)(cid:74)(cid:13)(cid:1)(cid:46)(cid:86)(cid:78)(cid:67)(cid:66)(cid:74)(cid:1)(cid:21)(cid:17)(cid:17)(cid:1)(cid:17)(cid:20)(cid:17)
55 Mandakini Coal Company Ltd.
(cid:49)(cid:77)(cid:80)(cid:85)(cid:1)(cid:47)(cid:80)(cid:15)(cid:18)(cid:19)(cid:13)(cid:1)(cid:52)(cid:70)(cid:68)(cid:85)(cid:80)(cid:83)(cid:1)(cid:35)(cid:14)(cid:18)(cid:13)(cid:1)(cid:45)(cid:80)(cid:68)(cid:66)(cid:77)(cid:1)(cid:52)(cid:73)(cid:80)(cid:81)(cid:81)(cid:74)(cid:79)(cid:72)(cid:1)(cid:36)(cid:80)(cid:78)(cid:81)(cid:77)(cid:70)(cid:89)(cid:13)(cid:1)
(cid:55)(cid:66)(cid:84)(cid:66)(cid:79)(cid:85)(cid:1)(cid:44)(cid:86)(cid:79)(cid:75)(cid:13)(cid:1)(cid:47)(cid:70)(cid:88)(cid:1)(cid:37)(cid:70)(cid:77)(cid:73)(cid:74)(cid:1)(cid:18)(cid:18)(cid:17)(cid:1)(cid:17)(cid:24)(cid:17)
Solace Land Holding Ltd.
(cid:49)(cid:77)(cid:80)(cid:85)(cid:1)(cid:47)(cid:80)(cid:15)(cid:18)(cid:19)(cid:13)(cid:1)(cid:52)(cid:70)(cid:68)(cid:85)(cid:80)(cid:83)(cid:1)(cid:35)(cid:14)(cid:18)(cid:13)(cid:1)(cid:45)(cid:80)(cid:68)(cid:66)(cid:77)(cid:1)(cid:52)(cid:73)(cid:80)(cid:81)(cid:81)(cid:74)(cid:79)(cid:72)(cid:1)(cid:36)(cid:80)(cid:78)(cid:81)(cid:77)(cid:70)(cid:89)(cid:13)(cid:1)
(cid:55)(cid:66)(cid:84)(cid:66)(cid:79)(cid:85)(cid:1)(cid:44)(cid:86)(cid:79)(cid:75)(cid:13)(cid:1)(cid:47)(cid:70)(cid:88)(cid:1)(cid:37)(cid:70)(cid:77)(cid:73)(cid:74)(cid:1)(cid:18)(cid:18)(cid:17)(cid:1)(cid:17)(cid:24)(cid:17)
(cid:40)(cid:66)(cid:78)(cid:78)(cid:66)(cid:1)(cid:45)(cid:66)(cid:79)(cid:69)(cid:1)(cid:41)(cid:80)(cid:77)(cid:69)(cid:74)(cid:79)(cid:72)(cid:1)(cid:45)(cid:85)(cid:69)(cid:15)
(cid:49)(cid:77)(cid:80)(cid:85)(cid:1)(cid:47)(cid:80)(cid:15)(cid:18)(cid:19)(cid:13)(cid:1)(cid:52)(cid:70)(cid:68)(cid:85)(cid:80)(cid:83)(cid:1)(cid:35)(cid:14)(cid:18)(cid:13)(cid:1)(cid:45)(cid:80)(cid:68)(cid:66)(cid:77)(cid:1)(cid:52)(cid:73)(cid:80)(cid:81)(cid:81)(cid:74)(cid:79)(cid:72)(cid:1)(cid:36)(cid:80)(cid:78)(cid:81)(cid:77)(cid:70)(cid:89)(cid:13)(cid:1)
(cid:55)(cid:66)(cid:84)(cid:66)(cid:79)(cid:85)(cid:1)(cid:44)(cid:86)(cid:79)(cid:75)(cid:13)(cid:1)(cid:47)(cid:70)(cid:88)(cid:1)(cid:37)(cid:70)(cid:77)(cid:73)(cid:74)(cid:1)(cid:18)(cid:18)(cid:17)(cid:1)(cid:17)(cid:24)(cid:17)
Beta Land Holding Ltd.
(cid:49)(cid:77)(cid:80)(cid:85)(cid:1)(cid:47)(cid:80)(cid:15)(cid:18)(cid:19)(cid:13)(cid:1)(cid:52)(cid:70)(cid:68)(cid:85)(cid:80)(cid:83)(cid:1)(cid:35)(cid:14)(cid:18)(cid:13)(cid:1)(cid:45)(cid:80)(cid:68)(cid:66)(cid:77)(cid:1)(cid:52)(cid:73)(cid:80)(cid:81)(cid:81)(cid:74)(cid:79)(cid:72)(cid:1)(cid:36)(cid:80)(cid:78)(cid:81)(cid:77)(cid:70)(cid:89)(cid:13)(cid:1)
(cid:55)(cid:66)(cid:84)(cid:66)(cid:79)(cid:85)(cid:1)(cid:44)(cid:86)(cid:79)(cid:75)(cid:13)(cid:1)(cid:47)(cid:70)(cid:88)(cid:1)(cid:37)(cid:70)(cid:77)(cid:73)(cid:74)(cid:1)(cid:18)(cid:18)(cid:17)(cid:1)(cid:17)(cid:24)(cid:17)
(cid:40)(cid:74)(cid:79)(cid:72)(cid:70)(cid:83)(cid:1)(cid:45)(cid:66)(cid:79)(cid:69)(cid:1)(cid:41)(cid:80)(cid:77)(cid:69)(cid:74)(cid:79)(cid:72)(cid:1)(cid:45)(cid:85)(cid:69)(cid:15)
(cid:49)(cid:77)(cid:80)(cid:85)(cid:1)(cid:47)(cid:80)(cid:15)(cid:18)(cid:19)(cid:13)(cid:1)(cid:52)(cid:70)(cid:68)(cid:85)(cid:80)(cid:83)(cid:1)(cid:35)(cid:14)(cid:18)(cid:13)(cid:1)(cid:45)(cid:80)(cid:68)(cid:66)(cid:77)(cid:1)(cid:52)(cid:73)(cid:80)(cid:81)(cid:81)(cid:74)(cid:79)(cid:72)(cid:1)(cid:36)(cid:80)(cid:78)(cid:81)(cid:77)(cid:70)(cid:89)(cid:13)(cid:1)
(cid:55)(cid:66)(cid:84)(cid:66)(cid:79)(cid:85)(cid:1)(cid:44)(cid:86)(cid:79)(cid:75)(cid:13)(cid:1)(cid:47)(cid:70)(cid:88)(cid:1)(cid:37)(cid:70)(cid:77)(cid:73)(cid:74)(cid:1)(cid:18)(cid:18)(cid:17)(cid:1)(cid:17)(cid:24)(cid:17)
(cid:54)(cid:21)(cid:17)(cid:18)(cid:17)(cid:18)(cid:44)(cid:34)(cid:19)(cid:17)(cid:18)(cid:23)(cid:49)(cid:45)(cid:36)(cid:17)(cid:26)(cid:21)(cid:18)(cid:17)(cid:17)
Subsidiary
100
Section 2(87)
(cid:54)(cid:21)(cid:17)(cid:20)(cid:17)(cid:17)(cid:46)(cid:41)(cid:19)(cid:17)(cid:18)(cid:19)(cid:49)(cid:45)(cid:36)(cid:19)(cid:20)(cid:24)(cid:22)(cid:25)(cid:18)
Subsidiary
100
Section 2(87)
(cid:54)(cid:19)(cid:23)(cid:26)(cid:20)(cid:20)(cid:44)(cid:45)(cid:18)(cid:26)(cid:26)(cid:18)(cid:49)(cid:45)(cid:36)(cid:17)(cid:17)(cid:23)(cid:17)(cid:18)(cid:25)
Subsidiary
57.07
Section 2(87)
(cid:54)(cid:21)(cid:17)(cid:18)(cid:17)(cid:17)(cid:46)(cid:41)(cid:19)(cid:17)(cid:18)(cid:24)(cid:49)(cid:45)(cid:36)(cid:19)(cid:26)(cid:20)(cid:26)(cid:18)(cid:21)
Subsidiary
100
Section 2(87)
(cid:47)(cid:80)(cid:85)(cid:1)(cid:66)(cid:81)(cid:81)(cid:77)(cid:74)(cid:68)(cid:66)(cid:67)(cid:77)(cid:70)(cid:13)
foreign company
(cid:47)(cid:80)(cid:85)(cid:1)(cid:66)(cid:81)(cid:81)(cid:77)(cid:74)(cid:68)(cid:66)(cid:67)(cid:77)(cid:70)(cid:13)
foreign company
(cid:47)(cid:80)(cid:85)(cid:1)(cid:66)(cid:81)(cid:81)(cid:77)(cid:74)(cid:68)(cid:66)(cid:67)(cid:77)(cid:70)(cid:13)
foreign company
(cid:47)(cid:80)(cid:85)(cid:1)(cid:66)(cid:81)(cid:81)(cid:77)(cid:74)(cid:68)(cid:66)(cid:67)(cid:77)(cid:70)(cid:13)
foreign company
(cid:47)(cid:80)(cid:85)(cid:1)(cid:66)(cid:81)(cid:81)(cid:77)(cid:74)(cid:68)(cid:66)(cid:67)(cid:77)(cid:70)(cid:13)
foreign company
(cid:47)(cid:80)(cid:85)(cid:1)(cid:66)(cid:81)(cid:81)(cid:77)(cid:74)(cid:68)(cid:66)(cid:67)(cid:77)(cid:70)(cid:13)
foreign company
(cid:47)(cid:80)(cid:85)(cid:1)(cid:66)(cid:81)(cid:81)(cid:77)(cid:74)(cid:68)(cid:66)(cid:67)(cid:77)(cid:70)(cid:13)
foreign company
(cid:47)(cid:80)(cid:85)(cid:1)(cid:66)(cid:81)(cid:81)(cid:77)(cid:74)(cid:68)(cid:66)(cid:67)(cid:77)(cid:70)(cid:13)
foreign company
Subsidiary
100
Section 2(87)
Subsidiary
100
Section 2(87)
Subsidiary
100
Section 2(87)
Subsidiary
100
Section 2(87)
Subsidiary
100
Section 2(87)
Subsidiary
100
Section 2(87)
Subsidiary
100
Section 2(87)
Subsidiary
(cid:26)(cid:19)(cid:15)(cid:22)(cid:17)
Section 2(87)
(cid:54)(cid:18)(cid:17)(cid:18)(cid:17)(cid:17)(cid:46)(cid:41)(cid:19)(cid:17)(cid:17)(cid:24)(cid:49)(cid:45)(cid:36)(cid:18)(cid:24)(cid:21)(cid:21)(cid:23)(cid:23)
Associate
40
Section 2(6)
(cid:54)(cid:18)(cid:17)(cid:18)(cid:17)(cid:17)(cid:37)(cid:45)(cid:19)(cid:17)(cid:17)(cid:25)(cid:49)(cid:45)(cid:36)(cid:18)(cid:24)(cid:22)(cid:21)(cid:18)(cid:24)
Associate
33.33
Section 2(6)
(cid:54)(cid:24)(cid:17)(cid:18)(cid:17)(cid:26)(cid:37)(cid:45)(cid:19)(cid:17)(cid:18)(cid:19)(cid:49)(cid:45)(cid:36)(cid:19)(cid:21)(cid:19)(cid:18)(cid:24)(cid:24)
Associate
33.33
Section 2(6)
(cid:54)(cid:24)(cid:17)(cid:18)(cid:17)(cid:26)(cid:37)(cid:45)(cid:19)(cid:17)(cid:18)(cid:19)(cid:49)(cid:45)(cid:36)(cid:19)(cid:21)(cid:19)(cid:20)(cid:17)(cid:20)
Associate
33.33
Section 2(6)
(cid:54)(cid:24)(cid:17)(cid:18)(cid:17)(cid:17)(cid:37)(cid:45)(cid:19)(cid:17)(cid:18)(cid:19)(cid:49)(cid:45)(cid:36)(cid:19)(cid:21)(cid:22)(cid:18)(cid:19)(cid:24)
Associate
33.33
Section 2(6)
(cid:54)(cid:24)(cid:17)(cid:18)(cid:17)(cid:26)(cid:37)(cid:45)(cid:19)(cid:17)(cid:18)(cid:19)(cid:49)(cid:45)(cid:36)(cid:19)(cid:21)(cid:22)(cid:18)(cid:19)(cid:25)
Associate
33.33
Section 2(6)
I
E
C
T
O
N
T
R
O
P
E
R
S
D
R
A
O
B
’
A
&
D
M
T
R
O
P
E
R
G
C
R
R
B
D
E
T
A
D
I
L
O
S
N
O
C
E
N
O
L
A
D
N
A
T
S
(cid:58)(cid:66)(cid:84)(cid:73)(cid:78)(cid:86)(cid:79)(cid:1)(cid:38)(cid:79)(cid:72)(cid:74)(cid:79)(cid:70)(cid:70)(cid:83)(cid:84)(cid:1)(cid:45)(cid:85)(cid:69)(cid:15)
(cid:37)(cid:73)(cid:66)(cid:83)(cid:66)(cid:87)(cid:74)(cid:1)(cid:51)(cid:80)(cid:66)(cid:69)(cid:13)(cid:1)(cid:47)(cid:70)(cid:89)(cid:85)(cid:1)(cid:85)(cid:80)(cid:1)(cid:46)(cid:52)(cid:38)(cid:35)(cid:13)(cid:1)(cid:46)(cid:66)(cid:85)(cid:86)(cid:79)(cid:72)(cid:66)(cid:13)(cid:1)(cid:46)(cid:86)(cid:78)(cid:67)(cid:66)(cid:74)(cid:1)(cid:21)(cid:17)(cid:17)(cid:1)(cid:17)(cid:18)(cid:26)
(cid:54)(cid:19)(cid:26)(cid:18)(cid:17)(cid:17)(cid:46)(cid:41)(cid:18)(cid:26)(cid:23)(cid:23)(cid:49)(cid:45)(cid:36)(cid:17)(cid:17)(cid:23)(cid:18)(cid:17)(cid:26)
Associate
27.27
Section 2(6)
Board’s Report I 43
The Tata Power Company Limited
Name and Address of the Company *
CIN/GLN
Holding/
Subsidiary/
Associate
(cid:54)(cid:21)(cid:22)(cid:19)(cid:17)(cid:20)(cid:53)(cid:40)(cid:18)(cid:26)(cid:24)(cid:26)(cid:49)(cid:45)(cid:36)(cid:17)(cid:22)(cid:24)(cid:21)(cid:20)(cid:18)
Associate
% of
shares
held *
47.78
Applicable
Section
Section 2(6)
Sl.
No.
61
62
63
64
65
66
67
68
(cid:23)(cid:26)
70
71
72
73
74
75
76
77
Tata Projects Ltd.
Mithona Towers-1, 1-7-80 to 87, Prenderghast Road,
Secunderabad, Hyderabad 500 003
The Associated Building Co. Ltd.
Bombay House, 24, Homi Mody Street,
Mumbai 400 001
Brihat Trading Pvt. Ltd.
Bank of Baroda Building, Bombay Samachar Marg,
Mumbai 400 001
(cid:47)(cid:70)(cid:77)(cid:74)(cid:85)(cid:80)(cid:1)(cid:52)(cid:90)(cid:84)(cid:85)(cid:70)(cid:78)(cid:84)(cid:1)(cid:45)(cid:85)(cid:69)(cid:15)
205-208, Millennium Business Park, Building 2, Sector 1,
(cid:46)(cid:66)(cid:73)(cid:66)(cid:81)(cid:70)(cid:13)(cid:1)(cid:47)(cid:66)(cid:87)(cid:74)(cid:1)(cid:46)(cid:86)(cid:78)(cid:67)(cid:66)(cid:74)(cid:1)(cid:21)(cid:17)(cid:17)(cid:1)(cid:24)(cid:17)(cid:18)
Cennergi Pty. Ltd.
Exxaro Corporate Centre, Roger Dyason Road, Block A,
(cid:39)(cid:77)(cid:80)(cid:80)(cid:83)(cid:1)(cid:21)(cid:13)(cid:1)(cid:49)(cid:83)(cid:70)(cid:85)(cid:80)(cid:83)(cid:74)(cid:66)(cid:1)(cid:56)(cid:70)(cid:84)(cid:85)(cid:13)(cid:1)(cid:17)(cid:18)(cid:25)(cid:20)(cid:13)(cid:1)(cid:52)(cid:80)(cid:86)(cid:85)(cid:73)(cid:1)(cid:34)(cid:71)(cid:83)(cid:74)(cid:68)(cid:66)
(cid:53)(cid:84)(cid:74)(cid:85)(cid:84)(cid:74)(cid:76)(cid:66)(cid:78)(cid:78)(cid:66)(cid:1)(cid:36)(cid:80)(cid:78)(cid:78)(cid:86)(cid:79)(cid:74)(cid:85)(cid:90)(cid:1)(cid:56)(cid:74)(cid:79)(cid:69)(cid:1)(cid:39)(cid:66)(cid:83)(cid:78)(cid:1)(cid:9)(cid:49)(cid:85)(cid:90)(cid:15)(cid:10)(cid:1)(cid:45)(cid:85)(cid:69)(cid:15)
Exxaro Corporate Centre, Roger Dyason Road, Block A,
(cid:39)(cid:77)(cid:80)(cid:80)(cid:83)(cid:1)(cid:21)(cid:13)(cid:1)(cid:49)(cid:83)(cid:70)(cid:85)(cid:80)(cid:83)(cid:74)(cid:66)(cid:1)(cid:56)(cid:70)(cid:84)(cid:85)(cid:13)(cid:1)(cid:17)(cid:18)(cid:25)(cid:20)(cid:13)(cid:1)(cid:52)(cid:80)(cid:86)(cid:85)(cid:73)(cid:1)(cid:34)(cid:71)(cid:83)(cid:74)(cid:68)(cid:66)
Amakhala Emoyeni RE Project 1 (Pty.) Ltd.
Exxaro Corporate Centre, Roger Dyason Road, Block A,
(cid:39)(cid:77)(cid:80)(cid:80)(cid:83)(cid:1)(cid:21)(cid:13)(cid:1)(cid:49)(cid:83)(cid:70)(cid:85)(cid:80)(cid:83)(cid:74)(cid:66)(cid:1)(cid:56)(cid:70)(cid:84)(cid:85)(cid:13)(cid:1)(cid:17)(cid:18)(cid:25)(cid:20)(cid:13)(cid:1)(cid:52)(cid:80)(cid:86)(cid:85)(cid:73)(cid:1)(cid:34)(cid:71)(cid:83)(cid:74)(cid:68)(cid:66)
PT Mitratama Perkasa
Menara Anugrah Lantai 10, Kantor Taman E3.3,
(cid:45)(cid:80)(cid:85)(cid:1)(cid:25)(cid:15)(cid:23)(cid:14)(cid:25)(cid:15)(cid:24)(cid:13)(cid:1)(cid:43)(cid:42)(cid:1)(cid:37)(cid:51)(cid:1)(cid:42)(cid:69)(cid:70)(cid:1)(cid:34)(cid:79)(cid:66)(cid:76)(cid:1)(cid:34)(cid:72)(cid:86)(cid:79)(cid:72)(cid:1)(cid:40)(cid:69)(cid:70)(cid:1)(cid:34)(cid:72)(cid:86)(cid:79)(cid:72)(cid:14)(cid:835)(cid:44)(cid:66)(cid:88)(cid:66)(cid:84)(cid:66)(cid:79)(cid:1)
(cid:46)(cid:70)(cid:72)(cid:66)(cid:1)(cid:44)(cid:86)(cid:79)(cid:74)(cid:79)(cid:72)(cid:66)(cid:79)(cid:13)(cid:1)(cid:43)(cid:66)(cid:76)(cid:66)(cid:83)(cid:85)(cid:66)(cid:1)(cid:18)(cid:19)(cid:26)(cid:22)(cid:17)(cid:13)(cid:1)(cid:42)(cid:79)(cid:69)(cid:80)(cid:79)(cid:70)(cid:84)(cid:74)(cid:66)
(cid:49)(cid:53)(cid:1)(cid:46)(cid:74)(cid:85)(cid:83)(cid:66)(cid:85)(cid:66)(cid:78)(cid:66)(cid:1)(cid:54)(cid:84)(cid:66)(cid:73)(cid:66)
Menara Anugrah Lantai 10, Kantor Taman E3.3,
(cid:45)(cid:80)(cid:85)(cid:1)(cid:25)(cid:15)(cid:23)(cid:14)(cid:25)(cid:15)(cid:24)(cid:13)(cid:1)(cid:43)(cid:42)(cid:1)(cid:37)(cid:51)(cid:1)(cid:42)(cid:69)(cid:70)(cid:1)(cid:34)(cid:79)(cid:66)(cid:76)(cid:1)(cid:34)(cid:72)(cid:86)(cid:79)(cid:72)(cid:1)(cid:40)(cid:69)(cid:70)(cid:1)(cid:34)(cid:72)(cid:86)(cid:79)(cid:72)(cid:14)(cid:835)(cid:44)(cid:66)(cid:88)(cid:66)(cid:84)(cid:66)(cid:79)(cid:1)
(cid:46)(cid:70)(cid:72)(cid:66)(cid:1)(cid:44)(cid:86)(cid:79)(cid:74)(cid:79)(cid:72)(cid:66)(cid:79)(cid:13)(cid:1)(cid:43)(cid:66)(cid:76)(cid:66)(cid:83)(cid:85)(cid:66)(cid:1)(cid:18)(cid:19)(cid:26)(cid:22)(cid:17)(cid:13)(cid:1)(cid:42)(cid:79)(cid:69)(cid:80)(cid:79)(cid:70)(cid:84)(cid:74)(cid:66)
PT Arutmin Indonesia
14th Floor, Bakrie Tower Complex, Rasuna Epicentrum,
(cid:43)(cid:66)(cid:77)(cid:66)(cid:79)(cid:1)(cid:41)(cid:15)(cid:51)(cid:15)(cid:1)(cid:51)(cid:66)(cid:84)(cid:86)(cid:79)(cid:66)(cid:1)(cid:52)(cid:66)(cid:74)(cid:69)(cid:13)(cid:1)(cid:43)(cid:66)(cid:76)(cid:66)(cid:83)(cid:85)(cid:66)(cid:1)(cid:18)(cid:19)(cid:26)(cid:21)(cid:17)(cid:13)(cid:1)(cid:42)(cid:79)(cid:69)(cid:80)(cid:79)(cid:70)(cid:84)(cid:74)(cid:66)
PT Kaltim Prima Coal
Bakrie Tower, 15th Floor, JI. H.R. Rasuna Said,
Kel. Karet Kuningan Kec. Setiabudi, Jakarta Selatan,
(cid:42)(cid:79)(cid:69)(cid:80)(cid:79)(cid:70)(cid:84)(cid:74)(cid:66)(cid:1)(cid:18)(cid:19)(cid:26)(cid:21)(cid:17)
Indocoal Resources (Cayman) Ltd.
(cid:49)(cid:15)(cid:48)(cid:15)(cid:1)(cid:35)(cid:80)(cid:89)(cid:1)(cid:20)(cid:17)(cid:26)(cid:40)(cid:53)(cid:13)(cid:1)(cid:54)(cid:72)(cid:77)(cid:66)(cid:79)(cid:69)(cid:1)(cid:41)(cid:80)(cid:86)(cid:84)(cid:70)(cid:13)(cid:1)(cid:52)(cid:80)(cid:86)(cid:85)(cid:73)(cid:1)(cid:36)(cid:73)(cid:86)(cid:83)(cid:68)(cid:73)(cid:1)(cid:52)(cid:85)(cid:83)(cid:70)(cid:70)(cid:85)(cid:13)(cid:1)
(cid:40)(cid:70)(cid:80)(cid:83)(cid:72)(cid:70)(cid:1)(cid:53)(cid:80)(cid:88)(cid:79)(cid:13)(cid:1)(cid:40)(cid:83)(cid:66)(cid:79)(cid:69)(cid:1)(cid:36)(cid:66)(cid:90)(cid:78)(cid:66)(cid:79)(cid:13)(cid:1)(cid:36)(cid:66)(cid:90)(cid:78)(cid:66)(cid:79)(cid:1)(cid:42)(cid:84)(cid:77)(cid:66)(cid:79)(cid:69)(cid:84)
Indocoal KPC Resources (Cayman) Ltd.
(cid:36)(cid:74)(cid:85)(cid:68)(cid:80)(cid:1)(cid:53)(cid:83)(cid:86)(cid:84)(cid:85)(cid:70)(cid:70)(cid:84)(cid:1)(cid:9)(cid:36)(cid:66)(cid:90)(cid:78)(cid:66)(cid:79)(cid:10)(cid:1)(cid:45)(cid:85)(cid:69)(cid:15)(cid:13)(cid:1)(cid:25)(cid:26)(cid:1)(cid:47)(cid:70)(cid:89)(cid:86)(cid:84)(cid:1)(cid:56)(cid:66)(cid:90)(cid:13)(cid:1)
(cid:36)(cid:66)(cid:78)(cid:66)(cid:79)(cid:66)(cid:1)(cid:35)(cid:66)(cid:90)(cid:13)(cid:1)(cid:49)(cid:15)(cid:48)(cid:15)(cid:1)(cid:35)(cid:80)(cid:89)(cid:1)(cid:20)(cid:18)(cid:18)(cid:17)(cid:23)(cid:13)(cid:1)(cid:40)(cid:83)(cid:66)(cid:79)(cid:69)(cid:1)(cid:36)(cid:66)(cid:90)(cid:78)(cid:66)(cid:79)(cid:1)(cid:44)(cid:58)(cid:18)(cid:14)(cid:18)(cid:19)(cid:17)(cid:22)(cid:13)(cid:1)
Cayman Islands
PT Indocoal Kalsel Resources
M&C Corporate Service Ltd.
(cid:49)(cid:48)(cid:1)(cid:35)(cid:48)(cid:57)(cid:1)(cid:20)(cid:17)(cid:26)(cid:1)(cid:40)(cid:53)(cid:1)(cid:54)(cid:72)(cid:77)(cid:66)(cid:79)(cid:69)(cid:1)(cid:41)(cid:80)(cid:86)(cid:84)(cid:70)(cid:13)(cid:1)(cid:52)(cid:80)(cid:86)(cid:85)(cid:73)(cid:1)(cid:36)(cid:73)(cid:86)(cid:83)(cid:68)(cid:73)(cid:1)(cid:52)(cid:85)(cid:83)(cid:70)(cid:70)(cid:85)(cid:13)(cid:1)
(cid:40)(cid:70)(cid:80)(cid:83)(cid:72)(cid:70)(cid:1)(cid:53)(cid:80)(cid:88)(cid:79)(cid:1)(cid:40)(cid:83)(cid:66)(cid:79)(cid:69)(cid:1)(cid:36)(cid:66)(cid:90)(cid:78)(cid:66)(cid:79)(cid:13)(cid:1)(cid:36)(cid:66)(cid:90)(cid:78)(cid:66)(cid:79)(cid:1)(cid:42)(cid:84)(cid:77)(cid:66)(cid:79)(cid:69)
PT Indocoal Kaltim Resources
(cid:35)(cid:66)(cid:76)(cid:83)(cid:74)(cid:70)(cid:1)(cid:53)(cid:80)(cid:88)(cid:70)(cid:83)(cid:13)(cid:1)(cid:18)(cid:19)(cid:85)(cid:73)(cid:1)(cid:248)(cid:80)(cid:80)(cid:83)(cid:13)(cid:1)(cid:51)(cid:66)(cid:84)(cid:86)(cid:79)(cid:66)(cid:1)(cid:38)(cid:81)(cid:74)(cid:68)(cid:70)(cid:79)(cid:85)(cid:83)(cid:86)(cid:78)
Jl. H.R. Rasuna Said, Jakarta,
(cid:42)(cid:79)(cid:69)(cid:80)(cid:79)(cid:70)(cid:84)(cid:74)(cid:66)(cid:1)(cid:18)(cid:19)(cid:26)(cid:21)(cid:17)
Dagachhu Hydro Power Corporation Ltd.
Khebisa, Dzongkhang: Dagana, Bhutan
Candice Investments Pte. Ltd.
60 Paya Lebar Road, #08-43 Paya Lebar Square,
(cid:52)(cid:74)(cid:79)(cid:72)(cid:66)(cid:81)(cid:80)(cid:83)(cid:70)(cid:1)(cid:21)(cid:17)(cid:26)(cid:17)(cid:22)(cid:18)(cid:1)
44 I Board’s Report
(cid:54)(cid:21)(cid:22)(cid:19)(cid:17)(cid:17)(cid:46)(cid:41)(cid:18)(cid:26)(cid:19)(cid:18)(cid:49)(cid:45)(cid:36)(cid:17)(cid:17)(cid:17)(cid:25)(cid:23)(cid:23)
Associate
33.14
Section 2(6)
(cid:54)(cid:22)(cid:18)(cid:26)(cid:17)(cid:17)(cid:46)(cid:41)(cid:18)(cid:26)(cid:25)(cid:25)(cid:49)(cid:53)(cid:36)(cid:17)(cid:21)(cid:26)(cid:26)(cid:19)(cid:23)
Associate
33.21
Section 2(6)
(cid:54)(cid:24)(cid:19)(cid:26)(cid:17)(cid:17)(cid:46)(cid:41)(cid:18)(cid:26)(cid:26)(cid:22)(cid:49)(cid:45)(cid:36)(cid:17)(cid:25)(cid:25)(cid:25)(cid:18)(cid:23)
Associate
28.15
Section 2(6)
(cid:47)(cid:80)(cid:85)(cid:1)(cid:66)(cid:81)(cid:81)(cid:77)(cid:74)(cid:68)(cid:66)(cid:67)(cid:77)(cid:70)(cid:13)
foreign company
(cid:47)(cid:80)(cid:85)(cid:1)(cid:66)(cid:81)(cid:81)(cid:77)(cid:74)(cid:68)(cid:66)(cid:67)(cid:77)(cid:70)(cid:13)
foreign company
(cid:47)(cid:80)(cid:85)(cid:1)(cid:66)(cid:81)(cid:81)(cid:77)(cid:74)(cid:68)(cid:66)(cid:67)(cid:77)(cid:70)(cid:13)
foreign company
(cid:47)(cid:80)(cid:85)(cid:1)(cid:66)(cid:81)(cid:81)(cid:77)(cid:74)(cid:68)(cid:66)(cid:67)(cid:77)(cid:70)(cid:13)
foreign company
(cid:47)(cid:80)(cid:85)(cid:1)(cid:66)(cid:81)(cid:81)(cid:77)(cid:74)(cid:68)(cid:66)(cid:67)(cid:77)(cid:70)(cid:13)
foreign company
(cid:47)(cid:80)(cid:85)(cid:1)(cid:66)(cid:81)(cid:81)(cid:77)(cid:74)(cid:68)(cid:66)(cid:67)(cid:77)(cid:70)(cid:13)
foreign company
(cid:47)(cid:80)(cid:85)(cid:1)(cid:66)(cid:81)(cid:81)(cid:77)(cid:74)(cid:68)(cid:66)(cid:67)(cid:77)(cid:70)(cid:13)
foreign company
(cid:47)(cid:80)(cid:85)(cid:1)(cid:66)(cid:81)(cid:81)(cid:77)(cid:74)(cid:68)(cid:66)(cid:67)(cid:77)(cid:70)(cid:13)
foreign company
(cid:47)(cid:80)(cid:85)(cid:1)(cid:66)(cid:81)(cid:81)(cid:77)(cid:74)(cid:68)(cid:66)(cid:67)(cid:77)(cid:70)(cid:13)
foreign company
(cid:47)(cid:80)(cid:85)(cid:1)(cid:66)(cid:81)(cid:81)(cid:77)(cid:74)(cid:68)(cid:66)(cid:67)(cid:77)(cid:70)(cid:13)
foreign company
(cid:47)(cid:80)(cid:85)(cid:1)(cid:66)(cid:81)(cid:81)(cid:77)(cid:74)(cid:68)(cid:66)(cid:67)(cid:77)(cid:70)(cid:13)
foreign company
(cid:47)(cid:80)(cid:85)(cid:1)(cid:66)(cid:81)(cid:81)(cid:77)(cid:74)(cid:68)(cid:66)(cid:67)(cid:77)(cid:70)(cid:13)
foreign company
(cid:47)(cid:80)(cid:85)(cid:1)(cid:66)(cid:81)(cid:81)(cid:77)(cid:74)(cid:68)(cid:66)(cid:67)(cid:77)(cid:70)(cid:13)
foreign company
Associate
50
Section 2(6)
Associate
50
Section 2(6)
Associate
50
Section 2(6)
Associate
28.38
Section 2(6)
Associate
28.38
Section 2(6)
Associate
30
Section 2(6)
Associate
30
Section 2(6)
Associate
30
Section 2(6)
Associate
30
Section 2(6)
Associate
30
Section 2(6)
Associate
30
Section 2(6)
Associate
Associate
26
30
Section 2(6)
Section 2(6)
100th Annual Report 2018-19
Name and Address of the Company *
CIN/GLN
Sl.
No.
78
(cid:24)(cid:26)
80
81
82
83
84
85
86
87
88
(cid:25)(cid:26)
(cid:26)(cid:17)
(cid:26)(cid:18)
(cid:26)(cid:19)
(cid:26)(cid:20)
(cid:26)(cid:21)
(cid:49)(cid:53)(cid:1)(cid:47)(cid:86)(cid:84)(cid:66)(cid:1)(cid:53)(cid:66)(cid:78)(cid:67)(cid:66)(cid:79)(cid:72)(cid:1)(cid:49)(cid:83)(cid:66)(cid:85)(cid:66)(cid:78)(cid:66)
Menara Anugrah Lantai 10, Kantor Taman E3.3, Lot 8.6-
(cid:25)(cid:15)(cid:24)(cid:13)(cid:1)(cid:43)(cid:42)(cid:1)(cid:37)(cid:51)(cid:1)(cid:42)(cid:69)(cid:70)(cid:1)(cid:34)(cid:79)(cid:66)(cid:76)(cid:1)(cid:34)(cid:72)(cid:86)(cid:79)(cid:72)(cid:1)(cid:40)(cid:69)(cid:70)(cid:1)(cid:34)(cid:72)(cid:86)(cid:79)(cid:72)(cid:14)(cid:1)(cid:44)(cid:66)(cid:88)(cid:66)(cid:84)(cid:66)(cid:79)(cid:1)(cid:46)(cid:70)(cid:72)(cid:66)(cid:1)
(cid:44)(cid:86)(cid:79)(cid:74)(cid:79)(cid:72)(cid:66)(cid:79)(cid:13)(cid:1)(cid:43)(cid:66)(cid:76)(cid:66)(cid:83)(cid:85)(cid:66)(cid:1)(cid:18)(cid:19)(cid:26)(cid:22)(cid:17)(cid:13)(cid:1)(cid:42)(cid:79)(cid:69)(cid:80)(cid:79)(cid:70)(cid:84)(cid:74)(cid:66)
PT Marvel Capital Indonesia
Menara Anugrah Lantai 10, Kantor Taman E3.3, Lot 8.6-
(cid:25)(cid:15)(cid:24)(cid:13)(cid:1)(cid:43)(cid:42)(cid:1)(cid:37)(cid:51)(cid:1)(cid:42)(cid:69)(cid:70)(cid:1)(cid:34)(cid:79)(cid:66)(cid:76)(cid:1)(cid:34)(cid:72)(cid:86)(cid:79)(cid:72)(cid:1)(cid:40)(cid:69)(cid:70)(cid:1)(cid:34)(cid:72)(cid:86)(cid:79)(cid:72)(cid:14)(cid:835)(cid:44)(cid:66)(cid:88)(cid:66)(cid:84)(cid:66)(cid:79)(cid:1)(cid:46)(cid:70)(cid:72)(cid:66)(cid:1)
(cid:44)(cid:86)(cid:79)(cid:74)(cid:79)(cid:72)(cid:66)(cid:79)(cid:13)(cid:1)(cid:43)(cid:66)(cid:76)(cid:66)(cid:83)(cid:85)(cid:66)(cid:1)(cid:18)(cid:19)(cid:26)(cid:22)(cid:17)(cid:13)(cid:1)(cid:42)(cid:79)(cid:69)(cid:80)(cid:79)(cid:70)(cid:84)(cid:74)(cid:66)
PT Dwikarya Prima Abadi
Menara Anugrah Lantai 10, Kantor Taman E3.3, Lot 8.6-
(cid:25)(cid:15)(cid:24)(cid:13)(cid:1)(cid:43)(cid:42)(cid:1)(cid:37)(cid:51)(cid:1)(cid:42)(cid:69)(cid:70)(cid:1)(cid:34)(cid:79)(cid:66)(cid:76)(cid:1)(cid:34)(cid:72)(cid:86)(cid:79)(cid:72)(cid:1)(cid:40)(cid:69)(cid:70)(cid:1)(cid:34)(cid:72)(cid:86)(cid:79)(cid:72)(cid:14)(cid:835)(cid:44)(cid:66)(cid:88)(cid:66)(cid:84)(cid:66)(cid:79)(cid:1)(cid:46)(cid:70)(cid:72)(cid:66)(cid:1)
(cid:44)(cid:86)(cid:79)(cid:74)(cid:79)(cid:72)(cid:66)(cid:79)(cid:13)(cid:1)(cid:43)(cid:66)(cid:76)(cid:66)(cid:83)(cid:85)(cid:66)(cid:1)(cid:18)(cid:19)(cid:26)(cid:22)(cid:17)(cid:13)(cid:1)(cid:42)(cid:79)(cid:69)(cid:80)(cid:79)(cid:70)(cid:84)(cid:74)(cid:66)
PT Kalimantan Prima Power
(cid:40)(cid:69)(cid:15)(cid:1)(cid:46)(cid:70)(cid:79)(cid:66)(cid:83)(cid:66)(cid:1)(cid:37)(cid:86)(cid:85)(cid:66)(cid:1)(cid:45)(cid:85)(cid:15)(cid:1)(cid:19)(cid:1)(cid:56)(cid:74)(cid:79)(cid:72)(cid:1)(cid:34)(cid:1)(cid:43)(cid:77)(cid:15)(cid:1)(cid:41)(cid:15)(cid:1)(cid:51)(cid:15)(cid:1)(cid:51)(cid:66)(cid:84)(cid:86)(cid:79)(cid:66)(cid:1)(cid:52)(cid:66)(cid:74)(cid:69)(cid:1)(cid:44)(cid:66)(cid:87)(cid:15)(cid:1)
(cid:35)(cid:14)(cid:26)(cid:1)(cid:52)(cid:70)(cid:85)(cid:74)(cid:67)(cid:86)(cid:69)(cid:74)(cid:13)(cid:1)(cid:43)(cid:66)(cid:76)(cid:66)(cid:83)(cid:85)(cid:66)(cid:1)(cid:52)(cid:70)(cid:77)(cid:66)(cid:85)(cid:66)(cid:79)(cid:1)(cid:18)(cid:19)(cid:26)(cid:18)(cid:17)
(cid:49)(cid:53)(cid:1)(cid:40)(cid:86)(cid:83)(cid:86)(cid:73)(cid:1)(cid:34)(cid:72)(cid:86)(cid:79)(cid:72)
(cid:40)(cid:69)(cid:15)(cid:1)(cid:40)(cid:83)(cid:66)(cid:73)(cid:66)(cid:1)(cid:44)(cid:66)(cid:81)(cid:74)(cid:85)(cid:66)(cid:77)(cid:1)(cid:45)(cid:85)(cid:15)(cid:1)(cid:19)(cid:13)(cid:1)(cid:43)(cid:77)(cid:15)(cid:1)(cid:44)(cid:70)(cid:78)(cid:66)(cid:79)(cid:72)(cid:1)(cid:51)(cid:66)(cid:90)(cid:66)(cid:1)(cid:47)(cid:80)(cid:15)(cid:1)(cid:21)(cid:13)
Bangka, Jakarta Selatan
PT Citra Prima Buana
(cid:40)(cid:69)(cid:15)(cid:1)(cid:46)(cid:70)(cid:79)(cid:66)(cid:83)(cid:66)(cid:1)(cid:37)(cid:86)(cid:85)(cid:66)(cid:1)(cid:45)(cid:85)(cid:15)(cid:1)(cid:19)(cid:1)(cid:56)(cid:74)(cid:79)(cid:72)(cid:1)(cid:34)(cid:13)(cid:1)(cid:43)(cid:77)(cid:15)(cid:1)(cid:41)(cid:15)(cid:1)(cid:51)(cid:15)(cid:1)(cid:51)(cid:66)(cid:84)(cid:86)(cid:79)(cid:66)(cid:1)(cid:52)(cid:66)(cid:74)(cid:69)(cid:1)(cid:44)(cid:66)(cid:87)(cid:15)(cid:1)
(cid:35)(cid:14)(cid:26)(cid:1)(cid:52)(cid:70)(cid:85)(cid:74)(cid:67)(cid:86)(cid:69)(cid:74)(cid:13)(cid:1)(cid:43)(cid:66)(cid:76)(cid:66)(cid:83)(cid:85)(cid:66)(cid:1)(cid:52)(cid:70)(cid:77)(cid:66)(cid:85)(cid:66)(cid:79)(cid:1)(cid:18)(cid:19)(cid:26)(cid:18)(cid:17)
PT Citra Kusuma Perdana
(cid:40)(cid:69)(cid:15)(cid:1)(cid:46)(cid:70)(cid:79)(cid:66)(cid:83)(cid:66)(cid:1)(cid:37)(cid:86)(cid:85)(cid:66)(cid:1)(cid:45)(cid:85)(cid:15)(cid:1)(cid:19)(cid:1)(cid:56)(cid:74)(cid:79)(cid:72)(cid:1)(cid:34)(cid:13)(cid:1)(cid:43)(cid:77)(cid:15)(cid:1)(cid:41)(cid:15)(cid:1)(cid:51)(cid:15)(cid:1)(cid:51)(cid:66)(cid:84)(cid:86)(cid:79)(cid:66)(cid:1)(cid:52)(cid:66)(cid:74)(cid:69)(cid:1)(cid:44)(cid:66)(cid:87)(cid:15)(cid:1)
(cid:35)(cid:14)(cid:26)(cid:1)(cid:52)(cid:70)(cid:85)(cid:74)(cid:67)(cid:86)(cid:69)(cid:74)(cid:13)(cid:1)(cid:43)(cid:66)(cid:76)(cid:66)(cid:83)(cid:85)(cid:66)(cid:1)(cid:52)(cid:70)(cid:77)(cid:66)(cid:85)(cid:66)(cid:79)(cid:1)(cid:18)(cid:19)(cid:26)(cid:18)(cid:17)
PT Baramulti Sukessarana Tbk
Sahid Sudirman Center, 56C, Jl. Jendral Sudirman Kav.
86, Jakarta 10220, Indonesia
(cid:49)(cid:53)(cid:1)(cid:34)(cid:79)(cid:85)(cid:66)(cid:79)(cid:72)(cid:1)(cid:40)(cid:86)(cid:79)(cid:86)(cid:79)(cid:72)(cid:1)(cid:46)(cid:70)(cid:83)(cid:66)(cid:85)(cid:86)(cid:84)
Sahid Sudirman Center, 56C, Jl. Jendral Sudirman Kav.
86, Jakarta 10220, Indonesia
(cid:34)(cid:69)(cid:75)(cid:66)(cid:83)(cid:74)(cid:84)(cid:85)(cid:84)(cid:82)(cid:66)(cid:77)(cid:74)(cid:1)(cid:47)(cid:70)(cid:85)(cid:73)(cid:70)(cid:83)(cid:77)(cid:66)(cid:79)(cid:69)(cid:84)(cid:1)(cid:35)(cid:15)(cid:55)(cid:15)
Luna Arena, Herikerbergweg 238, 1101 CM Amsterdam,
(cid:49)(cid:15)(cid:48)(cid:15)(cid:1)(cid:35)(cid:80)(cid:89)(cid:1)(cid:19)(cid:20)(cid:20)(cid:26)(cid:20)(cid:13)(cid:1)(cid:18)(cid:18)(cid:17)(cid:17)(cid:1)(cid:37)(cid:56)(cid:1)(cid:34)(cid:78)(cid:84)(cid:85)(cid:70)(cid:83)(cid:69)(cid:66)(cid:78)(cid:13)(cid:1)(cid:53)(cid:73)(cid:70)(cid:1)(cid:47)(cid:70)(cid:85)(cid:73)(cid:70)(cid:83)(cid:77)(cid:66)(cid:79)(cid:69)(cid:84)
(cid:34)(cid:69)(cid:75)(cid:66)(cid:83)(cid:74)(cid:84)(cid:85)(cid:84)(cid:82)(cid:66)(cid:77)(cid:74)(cid:1)(cid:40)(cid:70)(cid:80)(cid:83)(cid:72)(cid:74)(cid:66)(cid:1)(cid:45)(cid:45)(cid:36)
(cid:23)(cid:13)(cid:1)(cid:42)(cid:15)(cid:1)(cid:34)(cid:67)(cid:66)(cid:84)(cid:73)(cid:74)(cid:69)(cid:91)(cid:70)(cid:1)(cid:52)(cid:85)(cid:83)(cid:15)(cid:13)(cid:1)(cid:34)(cid:81)(cid:1)(cid:19)(cid:14)(cid:20)(cid:13)(cid:1)(cid:35)(cid:66)(cid:85)(cid:86)(cid:78)(cid:74)(cid:13)(cid:1)(cid:23)(cid:17)(cid:18)(cid:17)(cid:13)(cid:1)(cid:40)(cid:70)(cid:80)(cid:83)(cid:72)(cid:74)(cid:66)
(cid:44)(cid:80)(cid:83)(cid:80)(cid:78)(cid:76)(cid:73)(cid:70)(cid:85)(cid:74)(cid:1)(cid:47)(cid:70)(cid:85)(cid:73)(cid:70)(cid:83)(cid:77)(cid:66)(cid:79)(cid:69)(cid:84)(cid:1)(cid:35)(cid:15)(cid:55)(cid:15)
Luna Arena, Herikerbergweg 238, 1101 CM Amsterdam,
(cid:49)(cid:15)(cid:48)(cid:15)(cid:1)(cid:35)(cid:80)(cid:89)(cid:1)(cid:19)(cid:20)(cid:20)(cid:26)(cid:20)(cid:13)(cid:1)(cid:18)(cid:18)(cid:17)(cid:17)(cid:1)(cid:37)(cid:56)(cid:1)(cid:34)(cid:78)(cid:84)(cid:85)(cid:70)(cid:83)(cid:69)(cid:66)(cid:78)(cid:13)(cid:1)(cid:53)(cid:73)(cid:70)(cid:1)(cid:47)(cid:70)(cid:85)(cid:73)(cid:70)(cid:83)(cid:77)(cid:66)(cid:79)(cid:69)(cid:84)
(cid:44)(cid:80)(cid:83)(cid:80)(cid:78)(cid:76)(cid:73)(cid:70)(cid:85)(cid:74)(cid:1)(cid:40)(cid:70)(cid:80)(cid:83)(cid:72)(cid:74)(cid:66)(cid:1)(cid:45)(cid:15)(cid:45)(cid:15)(cid:36)
(cid:23)(cid:13)(cid:1)(cid:42)(cid:15)(cid:1)(cid:34)(cid:67)(cid:66)(cid:84)(cid:73)(cid:74)(cid:69)(cid:91)(cid:70)(cid:1)(cid:52)(cid:85)(cid:83)(cid:15)(cid:13)(cid:1)(cid:34)(cid:81)(cid:1)(cid:19)(cid:14)(cid:20)(cid:13)(cid:1)(cid:35)(cid:66)(cid:85)(cid:86)(cid:78)(cid:74)(cid:13)(cid:1)(cid:23)(cid:17)(cid:18)(cid:17)(cid:13)(cid:1)(cid:40)(cid:70)(cid:80)(cid:83)(cid:72)(cid:74)(cid:66)
Itezhi Tezhi Power Corporation Ltd.
(cid:54)(cid:79)(cid:74)(cid:85)(cid:1)(cid:47)(cid:80)(cid:15)(cid:1)(cid:18)(cid:20)(cid:37)(cid:13)(cid:1)(cid:19)(cid:79)(cid:69)(cid:1)(cid:39)(cid:77)(cid:80)(cid:80)(cid:83)(cid:13)(cid:1)(cid:49)(cid:66)(cid:79)(cid:72)(cid:66)(cid:70)(cid:66)(cid:1)(cid:48)(cid:243)(cid:68)(cid:70)(cid:1)(cid:49)(cid:66)(cid:83)(cid:76)(cid:1)(cid:49)(cid:77)(cid:80)(cid:85)(cid:1)(cid:19)(cid:20)(cid:24)(cid:21)(cid:13)(cid:1)
(cid:40)(cid:83)(cid:70)(cid:66)(cid:85)(cid:1)(cid:38)(cid:66)(cid:84)(cid:85)(cid:1)(cid:51)(cid:80)(cid:66)(cid:69)(cid:1)(cid:52)(cid:73)(cid:80)(cid:88)(cid:1)(cid:72)(cid:83)(cid:80)(cid:86)(cid:79)(cid:69)(cid:84)(cid:1)(cid:34)(cid:83)(cid:70)(cid:66)(cid:1)(cid:49)(cid:80)(cid:84)(cid:85)(cid:79)(cid:70)(cid:85)(cid:1)(cid:19)(cid:20)(cid:26)(cid:13)(cid:1)
(cid:49)(cid:83)(cid:74)(cid:87)(cid:66)(cid:85)(cid:70)(cid:1)(cid:35)(cid:66)(cid:72)(cid:1)(cid:38)(cid:25)(cid:26)(cid:18)(cid:1)(cid:46)(cid:66)(cid:79)(cid:69)(cid:66)(cid:73)(cid:74)(cid:77)(cid:77)(cid:13)(cid:1)(cid:45)(cid:86)(cid:84)(cid:66)(cid:76)(cid:66)(cid:13)(cid:1)(cid:59)(cid:66)(cid:78)(cid:67)(cid:74)(cid:66)(cid:15)
(cid:51)(cid:70)(cid:84)(cid:86)(cid:83)(cid:72)(cid:70)(cid:79)(cid:85)(cid:1)(cid:49)(cid:80)(cid:88)(cid:70)(cid:83)(cid:1)(cid:55)(cid:70)(cid:79)(cid:85)(cid:86)(cid:83)(cid:70)(cid:84)(cid:1)(cid:49)(cid:85)(cid:70)(cid:15)(cid:1)(cid:45)(cid:85)(cid:69)(cid:15)
1 Raffles Place, #13-01, One Raffles Place,
Singapore 048616
LTH Milcom Pvt. Ltd.
L & T House, Ballard Estate, Mumbai 400 001
(cid:51)(cid:70)(cid:79)(cid:66)(cid:84)(cid:68)(cid:70)(cid:79)(cid:85)(cid:1)(cid:49)(cid:80)(cid:88)(cid:70)(cid:83)(cid:1)(cid:55)(cid:70)(cid:79)(cid:85)(cid:86)(cid:83)(cid:70)(cid:84)(cid:1)(cid:49)(cid:87)(cid:85)(cid:15)(cid:1)(cid:45)(cid:85)(cid:69)(cid:15)
Corporate Centre, B Block, 34, Sant Tukaram Road,
(cid:36)(cid:66)(cid:83)(cid:79)(cid:66)(cid:68)(cid:1)(cid:35)(cid:86)(cid:79)(cid:69)(cid:70)(cid:83)(cid:13)(cid:1)(cid:46)(cid:86)(cid:78)(cid:67)(cid:66)(cid:74)(cid:1)(cid:21)(cid:17)(cid:17)(cid:1)(cid:17)(cid:17)(cid:26)
Holding/
Subsidiary/
Associate
% of
shares
held *
Applicable
Section
Associate
30
Section 2(6)
Associate
30
Section 2(6)
Associate
30
Section 2(6)
Associate
30
Section 2(6)
Associate
30
Section 2(6)
Associate
30
Section 2(6)
Associate
30
Section 2(6)
Associate
26
Section 2(6)
Associate
26
Section 2(6)
Associate
40
Section 2(6)
Associate
Associate
Associate
Associate
40
40
40
50
Section 2(6)
Section 2(6)
Section 2(6)
Section 2(6)
Associate
26
Section 2(6)
(cid:47)(cid:80)(cid:85)(cid:1)(cid:66)(cid:81)(cid:81)(cid:77)(cid:74)(cid:68)(cid:66)(cid:67)(cid:77)(cid:70)(cid:13)
foreign company
(cid:47)(cid:80)(cid:85)(cid:1)(cid:66)(cid:81)(cid:81)(cid:77)(cid:74)(cid:68)(cid:66)(cid:67)(cid:77)(cid:70)(cid:13)
foreign company
(cid:47)(cid:80)(cid:85)(cid:1)(cid:66)(cid:81)(cid:81)(cid:77)(cid:74)(cid:68)(cid:66)(cid:67)(cid:77)(cid:70)(cid:13)
foreign company
(cid:47)(cid:80)(cid:85)(cid:1)(cid:66)(cid:81)(cid:81)(cid:77)(cid:74)(cid:68)(cid:66)(cid:67)(cid:77)(cid:70)(cid:13)
foreign company
(cid:47)(cid:80)(cid:85)(cid:1)(cid:66)(cid:81)(cid:81)(cid:77)(cid:74)(cid:68)(cid:66)(cid:67)(cid:77)(cid:70)(cid:13)
foreign company
(cid:47)(cid:80)(cid:85)(cid:1)(cid:66)(cid:81)(cid:81)(cid:77)(cid:74)(cid:68)(cid:66)(cid:67)(cid:77)(cid:70)(cid:13)
foreign company
(cid:47)(cid:80)(cid:85)(cid:1)(cid:66)(cid:81)(cid:81)(cid:77)(cid:74)(cid:68)(cid:66)(cid:67)(cid:77)(cid:70)(cid:13)
foreign company
(cid:47)(cid:80)(cid:85)(cid:1)(cid:66)(cid:81)(cid:81)(cid:77)(cid:74)(cid:68)(cid:66)(cid:67)(cid:77)(cid:70)(cid:13)
foreign company
(cid:47)(cid:80)(cid:85)(cid:1)(cid:66)(cid:81)(cid:81)(cid:77)(cid:74)(cid:68)(cid:66)(cid:67)(cid:77)(cid:70)(cid:13)
foreign company
(cid:47)(cid:80)(cid:85)(cid:1)(cid:66)(cid:81)(cid:81)(cid:77)(cid:74)(cid:68)(cid:66)(cid:67)(cid:77)(cid:70)(cid:13)
foreign company
(cid:47)(cid:80)(cid:85)(cid:1)(cid:66)(cid:81)(cid:81)(cid:77)(cid:74)(cid:68)(cid:66)(cid:67)(cid:77)(cid:70)(cid:13)
foreign company
(cid:47)(cid:80)(cid:85)(cid:1)(cid:66)(cid:81)(cid:81)(cid:77)(cid:74)(cid:68)(cid:66)(cid:67)(cid:77)(cid:70)(cid:13)
foreign company
(cid:47)(cid:80)(cid:85)(cid:1)(cid:66)(cid:81)(cid:81)(cid:77)(cid:74)(cid:68)(cid:66)(cid:67)(cid:77)(cid:70)(cid:13)
foreign company
(cid:47)(cid:80)(cid:85)(cid:1)(cid:66)(cid:81)(cid:81)(cid:77)(cid:74)(cid:68)(cid:66)(cid:67)(cid:77)(cid:70)(cid:13)
foreign company
(cid:47)(cid:80)(cid:85)(cid:1)(cid:66)(cid:81)(cid:81)(cid:77)(cid:74)(cid:68)(cid:66)(cid:67)(cid:77)(cid:70)(cid:13)
foreign company
(cid:54)(cid:24)(cid:21)(cid:26)(cid:26)(cid:26)(cid:46)(cid:41)(cid:19)(cid:17)(cid:18)(cid:22)(cid:49)(cid:53)(cid:36)(cid:19)(cid:23)(cid:24)(cid:22)(cid:17)(cid:19)
Associate
33.33
Section 2(6)
(cid:54)(cid:21)(cid:17)(cid:20)(cid:17)(cid:17)(cid:46)(cid:41)(cid:19)(cid:17)(cid:18)(cid:25)(cid:39)(cid:53)(cid:36)(cid:20)(cid:18)(cid:22)(cid:18)(cid:21)(cid:26)
Associate
26
Section 2(6)
* Includes direct and indirect subsidiaries, joint ventures and associates.
# Classified as joint ventures as per Ind AS.
Board’s Report I 45
I
E
C
T
O
N
T
R
O
P
E
R
S
D
R
A
O
B
’
A
&
D
M
T
R
O
P
E
R
G
C
R
R
B
D
E
T
A
D
I
L
O
S
N
O
C
E
N
O
L
A
D
N
A
T
S
IV.
i)
SHAREHOLDING PATTERN (Equity Share Capital Breakup as percentage of Total Equity):
The Tata Power Company Limited
Category-wise Share Holding
Category of Shareholders
A. Promoters (including Promoter Group)
(1) Indian
(cid:66)(cid:10)(cid:1)(cid:42)(cid:79)(cid:69)(cid:74)(cid:87)(cid:74)(cid:69)(cid:86)(cid:66)(cid:77)(cid:84)(cid:16)(cid:41)(cid:54)(cid:39)
(cid:67)(cid:10)(cid:1)(cid:36)(cid:70)(cid:79)(cid:85)(cid:83)(cid:66)(cid:77)(cid:1)(cid:40)(cid:80)(cid:87)(cid:85)(cid:15)
(cid:68)(cid:10)(cid:1)(cid:52)(cid:85)(cid:66)(cid:85)(cid:70)(cid:1)(cid:40)(cid:80)(cid:87)(cid:85)(cid:15)(cid:9)(cid:84)(cid:10)
d) Bodies Corporate
(cid:70)(cid:10)(cid:1)(cid:35)(cid:66)(cid:79)(cid:76)(cid:16)(cid:39)(cid:42)
f) Any Other (Trust)
Sub-Total (A) (1):
(2) Foreign
(cid:66)(cid:10)(cid:1)(cid:47)(cid:51)(cid:42)(cid:84)(cid:1)(cid:14)(cid:1)(cid:42)(cid:79)(cid:69)(cid:74)(cid:87)(cid:74)(cid:69)(cid:86)(cid:66)(cid:77)(cid:84)
b) Other - Individuals
c) Bodies Corporate
(cid:69)(cid:10)(cid:1)(cid:35)(cid:66)(cid:79)(cid:76)(cid:84)(cid:16)(cid:39)(cid:42)
e) Any Other (specify)
Sub-Total (A) (2):
Total Shareholding of Promoters (A) =(A)(1)+(A)(2)
B. Public Shareholding
(1) Institutions
(cid:66)(cid:10)(cid:1)(cid:46)(cid:86)(cid:85)(cid:86)(cid:66)(cid:77)(cid:1)(cid:39)(cid:86)(cid:79)(cid:69)(cid:84)(cid:16)(cid:54)(cid:53)(cid:42)
(cid:67)(cid:10)(cid:1)(cid:35)(cid:66)(cid:79)(cid:76)(cid:16)(cid:39)(cid:42)
(cid:68)(cid:10)(cid:1)(cid:36)(cid:70)(cid:79)(cid:85)(cid:83)(cid:66)(cid:77)(cid:1)(cid:40)(cid:80)(cid:87)(cid:85)(cid:15)
(cid:69)(cid:10)(cid:1)(cid:52)(cid:85)(cid:66)(cid:85)(cid:70)(cid:1)(cid:40)(cid:80)(cid:87)(cid:85)(cid:15)(cid:9)(cid:84)(cid:10)
(cid:70)(cid:10)(cid:1)(cid:55)(cid:70)(cid:79)(cid:85)(cid:86)(cid:83)(cid:70)(cid:1)(cid:36)(cid:66)(cid:81)(cid:74)(cid:85)(cid:66)(cid:77)(cid:1)(cid:39)(cid:86)(cid:79)(cid:69)(cid:84)
f) Alternate Investment Funds
g) Insurance Companies
h) FIIs
(cid:74)(cid:10)(cid:1)(cid:39)(cid:80)(cid:83)(cid:70)(cid:74)(cid:72)(cid:79)(cid:1)(cid:55)(cid:70)(cid:79)(cid:85)(cid:86)(cid:83)(cid:70)(cid:1)(cid:36)(cid:66)(cid:81)(cid:74)(cid:85)(cid:66)(cid:77)(cid:1)(cid:39)(cid:86)(cid:79)(cid:69)(cid:84)
j) Others (specify)
j-i) Foreign Portfolio Investors (Corporate)
(cid:75)(cid:14)(cid:74)(cid:74)(cid:10)(cid:1)(cid:39)(cid:80)(cid:83)(cid:70)(cid:74)(cid:72)(cid:79)(cid:1)(cid:47)(cid:66)(cid:85)(cid:74)(cid:80)(cid:79)(cid:66)(cid:77)(cid:84)(cid:1)(cid:14)(cid:1)(cid:37)(cid:51)
j-iii) Foreign Bodies - DR
j-iv) Foreign Institutional Investors - DR
Sub-Total (B) (1):
(2) Non-Institutions
a) Bodies Corporate
i) Indian
ii) Overseas
b) Individuals
i) Individual shareholders holding nominal share capital
(cid:86)(cid:81)(cid:85)(cid:80)(cid:1)(cid:846)(cid:1)(cid:18)(cid:1)(cid:77)(cid:66)(cid:76)(cid:73)(cid:1)
ii) Individual shareholders holding nominal share capital
(cid:74)(cid:79)(cid:1)(cid:70)(cid:89)(cid:68)(cid:70)(cid:84)(cid:84)(cid:1)(cid:80)(cid:71)(cid:1)(cid:846)(cid:1)(cid:18)(cid:1)(cid:77)(cid:66)(cid:76)(cid:73)(cid:1)
c) Others (specify)
(cid:47)(cid:35)(cid:39)(cid:36)(cid:84)(cid:1)(cid:83)(cid:70)(cid:72)(cid:74)(cid:84)(cid:85)(cid:70)(cid:83)(cid:70)(cid:69)(cid:1)(cid:88)(cid:74)(cid:85)(cid:73)(cid:1)(cid:51)(cid:35)(cid:42)
Trust
Directors & their relatives
(cid:42)(cid:38)(cid:49)(cid:39)(cid:1)(cid:52)(cid:86)(cid:84)(cid:81)(cid:70)(cid:79)(cid:84)(cid:70)(cid:1)(cid:34)(cid:16)(cid:36)
Foreign Bodies
Sub-Total (B) (2):
Total Public Shareholding (B) = (B)(1)+(B)(2)
TOTAL (A)+(B)
(cid:36)(cid:15)(cid:1)(cid:52)(cid:73)(cid:66)(cid:83)(cid:70)(cid:84)(cid:1)(cid:73)(cid:70)(cid:77)(cid:69)(cid:1)(cid:67)(cid:90)(cid:1)(cid:36)(cid:86)(cid:84)(cid:85)(cid:80)(cid:69)(cid:74)(cid:66)(cid:79)(cid:84)(cid:1)(cid:71)(cid:80)(cid:83)(cid:1)(cid:40)(cid:37)(cid:51)(cid:1)(cid:7)(cid:1)(cid:34)(cid:37)(cid:51)(cid:84)
GRAND TOTAL (A)+(B)+(C)
No. of Shares held at the beginning of the year
(as on 01.04.2018)
Physical
Total
Demat
% of
Total
Shares
No. of Shares held at the end of the year
(as on 31.03.2019)
Physical
Total
Demat
%
Change
during
the year
% of
Total
Shares
0
0
0
(cid:25)(cid:26)(cid:13)(cid:19)(cid:22)(cid:13)(cid:21)(cid:21)(cid:13)(cid:19)(cid:19)(cid:23)
0
6,56,240
89,32,00,466
0
0
0
0
0
0
89,32,00,466
14,55,00,772
(cid:18)(cid:13)(cid:23)(cid:21)(cid:13)(cid:26)(cid:18)(cid:13)(cid:25)(cid:22)(cid:18)
0
44,300
0
8,00,000
(cid:21)(cid:24)(cid:13)(cid:21)(cid:26)(cid:13)(cid:23)(cid:23)(cid:13)(cid:25)(cid:23)(cid:18)
1,08,11,182
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1,33,880
4,28,562
0
2,47,120
0
0
(cid:19)(cid:26)(cid:13)(cid:18)(cid:17)(cid:17)
53,480
0
0
0
0
(cid:25)(cid:26)(cid:13)(cid:19)(cid:22)(cid:13)(cid:21)(cid:21)(cid:13)(cid:19)(cid:19)(cid:23)
0
6,56,240
89,32,00,466
0
0
0
0
0
0
89,32,00,466
14,56,34,652
(cid:18)(cid:13)(cid:23)(cid:26)(cid:13)(cid:19)(cid:17)(cid:13)(cid:21)(cid:18)(cid:20)
0
(cid:19)(cid:13)(cid:26)(cid:18)(cid:13)(cid:21)(cid:19)(cid:17)
0
8,00,000
(cid:21)(cid:24)(cid:13)(cid:21)(cid:26)(cid:13)(cid:26)(cid:22)(cid:13)(cid:26)(cid:23)(cid:18)
1,08,64,662
0
(cid:24)(cid:22)(cid:13)(cid:17)(cid:18)(cid:13)(cid:23)(cid:26)(cid:13)(cid:17)(cid:19)(cid:17)
2,82,200
(cid:18)(cid:26)(cid:13)(cid:20)(cid:21)(cid:17)
0
1,39,90,85,526
0
0
0
0
8,92,142
(cid:24)(cid:22)(cid:13)(cid:17)(cid:18)(cid:13)(cid:23)(cid:26)(cid:13)(cid:17)(cid:19)(cid:17)
2,82,200
(cid:18)(cid:26)(cid:13)(cid:20)(cid:21)(cid:17)
0
1,39,99,77,668
0.00
0.00
0.00
33.00
0.00
0.02
33.02
0.00
0.00
0.00
0.00
0.00
0.00
33.02
5.38
0.63
0.00
0.01
0.00
0.03
17.56
0.40
0.00
27.74
0.01
0.00
0.00
51.76
0
0
0
(cid:25)(cid:26)(cid:13)(cid:19)(cid:22)(cid:13)(cid:21)(cid:21)(cid:13)(cid:19)(cid:19)(cid:23)
0
0
89,25,44,226
0
0
0
0
0
0
89,25,44,226
(cid:19)(cid:25)(cid:13)(cid:24)(cid:26)(cid:13)(cid:19)(cid:22)(cid:13)(cid:24)(cid:24)(cid:25)
2,13,28,182
66,63,070
44,300
0
23,65,000
35,46,58,303
82,67,700
0
71,03,88,567
0
0
0
1,39,16,40,900
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1,28,880
4,23,122
0
2,47,120
0
0
(cid:19)(cid:26)(cid:13)(cid:18)(cid:17)(cid:17)
50,480
0
0
0
0
0
8,78,702
0
0
0
(cid:25)(cid:26)(cid:13)(cid:19)(cid:22)(cid:13)(cid:21)(cid:21)(cid:13)(cid:19)(cid:19)(cid:23)
0
0
89,25,44,226
0
0
0
0
0
0
89,25,44,226
28,80,54,658
2,17,51,304
66,63,070
(cid:19)(cid:13)(cid:26)(cid:18)(cid:13)(cid:21)(cid:19)(cid:17)
0
23,65,000
35,46,87,403
83,18,180
0
71,03,88,567
0
0
0
1,39,25,19,602
0.00
0.00
0.00
33.00
0.00
0.00
33.00
0.00
0.00
0.00
0.00
0.00
0.00
33.00
10.65
0.80
0.25
0.01
0.00
(cid:17)(cid:15)(cid:17)(cid:26)
13.11
0.31
0.00
26.26
0.00
0.00
0.00
51.48
2,32,32,886
4,000
11,54,047
400
(cid:19)(cid:13)(cid:21)(cid:20)(cid:13)(cid:25)(cid:23)(cid:13)(cid:26)(cid:20)(cid:20)
4,400
(cid:17)(cid:15)(cid:26)(cid:17)
0.00
4,00,04,666
4,000
10,51,534
400
4,10,56,200
4,400
1.52
0.00
0.00
0.00
0.00
0.00
0.00
-0.02
-0.02
0.00
0.00
0.00
0.00
0.00
0.00
-0.02
5.27
0.18
0.25
0.00
0.00
0.06
-4.45
(cid:14)(cid:17)(cid:15)(cid:17)(cid:26)
0.00
-1.47
-0.01
0.00
0.00
-0.28
0.62
0.00
(cid:19)(cid:26)(cid:13)(cid:23)(cid:25)(cid:13)(cid:21)(cid:19)(cid:13)(cid:22)(cid:21)(cid:21)
(cid:21)(cid:13)(cid:25)(cid:25)(cid:13)(cid:26)(cid:24)(cid:13)(cid:21)(cid:26)(cid:24)
34,57,40,041
12.78
(cid:19)(cid:26)(cid:13)(cid:23)(cid:18)(cid:13)(cid:25)(cid:23)(cid:13)(cid:18)(cid:21)(cid:23)
4,26,14,185
33,88,00,331
12.53
-0.26
(cid:19)(cid:13)(cid:24)(cid:25)(cid:13)(cid:26)(cid:17)(cid:13)(cid:24)(cid:18)(cid:21)
(cid:18)(cid:20)(cid:13)(cid:24)(cid:26)(cid:13)(cid:22)(cid:25)(cid:17)
(cid:19)(cid:13)(cid:26)(cid:19)(cid:13)(cid:24)(cid:17)(cid:13)(cid:19)(cid:26)(cid:21)
1.08
(cid:19)(cid:13)(cid:25)(cid:17)(cid:13)(cid:17)(cid:26)(cid:13)(cid:20)(cid:22)(cid:18)
12,34,100
(cid:19)(cid:13)(cid:26)(cid:19)(cid:13)(cid:21)(cid:20)(cid:13)(cid:21)(cid:22)(cid:18)
1.08
0.00
(cid:22)(cid:26)(cid:13)(cid:20)(cid:22)(cid:26)
(cid:19)(cid:26)(cid:13)(cid:24)(cid:19)(cid:13)(cid:17)(cid:20)(cid:19)
36,862
(cid:23)(cid:19)(cid:13)(cid:22)(cid:25)(cid:13)(cid:19)(cid:26)(cid:22)
0
35,72,96,692
1,75,63,82,218
2,64,95,82,684
(cid:19)(cid:25)(cid:13)(cid:22)(cid:22)(cid:13)(cid:26)(cid:23)(cid:17)
2,65,24,38,644
0
(cid:26)(cid:13)(cid:26)(cid:17)(cid:17)
0
0
0
5,14,41,424
5,23,33,566
5,23,33,566
1,300
5,23,34,866
(cid:22)(cid:26)(cid:13)(cid:20)(cid:22)(cid:26)
(cid:19)(cid:26)(cid:13)(cid:25)(cid:18)(cid:13)(cid:26)(cid:20)(cid:19)
36,862
(cid:23)(cid:19)(cid:13)(cid:22)(cid:25)(cid:13)(cid:19)(cid:26)(cid:22)
0
40,87,38,116
1,80,87,15,784
2,70,19,16,250
28,57,260
2,70,47,73,510
0.00
0.11
0.00
0.23
0.00
15.11
66.87
99.89
0.11
100.00
65,737
18,11,560
36,862
(cid:23)(cid:25)(cid:13)(cid:20)(cid:23)(cid:13)(cid:26)(cid:21)(cid:18)
0
37,29,55,263
1,76,45,96,163
2,65,71,40,389
18,31,000
2,65,89,71,389
0
(cid:19)(cid:18)(cid:13)(cid:26)(cid:17)(cid:17)
0
0
0
4,49,22,119
4,58,00,821
4,58,00,821
1,300
4,58,02,121
65,737
18,33,460
36,862
(cid:23)(cid:25)(cid:13)(cid:20)(cid:23)(cid:13)(cid:26)(cid:21)(cid:18)
0
41,78,77,382
1,81,03,96,984
2,70,29,41,210
18,32,300
2,70,47,73,510
0.00
0.07
0.00
0.25
0.00
15.45
66.93
99.93
0.07
100.00
0.00
-0.04
0.00
0.02
0.00
0.34
0.06
0.04
-0.04
0.00
46 I Board’s Report
100th Annual Report 2018-19
ii)
Shareholding of Promoters (including Promoter Group)
Sl.
No.
Shareholder’s Name
1
2
3
4
5
6
7
8
(cid:26)
Tata Sons Private Limited
(Promoter)
Tata Steel Limited *
Tata Investment Corporation
Limited *
Tata Industries Limited *
Ewart Investments Limited *
Tata Motors Finance Limited *
Sir Dorabji Tata Trust *
Sir Ratan Tata Trust *
JRD Tata Trust *
Total
No. of Shares
Shareholding at the beginning of the
year (as on 01.04.2018)
% of
total
Shares
of the
company
31.05
% of Shares
Pledged/
encumbered
to total
shares
(cid:25)(cid:20)(cid:13)(cid:26)(cid:24)(cid:13)(cid:26)(cid:26)(cid:13)(cid:23)(cid:25)(cid:19)(cid:1)
1.43
No. of Shares
Shareholding at the end of the
year (as on 31.03.2019)
% of
total
Shares
of the
company
31.05
% of Shares
Pledged/
encumbered
to total
shares
(cid:25)(cid:20)(cid:13)(cid:26)(cid:24)(cid:13)(cid:26)(cid:26)(cid:13)(cid:23)(cid:25)(cid:19)(cid:1)
(cid:20)(cid:13)(cid:26)(cid:18)(cid:13)(cid:19)(cid:19)(cid:13)(cid:24)(cid:19)(cid:22)(cid:1)
68,47,842
45,35,200
(cid:19)(cid:19)(cid:13)(cid:19)(cid:26)(cid:13)(cid:23)(cid:22)(cid:24)(cid:1)
(cid:26)(cid:13)(cid:18)(cid:19)(cid:17)(cid:1)
5,72,880
70,160
13,200
89,32,00,466
1.45
0.25
0.17
0.08
0.00
0.02
0.00
0.00
33.02
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.43
(cid:20)(cid:13)(cid:26)(cid:18)(cid:13)(cid:19)(cid:19)(cid:13)(cid:24)(cid:19)(cid:22)(cid:1)
68,47,842
45,35,200
(cid:19)(cid:19)(cid:13)(cid:19)(cid:26)(cid:13)(cid:23)(cid:22)(cid:24)(cid:1)
(cid:1)(cid:26)(cid:13)(cid:18)(cid:19)(cid:17)(cid:1)
0
0
0
89,25,44,226
1.45
0.25
0.17
0.08
0.00
0.00
0.00
0.00
33.00
% change in
shareholding
during the
year
0.00
0.00
0.00
0.00
0.00
0.00
-0.02
0.00
0.00
-0.02
1.43
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.43
(cid:1)
iii)
(cid:11)(cid:1)(cid:49)(cid:66)(cid:83)(cid:85)(cid:1)(cid:80)(cid:71)(cid:1)(cid:49)(cid:83)(cid:80)(cid:78)(cid:80)(cid:85)(cid:70)(cid:83)(cid:1)(cid:40)(cid:83)(cid:80)(cid:86)(cid:81)
Changes in Promoter’s (including Promoter Group) Shareholding (please specify, if there is no change)
Sl.
No.
Name of the
Shareholder
Shareholding at the
beginning of the year
Date
Reason
Increase/Decrease in
Shareholding
Cumulative Shareholding
during the year
(as on 01.04.2018)
No. of
shares
% of total
shares
of the
company
31.05
(cid:25)(cid:20)(cid:13)(cid:26)(cid:24)(cid:13)(cid:26)(cid:26)(cid:13)(cid:23)(cid:25)(cid:19)
-
(cid:20)(cid:18)(cid:15)(cid:17)(cid:20)(cid:15)(cid:19)(cid:17)(cid:18)(cid:26)
-
(cid:20)(cid:18)(cid:15)(cid:17)(cid:20)(cid:15)(cid:19)(cid:17)(cid:18)(cid:26)
-
(cid:20)(cid:18)(cid:15)(cid:17)(cid:20)(cid:15)(cid:19)(cid:17)(cid:18)(cid:26)
-
(cid:20)(cid:18)(cid:15)(cid:17)(cid:20)(cid:15)(cid:19)(cid:17)(cid:18)(cid:26)
-
(cid:20)(cid:18)(cid:15)(cid:17)(cid:20)(cid:15)(cid:19)(cid:17)(cid:18)(cid:26)
(cid:47)(cid:80)(cid:1)(cid:68)(cid:73)(cid:66)(cid:79)(cid:72)(cid:70)
At the end of
the year
(cid:47)(cid:80)(cid:1)(cid:68)(cid:73)(cid:66)(cid:79)(cid:72)(cid:70)
At the end of
the year
(cid:47)(cid:80)(cid:1)(cid:68)(cid:73)(cid:66)(cid:79)(cid:72)(cid:70)
At the end of
the year
(cid:47)(cid:80)(cid:1)(cid:68)(cid:73)(cid:66)(cid:79)(cid:72)(cid:70)
At the end of
the year
(cid:47)(cid:80)(cid:1)(cid:68)(cid:73)(cid:66)(cid:79)(cid:72)(cid:70)
At the end of
the year
(cid:20)(cid:13)(cid:26)(cid:18)(cid:13)(cid:19)(cid:19)(cid:13)(cid:24)(cid:19)(cid:22)
1.45
68,47,842
0.25
45,35,200
0.17
(cid:19)(cid:19)(cid:13)(cid:19)(cid:26)(cid:13)(cid:23)(cid:22)(cid:24)
0.08
(cid:26)(cid:13)(cid:18)(cid:19)(cid:17)
0.00
1
2
3
4
5
6
Tata Sons
Private Limited
(Promoter)
Tata Steel
Limited *
Tata
Investment
Corporation
Limited *
Tata Industries
Limited *
Ewart
Investments
Limited *
Tata Motors
Finance
Limited *
No. of shares % of total
No. of
shares
% of total
shares
of the
company
0
-
0
-
0
-
0
-
0
-
0.00
-
0.00
-
0.00
-
0.00
-
0.00
-
(cid:25)(cid:20)(cid:13)(cid:26)(cid:24)(cid:13)(cid:26)(cid:26)(cid:13)(cid:23)(cid:25)(cid:19)
(cid:25)(cid:20)(cid:13)(cid:26)(cid:24)(cid:13)(cid:26)(cid:26)(cid:13)(cid:23)(cid:25)(cid:19)
(cid:25)(cid:20)(cid:13)(cid:26)(cid:24)(cid:13)(cid:26)(cid:26)(cid:13)(cid:23)(cid:25)(cid:19)
(cid:20)(cid:13)(cid:26)(cid:18)(cid:13)(cid:19)(cid:19)(cid:13)(cid:24)(cid:19)(cid:22)
(cid:20)(cid:13)(cid:26)(cid:18)(cid:13)(cid:19)(cid:19)(cid:13)(cid:24)(cid:19)(cid:22)
(cid:20)(cid:13)(cid:26)(cid:18)(cid:13)(cid:19)(cid:19)(cid:13)(cid:24)(cid:19)(cid:22)
68,47,842
68,47,842
68,47,842
45,35,200
45,35,200
45,35,200
(cid:19)(cid:19)(cid:13)(cid:19)(cid:26)(cid:13)(cid:23)(cid:22)(cid:24)
(cid:19)(cid:19)(cid:13)(cid:19)(cid:26)(cid:13)(cid:23)(cid:22)(cid:24)
(cid:19)(cid:19)(cid:13)(cid:19)(cid:26)(cid:13)(cid:23)(cid:22)(cid:24)
(cid:26)(cid:13)(cid:18)(cid:19)(cid:17)
shares
of the
company
31.05
31.05
31.05
1.45
1.45
1.45
0.25
0.25
0.25
0.17
0.17
0.17
0.08
0.08
0.08
0.00
Board’s Report I 47
I
E
C
T
O
N
T
R
O
P
E
R
S
D
R
A
O
B
’
A
&
D
M
T
R
O
P
E
R
G
C
R
R
B
D
E
T
A
D
I
L
O
S
N
O
C
E
N
O
L
A
D
N
A
T
S
The Tata Power Company Limited
Sl.
No.
Name of the
Shareholder
Shareholding at the
beginning of the year
Date
Reason
Increase/Decrease in
Shareholding
Cumulative Shareholding
during the year
(as on 01.04.2018)
No. of
shares
% of total
shares
of the
company
7
8
Sir Dorabji Tata
Trust *
5,72,880
0.02
Sir Ratan Tata
Trust *
70,160
0.00
(cid:26)
JRD Tata Trust *
13,200
0.00
No. of
shares
% of total
shares
of the
company
0.00
-
0
-
-5,72,880
-
-0.02
-
-70,160
-
-13,200
-
0.00
-
0.00
-
No. of shares % of total
shares
of the
company
0.00
0.00
0.02
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
(cid:26)(cid:13)(cid:18)(cid:19)(cid:17)
(cid:26)(cid:13)(cid:18)(cid:19)(cid:17)
5,72,880
0
0
70,160
0
0
13,200
0
0
-
(cid:20)(cid:18)(cid:15)(cid:17)(cid:20)(cid:15)(cid:19)(cid:17)(cid:18)(cid:26)
11.05.2018
(cid:20)(cid:18)(cid:15)(cid:17)(cid:20)(cid:15)(cid:19)(cid:17)(cid:18)(cid:26)
11.05.2018
(cid:20)(cid:18)(cid:15)(cid:17)(cid:20)(cid:15)(cid:19)(cid:17)(cid:18)(cid:26)
11.05.2018
(cid:20)(cid:18)(cid:15)(cid:17)(cid:20)(cid:15)(cid:19)(cid:17)(cid:18)(cid:26)
(cid:47)(cid:80)(cid:1)(cid:68)(cid:73)(cid:66)(cid:79)(cid:72)(cid:70)
At the end of
the year
Sale of Shares
At the end of
the year
Sale of Shares
At the end of
the year
Sale of Shares
At the end of
the year
*(cid:1)(cid:49)(cid:66)(cid:83)(cid:85)(cid:1)(cid:80)(cid:71)(cid:1)(cid:49)(cid:83)(cid:80)(cid:78)(cid:80)(cid:85)(cid:70)(cid:83)(cid:1)(cid:40)(cid:83)(cid:80)(cid:86)(cid:81)
Shareholding Pattern of Top 10 Shareholders (Other than Directors, Promoters and Holders of GDRs and ADRs):
iv)
Sl.
No.
Name of the
Shareholder
Shareholding at the
beginning of the year
(as on 01.04.2018)
Date
Reason
Increase/Decrease in
Shareholding
Cumulative Shareholding
during the year
No. of
shares
% of total
shares
of the
company
(cid:20)(cid:18)(cid:13)(cid:24)(cid:26)(cid:13)(cid:23)(cid:17)(cid:13)(cid:20)(cid:23)(cid:21)
11.76
1
Life Insurance
Corporation of
India
No. of shares % of total
No. of shares % of total
shares
of the
company
shares
of the
company
11.05.2018
Sale of Shares
18.05.2018
Sale of Shares
01.06.2018
Sale of Shares
08.06.2018
Sale of Shares
15.06.2018
Sale of Shares
06.07.2018
Sale of Shares
13.07.2018
Sale of Shares
03.08.2018
Sale of Shares
21.12.2018
Sale of Shares
28.12.2018
Sale of Shares
31.12.2018
Sale of Shares
31.12.2018
Purchase of Shares
(cid:17)(cid:21)(cid:15)(cid:17)(cid:18)(cid:15)(cid:19)(cid:17)(cid:18)(cid:26)
Sale of Shares
(cid:18)(cid:18)(cid:15)(cid:17)(cid:18)(cid:15)(cid:19)(cid:17)(cid:18)(cid:26)
Sale of Shares
(cid:18)(cid:25)(cid:15)(cid:17)(cid:18)(cid:15)(cid:19)(cid:17)(cid:18)(cid:26)
Sale of Shares
(cid:19)(cid:22)(cid:15)(cid:17)(cid:18)(cid:15)(cid:19)(cid:17)(cid:18)(cid:26)
Sale of Shares
(cid:17)(cid:18)(cid:15)(cid:17)(cid:19)(cid:15)(cid:19)(cid:17)(cid:18)(cid:26)
Sale of Shares
(cid:17)(cid:25)(cid:15)(cid:17)(cid:19)(cid:15)(cid:19)(cid:17)(cid:18)(cid:26)
Sale of Shares
-73,70,367
-1,01,522
-45,31,748
-24,13,205
-42,70,445
-31,85,000
-32,23,175
(cid:14)(cid:23)(cid:13)(cid:20)(cid:26)(cid:13)(cid:25)(cid:23)(cid:24)
-37,58,368
(cid:14)(cid:21)(cid:18)(cid:13)(cid:24)(cid:18)(cid:13)(cid:20)(cid:18)(cid:26)
(cid:14)(cid:18)(cid:13)(cid:24)(cid:22)(cid:13)(cid:18)(cid:25)(cid:13)(cid:19)(cid:26)(cid:24)
1,64,41,017
-26,41,783
-7,03,713
(cid:14)(cid:24)(cid:26)(cid:13)(cid:21)(cid:21)(cid:13)(cid:19)(cid:24)(cid:20)
(cid:14)(cid:26)(cid:24)(cid:13)(cid:19)(cid:25)(cid:13)(cid:19)(cid:23)(cid:24)
-57,17,354
(cid:14)(cid:18)(cid:22)(cid:13)(cid:26)(cid:19)(cid:13)(cid:26)(cid:17)(cid:18)
(cid:20)(cid:18)(cid:13)(cid:24)(cid:26)(cid:13)(cid:23)(cid:17)(cid:13)(cid:20)(cid:23)(cid:21)
(cid:20)(cid:18)(cid:13)(cid:17)(cid:22)(cid:13)(cid:25)(cid:26)(cid:13)(cid:26)(cid:26)(cid:24)
31,04,88,475
(cid:20)(cid:17)(cid:13)(cid:22)(cid:26)(cid:13)(cid:22)(cid:23)(cid:13)(cid:24)(cid:19)(cid:24)
30,35,43,522
(cid:19)(cid:26)(cid:13)(cid:26)(cid:19)(cid:13)(cid:24)(cid:20)(cid:13)(cid:17)(cid:24)(cid:24)
(cid:19)(cid:26)(cid:13)(cid:23)(cid:17)(cid:13)(cid:25)(cid:25)(cid:13)(cid:17)(cid:24)(cid:24)
(cid:19)(cid:26)(cid:13)(cid:19)(cid:25)(cid:13)(cid:23)(cid:21)(cid:13)(cid:26)(cid:17)(cid:19)
(cid:19)(cid:26)(cid:13)(cid:19)(cid:19)(cid:13)(cid:19)(cid:22)(cid:13)(cid:17)(cid:20)(cid:22)
28,84,66,667
(cid:19)(cid:25)(cid:13)(cid:21)(cid:19)(cid:13)(cid:26)(cid:22)(cid:13)(cid:20)(cid:21)(cid:25)
26,67,77,051
28,32,18,068
28,05,76,285
(cid:19)(cid:24)(cid:13)(cid:26)(cid:25)(cid:13)(cid:24)(cid:19)(cid:13)(cid:22)(cid:24)(cid:19)
(cid:19)(cid:24)(cid:13)(cid:18)(cid:26)(cid:13)(cid:19)(cid:25)(cid:13)(cid:19)(cid:26)(cid:26)
26,22,00,032
25,64,82,678
(cid:19)(cid:22)(cid:13)(cid:21)(cid:25)(cid:13)(cid:25)(cid:26)(cid:13)(cid:24)(cid:24)(cid:24)
-0.27
0.00
-0.17
(cid:14)(cid:17)(cid:15)(cid:17)(cid:26)
-0.16
-0.12
-0.12
-0.02
-0.14
-0.15
-0.65
0.61
-0.10
-0.03
(cid:14)(cid:17)(cid:15)(cid:19)(cid:26)
-0.36
-0.21
-0.06
11.76
11.48
11.48
11.31
11.22
11.06
(cid:18)(cid:17)(cid:15)(cid:26)(cid:22)
10.83
10.80
10.67
10.51
(cid:26)(cid:15)(cid:25)(cid:23)
10.47
10.37
10.35
10.05
(cid:26)(cid:15)(cid:23)(cid:26)
(cid:26)(cid:15)(cid:21)(cid:25)
(cid:26)(cid:15)(cid:21)(cid:19)
48 I Board’s Report
100th Annual Report 2018-19
Sl.
No.
Name of the
Shareholder
Shareholding at the
beginning of the year
(as on 01.04.2018)
Date
Reason
Increase/Decrease in
Shareholding
Cumulative Shareholding
during the year
No. of
shares
% of total
shares
of the
company
No. of shares % of total
No. of shares % of total
shares
of the
company
shares
of the
company
(cid:18)(cid:22)(cid:15)(cid:17)(cid:19)(cid:15)(cid:19)(cid:17)(cid:18)(cid:26)
Sale of Shares
(cid:19)(cid:19)(cid:15)(cid:17)(cid:19)(cid:15)(cid:19)(cid:17)(cid:18)(cid:26)
Sale of Shares
(cid:17)(cid:18)(cid:15)(cid:17)(cid:20)(cid:15)(cid:19)(cid:17)(cid:18)(cid:26)
Sale of Shares
(cid:17)(cid:25)(cid:15)(cid:17)(cid:20)(cid:15)(cid:19)(cid:17)(cid:18)(cid:26)
Sale of Shares
(cid:18)(cid:22)(cid:15)(cid:17)(cid:20)(cid:15)(cid:19)(cid:17)(cid:18)(cid:26)
Sale of Shares
(cid:19)(cid:19)(cid:15)(cid:17)(cid:20)(cid:15)(cid:19)(cid:17)(cid:18)(cid:26)
Sale of Shares
(cid:19)(cid:26)(cid:15)(cid:17)(cid:20)(cid:15)(cid:19)(cid:17)(cid:18)(cid:26)
Sale of Shares
(cid:19)(cid:26)(cid:15)(cid:17)(cid:20)(cid:15)(cid:19)(cid:17)(cid:18)(cid:26)
Purchase of Shares
-53,22,042
(cid:14)(cid:24)(cid:26)(cid:13)(cid:21)(cid:23)(cid:13)(cid:23)(cid:20)(cid:18)
-50,84,038
-1,03,77,074
-68,84,177
(cid:14)(cid:23)(cid:17)(cid:13)(cid:26)(cid:24)(cid:13)(cid:20)(cid:17)(cid:22)
(cid:14)(cid:18)(cid:13)(cid:26)(cid:25)(cid:13)(cid:25)(cid:24)(cid:13)(cid:24)(cid:26)(cid:19)
1,64,41,017
-0.20
(cid:14)(cid:17)(cid:15)(cid:19)(cid:26)
(cid:14)(cid:17)(cid:15)(cid:18)(cid:26)
-0.38
-0.25
-0.23
-0.74
0.61
(cid:19)(cid:21)(cid:13)(cid:26)(cid:22)(cid:13)(cid:23)(cid:24)(cid:13)(cid:24)(cid:20)(cid:22)
24,16,21,104
23,65,37,066
(cid:19)(cid:19)(cid:13)(cid:23)(cid:18)(cid:13)(cid:22)(cid:26)(cid:13)(cid:26)(cid:26)(cid:19)
(cid:19)(cid:18)(cid:13)(cid:26)(cid:19)(cid:13)(cid:24)(cid:22)(cid:13)(cid:25)(cid:18)(cid:22)
21,31,78,510
(cid:18)(cid:26)(cid:13)(cid:20)(cid:19)(cid:13)(cid:26)(cid:17)(cid:13)(cid:24)(cid:18)(cid:25)
(cid:19)(cid:17)(cid:13)(cid:26)(cid:24)(cid:13)(cid:20)(cid:18)(cid:13)(cid:24)(cid:20)(cid:22)
31.03.2019 At the end of the year
-
-
20,97,31,735
2 Matthews
(cid:18)(cid:24)(cid:13)(cid:24)(cid:26)(cid:13)(cid:21)(cid:26)(cid:13)(cid:22)(cid:26)(cid:19)
6.58
(cid:18)(cid:24)(cid:13)(cid:24)(cid:26)(cid:13)(cid:21)(cid:26)(cid:13)(cid:22)(cid:26)(cid:19)
Pacific Tiger
Fund
06.04.2018
Purchase of Shares
(cid:19)(cid:20)(cid:13)(cid:23)(cid:23)(cid:13)(cid:25)(cid:26)(cid:22)
(cid:17)(cid:15)(cid:17)(cid:26)
18,03,16,487
31.03.2019 At the end of the year
-
-
18,03,16,487
3
ICICI Prudential
Balanced Fund
8,14,15,323
3.01
06.04.2018
Sale of Shares
06.04.2018
Purchase of Shares
13.04.2018
Sale of Shares
13.04.2018
Purchase of Shares
20.04.2018
Purchase of Shares
27.04.2018
Purchase of Shares
04.05.2018
Purchase of Shares
11.05.2018
Purchase of Shares
18.05.2018
Purchase of Shares
25.05.2018
Sale of Shares
25.05.2018
Purchase of Shares
01.06.2018
Sale of Shares
01.06.2018
Purchase of Shares
08.06.2018
Purchase of Shares
15.06.2018
Sale of Shares
22.06.2018
Sale of Shares
(cid:19)(cid:26)(cid:15)(cid:17)(cid:23)(cid:15)(cid:19)(cid:17)(cid:18)(cid:25)
Sale of Shares
(cid:19)(cid:26)(cid:15)(cid:17)(cid:23)(cid:15)(cid:19)(cid:17)(cid:18)(cid:25)
Purchase of Shares
20.07.2018
Purchase of Shares
27.07.2018
Sale of Shares
03.08.2018
Purchase of Shares
10.08.2018
Sale of Shares
10.08.2018
Purchase of Shares
17.08.2018
Sale of Shares
(cid:17)(cid:24)(cid:15)(cid:17)(cid:26)(cid:15)(cid:19)(cid:17)(cid:18)(cid:25)
Sale of Shares
(cid:18)(cid:21)(cid:15)(cid:17)(cid:26)(cid:15)(cid:19)(cid:17)(cid:18)(cid:25)
Sale of Shares
(cid:19)(cid:25)(cid:15)(cid:17)(cid:26)(cid:15)(cid:19)(cid:17)(cid:18)(cid:25)
Sale of Shares
(cid:19)(cid:25)(cid:15)(cid:17)(cid:26)(cid:15)(cid:19)(cid:17)(cid:18)(cid:25)
Purchase of Shares
-4,82,865
1,603
-3,33,000
32,84,203
70,41,058
(cid:25)(cid:17)(cid:13)(cid:18)(cid:17)(cid:13)(cid:25)(cid:23)(cid:26)
(cid:19)(cid:21)(cid:13)(cid:26)(cid:20)(cid:13)(cid:18)(cid:22)(cid:19)
(cid:18)(cid:13)(cid:19)(cid:17)(cid:13)(cid:26)(cid:20)(cid:13)(cid:25)(cid:26)(cid:17)
42,50,000
(cid:14)(cid:26)(cid:22)(cid:19)
30,36,604
-3,33,000
(cid:19)(cid:22)(cid:13)(cid:21)(cid:25)(cid:13)(cid:21)(cid:19)(cid:26)
(cid:21)(cid:23)(cid:13)(cid:26)(cid:19)(cid:13)(cid:22)(cid:19)(cid:23)
-1,35,000
-13
(cid:14)(cid:26)(cid:17)(cid:13)(cid:17)(cid:17)(cid:17)
1,605
(cid:18)(cid:13)(cid:23)(cid:17)(cid:26)
(cid:14)(cid:26)(cid:21)(cid:24)
3,222
-12,201
(cid:20)(cid:13)(cid:18)(cid:17)(cid:13)(cid:26)(cid:23)(cid:17)
(cid:14)(cid:18)(cid:26)(cid:13)(cid:22)(cid:25)(cid:21)
-1,08,000
-1,633
-24
2,373
8,14,15,323
(cid:25)(cid:13)(cid:17)(cid:26)(cid:13)(cid:20)(cid:19)(cid:13)(cid:21)(cid:22)(cid:25)
(cid:25)(cid:13)(cid:17)(cid:26)(cid:13)(cid:20)(cid:21)(cid:13)(cid:17)(cid:23)(cid:18)
8,06,01,061
8,38,85,264
(cid:26)(cid:13)(cid:17)(cid:26)(cid:13)(cid:19)(cid:23)(cid:13)(cid:20)(cid:19)(cid:19)
(cid:26)(cid:13)(cid:25)(cid:26)(cid:13)(cid:20)(cid:24)(cid:13)(cid:18)(cid:26)(cid:18)
10,14,30,343
11,35,24,233
11,77,74,233
11,77,73,281
(cid:18)(cid:19)(cid:13)(cid:17)(cid:25)(cid:13)(cid:17)(cid:26)(cid:13)(cid:25)(cid:25)(cid:22)
-0.02
0.00
-0.01
0.12
0.26
0.30
(cid:17)(cid:15)(cid:17)(cid:26)
0.45
0.16
0.00
0.11
-0.01
12,04,76,885
(cid:17)(cid:15)(cid:17)(cid:26)
0.17
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.01
0.00
0.00
0.00
0.00
0.00
12,30,25,314
12,77,17,840
12,75,82,840
12,75,82,827
(cid:18)(cid:19)(cid:13)(cid:24)(cid:21)(cid:13)(cid:26)(cid:19)(cid:13)(cid:25)(cid:19)(cid:24)
(cid:18)(cid:19)(cid:13)(cid:24)(cid:21)(cid:13)(cid:26)(cid:21)(cid:13)(cid:21)(cid:20)(cid:19)
(cid:18)(cid:19)(cid:13)(cid:24)(cid:21)(cid:13)(cid:26)(cid:23)(cid:13)(cid:17)(cid:21)(cid:18)
(cid:18)(cid:19)(cid:13)(cid:24)(cid:21)(cid:13)(cid:26)(cid:22)(cid:13)(cid:17)(cid:26)(cid:21)
(cid:18)(cid:19)(cid:13)(cid:24)(cid:21)(cid:13)(cid:26)(cid:25)(cid:13)(cid:20)(cid:18)(cid:23)
12,74,86,115
(cid:18)(cid:19)(cid:13)(cid:24)(cid:24)(cid:13)(cid:26)(cid:24)(cid:13)(cid:17)(cid:24)(cid:22)
(cid:18)(cid:19)(cid:13)(cid:24)(cid:24)(cid:13)(cid:24)(cid:24)(cid:13)(cid:21)(cid:26)(cid:18)
(cid:18)(cid:19)(cid:13)(cid:24)(cid:23)(cid:13)(cid:23)(cid:26)(cid:13)(cid:21)(cid:26)(cid:18)
12,76,67,858
12,76,67,834
12,76,70,207
(cid:26)(cid:15)(cid:19)(cid:20)
(cid:25)(cid:15)(cid:26)(cid:20)
8.75
8.36
8.11
7.88
7.15
7.75
7.75
6.58
6.67
6.67
3.01
(cid:19)(cid:15)(cid:26)(cid:26)
(cid:19)(cid:15)(cid:26)(cid:26)
(cid:19)(cid:15)(cid:26)(cid:25)
3.10
3.36
3.66
3.75
4.20
4.35
4.35
4.47
4.45
4.55
4.72
4.72
4.72
4.71
4.71
4.71
4.71
4.71
4.71
4.72
4.72
4.72
4.72
4.72
4.72
Board’s Report I (cid:21)(cid:26)
I
E
C
T
O
N
T
R
O
P
E
R
S
D
R
A
O
B
’
A
&
D
M
T
R
O
P
E
R
G
C
R
R
B
D
E
T
A
D
I
L
O
S
N
O
C
E
N
O
L
A
D
N
A
T
S
The Tata Power Company Limited
Sl.
No.
Name of the
Shareholder
Shareholding at the
beginning of the year
(as on 01.04.2018)
Date
Reason
Increase/Decrease in
Shareholding
Cumulative Shareholding
during the year
No. of
shares
% of total
shares
of the
company
No. of shares % of total
No. of shares % of total
shares
of the
company
shares
of the
company
12.10.2018
Purchase of Shares
(cid:18)(cid:26)(cid:15)(cid:18)(cid:17)(cid:15)(cid:19)(cid:17)(cid:18)(cid:25)
Sale of Shares
(cid:18)(cid:26)(cid:15)(cid:18)(cid:17)(cid:15)(cid:19)(cid:17)(cid:18)(cid:25)
Purchase of Shares
26.10.2018
Sale of Shares
02.11.2018
Sale of Shares
02.11.2018
Purchase of Shares
(cid:17)(cid:26)(cid:15)(cid:18)(cid:18)(cid:15)(cid:19)(cid:17)(cid:18)(cid:25)
Sale of Shares
16.11.2018
Sale of Shares
23.11.2018
Sale of Shares
30.11.2018
Sale of Shares
07.12.2018
Sale of Shares
07.12.2018
Purchase of Shares
14.12.2018
Sale of Shares
14.12.2018
Purchase of Shares
21.12.2018
Purchase of Shares
28.12.2018
Sale of Shares
28.12.2018
Purchase of Shares
(cid:17)(cid:21)(cid:15)(cid:17)(cid:18)(cid:15)(cid:19)(cid:17)(cid:18)(cid:26)
Sale of Shares
(cid:17)(cid:21)(cid:15)(cid:17)(cid:18)(cid:15)(cid:19)(cid:17)(cid:18)(cid:26)
Purchase of Shares
(cid:18)(cid:18)(cid:15)(cid:17)(cid:18)(cid:15)(cid:19)(cid:17)(cid:18)(cid:26)
Sale of Shares
(cid:19)(cid:22)(cid:15)(cid:17)(cid:18)(cid:15)(cid:19)(cid:17)(cid:18)(cid:26)
Sale of Shares
(cid:19)(cid:22)(cid:15)(cid:17)(cid:18)(cid:15)(cid:19)(cid:17)(cid:18)(cid:26)
Purchase of Shares
(cid:17)(cid:18)(cid:15)(cid:17)(cid:19)(cid:15)(cid:19)(cid:17)(cid:18)(cid:26)
Purchase of Shares
(cid:17)(cid:25)(cid:15)(cid:17)(cid:19)(cid:15)(cid:19)(cid:17)(cid:18)(cid:26)
Purchase of Shares
(cid:18)(cid:22)(cid:15)(cid:17)(cid:19)(cid:15)(cid:19)(cid:17)(cid:18)(cid:26)
Purchase of Shares
(cid:19)(cid:19)(cid:15)(cid:17)(cid:19)(cid:15)(cid:19)(cid:17)(cid:18)(cid:26)
Purchase of Shares
(cid:17)(cid:18)(cid:15)(cid:17)(cid:20)(cid:15)(cid:19)(cid:17)(cid:18)(cid:26)
Sale of Shares
(cid:17)(cid:18)(cid:15)(cid:17)(cid:20)(cid:15)(cid:19)(cid:17)(cid:18)(cid:26)
Purchase of Shares
(cid:17)(cid:25)(cid:15)(cid:17)(cid:20)(cid:15)(cid:19)(cid:17)(cid:18)(cid:26)
Sale of Shares
(cid:18)(cid:22)(cid:15)(cid:17)(cid:20)(cid:15)(cid:19)(cid:17)(cid:18)(cid:26)
Purchase of Shares
(cid:19)(cid:19)(cid:15)(cid:17)(cid:20)(cid:15)(cid:19)(cid:17)(cid:18)(cid:26)
Sale of Shares
(cid:19)(cid:26)(cid:15)(cid:17)(cid:20)(cid:15)(cid:19)(cid:17)(cid:18)(cid:26)
Purchase of Shares
10,78,04,751
(cid:20)(cid:15)(cid:26)(cid:26)
31.03.2019 At the end of the year
1,663
-12,51,000
(cid:21)(cid:13)(cid:25)(cid:24)(cid:13)(cid:26)(cid:18)(cid:26)
-1,662
(cid:14)(cid:18)(cid:17)(cid:13)(cid:26)(cid:26)(cid:13)(cid:21)(cid:26)(cid:23)
(cid:21)(cid:13)(cid:18)(cid:21)(cid:13)(cid:26)(cid:23)(cid:26)
-7,68,160
(cid:14)(cid:24)(cid:13)(cid:20)(cid:26)(cid:24)
(cid:14)(cid:24)(cid:13)(cid:23)(cid:17)(cid:13)(cid:26)(cid:25)(cid:20)
-56,61,000
(cid:14)(cid:19)(cid:26)(cid:13)(cid:26)(cid:25)(cid:13)(cid:20)(cid:19)(cid:18)
1,661
(cid:14)(cid:20)(cid:13)(cid:26)(cid:19)(cid:13)(cid:18)(cid:18)(cid:19)
(cid:18)(cid:20)(cid:13)(cid:19)(cid:26)(cid:23)
3,322
-4,05,018
1,661
-45,000
1,660
(cid:14)(cid:18)(cid:13)(cid:25)(cid:26)(cid:13)(cid:17)(cid:17)(cid:17)
-1,13,211
1,661
3,322
8,305
(cid:21)(cid:13)(cid:26)(cid:25)(cid:20)
(cid:21)(cid:13)(cid:26)(cid:26)(cid:19)
-8,64,000
6,652
-2,51,268
1,662
-818
6,424
-
0.00
-0.05
0.02
0.00
-0.04
0.02
-0.03
0.00
-0.03
-0.21
-0.11
0.00
-0.01
0.00
0.00
-0.01
0.00
0.00
0.00
12,76,71,870
12,64,20,870
(cid:18)(cid:19)(cid:13)(cid:23)(cid:26)(cid:13)(cid:17)(cid:25)(cid:13)(cid:24)(cid:25)(cid:26)
(cid:18)(cid:19)(cid:13)(cid:23)(cid:26)(cid:13)(cid:18)(cid:17)(cid:13)(cid:21)(cid:22)(cid:18)
(cid:18)(cid:19)(cid:13)(cid:22)(cid:25)(cid:13)(cid:18)(cid:17)(cid:13)(cid:26)(cid:22)(cid:22)
(cid:18)(cid:19)(cid:13)(cid:23)(cid:19)(cid:13)(cid:19)(cid:22)(cid:13)(cid:26)(cid:19)(cid:21)
12,54,57,764
12,54,50,367
(cid:18)(cid:19)(cid:13)(cid:21)(cid:23)(cid:13)(cid:25)(cid:26)(cid:13)(cid:20)(cid:25)(cid:21)
(cid:18)(cid:18)(cid:13)(cid:26)(cid:17)(cid:13)(cid:19)(cid:25)(cid:13)(cid:20)(cid:25)(cid:21)
11,60,30,063
11,60,31,724
(cid:18)(cid:18)(cid:13)(cid:22)(cid:23)(cid:13)(cid:20)(cid:26)(cid:13)(cid:23)(cid:18)(cid:19)
(cid:18)(cid:18)(cid:13)(cid:22)(cid:23)(cid:13)(cid:22)(cid:19)(cid:13)(cid:26)(cid:17)(cid:25)
11,56,56,230
11,52,51,212
11,52,52,873
11,52,07,873
(cid:18)(cid:18)(cid:13)(cid:22)(cid:19)(cid:13)(cid:17)(cid:26)(cid:13)(cid:22)(cid:20)(cid:20)
-0.01
11,50,20,533
0.00
0.00
0.00
0.00
0.00
0.00
-0.03
0.00
-0.01
0.00
0.00
0.00
(cid:18)(cid:18)(cid:13)(cid:21)(cid:26)(cid:13)(cid:17)(cid:24)(cid:13)(cid:20)(cid:19)(cid:19)
(cid:18)(cid:18)(cid:13)(cid:21)(cid:26)(cid:13)(cid:17)(cid:25)(cid:13)(cid:26)(cid:25)(cid:20)
(cid:18)(cid:18)(cid:13)(cid:21)(cid:26)(cid:13)(cid:18)(cid:19)(cid:13)(cid:20)(cid:17)(cid:22)
(cid:18)(cid:18)(cid:13)(cid:21)(cid:26)(cid:13)(cid:19)(cid:17)(cid:13)(cid:23)(cid:18)(cid:17)
(cid:18)(cid:18)(cid:13)(cid:21)(cid:26)(cid:13)(cid:19)(cid:22)(cid:13)(cid:22)(cid:26)(cid:20)
(cid:18)(cid:18)(cid:13)(cid:21)(cid:26)(cid:13)(cid:20)(cid:17)(cid:13)(cid:22)(cid:25)(cid:22)
11,40,66,585
11,40,73,237
(cid:18)(cid:18)(cid:13)(cid:20)(cid:25)(cid:13)(cid:19)(cid:18)(cid:13)(cid:26)(cid:23)(cid:26)
11,38,23,631
11,38,22,813
(cid:18)(cid:18)(cid:13)(cid:20)(cid:25)(cid:13)(cid:19)(cid:26)(cid:13)(cid:19)(cid:20)(cid:24)
-
11,38,29,237
10,78,04,751
(cid:17)(cid:18)(cid:15)(cid:17)(cid:20)(cid:15)(cid:19)(cid:17)(cid:18)(cid:26)
Sale of Shares
(cid:14)(cid:18)(cid:13)(cid:24)(cid:24)(cid:13)(cid:25)(cid:24)(cid:13)(cid:19)(cid:22)(cid:26)
-0.66
(cid:26)(cid:13)(cid:17)(cid:17)(cid:13)(cid:18)(cid:24)(cid:13)(cid:21)(cid:26)(cid:19)
31.03.2019 At the end of the year
-
-
9,00,17,492
4.72
4.67
(cid:21)(cid:15)(cid:23)(cid:26)
(cid:21)(cid:15)(cid:23)(cid:26)
4.65
4.67
4.64
4.64
4.61
4.40
(cid:21)(cid:15)(cid:19)(cid:26)
(cid:21)(cid:15)(cid:19)(cid:26)
4.28
4.28
4.28
4.26
4.26
4.26
4.26
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.22
4.22
4.21
4.21
4.21
4.21
4.21
(cid:20)(cid:15)(cid:26)(cid:26)
3.33
3.33
4
First State
Investments
Icvc- Stewart
Investors
(cid:40)(cid:77)(cid:80)(cid:67)(cid:66)(cid:77)(cid:1)
Emerging
Markets
Leaders Fund
50 I Board’s Report
100th Annual Report 2018-19
Sl.
No.
Name of the
Shareholder
Shareholding at the
beginning of the year
(as on 01.04.2018)
Date
Reason
Increase/Decrease in
Shareholding
Cumulative Shareholding
during the year
No. of
shares
% of total
shares
of the
company
(cid:23)(cid:13)(cid:22)(cid:24)(cid:13)(cid:17)(cid:21)(cid:13)(cid:26)(cid:22)(cid:20)
2.43
5
(cid:53)(cid:73)(cid:70)(cid:1)(cid:47)(cid:70)(cid:88)(cid:1)(cid:42)(cid:79)(cid:69)(cid:74)(cid:66)(cid:1)
Assurance
Company
Limited
No. of shares % of total
No. of shares % of total
shares
of the
company
shares
of the
company
-6,627
-12,00,000
-7,10,320
-5,00,000
(cid:14)(cid:19)(cid:13)(cid:25)(cid:26)(cid:13)(cid:23)(cid:25)(cid:17)
(cid:14)(cid:26)(cid:13)(cid:17)(cid:17)(cid:13)(cid:17)(cid:17)(cid:17)
-4,50,000
(cid:14)(cid:18)(cid:18)(cid:13)(cid:24)(cid:26)(cid:13)(cid:21)(cid:25)(cid:24)
-75,000
-14,00,000
-40,000
(cid:14)(cid:18)(cid:17)(cid:13)(cid:18)(cid:22)(cid:13)(cid:22)(cid:18)(cid:26)
-3,44,481
-7,35,227
-12,64,773
-14,00,000
(cid:23)(cid:13)(cid:22)(cid:24)(cid:13)(cid:17)(cid:21)(cid:13)(cid:26)(cid:22)(cid:20)
(cid:23)(cid:13)(cid:22)(cid:23)(cid:13)(cid:26)(cid:25)(cid:13)(cid:20)(cid:19)(cid:23)
(cid:23)(cid:13)(cid:21)(cid:21)(cid:13)(cid:26)(cid:25)(cid:13)(cid:20)(cid:19)(cid:23)
6,37,88,006
6,32,88,006
(cid:23)(cid:13)(cid:19)(cid:26)(cid:13)(cid:26)(cid:25)(cid:13)(cid:20)(cid:19)(cid:23)
(cid:23)(cid:13)(cid:19)(cid:17)(cid:13)(cid:26)(cid:25)(cid:13)(cid:20)(cid:19)(cid:23)
6,16,48,326
(cid:23)(cid:13)(cid:17)(cid:21)(cid:13)(cid:23)(cid:25)(cid:13)(cid:25)(cid:20)(cid:26)
(cid:23)(cid:13)(cid:17)(cid:20)(cid:13)(cid:26)(cid:20)(cid:13)(cid:25)(cid:20)(cid:26)
(cid:22)(cid:13)(cid:25)(cid:26)(cid:13)(cid:26)(cid:20)(cid:13)(cid:25)(cid:20)(cid:26)
(cid:22)(cid:13)(cid:25)(cid:26)(cid:13)(cid:22)(cid:20)(cid:13)(cid:25)(cid:20)(cid:26)
(cid:22)(cid:13)(cid:24)(cid:26)(cid:13)(cid:20)(cid:25)(cid:13)(cid:20)(cid:19)(cid:17)
(cid:22)(cid:13)(cid:24)(cid:22)(cid:13)(cid:26)(cid:20)(cid:13)(cid:25)(cid:20)(cid:26)
5,68,58,612
(cid:22)(cid:13)(cid:22)(cid:22)(cid:13)(cid:26)(cid:20)(cid:13)(cid:25)(cid:20)(cid:26)
(cid:22)(cid:13)(cid:21)(cid:18)(cid:13)(cid:26)(cid:20)(cid:13)(cid:25)(cid:20)(cid:26)
0.00
-0.04
-0.03
-0.02
-0.01
-0.03
-0.02
-0.04
0.00
-0.05
0.00
-0.04
-0.01
-0.03
-0.05
-0.05
2.43
2.43
2.38
2.36
2.34
2.33
2.30
2.28
2.24
2.23
2.18
2.18
2.14
2.13
2.10
2.06
2.00
04.05.2018
Sale of Shares
22.06.2018
Sale of Shares
(cid:19)(cid:26)(cid:15)(cid:17)(cid:23)(cid:15)(cid:19)(cid:17)(cid:18)(cid:25)
Sale of Shares
06.07.2018
Sale of Shares
13.07.2018
Sale of Shares
(cid:17)(cid:24)(cid:15)(cid:17)(cid:26)(cid:15)(cid:19)(cid:17)(cid:18)(cid:25)
Sale of Shares
(cid:18)(cid:21)(cid:15)(cid:17)(cid:26)(cid:15)(cid:19)(cid:17)(cid:18)(cid:25)
Sale of Shares
(cid:19)(cid:18)(cid:15)(cid:17)(cid:26)(cid:15)(cid:19)(cid:17)(cid:18)(cid:25)
Sale of Shares
(cid:19)(cid:25)(cid:15)(cid:17)(cid:26)(cid:15)(cid:19)(cid:17)(cid:18)(cid:25)
Sale of Shares
02.11.2018
Sale of Shares
23.11.2018
Sale of Shares
30.11.2018
Sale of Shares
07.12.2018
Sale of Shares
14.12.2018
Sale of Shares
21.12.2018
Sale of Shares
(cid:19)(cid:26)(cid:15)(cid:17)(cid:20)(cid:15)(cid:19)(cid:17)(cid:18)(cid:26)
Sale of Shares
31.03.2019 At the end of the year
-
-
5,41,93,839
2.00
(cid:23)(cid:13)(cid:22)(cid:22)(cid:13)(cid:23)(cid:19)(cid:13)(cid:26)(cid:23)(cid:17)
2.42
6
(cid:40)(cid:70)(cid:79)(cid:70)(cid:83)(cid:66)(cid:77)(cid:1)
Insurance
Corporation of
India
31.08.2018
Sale of Shares
(cid:17)(cid:24)(cid:15)(cid:17)(cid:26)(cid:15)(cid:19)(cid:17)(cid:18)(cid:25)
Sale of Shares
(cid:18)(cid:21)(cid:15)(cid:17)(cid:26)(cid:15)(cid:19)(cid:17)(cid:18)(cid:25)
Sale of Shares
(cid:19)(cid:18)(cid:15)(cid:17)(cid:26)(cid:15)(cid:19)(cid:17)(cid:18)(cid:25)
Sale of Shares
(cid:19)(cid:25)(cid:15)(cid:17)(cid:26)(cid:15)(cid:19)(cid:17)(cid:18)(cid:25)
Sale of Shares
02.11.2018
Sale of Shares
23.11.2018
Sale of Shares
30.11.2018
Sale of Shares
07.12.2018
Sale of Shares
(cid:18)(cid:18)(cid:15)(cid:17)(cid:18)(cid:15)(cid:19)(cid:17)(cid:18)(cid:26)
Sale of Shares
(cid:18)(cid:25)(cid:15)(cid:17)(cid:18)(cid:15)(cid:19)(cid:17)(cid:18)(cid:26)
Sale of Shares
(cid:19)(cid:22)(cid:15)(cid:17)(cid:18)(cid:15)(cid:19)(cid:17)(cid:18)(cid:26)
Sale of Shares
(cid:19)(cid:26)(cid:15)(cid:17)(cid:20)(cid:15)(cid:19)(cid:17)(cid:18)(cid:26)
Sale of Shares
-3,68,812
(cid:14)(cid:18)(cid:18)(cid:13)(cid:22)(cid:26)(cid:13)(cid:26)(cid:26)(cid:20)
(cid:14)(cid:24)(cid:13)(cid:18)(cid:23)(cid:13)(cid:24)(cid:26)(cid:23)
(cid:14)(cid:18)(cid:18)(cid:13)(cid:24)(cid:26)(cid:13)(cid:25)(cid:22)(cid:19)
-12,63,272
-25,00,000
-12,04,377
(cid:14)(cid:19)(cid:18)(cid:13)(cid:17)(cid:23)(cid:13)(cid:25)(cid:26)(cid:25)
-25,00,000
-6,536
-3,50,133
-1,43,331
-1,00,000
(cid:23)(cid:13)(cid:22)(cid:22)(cid:13)(cid:23)(cid:19)(cid:13)(cid:26)(cid:23)(cid:17)
(cid:23)(cid:13)(cid:22)(cid:18)(cid:13)(cid:26)(cid:21)(cid:13)(cid:18)(cid:21)(cid:25)
6,40,34,155
(cid:23)(cid:13)(cid:20)(cid:20)(cid:13)(cid:18)(cid:24)(cid:13)(cid:20)(cid:22)(cid:26)
6,21,37,507
6,08,74,235
5,83,74,235
(cid:22)(cid:13)(cid:24)(cid:18)(cid:13)(cid:23)(cid:26)(cid:13)(cid:25)(cid:22)(cid:25)
(cid:22)(cid:13)(cid:22)(cid:17)(cid:13)(cid:23)(cid:19)(cid:13)(cid:26)(cid:23)(cid:17)
(cid:22)(cid:13)(cid:19)(cid:22)(cid:13)(cid:23)(cid:19)(cid:13)(cid:26)(cid:23)(cid:17)
5,25,56,424
(cid:22)(cid:13)(cid:19)(cid:19)(cid:13)(cid:17)(cid:23)(cid:13)(cid:19)(cid:26)(cid:18)
(cid:22)(cid:13)(cid:19)(cid:17)(cid:13)(cid:23)(cid:19)(cid:13)(cid:26)(cid:23)(cid:17)
(cid:22)(cid:13)(cid:18)(cid:26)(cid:13)(cid:23)(cid:19)(cid:13)(cid:26)(cid:23)(cid:17)
-0.01
-0.04
-0.03
-0.04
-0.05
(cid:14)(cid:17)(cid:15)(cid:17)(cid:26)
-0.04
-0.08
(cid:14)(cid:17)(cid:15)(cid:17)(cid:26)
0.00
-0.01
-0.01
0.00
7
8
Stewart
Investors
(cid:40)(cid:77)(cid:80)(cid:67)(cid:66)(cid:77)(cid:1)
Emerging
Markets
Leaders Fund
SBI Large &
Midcap Fund
3,72,00,828
1.38
31.03.2019 At the end of the year
-
-
5,19,62,960
18.05.2018
Sale of Shares
25.05.2018
Sale of Shares
-18,85,735
(cid:14)(cid:19)(cid:26)(cid:13)(cid:25)(cid:22)(cid:13)(cid:21)(cid:23)(cid:21)
(cid:17)(cid:18)(cid:15)(cid:17)(cid:20)(cid:15)(cid:19)(cid:17)(cid:18)(cid:26)
Purchase of Shares
(cid:18)(cid:13)(cid:24)(cid:24)(cid:13)(cid:25)(cid:24)(cid:13)(cid:19)(cid:22)(cid:26)
-0.07
-0.11
0.66
3,72,00,828
(cid:20)(cid:13)(cid:22)(cid:20)(cid:13)(cid:18)(cid:22)(cid:13)(cid:17)(cid:26)(cid:20)
(cid:20)(cid:13)(cid:19)(cid:20)(cid:13)(cid:19)(cid:26)(cid:13)(cid:23)(cid:19)(cid:26)
5,01,16,888
17,21,827
0.06
31.03.2019 At the end of the year
-
-
5,01,16,888
06.04.2018
Sale of Shares
18.05.2018
Purchase of Shares
-5,71,270
1,651
-0.02
0.00
17,21,827
11,50,557
11,52,208
2.42
2.41
2.37
2.34
2.30
2.25
2.16
2.11
2.04
(cid:18)(cid:15)(cid:26)(cid:21)
(cid:18)(cid:15)(cid:26)(cid:21)
(cid:18)(cid:15)(cid:26)(cid:20)
(cid:18)(cid:15)(cid:26)(cid:19)
(cid:18)(cid:15)(cid:26)(cid:19)
1.92
1.38
1.31
1.20
1.85
1.85
0.06
0.04
0.04
Board’s Report I 51
I
E
C
T
O
N
T
R
O
P
E
R
S
D
R
A
O
B
’
A
&
D
M
T
R
O
P
E
R
G
C
R
R
B
D
E
T
A
D
I
L
O
S
N
O
C
E
N
O
L
A
D
N
A
T
S
The Tata Power Company Limited
Sl.
No.
Name of the
Shareholder
Shareholding at the
beginning of the year
(as on 01.04.2018)
Date
Reason
Increase/Decrease in
Shareholding
Cumulative Shareholding
during the year
No. of
shares
% of total
shares
of the
company
No. of shares % of total
No. of shares % of total
shares
of the
company
shares
of the
company
22.06.2018
Sale of Shares
(cid:19)(cid:26)(cid:15)(cid:17)(cid:23)(cid:15)(cid:19)(cid:17)(cid:18)(cid:25)
Purchase of Shares
13.07.2018
Purchase of Shares
03.08.2018
Purchase of Shares
10.08.2018
Sale of Shares
31.08.2018
Sale of Shares
(cid:18)(cid:21)(cid:15)(cid:17)(cid:26)(cid:15)(cid:19)(cid:17)(cid:18)(cid:25)
Purchase of Shares
(cid:19)(cid:25)(cid:15)(cid:17)(cid:26)(cid:15)(cid:19)(cid:17)(cid:18)(cid:25)
Sale of Shares
(cid:19)(cid:25)(cid:15)(cid:17)(cid:26)(cid:15)(cid:19)(cid:17)(cid:18)(cid:25)
Purchase of Shares
05.10.2018
Purchase of Shares
12.10.2018
Purchase of Shares
26.10.2018
Purchase of Shares
02.11.2018
Sale of Shares
02.11.2018
Purchase of Shares
16.11.2018
Sale of Shares
16.11.2018
Purchase of Shares
30.11.2018
Sale of Shares
-10
4
1
5
-2
-1,647
1
-4
26,251
33
1,015
2,00,000
-4
3,50,000
-1,015
3,65,000
-11,151
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.01
0.00
0.01
0.00
0.01
0.00
07.12.2018
Sale of Shares
-2,00,000
-0.01
07.12.2018
Purchase of Shares
(cid:18)(cid:13)(cid:17)(cid:24)(cid:13)(cid:17)(cid:21)(cid:13)(cid:26)(cid:20)(cid:17)
14.12.2018
Sale of Shares
14.12.2018
Purchase of Shares
28.12.2018
Purchase of Shares
31.12.2018
Purchase of Shares
(cid:17)(cid:21)(cid:15)(cid:17)(cid:18)(cid:15)(cid:19)(cid:17)(cid:18)(cid:26)
Purchase of Shares
(cid:19)(cid:22)(cid:15)(cid:17)(cid:18)(cid:15)(cid:19)(cid:17)(cid:18)(cid:26)
Purchase of Shares
(cid:17)(cid:18)(cid:15)(cid:17)(cid:19)(cid:15)(cid:19)(cid:17)(cid:18)(cid:26)
Purchase of Shares
(cid:17)(cid:25)(cid:15)(cid:17)(cid:19)(cid:15)(cid:19)(cid:17)(cid:18)(cid:26)
Purchase of Shares
(cid:18)(cid:22)(cid:15)(cid:17)(cid:19)(cid:15)(cid:19)(cid:17)(cid:18)(cid:26)
Purchase of Shares
(cid:19)(cid:19)(cid:15)(cid:17)(cid:19)(cid:15)(cid:19)(cid:17)(cid:18)(cid:26)
Purchase of Shares
(cid:17)(cid:18)(cid:15)(cid:17)(cid:20)(cid:15)(cid:19)(cid:17)(cid:18)(cid:26)
Purchase of Shares
(cid:17)(cid:25)(cid:15)(cid:17)(cid:20)(cid:15)(cid:19)(cid:17)(cid:18)(cid:26)
Purchase of Shares
(cid:18)(cid:22)(cid:15)(cid:17)(cid:20)(cid:15)(cid:19)(cid:17)(cid:18)(cid:26)
Sale of Shares
(cid:18)(cid:22)(cid:15)(cid:17)(cid:20)(cid:15)(cid:19)(cid:17)(cid:18)(cid:26)
Purchase of Shares
(cid:19)(cid:19)(cid:15)(cid:17)(cid:20)(cid:15)(cid:19)(cid:17)(cid:18)(cid:26)
Sale of Shares
(cid:19)(cid:19)(cid:15)(cid:17)(cid:20)(cid:15)(cid:19)(cid:17)(cid:18)(cid:26)
Purchase of Shares
(cid:19)(cid:26)(cid:15)(cid:17)(cid:20)(cid:15)(cid:19)(cid:17)(cid:18)(cid:26)
Sale of Shares
(cid:19)(cid:26)(cid:15)(cid:17)(cid:20)(cid:15)(cid:19)(cid:17)(cid:18)(cid:26)
Purchase of Shares
-7,600
(cid:18)(cid:24)(cid:13)(cid:26)(cid:22)(cid:13)(cid:17)(cid:24)(cid:17)
(cid:19)(cid:13)(cid:19)(cid:22)(cid:13)(cid:26)(cid:18)(cid:24)
1,50,000
6,25,000
70,00,000
22,71,084
52,00,000
11
11,00,018
5,00,005
(cid:20)(cid:26)(cid:13)(cid:26)(cid:23)(cid:13)(cid:17)(cid:17)(cid:24)
(cid:14)(cid:18)(cid:13)(cid:17)(cid:26)(cid:19)
(cid:21)(cid:23)(cid:13)(cid:17)(cid:21)(cid:13)(cid:19)(cid:26)(cid:26)
-15,00,006
(cid:22)(cid:26)(cid:13)(cid:25)(cid:19)(cid:13)(cid:18)(cid:26)(cid:20)
-4,868
25,01,407
0.40
0.00
0.07
0.01
0.01
0.02
0.26
0.08
(cid:17)(cid:15)(cid:18)(cid:26)
0.00
0.04
0.02
0.15
0.00
0.17
-0.06
0.22
0.00
(cid:17)(cid:15)(cid:17)(cid:26)
(cid:18)(cid:18)(cid:13)(cid:22)(cid:19)(cid:13)(cid:18)(cid:26)(cid:25)
11,52,202
11,52,203
11,52,208
11,52,206
(cid:18)(cid:18)(cid:13)(cid:22)(cid:17)(cid:13)(cid:22)(cid:22)(cid:26)
11,50,560
11,50,556
11,76,807
11,76,840
11,77,855
13,77,855
13,77,851
17,27,851
17,26,836
(cid:19)(cid:17)(cid:13)(cid:26)(cid:18)(cid:13)(cid:25)(cid:20)(cid:23)
20,80,685
18,80,685
1,25,85,615
1,25,78,015
1,43,73,085
(cid:18)(cid:13)(cid:21)(cid:22)(cid:13)(cid:26)(cid:26)(cid:13)(cid:17)(cid:17)(cid:19)
(cid:18)(cid:13)(cid:21)(cid:24)(cid:13)(cid:21)(cid:26)(cid:13)(cid:17)(cid:17)(cid:19)
1,53,74,002
2,23,74,002
2,46,45,086
(cid:19)(cid:13)(cid:26)(cid:25)(cid:13)(cid:21)(cid:22)(cid:13)(cid:17)(cid:25)(cid:23)
(cid:19)(cid:13)(cid:26)(cid:25)(cid:13)(cid:21)(cid:22)(cid:13)(cid:17)(cid:26)(cid:24)
(cid:20)(cid:13)(cid:17)(cid:26)(cid:13)(cid:21)(cid:22)(cid:13)(cid:18)(cid:18)(cid:22)
3,14,45,120
3,54,41,127
3,54,40,035
4,00,44,334
3,85,44,328
4,45,26,521
4,45,21,653
4,70,23,060
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.04
0.05
0.05
0.06
0.06
0.08
0.08
0.07
0.47
0.47
0.53
0.54
0.55
0.57
0.83
(cid:17)(cid:15)(cid:26)(cid:18)
1.10
1.10
1.14
1.16
1.31
1.31
1.48
1.43
1.65
1.65
1.74
31.03.2019 At the end of the year
-
-
4,70,23,060
1.74
52 I Board’s Report
100th Annual Report 2018-19
Sl.
No.
Name of the
Shareholder
Shareholding at the
beginning of the year
(as on 01.04.2018)
Date
Reason
Increase/Decrease in
Shareholding
Cumulative Shareholding
during the year
No. of
shares
% of total
shares
of the
company
14,71,078
0.05
(cid:26)
Reliance
Emergent India
Fund
No. of shares % of total
No. of shares % of total
shares
of the
company
shares
of the
company
14,71,078
0.05
06.04.2018
Sale of Shares
06.04.2018
Purchase of Shares
13.04.2018
Sale of Shares
20.04.2018
Sale of Shares
27.04.2018
Purchase of Shares
04.05.2018
Purchase of Shares
11.05.2018
Sale of Shares
25.05.2018
Sale of Shares
01.06.2018
Sale of Shares
01.06.2018
Purchase of Shares
08.06.2018
Sale of Shares
08.06.2018
Purchase of Shares
15.06.2018
Purchase of Shares
22.06.2018
Purchase of Shares
(cid:19)(cid:26)(cid:15)(cid:17)(cid:23)(cid:15)(cid:19)(cid:17)(cid:18)(cid:25)
Sale of Shares
06.07.2018
Sale of Shares
13.07.2018
Sale of Shares
13.07.2018
Purchase of Shares
20.07.2018
Sale of Shares
20.07.2018
Purchase of Shares
03.08.2018
Sale of Shares
10.08.2018
Sale of Shares
24.08.2018
Sale of Shares
24.08.2018
Purchase of Shares
31.08.2018
Sale of Shares
31.08.2018
Purchase of Shares
(cid:17)(cid:24)(cid:15)(cid:17)(cid:26)(cid:15)(cid:19)(cid:17)(cid:18)(cid:25)
Sale of Shares
(cid:17)(cid:24)(cid:15)(cid:17)(cid:26)(cid:15)(cid:19)(cid:17)(cid:18)(cid:25)
Purchase of Shares
(cid:18)(cid:21)(cid:15)(cid:17)(cid:26)(cid:15)(cid:19)(cid:17)(cid:18)(cid:25)
Sale of Shares
(cid:19)(cid:18)(cid:15)(cid:17)(cid:26)(cid:15)(cid:19)(cid:17)(cid:18)(cid:25)
Sale of Shares
(cid:19)(cid:18)(cid:15)(cid:17)(cid:26)(cid:15)(cid:19)(cid:17)(cid:18)(cid:25)
Purchase of Shares
(cid:19)(cid:25)(cid:15)(cid:17)(cid:26)(cid:15)(cid:19)(cid:17)(cid:18)(cid:25)
Sale of Shares
05.10.2018
Sale of Shares
12.10.2018
Sale of Shares
12.10.2018
Purchase of Shares
(cid:18)(cid:26)(cid:15)(cid:18)(cid:17)(cid:15)(cid:19)(cid:17)(cid:18)(cid:25)
Purchase of Shares
26.10.2018
Sale of Shares
26.10.2018
Purchase of Shares
02.11.2018
Purchase of Shares
(cid:17)(cid:26)(cid:15)(cid:18)(cid:18)(cid:15)(cid:19)(cid:17)(cid:18)(cid:25)
Purchase of Shares
16.11.2018
Purchase of Shares
23.11.2018
Purchase of Shares
(cid:14)(cid:25)(cid:13)(cid:17)(cid:23)(cid:13)(cid:24)(cid:26)(cid:23)
1,08,000
(cid:14)(cid:21)(cid:13)(cid:22)(cid:26)(cid:13)(cid:17)(cid:17)(cid:17)
(cid:14)(cid:18)(cid:13)(cid:26)(cid:25)(cid:13)(cid:17)(cid:17)(cid:17)
81,000
10,44,000
-610
-6,57,000
-81,000
7,84,583
-72
2,34,000
18,72,000
5,31,000
-1,62,740
-375
(cid:14)(cid:23)(cid:20)(cid:26)
1,62,000
-2,88,608
(cid:23)(cid:20)(cid:26)
-608
-457
(cid:14)(cid:23)(cid:17)(cid:26)
2,34,000
-7,47,000
(cid:19)(cid:13)(cid:26)(cid:26)(cid:13)(cid:26)(cid:26)(cid:26)
(cid:14)(cid:26)(cid:13)(cid:23)(cid:20)(cid:13)(cid:17)(cid:17)(cid:17)
386
-2,88,000
-1,26,025
342
-5,75,168
-6,12,607
(cid:14)(cid:21)(cid:13)(cid:24)(cid:26)(cid:13)(cid:21)(cid:19)(cid:25)
683
(cid:23)(cid:17)(cid:13)(cid:17)(cid:26)(cid:13)(cid:25)(cid:25)(cid:26)
-607
54,000
80,16,000
7,34,000
28,50,000
63,175
-0.03
0.00
-0.02
-0.01
0.00
0.04
0.00
-0.02
0.00
0.03
0.00
0.01
0.07
0.02
-0.01
0.00
0.00
0.01
-0.01
0.00
0.00
0.00
0.00
0.01
-0.03
0.01
-0.04
0.00
-0.01
0.00
0.00
-0.02
-0.02
-0.02
0.00
0.22
0.00
0.00
0.30
0.03
0.11
0.00
6,64,282
7,72,282
3,13,282
1,15,282
(cid:18)(cid:13)(cid:26)(cid:23)(cid:13)(cid:19)(cid:25)(cid:19)
12,40,282
(cid:18)(cid:19)(cid:13)(cid:20)(cid:26)(cid:13)(cid:23)(cid:24)(cid:19)
5,82,672
5,01,672
12,86,255
12,86,183
15,20,183
(cid:20)(cid:20)(cid:13)(cid:26)(cid:19)(cid:13)(cid:18)(cid:25)(cid:20)
(cid:20)(cid:26)(cid:13)(cid:19)(cid:20)(cid:13)(cid:18)(cid:25)(cid:20)
37,60,443
37,60,068
(cid:20)(cid:24)(cid:13)(cid:22)(cid:26)(cid:13)(cid:21)(cid:19)(cid:26)
(cid:20)(cid:26)(cid:13)(cid:19)(cid:18)(cid:13)(cid:21)(cid:19)(cid:26)
36,32,821
36,33,460
36,32,852
(cid:20)(cid:23)(cid:13)(cid:20)(cid:19)(cid:13)(cid:20)(cid:26)(cid:22)
36,31,786
38,65,786
31,18,786
34,18,785
24,55,785
24,56,171
21,68,171
20,42,146
20,42,488
14,67,320
8,54,713
3,75,285
(cid:20)(cid:13)(cid:24)(cid:22)(cid:13)(cid:26)(cid:23)(cid:25)
63,85,857
63,85,250
(cid:23)(cid:21)(cid:13)(cid:20)(cid:26)(cid:13)(cid:19)(cid:22)(cid:17)
1,44,55,250
(cid:18)(cid:13)(cid:22)(cid:18)(cid:13)(cid:25)(cid:26)(cid:13)(cid:19)(cid:22)(cid:17)
(cid:18)(cid:13)(cid:25)(cid:17)(cid:13)(cid:20)(cid:26)(cid:13)(cid:19)(cid:22)(cid:17)
1,81,02,425
0.02
0.03
0.01
0.00
0.01
0.05
0.05
0.02
0.02
0.05
0.05
0.06
0.13
0.15
0.14
0.14
0.14
0.14
0.13
0.13
0.13
0.13
0.13
0.14
0.12
0.13
(cid:17)(cid:15)(cid:17)(cid:26)
(cid:17)(cid:15)(cid:17)(cid:26)
0.08
0.08
0.08
0.05
0.03
0.01
0.01
0.24
0.24
0.24
0.53
0.56
0.67
0.67
Board’s Report I 53
I
E
C
T
O
N
T
R
O
P
E
R
S
D
R
A
O
B
’
A
&
D
M
T
R
O
P
E
R
G
C
R
R
B
D
E
T
A
D
I
L
O
S
N
O
C
E
N
O
L
A
D
N
A
T
S
The Tata Power Company Limited
Sl.
No.
Name of the
Shareholder
Shareholding at the
beginning of the year
(as on 01.04.2018)
Date
Reason
Increase/Decrease in
Shareholding
Cumulative Shareholding
during the year
No. of
shares
% of total
shares
of the
company
No. of shares % of total
No. of shares % of total
shares
of the
company
shares
of the
company
30.11.2018
Sale of Shares
30.11.2018
Purchase of Shares
07.12.2018
Sale of Shares
07.12.2018
Purchase of Shares
14.12.2018
Sale of Shares
14.12.2018
Purchase of Shares
21.12.2018
Purchase of Shares
28.12.2018
Sale of Shares
28.12.2018
Purchase of Shares
31.12.2018
Purchase of Shares
(cid:17)(cid:21)(cid:15)(cid:17)(cid:18)(cid:15)(cid:19)(cid:17)(cid:18)(cid:26)
Sale of Shares
(cid:17)(cid:21)(cid:15)(cid:17)(cid:18)(cid:15)(cid:19)(cid:17)(cid:18)(cid:26)
Purchase of Shares
(cid:18)(cid:18)(cid:15)(cid:17)(cid:18)(cid:15)(cid:19)(cid:17)(cid:18)(cid:26)
Sale of Shares
(cid:18)(cid:18)(cid:15)(cid:17)(cid:18)(cid:15)(cid:19)(cid:17)(cid:18)(cid:26)
Purchase of Shares
(cid:18)(cid:25)(cid:15)(cid:17)(cid:18)(cid:15)(cid:19)(cid:17)(cid:18)(cid:26)
Sale of Shares
(cid:18)(cid:25)(cid:15)(cid:17)(cid:18)(cid:15)(cid:19)(cid:17)(cid:18)(cid:26)
Purchase of Shares
(cid:19)(cid:22)(cid:15)(cid:17)(cid:18)(cid:15)(cid:19)(cid:17)(cid:18)(cid:26)
Purchase of Shares
(cid:17)(cid:18)(cid:15)(cid:17)(cid:19)(cid:15)(cid:19)(cid:17)(cid:18)(cid:26)
Sale of Shares
(cid:17)(cid:18)(cid:15)(cid:17)(cid:19)(cid:15)(cid:19)(cid:17)(cid:18)(cid:26)
Purchase of Shares
(cid:17)(cid:25)(cid:15)(cid:17)(cid:19)(cid:15)(cid:19)(cid:17)(cid:18)(cid:26)
Sale of Shares
(cid:17)(cid:25)(cid:15)(cid:17)(cid:19)(cid:15)(cid:19)(cid:17)(cid:18)(cid:26)
Purchase of Shares
(cid:18)(cid:22)(cid:15)(cid:17)(cid:19)(cid:15)(cid:19)(cid:17)(cid:18)(cid:26)
Purchase of Shares
(cid:19)(cid:19)(cid:15)(cid:17)(cid:19)(cid:15)(cid:19)(cid:17)(cid:18)(cid:26)
Purchase of Shares
(cid:17)(cid:18)(cid:15)(cid:17)(cid:20)(cid:15)(cid:19)(cid:17)(cid:18)(cid:26)
Sale of Shares
(cid:17)(cid:18)(cid:15)(cid:17)(cid:20)(cid:15)(cid:19)(cid:17)(cid:18)(cid:26)
Purchase of Shares
(cid:17)(cid:25)(cid:15)(cid:17)(cid:20)(cid:15)(cid:19)(cid:17)(cid:18)(cid:26)
Purchase of Shares
(cid:18)(cid:22)(cid:15)(cid:17)(cid:20)(cid:15)(cid:19)(cid:17)(cid:18)(cid:26)
Purchase of Shares
(cid:19)(cid:19)(cid:15)(cid:17)(cid:20)(cid:15)(cid:19)(cid:17)(cid:18)(cid:26)
Sale of Shares
(cid:19)(cid:19)(cid:15)(cid:17)(cid:20)(cid:15)(cid:19)(cid:17)(cid:18)(cid:26)
Purchase of Shares
(cid:19)(cid:26)(cid:15)(cid:17)(cid:20)(cid:15)(cid:19)(cid:17)(cid:18)(cid:26)
Sale of Shares
(cid:19)(cid:26)(cid:15)(cid:17)(cid:20)(cid:15)(cid:19)(cid:17)(cid:18)(cid:26)
Purchase of Shares
-5,481
8,86,000
(cid:14)(cid:19)(cid:13)(cid:26)(cid:26)(cid:13)(cid:26)(cid:26)(cid:26)
52,88,000
-27,000
634
3,78,000
-8,01,374
10,82,000
20,00,000
-604
2,56,000
-45,254
45,254
-10,26,000
10,23,442
15,05,000
-2,52,000
28,54,633
-5,22,000
364
14,00,000
5,00,052
(cid:14)(cid:18)(cid:18)(cid:13)(cid:26)(cid:24)(cid:13)(cid:17)(cid:17)(cid:17)
15,00,442
(cid:26)(cid:13)(cid:18)(cid:21)(cid:13)(cid:21)(cid:26)(cid:23)
(cid:18)(cid:22)(cid:13)(cid:17)(cid:25)(cid:26)
-1,80,000
4,430
-1,470
(cid:23)(cid:26)(cid:13)(cid:22)(cid:21)(cid:25)
0.00
0.03
-0.01
0.20
0.00
0.00
0.01
-0.03
0.04
0.07
0.00
0.01
0.00
0.00
-0.04
0.04
0.06
-0.01
0.11
-0.02
0.00
0.05
0.02
-0.04
0.06
0.03
0.00
-0.01
0.00
0.00
0.00
(cid:18)(cid:13)(cid:25)(cid:17)(cid:13)(cid:26)(cid:23)(cid:13)(cid:26)(cid:21)(cid:21)
(cid:18)(cid:13)(cid:25)(cid:26)(cid:13)(cid:25)(cid:19)(cid:13)(cid:26)(cid:21)(cid:21)
(cid:18)(cid:13)(cid:25)(cid:23)(cid:13)(cid:25)(cid:19)(cid:13)(cid:26)(cid:21)(cid:22)
(cid:19)(cid:13)(cid:20)(cid:26)(cid:13)(cid:24)(cid:17)(cid:13)(cid:26)(cid:21)(cid:22)
(cid:19)(cid:13)(cid:20)(cid:26)(cid:13)(cid:21)(cid:20)(cid:13)(cid:26)(cid:21)(cid:22)
(cid:19)(cid:13)(cid:20)(cid:26)(cid:13)(cid:21)(cid:21)(cid:13)(cid:22)(cid:24)(cid:26)
(cid:19)(cid:13)(cid:21)(cid:20)(cid:13)(cid:19)(cid:19)(cid:13)(cid:22)(cid:24)(cid:26)
2,35,21,205
2,46,03,205
2,66,03,205
2,66,02,601
2,68,58,601
2,68,13,347
2,68,58,601
2,58,32,601
2,68,56,043
2,83,61,043
(cid:19)(cid:13)(cid:25)(cid:18)(cid:13)(cid:17)(cid:26)(cid:13)(cid:17)(cid:21)(cid:20)
(cid:20)(cid:13)(cid:17)(cid:26)(cid:13)(cid:23)(cid:20)(cid:13)(cid:23)(cid:24)(cid:23)
3,04,41,676
3,04,42,040
3,18,42,040
(cid:20)(cid:13)(cid:19)(cid:20)(cid:13)(cid:21)(cid:19)(cid:13)(cid:17)(cid:26)(cid:19)
(cid:20)(cid:13)(cid:18)(cid:18)(cid:13)(cid:21)(cid:22)(cid:13)(cid:17)(cid:26)(cid:19)
3,26,45,534
3,35,60,030
(cid:20)(cid:13)(cid:20)(cid:22)(cid:13)(cid:24)(cid:22)(cid:13)(cid:18)(cid:18)(cid:26)
(cid:20)(cid:13)(cid:20)(cid:20)(cid:13)(cid:26)(cid:22)(cid:13)(cid:18)(cid:18)(cid:26)
(cid:20)(cid:13)(cid:20)(cid:20)(cid:13)(cid:26)(cid:26)(cid:13)(cid:22)(cid:21)(cid:26)
(cid:20)(cid:13)(cid:20)(cid:20)(cid:13)(cid:26)(cid:25)(cid:13)(cid:17)(cid:24)(cid:26)
3,34,67,627
(cid:19)(cid:13)(cid:24)(cid:18)(cid:13)(cid:23)(cid:23)(cid:13)(cid:24)(cid:26)(cid:17)
1.00
31.03.2019 At the end of the year
-
(cid:47)(cid:80)(cid:1)(cid:36)(cid:73)(cid:66)(cid:79)(cid:72)(cid:70)
31.03.2019 At the end of the year
-
0
-
-
3,34,67,627
(cid:19)(cid:13)(cid:24)(cid:18)(cid:13)(cid:23)(cid:23)(cid:13)(cid:24)(cid:26)(cid:17)
(cid:19)(cid:13)(cid:24)(cid:18)(cid:13)(cid:23)(cid:23)(cid:13)(cid:24)(cid:26)(cid:17)
0.00
-
2,71,66,790
0.67
0.70
(cid:17)(cid:15)(cid:23)(cid:26)
(cid:17)(cid:15)(cid:25)(cid:26)
(cid:17)(cid:15)(cid:25)(cid:26)
(cid:17)(cid:15)(cid:25)(cid:26)
(cid:17)(cid:15)(cid:26)(cid:17)
0.87
(cid:17)(cid:15)(cid:26)(cid:18)
(cid:17)(cid:15)(cid:26)(cid:25)
(cid:17)(cid:15)(cid:26)(cid:25)
(cid:17)(cid:15)(cid:26)(cid:26)
(cid:17)(cid:15)(cid:26)(cid:26)
(cid:17)(cid:15)(cid:26)(cid:26)
(cid:17)(cid:15)(cid:26)(cid:23)
(cid:17)(cid:15)(cid:26)(cid:26)
1.05
1.04
1.14
1.13
1.13
1.18
1.20
1.15
1.21
1.24
1.24
1.23
1.23
1.23
1.24
1.24
1.00
1.00
1.00
(cid:19)(cid:13)(cid:22)(cid:26)(cid:13)(cid:19)(cid:25)(cid:13)(cid:25)(cid:21)(cid:17)
(cid:17)(cid:15)(cid:26)(cid:23)
(cid:19)(cid:13)(cid:22)(cid:26)(cid:13)(cid:19)(cid:25)(cid:13)(cid:25)(cid:21)(cid:17)
(cid:17)(cid:15)(cid:26)(cid:23)
10 (cid:46)(cid:66)(cid:73)(cid:80)(cid:86)(cid:85)(cid:1)(cid:40)(cid:77)(cid:80)(cid:67)(cid:66)(cid:77)(cid:1)
Emerging
Markets
Leaders Fund,
A Sub-Fund of
The Mahout
Delaware
Statutory Trust
11
First State
Investments
Icvc- Stewart
Investors Asia
Pacific Fund
54 I Board’s Report
100th Annual Report 2018-19
Sl.
No.
Name of the
Shareholder
Shareholding at the
beginning of the year
(as on 01.04.2018)
Date
Reason
Increase/Decrease in
Shareholding
Cumulative Shareholding
during the year
No. of
shares
% of total
shares
of the
company
(cid:18)(cid:13)(cid:24)(cid:26)(cid:13)(cid:24)(cid:22)(cid:13)(cid:21)(cid:21)(cid:22)
0.66
12
(cid:55)(cid:66)(cid:79)(cid:72)(cid:86)(cid:66)(cid:83)(cid:69)(cid:1)
Emerging
Markets Stock
Index Fund,
A series of
(cid:55)(cid:66)(cid:79)(cid:72)(cid:86)(cid:66)(cid:83)(cid:69)(cid:1)
International
Equity Index
Fund
No. of shares % of total
No. of shares % of total
shares
of the
company
shares
of the
company
-
(cid:47)(cid:80)(cid:1)(cid:36)(cid:73)(cid:66)(cid:79)(cid:72)(cid:70)
31.03.2019 At the end of the year
0
-
0.00
(cid:19)(cid:13)(cid:22)(cid:26)(cid:13)(cid:19)(cid:25)(cid:13)(cid:25)(cid:21)(cid:17)
-
2,59,28,840
04.05.2018
Sale of Shares
11.05.2018
Sale of Shares
01.06.2018
Sale of Shares
15.06.2018
Sale of Shares
22.06.2018
Sale of Shares
-35,600
-33,820
-26,700
-26,700
(cid:14)(cid:23)(cid:26)(cid:13)(cid:24)(cid:25)(cid:19)
(cid:19)(cid:26)(cid:15)(cid:17)(cid:23)(cid:15)(cid:19)(cid:17)(cid:18)(cid:25)
Sale of Shares
-1,12,332
06.07.2018
Sale of Shares
13.07.2018
Sale of Shares
16.11.2018
Purchase of Shares
23.11.2018
Purchase of Shares
07.12.2018
Purchase of Shares
21.12.2018
Purchase of Shares
(cid:14)(cid:21)(cid:22)(cid:13)(cid:26)(cid:22)(cid:21)
-73,186
24,255
63,063
30,723
87,318
28.12.2018
Sale of Shares
-18,10,581
(cid:17)(cid:18)(cid:15)(cid:17)(cid:19)(cid:15)(cid:19)(cid:17)(cid:18)(cid:26)
Purchase of Shares
(cid:17)(cid:25)(cid:15)(cid:17)(cid:19)(cid:15)(cid:19)(cid:17)(cid:18)(cid:26)
Purchase of Shares
(cid:19)(cid:26)(cid:15)(cid:17)(cid:20)(cid:15)(cid:19)(cid:17)(cid:18)(cid:26)
Purchase of Shares
88,102
2,81,015
(cid:20)(cid:21)(cid:13)(cid:26)(cid:20)(cid:24)
(cid:18)(cid:13)(cid:24)(cid:26)(cid:13)(cid:24)(cid:22)(cid:13)(cid:21)(cid:21)(cid:22)
(cid:18)(cid:13)(cid:24)(cid:26)(cid:13)(cid:20)(cid:26)(cid:13)(cid:25)(cid:21)(cid:22)
(cid:18)(cid:13)(cid:24)(cid:26)(cid:13)(cid:17)(cid:23)(cid:13)(cid:17)(cid:19)(cid:22)
(cid:18)(cid:13)(cid:24)(cid:25)(cid:13)(cid:24)(cid:26)(cid:13)(cid:20)(cid:19)(cid:22)
1,78,52,625
1,77,82,843
1,76,70,511
1,76,24,557
1,75,51,371
1,75,75,626
(cid:18)(cid:13)(cid:24)(cid:23)(cid:13)(cid:20)(cid:25)(cid:13)(cid:23)(cid:25)(cid:26)
(cid:18)(cid:13)(cid:24)(cid:23)(cid:13)(cid:23)(cid:26)(cid:13)(cid:21)(cid:18)(cid:19)
1,77,56,730
(cid:18)(cid:13)(cid:22)(cid:26)(cid:13)(cid:21)(cid:23)(cid:13)(cid:18)(cid:21)(cid:26)
1,60,34,251
1,63,15,266
1,63,50,203
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
-0.07
0.00
0.01
0.00
(cid:17)(cid:15)(cid:26)(cid:23)
0.96
0.66
0.66
0.66
0.66
0.66
0.66
0.65
0.65
0.65
0.65
0.65
0.65
0.66
(cid:17)(cid:15)(cid:22)(cid:26)
(cid:17)(cid:15)(cid:22)(cid:26)
0.60
0.60
v)
Shareholding of Directors and Key Managerial Personnel:
31.03.2019 At the end of the year
-
-
1,63,50,203
0.60
Sl.
No.
Name of the Director / Key
Managerial Personnel
Date
Reason
Shareholding at the
beginning of the year
(as on 01.04.2018)
No. of
shares
% of total
shares
of the
company
Increase/Decrease
in Shareholding
Cumulative
Shareholding
during the year
No. of
shares
No. of
shares
% of total
shares
of the
company
% of total
shares
of the
company
1 (cid:46)(cid:83)(cid:15)(cid:1)(cid:47)(cid:15)(cid:1)(cid:36)(cid:73)(cid:66)(cid:79)(cid:69)(cid:83)(cid:66)(cid:84)(cid:70)(cid:76)(cid:66)(cid:83)(cid:66)(cid:79)
2 (cid:46)(cid:83)(cid:15)(cid:1)(cid:47)(cid:66)(cid:88)(cid:84)(cid:73)(cid:74)(cid:83)(cid:1)(cid:41)(cid:15)(cid:1)(cid:46)(cid:74)(cid:83)(cid:91)(cid:66)
3 Mr. Deepak M. Satwalekar
4 Ms. Anjali Bansal
0
0
0
0
0.00
0.00
0.00
0.00
-
(cid:47)(cid:80)(cid:1)(cid:68)(cid:73)(cid:66)(cid:79)(cid:72)(cid:70)
(cid:20)(cid:18)(cid:15)(cid:17)(cid:20)(cid:15)(cid:19)(cid:17)(cid:18)(cid:26) At the end of the year
-
(cid:47)(cid:80)(cid:1)(cid:68)(cid:73)(cid:66)(cid:79)(cid:72)(cid:70)
(cid:20)(cid:18)(cid:15)(cid:17)(cid:20)(cid:15)(cid:19)(cid:17)(cid:18)(cid:26) At the end of the year
-
(cid:47)(cid:80)(cid:1)(cid:68)(cid:73)(cid:66)(cid:79)(cid:72)(cid:70)
(cid:20)(cid:18)(cid:15)(cid:17)(cid:20)(cid:15)(cid:19)(cid:17)(cid:18)(cid:26) At the end of the year
-
(cid:47)(cid:80)(cid:1)(cid:68)(cid:73)(cid:66)(cid:79)(cid:72)(cid:70)
(cid:20)(cid:18)(cid:15)(cid:17)(cid:20)(cid:15)(cid:19)(cid:17)(cid:18)(cid:26) At the end of the year
0
-
0
-
0
-
0
-
0.00
-
0.00
-
0.00
-
0.00
-
0
0
0
0
0
0
0
0
0
0
0
0
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Board’s Report I 55
I
E
C
T
O
N
T
R
O
P
E
R
S
D
R
A
O
B
’
A
&
D
M
T
R
O
P
E
R
G
C
R
R
B
D
E
T
A
D
I
L
O
S
N
O
C
E
N
O
L
A
D
N
A
T
S
The Tata Power Company Limited
Increase/Decrease
in Shareholding
Cumulative
Shareholding
during the year
No. of
shares
No. of
shares
% of total
shares
of the
company
% of total
shares
of the
company
Sl.
No.
Name of the Director / Key
Managerial Personnel
Date
Reason
Shareholding at the
beginning of the year
(as on 01.04.2018)
No. of
shares
% of total
shares
of the
company
5 (cid:46)(cid:84)(cid:15)(cid:1)(cid:55)(cid:74)(cid:67)(cid:73)(cid:66)(cid:1)(cid:49)(cid:66)(cid:69)(cid:66)(cid:77)(cid:76)(cid:66)(cid:83)
0
0.00
6 (cid:46)(cid:83)(cid:15)(cid:1)(cid:52)(cid:66)(cid:79)(cid:75)(cid:66)(cid:90)(cid:1)(cid:55)(cid:15)(cid:1)(cid:35)(cid:73)(cid:66)(cid:79)(cid:69)(cid:66)(cid:83)(cid:76)(cid:66)(cid:83)#
16,262
0.00
7 Mr. K. M. Chandrasekhar
8 Mr. Hemant Bhargava
(cid:26) Mr. Saurabh Agrawal
10 Mr. Banmali Agrawala
11 Mr. Praveer Sinha, CEO &
Managing Director
(w.e.f. 01.05.2018)
0
0
0
0
0
0.00
0.00
0.00
0.00
0.00
12 Mr. Ashok S. Sethi, COO &
20,600
0.00
Executive Director
13 Mr. Anil Sardana, CEO &
Managing Director
(upto 30.04.2018)
14 (cid:46)(cid:83)(cid:15)(cid:1)(cid:51)(cid:66)(cid:78)(cid:70)(cid:84)(cid:73)(cid:1)(cid:47)(cid:15)(cid:1)
Subramanyam, Chief
Financial Officer
0
0
0.00
0.00
15 Mr. Hanoz M. Mistry,
Company Secretary
18,445
0.00
-
(cid:47)(cid:80)(cid:1)(cid:68)(cid:73)(cid:66)(cid:79)(cid:72)(cid:70)
(cid:20)(cid:18)(cid:15)(cid:17)(cid:20)(cid:15)(cid:19)(cid:17)(cid:18)(cid:26) At the end of the year
-
(cid:47)(cid:80)(cid:1)(cid:68)(cid:73)(cid:66)(cid:79)(cid:72)(cid:70)
(cid:20)(cid:18)(cid:15)(cid:17)(cid:20)(cid:15)(cid:19)(cid:17)(cid:18)(cid:26) At the end of the year
-
(cid:47)(cid:80)(cid:1)(cid:68)(cid:73)(cid:66)(cid:79)(cid:72)(cid:70)
(cid:20)(cid:18)(cid:15)(cid:17)(cid:20)(cid:15)(cid:19)(cid:17)(cid:18)(cid:26) At the end of the year
-
(cid:47)(cid:80)(cid:1)(cid:68)(cid:73)(cid:66)(cid:79)(cid:72)(cid:70)
(cid:20)(cid:18)(cid:15)(cid:17)(cid:20)(cid:15)(cid:19)(cid:17)(cid:18)(cid:26) At the end of the year
-
(cid:47)(cid:80)(cid:1)(cid:68)(cid:73)(cid:66)(cid:79)(cid:72)(cid:70)
(cid:20)(cid:18)(cid:15)(cid:17)(cid:20)(cid:15)(cid:19)(cid:17)(cid:18)(cid:26) At the end of the year
-
(cid:47)(cid:80)(cid:1)(cid:68)(cid:73)(cid:66)(cid:79)(cid:72)(cid:70)
(cid:20)(cid:18)(cid:15)(cid:17)(cid:20)(cid:15)(cid:19)(cid:17)(cid:18)(cid:26) At the end of the year
-
(cid:47)(cid:80)(cid:1)(cid:68)(cid:73)(cid:66)(cid:79)(cid:72)(cid:70)
(cid:20)(cid:18)(cid:15)(cid:17)(cid:20)(cid:15)(cid:19)(cid:17)(cid:18)(cid:26) At the end of the year
-
(cid:47)(cid:80)(cid:1)(cid:68)(cid:73)(cid:66)(cid:79)(cid:72)(cid:70)
(cid:20)(cid:18)(cid:15)(cid:17)(cid:20)(cid:15)(cid:19)(cid:17)(cid:18)(cid:26) At the end of the year
-
(cid:47)(cid:80)(cid:1)(cid:68)(cid:73)(cid:66)(cid:79)(cid:72)(cid:70)
(cid:20)(cid:18)(cid:15)(cid:17)(cid:20)(cid:15)(cid:19)(cid:17)(cid:18)(cid:26) At the period ended
-
(cid:47)(cid:80)(cid:1)(cid:68)(cid:73)(cid:66)(cid:79)(cid:72)(cid:70)
(cid:20)(cid:18)(cid:15)(cid:17)(cid:20)(cid:15)(cid:19)(cid:17)(cid:18)(cid:26) At the end of the year
0
-
0
-
0
-
0
-
0
-
0
-
0
-
0
-
0
-
0
-
0
0
0
0.00
-
16,262
0.00 16,262
-
16,262
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.00
-
0.00
-
0.00
-
0.00
-
0.00
-
20,600
0.00
20,600
-
20,600
0.00
-
0.00
-
0
0
0
0
0
0
18,445
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
08.06.2018 Purchase of Shares
@ 8,560
0.00 27,005*
(cid:20)(cid:18)(cid:15)(cid:17)(cid:20)(cid:15)(cid:19)(cid:17)(cid:18)(cid:26) At the end of the year
-
-
27,005
# All the 16,262 shares are held as second holder.
* Out of 27,005 shares, 15,286 shares are held as second holder.
@ Acquired on account of transmission.
56 I Board’s Report
100th Annual Report 2018-19
V.
(cid:1)
INDEBTEDNESS
(cid:42)(cid:79)(cid:69)(cid:70)(cid:67)(cid:85)(cid:70)(cid:69)(cid:79)(cid:70)(cid:84)(cid:84)(cid:1)(cid:80)(cid:71)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:36)(cid:80)(cid:78)(cid:81)(cid:66)(cid:79)(cid:90)(cid:1)(cid:74)(cid:79)(cid:68)(cid:77)(cid:86)(cid:69)(cid:74)(cid:79)(cid:72)(cid:1)(cid:74)(cid:79)(cid:85)(cid:70)(cid:83)(cid:70)(cid:84)(cid:85)(cid:1)(cid:80)(cid:86)(cid:85)(cid:84)(cid:85)(cid:66)(cid:79)(cid:69)(cid:74)(cid:79)(cid:72)(cid:16)(cid:66)(cid:68)(cid:68)(cid:83)(cid:86)(cid:70)(cid:69)(cid:1)(cid:67)(cid:86)(cid:85)(cid:1)(cid:79)(cid:80)(cid:85)(cid:1)(cid:69)(cid:86)(cid:70)(cid:1)(cid:71)(cid:80)(cid:83)(cid:1)(cid:81)(cid:66)(cid:90)(cid:78)(cid:70)(cid:79)(cid:85)
Particulars
(cid:1)(cid:39)(cid:74)(cid:72)(cid:86)(cid:83)(cid:70)(cid:84)(cid:1)(cid:74)(cid:79)(cid:1)(cid:846)(cid:1)(cid:68)(cid:83)(cid:80)(cid:83)(cid:70)
Unsecured
Deposits
Total
Loans
Indebtedness
Secured
Loans
excluding
deposits
Principal Amount
Interest due but not paid
Interest accrued but not due
Indebtedness at the beginning of the financial year
i)
ii)
iii)
Total (i+ii+iii)
Change in Indebtedness during the financial year
(cid:116)(cid:1)
(cid:116)(cid:1)
Net Change
Indebtedness at the end of the financial year
i)
ii)
iii)
Total (i + ii + iii)
Principal Amount
Interest due but not paid
Interest accrued but not due
(cid:34)(cid:69)(cid:69)(cid:74)(cid:85)(cid:74)(cid:80)(cid:79)
(cid:51)(cid:70)(cid:69)(cid:86)(cid:68)(cid:85)(cid:74)(cid:80)(cid:79)
(cid:1)(cid:25)(cid:13)(cid:18)(cid:19)(cid:19)(cid:15)(cid:26)(cid:22)(cid:1)
-
(cid:1)(cid:21)(cid:18)(cid:15)(cid:26)(cid:23)(cid:1)
8,164.91
8,448.48
-
225.13
8,673.61
(cid:1)(cid:18)(cid:13)(cid:26)(cid:20)(cid:21)(cid:15)(cid:17)(cid:22)(cid:1)
(1,644.33)
289.72
(cid:1)(cid:19)(cid:21)(cid:13)(cid:18)(cid:20)(cid:19)(cid:15)(cid:26)(cid:24)(cid:1)
(23,316.38)
816.59
(cid:1)(cid:18)(cid:20)(cid:13)(cid:22)(cid:26)(cid:25)(cid:15)(cid:24)(cid:22)(cid:1)
-
68.54
13,667.29
3,853.77
-
235.36
4,089.13
VI.
A.
REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL
Remuneration to Managing Director, Whole-time Director and/or Manager:
-
-
-
-
-
-
-
-
-
-
-
16,571.43
-
(cid:1)(cid:19)(cid:23)(cid:24)(cid:15)(cid:17)(cid:26)(cid:1)
16,838.52
26,067.02
(cid:1)(cid:9)(cid:19)(cid:21)(cid:13)(cid:26)(cid:23)(cid:17)(cid:15)(cid:24)(cid:18)(cid:10)
1,106.31
17,452.52
-
(cid:1)(cid:20)(cid:17)(cid:20)(cid:15)(cid:26)(cid:17)(cid:1)
17,756.42
(cid:9)(cid:846)(cid:10)
Total Amount
Sl.
No.
1.
2.
3.
4.
Particulars of Remuneration
(cid:40)(cid:83)(cid:80)(cid:84)(cid:84)(cid:1)(cid:84)(cid:66)(cid:77)(cid:66)(cid:83)(cid:90)
(a)
Salary as per provisions contained in
section 17(1) of the Income-tax Act,
(cid:18)(cid:26)(cid:23)(cid:18)
(cid:1)(cid:55)(cid:66)(cid:77)(cid:86)(cid:70)(cid:1) (cid:80)(cid:71)(cid:1) (cid:81)(cid:70)(cid:83)(cid:82)(cid:86)(cid:74)(cid:84)(cid:74)(cid:85)(cid:70)(cid:84)(cid:1) (cid:86)(cid:16)(cid:84)(cid:1) (cid:18)(cid:24)(cid:9)(cid:19)(cid:10)(cid:1) (cid:80)(cid:71)(cid:1) (cid:85)(cid:73)(cid:70)(cid:1)
(cid:42)(cid:79)(cid:68)(cid:80)(cid:78)(cid:70)(cid:14)(cid:85)(cid:66)(cid:89)(cid:1)(cid:34)(cid:68)(cid:85)(cid:13)(cid:1)(cid:18)(cid:26)(cid:23)(cid:18)
Profits in lieu of salary under section
(cid:18)(cid:24)(cid:9)(cid:20)(cid:10)(cid:1)(cid:80)(cid:71)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:42)(cid:79)(cid:68)(cid:80)(cid:78)(cid:70)(cid:14)(cid:85)(cid:66)(cid:89)(cid:1)(cid:34)(cid:68)(cid:85)(cid:13)(cid:1)(cid:18)(cid:26)(cid:23)(cid:18)
(cid:9)(cid:67)(cid:10)(cid:1)
(c)
Stock Option
Sweat Equity
Commission
(cid:16)(cid:3)
(cid:16)(cid:3)
(cid:66)(cid:84)(cid:1)(cid:6)(cid:1)(cid:80)(cid:71)(cid:1)(cid:81)(cid:83)(cid:80)(cid:246)(cid:85)
others, specify... (performance based)
Name of MD/WTD/Manager
Mr. Ashok S.
Sethi, COO
& Executive
Director*
Mr. Anil
Sardana, CEO
& Managing
Director@
Mr. Praveer
Sinha, CEO
& Managing
Director (w.e.f
01.05.2018)
(cid:18)(cid:13)(cid:23)(cid:25)(cid:13)(cid:26)(cid:22)(cid:13)(cid:20)(cid:21)(cid:19)(cid:15)(cid:20)(cid:17)
1,85,73,500.00
(cid:23)(cid:25)(cid:13)(cid:22)(cid:26)(cid:13)(cid:24)(cid:26)(cid:26)(cid:15)(cid:22)(cid:17)
4,23,28,641.80
3,32,613.00
(cid:18)(cid:13)(cid:19)(cid:26)(cid:13)(cid:24)(cid:22)(cid:21)(cid:15)(cid:17)(cid:17)
(cid:18)(cid:17)(cid:13)(cid:20)(cid:26)(cid:25)(cid:15)(cid:17)(cid:17)
4,72,765.00
(cid:47)(cid:74)(cid:77)
(cid:47)(cid:74)(cid:77)
(cid:47)(cid:74)(cid:77)
(cid:47)(cid:74)(cid:77)
(cid:47)(cid:74)(cid:77)
(cid:47)(cid:74)(cid:77)
(cid:47)(cid:74)(cid:77)
(cid:47)(cid:74)(cid:77)
(cid:47)(cid:74)(cid:77)
(cid:47)(cid:74)(cid:77)
(cid:47)(cid:74)(cid:77)
(cid:47)(cid:74)(cid:77)
&2,50,00,000.00
22,27,500.00
&2,25,00,000.00
8,71,200.00
(cid:47)(cid:15)(cid:34)(cid:15)
4,75,00,000.00
5. Others, Retirement Benefits
Total (A)
(cid:36)(cid:70)(cid:74)(cid:77)(cid:74)(cid:79)(cid:72)(cid:1)(cid:66)(cid:84)(cid:1)(cid:81)(cid:70)(cid:83)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:34)(cid:68)(cid:85)(cid:1)(cid:9)(cid:33)(cid:1)(cid:18)(cid:17)(cid:6)(cid:1)(cid:80)(cid:71)(cid:1)(cid:81)(cid:83)(cid:80)(cid:246)(cid:85)(cid:1)(cid:68)(cid:66)(cid:77)(cid:68)(cid:86)(cid:77)(cid:66)(cid:85)(cid:70)(cid:69)(cid:1)(cid:86)(cid:79)(cid:69)(cid:70)(cid:83)(cid:1)(cid:52)(cid:70)(cid:68)(cid:85)(cid:74)(cid:80)(cid:79)(cid:1)(cid:18)(cid:26)(cid:25)(cid:1)(cid:80)(cid:71)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:34)(cid:68)(cid:85)(cid:10)
(cid:18)(cid:13)(cid:23)(cid:20)(cid:13)(cid:26)(cid:26)(cid:13)(cid:23)(cid:20)(cid:23)(cid:15)(cid:17)(cid:17)
4,44,55,455.30 4,20,74,454.00 2,01,71,133.50 10,67,01,042.80
(cid:846)(cid:1)(cid:20)(cid:22)(cid:15)(cid:21)(cid:20)(cid:1)(cid:68)(cid:83)(cid:80)(cid:83)(cid:70)
(cid:18)(cid:13)(cid:20)(cid:20)(cid:13)(cid:17)(cid:17)(cid:13)(cid:26)(cid:20)(cid:23)(cid:15)(cid:17)(cid:17)
& (cid:36)(cid:80)(cid:78)(cid:78)(cid:74)(cid:84)(cid:84)(cid:74)(cid:80)(cid:79)(cid:1)(cid:83)(cid:70)(cid:77)(cid:66)(cid:85)(cid:70)(cid:84)(cid:1)(cid:85)(cid:80)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:246)(cid:79)(cid:66)(cid:79)(cid:68)(cid:74)(cid:66)(cid:77)(cid:1)(cid:90)(cid:70)(cid:66)(cid:83)(cid:1)(cid:70)(cid:79)(cid:69)(cid:70)(cid:69)(cid:1)(cid:20)(cid:18)(cid:84)(cid:85)(cid:1)(cid:46)(cid:66)(cid:83)(cid:68)(cid:73)(cid:1)(cid:19)(cid:17)(cid:18)(cid:26)(cid:13)(cid:1)(cid:88)(cid:73)(cid:74)(cid:68)(cid:73)(cid:1)(cid:88)(cid:74)(cid:77)(cid:77)(cid:1)(cid:67)(cid:70)(cid:1)(cid:81)(cid:66)(cid:74)(cid:69)(cid:1)(cid:69)(cid:86)(cid:83)(cid:74)(cid:79)(cid:72)(cid:1)(cid:39)(cid:58)(cid:19)(cid:17)(cid:15)
(cid:11)(cid:1)(cid:46)(cid:83)(cid:15)(cid:1)(cid:52)(cid:70)(cid:85)(cid:73)(cid:74)(cid:1)(cid:84)(cid:86)(cid:81)(cid:70)(cid:83)(cid:66)(cid:79)(cid:79)(cid:86)(cid:66)(cid:85)(cid:70)(cid:69)(cid:1)(cid:66)(cid:84)(cid:1)(cid:36)(cid:48)(cid:48)(cid:1)(cid:7)(cid:1)(cid:38)(cid:89)(cid:70)(cid:68)(cid:86)(cid:85)(cid:74)(cid:87)(cid:70)(cid:1)(cid:37)(cid:74)(cid:83)(cid:70)(cid:68)(cid:85)(cid:80)(cid:83)(cid:1)(cid:80)(cid:71)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:36)(cid:80)(cid:78)(cid:81)(cid:66)(cid:79)(cid:90)(cid:1)(cid:88)(cid:74)(cid:85)(cid:73)(cid:1)(cid:70)(cid:242)(cid:70)(cid:68)(cid:85)(cid:1)(cid:71)(cid:83)(cid:80)(cid:78)(cid:1)(cid:68)(cid:77)(cid:80)(cid:84)(cid:70)(cid:1)(cid:80)(cid:71)(cid:1)(cid:67)(cid:86)(cid:84)(cid:74)(cid:79)(cid:70)(cid:84)(cid:84)(cid:1)(cid:73)(cid:80)(cid:86)(cid:83)(cid:84)(cid:1)(cid:80)(cid:79)(cid:1)(cid:20)(cid:17)(cid:85)(cid:73)(cid:1)(cid:34)(cid:81)(cid:83)(cid:74)(cid:77)(cid:1)(cid:19)(cid:17)(cid:18)(cid:26)(cid:15)
@(cid:1)(cid:46)(cid:83)(cid:15)(cid:1)(cid:52)(cid:66)(cid:83)(cid:69)(cid:66)(cid:79)(cid:66)(cid:1)(cid:83)(cid:70)(cid:84)(cid:74)(cid:72)(cid:79)(cid:70)(cid:69)(cid:1)(cid:66)(cid:84)(cid:1)(cid:36)(cid:38)(cid:48)(cid:1)(cid:7)(cid:1)(cid:46)(cid:66)(cid:79)(cid:66)(cid:72)(cid:74)(cid:79)(cid:72)(cid:1)(cid:37)(cid:74)(cid:83)(cid:70)(cid:68)(cid:85)(cid:80)(cid:83)(cid:1)(cid:80)(cid:71)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:36)(cid:80)(cid:78)(cid:81)(cid:66)(cid:79)(cid:90)(cid:1)(cid:88)(cid:74)(cid:85)(cid:73)(cid:1)(cid:70)(cid:242)(cid:70)(cid:68)(cid:85)(cid:1)(cid:71)(cid:83)(cid:80)(cid:78)(cid:1)(cid:68)(cid:77)(cid:80)(cid:84)(cid:70)(cid:1)(cid:80)(cid:71)(cid:1)(cid:67)(cid:86)(cid:84)(cid:74)(cid:79)(cid:70)(cid:84)(cid:84)(cid:1)(cid:73)(cid:80)(cid:86)(cid:83)(cid:84)(cid:1)(cid:80)(cid:79)(cid:1)(cid:20)(cid:17)(cid:85)(cid:73)(cid:1)(cid:34)(cid:81)(cid:83)(cid:74)(cid:77)(cid:1)(cid:19)(cid:17)(cid:18)(cid:25)(cid:15)
Board’s Report I 57
I
E
C
T
O
N
T
R
O
P
E
R
S
D
R
A
O
B
’
A
&
D
M
T
R
O
P
E
R
G
C
R
R
B
D
E
T
A
D
I
L
O
S
N
O
C
E
N
O
L
A
D
N
A
T
S
The Tata Power Company Limited
B.
Remuneration to other directors:
Sl.
No.
Name of Directors
Particulars of Remuneration
Fee for
attending board
/committee
meetings *
Commission
payable for
FY19 &
Others, please
specify
I.
Independent Directors
1. (cid:46)(cid:83)(cid:15)(cid:1)(cid:47)(cid:15)(cid:1)(cid:41)(cid:15)(cid:1)(cid:46)(cid:74)(cid:83)(cid:91)(cid:66)
2. Mr. D. M. Satwalekar
3. Ms. Anjali Bansal
4. (cid:46)(cid:84)(cid:15)(cid:1)(cid:55)(cid:74)(cid:67)(cid:73)(cid:66)(cid:1)(cid:49)(cid:66)(cid:69)(cid:66)(cid:77)(cid:76)(cid:66)(cid:83)
5. (cid:46)(cid:83)(cid:15)(cid:1)(cid:52)(cid:15)(cid:1)(cid:55)(cid:15)(cid:1)(cid:35)(cid:73)(cid:66)(cid:79)(cid:69)(cid:66)(cid:83)(cid:76)(cid:66)(cid:83)(cid:1)
6. Mr. K. M. Chandrasekhar
4,80,000
5,40,000
4,20,000
4,50,000
5,40,000
3,60,000
70,00,000
65,00,000
50,00,000
50,00,000
55,00,000
40,00,000
Total (I)
27,90,000
3,30,00,000
II. Other Non-Executive Directors
1. (cid:46)(cid:83)(cid:15)(cid:1)(cid:47)(cid:15)(cid:1)(cid:36)(cid:73)(cid:66)(cid:79)(cid:69)(cid:83)(cid:66)(cid:84)(cid:70)(cid:76)(cid:66)(cid:83)(cid:66)(cid:79)(cid:1)$
2. Mr. Hemant Bhargava @
3. Mr. Saurabh Agrawal #
4. Mr. Banmali Agrawala #
Total (II)
Total Managerial Remuneration
(I + II)
3,00,000
(cid:47)(cid:74)(cid:77)(cid:1)
(cid:26)(cid:17)(cid:13)(cid:17)(cid:17)(cid:17)
20,00,000
4,20,000
(cid:20)(cid:13)(cid:26)(cid:17)(cid:13)(cid:17)(cid:17)(cid:17)
(cid:47)(cid:74)(cid:77)(cid:1)
(cid:47)(cid:74)(cid:77)(cid:1)
12,00,000
20,00,000
39,90,000
3,50,00,000
(cid:36)(cid:70)(cid:74)(cid:77)(cid:74)(cid:79)(cid:72)(cid:1)(cid:66)(cid:84)(cid:1)(cid:81)(cid:70)(cid:83)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:34)(cid:68)(cid:85)(cid:1)(cid:9)(cid:33)(cid:1)(cid:18)(cid:6)(cid:1)(cid:80)(cid:71)(cid:1)(cid:81)(cid:83)(cid:80)(cid:246)(cid:85)(cid:1)(cid:68)(cid:66)(cid:77)(cid:68)(cid:86)(cid:77)(cid:66)(cid:85)(cid:70)(cid:69)(cid:1)(cid:86)(cid:79)(cid:69)(cid:70)(cid:83)(cid:1)(cid:52)(cid:70)(cid:68)(cid:85)(cid:74)(cid:80)(cid:79)(cid:1)(cid:18)(cid:26)(cid:25)(cid:1)(cid:80)(cid:71)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:34)(cid:68)(cid:85)(cid:10)(cid:1)
(Excluding any amount paid as sitting fees)
(cid:47)(cid:74)(cid:77)(cid:1)
(cid:47)(cid:74)(cid:77)(cid:1)
(cid:47)(cid:74)(cid:77)(cid:1)
(cid:47)(cid:74)(cid:77)(cid:1)
(cid:47)(cid:74)(cid:77)(cid:1)
(cid:47)(cid:74)(cid:77)(cid:1)
Nil
(cid:47)(cid:74)(cid:77)(cid:1)
(cid:47)(cid:74)(cid:77)(cid:1)
(cid:47)(cid:74)(cid:77)(cid:1)
(cid:47)(cid:74)(cid:77)(cid:1)
Nil
Nil
(cid:1)(cid:9)(cid:846)(cid:10)
Total
Amount
74,80,000
70,40,000
54,20,000
54,50,000
60,40,000
43,60,000
3,57,90,000
3,00,000
20,90,000
4,20,000
3,90,000
32,00,000
3,89,90,000
(cid:846)(cid:1)(cid:20)(cid:15)(cid:22)(cid:21)(cid:1)(cid:68)(cid:83)(cid:80)(cid:83)(cid:70)
(cid:1)
(cid:11)(cid:1) (cid:38)(cid:89)(cid:68)(cid:77)(cid:86)(cid:69)(cid:70)(cid:84)(cid:1)(cid:40)(cid:52)(cid:53)
& (cid:36)(cid:80)(cid:78)(cid:78)(cid:74)(cid:84)(cid:84)(cid:74)(cid:80)(cid:79)(cid:1)(cid:83)(cid:70)(cid:77)(cid:66)(cid:85)(cid:70)(cid:84)(cid:1)(cid:85)(cid:80)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:246)(cid:79)(cid:66)(cid:79)(cid:68)(cid:74)(cid:66)(cid:77)(cid:1)(cid:90)(cid:70)(cid:66)(cid:83)(cid:1)(cid:70)(cid:79)(cid:69)(cid:70)(cid:69)(cid:1)(cid:20)(cid:18)(cid:84)(cid:85)(cid:1)(cid:46)(cid:66)(cid:83)(cid:68)(cid:73)(cid:1)(cid:19)(cid:17)(cid:18)(cid:26)(cid:13)(cid:1)(cid:88)(cid:73)(cid:74)(cid:68)(cid:73)(cid:1)(cid:88)(cid:74)(cid:77)(cid:77)(cid:1)(cid:67)(cid:70)(cid:1)(cid:81)(cid:66)(cid:74)(cid:69)(cid:1)(cid:85)(cid:80)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:70)(cid:77)(cid:74)(cid:72)(cid:74)(cid:67)(cid:77)(cid:70)(cid:1)(cid:37)(cid:74)(cid:83)(cid:70)(cid:68)(cid:85)(cid:80)(cid:83)(cid:84)(cid:1)(cid:69)(cid:86)(cid:83)(cid:74)(cid:79)(cid:72)(cid:1)(cid:39)(cid:58)(cid:19)(cid:17)(cid:15)
$ (cid:34)(cid:84)(cid:1)(cid:66)(cid:1)(cid:81)(cid:80)(cid:77)(cid:74)(cid:68)(cid:90)(cid:13)(cid:1)(cid:46)(cid:83)(cid:15)(cid:1)(cid:47)(cid:15)(cid:1)(cid:36)(cid:73)(cid:66)(cid:79)(cid:69)(cid:83)(cid:66)(cid:84)(cid:70)(cid:76)(cid:66)(cid:83)(cid:66)(cid:79)(cid:13)(cid:1)(cid:36)(cid:73)(cid:66)(cid:74)(cid:83)(cid:78)(cid:66)(cid:79)(cid:13)(cid:1)(cid:73)(cid:66)(cid:84)(cid:1)(cid:66)(cid:67)(cid:84)(cid:85)(cid:66)(cid:74)(cid:79)(cid:70)(cid:69)(cid:1)(cid:71)(cid:83)(cid:80)(cid:78)(cid:1)(cid:83)(cid:70)(cid:68)(cid:70)(cid:74)(cid:87)(cid:74)(cid:79)(cid:72)(cid:1)(cid:36)(cid:80)(cid:78)(cid:78)(cid:74)(cid:84)(cid:84)(cid:74)(cid:80)(cid:79)(cid:1)(cid:71)(cid:83)(cid:80)(cid:78)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:36)(cid:80)(cid:78)(cid:81)(cid:66)(cid:79)(cid:90)(cid:15)(cid:1)
@ The Sitting Fees for attending meetings and the Commission was paid to LIC.
#
(cid:42)(cid:79)(cid:1)(cid:77)(cid:74)(cid:79)(cid:70)(cid:1)(cid:88)(cid:74)(cid:85)(cid:73)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:74)(cid:79)(cid:85)(cid:70)(cid:83)(cid:79)(cid:66)(cid:77)(cid:1)(cid:72)(cid:86)(cid:74)(cid:69)(cid:70)(cid:77)(cid:74)(cid:79)(cid:70)(cid:84)(cid:1)(cid:80)(cid:71)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:36)(cid:80)(cid:78)(cid:81)(cid:66)(cid:79)(cid:90)(cid:13)(cid:1)(cid:79)(cid:80)(cid:1)(cid:81)(cid:66)(cid:90)(cid:78)(cid:70)(cid:79)(cid:85)(cid:1)(cid:74)(cid:84)(cid:1)(cid:78)(cid:66)(cid:69)(cid:70)(cid:1)(cid:85)(cid:80)(cid:88)(cid:66)(cid:83)(cid:69)(cid:84)(cid:1)(cid:68)(cid:80)(cid:78)(cid:78)(cid:74)(cid:84)(cid:84)(cid:74)(cid:80)(cid:79)(cid:1)(cid:85)(cid:80)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:47)(cid:38)(cid:37)(cid:84)(cid:1)(cid:80)(cid:71)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:36)(cid:80)(cid:78)(cid:81)(cid:66)(cid:79)(cid:90)(cid:13)(cid:1)
who are in full time employment with another Tata company.
58 I Board’s Report
100th Annual Report 2018-19
C.
(cid:1)(cid:1)
Remuneration to Key Managerial Personnel other than MD/Manager/WTD
(cid:1)
(cid:1)
(cid:1)
(cid:1)
(cid:1)
(cid:1)
(cid:1)
(cid:1)
(cid:1)
Sl.
No.
Particulars of Remuneration
Key Managerial Personnel
Mr. R. N.
Subramanyam, Chief
Financial Officer
Mr. H. M. Mistry,
Company
Secretary
(cid:1)(cid:9)(cid:846)(cid:10)
Total
1.
(cid:40)(cid:83)(cid:80)(cid:84)(cid:84)(cid:1)(cid:84)(cid:66)(cid:77)(cid:66)(cid:83)(cid:90)
(a)
(cid:9)(cid:67)(cid:10)(cid:1)
(c)
Salary as per provisions contained in section
(cid:18)(cid:24)(cid:9)(cid:18)(cid:10)(cid:1)(cid:80)(cid:71)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:42)(cid:79)(cid:68)(cid:80)(cid:78)(cid:70)(cid:14)(cid:85)(cid:66)(cid:89)(cid:1)(cid:34)(cid:68)(cid:85)(cid:13)(cid:1)(cid:18)(cid:26)(cid:23)(cid:18)
(cid:1)(cid:55)(cid:66)(cid:77)(cid:86)(cid:70)(cid:1)(cid:80)(cid:71)(cid:1)(cid:81)(cid:70)(cid:83)(cid:82)(cid:86)(cid:74)(cid:84)(cid:74)(cid:85)(cid:70)(cid:84)(cid:1)(cid:86)(cid:16)(cid:84)(cid:1)(cid:18)(cid:24)(cid:9)(cid:19)(cid:10)(cid:1)(cid:80)(cid:71)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:42)(cid:79)(cid:68)(cid:80)(cid:78)(cid:70)(cid:14)(cid:85)(cid:66)(cid:89)(cid:1)
(cid:34)(cid:68)(cid:85)(cid:13)(cid:1)(cid:18)(cid:26)(cid:23)(cid:18)
Profits in lieu of salary under section 17(3) of
(cid:85)(cid:73)(cid:70)(cid:1)(cid:42)(cid:79)(cid:68)(cid:80)(cid:78)(cid:70)(cid:14)(cid:85)(cid:66)(cid:89)(cid:1)(cid:34)(cid:68)(cid:85)(cid:13)(cid:1)(cid:18)(cid:26)(cid:23)(cid:18)
2.
3.
4.
Stock Option
Sweat Equity
Commission
(cid:16)(cid:3)
(cid:16)(cid:3)
(cid:66)(cid:84)(cid:1)(cid:6)(cid:1)(cid:80)(cid:71)(cid:1)(cid:81)(cid:83)(cid:80)(cid:246)(cid:85)
others
5. Others, Retirement Benefits
Total
*(cid:1)(cid:42)(cid:79)(cid:68)(cid:77)(cid:86)(cid:69)(cid:70)(cid:84)(cid:1)(cid:49)(cid:70)(cid:83)(cid:71)(cid:80)(cid:83)(cid:78)(cid:66)(cid:79)(cid:68)(cid:70)(cid:1)(cid:49)(cid:66)(cid:90)(cid:1)(cid:71)(cid:80)(cid:83)(cid:1)(cid:39)(cid:58)(cid:18)(cid:25)(cid:1)(cid:81)(cid:66)(cid:74)(cid:69)(cid:1)(cid:74)(cid:79)(cid:1)(cid:39)(cid:58)(cid:18)(cid:26)(cid:15)
VII. PENALTIES/PUNISHMENT/COMPOUNDING OF OFFENCES:
(cid:19)(cid:13)(cid:20)(cid:18)(cid:13)(cid:24)(cid:24)(cid:13)(cid:26)(cid:21)(cid:20)(cid:15)(cid:23)(cid:17)*
1,01,64,470.00*
3,33,42,413.60*
1,02,74,765.78
7,72,036.80
1,10,46,802.58
(cid:47)(cid:74)(cid:77)
(cid:47)(cid:74)(cid:77)
(cid:47)(cid:74)(cid:77)
(cid:47)(cid:74)(cid:77)
(cid:47)(cid:74)(cid:77)
(cid:47)(cid:74)(cid:77)
(cid:47)(cid:74)(cid:77)
(cid:47)(cid:74)(cid:77)
(cid:47)(cid:74)(cid:77)
(cid:47)(cid:74)(cid:77)
(cid:47)(cid:74)(cid:77)
(cid:47)(cid:74)(cid:77)
(cid:25)(cid:13)(cid:18)(cid:19)(cid:13)(cid:21)(cid:24)(cid:20)(cid:15)(cid:26)(cid:19)
3,42,65,183.30
(cid:26)(cid:13)(cid:19)(cid:24)(cid:13)(cid:18)(cid:20)(cid:25)(cid:15)(cid:26)(cid:23)
1,18,63,645.76
(cid:18)(cid:24)(cid:13)(cid:20)(cid:26)(cid:13)(cid:23)(cid:18)(cid:19)(cid:15)(cid:25)(cid:25)
4,61,28,829.06
Type
Section of the
Brief
Details of Penalty/
Companies Act
Description
Punishment/
Compounding fees
imposed
Authority
[RD/NCLT/
COURT]
Appeal made,
if any
(give details)
A.
COMPANY
Penalty
Punishment
Compounding
B.
DIRECTORS
Penalty
Punishment
Compounding
C.
OTHER OFFICERS IN DEFAULT
Penalty
Punishment
Compounding
(cid:46)(cid:86)(cid:78)(cid:67)(cid:66)(cid:74)(cid:13)(cid:1)(cid:19)(cid:79)(cid:69)(cid:1)(cid:46)(cid:66)(cid:90)(cid:1)(cid:19)(cid:17)(cid:18)(cid:26)
None
None
None
On behalf of the Board of Directors,
N. Chandrasekaran
Chairman
(cid:1)(cid:9)(cid:37)(cid:42)(cid:47)(cid:27)(cid:1)(cid:17)(cid:17)(cid:18)(cid:19)(cid:18)(cid:25)(cid:23)(cid:20)(cid:10)
Board’s Report I (cid:22)(cid:26)
I
E
C
T
O
N
T
R
O
P
E
R
S
D
R
A
O
B
’
A
&
D
M
T
R
O
P
E
R
G
C
R
R
B
D
E
T
A
D
I
L
O
S
N
O
C
E
N
O
L
A
D
N
A
T
S
The Tata Power Company Limited
Annexure – IX : Secretarial Audit Report
(Ref.: Board's Report, Section 26)
FORM No. MR-3
(cid:52)(cid:38)(cid:36)(cid:51)(cid:38)(cid:53)(cid:34)(cid:51)(cid:42)(cid:34)(cid:45)(cid:1)(cid:34)(cid:54)(cid:37)(cid:42)(cid:53)(cid:1)(cid:51)(cid:38)(cid:49)(cid:48)(cid:51)(cid:53)
(cid:39)(cid:48)(cid:51)(cid:1)(cid:53)(cid:41)(cid:38)(cid:1)(cid:39)(cid:42)(cid:47)(cid:34)(cid:47)(cid:36)(cid:42)(cid:34)(cid:45)(cid:1)(cid:58)(cid:38)(cid:34)(cid:51)(cid:1)(cid:38)(cid:47)(cid:37)(cid:38)(cid:37)(cid:1)(cid:20)(cid:18)(cid:52)(cid:53)(cid:1)(cid:46)(cid:34)(cid:51)(cid:36)(cid:41)(cid:13)(cid:1)(cid:19)(cid:17)(cid:18)(cid:26)
(cid:9)(cid:49)(cid:86)(cid:83)(cid:84)(cid:86)(cid:66)(cid:79)(cid:85)(cid:1)(cid:85)(cid:80)(cid:1)(cid:52)(cid:70)(cid:68)(cid:85)(cid:74)(cid:80)(cid:79)(cid:1)(cid:19)(cid:17)(cid:21)(cid:1)(cid:9)(cid:18)(cid:10)(cid:1)(cid:80)(cid:71)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:36)(cid:80)(cid:78)(cid:81)(cid:66)(cid:79)(cid:74)(cid:70)(cid:84)(cid:1)(cid:34)(cid:68)(cid:85)(cid:13)(cid:1)(cid:19)(cid:17)(cid:18)(cid:20)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:83)(cid:86)(cid:77)(cid:70)(cid:1)(cid:47)(cid:80)(cid:15)(cid:1)(cid:26)(cid:1)(cid:80)(cid:71)(cid:1)(cid:85)(cid:73)(cid:70)
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014)
To,
The Members,
The Tata Power Company Limited
(cid:56)(cid:70)(cid:1)(cid:73)(cid:66)(cid:87)(cid:70)(cid:1)(cid:68)(cid:80)(cid:79)(cid:69)(cid:86)(cid:68)(cid:85)(cid:70)(cid:69)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:84)(cid:70)(cid:68)(cid:83)(cid:70)(cid:85)(cid:66)(cid:83)(cid:74)(cid:66)(cid:77)(cid:1)(cid:66)(cid:86)(cid:69)(cid:74)(cid:85)(cid:1)(cid:80)(cid:71)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:68)(cid:80)(cid:78)(cid:81)(cid:77)(cid:74)(cid:66)(cid:79)(cid:68)(cid:70)(cid:1)(cid:80)(cid:71)(cid:1)(cid:66)(cid:81)(cid:81)(cid:77)(cid:74)(cid:68)(cid:66)(cid:67)(cid:77)(cid:70)(cid:1)(cid:84)(cid:85)(cid:66)(cid:85)(cid:86)(cid:85)(cid:80)(cid:83)(cid:90)(cid:1)(cid:81)(cid:83)(cid:80)(cid:87)(cid:74)(cid:84)(cid:74)(cid:80)(cid:79)(cid:84)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:66)(cid:69)(cid:73)(cid:70)(cid:83)(cid:70)(cid:79)(cid:68)(cid:70)(cid:1)(cid:85)(cid:80)(cid:1)(cid:72)(cid:80)(cid:80)(cid:69)(cid:1)(cid:68)(cid:80)(cid:83)(cid:81)(cid:80)(cid:83)(cid:66)(cid:85)(cid:70)(cid:1)
practices by The Tata Power Company Limited (hereinafter called 'the Company'). Secretarial Audit was conducted in a manner that
(cid:81)(cid:83)(cid:80)(cid:87)(cid:74)(cid:69)(cid:70)(cid:69)(cid:1)(cid:86)(cid:84)(cid:1)(cid:66)(cid:1)(cid:83)(cid:70)(cid:66)(cid:84)(cid:80)(cid:79)(cid:66)(cid:67)(cid:77)(cid:70)(cid:1)(cid:67)(cid:66)(cid:84)(cid:74)(cid:84)(cid:1)(cid:71)(cid:80)(cid:83)(cid:1)(cid:70)(cid:87)(cid:66)(cid:77)(cid:86)(cid:66)(cid:85)(cid:74)(cid:79)(cid:72)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:68)(cid:80)(cid:83)(cid:81)(cid:80)(cid:83)(cid:66)(cid:85)(cid:70)(cid:1)(cid:68)(cid:80)(cid:79)(cid:69)(cid:86)(cid:68)(cid:85)(cid:84)(cid:16)(cid:84)(cid:85)(cid:66)(cid:85)(cid:86)(cid:85)(cid:80)(cid:83)(cid:90)(cid:1)(cid:68)(cid:80)(cid:78)(cid:81)(cid:77)(cid:74)(cid:66)(cid:79)(cid:68)(cid:70)(cid:84)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:70)(cid:89)(cid:81)(cid:83)(cid:70)(cid:84)(cid:84)(cid:74)(cid:79)(cid:72)(cid:1)(cid:80)(cid:86)(cid:83)(cid:1)(cid:80)(cid:81)(cid:74)(cid:79)(cid:74)(cid:80)(cid:79)(cid:1)(cid:85)(cid:73)(cid:70)(cid:83)(cid:70)(cid:80)(cid:79)(cid:15)
Based on our verification of the Company’s books, papers, minute books, forms and returns filed and other records maintained by
the Company, the information provided by the Company, its officers, agents and authorised representatives during the conduct of
secretarial audit, the explanations and clarifications given to us and the representations made by the Management, we hereby report
(cid:85)(cid:73)(cid:66)(cid:85)(cid:1) (cid:74)(cid:79)(cid:1) (cid:80)(cid:86)(cid:83)(cid:1) (cid:80)(cid:81)(cid:74)(cid:79)(cid:74)(cid:80)(cid:79)(cid:13)(cid:1) (cid:85)(cid:73)(cid:70)(cid:1) (cid:36)(cid:80)(cid:78)(cid:81)(cid:66)(cid:79)(cid:90)(cid:1) (cid:73)(cid:66)(cid:84)(cid:13)(cid:1) (cid:69)(cid:86)(cid:83)(cid:74)(cid:79)(cid:72)(cid:1) (cid:85)(cid:73)(cid:70)(cid:1) (cid:66)(cid:86)(cid:69)(cid:74)(cid:85)(cid:1) (cid:81)(cid:70)(cid:83)(cid:74)(cid:80)(cid:69)(cid:1) (cid:68)(cid:80)(cid:87)(cid:70)(cid:83)(cid:74)(cid:79)(cid:72)(cid:1) (cid:85)(cid:73)(cid:70)(cid:1) (cid:246)(cid:79)(cid:66)(cid:79)(cid:68)(cid:74)(cid:66)(cid:77)(cid:1) (cid:90)(cid:70)(cid:66)(cid:83)(cid:1) (cid:70)(cid:79)(cid:69)(cid:70)(cid:69)(cid:1) (cid:80)(cid:79)(cid:1) (cid:20)(cid:18)(cid:84)(cid:85)(cid:1) (cid:46)(cid:66)(cid:83)(cid:68)(cid:73)(cid:13)(cid:1) (cid:19)(cid:17)(cid:18)(cid:26)(cid:13)(cid:1) (cid:72)(cid:70)(cid:79)(cid:70)(cid:83)(cid:66)(cid:77)(cid:77)(cid:90)(cid:1)
complied with the statutory provisions listed hereunder and also that the Company has proper Board processes and compliance
mechanism in place to the extent, in the manner and subject to the reporting made hereinafter.
(cid:56)(cid:70)(cid:1)(cid:73)(cid:66)(cid:87)(cid:70)(cid:1)(cid:70)(cid:89)(cid:66)(cid:78)(cid:74)(cid:79)(cid:70)(cid:69)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:67)(cid:80)(cid:80)(cid:76)(cid:84)(cid:13)(cid:1)(cid:81)(cid:66)(cid:81)(cid:70)(cid:83)(cid:84)(cid:13)(cid:1)(cid:78)(cid:74)(cid:79)(cid:86)(cid:85)(cid:70)(cid:1)(cid:67)(cid:80)(cid:80)(cid:76)(cid:84)(cid:13)(cid:1)(cid:71)(cid:80)(cid:83)(cid:78)(cid:84)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:83)(cid:70)(cid:85)(cid:86)(cid:83)(cid:79)(cid:84)(cid:1)(cid:246)(cid:77)(cid:70)(cid:69)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:80)(cid:85)(cid:73)(cid:70)(cid:83)(cid:1)(cid:83)(cid:70)(cid:68)(cid:80)(cid:83)(cid:69)(cid:84)(cid:1)(cid:78)(cid:66)(cid:69)(cid:70)(cid:1)(cid:66)(cid:87)(cid:66)(cid:74)(cid:77)(cid:66)(cid:67)(cid:77)(cid:70)(cid:1)(cid:85)(cid:80)(cid:1)(cid:86)(cid:84)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:78)(cid:66)(cid:74)(cid:79)(cid:85)(cid:66)(cid:74)(cid:79)(cid:70)(cid:69)(cid:1)
(cid:67)(cid:90)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:36)(cid:80)(cid:78)(cid:81)(cid:66)(cid:79)(cid:90)(cid:1)(cid:71)(cid:80)(cid:83)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:246)(cid:79)(cid:66)(cid:79)(cid:68)(cid:74)(cid:66)(cid:77)(cid:1)(cid:90)(cid:70)(cid:66)(cid:83)(cid:1)(cid:70)(cid:79)(cid:69)(cid:70)(cid:69)(cid:1)(cid:80)(cid:79)(cid:1)(cid:20)(cid:18)(cid:84)(cid:85)(cid:1)(cid:46)(cid:66)(cid:83)(cid:68)(cid:73)(cid:13)(cid:1)(cid:19)(cid:17)(cid:18)(cid:26)(cid:1)(cid:66)(cid:68)(cid:68)(cid:80)(cid:83)(cid:69)(cid:74)(cid:79)(cid:72)(cid:1)(cid:85)(cid:80)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:81)(cid:83)(cid:80)(cid:87)(cid:74)(cid:84)(cid:74)(cid:80)(cid:79)(cid:84)(cid:1)(cid:80)(cid:71)(cid:27)
(i)
The Companies Act, 2013 (the Act) and the rules made thereunder;
(cid:9)(cid:74)(cid:74)(cid:10)(cid:1)
(cid:9)(cid:74)(cid:74)(cid:74)(cid:10)(cid:1)
(cid:9)(cid:74)(cid:87)(cid:10)(cid:1)
(cid:9)(cid:87)(cid:10)(cid:1)
(cid:1)
(cid:1)
(cid:1)
(cid:1)
(cid:1)
(cid:53)(cid:73)(cid:70)(cid:1)(cid:52)(cid:70)(cid:68)(cid:86)(cid:83)(cid:74)(cid:85)(cid:74)(cid:70)(cid:84)(cid:1)(cid:36)(cid:80)(cid:79)(cid:85)(cid:83)(cid:66)(cid:68)(cid:85)(cid:1)(cid:9)(cid:51)(cid:70)(cid:72)(cid:86)(cid:77)(cid:66)(cid:85)(cid:74)(cid:80)(cid:79)(cid:10)(cid:1)(cid:34)(cid:68)(cid:85)(cid:13)(cid:1)(cid:18)(cid:26)(cid:22)(cid:23)(cid:1)(cid:9)(cid:52)(cid:36)(cid:51)(cid:34)(cid:10)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:83)(cid:86)(cid:77)(cid:70)(cid:84)(cid:1)(cid:78)(cid:66)(cid:69)(cid:70)(cid:1)(cid:85)(cid:73)(cid:70)(cid:83)(cid:70)(cid:86)(cid:79)(cid:69)(cid:70)(cid:83)(cid:28)
(cid:53)(cid:73)(cid:70)(cid:1)(cid:37)(cid:70)(cid:81)(cid:80)(cid:84)(cid:74)(cid:85)(cid:80)(cid:83)(cid:74)(cid:70)(cid:84)(cid:1)(cid:34)(cid:68)(cid:85)(cid:13)(cid:1)(cid:18)(cid:26)(cid:26)(cid:23)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:83)(cid:70)(cid:72)(cid:86)(cid:77)(cid:66)(cid:85)(cid:74)(cid:80)(cid:79)(cid:84)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:67)(cid:90)(cid:70)(cid:14)(cid:77)(cid:66)(cid:88)(cid:84)(cid:1)(cid:71)(cid:83)(cid:66)(cid:78)(cid:70)(cid:69)(cid:1)(cid:85)(cid:73)(cid:70)(cid:83)(cid:70)(cid:86)(cid:79)(cid:69)(cid:70)(cid:83)(cid:28)
(cid:39)(cid:80)(cid:83)(cid:70)(cid:74)(cid:72)(cid:79)(cid:1) (cid:38)(cid:89)(cid:68)(cid:73)(cid:66)(cid:79)(cid:72)(cid:70)(cid:1) (cid:46)(cid:66)(cid:79)(cid:66)(cid:72)(cid:70)(cid:78)(cid:70)(cid:79)(cid:85)(cid:1) (cid:34)(cid:68)(cid:85)(cid:13)(cid:1) (cid:18)(cid:26)(cid:26)(cid:26)(cid:1) (cid:66)(cid:79)(cid:69)(cid:1) (cid:85)(cid:73)(cid:70)(cid:1) (cid:83)(cid:86)(cid:77)(cid:70)(cid:84)(cid:1) (cid:66)(cid:79)(cid:69)(cid:1) (cid:83)(cid:70)(cid:72)(cid:86)(cid:77)(cid:66)(cid:85)(cid:74)(cid:80)(cid:79)(cid:84)(cid:1) (cid:78)(cid:66)(cid:69)(cid:70)(cid:1) (cid:85)(cid:73)(cid:70)(cid:83)(cid:70)(cid:86)(cid:79)(cid:69)(cid:70)(cid:83)(cid:1) (cid:85)(cid:80)(cid:1) (cid:85)(cid:73)(cid:70)(cid:1) (cid:70)(cid:89)(cid:85)(cid:70)(cid:79)(cid:85)(cid:1) (cid:80)(cid:71)(cid:1) (cid:39)(cid:80)(cid:83)(cid:70)(cid:74)(cid:72)(cid:79)(cid:1) (cid:37)(cid:74)(cid:83)(cid:70)(cid:68)(cid:85)(cid:1)
Investment, Overseas Direct Investment and External Commercial Borrowings;
(cid:9)(cid:69)(cid:10)(cid:1)
(cid:53)(cid:73)(cid:70)(cid:1)(cid:71)(cid:80)(cid:77)(cid:77)(cid:80)(cid:88)(cid:74)(cid:79)(cid:72)(cid:1)(cid:51)(cid:70)(cid:72)(cid:86)(cid:77)(cid:66)(cid:85)(cid:74)(cid:80)(cid:79)(cid:84)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:40)(cid:86)(cid:74)(cid:69)(cid:70)(cid:77)(cid:74)(cid:79)(cid:70)(cid:84)(cid:1)(cid:81)(cid:83)(cid:70)(cid:84)(cid:68)(cid:83)(cid:74)(cid:67)(cid:70)(cid:69)(cid:1)(cid:86)(cid:79)(cid:69)(cid:70)(cid:83)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:52)(cid:70)(cid:68)(cid:86)(cid:83)(cid:74)(cid:85)(cid:74)(cid:70)(cid:84)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:38)(cid:89)(cid:68)(cid:73)(cid:66)(cid:79)(cid:72)(cid:70)(cid:1)(cid:35)(cid:80)(cid:66)(cid:83)(cid:69)(cid:1)(cid:80)(cid:71)(cid:1)(cid:42)(cid:79)(cid:69)(cid:74)(cid:66)(cid:1)(cid:34)(cid:68)(cid:85)(cid:13)(cid:1)(cid:18)(cid:26)(cid:26)(cid:19)(cid:1)(cid:9)(cid:52)(cid:38)(cid:35)(cid:42)(cid:1)(cid:34)(cid:68)(cid:85)(cid:10)(cid:27)
The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011;
(a)
The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015;
(b)
(cid:53)(cid:73)(cid:70)(cid:1) (cid:52)(cid:70)(cid:68)(cid:86)(cid:83)(cid:74)(cid:85)(cid:74)(cid:70)(cid:84)(cid:1) (cid:66)(cid:79)(cid:69)(cid:1) (cid:38)(cid:89)(cid:68)(cid:73)(cid:66)(cid:79)(cid:72)(cid:70)(cid:1) (cid:35)(cid:80)(cid:66)(cid:83)(cid:69)(cid:1) (cid:80)(cid:71)(cid:1) (cid:42)(cid:79)(cid:69)(cid:74)(cid:66)(cid:1) (cid:9)(cid:42)(cid:84)(cid:84)(cid:86)(cid:70)(cid:1) (cid:80)(cid:71)(cid:1) (cid:36)(cid:66)(cid:81)(cid:74)(cid:85)(cid:66)(cid:77)(cid:1) (cid:66)(cid:79)(cid:69)(cid:1) (cid:37)(cid:74)(cid:84)(cid:68)(cid:77)(cid:80)(cid:84)(cid:86)(cid:83)(cid:70)(cid:1) (cid:51)(cid:70)(cid:82)(cid:86)(cid:74)(cid:83)(cid:70)(cid:78)(cid:70)(cid:79)(cid:85)(cid:84)(cid:10)(cid:1) (cid:51)(cid:70)(cid:72)(cid:86)(cid:77)(cid:66)(cid:85)(cid:74)(cid:80)(cid:79)(cid:84)(cid:13)(cid:1) (cid:19)(cid:17)(cid:18)(cid:25)(cid:1) (cid:9)(cid:47)(cid:80)(cid:85)(cid:1)
(cid:9)(cid:68)(cid:10)(cid:1)
applicable to the Company during the audit period);
(cid:53)(cid:73)(cid:70)(cid:1)(cid:52)(cid:70)(cid:68)(cid:86)(cid:83)(cid:74)(cid:85)(cid:74)(cid:70)(cid:84)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:38)(cid:89)(cid:68)(cid:73)(cid:66)(cid:79)(cid:72)(cid:70)(cid:1)(cid:35)(cid:80)(cid:66)(cid:83)(cid:69)(cid:1)(cid:80)(cid:71)(cid:1)(cid:42)(cid:79)(cid:69)(cid:74)(cid:66)(cid:1)(cid:9)(cid:52)(cid:73)(cid:66)(cid:83)(cid:70)(cid:1)(cid:35)(cid:66)(cid:84)(cid:70)(cid:69)(cid:1)(cid:38)(cid:78)(cid:81)(cid:77)(cid:80)(cid:90)(cid:70)(cid:70)(cid:1)(cid:35)(cid:70)(cid:79)(cid:70)(cid:246)(cid:85)(cid:84)(cid:10)(cid:1)(cid:51)(cid:70)(cid:72)(cid:86)(cid:77)(cid:66)(cid:85)(cid:74)(cid:80)(cid:79)(cid:84)(cid:13)(cid:1)(cid:19)(cid:17)(cid:18)(cid:21)(cid:1)(cid:9)(cid:47)(cid:80)(cid:85)(cid:1)(cid:66)(cid:81)(cid:81)(cid:77)(cid:74)(cid:68)(cid:66)(cid:67)(cid:77)(cid:70)(cid:1)(cid:85)(cid:80)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)
Company during the audit period);
The Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008;
(cid:53)(cid:73)(cid:70)(cid:1)(cid:52)(cid:70)(cid:68)(cid:86)(cid:83)(cid:74)(cid:85)(cid:74)(cid:70)(cid:84)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:38)(cid:89)(cid:68)(cid:73)(cid:66)(cid:79)(cid:72)(cid:70)(cid:1)(cid:35)(cid:80)(cid:66)(cid:83)(cid:69)(cid:1)(cid:80)(cid:71)(cid:1)(cid:42)(cid:79)(cid:69)(cid:74)(cid:66)(cid:1)(cid:9)(cid:51)(cid:70)(cid:72)(cid:74)(cid:84)(cid:85)(cid:83)(cid:66)(cid:83)(cid:84)(cid:1)(cid:85)(cid:80)(cid:1)(cid:66)(cid:79)(cid:1)(cid:42)(cid:84)(cid:84)(cid:86)(cid:70)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:52)(cid:73)(cid:66)(cid:83)(cid:70)(cid:1)(cid:53)(cid:83)(cid:66)(cid:79)(cid:84)(cid:71)(cid:70)(cid:83)(cid:1)(cid:34)(cid:72)(cid:70)(cid:79)(cid:85)(cid:84)(cid:10)(cid:1)(cid:51)(cid:70)(cid:72)(cid:86)(cid:77)(cid:66)(cid:85)(cid:74)(cid:80)(cid:79)(cid:84)(cid:13)(cid:1)(cid:18)(cid:26)(cid:26)(cid:20)(cid:1)(cid:83)(cid:70)(cid:72)(cid:66)(cid:83)(cid:69)(cid:74)(cid:79)(cid:72)(cid:1)
(cid:85)(cid:73)(cid:70)(cid:1)(cid:36)(cid:80)(cid:78)(cid:81)(cid:66)(cid:79)(cid:74)(cid:70)(cid:84)(cid:1)(cid:34)(cid:68)(cid:85)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:69)(cid:70)(cid:66)(cid:77)(cid:74)(cid:79)(cid:72)(cid:1)(cid:88)(cid:74)(cid:85)(cid:73)(cid:1)(cid:68)(cid:77)(cid:74)(cid:70)(cid:79)(cid:85)(cid:28)(cid:1)(cid:9)(cid:47)(cid:80)(cid:85)(cid:1)(cid:66)(cid:81)(cid:81)(cid:77)(cid:74)(cid:68)(cid:66)(cid:67)(cid:77)(cid:70)(cid:1)(cid:85)(cid:80)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:36)(cid:80)(cid:78)(cid:81)(cid:66)(cid:79)(cid:90)(cid:1)(cid:69)(cid:86)(cid:83)(cid:74)(cid:79)(cid:72)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:66)(cid:86)(cid:69)(cid:74)(cid:85)(cid:1)(cid:81)(cid:70)(cid:83)(cid:74)(cid:80)(cid:69)(cid:10)(cid:28)
(cid:53)(cid:73)(cid:70)(cid:1)(cid:52)(cid:70)(cid:68)(cid:86)(cid:83)(cid:74)(cid:85)(cid:74)(cid:70)(cid:84)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:38)(cid:89)(cid:68)(cid:73)(cid:66)(cid:79)(cid:72)(cid:70)(cid:1)(cid:35)(cid:80)(cid:66)(cid:83)(cid:69)(cid:1)(cid:80)(cid:71)(cid:1)(cid:42)(cid:79)(cid:69)(cid:74)(cid:66)(cid:1)(cid:9)(cid:37)(cid:70)(cid:77)(cid:74)(cid:84)(cid:85)(cid:74)(cid:79)(cid:72)(cid:1)(cid:80)(cid:71)(cid:1)(cid:38)(cid:82)(cid:86)(cid:74)(cid:85)(cid:90)(cid:1)(cid:52)(cid:73)(cid:66)(cid:83)(cid:70)(cid:84)(cid:10)(cid:1)(cid:51)(cid:70)(cid:72)(cid:86)(cid:77)(cid:66)(cid:85)(cid:74)(cid:80)(cid:79)(cid:84)(cid:13)(cid:1)(cid:19)(cid:17)(cid:17)(cid:26)(cid:28)(cid:1)(cid:9)(cid:47)(cid:80)(cid:85)(cid:1)(cid:66)(cid:81)(cid:81)(cid:77)(cid:74)(cid:68)(cid:66)(cid:67)(cid:77)(cid:70)(cid:1)(cid:85)(cid:80)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:36)(cid:80)(cid:78)(cid:81)(cid:66)(cid:79)(cid:90)(cid:1)
during the audit period) and
(cid:53)(cid:73)(cid:70)(cid:1)(cid:52)(cid:70)(cid:68)(cid:86)(cid:83)(cid:74)(cid:85)(cid:74)(cid:70)(cid:84)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:38)(cid:89)(cid:68)(cid:73)(cid:66)(cid:79)(cid:72)(cid:70)(cid:1)(cid:35)(cid:80)(cid:66)(cid:83)(cid:69)(cid:1)(cid:80)(cid:71)(cid:1)(cid:42)(cid:79)(cid:69)(cid:74)(cid:66)(cid:1)(cid:9)(cid:35)(cid:86)(cid:90)(cid:67)(cid:66)(cid:68)(cid:76)(cid:1)(cid:80)(cid:71)(cid:1)(cid:52)(cid:70)(cid:68)(cid:86)(cid:83)(cid:74)(cid:85)(cid:74)(cid:70)(cid:84)(cid:10)(cid:1)(cid:51)(cid:70)(cid:72)(cid:86)(cid:77)(cid:66)(cid:85)(cid:74)(cid:80)(cid:79)(cid:84)(cid:13)(cid:1)(cid:19)(cid:17)(cid:18)(cid:25)(cid:28)(cid:1)(cid:9)(cid:47)(cid:80)(cid:85)(cid:1)(cid:66)(cid:81)(cid:81)(cid:77)(cid:74)(cid:68)(cid:66)(cid:67)(cid:77)(cid:70)(cid:1)(cid:85)(cid:80)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:36)(cid:80)(cid:78)(cid:81)(cid:66)(cid:79)(cid:90)(cid:1)
during the audit period).
(e)
(cid:9)(cid:71) (cid:10)(cid:1)
(cid:9)(cid:72)(cid:10)(cid:1)
(cid:9)(cid:73)(cid:10)(cid:1)
(vi) Other industry specific laws applicable to the Company are as follows:
(cid:1)
(cid:1)
(a)
(cid:9)(cid:67)(cid:10)(cid:1)
(cid:9)(cid:68)(cid:10)(cid:1)
(d)
The Electricity Act, 2003
(cid:53)(cid:73)(cid:70)(cid:1)(cid:42)(cid:79)(cid:69)(cid:74)(cid:66)(cid:79)(cid:1)(cid:38)(cid:77)(cid:70)(cid:68)(cid:85)(cid:83)(cid:74)(cid:68)(cid:74)(cid:85)(cid:90)(cid:1)(cid:51)(cid:86)(cid:77)(cid:70)(cid:84)(cid:13)(cid:1)(cid:18)(cid:26)(cid:22)(cid:23)
(cid:53)(cid:73)(cid:70)(cid:1)(cid:83)(cid:86)(cid:77)(cid:70)(cid:84)(cid:13)(cid:1)(cid:83)(cid:70)(cid:72)(cid:86)(cid:77)(cid:66)(cid:85)(cid:74)(cid:80)(cid:79)(cid:84)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:66)(cid:81)(cid:81)(cid:77)(cid:74)(cid:68)(cid:66)(cid:67)(cid:77)(cid:70)(cid:1)(cid:80)(cid:83)(cid:69)(cid:70)(cid:83)(cid:9)(cid:84)(cid:10)(cid:1)(cid:86)(cid:79)(cid:69)(cid:70)(cid:83)(cid:1)(cid:36)(cid:70)(cid:79)(cid:85)(cid:83)(cid:66)(cid:77)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:52)(cid:85)(cid:66)(cid:85)(cid:70)(cid:1)(cid:38)(cid:77)(cid:70)(cid:68)(cid:85)(cid:83)(cid:74)(cid:68)(cid:74)(cid:85)(cid:90)(cid:1)(cid:51)(cid:70)(cid:72)(cid:86)(cid:77)(cid:66)(cid:85)(cid:80)(cid:83)(cid:90)(cid:1)(cid:36)(cid:80)(cid:78)(cid:78)(cid:74)(cid:84)(cid:84)(cid:74)(cid:80)(cid:79)(cid:84)(cid:16)(cid:34)(cid:86)(cid:85)(cid:73)(cid:80)(cid:83)(cid:74)(cid:85)(cid:90)
The Energy Conservation Act, 2001
(cid:56)(cid:70)(cid:1)(cid:73)(cid:66)(cid:87)(cid:70)(cid:1)(cid:66)(cid:77)(cid:84)(cid:80)(cid:1)(cid:70)(cid:89)(cid:66)(cid:78)(cid:74)(cid:79)(cid:70)(cid:69)(cid:1)(cid:68)(cid:80)(cid:78)(cid:81)(cid:77)(cid:74)(cid:66)(cid:79)(cid:68)(cid:70)(cid:1)(cid:88)(cid:74)(cid:85)(cid:73)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:66)(cid:81)(cid:81)(cid:77)(cid:74)(cid:68)(cid:66)(cid:67)(cid:77)(cid:70)(cid:1)(cid:68)(cid:77)(cid:66)(cid:86)(cid:84)(cid:70)(cid:84)(cid:1)(cid:80)(cid:71)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:71)(cid:80)(cid:77)(cid:77)(cid:80)(cid:88)(cid:74)(cid:79)(cid:72)(cid:27)
(i)
Secretarial Standards issued by The Institute of Company Secretaries of India with respect to board and general meetings.
(cid:9)(cid:74)(cid:74)(cid:10)(cid:1)
(cid:53)(cid:73)(cid:70)(cid:1)(cid:45)(cid:74)(cid:84)(cid:85)(cid:74)(cid:79)(cid:72)(cid:1)(cid:34)(cid:72)(cid:83)(cid:70)(cid:70)(cid:78)(cid:70)(cid:79)(cid:85)(cid:84)(cid:1)(cid:70)(cid:79)(cid:85)(cid:70)(cid:83)(cid:70)(cid:69)(cid:1)(cid:74)(cid:79)(cid:85)(cid:80)(cid:1)(cid:67)(cid:90)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:36)(cid:80)(cid:78)(cid:81)(cid:66)(cid:79)(cid:90)(cid:1)(cid:88)(cid:74)(cid:85)(cid:73)(cid:1)(cid:35)(cid:52)(cid:38)(cid:1)(cid:45)(cid:74)(cid:78)(cid:74)(cid:85)(cid:70)(cid:69)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:47)(cid:66)(cid:85)(cid:74)(cid:80)(cid:79)(cid:66)(cid:77)(cid:1)(cid:52)(cid:85)(cid:80)(cid:68)(cid:76)(cid:1)(cid:38)(cid:89)(cid:68)(cid:73)(cid:66)(cid:79)(cid:72)(cid:70)(cid:1)(cid:80)(cid:71)(cid:1)(cid:42)(cid:79)(cid:69)(cid:74)(cid:66)(cid:1)(cid:45)(cid:74)(cid:78)(cid:74)(cid:85)(cid:70)(cid:69)(cid:1)(cid:83)(cid:70)(cid:66)(cid:69)(cid:1)(cid:88)(cid:74)(cid:85)(cid:73)(cid:1)
the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
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etc. mentioned above.
60 I Board’s Report
100th Annual Report 2018-19
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Independent Directors. The changes in the composition of the Board of Directors that took place during the period under review were
carried out in compliance with the provisions of the Act.
Adequate notice was given to all directors to schedule the Board Meetings, agenda and detailed notes on agenda were sent at least
seven days in advance, and a system exists for seeking and obtaining further information and clarifications on the agenda items
before the meeting and for meaningful participation at the meeting.
Majority decision is carried through while the dissenting members’ views are captured and recorded as part of the Minutes of the
meetings.
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Company to monitor and ensure compliance with applicable laws, rules, regulations and guidelines.
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pursuance of the above referred laws, rules, regulations, guidelines, standards etc.
1.
The Company has sold Equity Shares held in Panatone Finvest Limited and Tata Communications Limited to Tata Sons Private
Limited and Panatone Finvest Limited, respectively.
The Board has approved Scheme of Arrangement for transfer of its Strategic Engineering Division (SED) to Tata Advanced
Systems Limited.
The Company has redeemed the following Debentures during the year:-
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2.
3.
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Place: Mumbai
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For Parikh & Associates
Company Secretaries
P. N. Parikh
Partner
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This Report is to be read with our letter of even date which is annexed as Annexure A and forms an integral part of this report.
‘Annexure A’
To,
The Members,
The Tata Power Company Limited
Our report of even date is to be read along with this letter.
1.
Maintenance of secretarial record is the responsibility of the management of the Company. Our responsibility is to express an
opinion on these secretarial records based on our audit.
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and happening of events etc.
The compliance of the provisions of corporate and other applicable laws, rules, regulations, standards is the responsibility of
management. Our examination was limited to the verification of procedure on test basis.
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5.
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Place: Mumbai
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For Parikh & Associates
Company Secretaries
P. N. Parikh
Partner
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Board’s Report I 61
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MANAGEMENT DISCUSSION & ANALYSIS
The Tata Power Company Limited
1.
INDUSTRY DEVELOPMENTS
Global Power Sector
The rising environmental concerns accompanied by
technological advancements is driving transformation
of the global energy landscape. Since 2010, the costs of
new solar PV solutions have come down by over 73% and
for wind solutions by an estimated 30% facilitating rapid
deployment of renewable resources globally. Renewables
have become the technology of choice, as a result of falling
costs and supportive government policies. It has brought
about a change in the electricity markets from centralized
to decentralized power markets, opening business service
opportunities for power utilities. As the world is also rapidly
electrifying, electricity generation continues to be reliant
on coal, especially in developing economies. Change in
generation mix skewed towards non-fossil fuels is quite
evident in the advanced economies. A move towards
cleaner energy mix and a service-oriented economy is
being witnessed in major energy consuming nations like
China, US and India.
It may be noted that many of the initiatives to improve
the quality of air in cities are only changing the type of
engines (fuel) but the true impact will be determined
by the proportion of non-fossil fuel-based generation as
compared to conventional fossil fuel-based generation.
The electricity sector is undergoing a transformation,
driven by higher demand brought about by digital
economy, electric vehicles and other technological
change. On the other hand, a continuing wave of energy-
efficient usage is containing the pace of growth. In the
global context, abundance of natural resources and
government actions towards climate change are driving
change across nations. Availability of abundant natural
gas from newly discovered shale gas deposits in the US is
prompting increased use of gas in electricity generation
in the U.S. Government regulations restricting carbon
emission is ensuring increased usage of renewables in the
EU, with several Europeans nations undertaking significant
renewable energy targets of more than 30% of power
generation mix by 2030. Countries like France, U.K, Finland
and Canada have announced plans to phase out coal by
2030.
Africa’s shortage of electric power is one of the greatest
challenges, and the push to electrify the continent
provides solar and storage solutions to bridge this gap.
Around 600 million people in Sub-Saharan Africa lack
access to electricity and power needs are slowly being
driven by renewables. Renewables is gaining prominence
with several new projects, grants and funding deals being
announced in Africa.
Taking a cue from the depressed oil prices, oil dominated
62 I Management Discussion & Analysis
Middle East embarked upon a diversification drive that is
resulting in significant transformation of Middle East power
sector. As a means of diversifying its power mix, the MENA
region is increasingly shifting its focus towards renewables.
The region has witnessed large investments in renewables
driving some of the cheapest solar PV and onshore wind
projects globally. Following Morocco and Egypt, Tunisia
and Algeria in North Africa are implementing significant
renewable energy programmes. Increased private sector
participation in the Middle East is also taking place in an
otherwise public dominated sector of the region.
South-East Asia is witnessing rapid growth in energy
demand driven by rising population, growing urbanization
and increasing industrialization benefitting from shift of
supply chain from North Asia into this region. Electricity
demand continues to exceed supply in economies growing
between 5-7%. While there has been a growing emphasis
on renewables, the surging power demand buttressed by
universal electricity access and abundance of thermal fuel
means substantial share of investments is still in thermal
plants.
There is a growing adoption of electric vehicles (EVs)
globally and the same is expected to put further pressure
on oil prices. Global EV sales exceeded two million in 2018,
with more than half of global sales in China. In terms of
penetration, the Nordic countries led by Norway remain
the world’s most advanced market for electric cars. The
EV charging infrastructure has also grown rapidly with the
growth in number of electric vehicles.
At the same time, the trend of decentralised energy
generation, spurred by a sharp decrease in costs of
distributed energy resources, is gaining prominence.
Storage solutions-key to address intermittent challenge of
renewable energy- are also being developed that would
play a balancing act between power demand and supply.
Global energy storage additions doubled to more than
9 GWh in 2018. Renewables along with energy storage
is gaining price parity with falling costs of lithium-ion
batteries. Suppliers of lithium batteries have expanded
their production plans as sales of EVs increase. Rise of
renewable energy capacities along with policy initiatives
in key markets like China, Europe, South Korea and US is
adding on to this momentum.
The global energy shifts are leading to the gradual blurring
of the lines between consumers and producers. There is
large scale integration of grids between nations to enable
cross border electricity trading. Asia is expected to power
the growth engine with China leading the growth.
All the aforementioned factors, coupled with the need
for affordable, sustainable and modern energy systems, is
shaping the global power sector.
100th Annual Report 2018-19
Indian Power Sector
According to the International Monetary Fund (IMF),
India will continue to be the world’s fastest growing
economy and will expand by 7.5% in FY20 and 7.7% in
FY21. The power demand in the country is expected to
grow at 6.18% between FY17 and FY22, according to
the Central Electricity Authority (CEA), driven by rising
industrial demand. Further, demand revival will be driven
by various reforms undertaken by the Government of
India, viz. the UDAY scheme, ‘24*7 Power for All’ initiative
and the ‘Saubhaghya’ scheme. Under the UDAY scheme,
discoms need to modernise their networks and lower
their distribution losses – fixing this infrastructure deficit
will be the strongest theme in the Indian power sector.
The attempts at bringing down the gap (losses) between
the cost of power purchase and selling price of the state
discoms has met with very little success despite ambitious
programmes like UDAY. This continues to be a limiting
factor for emergence of the potential demand for cheap
power. After initially recording gains due to interest
savings, the lack of structural reforms is increasing the
losses at the discoms with very few exceptions.
The sector also continues to suffer from large number of
non-performing assets (NPAs) resulting in the Banking
sector becoming more cautious in lending to the sector.
The Government is also focusing on growing the renewable
energy segment due to sustainability and climate change
obligations. The cost of renewable energy has fallen and
is now at parity with conventional sources. While coal is
expected to remain a significant fuel source in the country’s
quest to provide power to every citizen, this segment will
experience limited growth. The CEA has estimated that
future greenfield capacity addition in coal-fired plants is
likely to be carried out by the Central Public Sector (CPSU)
firms only on account of to weak private sector intent due
to lack of PPAs. With limited greenfield thermal capacity
addition going forward, thermal sector PLFs may firm
up over the medium to long-term. However, higher coal
prices and constrained domestic coal availability continue
to remain key areas of concern especially for private sector
power plants. The imposition of the new environmental
norms by the MoEF&CC, effective from the year 2022, will
result in requirement of additional capital along with an
increase in tariffs.
1.1. GENERATION
India’s installed generation capacity stands at 356 GW
as on 31st March 2019, which excludes about 51 GW of
captive generation capacity. Grid connected capacity
addition during FY19 was 12 GW vis-à-vis 17 GW during
FY18.
Thermal Generation
Share of coal-based capacities in India’s total installed
capacity has remained at around 52% over the last ten
years (FY19 vs FY09) while that of renewables has risen
from 9% to 22%. The PLF of thermal based plants was 61%
in FY19 vis-à-vis 77% in FY09.
Renewable Generation
The Government’s 175 GW renewable energy target
by 2022 along with declining cost of renewables have
provided the impetus for rapid increase in renewable
based capacities. In FY19, 20 GW renewable projects
were awarded. The overall renewable addition was
8.6 GW vs. 11.8 GW in FY18. In FY19, a 25% safeguard
duty was introduced on PV cell and module imports.
Despite the levy, the cost of solar generation continued
to be low and tariffs continued to remain between
₹ 2.50-3.00 per unit.
Installed Capacity (GW)
250
200
150
100
50
0
194
78
78
45
37
25
15
13
7
4
7
1
FY19
FY09
Fig 1 - India Generation Mix (in GW) and Share by
Generation Source, as on 31st March 2019 (Source: MoP,
GoI, CEA)
1.2. FUEL
India Limited (CIL) and
Coal produced by Coal
its
subsidiaries was 607 MT in FY19 against 567 MT in FY18,
posting a y-o-y growth of 7%. Railway infrastructure
bottlenecks, however, pose challenge for supporting
further growth in domestic coal production, necessitating
coal imports by power utilities.
Thermal coal imports during FY19 grew at about 9% y-o-y
also supported by declining international coal prices
during second half of 2018.
Global Coal Price Movement (USD/Tn)
119.6
114.3
117.3
114.2
108.7
106.5
106.0
105.3
96.7
93.7
101.4
98.6
100.7
95.4
93.1
125.0
120.0
115.0
110.0
105.0
100.0
95.0
90.0
85.0
80.0
Fig 2 - Global Coal Price
The global coal prices fell from a high of about USD 120/
MT (Newcastle FOB) in July 2018 to around USD 93/MT in
March 2019.
1.3. TRANSMISSION
The backbone transmission system in India is mainly
through 765 kV, 400 kV and 220 kV AC networks, with the
Management Discussion & Analysis I 63
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highest transmission voltage level being 800 kV (HVDC).
Total transmission lines capacity increased to nearly
4.13 lakh Ckms, reflecting an increase of about 22,437
Ckms over FY18. The transmission substation capacity
reached 8.99 lakh MVA by March 2019 reflecting an
increase of 72,705 MVA over FY18.
the government
With changing generation mix on account of increased
renewables,
is emphasizing on
augmentation of transmission infrastructure to support
demand growth. In order to expedite the development
of transmission lines for solar parks, the government has
decided to award these projects to private players through
tariff based competitive bidding (TBCB).
1.4. DISTRIBUTION
Distribution continues to be the weakest link in the
power supply chain on account of the financial stress of
electricity utilities. As discussed above, the Government
of India launched the Ujwal DISCOM Assurance Yojna
(UDAY) to reduce the financial burden on state DISCOMs
(by transferring 75% of accumulated losses/debts of
the DISCOM to the state), and targeted improvement in
operational parameters thereby reducing leakages in the
system. So far, many states and UTs have signed up for
UDAY and bonds worth ₹ 2.32 lakh crore have been issued
by the state governments and tariff revisions happened
in 25 states/UTs since the beginning of the scheme. The
progress of the revival scheme for discoms launched in
November 2015 remains slow since the total AT&C loss
levels were at 20% in March 2019 compared to a target
of 15%. While discom losses reduced to ₹ 17,352 crore in
FY18 from ₹ 51,096 crore in FY16, the outstanding discom
dues to gencos rose to more than ₹ 40,000 crore by the
end of FY19, adding to the woes of the already stressed
power generating companies. (sources: www.uday.gov.in;
www.praapti.in)
The power ministry has also emphasized bringing
distribution losses to 15% and ensuring 24x7 power to all
by 2019.
With limited opportunities in the distribution franchises
and PPP route to distribution, Tata Power is looking at
distribution services like smart meters, smart grids, LED
street lighting, advisory services projects etc. At the same
time, Tata Power is also supporting a lot of discoms across
the country in improving their efficiencies.
As part of the proposed amendments to the EA, 2003,
separation of the wires and supply businesses
is
envisaged. This is expected to increase competition in the
supply sector. However, this may take a long time to get
realized on ground. At the same time, many of the state
discoms have started to look at distribution franchisee
route to enhance the efficiency of local discom in certain
urban areas. Distribution franchisee models currently
exist in states like Rajasthan, Maharashtra, Odisha, UP that
have private players appointed as electricity distribution
franchisee for certain areas to help improve the high
AT&C losses in those areas. Jharkhand is also likely to
operationalize this model.
64 I Management Discussion & Analysis
The Tata Power Company Limited
1.5. POWER TRADING
Around 144 billion units (BUs) of electricity were traded in
the short-term power market during FY19, as compared
to a total of 128 BUs traded during FY18. Out of this,
about 34% of trading took place using power exchange
platforms. The trading margins were under immense
pressure due to high competition amongst traders. The
competition grew fierce due to an increase in the number
of CERC licensed traders from 11 in FY05 to 43 in FY19.
At ₹ 3.86 per unit, the average clearing price for spot
markets in FY19 increased by 18% as compared to
the previous fiscal. The increase in spot price is largely
attributable to lack of availability of coal, increase in
demand and outage of various thermal power plants due
to various reasons.
1.6. REGULATORY AND POLICY DEVELOPMENTS
Regulatory and policy reforms in the sector are critical
given the current challenges across the value chain. The
following are some of the important regulatory and policy
changes in FY19:
Renewables
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(cid:120)
Waiver of transmission charges and losses on
power from solar and wind power plant
The Ministry of Power has waived the levy of
inter-state transmission charges and losses on
transmission of electricity through the inter-state
transmission system for wind and solar projects
commissioned till 31st March 2022.
Domestic Manufacturing of Solar Equipment
The Ministry of New and Renewable Energy (MNRE),
Government of India, announced the following
policies to boost domestic manufacturing and
to safeguard the interests of existing domestic
manufacturers.
-
Mandatory certification as per
IS and
for supply, storage,
registration by BIS
distribution and installation of solar modules,
inverters and storage battery (this will ensure
reliability of operations for 25 years).
Safeguard duty introduced on imports of
cells and modules for two years.
Preference for Make in India: Government
of
India and all departments/companies
controlled by it to accord preference to
for
domestically manufactured products
use in renewable energy projects. Minimum
percentage of
local content has been
prescribed in the policy.
Approved Models and Manufacturers of Solar
PV modules (Requirement of Compulsory
registration) Order as per which post
31.03.2020, only those modules can be used
which have been pre-qualified and enlisted
by MNRE.
12 GW of solar projects to be set up till FY23 under
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100th Annual Report 2018-19
CPSU scheme phase-II with domestic solar cells
and modules and VGF of ₹ 8,580 crore.
1.5 GW ISTS connected solar PV Tender linked
to setting up of 3 GW of solar manufacturing
plant
cells, modules)
announced. A total of 10 GW of solar PV
linked to 20 GW of manufacturing capacity is
envisaged under the scheme.
(ingots, wafers,
(cid:120)
CERC Tariff Regulations 2019-24
CERC issued the Tariff Regulations for the period
FY19-24 for generating stations operating under
62 of the EA, 2003. In these regulations, CERC has
adopted a conciliatory tone on tariffs, allowing
compensation for the loss of coal heating value
during storage and retained the current regulated
return on equity.
(cid:120)
Phase II of Grid Connected Rooftop Solar
Programme
40 GW of rooftop capacity till 2022 with an outlay
of ₹11,814 crore has been announced with
Central Financial Assistance (CFA) only for capacity
additions during the year in their respective areas of
jurisdiction.
(cid:120)
Kisan Urja Suraksha evam Utthaan Mahabhiyaan
(KUSUM)
The scheme is with an outlay of ₹ 34,422 crore and
provides opportunities for small solar plants in rural
areas and for solarisation of irrigation pumps.
(cid:120)
The National Wind Solar Hybrid Policy
The policy was announced for optimisation of use of
land and transmission infrastructure and achieving
better grid stability through reduced variability.
Capacity of 840 MW has already been tendered out
and another 1.8 GW is under bidding.
(cid:120)
in Generation and
Policy on Flexibility
Scheduling of Thermal Generating Stations to
reduce the cost of power to the consumer
Ministry of Power has issued the policy with the
purpose of optimization of overall cost of generation
by replacing the generation load from generating
stations with high generation cost to generating
stations with lower cost of generation. While,
this policy aims at company-level optimisation,
subsequent proposal notes by POSOCO and
discussion paper by CERC developed on similar
lines, envisages optimisation at the national level.
CERC has directed POSOCO to initiate a pilot study
to implement the proposed mechanism.
(cid:120)
Draft Amendments proposed to Electricity Act
and National Tariff Policy
The Ministry of Power (MoP) issued the draft
proposed amendments to Electricity Act which
along with other changes focussed on Wires and
Supply segregation for the distribution sector.
Also, Ministry of Power (MoP) has issued the
draft proposed amendments to Tariff Policy and
Electricity Rules. The proposed discom reforms
which include capping of AT&C losses to 15%,
direct benefit transfer of subsidy, prepaid metering,
simplification of tariff categories would help to spur
power demand and potentially restart the PPA cycle.
losses,
to allow pass
The most prominent and impactful regulations
include no reduction of equity for older plants,
permission
through of coal
handling
incentives on making higher
power generation during peak hours, and higher
allowance on the operational and maintenance
expenses. Another positive is that the regulator has
allowed the loss of 85 kcal per gross calorific value
coal between unloading and firing point. Earlier,
the generator had to bear the loss on fuel damage
from unloading to firing point leading to under
recoveries.
(cid:120)
Directorate General (DG) Shipping Circular
This regulation allows a maximum limit of 0.50%
of sulphur in bunker fuel from 1st January 2020
onwards and is going to impact transportation costs
for imported fuel. Representation has been made
to MoP and CERC for notifying suitable changes in
regulations for compensating for the increase in
cost to power plants based on imported fuel.
(cid:120)
National Green Tribunal’s (NGT) Order on Fly Ash
Utilization
NGT directed all thermal power stations which failed
to dispose off 100% fly ash upto 31st December 2017,
to deposit damages for environment restoration, as
per MoEF notification dated 25th January 2016. For
thermal plants upto 500 MW, cost of damages is
₹ 1 crore and for plants beyond 1,000 MW, it is
₹ 5 crore. In case any claim of 100% compliance is
found to be false, the amount of penalty payable
may be upto 5 times.
The order was challenged in the Hon’ble Supreme
Court which allowed the appellants to represent
their cases before NGT. The Tribunal directed all
Applicants to approach the Joint Committee (yet
to be constituted) to represent their case. The
Committee has been directed to furnish its report by
31st May 2019. The order on suspension of deposit
of damages, as per the Hon’ble Supreme Court
order, will continue till the Committee submits its
report.
It has been found in case of CGPL and Jojobera that
the fly ash utilization has not been 100%. Tata Power
has made its representation through the Association
of Power Producers (APP).
Management Discussion & Analysis I 65
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Transmission & Distribution
(cid:120)
Launch of SAUBHAGYA – Pradhan Mantri Sahaj
Bijli Har Ghar Yojana
In order to maximize value for its stakeholders, the
Company has been making efforts to simplify, synergize
and scale up its businesses:
The Tata Power Company Limited
The scheme was launched with a total outlay of
₹ 16,320 crore. The objective of the scheme is
to provide last mile connectivity and electricity
connections
rural and
to all households
urban areas. As of 2nd May 2019, 99.99% of all
households in the country have been electrified while
18,734 households remain to be electrified. It is
expected to increase the demand for power in the
country and, thereby, increase the utilisation of
generation assets.
in
2.
STRATEGIC FOCUS OF TATA POWER
Your Company is an integrated player across the value
chain of power business allowing it to capitalize on market
opportunities across segments.
reviewed
fast-changing
The management has
landscape of the power industry and proposes to gear up
for the major shifts likely in the next decade. Accordingly,
the following will be the strategic focus areas both
internally and externally:
the
(cid:120)
(cid:120)
(cid:120)
(cid:120)
(cid:120)
(cid:120)
Renewables - The Company is eyeing growth in
utility scale solar projects and continues to look for
projects with sustainable and certain returns. The
Company has launched retail Rooftop solar business
catering to small enterprises and household needs
in 18 cities.
Thermal - The Company is looking for acquisition
of stressed coal-based assets through its venture,
Resurgent Power Ventures Pte Limited, with leading
global investors.
Distribution – The focus is on increasing the existing
footprint through addition of new distribution
franchisees and Public-Private-Partnerships (PPP)
with discoms as and when they will be available.
New Business – While the Company has mainly
been
in business-to-business and business-to-
government segments, it is now also evaluating
options in the consumer business as an integrated
service provider. The Company
looking to
scale-up growth in service led-business areas in
distribution, solar EPC and thermal generation
along with rooftop solar, microgrids and electric
vehicle charging infrastructure.
is
International Operations – After reviewing the growth
and performance of its international investments,
the Company will evaluate those investments for
further potential for scaling up and achieving market
leadership and will take a decision based on the
reviews.
Financials – The focus is to deleverage the balance
sheet by monetising non-core assets and pursuing
less asset-intensive growth.
66 I Management Discussion & Analysis
Simplify:
a)
b)
The Company is making efforts to simplify its
structure by reducing the number of entities and
cross holdings and is looking to scale-up a few
but important growth areas while evaluating exit
from sub-scale assets/non-core investments. This
will help the Company respond faster to market
changes and lend agility.
The following actions were taken during the year in
this direction:
(cid:120)
(cid:120)
(cid:120)
Sale of TCL and PFL;
Sale of SED;
Purchase of 100% shares in EEPL, a wholly
owned subsidiary of CGPL by TERPL, a wholly
owned subsidiary of the Company;
Exploring opportunities
monetize overseas investments.
review and
to
(cid:120)
c)
Henceforth, all the businesses of the Company will
(cid:120)
be categorized in the following segments:
Thermal and Hydro Generation (including
CGPL and coal investments)
Renewables
Transmission and Distribution
Others
(cid:120)
(cid:120)
(cid:120)
Each of the above segments will have a dedicated
organization and reporting structure. From FY20
onwards, financial reporting will also be made
according to these segments.
Synergize: The Company will seek to capitalize on the
synergies existing within the Tata group to support its
strategic plans. Your Company is privileged to have a large
and unique ecosystem to leverage ideas, knowledge,
expertise and scale of the group.
Scale: The Company is present in many areas of the
energy value chain which have scalable potential. Some of
them present a significant opportunity for growth where
the Company will look to scale-up through investment,
consolidation and collaboration.
Tata Power’s SWOT
The Company’s key strengths include the Tata brand
which lends credibility with stakeholders, operational
excellence, presence across the power value chain and
significant regulated business providing stable cash-flows.
To enable future growth, balance sheet leverage needs
to be optimized and the Company is taking appropriate
measures to address the same. Tata Power has identified
significant growth opportunities in the sector which
have been elaborated further in Section 3, MD&A. Weak
financial health of discoms, unanticipated regulatory
changes and technology disruptions like battery storage
pose challenges to the Company’s business.
100th Annual Report 2018-19
3.
OPPORTUNITIES AND OUTLOOK
The Indian market continues to remain the primary
focus of business
for your Company. Currently,
4.9% (530 MW) of your Company’s generation capacity
is based in international geographies with another 187
MW under execution. As mentioned earlier, the Company
has plans to grow in the areas of renewable generation,
distribution and new and service-led businesses.
(cid:120)
Renewables Generation
Your Company is a leading player in renewables
generation with presence across the value chain. It
is expected that there would be significant growth
opportunities in renewables (both organic and
inorganic) in the future and the Company plans
to increase its footprint through value-accretive
projects.
(cid:120)
Thermal Generation
Your Company plans to grow its coal-based power
plant portfolio through the inorganic route and
look for viable opportunities to acquire stressed
thermal assets through its platform – Resurgent
Power Ventures Pte. Limited. The Company has
acquired a long-term coal mining license for the
Krutogorovskya coal deposit located in the Sobolevo
District, Kamchatka of the Russian Federation
under competitive bidding, to explore cheaper and
sustainable coal supply for its subsidiary, CGPL.
(cid:120)
Transmission
Growth in the transmission segment will be very
selective and will likely be linked to generation
evacuation opportunities.
(cid:120)
Distribution
With growing focus on improving the state of
distribution business, more states have been
adopting the Distribution Franchisee (DF) model
while a few have invited bids through the Public-
Private Partnership (PPP) route. The Company
constantly evaluates such opportunities and aims
to be a leading player in this space.
(cid:120)
New and Service-Led Businesses
The Company is looking at scaling up its service
businesses i.e., businesses with little or no capital
investment (distribution services, power trading,
is also
thermal O&M services, solar EPC), and
evaluating opportunities in emerging business areas
such as microgrids, rooftop solar, energy efficiency
solutions and electric vehicle charging stations.
4.
RISKS AND CONCERNS
Tata Power is faced with risks that can be divided into
three key categories:
(cid:120)
(cid:120)
(cid:120)
Risks common to all players in the sector
Risks specific to the Company
Disaster Management and Business Continuity
risks
The key risks and concerns facing the power sector in India
are as follows:
(cid:120)
(cid:120)
(cid:120)
(cid:120)
(cid:120)
(cid:120)
(cid:120)
The poor financial health of state discoms continues
to be a factor that impedes the growth of the sector.
This is a major concern area for investors in the
sector leading to higher return expectations, which,
in turn, will result in higher tariffs.
The availability of cost-effective capital for funding
of new projects is a cause of concern given banks’
current exposure to power sector and stranded
assets, which may result in NPAs.
The large number of stranded and under-utilized
thermal assets adds to the already overburdened
discoms by way of fixed costs. Climate change
related norms are likely to increase this burden,
slowing down the pace of growth in demand.
Though
from an
renewables are welcome
environment perspective, a rapid expansion could
be at the cost of thermal capacity utilization, thus
adding net fixed costs to the system which is
already overstretched. This could slow down the
renewables sector.
Infrastructure constraints such as domestic coal
output, bottlenecks
logistics and port
in rail
capacity may affect the transportation of coal.
Shortage of domestic gas and expensive LNG
imports affects the financial viability of gas-based
power plants.
Cyber Security risk which
industries globally.
is affecting various
The key risks and concerns specific to your Company
along with main mitigation measures are as follows:
1.
2.
3.
4.
5.
Continuing losses at CGPL (Mundra UMPP) – The
Company is pursuing the case for increase in tariff
and hopes for an early resolution. There is higher
focus on reducing coal cost by blending with
lower calorific value (CV) coal. The mine ownership
provides some protection from volatility.
Renewal of licence of KPC mines in Indonesia –
The licence expires in 2021. The renewal is under
consideration by the Government of Indonesia.
High Leverage – The borrowings of the Company
have increased due to mounting losses at CGPL. All
efforts are being made to monetise non-core assets
to bring down the debt levels.
Risk of collection from discoms: So far, this risk has
not impacted the Company, but the risk needs to
be tracked closely based on developments in the
sector. The Company has carefully spread its risk by
not allowing concentration in states with higher risk.
Risk of sector stagnation: Unless the Government
of India, together with the state governments,
implement
undertake a concerted effort
to
Management Discussion & Analysis I 67
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regulatory and financial reforms, there is a risk of
stagnation of the sector despite the overall demand
continuing to grow.
The British Standards
Institution (BSI) had done a
recertification and awarded ISO 22301:2012 - Societal
Security and Business Continuity Management System to
Tata Power and its major subsidiaries viz CGPL, MPL, TPDDL,
TPTCL, TPSSL, TPREL, PTL, CTTL and IEL. In FY16, your
Company had further combined its Business Continuity
and Disaster Management Plans which had been assessed
by BSI before awarding the ISO 22301:2012 certification
5.
OPERATIONAL PERFORMANCE
Consolidated operations of Tata Power are categorized
into two segments: Power and Others. Report on the
performance and financial position of each of the
subsidiaries, joint ventures and associate companies
has been provided in Form AOC-1. In view of the re-
organisation into key business verticals, the Company will
be publishing results in a new format from FY20 onwards.
The Company’s business is primarily driven by strong
performance by regulated businesses, renewables and
cost optimization. The large section of the portfolio being
under the regulated framework demonstrates the strong
and reliable fundamentals of the Company’s finances.
Also, the balance between regulated return businesses
and market-linked businesses in the Company’s portfolio
aids the Company in capitalising on favourable market
conditions while ensuring stable returns.
Highlights of operational performance of key entities are
listed below:
5.1. RENEWABLES
The numbers below demonstrate the overall renewable
portfolio of the Company which includes TPREL, TPSSL,
WREL and Tata Power Standalone assets.
Particulars
(Table 1)
FY18
2,110
Installed Capacity (MW)
3,227
Generation Sales (MUs)
1,752
Solar (MUs)
1,475
Wind (MUs)
Gross Revenue (` crore)
4,764
EBITDA (` crore)
2,087
PAT (` crore)
395
Assets Deployed* (` crore)
14,922
Debt** (` crore)
9,483
Equity** (` crore)
5,814
*Gross Block (PPE + Intangible Assets) has been considered for Assets Deployed
** TPC Wind & Solar equity and debt has been considered as per Financials
FY19
2,310
3,912
2,329
1,583
5,537
2,369
435
16,022
10,686
6,085
Type of entity: Wholly owned subsidiary
Particulars
Generation Sales (MUs)
Net sales (` crore)
PAT (` crore)
(Table 2)
FY18
882
522
186
FY19
1,450
774
89
68 I Management Discussion & Analysis
The Tata Power Company Limited
The company’s higher revenue and sales were due
to addition of solar capacity during this year, early
commissioning of sites and better performance of the
recently commissioned sites. During FY19, the following
new solar projects got added – 100 MW at Anantapuram,
Karnataka (2 blocks of 50 MW each), 100 MW at Pavagada,
Karnataka (2 blocks of 50 MW) and 16 MW of rooftop solar.
The Pavagada site has five blocks (total of 250 MW) out of
which two blocks got commissioned 5 months prior to the
scheduled commissioning date.
The Company is executing a 150 MW solar PV project for
the Maharashtra State Electricity Distribution Company
Limited (MSEDCL) at Chhayan site
in Rajasthan for
which land acquisition has been completed. The project
is progressing as per schedule and is expected to get
commissioned by August 2019. The remaining 150 MW
capacity at Pavagada is under commissioning and the
project progress is as per the schedule. TPREL has also
signed a 100 MW PPA with Uttar Pradesh Power Corporation
Limited (UPTCL) and Noida Power Corporation Limited
(NPCL), awarded through a bid process conducted by the
Uttar Pradesh New and Renewable Energy Development
Agency
is
21 months.
(UPNEDA). The commissioning schedule
The commissioned capacity at the end of FY19 was
875 MW which included Vagarai Wind Farm Limited (21
MW) and Indorama Renewable Jath Ltd (30 MW).
5.1.1.1. WALWHAN RENEWABLE ENERGY LIMITED-WREL
(1,010 MW)
Type of entity: Wholly owned subsidiary (through TPREL)
WREL is now a fully owned subsidiary of TPREL. It has an
operating capacity of 1,010 MW, out of which 864 MW
is solar and 146 MW is wind power. A major part of the
capacity is in Tamil Nadu, followed by Rajasthan, Madhya
Pradesh, Karnataka and Andhra Pradesh.
Operating Performance
The generation achieved by WREL in FY19 was 1,745 MUs
as against 1,669 MUs in FY18. The higher generation of
67 MUs was on account of removal of evacuation
constraints at Pratapgarh site, better grid availability at
the Tamil Nadu sites, implementation of seasonal tilting,
repowering of partially degraded sites, reinstatement of
capacity at the Bihar site after it was damaged by social
miscreants in September 2017 and better plant availability.
Financial Performance
Particulars
Net Sales (` crore)
PAT (` crore)
(Table 3)
FY18
1,669
1,223
238
FY19
1,745
1,272
300
WREL achieved a total revenue of ₹ 1,272 crore and a PAT
of ₹ 300 crore. Improvement in PAT was due to lower cost
of borrowings and higher plant load factor during the year.
5.1.1. TATA POWER RENEWABLE ENERGY LIMITED - TPREL (875 MW)
Generation Sales (MUs)
100th Annual Report 2018-19
5.1.2. TATA POWER SOLAR SYSTEMS LIMITED – TPSSL
Type of entity: Wholly owned subsidiary
(Table 4)
FY18
Particulars
FY19
3,175
90
2,749
100
Net sales (` crore)
PAT (` crore)
The company executed and commissioned several large
projects across multiple states and delivered rooftop
projects across the country, leading to revenue growth. In
FY19, TPSSL achieved the highest revenue ever, crossing
the ₹ 3,000 crore mark with record turnover contribution
from the Large Projects and the Products business lines.
Operating Performance
In this financial year, 1,095 MW of utility-scale solar projects
have been executed or are currently under execution. Two
blocks of the KREDL Pavagada project, i.e. 100 MW of the
total 250 MW project capacity, were commissioned about
five months before the scheduled commissioning date.
The 75 MW GSECL Dhuvaran project was commissioned
40 days ahead of schedule.
TPSSL further fortified
its manufacturing capabilities
this year and produced over 127 MW cells and 308 MW
of modules. It has now attained module wattages of
335 Wp using its own cells. In the solar products domain,
over 4,300 solar agricultural pumps were installed in ten
states in FY19, a growth of 80% from FY18.
is currently under execution,
In the rooftop solar domain, about 84 MW capacity was
including
executed or
16 MW of PPAs. The Rooftop Focus City Launch campaign,
targeting 100 cities across India, kicked off in September
2018 in New Delhi and had covered 18 cities by end of
FY19. The company also achieved a significant milestone in
its exports business and recorded export revenue of over
₹ 106 crore to clients in Denmark, Ukraine, Netherlands
and Sweden.
5.1.3. RENEWABLES DIVISION ON THE BALANCE-SHEET OF
THE PARENT COMPANY (379 MW)
Type of entity: Division
Particulars
Generation Sales (MUs)
(Table 5)
FY18
646
FY19
632
The portfolio comprises 376 MW of wind assets and 3 MW
of solar assets at Mulshi. The carve-out process for said
assets from Tata Power to TPREL is under review.
5.1.4. TATA POWER HYDROS (447 MW)
Type of entity: Division
Particulars
Generation Sales (MUs)
(Table 6)
FY18
1,493
FY19
1,548
In FY19, generation was higher than FY18 due to above
normal rainfall in the hydro catchment area, higher plant
availability and reduced auxiliary consumption. Lake
levels have been maintained to meet the requirement
of peak power till next monsoon (i.e. till June-July 2019).
Availability for FY19 at 99.54% was maintained higher than
previous year at 98.98% due to proactive actions taken
based on preventive maintenance practices, effective
condition monitoring and better planning and execution
of planned outages.
5.2. CGPL, COAL AND RELATED INFRASTRUCTURE
COMPANIES
5.2.1. COASTAL GUJARAT POWER LIMITED - CGPL (4,150 MW)
Type of entity: Wholly owned subsidiary
(Table 7)
Particulars
Generation Sales (MUs)
Net sales (₹ crore)
Loss (₹ crore)
FY19
24,752
7,064
(1,654)
FY18
24,599
6,271
(1,783)
Loss in FY19 was lower at ₹ 1,654 crore as compared to
FY18 mainly due to impairment provision of ₹ 311 crore in
FY18 offset by sale of shares of EEPL in the current year.
Under-recovery of fuel cost is listed below:
(Table 8)
Particulars
Total Revenue* (₹ crore)
EBITDA** (₹ crore)
Fuel under-recovery***
(in ₹ crore)
(in ₹ per kWh)
FY19
7,137
(194)
FY18
6,299
(156)
(2,080)
(2,068)
(0.84)
(0.84)
*Total revenue consists of Revenue from Operations and Other Income
including proceeds from sale of investments after accounting for rebate and
Ind AS 115 impact
**FY18 EBITDA does not include impairment provision of ₹ 311 crore
*** Consists of total coal cost under recovery (revenue net of coal costs)
funding
It is pertinent to note that the decrease in EBIDTA in CGPL
is due to higher O&M cost in FY19. The Company continues
to engage with the procuring states to find a solution for
long-term viability of the plant.
CGPL - Refinancing of Forex Loan
In FY19, CGPL completed refinancing of the outstanding
ECB loans amounting to ~USD 770 million (approx.
₹ 5,500 crore) through a mix of INR-denominated debt
instruments and equity
from proceeds of
divestment of non-core assets. The benefits accruing from
the refinancing include (i) reduction of debt burden at
CGPL (ii) rescheduling the amortization of loans resulting
in increased sustainability of debt servicing (iii) reduction
of effective interest cost in CGPL and (iv) reduction of
foreign exchange related volatility for CGPL. As a result,
going forward, Tata Power’s annual sponsor support
commitments towards debt servicing obligations of CGPL
will reduce substantially.
The Company is making efforts to improve profitability
through initiatives like sourcing of low-cost coal from
other geographies and increasing blending of low calorific
value coal.
Management Discussion & Analysis I 69
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Russian Coal Mine Development Project
PT Nusa Tambang Pratama, Indonesia
(Table 11)
The Tata Power Company Limited
The Company has acquired a long-term coal mining
license for the Krutogorovskya coal deposit located in the
Sobolevo District, Kamchatka of the Russian Federation
under competitive bidding, to explore cheaper and
sustainable coal supply for
its subsidiary CGPL. Far
East Natural Resources LLC (FENR) is a registered local
subsidiary entity of Tata Power incorporated in Russia to
develop this coal mine. Firm estimates of reserves and
resource are being assessed through detailed drilling and
exploration activities which are presently under progress.
Regulatory matters
Kindly refer to Section 8.1 of the Board’s Report of
this Annual Report for Regulatory and Legal updates
pertaining to CGPL.
5.2.2. COAL & INFRASTRUCTURE COMPANIES
Your Company, through its subsidiaries, holds a 30%
stake in PT Kaltim Prima Coal (KPC) and a 26% stake in PT
Baramulti Suksessarana Tbk (BSSR), which are strategic
assets to hedge imported coal price exposure at CGPL and
form an important part of the supply chain for its coal off-
take requirements.
Your Company has signed an agreement to sell its 30%
stake in PT Arutmin Indonesia and associated companies
in coal
infrastructure. The aggregate
consideration for the stake is USD 401 million, subject to
certain closing adjustments and restructuring actions.
To date, the Company has received USD 161 million out
of which USD 94 million is in cash and the balance is by
way of receivables adjustment. Your Company is pursuing
steps to conclude this transaction.
trading and
PT Kaltim Prima Coal, Indonesia
Particulars
Gross sales* (` crore)
PAT* (` crore)
(Table 9)
FY18
25,518
3,632
FY19
25,997
2,462
*figures are on 100% basis. The Company’s share is 30%
The coal price realization for the year was at USD 64/tonne
as compared to USD 68/tonne in FY18. KPC’s profitability
was adversely affected due to Indonesian Government’s
DMO policy (refer Section 8.2, Board’s Report).
PT Baramulti Suksessarana Tbk and PT Antang
Gunung Meratu Indonesia
(Table 10)
Particulars
Net sales* (` crore)
PAT* (` crore)
FY19
3,169
354
FY18
2,554
551
*figures are on 100% basis. The Company’s share is 26%
The production at the Indonesian thermal coal mining
companies, viz. PT Kaltim Prima Coal, PT Baramulti
Suksessarana Tbk. and PT Antang Gunung Meratus
Indonesia was 70 MT as compared to 66 MT in FY18.
The status of infrastructure companies at Indonesia was as
under:
70 I Management Discussion & Analysis
Particulars
Net sales* (₹ crore)
PAT* (₹ crore)
*figures are on 100% basis. The Company’s share is 30%
FY18
1,021
624
FY18
FY19
1,019
632
FY19
871
155
5.2.3. TRUST ENERGY RESOURCES PTE. LIMITED- TRUST ENERGY
Type of entity: Wholly owned subsidiary
(Table 12)
Particulars
695
179
Net sales (₹ crore)
PAT (₹ crore)
PAT was lower as compared to FY18 due to lower coal
shipments volume. The three ships owned by Trust Energy
maintained an overall availability of more than 99% with no
major safety incidents. Coal shipments for Mundra Power
Plant were performed as per plan in FY19. The company
continued to undertake several measures to improve the
operating efficiencies and reduce operating expenditure
by optimising insurance premium and ensuring a lean
structure to manage overhead costs. The daily operating
expenses for all three ships are at benchmark levels as per
industry standards.
5.3. THERMAL GENERATION
5.3.1. MAITHON POWER LIMITED- MPL (1,050 MW)
Type of entity: Subsidiary (Tata Power: 74%, DVC: 26%)
Particulars
Generation Sales (MUs)
Net sales* (₹ crore)
PAT* (₹ crore)
*figures are on 100% basis. The Company’s share is 74%
(Table 13)
FY18
6,987
2,270
182
FY19
6,858
2,776
273
In FY19, PAT increased mainly due to the impact of order
from APTEL and tariff order from CERC. MPL maintained
its strong financial position as evident by the ratings given
by CARE and CRISIL for the long term (CARE AA) and short-
term (CRISIL A1+) bank facilities.
5.3.2. INDUSTRIAL ENERGY LIMITED- IEL (375 MW)
Type of entity: Subsidiary (Tata Power: 74%, Tata Steel:
26%) (Joint Venture under Ind AS)
Particulars
Generation Sales (MUs)
Net sales* (₹ crore)
PAT* (₹ crore)
*figures are on 100% basis. The Company’s share is 74%
(Table 14)
FY18
2,592
373
70
FY19
2,992
300
111
IEL operates a 120 MW tolling coal-based plant in Jojobera.
It also operates a 120 MW co-generation plant (Power
House #6) in Jamshedpur, inside the Tata Steel plant which
is based on blast furnace and coke oven gas. 2 out of 3 units
of 67.5 MW each of co-generation plant at Kalinganagar,
Odisha, are also under operation by deploying production
gases from Tata Steel’s plant.
100th Annual Report 2018-19
In FY19, net sales decreased due to tolling arrangement
with Tata Steel for Unit 5, Jojobera. However, PAT increased
due to better performance of Unit 5 & Unit 6 and full-
year plant operations at Kalinganagar. The Company will
execute the third turbine of 67.5 MW co-generation plant
at Kalinganagar, Odisha, based on discussions with Tata
Steel for Phase Two of the steel plant.
5.3.3. TROMBAY (1,430 MW)
Type of entity: Division
Particulars
(Table 15)
FY18
5,949
FY19
6,092
Generation Sales (MUs)
With 95% plant availability in FY19, the performance
was better as compared to FY18 (93%). Unit 5 and Unit
7 overhauling were successfully completed within the
stipulated time frame. The plant has undertaken several
operational improvement measures including reduction
in auxiliary consumption, optimizing operational expenses
and reducing store inventory etc. Trombay thermal power
station has completed IMS surveillance audit for all four
ISO standards.
5.3.4. JOJOBERA (428 MW)
Type of entity: Division
Particulars
Generation Sales (MUs)
(Table 16)
FY18
2,836
FY19
2,604
Generation and plant availability (92%) were less than
the previous year’s availability (97%) due to scheduled
plant outage which was undertaken for various measures
to increase efficiency and improve specific raw water
consumption.
5.3.5. HALDIA (120 MW)
Type of entity: Division
Particulars
Generation Sales (MUs)
(Table 17)
FY18
703
FY19
704
Generation sales in FY19 were marginally better than the
previous fiscal. Some of the challenges which impacted
generation during the year included lower flue gas
availability from Tata Steel due to higher planned and
forced outages of coke oven plant. The plant availability in
FY19 stood at 90% vis-à-vis 83% in FY18.
5.4. TRANSMISSION
5.4.1. MUMBAI TRANSMISSION
The transmission assets, which are a part of the Mumbai
license area, had a grid availability of 99.50% as against
the MERC norm of 98%. Availability was maintained at
high levels by proactive actions taken based on preventive
maintenance practices, effective condition monitoring
and judicious planning and execution of planned outages.
Particulars
Grid Availability (%)
Transmission Capacity (MVA)
FY19
99.50
9,803
(Table 18)
FY18
99.37
9,598
The key highlights of the year are listed below:
(cid:120)
(cid:120)
(cid:120)
(cid:120)
A 145 kV GIS project was successfully commissioned
at Saki, Mumbai on 31st January 2019 by charging
from 110 kV Salsette Saki 4 line.
A new 110 kV receiving station was commissioned
at Kurla to cater additional load.
MMRDA overhead to underground conversion for
Metro 3 yard at BKC was completed in July 2018.
~ 2600 no. of contract workmen across T&D were
trained in TPSDI for different courses.
5.4.2. POWERLINKS TRANSMISSION LIMITED – PTL
Type of entity: Subsidiary (Tata Power: 51%, PGCIL: 49%)
(Table 19)
(Joint Venture under Ind AS)
Particulars
Net sales* (₹ crore)
PAT* (₹ crore)
FY19
146
113
FY18
161
125
*figures are on 100% basis. The Company’s share is 51%
In FY19, PAT was lower during the year mainly due to one-
time MAT credit utilised in FY18.
Operations
The availability of the lines was maintained at 99.97% for
Eastern Region in FY19 (previous year availability stood
at 99.83%) and 99.94% for Northern Region (previous
year availability was 99.95%), as against the minimum
stipulated availability of 98.50%.
5.5. DISTRIBUTION
5.5.1. MUMBAI DISTRIBUTION
The highlights of the Mumbai Distribution business are as
(Table 20)
follows:
Particulars
Sales (MUs)
FY19
4,521
FY18
4,393
Consumer Base (Nos.)
7,01,438
6,86,629
(cid:120)
(cid:120)
(cid:120)
(cid:120)
Shutdown for Tata Power consumers was avoided
on multiple occasions during the outage of 110 kV
Borivali-Malad lines 1 & 2 for MMRDA’s Metro work
of line-7 (Andheri East to Dahisar East).
Installation of substation at 44th floor of Lodha
World Tower – for the first time in India, a transformer
was raised to 44th floor using tower crane.
Inauguration of the country’s first
‘All-Women’
Customer Relations Centres (CRCs) in Andheri,
Borivali and Khar in Mumbai. All the functions at
these CRCs, including security, will be handled by
women.
Became the first Power utility to enable online,
automated
e-NACH
payments
(Electronic National Automated Clearing House), in
collaboration with IDFC Bank.
using
bill
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5.5.2. TATA POWER DELHI DISTRIBUTION LIMITED – TPDDL
Type of entity: Subsidiary (Tata Power: 51%, Government
of National Capital Territory (NCT) of Delhi: 49%)
Particulars
Distribution Sales (MUs)
Net sales* (` crore)
PAT (` crore)
(Table 21)
FY18
8,634
7,104
306
FY19
8,870
7,600
336
*includes net movement in regulatory deferral account balance
Operations:
In FY19, TPDDL had a registered customer base of 16.96
lakh spanning across an area of 510 sq. km. in North and
North-West parts of Delhi. The AT&C losses stood at 8.16%
as against 7.92% last year.
TPDDL met a peak demand of 1,967 MW in FY19 as
compared to 1,852 MW in FY18. In its endeavour to
enhance reliability, TPDDL was able to reduce the System
Average Interruption Duration Index (SAIDI) to a level of
31.39 hours against 25.70 hours in previous financial year.
Further, in its quest to enhance system reliability and win
customer affection, TPDDL took several initiatives to ease
the process of new connection, billing and payment for its
customers. As part of its Advanced Metering Infrastructure
(AMI) deployment, TPDDL deployed RF mesh canopy
in its area of operation and is in the process of Smart
Meter roll-out for its customers. In FY19, 63,629 Smart
Meters were installed within the licensed area. Further, to
increase transparency and customer satisfaction, the data
generated from the Smart Meters has been integrated to
TPDDL Mobile app and a WhatsApp service has also been
provided to the customers to capture and provide the
meter reading thereby making it a one stop destination
for all requirements of the consumers.
TPDDL also enhanced the Digital Payment Index to 57.3%,
thereby, taking a step towards developing a cashless
and consumer friendly payment experience. Also, two
“All Women Customer Care Centre” were inaugurated
to expand diversity within the organisation and to
strengthen women empowerment. The World Bank in
its ‘Doing Business 2019’ Report also acknowledged Tata
Power-DDL’s contribution towards improving the ease
of getting a new electricity connection through process
simplification. This contributed to a jump in India’s ranking
from 29 to 24, thus, taking India above several developed
nations such as Australia and United States.
TPDDL also crossed a critical milestone of 650+ in its Tata
Business Excellence Model (TBEM) Assessment in FY18.
With this, it became the 3rd Tata Group Company to
achieve the milestone of becoming ‘Industry Leader’.
On the technology front, TPDDL became the first Indian
utility to implement Advanced Distribution Management
System (ADMS) which was integrated with GIS - Power
Manager with real time synchronization to all assets in
72 I Management Discussion & Analysis
The Tata Power Company Limited
the field. TPDDL also jointly developed 16 use cases with
Hitachi on Advanced Data Analytics on areas focussing on
reliability improvement, AT&C loss reduction, customer
service, resource optimization, etc.
Additionally, TPDDL became the first utility in India to
deploy a 10 MWh Battery Energy Storage System (BESS),
which is the largest such system in South Asia. It also signed
an MoU with EDF (Europe) and Enedis (France) to jointly
take up Smart Grid Projects, Distribution and Franchisee
models in India and other geographies. Under the Horizon
2020 program, funded by the European Union, TPDDL is
deploying an Energy Island System, integrated with Smart
Meters, LV automation, solar rooftop and Energy Storage
systems which would enable demand response programs
and islanding of critical areas.
5.5.3. TATA POWER AJMER DISTRIBUTION LIMITED - TPADL
Type of entity: Wholly owned subsidiary
Particulars
Distribution Sales (MUs)
Net sales (` crore)
PAT (` crore)
(Table 22)
FY18
303
244
(3.88)
FY19
465
378
0.40
TPADL, a wholly-owned subsidiary of the Company was
formed on 17th April 2017 as a Special Purpose Vehicle
(SPV) to take-over the supply and distribution of power in
Ajmer city.
The total area under the franchisee is around 190 sq km.
The total consumer base is around 1.4 lakh and total peak
demand is 112.05 MW observed in the month of June
2018.
On the commercial front, AT&C losses reduced to 11.2% by
the end of FY19 from 17.4% in FY18. Tripping on 11 kV & 33
kV voltage-level reduced by 31% and 45% respectively in
FY19. The PAT, in FY19, was higher due strong operational
performance led by drastic reduction in the AT&C levels.
For women empowerment in the organisation, the first
100% women operated consumer service centre was
inaugurated at Ajmer city.
5.6. OTHER BUSINESSES
5.6.1. SERVICES
In FY19, the Services division provided O&M management
services for 1,800 MW capacity, complete O&M services for
99 MW, Corporate Management Services for 1,425 MW and
Asset Management Services for 692 MW of wind and solar
assets. In addition, the division provided services such as
GIS testing, electrical testing etc., to various clients.
5.6.2. TATA POWER TRADING COMPANY LIMITED - TPTCL
Type of entity: Wholly owned subsidiary
(Table 23)
Particulars
Generation Sales (MUs)
Net sales (` crore)
PAT (` crore)
FY19
10,442
262
37
FY18
12,406
238
15
100th Annual Report 2018-19
PAT has increased mainly due to higher realisation for
sale of power from Dagachhu Hydro Power Corporation
Limited (DHPC) in Bhutan, improvement in working capital
cycle, improved financing, higher consultancy income
including REC and efficient receivable management.
The losses in FY19 were mainly on account of lower plant
load factor due less than normal rainfall received in the
catchment area. DHPC sold 401 MUs of energy at the Indo
Bhutan periphery in FY19.
5.7.3. ITEZHI TEZHI POWER CORPORATION LIMITED – ITPC
5.6.3. NEW BUSINESSES
(120 MW)
Your Company has been the front runner to propagate the
change towards sustainable energy. In the same spirit, the
Company plans to play a crucial role in enabling a stronger
penetration of EVs in the country, thus fulfilling our
commitment to power India’s future in an environmentally
sustainable way. In FY19, Tata Power signed strategic
MoUs to set up EV charging stations with Oil Marketing
companies like HPCL, IOCL and is working closely with
other key stakeholders in creating and promoting the
EV charging ecosystem in India. Further, over the past
year, Tata Power EV charging network’s presence was
established in Mumbai, Delhi, Hyderabad, Bengaluru,
Vishakhapatnam, Vijayawada and Lucknow under various
business models. The Company aims to continuously
grow its EV charging infrastructure footprint by installing
charging stations at other strategic locations across the
country.
5.7.
INTERNATIONAL BUSINESSES
5.7.1. CENNERGI PTY LIMITED – CENNERGI (230 MW)
Type of entity: Joint Venture [Tata Power (through Khopoli):
50%, Exxaro Resources Limited: 50%]
Particulars
Generation Sales (MUs)
Revenue* (₹ crore)
EBIDTA* (₹ crore)
(Loss)/Profit* (₹ crore)
*figures are on 100% basis. The Company’s share is 50%
FY19
728
555
531
86
(Table 24)
FY18
742
513
366
(46)
Cennergi is an independent power producer jointly owned
by Tata Power (50%) and Exxaro Resources Ltd. (50%). The
134 MW Amakhala Emoyeni wind farm was commissioned
on 28th July 2016 with the 95 MW Tsitsikamma Community
Wind Farm reaching COD on 18th August 2016.
Both, Amakhala and Tsitsikamma wind farms performed
well in FY19 and operated with plant availability of 98.03%
and 98.22% respectively. PAT is higher mainly on account
of increase in tariff as per PPA, lower interest cost due to
refinancing and impact of hedge accounting in FY18.
5.7.2. DAGACHHU HYDRO POWER CORPORATION LIMITED-
DHPC (126 MW)
Type of entity: Associate (Tata Power 26%, DGPC &
(Table 25)
Affiliates: 74%)
Particulars
Generation Sales (MUs)
Net sales* (₹ crore)
Loss* (₹ crore)
*figures are on 100% basis. The Company’s share is 26%
FY19
495
124
(25)
FY18
522
128
(44)
Type of entity: Joint Venture (Tata Power: 50%, ZESCO: 50%)
Particulars
Generation Sales (MUs)
Net sales* (` crore)
PAT* (` crore)
*figures are on 100% basis. The Company’s share is 50%
FY19
722
661
658
(Table 26)
FY18
781
600
299
ITPC has completed three years of commercial operations now.
The ITPC project has been developed in Itezhi Tezhi district
approximately 330 kms. from the capital city of Lusaka.
The project is funded by African Development Bank
(AfDB), Development Bank of Southern Africa (DBSA),
Netherland’s Development Finance Company (FMO) and
Proparco from France and the Government of India by way
of Line of Credit through India Exim Bank to Government
of Zambia.
The Company’s main concern is the recovery of overdues
of USD 208 Mn. (Company’s 50% share) from its single
customer ZESCO. While ZESCO has committed to resolve
the issue by raising resources, the Company continues to
engage with the Government of Zambia and the project
lenders to resolve this issue.
In FY19, the annual availability of the power plant stood at
99.7% with total energy generation of 722 MUs at a Plant
Load Factor (PLF) of 69.45%. The generation was lower due
to water management by ZESCO to facilitate sequential
unit outages at Kafue Gorge Power Station for planned
activities, thus necessitating reduced water release from
Itezhi Tezhi in spite of very good rainfall and inflow.
5.7.4. ADJARISTSQALI GEORGIA LLC
Type of entity: Joint Venture [Tata Power (through
TPIPL):40%, Clean Energy
International
Finance Corporation (IFC): 20%]
Invest: 40%,
AGL is developing a 187 MW hydropower project on the
Adjaristsqali River and its tributaries in Georgia. This is one
of the largest infrastructure investments in Georgia.
The plant is currently not in operations on account of
collapses experienced in certain sections of the tunnels.
The Company has entered into a settlement of claims with
its insurers, the proceeds of which would be used towards
restoration and repair of the tunnels. The Company has
negotiated a restructuring package with the project
lenders to sustain the viability of the project. AGL has
engaged experts from Austria and Brazil in tandem with
the Owners Engineer team (Mott MacDonald UK) to
identify the root cause of the collapses and understand
the inconsistent geological behaviour in these tunnels so
as to finalise remedial work design required in the affected
sections. The repair work is progressing satisfactorily.
Management Discussion & Analysis I 73
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The Tata Power Company Limited
6.
PROJECTS COMMISSIONED DURING FY19
(Table 27)
Vehicle for project execution
Scale
Key Highlights
TPREL
TPREL
PROJECTS UNDER EXECUTION
7.
100 MW
Solar project commissioned at Anantapuram Solar Park,
Andhra Pradesh
100 MW
Solar project commissioned at Pavagada, Karnataka
(Table 28)
Vehicle for project execution
Scale
Key Highlights
TPREL
400 MW (Solar)
Projects under construction in FY19 include:
(cid:120) 150 MW project at Pavagada solar park, Karnataka
(cid:120) 150 MW MSEDCL project at Chhayan, Rajasthan
(cid:120) 100 MW UPNEDA project. Land parcels have been
identified and project enabling works are being lined up.
8.
ENABLERS TO BUSINESS
8.1. SUSTAINABILITY
Tata Power’s Sustainability vision is
to practice ‘Leadership with Care’
by pursuing best practices on Care
for our Environment, Community,
Customers, Shareholders, People
and creating a culture that will
reinforce our values. The Company
pursues
comprehensive
Sustainability model in its journey
towards Sustainability which includes the key element
of ‘Care’ (described in Section 12, Board’s Report). The
Company’s
is hosted on
its website: https://www.tatapower.com/sustainability/
communication.aspx. (Alternately, scan the adjacent QR
Code using a mobile device to read the report on the
Company website)
latest Sustainability Report
a
8.1.1. CARE FOR OUR PEOPLE
(cid:120)
(cid:120)
(cid:120)
Safety: Safety is a core value at Tata Power and all
necessary actions are taken at the organisation to keep
safety as priority. Safety performance of the Company has
been reported in Section 11 in the Board’s Report. Safety
and 5S programs of the Company have been given a lot of
thrust during FY19. Training and awareness programs and
safety drills were carried out across various locations of the
organisation.
Talent Management & Employee Engagement: Tata
Power considers talent as its distinguisher in the market
and takes necessary steps for effective talent management
at Tata Power. Multiple means of engagement
like
Focus Group Discussions (FGD), one-on-one meetings,
engagement centric townhalls, leadership interactions
have been deployed to ensure that the employee pulse
is captured accurately. Frequent and outcome-oriented
interactions have led to superior employee experience.
Industrial Relations: Tata Power, since its inception, has
supported working collaboratively with all stakeholders to
maintain cordial industrial relations at all locations. During
FY19, two long term settlements were signed between the
74 I Management Discussion & Analysis
(cid:120)
(cid:120)
to
the discussions were
management and the unions to drive key organizational
imperatives. This was achieved after multiple rounds
of meetings and
intense engagement between the
negotiating committee comprising representatives from
the management and unions. The overarching objectives
pursued during
improve
competitiveness of the Company in the marketplace and
organisational readiness to meet the dynamic business
challenges in the solar industry. The negotiations took
place in an environment of mutual trust and respect. Key
imperatives in the settlement included optimization of
work shift pattern, employee multi skilling, redeployment
of employees to growth areas of the Company coupled
with capability building of redeployed employees. For
all activities undertaken during the year, necessary
support was provided to the staff and union. Harmonious
industrial relations and activities at all locations progressed
peacefully and cordially during the year.
Considering
Restructuring:
Organisation
the
opportunities to be pursued and challenges to be
addressed, the organization structure was redesigned in
FY19. During this exercise, business verticals were clearly
demarcated into Generation, Transmission, Distribution
and Renewables with dedicated teams like Business
Development integrated into these verticals for enhanced
accountability.
Capability Building & Leadership Development:
Furthering the endeavour to nurture and develop
leaders, Tata Power has partnered with Tata Management
Training Centre (TMTC) to design and deliver a Leadership
‘Achieving Your Leadership
Development Program:
Potential’ (AYLP), which has been prudently crafted with
inputs of Apex Leadership in line with business landscape,
key priorities, competencies
focus, expectations
from future leaders, intervention objectives, from the
perspective of benefitting the organization and the
participants, both in the short and long term. This
program is conceptualized, designed and delivered by
renowned faculty from TMTC, with a pedagogy of varied
learning methodologies, interspersed with action learning
projects. Development programs provided to employees
in
100th Annual Report 2018-19
(cid:120)
cover technical, functional, managerial and leadership
domains, in line with individual, team, department and
organisational needs.
Prevention of Sexual Harassment: The Company has zero
tolerance for sexual harassment at the work place and has
adopted a policy on prevention, prohibition and redressal
of sexual harassment in line with the provisions of the
Sexual Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013 and the Rules
thereunder for prevention and redressal of complaints of
sexual harassment at workplace.
Internal Complaints Committee (ICC) is in place for all
administrative units or offices of Tata Power to redress
complaints received regarding sexual harassment. All
women associates (permanent, temporary, contractual
and trainees) as well as any woman visiting the Company’s
office premises or women service providers, are covered
under this policy.
Few of the initiatives taken up in FY19 to spread awareness
regarding POSH across the Company are listed below.
(cid:120)
(cid:120)
(cid:120)
Launch of e-Training Module of POSH for employees
to learn policy related intricacies in an interactive
way.
Spreading awareness through creative POSH screen
savers displayed on all employee laptops and
desktops.
innovative ways
Spreading awareness through
like creating film related to POSH, arranging POSH
related competitions etc.
All these initiatives got a huge response and appreciations
across the company.
Summary of sexual harassment issues raised, attended
and dispensed during FY19:
(cid:131)
(cid:131)
(cid:131)
No. of complaints received: 0
No. of complaints disposed off: 0
No. of cases pending for more than 90 days: Nil
8.1.2. CARE FOR OUR COMMUNITY
Tata Power Group Companies undertook CSR initiatives
in alignment to the 5 thrust areas as outlined in their
respective CSR Policy. The business entities include Tata
Power Company Ltd, Tata Power – Delhi Distribution Ltd,
Coastal Gujarat Power Ltd, Tata Power Solar Systems Ltd.,
Tata Power Renewable Energy Ltd, Walwhan Renewable
Energy Ltd., Tata Power Trading Company Ltd, Powerlinks
Transmission Ltd., Aftaab
Industrial
Energy Ltd., NDPL (Infra) and Maithon Power Ltd. The
geographical coverage included 348 villages and 220
clusters across 15 states of the country.
Investment Ltd.,
At the Tata Power Group level, against an annual CSR
obligation of ₹ 36.75 crore, the business entities spent
₹ 44.58 crore in FY19. The CSR expenses at Tata Power
group included IEL and Powerlinks, which are JVs and
are considered as subsidiaries, as per the Companies Act,
2013. Excluding IEL and Powerlinks, the CSR spent stood at
₹ 39.46 crore against the CSR obligation of INR 31.69 crores
in FY19. A total of 24.67 lakh beneficiaries were covered
against the target of 20.30 lakh. The Company employees
logged 82,867 hours of volunteering which was 3 times
higher than the previous year figure.
Key Highlights of Interventions
(cid:120)
(cid:120)
(cid:120)
(cid:120)
(cid:120)
(cid:120)
In the education thrust area, 1.6 lakh children
were covered and 69% improvement in academic
performance was achieved against an annual target
of 60%.
Under health and sanitation, 4.13 lakh women and
children were covered with a focus on integrated
community health and behavioural change through
communication.
2.51 lakh beneficiaries were covered under skill
building and
livelihood. The average monthly
household income increased to ₹ 4,500.
In TPSDI, 48% SC/ST youth were trained with 80%
placements, an all-time high figure for the institute.
Through water interventions, 11.7 lakh beneficiaries
were covered.
1.3
Affirmative Action.
lakh beneficiaries were covered under
8.1.3. CARE FOR OUR ENVIRONMENT
The following key initiatives were completed in FY19:
(cid:120)
(cid:120)
(cid:120)
Your Company is in the process of minimizing
installing Flue Gas
atmospheric pollution by
Desulphurization (FGD) systems at all coal fired
power plants by 2022 (as per dates given by the
Ministry of Power, GoI).
Your Company has improved the ash utilization at
its coal fired power stations.
Your Company
is continuously working on
reduction in fresh water consumption at thermal
power plants.
8.2. FINANCING
Refinancing of debts
During the year, the Company refinanced the entire external
commercial borrowings (ECB) debts of CGPL amounting to
USD 810 million. The ECB debt was refinanced with ₹ 2700
crore of NCDs having bullet repayment of 5 and 10 years:
Borrowings
Outstanding borrowings of the Company as on 31st March
2019 are as follows:
(Table 29)
Particulars
Standalone
(` crore)
Consolidated
(` crore)
Long Term Borrowings
Short Term Borrowings
Current maturing of LTB
8,749.72
6,731.80
1,971.00
31,139.23
13,875.38
3,491.43
Total
17,452.52
48,506.04
Management Discussion & Analysis I 75
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Standalone
(` crore)
Consolidated
(` crore)
Rupee Borrowings
17,433.52
41,770.85
Foreign Currency Borrowings
19.00
6,735.19
Total
17,452.52
48,506.04
Debt repayment
During the year, an amount of ₹ 5,232 crore was repaid on
existing loans and debentures by the group.
Details of terms of repayment of each loan are set out
in the Notes forming part of the Financial Statements
[Standalone – Note 23; Consolidated – Note 21]
Repayment Schedule (Standalone)
(Table 30)
Consolidated
The Tata Power Company Limited
(Table 33)
FY19
FY18
Particulars
47
2.50
2.80
2.40
2.66
Net Debt/Equity without non-
controlling interest *
Net Debt/Equity, including non-
controlling interest
Debtors Turnover ratio (days) **
Interest Coverage Ratio (ICR) with
exceptional items # !
Interest Coverage Ratio (ICR)
without exceptional items !
Current Ratio ## !
Operating Profit Margin ^
Net Profit Margin ^^
Note - Formulae used are same as for Table 32.
! Reason for variation (>25%) : The Current Ratio increased due to increase in
0.37
22%
8%
0.26
23%
10%
0.77
0.58
0.58
0.69
48
Figures in ` crore (Table 31)
receivables from customers and increase in regulatory assets.
FY20
FY21
FY22
FY23
FY24
FY25 &
Beyond
Debentures
541.00
341.00
336.00 546.00 336.00
1,882.00
Term Loans
and others
1,430.00 1,164.78 1,087.03 455.87 710.81
1,909.09
Key financial parameters as on 31st March 2019 -
Standalone
(Table 32)
Particulars
FY19
Net Debt/Equity*
EBITDA/Net Debt
Debtors Turnover ratio (days)**
Interest Coverage Ratio (ICR) with
exceptional items # !
Interest Coverage Ratio (ICR)
without exceptional items !
Current Ratio ## !
Operating Profit Margin^
Net Profit Margin^^ !
1.11
0.17
60
2.13
1.37
0.28
31%
21%
FY18
1.14
0.20
62
(1.31)
1.77
0.22
33%
(37)%
*(Long term borrowing + short term borrowing + current maturities less
current investment, cash and bank balance)/ Total Equity.
**Average receivables/ income from operations x 365 days
#Finance cost/ EBIT
##Current assets/ current liabilities
^ Operating profit/income from operations
^^ PAT/Total income.
! Reason for variation (>25%): The net profit margin and ICR (with exceptional
items) increased mainly due to recording of gain on sale of investment
in associates and charge of impairment of investments in subsidiaries as
exceptional items in FY19 and FY18 respectively. ICR without exceptional items
reduced mainly on account of lower dividend from subsidiaries and associate
companies. The Current Ratio increased due to increase in receivables from
customers and increase in regulatory assets.
Credit Rating
As on 6th May 2019, your Company had the following
four domestic credit ratings. These long-term ratings have
been assigned on the basis of consolidated credit profile of
Tata Power and its subsidiaries:
o
o
o
o
CRISIL: AA- With Stable Outlook
CARE: AA With Stable Outlook
ICRA: AA- with Stable Outlook
India Rating: IND AA with Stable Outlook
Hedging
Your Company is exposed to risk from market fluctuations
of foreign currency on account of coal import, project
imports etc. and exposures are primarily for Tata Power
Standalone, CGPL and TPSSL. The Company has been
actively managing its short-term and long-term foreign
exchange risks within the framework laid down by the
Company, which includes a Risk Management Policy. The
Company has set up a Forex Risk Management Committee,
which reviews exposures on a monthly basis and decides
suitable hedging strategies. The Company has been
hedging its exposure through various hedge instruments
such as forwards, options or a combination of both. The
Tata Power group has approx. ` 3,148 crores of currency
exposure, which has been hedged by use of forwards
and options contracts. Besides currency, the Company
also has exposures on interest rate i.e. USD LIBOR as it
has borrowed in foreign currency. The interest rate risk is
also managed through suitable hedging strategies. The
derivative instruments are valued on mark-to-market and
any gains or losses are passed on through the profit & loss
account.
Cash flows from operating activities
Cash generated from operations of your Company,
post-adjustments to profit after tax, has decreased from
76 I Management Discussion & Analysis
100th Annual Report 2018-19
₹ 2,767.49 crore in FY18 to ₹ 1,683.33 crore in FY19. This is
primarily due to liquidation of regulatory assets in FY18.
On a consolidated level, net cash flow from operating
activities decreased from ₹ 6,363.85 crore to ₹ 4,573.80
crore. This is primarily due to increase in receivables from
consumers in the current year.
(cid:120)
(cid:120)
8.3. BUSINESS EXCELLENCE
Your Company continued its cost saving activities under
Business Excellence. These cost saving initiatives saved
more than ` 150 crore in FY19. The major programs under
these initiatives were:
(cid:120)
(cid:120)
(cid:120)
Sankalp – This is a program to bring in operational
excellence, delivery excellence and cost efficiency
using
Performance
Total Operational
methodology. During the year, 9 projects were
undertaken, and 55 officers participated in these
projects.
the
Six Sigma – Six Sigma is a disciplined, statistical-
based, data-driven approach and continuous
improvement methodology for eliminating defects
in a product, process or service. During FY19, 53
officers participated in 9 such projects.
LASER – It was introduced to motivate workforce
to perform better at work and at the same time
enjoy their life, leading to a better work-life balance.
During the year, 140 projects were undertaken, and
970 employees participated in these projects.
8.4.
INFORMATION AND COMMUNICATION TECHNOLOGY
readiness was undertaken
Cyber security continues to be a top priority for your
Company. During the year, an assessment on cyber
security
through CERT-
IN certified Auditors for Mumbai Transmission and
Distribution businesses and an action plan, based on the
recommendations, was implemented. Your Company also
ran a holistic Security Awareness programme across its
major establishments and stations covering both aspects
of security – physical and IT Security.
Additionally, your Company has been re-certified for ISO
22301 for Business Continuity and ISO 31000 for Risk
Management practices.
8.5. DIGITALIZATION INITIATIVES
During the year, the following key digitalisation initiatives
were implemented to offer Tata Power’s customers a wider
choice and an enhanced experience:
(cid:120)
IVR
Self-service
(Interactive Voice Response)
enabled for automatic registration and assignment
of customer complaints and requests.
A total of 19 self-service applications were made
available on Tata Power customer portal with
real time integration with ERP system. It enables
customers for online submission of application,
making payment and uploading documents.
An online energy management tool was launched
for HT Consumers to monitor their daily energy
consumption, thus, enabling them to take corrective
and preventive actions to help them save energy
(cid:120)
(cid:120)
and bill expenses.
Interactive ChatBot/VoiceBot application launched
enabling consumers to use voice commands to avail
various services.
e-Payment options were enhanced further by
addition of new payment avenues including Bharat
Interface for Money (BHIM) App, Bharat Bill Payment
System (BBPS) and Dynamic Bharat or UPI linked QR
Codes. Your Company is the 1st power utility in India
to provide Dynamic UPI-linked QR code payment
option and has also started printing BharatQR code
on power supply bills for ease of bill payment.
8.6. PARAM SANKALP
In 2016, your Company had launched Param Sankalp, a
30-month long organisation wide O&M transformation
through adoption of Reliability Centered
program
Maintenance (RCM). The program was
launched to
improve our assets’ reliability and performance, embed
in-class Operations and Maintenance processes
best
(O&M), while optimizing cost.
Your Company has successfully setup all the foundation
elements of RCM, implemented best practices and digitally
enabled it to become the first company in India to fully
adopt comprehensive and extensive RCM.
9.
FINANCIAL PERFORMANCE – STANDALONE
Your Company recorded a profit after tax of ₹ 1708.58
crore during the financial year ended 31st March 2019 (the
loss after tax was ₹ 3,150.52 crore in FY18). Both the basic
and the diluted earnings per share were at ₹ 5.90 for FY19.
The analysis of major items of the Standalone financial
statements is shown below (Section 9.1 to 9.10: Statement of
Profit and Loss; Section 9.11 to 9.27: Balance Sheet items)
9.1. REVENUE
Particulars
FY19
FY18
Change % Change
Figures in ` crore (Table 34)
Revenue from
Power Supply
and Transmission
Charges*
Project/Operation
Management
Services
Revenue from Power
supply -Asset Under
Finance Lease
Income from
Finance Lease
Other Operating
Revenue
Total
6,308.01
5,904.75
403.26
6.83
125.03
128.96
(3.93)
(3.05)
1,030.64
1,034.51
(3.87)
(0.37)
86.70
92.32
(5.62)
(6.09)
137.68
140.05
(2.37)
7,688.06
7,300.59
387.47
(1.69)
5.31
*Includes rate regulatory income/(expense)
The increase in revenue was mainly due to recovery
of higher fuel cost, power purchase and transmission
charges.
Management Discussion & Analysis I 77
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9.2. OTHER INCOME
9.8. OPERATIONS AND OTHER EXPENSES
Figures in ` crore (Table 35)
Figures in ` crore (Table 41)
The Tata Power Company Limited
FY18
2.36
7.17
FY19
132.56
747.90
84.88
383.91
(47.68)
(363.99)
Change % Change
(35.97)
(48.67)
Particulars
Interest Income
Dividend Income
Gain/(Loss) on
Investments
Other Non-operating
Income
(44.44)
Total
Decrease in Other Income was mainly due to lower
dividend income from subsidiaries and joint ventures and
reduction in interest income on financial instruments to
subsidiaries.
(412.99)
516.35
929.34
(13.18)
203.81
46.52
(6.13)
40.39
4.81
9.3. COST OF POWER PURCHASED AND COST OF FUEL
Particulars
FY19
FY18
Change % Change
Figures in ` crore (Table 36)
412.05
457.02
Cost of Power
Purchased
Cost of Fuel
14.11
The power purchase cost increased mainly due to increase
in rate of power purchase and higher cost of fuel due to
one-time impact of entry tax settlement on import of coal.
3,168.27
2,776.40
391.87
44.97
10.91
9.4. TRANSMISSION CHARGES
Particulars
FY19
FY18
Change % Change
Figures in ` crore (Table 37)
Transmission
Charges
Transmission charges in the Mumbai regulated business
were based on the MYT order.
(31.65)
(11.31)
248.23
279.88
9.5. EMPLOYEE BENEFIT EXPENSES
Figures in ` crore (Table 38)
FY18
FY19
Particulars
Employee benefit
expenses
Employee Benefit Expenses increased on account of
annual increment.
Change % Change
637.57
596.69
40.88
6.85
9.6. FINANCE COSTS
Figures in ` crore (Table 39)
Particulars
FY19
1,500.35
Change % Change
Finance Costs
4.82
Finance Cost was higher mainly due to loss funding for
Mundra, working capital requirements and marginal
increase in interest rates during the current year.
68.97
FY18
1,431.38
9.7. DEPRECIATION AND AMORTISATION
Figures in ` crore (Table 40)
Particulars
FY19
FY18
Change
%
Change
Depreciation and
amortization
Depreciation reduced during the year because certain old
assets reached their residual value.
(30.51)
632.70
663.21
(4.60)
78 I Management Discussion & Analysis
Particulars
FY19
FY18
Change
%
Change
Repairs and Maintenance
Others
285.93
515.94
297.12
(11.91)
(3.77)
580.40
(64.46)
(11.11)
Total Operation and Other
Expenses
801.87
877.52
(75.65)
(8.62)
Operations and Other Expenses reduced mainly due to
reduction in consultancy fees, rates & taxes, legal charges
and cost of service procured.
9.9. EXCEPTIONAL ITEMS
Figures in ` crore (Table 42)
Particulars
FY19
FY18
Change
%
Change
Impairment of Property, Plant &
Equipment
Impairment of Non-current
Investments
Damages Towards Contractual
Obligation
Nil
(100.00)
100.00
(100.00)
Nil
(4,230.32)
4,230.32
(100.00)
Nil
(107.08)
107.08
(100.00)
Provision for contingencies
(45.00)
Gain on sale of Investment in
Associate
1,212.99
Nil
Nil
(45.00)
100.00
1,212.99
100.00
1,167.99 (4,437.40)
5,605.39
(126.32)
Total
In FY19, the Company sold its investment in associate
companies viz. Tata Communications Limited (TCL) and
Panatone Finvest Limited (PFL). The resultant gain was
accounted for as an exceptional item net of provision
for contingencies towards entry tax. During FY18, the
Company recognised impairment provision for one of
the units of its Trombay generating station, investment
in subsidiaries and joint ventures. The Company also
accounted
loss towards contractual obligations
towards purchase of shares in TTSL from NTT DoCoMo Inc.,
Japan.
for
9.10. TAX EXPENSES
Figures in ` crore (Table 43)
%
Change
(23.75)
139.27
Particulars
FY19
FY18
Change
10
Nil
10.00
100.00
(420.61)
171.00
331.58
224.26
(844.37)
(53.26)
1,175.95
Current Tax
Deferred Tax
Deferred Tax relating to earlier
Year
Deferred Tax (Recoverable)/
Payable
Total Tax Expenses
155.46
91.97
In FY18, there was a higher deferred tax credit on account
of recognition of MAT credit pertaining to earlier years
and recognition of deferred tax asset on provision for
diminution of
investment. MAT credit pertaining to
regulated business was recorded as liability, and hence
higher payable in FY18.
During the year, the deferred tax charge has increased
454.29
(165.82)
(192.59)
(874.90)
257.79
100th Annual Report 2018-19
on account of profit on sale of investment recognized as
exceptional income. During the year, MERC approved the
extension of PPA for generation plants. Consequently,
deferred tax liability expected to be recovered has been
recognized as a recoverable from consumers.
9.11. PROPERTY, PLANT AND EQUIPMENT, INVESTMENT
PROPERTY & INTANGIBLE ASSETS
Figures in ` crore (Table 44)
Particulars
FY19
FY18
Change
%
Change
Property, plant and
equipment
Intangible Assets
Capital Work-in-Progress
Total
7,545.96
7,873.55
(327.59)
(4.16)
83.89
368.10
7,997.95
93.18
418.78
(9.29)
(50.68)
8,385.51 (387.56)
(9.97)
(12.10)
(4.62)
The above assets decreased mainly due to depreciation
and amortisation for FY19 offset by capitalisation during
the year.
9.12. NON-CURRENT INVESTMENTS
9.15. LOANS
Figures in ` crore (Table 48)
Particulars
FY19
FY18
Change
Non-current
Current
Total
51.35
119.20
170.55
(17.55)
68.90
402.92
(283.72)
471.82 (301.27)
%
Change
(25.47)
(70.42)
(63.85)
Reduction in loans was mainly due to liquidation of loans
given to related parties.
9.16. FINANCE LEASE RECEIVABLE
Figures in ` crore (Table 49)
FY18
FY19
Change
Particulars
%
Change
(3.56)
Non-current
9.66
Current
Total
(2.82)
Finance Lease Receivable reduced due to recovery of lease
rentals during the year.
(20.49)
3.31
(17.18)
554.27
37.58
591.85
574.76
34.27
609.03
Figures in ` crore (Table 45)
9.17. OTHER FINANCIAL ASSETS
Particulars
FY19
FY18
Change
%
Change
Investment in Subsidiary,
JV and Associate
Statutory Investments
Others
Total
20,476.72
17,571.48 2,905.24
16.53
374.40
419.65
(17.09)
0.17
21,270.77 18,382.45 2,888.32
391.49
419.48
(4.37)
0.04
15.71
Non-Current Investments increased mainly due to increase
in investments exposure in subsidiaries.
Particulars
Non-current
Current
Total
Figures in ` crore (Table 50)
FY19
2.89
96.06
98.95
FY18
Change
2.89
Nil
297.78
(201.72)
297.78 (198.83)
%
Change
100.00
(67.74)
(66.77)
Other Financial Assets reduced mainly due to reduction
in dividend and interest receivable from subsidiaries and
joint ventures.
9.13. CURRENT INVESTMENTS
9.18. OTHER ASSETS
Figures in ` crore (Table 46)
Figures in ` crore (Table 51)
Particulars
FY19
FY18
Change
%
Change
Contingency Reserve Fund
Investments
Deferred Tax Liability Fund
Investment
Total
Nil
10.00
(10.00)
(100.00)
42.00
42.00
0.00
42.00
100.00
10.00
32.00
320.00
Current Investments consisting of statutory investments
increased mainly due to reclassification from non-current
to current.
9.14. TRADE RECEIVABLES
Figures in ` crore (Table 47)
Particulars
FY19
FY18
Change
Non-current
Current
Total
185.76
185.76
Nil
1,256.44
972.05
1,442.20 1,157.81
284.39
284.39
%
Change
Nil
29.26
24.56
Increase in Trade Receivables was mainly due to increase in
receivable from BEST in the Mumbai operation area.
Particulars
FY19
FY18
Change
Non-current
Current
Total
977.10 1,235.70
309.25
952.11
1,929.21 1,544.95
(258.60)
642.86
384.26
%
Change
(20.93)
207.88
24.87
Other Assets
recoverable from consumers.
increased mainly due to
increase
in
9.19. ASSETS CLASSIFIED AS HELD FOR SALE
Figures in ` crore (Table 52)
Particulars
FY19
FY18
Change
Land
Building
Property, Plant and
Equipment
Investments
Loan and interest accrued
Assets of Discontinued
Operations
Total
%
Change
218.89
100.00
212.78
9.75
4.33
1968.18
309.99
9.75
4.55
97.21
Nil
0.22
399.41
18.59
1,098.52 (699.11)
18.59
Nil
2,064.30
2,065.19
(0.89)
2,806.59 3,261.14 (454.55)
(63.64)
100.00
(0.04)
(13.94)
Management Discussion & Analysis I 79
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In FY18, the Company treated certain investments in
associates as held for sale which were sold in FY19. Further,
certain fixed assets and the investment in overseas hydro
and renewable projects, during the year, have been
classified as assets held for sale.
9.20. NON-CURRENT BORROWINGS
The Tata Power Company Limited
Other Liabilities increased mainly due to reduction in
liabilities towards consumers.
9.25. LIABILITIES DIRECTLY ASSOCIATED WITH ASSETS
CLASSIFIED AS HELD FOR SALE
Figures in ` crore (Table 58)
Figures in ` crore (Table 53)
Particulars
FY19
FY18
Change
%
Change
Particulars
FY19
FY18
Change
Secured Loans
4,895.95
4,122.03
773.92
Unsecured Loans
Total
3,853.77
8,749.72
4,001.81
8,123.84
(148.04)
625.88
%
Change
18.78
(3.70)
7.70
Non-current borrowings increased mainly due to increased
funding requirements of subsidiaries.
Liabilities classified as
held for sale
Total
966.27
966.27
877.56
877.56
88.71
88.71
10.11
10.11
liabilities
increased mainly due to
The
in
borrowings. Also, the SED business was classified as
‘Discontinued Operations’, and, accordingly, assets and
liabilities were classified as held for sale.
increase
9.26. TOTAL EQUITY
9.21. CURRENT BORROWINGS
Figures in ` crore (Table 59)
Figures in ` crore (Table 54)
Particulars
FY19
FY18
Change
%
Change
Secured Loans
Unsecured Loans
Total
Nil
0.01
(0.01)
(100.00)
6,731.80
6,731.80
2,405.35
4,326.45
4,326.46 2,405.34
55.60
55.60
During the year, Current Borrowings increased mainly
due to increased issuance of Commercial Papers for
optimisation of funding cost.
9.22. TRADE PAYABLES
Figures in ` crore (Table 55)
Particulars
FY19
FY18
Change
Non-current
Current
Total
22.75
21.00
1,102.14
1,124.89
1,105.68
1,126.68
1.75
(3.54)
(1.79)
%
Change
8.33
(0.32)
(0.16)
Trade payables decreased marginally during the year.
9.23. OTHER FINANCIAL LIABILITIES
Figures in ` crore (Table 56)
Particulars
FY19
FY18
Change
%
Change
Particulars
FY19
FY18
Change
Equity Share Capital
270.50
270.50
Unsecured Perpetual
Securities
1,500.00
1,500.00
Nil
Nil
Other Equity
Total Equity
1,201.07
12,718.03
13,919.10
15,689.60 14,488.53 1,201.07
%
Change
Nil
Nil
9.44
8.29
Total Equity of the Company increased with profits of
the year net of distribution on perpetual securities and
dividend pay-out.
9.27. REGULATORY DEFERRAL ACCOUNT – ASSET/ (LIABILITY)
Figures in ` crore (Table 60)
Particulars
FY19
FY18
Change
%
Change
999.00
(44.35)
(796.19)
1,795.19
Regulatory Deferral
- Asset
Less: Regulatory
Deferral – Liability
Total Regulatory
Deferral - Asset (Net)
Regulatory Deferral Asset (Net) pertains to regulatory
receivables in the distribution business. The same reduced
on account of recovery during the year.
1,310.19 (311.19)
(485.00)
(100.00)
(23.75)
999.00
485.00
Nil
42.76
44.74
(1.98)
(4.43)
10.
FINANCIAL PERFORMANCE – CONSOLIDATED
Non-current
Current
Total
2,895.43
2,938.19
5,047.98
(2,152.55)
5,092.72 (2,154.53)
(42.64)
(42.31)
Other Financial Liabilities decreased mainly due to
reduction in current maturity of non-current borrowings.
9.24. OTHER LIABILITIES
Figures in ` crore (Table 57)
Particulars
FY19
FY18
Change
Non-current
Current
Total
183.54
849.12
1,032.66
246.49
1,193.59
1,440.08
(62.95)
(344.47)
(407.42)
%
Change
(25.54)
(28.86)
(28.29)
80 I Management Discussion & Analysis
Figures in ` crore (Table 61)
Particulars
FY19
FY18
Change
29,888.54
26,863.11
3,025.43
%
Change
11.26
Total Income*
Depreciation/
Amortisation/
Impairment
Finance Costs
Exceptional Item
Profit Before Taxes
Profit for the year
2,393.13
2,346.17
46.96
2.00
4,170.00
1,745.83
3,222.34
2,440.41
408.52
3,761.48
643.30
1,102.53
2,844.56
377.78
2,610.85 (170.44)
10.86
58.35
13.28
(6.53)
*Includes Regulatory Income/(Expenses)
100th Annual Report 2018-19
increased
increased marginally with
Increase in Total Income was primarily on account of
higher revenue in Tata Power, TPDDL, TPREL and CGPL.
increased
Depreciation
in
capitalization. Finance costs were higher mainly
CGPL, TPCL and TPREL due to
funding
requirements. Exceptional items in FY19 included gain
on sale of investments in associates offset by provision
for contingencies related to entry tax provision and
impairment of plant, property and equipment in Rithala
plant. Exceptional items in FY18 included impairment
provisions of the investment made in overseas hydro
project, impairment provisions of a unit in Trombay
generating station, reversal of impairment provisions in
Coal companies and loss towards contractual obligation
for purchase of shares in TTSL from NTT DoCoMo Inc.,
Japan.
10.1. PROPERTY, PLANT AND EQUIPMENT, INVESTMENT
PROPERTY & INTANGIBLE ASSETS
Figures in ` crore (Table 62)
Particulars
FY19
FY18
Change
%
Change
Property, plant and
equipment
41,101.50
41,431.61
(330.11)
(0.80)
Intangible Assets
1,561.82
1,583.08
(21.26)
(1.34)
Capital Work-in-Progress
2,575.70
1,652.60
923.10
55.86
Profit
45,239.02 44,667.29
571.73
1.28
The above assets increased mainly due to capex in TPCL,
TPDDL and TPREL offset by depreciation and amortisation
for FY19 and assets reclassified as held for sale.
10.2. GOODWILL
Figures in ` crore (Table 63)
Particulars
FY19
FY18
Change
%
Change
Goodwill
1,641.57
1,641.57
Nil
Nil
There is no change in goodwill during the year.
10.3. NON-CURRENT INVESTMENTS
Figures in ` crore (Table 64)
Particulars
FY19
FY18
Change
%
Change
Investment in Associates
and Joint Ventures
11,989.69
11,111.66
878.03
7.90
10.4. CURRENT INVESTMENTS
Figures in ` crore (Table 65)
Particulars
FY19
FY18
Change
%
Change
Investments carried at
Amortised Cost
Investments carried at
FVTPL
Total
42.00
10.00
32.00
320.00
124.98
426.16
(301.18)
(70.67)
166.98
436.16
(269.18)
(61.72)
Decrease in Current Investments was mainly on account
of liquidation of investment in mutual funds offset by
increase in Statutory Investments due to reclassification
from non-current to current.
10.5. TRADE RECEIVABLES
Figures in ` crore (Table 66)
Particulars
FY19
FY18
Change
Non-current
192.99
190.05
2.94
Current
Total
4,445.26
1,656.33
2,788.93
4,638.25 2,978.98 1,659.27
%
Change
1.55
59.39
55.70
Increase in Trade Receivables was mainly due to increase in
receivables in Tata Power, CGPL, TPTCL and TPIPL.
10.6. LOANS
Figures in ` crore (Table 67)
Particulars
FY19
FY18
Change
%
Change
Non-current
Current
Total
144.73
116.46
261.19
131.73
784.80
916.53
13.00
9.87
(668.34)
(85.16)
(655.34)
(71.50)
Loans decreased mainly due to repayment of loans in Bhira
Investments and Khopoli Investments, which was offset by
increase in loan for TPIPL.
10.7. FINANCE LEASE RECEIVABLE
Figures in ` crore (Table 68)
Particulars
FY19
FY18
Change
Non-current
Current
Total
565.62
37.90
603.52
574.76
34.27
609.03
(9.14)
3.63
(5.51)
%
Change
(1.59)
10.59
(0.90)
Finance Lease Receivable reduced due to recovery of lease
rentals during the year.
Statutory Investments
374.40
391.49
(17.09)
(4.37)
10.8. OTHER FINANCIAL ASSETS
Others
Total
487.01
489.62
(2.61)
(0.53)
12,851.10 11,992.77
858.33
7.16
The increase in Non-Current Investments was mainly due
to increase in joint ventures by way of booking of profit for
the year net of dividend received offset by reclassification
of overseas investment to Assets held for sale.
Figures in ` crore (Table 69)
Particulars
FY19
FY18
Change
Non-current
Current
Total
316.75
241.59
558.34
273.68
401.59
675.27
43.07
(160.00)
(116.93)
%
Change
15.74
(39.84)
(17.32)
Management Discussion & Analysis I 81
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Other Financial Assets reduced mainly due to reduction
in fair valuation gain on derivative contracts and other
advances.
10.9. OTHER ASSETS
Figures in ` crore (Table 70)
Particulars
FY19
FY18
Change
Non-current
Current
Total
1,358.07
1,881.85
3,239.92
1,577.31
1,512.32
3,089.63
(219.24)
369.53
150.29
%
Change
(13.90)
24.43
4.86
Other Assets
in
increased mainly due to
recoverable from consumers in MPL and Tata Power
offset by decrease in power banking receivables of TPDDL.
increase
10.10. NON-CURRENT BORROWINGS
Figures in ` crore (Table 71)
Particulars
FY19
FY18
Change
Secured Loans
20,084.57
12,397.71
7,686.86
Unsecured Loans
Total
11,054.66
1,096.06
9,958.60
31,139.23 22,356.31 8,782.92
%
Change
62.00
11.00
39.29
Non-Current Borrowings increased mainly due to increase
in loan for Tata Power, TPREL, Khopoli Investments and
reclassification of short term borrowings into long term
borrowings in CGPL which was partially offset by decrease
in borrowings for MPL and Bhira Investments.
10.11. CURRENT BORROWINGS
The Tata Power Company Limited
10.13. OTHER FINANCIAL LIABILITIES
Figures in ` crore (Table 74)
Particulars
Non-current
Current
Total
FY18
FY19
40.00
647.31
687.31
(3,462.19)
9,942.98
6,480.79
7,168.10 10,590.29 (3,422.19)
Change % Change
6.18
(34.82)
(32.31)
Other Financial Liabilities decreased mainly due to
reduction in payables for capital supplies, derivative
contracts and regulatory liabilities.
10.14. OTHER LIABILITIES
Figures in ` crore (Table 75)
Particulars
FY19
FY18
Change
Non-current
1,873.75
1,841.48
32.27
Current
Total
1,499.64
(286.08)
1,785.72
3,373.39 3,627.20 (253.81)
%
Change
1.75
(16.02)
(7.00)
Other Liabilities decreased mainly due to reduction in
liability towards consumers offset by increase in Deferred
Revenue Liability under Ind AS 115.
10.15. TOTAL EQUITY
Figures in ` crore (Table 76)
Particulars
FY19
FY18
Change
%
Change
Equity Share Capital
270.50
270.50
Unsecured Perpetual
Securities
1,500.00
1,500.00
Nil
Nil
Nil
Nil
Figures in ` crore (Table 72)
Other Equity
16,450.66 14,629.38
1,821.28
12.45
Particulars
FY19
FY18
Change
%
Change
Secured Loans
895.62
5,378.45
(4,482.83)
(83.35)
Unsecured Loans
Total
12,979.76
13,448.83
(469.07)
13,875.38 18,827.28 (4,951.90)
(3.49)
(26.30)
Current Borrowings decreased mainly due to decrease
of loan in Khopoli Investments, WREL and reclassification
of short term borrowings into long term borrowings in
CGPL which was partially offset by increase in short term
borrowings in MPL, TPREL, Bhira Investments and TPTCL.
11.
10.12. TRADE PAYABLES
Figures in ` crore (Table 73)
Particulars
FY19
FY18
Change % Change
Non-current
22.75
21.00
1.75
Current
Total
5,481.49
5,609.82
(128.33)
5,504.24
5,630.82
(126.58)
8.33
(2.29)
(2.25)
Trade Payables decreased mainly in TERPL and CGPL offset
by increase in TPDDL, Tata Power, Khopoli Investments and
TPTCL.
82 I Management Discussion & Analysis
Total Equity
attributable to
shareholders of the
Company
18,221.16 16,399.88 1,821.28
11.11
Total Equity of the Company increased by 11% during
the year mainly on account of profits for the year net of
distribution on perpetual securities and dividend pay-out.
Refer notes to the standalone/consolidated financial
statements for the restatements in the previous period.
INTERNAL
MANAGEMENT
FINANCIAL CONTROLS AND RISK
Your Company has established a strong and effective
internal financial control mechanism and risk management
framework. The details of the same are provided in this
Annual Report in section 10 of the Board’s Report.
CAUTIONARY STATEMENT
Statements in the Management Discussion and Analysis,
describing the Company’s objectives, projections and
estimates may be forward-looking statements within the
meaning of applicable securities laws and regulations.
Actual results may vary from those expressed or implied,
depending upon economic conditions, Government
policies and other incidental/related factors.
100th Annual Report 2018-19
Company’s Philosophy on Corporate Governance
Board of Directors
REPORT ON CORPORATE GOVERNANCE
The essence of Corporate Governance is about maintaining
the right balance between economic, social, individual and
community goals. At Tata Power, good corporate governance is a
way of life and the way we do our business, encompassing every
day’s activities and is enshrined as a part of our way of working.
The Company is focused on enhancement of long-term value
creation for all stakeholders without compromising on integrity,
societal obligations, environment and regulatory compliances.
Our actions are governed by our values and principles, which are
reinforced at all levels of the organisation. These principles have
been and will continue to be our guiding force in future.
For your Company, good corporate governance is a synonym for
sound management, transparency and disclosure, encompassing
good corporate practices, procedures, standards and implicit
rules which propel a Company to take sound decisions, thus
maximising long-term shareholder value without compromising
on integrity, social obligations and regulatory compliances. As a
Company with a strong sense of values and commitment, Tata
Power believes that profitability must go hand in hand with
a sense of responsibility towards all stakeholders. This is an
integral part of Tata Power’s business philosophy. The cardinal
principles such as independence, accountability, responsibility,
transparency, trusteeship and disclosure serve as means for
implementing the philosophy of Corporate Governance.
This philosophy is reflected and practised through the Tata Code
of Conduct (TCOC), the Tata Business Excellence Model and the
Tata Code of Conduct for Prevention of Insider Trading and Code
of Corporate Disclosure Practices. Further, these codes allow the
Board to make decisions that are independent of the management.
The Company is committed to focus its energies and resources in
creating and positively leveraging shareholders’ wealth and, at
the same time, safeguarding the interests of all stakeholders. This
is our path to sustainable and profitable existence and growth.
Governance Guidelines
The Company has adopted Governance Guidelines to help fulfil its
corporate responsibility towards its stakeholders. The Governance
Guidelines cover aspects related to composition and role of the
Board, Chairman and Directors, Board diversity, directors’ term,
retirement age and mandates of Board Committees. It also covers
aspects relating to nomination, appointment, induction and
development of directors, directors’ remuneration, subsidiary
oversight and Board effectiveness review. These guidelines ensure
that the Board will have the necessary authority and processes to
review and evaluate its operations, when required.
The Company has adopted the requirements of Corporate
Governance as specified under the Securities and Exchange
Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015 (Listing Regulations), as amended from time
to time, the disclosure requirements of which are detailed herein.
The Board is the focal point and custodian of corporate governance
for the Company. The Company recognizes and embraces the
benefits of having a diverse Board and sees increasing diversity at
Board level as an essential element in maintaining a competitive
advantage. A truly diverse Board will include and make good
use of differences in the skills, regional and industry experience,
background, gender and other distinctions between directors.
These differences will be considered in determining the optimum
composition of the Board and when possible, will be balanced
appropriately.
The size and composition of the Board as on 31st March 2019 is
as under:
Table 1
50 %
Size and composition of the Board
Independent Directors
(including two Women Directors)
Nominee Director
Non-Executive,
Non-Independent Directors
Executive Directors
6
8%
1
3
2
25%
17%
% to total number of Directors
Number of Directors
The composition of the Board is in compliance with the
requirements of the Companies Act, 2013 (Act) and Regulation
17 of the Listing Regulations. The profile of the Directors can be
accessed on the Company’s website at https://www.tatapower.
com/corporate/board-of-directors.aspx.
The Company requires skills/expertise/competencies in the
areas of strategy, finance, accounting, economics, legal and
regulatory matters, mergers and acquisitions, the environment,
green technologies, sustainability, operations of the Company’s
businesses and energy commodity markets to efficiently
carry on its core businesses such as generation, distribution
and transmission of thermal/renewables/hydro power, power
trading, power services, solar photovoltaic (PV) manufacturing
and associated engineering, procurement and construction
(EPC) services, coal mines and logistics. All the above required
skills/expertise/competencies are available with the Board.
Report on Corporate Governance I 83
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The Board is satisfied that the current composition reflects an appropriate mix of knowledge, skills, experience, expertise, diversity
and independence. The Board provides leadership, strategic guidance, an objective and independent view to the Company’s
management while discharging its fiduciary responsibilities, thereby ensuring that the management adheres to high standards of
ethics, transparency and disclosure. The Board periodically evaluates the need for change in its composition and size.
The details of each member of the Board as on 31st March 2019, are provided herein below:
The Tata Power Company Limited
Sl.
No.
Name of the
Director
Category of
Directorship
No. of other
Directorships(1)
No. of Committee
positions held(2)
Chairperson Member
No. of
shares
held in the
Company
1. Mr. N.
Chandrasekaran,
Chairman
Non-
Independent,
Non-
Executive
5
Nil
Nil
Nil
Table 2
Directorship in other listed entities
(category of directorship)
Tata Consultancy Services Limited
(Non-Independent, Non-Executive)
Tata Steel Limited
(Non-Independent, Non-Executive)
Tata Motors Limited
(Non-Independent, Non-Executive)
The Indian Hotels Company Limited
(Non-Independent, Non-Executive)
Tata Global Beverages Limited
(Non-Independent, Non-Executive)
Thermax Limited
(Independent, Non-Executive)
Exide Industries Limited
(Independent, Non-Executive)
Coastal Gujarat Power Limited
(Independent, Non-Executive)
Tata Power Renewable Energy Limited
(Independent, Non-Executive)
Piramal Capital & Housing Finance Limited
(Independent, Non-Executive)
Piramal Enterprises Limited
(Independent, Non-Executive)
Asian Paints Limited
(Independent, Non-Executive)
Tata Power Renewable Energy Limited
(Independent, Non-Executive)
Apollo Tyres Limited
(Independent, Non-Executive)
Voltas Limited
(Independent, Non-Executive)
Bata India Limited
(Independent, Non-Executive)
GlaxoSmithKline Pharmaceuticals Limited
(Independent, Non-Executive)
Nil
Nil
Nil
Nil
HDFC Life Insurance Company Limited
(Managing Director & CEO)
16,262 (As a
joint holder)
HDFC Asset Management Company Limited
(Independent, Non-Executive)
S Chand and Company Limited
(Independent, Non-Executive)
Walwhan Renewable Energy Limited
(Independent, Non-Executive)
Tata Power Renewable Energy Limited
(Independent, Non-Executive)
Nil
Nil
2. Mr. Nawshir H.
Mirza
3. Mr. Deepak M.
Satwalekar
4. Ms. Anjali Bansal
5. Ms. Vibha
Padalkar
6. Mr. Sanjay V.
Bhandarkar
7. Mr. K. M.
Chandrasekhar
Independent,
Non-
Executive
5
3
7
3
6
1
1
1
0
1
4
0
4
0
1
2
4
1
84 I Report on Corporate Governance
100th Annual Report 2018-19
Sl.
No.
Name of the
Director
Category of
Directorship
No. of other
Directorships(1)
No. of Committee
positions held(2)
Chairperson Member
No. of
shares
held in the
Company
Directorship in other listed entities
(category of directorship)
8
6
7
4
5
8. Mr. Hemant
Bhargava
(Nominee of
Life Insurance
Corporation of
India (LIC) as an
equity investor)
9. Mr. Saurabh
Agrawal
Non-
Independent,
Non-
Executive
10. Mr. Banmali
Agrawala
11. Mr. Praveer Sinha,
CEO & Managing
Director (w.e.f.
1.05.2018)
12. Mr. Ashok S.
Sethi,(3)
COO & Executive
Director
Notes:
Executive
0
1
Nil
Voltas Limited
(Nominee Director)
Larsen & Toubro Limited
(Nominee Director)
ITC Limited
(Nominee Director)
LIC Housing Finance Limited
(Nominee Director)
1
1
0
0
2
0
0
0
Nil
Tata Teleservices (Maharashtra) Limited
(Non-Independent, Non-Executive)
Tata Steel Limited
(Non-Independent, Non-Executive)
Tata AIG General Insurance Company Limited
(Non-Independent, Non-Executive)
Nil
Tata Power Renewable Energy Limited
(Non-Independent, Non-Executive)
Nil
Nil
20,600
Maithon Power Limited
(Non-Independent, Non-Executive)
Walwhan Renewable Energy Limited
(Non-Independent, Non-Executive)
Coastal Gujarat Power Limited
(Non-Independent, Non-Executive)
(cid:120)
(cid:120)
(cid:120)
(cid:120)
(cid:120)
There are no inter se relationships between the Board
members.
(1)Excludes directorship in Tata Power, and directorships in
private companies (including deemed public company),
foreign companies, bodies corporate and companies
under Section 8 of the Act.
(2)Pertains to membership/chairmanship of the Audit
Committee and Stakeholders Relationship Committee of
Indian public companies (excluding Tata Power).
(3)Mr. Ashok S. Sethi superannuated as COO & Executive
Director of the Company effective close of business
hours on 30th April 2019. Consequently, he has also
resigned from the Boards of Maithon Power Limited,
Walwhan Renewable Energy Limited and Coastal
Gujarat Power Limited.
None of the Directors held directorship in more than
8 listed companies. Further, none of the Independent
Director (ID) of the Company served as an ID in more than
7 listed companies.
(cid:120)
(cid:120)
(cid:120)
(cid:120)
(cid:120)
None of the Directors held directorship in more than 20
Indian companies, with not more than 10 public limited
companies.
None of the Directors is a member of more than 10
committees or chairperson of more than 5 committees
across all the public limited companies in which he/she is
a Director. As per Listing Regulations, only memberships of
Audit Committee and Stakeholders Relationship Committee
have been taken into consideration for the purpose of
ascertaining the limit.
Mr. Praveer Sinha, CEO & Managing Director is not an
Independent Director of any other listed company.
All IDs of the Company have been appointed as per the
provisions of the Act and Listing Regulations. Formal
letters of appointment have been issued to the IDs. In
the opinion of the Board, the IDs are independent of the
management.
The Chairman of the Company is a Non-Executive Director
(NED) and not related to the CEO & Managing Director.
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Report on Corporate Governance I 85
The Tata Power Company Limited
Changes in Board composition
Changes in Board composition during FY19 and upto the date of this report, are tabled below:
Sl. No.
Name of the Director
Nature of change
Mr. Anil Sardana
Resigned as a CEO & Managing Director of the Company
Mr. Praveer Sinha
Appointed as a CEO & Managing Director of the Company
Mr. Ashok S. Sethi
Superannuated as COO & Executive Director of the Company
Mr. Ashok Sinha
Appointed as Additional and Independent Director
1.
2.
3.
4.
Note:
Table 3
Date of change
30th April 2018
1st May 2018
30th April 2019
2nd May 2019
None of the Independent Directors have resigned before the expiry of their respective tenures during FY19.
Term of Board membership
Board Procedure
The Nomination and Remuneration Committee (NRC) determines
the appropriate characteristics, skills and experience required
for the Board as a whole and for individual members. Board
members are expected to possess the required qualifications,
integrity, expertise and experience for the position. They also
possess expertise and insights in sectors/areas relevant to the
Company, and have ability to contribute to the Company’s
growth. As per the existing guidelines, the retirement age for
Managing/Executive Directors (EDs) is 65 years, NEDs is 70 years
and IDs is 75 years.
Selection and appointment of new directors
The Board is responsible for the appointment of new directors.
The Board has delegated the screening and selection process
for new directors to the NRC. Considering the existing
composition of the Board and requirement of new domain
expertise, if any, the NRC reviews potential candidates. The
assessment of members to the Board is based on a combination
of criteria that include ethics, personal and professional stature,
domain expertise, gender diversity and specific qualification
required for the position. Potential IDs are also assessed on
the basis of independence criteria defined in Section 149(6)
of the Act read with Rules framed thereunder and Regulation
16(1)(b) of the Listing Regulations. The NRC then places the details
of the shortlisted candidate who meets these criteria, before the
Board for its consideration. If the Board approves, the person
is appointed as an Additional Director, whose appointment is
subject to approval of the Members at the Company’s general
meeting.
Letter of appointment issued to Independent Directors
The IDs on the Board of the Company are given a formal
appointment letter inter alia containing the term of appointment,
role, duties and responsibilities, time commitment, remuneration,
insurance, code of conduct,
training and development,
performance evaluation process, disclosure, confidentiality, etc.
The terms and conditions of appointment of IDs are available on
the Company’s website at http://www.tatapower.com/corporate/
board-of-directors.apx.
Meetings Schedule, Agenda and participation thereat: The
Board/Committee meetings are pre-scheduled and a tentative
annual calendar of the Board and Committee meetings is
circulated to the Directors well in advance to help them plan their
schedule and ensure meaningful participation in the meetings.
The Company Secretary, in consultation with the Chairman,
drafts the agenda for meetings, along with notes and the same is
made available at least seven days in advance to all the Directors
for facilitating fruitful and focused discussions at the meeting.
Video/tele conferencing facilities are also used to facilitate
Directors travelling or present at other locations, to participate
in meetings.
Only in case of urgent business, if the need arises, the Board’s/
Committee’s approval is taken by passing resolutions through
circulation or by calling Board/Committee meetings at short
notice, as permitted by law.
Paperless Board Meetings: With a view to leverage technology
and reducing paper consumption, the Company has adopted
a digital application for transmitting Board/Committee agenda
notes. The Directors of the Company receive the agenda notes
in electronic form through this application, which is accessible
through iPad. The application meets high standards of security
that are essential for storage and transmission of sensitive
information in electronic form.
Post meeting follow-up mechanism: The Company has an
effective post Board/Committee Meeting follow-up procedure.
The important decisions taken at Board/Committee meetings are
communicated to the concerned departments/divisions promptly.
An action taken/status report on the decisions of the previous
meeting(s) is placed at the next meeting of the Board/Committees
for information and further recommended action(s), if any.
Knowledge sharing: Board members are kept informed about
any material development/business update through various
modes viz. e-mails, telecon, etc. from time to time.
Compliance Reports: The Board periodically reviews the
compliance report of the laws applicable to the Company as well
as steps taken by the Company to rectify the instances of non-
compliance, if any.
86 I Report on Corporate Governance
100th Annual Report 2018-19
Board Meeting
Seven Board meetings were held during the year under review and the gap between two meetings did not exceed 120 days.
Attendance of directors at Annual General Meeting (AGM) and Board Meetings during FY19
Name of the Director
Mr. N. Chandrasekaran, Chairman
Mr. Nawshir H. Mirza
Mr. Deepak M. Satwalekar
Ms. Anjali Bansal
Ms. Vibha Padalkar
Mr. Sanjay V. Bhandarkar
Mr. K. M. Chandrasekhar
Mr. Hemant Bhargava
Mr. Saurabh Agrawal
Mr. Banmali Agrawala
Mr. Praveer Sinha,
CEO & Managing Director
Mr. Ashok S. Sethi,
COO & Executive Director
Attendance at
AGM held on
27th July 2018
Number of Board Meetings held
02.05.18
26.07.18
29.10.18
28.01.19
01.02.19
11.03.19
25.03.19
Table 4
% of
attendance at
Board Meetings
(cid:34)
(cid:34)
(cid:34)
(cid:34)
(cid:34)
(cid:34)
(cid:34)
—
(cid:34)
(cid:34)
(cid:34)
(cid:34)
(cid:34)
(cid:34)
(cid:34)
—
(cid:34)
(cid:34)
(cid:34)
—
(cid:34)
(cid:34)
(cid:34)
(cid:34)
(cid:34)
(cid:34)
(cid:34)
(cid:34)
(cid:34)
(cid:34)
(cid:34)
(cid:34)
(cid:34)
(cid:34)
(cid:34)
(cid:34)
(cid:34)
(cid:34)
(cid:34)
(cid:34)
—
(cid:34)
(cid:34)
(cid:34)
(cid:34)
(cid:34)
(cid:34)
(cid:34)
(cid:34)
(cid:34)
(cid:34)
(cid:34)
(cid:34)
(cid:34)
(cid:34)
(cid:34)
(cid:34)
(cid:34)
(cid:34)
(cid:34)
(cid:34)
—
(cid:34)
(cid:34)
(cid:34)
(cid:34)
(cid:34)
—
(cid:34)
(cid:34)
(cid:34)
(cid:34)
(cid:34)
(cid:34)
(cid:34)
(cid:34)
(cid:34)
(cid:34)
—
(cid:34)
(cid:34)
(cid:34)
(cid:34)
(cid:34)
(cid:34)
(cid:34)
(cid:34)
(cid:34)
(cid:34)
(cid:34)
—
(cid:34)
(cid:34)
(cid:34)
(cid:34)
100
86
100
86
71
100
100
43
100
100
100
100
(cid:34)(cid:3)Attended in person/through video conference
— Leave of absence
Attended through audio conference (not counted for quorum
and for % of attendance)
Information provided to the Board
The Board has unrestricted access to all Company-related
information. At Board/Committee meetings, departmental heads
and representatives who can provide additional insights into
the items being discussed, are invited. The Company provides
the following information inter alia to the Board, which is given
either as part of the agenda or by way of presentations during
the meetings, as deemed appropriate:
(cid:120)
(cid:120)
(cid:120)
(cid:120)
(cid:120)
(cid:120)
(cid:120)
Annual operating plans and budgets, capital budgets and
other updates.
Quarterly, half-yearly and annual financial results of the
Company and its operating divisions or business segments.
Detailed presentations on business strategy,
outlook, capital budget of the Company.
future
Minutes of meetings of committees of the Board.
Subsidiary companies’ minutes, financial statements and
significant transactions and investments.
The
information on recruitment and removal and
remuneration of senior officers just below the Board level,
including Chief Financial Officer and Company Secretary.
Significant regulatory matters concerning Indian or foreign
regulatory authorities.
(cid:120)
(cid:120)
(cid:120)
(cid:120)
(cid:120)
(cid:120)
(cid:120)
(cid:120)
(cid:120)
(cid:120)
(cid:120)
(cid:120)
(cid:120)
Issues which involve possible public or product liability
claims of a substantial nature, if any.
Detailed analysis of potential acquisition targets or
possible divestments.
Details of any joint venture or collaboration agreements.
Transactions that involve substantial payment towards
goodwill, brand equity or intellectual property.
Significant sale of investments, subsidiaries or assets which
are not in the normal course of business.
Materially important show cause, demand, prosecution
and penalty notices, if any.
Fatal or serious accidents or dangerous occurrences, if any.
Significant effluent or pollution problems, if any.
Material default in financial obligations to and by the
Company or substantial non-payment
for services
provided/goods sold by the Company, if any.
Significant labour problems and their proposed solutions,
if any.
Significant developments in the human resources and
industrial relations fronts.
Quarterly details of foreign exchange exposure and the
steps taken by management to limit the risks of adverse
exchange rate movement.
Non-compliance of any regulatory or statutory nature or
listing requirements as well as shareholders’ services such as
non-payment of dividend or delays in share transfer, if any.
Report on Corporate Governance I 87
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Meeting of Independent Directors
During the year under review, a separate meeting of the
Independent Directors was held on 25th March 2019. At the said
meeting, the Independent Directors reviewed the performance
of Non-Independent Directors, the Board as a whole and the
Chairman after taking into account the views of the EDs and NEDs.
They also assessed the quality, quantity and timeliness of flow of
information between the Company’s management and the Board.
Annual Strategy Board Meet
An Annual Strategy Board meet was organised on 1st February
2019. As a part of the agenda, the Board conducted a strategy
review of the Company’s business segments, future growth, risk
orientation and resource optimization. Further discussions on
strategy were also held in the Board meeting held on 25th March
2019.
Details of familiarisation programmes for Directors including
Independent Directors
All Board members of the Company are afforded every opportunity
to familiarize themselves with the Company, its management, its
operations and above all, the Industry perspective and issues.
They are made to interact with senior management personnel
and proactively provided with relevant news, views and updates
on the Company and sector. All the information/documents
sought by them is/are also shared with them for enabling a good
understanding of the Company, its various operations and the
industry of which it is a part.
In addition to the above, the Company has an exclusive internal
web-based information portal, which is made available to all
the Directors. This has sections on Company matters, Laws &
Regulations, Sustainability aspects, Company’s quarterly progress
in various operating units, projects under construction, etc.
Details of the familiarization program on cumulative basis are
available on the Company’s website at https://www.tatapower.
com/pdf/investor-relations/familiarisation-programme-for-
directors.pdf.
Code of Conduct
The Company has adopted the Code of Conduct for NEDs
which includes details as laid down in Schedule IV to the Act.
The Company has also adopted a Code of Conduct for all its
employees including Executive Director(s). All Board members
and senior management personnel have affirmed compliance
with their respective Code of Conduct. The CEO & Managing
Director has also confirmed and certified the same. This
certification is reproduced at the end of this Report and marked
as Annexure I.
Tata Code of Conduct for Prevention of Insider Trading &
Code of Corporate Disclosure Practices
The Tata Power Company Limited
Insider Trading and Code of Corporate Disclosure Practices (the
Code). All the Promoters, Directors, Employees of the Company
and its material subsidiaries, who are Designated Persons, and
their Immediate Relatives and other Connected Persons such
as auditors, consultants, bankers, etc., who could have access to
the unpublished price sensitive information of the Company, are
governed under this Code.
Mr. Ramesh N. Subramanyam, Chief Financial Officer (CFO) of the
Company is the ‘Compliance Officer’ in terms of this Code.
Remuneration to Directors
Details of remuneration to NEDs during and for the year under
review:
Name of the Director
Sl.
No.
Table 5
(Gross Amount in `)
Sitting Fees
paid during
FY19
Commission
for FY19*
1. Mr. N. Chandrasekaran,$
3,00,000
0
Chairman
2. Mr. Nawshir H. Mirza
4,80,000
70,00,000
3. Mr. Deepak M.
Satwalekar
5,40,000
65,00,000
4. Ms. Anjali Bansal
4,20,000
50,00,000
5. Ms. Vibha Padalkar
4,50,000
50,00,000
6. Mr. Sanjay V. Bhandarkar
5,40,000
55,00,000
7. Mr. K. M. Chandrasekhar
3,60,000
40,00,000
8. Mr. Hemant Bhargava@
90,000
20,00,000
9. Mr. Saurabh Agrawal#
10. Mr. Banmali Agrawala#
4,20,000
3,90,000
0
0
Notes:
* Commission relates to the financial year ended 31st March
2019, which was approved by the Board on 2nd May 2019, to
be paid during FY20.
$ As a policy, Mr. N. Chandrasekaran has abstained from receiving
Commission from the Company.
@ Sitting fees for attending meetings and the Commission is paid
to LIC on account of Mr. Hemant Bhargava, being nominee of
LIC.
# In
the
line with
internal guidelines, no payment
is
made towards Commission to Mr. Saurabh Agrawal and
Mr. Banmali Agrawala, NEDs of the Company, who are in
full-time employment with another Tata company.
In accordance with the Securities and Exchange Board of India
(Prohibition of Insider Trading) Regulations, 2015, as amended
from time to time, the Board of Directors of the Company has
adopted the revised Tata Code of Conduct for Prevention of
The NEDs are paid remuneration by way of Commission and Sitting
Fees. The distribution of Commission, if applicable, amongst the
NEDs is recommended by the NRC and approved by the Board.
The Commission payment for the financial year ended 31st March
88 I Report on Corporate Governance
100th Annual Report 2018-19
2019 was distributed based on the Company’s performance and keeping in mind the attendance of Directors at Board and Committee
meetings and their contribution at these meetings.
None of the NEDs had any pecuniary relationship or transactions with the Company other than the Directors’ sitting fees and
commission, as applicable, received by them. The Company reimburses out-of-pocket expenses, if any, incurred by the Directors for
attending meetings.
Details of remuneration and perquisites paid and/or value calculated as per the Income-tax Act, 1961 to the CEO & Managing
Director and COO & Executive Director during FY19:
(Gross Amount in ₹) Table 6
Sl. No.
Name of the Director
Salary &
allowances
Commission
for FY19@
Perquisites &
Benefits
Retirement
Benefits
Total
1.
2.
3.
Mr. Anil Sardana*
CEO & Managing Director
Mr. Praveer Sinha
CEO & Managing Director&
Mr. Ashok S. Sethi#
COO & Executive Director
68,59,799
N.A.
10,398
1,33,00,936
2,01,71,133
1,68,95,342
2,50,00,000
3,32,613
22,27,500
4,44,55,455
1,85,73,500
2,25,00,000
1,29,754
8,71,200
4,20,74,454
TOTAL
4,23,28,641
4,75,00,000
4,72,765
1,63,99,636
10,67,01,042
Notes:
@ Commission (variable component) relates to the financial year ended 31st March 2019, which was approved by the Board on
2nd May 2019, to be paid during FY20.
* Mr. Sardana resigned as CEO & Managing Director of the Company with effect from close of business hours on 30th April 2018.
& Mr. Sinha was appointed as CEO and Managing Director of the Company effective 1st May 2018.
# Mr. Sethi superannuated as COO & Executive Director of the Company with effect from close of business hours on 30th April 2019.
Salient features of the agreements executed by the Company with Mr. Sardana, Mr. Sinha and Mr. Sethi:
Terms of Agreement
Period of appointment
Remuneration
Mr. Anil Sardana
CEO & Managing
Director
Mr. Sardana resigned
with effect from 30th
April 2018
Basic salary upto a
maximum of
₹ 14,00,000 p.m.
Table 7
Mr. Praveer Sinha
CEO & Managing
Director
Mr. Ashok S. Sethi
COO & Executive
Director
01.05.2018 to 30.04.2023 01.04.2017 to 30.04.2019
Basic salary upto a
maximum of
₹ 15,00,000 p.m.
Basic salary upto a
maximum of
₹ 7,00,000 p.m.
Commission
Within the limits stipulated under the Act.
Incentive Remuneration
Not exceeding 200% of basic salary.
Benefits, perquisites and allowances (excluding
Company’s contribution to Provident Fund,
Superannuation, Gratuity, Leave Encashment)
As may be determined by the Board from time to time.
Notice period
Severance fees
Stock Option
The Agreements may be terminated by either party giving to the other party six
months’ notice or the Company paying six months’ remuneration in lieu thereof.
There is no separate provision for payment of severance fees.
Nil
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Report on Corporate Governance I 89
Board Committees
The Committees constituted by the Board focus on specific
areas and take
informed decisions within the framework
designed by the Board, and make specific recommendations
to the Board on matters in their areas or purview. All decisions
and recommendations of the Committees are placed before
the Board for information or for approval, as required. To enable
better and more focused attention on the affairs of the Company,
the Board has delegated particular matters to the Committees of
the Board set up for the purpose.
(cid:153)(cid:3) Statutory Committees
The Board has constituted the following statutory Committees as
on 31st March 2019:
(cid:120)
(cid:120)
(cid:120)
(cid:120)
(cid:120)
Audit Committee of Directors (AC)
Nomination and Remuneration Committee (NRC)
Corporate Social Responsibility Committee (CSR)
Stakeholders Relationship Committee (SRC)
Risk Management Committee (RMC)
Audit Committee of Directors
The Committee comprises the following as on 31st March 2019:
(cid:120)
(cid:120)
(cid:120)
(cid:120)
Mr. Nawshir H. Mirza, Chairman
Ms. Vibha Padalkar
Mr. Sanjay V. Bhandarkar
Mr. Saurabh Agrawal
All members are financially literate and bring in expertise in
the fields of finance, accounting, development, strategy and
management.
The Committee met 5 times during the year under review.
These meetings were held on 30th April 2018, 25th July 2018,
26th October 2018, 25th January 2019 and 20th March 2019,
with the requisite quorum.
The attendance details of meetings of this Committee are as
follows:
Name of the
Director
No. of
Meetings held
during tenure
No. of
Meetings
attended
Table 8
% of
Attendance
(A)
(B)
(B/A)
Mr. Nawshir H.
Mirza
Ms. Vibha
Padalkar
Mr. Sanjay V.
Bhandarkar
Mr. Saurabh
Agrawal
5
5
5
5
5
5
5
4
100
100
100
80
90 I Report on Corporate Governance
The Tata Power Company Limited
The CFO assists the Committee in discharge of its responsibilities.
The Committee invites such employees or advisors as it considers
appropriate to attend the meetings. The CFO, the head of internal
audit and Statutory Auditors are generally invited to attend
all meetings unless the Committee considers otherwise. The
Company Secretary acts as the Secretary of the Committee.
The Internal Auditors and Statutory Auditors of the Company
discuss their audit findings and updates with the Committee
and submit their views directly to the Committee. Separate
discussions are held with the Internal Auditors to focus on
compliance issues and to conduct detailed reviews of the
processes and internal controls in the Company. The permissible
non-audit related services undertaken by the Statutory Auditors
are also pre-approved by the Committee.
The Board has approved the charter of the Audit Committee
defining inter alia its composition, role, responsibilities, powers
and processes. The Charter is available on the Company’s Website
https://www.tatapower.com/pdf/aboutus/charter-of-audit-
at
committee.pdf.
The terms of the charter broadly include:
(cid:120)
(cid:120)
(cid:120)
(cid:120)
(cid:120)
(cid:120)
(cid:120)
(cid:120)
(cid:120)
(cid:120)
(cid:120)
(cid:120)
Overseeing the processes that ensure the integrity of
financial statements.
Overseeing the adequacy and effectiveness of the
processes and controls for compliance with laws and
regulations.
Overseeing the adequacy and effectiveness of the process
by which confidential or anonymous complaints or
information regarding financial or commercial matters
are received and acted upon. This includes the protection
of whistle-blowers from victimization and the provision
of access by whistle-blowers to the Chairman of the
Committee.
Approving/modifying
parties.
the
transactions with
related
Enquiring into reasons for any default by the Company in
honouring its obligations to its creditors and members.
Overseeing the quality of internal accounting controls and
other controls.
Overseeing the system for storage (including back-up).
Overseeing the quality of the financial reporting process,
including the selection of the most appropriate of
permitted accounting policies.
Ensuring the independence of the auditor.
Recommending to the Board the appointment and
remuneration of the auditors (including secretarial and
cost auditors).
Framing of rules for the hiring of any current or former
employee of the audit firm.
Scrutinizing inter-corporate loans and investments.
100th Annual Report 2018-19
(cid:120)
(cid:120)
(cid:120)
(cid:120)
(cid:120)
(cid:120)
Monitoring the end use of funds raised through public
offers.
Conducting the valuation of any undertaking or asset of
the Company.
Overseeing the internal audit function and approve the
appointment of the Chief Internal Auditor.
Bringing to the notice of the Board any lacunae in the
TCOC and the vigil mechanism (whistle blowing process)
adopted by the Company.
Reviewing with the CEO and the CFO of the Company
the underlying process followed by them in their annual
certification to the Board of Directors.
Approving the appointment of the CFO.
All the recommendations made by the Audit Committee during
the year under review were accepted by the Board.
Mr. Nawshir H. Mirza, Chairman of the AC, was present at the last
AGM.
The Board has also approved the charter of the NRC defining its
composition, powers, responsibilities, reporting, evaluation, etc.
The Charter is available on the Company’s website at https://
www.tatapower.com/pdf/aboutus/charter-of-nomination-
remuneration-committee.pdf.
The terms of the charter broadly include Board composition
and succession planning, evaluation, remuneration, Board
development and review of HR Strategy, Philosophy and Practices.
Performance Evaluation Criteria for IDs
The performance evaluation criteria for IDs is determined by the
NRC. An indicative list of factors on which evaluation was carried
out includes participation and contribution by the director,
commitment, effective deployment of knowledge and expertise,
integrity and maintenance of confidentiality and independence
of behaviour and judgement.
Mr. Deepak Satwalekar, Chairman of the NRC, was present at the
last AGM.
Corporate Social Responsibility Committee
Nomination and Remuneration Committee
The Committee comprises the following as on 31st March 2019:
The Committee comprises the following as on 31st March 2019:
(cid:120)
(cid:120)
(cid:120)
Mr. Deepak M. Satwalekar, Chairman
Mr. N. Chandrasekaran
Ms. Anjali Bansal
The Committee met 3 times during the year under review. These
meetings were held on 30th April 2018, 29th October 2018,
and 25th March 2019, with the requisite quorum.
The attendance details of meetings of this Committee are as
follows:
Name of the
Director
No. of
Meetings held
during tenure
No. of
Meetings
attended
Table 9
% of
Attendance
(A)
(B)
(B/A)
Mr. Deepak M.
Satwalekar
Mr. N.
Chandrasekaran
Ms. Anjali
Bansal
3
3
3
3
3
3
100
100
100
In terms of the provisions of Section 178(3) of the Act and
Regulation 19(4) read with Part D of Schedule II to the Listing
Regulations, the Committee is responsible for inter alia formulating
the criteria for determining qualification, positive attributes and
independence of a Director. The Committee is also responsible for
recommending to the Board a policy relating to the remuneration
of the Directors, Key Managerial Personnel and other employees.
The Board has adopted the Policy on Board Diversity & Director
Attributes and Remuneration Policy for Directors, Key Managerial
Personnel and other employees of the Company, which are
attached as Annexures II and III to the Board’s Report.
(cid:120)
(cid:120)
(cid:120)
Ms. Anjali Bansal, Chairperson
Mr. Deepak M. Satwalekar
Mr. Praveer Sinha
The Committee met 4 times during the year under review.
These meetings were held on 23rd April 2018, 2nd August 2018,
26th October 2018 and 22nd March 2019, with the requisite
quorum.
The attendance details of meetings of this Committee are as follows:
Table 10
Name of the
Director
No. of
Meetings held
during tenure
No. of
Meetings
attended
% of
Attendance
(A)
(B)
(B/A)
Ms. Anjali
Bansal
Mr. Deepak M.
Satwalekar
Mr. Anil
Sardana(1)
Mr. Praveer
Sinha(2)
Notes:
4
4
1
3
4
4
1
3
100
100
100
100
(1) Consequent upon his resignation as CEO & Managing Director
of the Company effective 30th April 2018, Mr. Sardana ceased
to be a member of the Committee.
(2) Appointed as a member of the Committee effective 1st May
2018.
The Company has adopted a CSR policy which indicates the
activities to be undertaken by the Company as specified in
Report on Corporate Governance I 91
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Schedule VII to the Act. The policy, including overview of projects
or programs proposed to be undertaken, is provided on the
Company website at https://www.tatapower.com/pdf/aboutus/
csr-policy-14.pdf.
Brief Terms of Reference/Roles and responsibilities:
(cid:120)
(cid:120)
(cid:120)
Formulate and recommend to the Board, a CSR Policy
which shall indicate the activities to be undertaken by the
Company as specified in Schedule VII to the Act or may be
prescribed in the rules thereto.
Recommend the amount of expenditure to be incurred on
the activities referred to in the above clause.
Monitor the CSR Policy of the Company from time to time.
Ms. Anjali Bansal, Chairperson of the CSR Committee, was present
at the last AGM.
Stakeholders Relationship Committee
The Committee comprises the following as on 31st March 2019:
(cid:120)
(cid:120)
(cid:120)
Mr. Sanjay V. Bhandarkar, Chairman
Mr. Banmali Agrawala
Mr. Ashok S. Sethi
The Committee met 2 times during the year under review. These
meetings were held on 22nd October 2018 and 12th March 2019,
with the requisite quorum.
The attendance details of meetings of this Committee are as
follows:
Name of the
Director
No. of
Meetings held
during tenure
No. of
Meetings
attended
Table 11
% of
Attendance
(A)
(B)
(B/A)
2
2
2
2
2
2
100
100
100
N.A.
N.A.
N.A.
Mr. Sanjay V.
Bhandarkar
Mr. Banmali
Agrawala
Mr. Ashok S.
Sethi(1)
Mr. Hemant
Bhargava(2)
Notes:
(1) Consequent upon his superannuation as COO & Executive
Director of the Company effective 30th April 2019, Mr. Sethi has
ceased to be a member of the Committee.
(2) Appointed as a member of the Committee effective 2nd May
2019.
The Tata Power Company Limited
The Committee specifically discharges duties of servicing and
protecting the various aspects of interest of shareholders,
debenture holders and other security holders.
The Board has approved the charter of the Committee defining its
composition, powers, responsibilities, etc. The charter is available
on the Company’s website at https://www.tatapower.com/pdf/
aboutus/charter-of-stakeholders-relationship-committee.pdf.
The terms of the charter broadly include:
(cid:120)
(cid:120)
(cid:120)
(cid:120)
(cid:120)
(cid:120)
(cid:120)
(cid:120)
(cid:120)
(cid:120)
(cid:120)
(cid:120)
Reviewing statutory compliances relating to all security
holders.
Resolution of the grievances of all security holders.
Oversight of compliances in respect of dividend payments
and transfer of unclaimed amounts to the Investor
Education and Protection Fund (IEPF).
Oversight and review of all matters related to the transfer
of securities of the Company.
Ensure setting of proper controls and oversight of
performance of the Registrar and Share Transfer Agent
(RTA).
Approval of issue of duplicate share certificates of the
Company.
Approval of transmission of securities.
Review of movements in shareholding and ownership
structure of the Company.
Recommend measures for overall improvement of the
quality of investor services.
Conduct a Shareholder Satisfaction Survey to judge the
level of satisfaction amongst shareholders.
Suggest and drive implementation of various shareholder-
friendly initiatives.
Carry out any other function as is referred by the Board
from time to time or enforced by any statutory notification/
amendment or modification as may be applicable.
Name, designation and address of the Compliance Officer:
Mr. H. M. Mistry, Company Secretary
Bombay House, 24, Homi Mody Street, Mumbai 400 001
Tel: 022 6665 8282
In accordance with Regulation 6 of the Listing Regulations, the
Board has appointed Mr. H. M. Mistry, Company Secretary as the
Compliance Officer. He is authorised to approve share transfers/
transmissions, in addition to the powers with the members of
the Committee. Share transfer formalities are regularly attended
to and at least once a fortnight. All investor complaints which
cannot be settled at the level of the Compliance Officer, are
placed before the Committee for final settlement.
92 I Report on Corporate Governance
100th Annual Report 2018-19
The status of total number of complaints received during the
year under review is as follows:
Sl.
No.
A.
B.
Description
Received
Total
Replied
Pending
Table 12
Letters received from
Statutory Bodies
Securities & Exchange Board
of India
Stock Exchanges
Depositories (NSDL/CDSL)
Ministry of Corporate Affairs
Consumer Forum
Dividends
Non-receipt of dividend/
interest warrants (pending
reconciliation at the time of
receipt of letters)
Total
24
23
5
3
0
0
2
5
3
0
0
2
34
33
1
0
0
0
0
0
1
Notes:
(cid:120)
(cid:120)
For the 1 unresolved complaint received through the SEBI
SCORES System (System), the Action Taken Report has
been uploaded on the System and the same is pending for
closure as on 31st March 2019.
There were no pending transfers/demats as on 31st March
2019.
Mr. Sanjay V. Bhandarkar, Chairman of the SRC, was present at the
last AGM.
Risk Management Committee
The Committee comprises the following as on 31st March 2019:
(cid:120)
(cid:120)
(cid:120)
(cid:120)
(cid:120)
Ms. Vibha Padalkar, Chairperson
Mr. Nawshir H. Mirza
Mr. Kesava M. Chandrasekhar
Mr. Banmali Agrawala
Mr. Ashok S. Sethi
The Committee met 4 times during the year under review. These
meetings were held on 29th June 2018, 28th September 2018,
5th December 2018 and 26th March 2019, with the requisite
quorum.
The attendance details of these meetings are as follows:
Table 13
% of
Attendance
Name of the
Director
Ms. Vibha Padalkar
Mr. Nawshir H. Mirza
Mr. K. M.
Chandrasekhar
Mr. Banmali
Agrawala
Mr. Ashok S. Sethi(1)
No. of
Meetings held
during tenure
(A)
4
4
No. of
Meetings
attended
(B)
4
4
4
4
4
4
4
4
Note:
(1) Consequent upon his superannuation as COO & Executive
Director of the Company effective 30th April 2019, Mr. Sethi has
ceased to be a member of the Committee.
The Board has adopted Risk Management Strategy Document
which specifies the objective, benefits of Risk Management,
Risk Management Policy, Risk Management Process, Risk
Organization Structure, Risk Culture, etc. The Board has also
approved the charter of the Committee defining its composition,
powers, responsibilities, etc. The charter is available on the
Company’s website at https://www.tatapower.com/pdf/aboutus/
charter-of-risk-management-committee.pdf.
The terms of the charter broadly include:
(cid:120)
(cid:120)
(cid:120)
(cid:120)
(cid:120)
(cid:120)
(cid:120)
(cid:120)
(cid:120)
Reviewing the Company’s risk governance structure,
risk assessment and risk management practices and
guidelines, policies and procedures for risk assessment
and risk management including the risk management
plan.
Reviewing
approving
and
Management (ERM) framework.
Enterprise-wide
Risk
Review the alignment of the ERM framework with the
strategy of the Company.
Monitor the Company’s risk appetite and strategy relating
to key risks, including credit risk, liquidity and funding risk,
market risk, cyber security risk, forex risk, commodity risk,
product risk and reputational risk, as well as the guidelines,
policies and processes for monitoring and mitigating such
risks.
Oversee Company’s process and policies for determining
risk tolerance and review management’s measurement
and comparison of overall risk tolerance to established
levels.
Review and analyse risk exposure related to specific issues,
concentrations and limit excesses, and provide oversight
of risk across organization.
Review compliance with risk policies, monitor breaches/
trigger trips of risk tolerance limits and direct action.
Nurture a healthy and independent risk management
function in the Company.
Carry out any other function as is referred by the Board
from time to time or enforced by any statutory notification/
amendment or modification as may be applicable.
(B/A)
100
100
100
100
100
Ms. Vibha Padalkar, Chairperson of the RMC, was present at the
last AGM.
(cid:153)(cid:3) Non-Statutory Committees
The Board has also constituted the following non-statutory
Committees:
(i)
(ii)
(iii)
Executive Committee of the Board
Committee for Financial Facilities and Bank Accounts
Committee of Directors
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Terms of Reference
The Committee comprises the following as on 31st March 2019:
The role of this Committee is as follows:
The Tata Power Company Limited
(cid:120)
(cid:120)
(cid:120)
(cid:120)
(cid:120)
Mr. N. Chandrasekaran, Chairman
Mr. Deepak M. Satwalekar
Mr. Sanjay V. Bhandarkar
Mr. Praveer Sinha
Mr. Ashok S. Sethi(1)
Note:
(1) Consequent upon his superannuation as COO & Executive
Director of the Company effective 30th April 2019, Mr. Sethi has
ceased to be a member of the Committee.
Terms of Reference
The Committee covers a detailed review of the following matters
before they are presented to the Board:
i)
ii)
iii)
iv)
Business and strategy review.
Long-term financial projections and cash flows.
Capital and revenue budgets and capital expenditure
programmes.
Acquisitions, divestments and business restructuring
proposals.
v)
Any other item as may be decided by the Board.
The aforesaid matters were discussed in various Board meetings
held during the year with the intent to avail expertise of all the
Board members.
Committee for Financial Facilities and Bank Accounts
The Committee comprises the following as on 31st March 2019:
(cid:120)
(cid:120)
(cid:120)
Mr. Nawshir H. Mirza, Chairman
Mr. Praveer Sinha
Mr. Ashok S. Sethi(1)
Note:
(1) Consequent upon his superannuation as COO & Executive
Director of the Company effective 30th April 2019, Mr. Sethi has
ceased to be a member of the Committee.
Terms of Reference
The role of this Committee is to inter alia approve assignment
of the Company’s working capital lines to its subsidiaries and
to provide corporate guarantees to secure working capital lines
sanctioned to subsidiaries, opening and closing of bank accounts,
issuing and revoking of Power of Attorneys, accept modifications
to the terms and conditions of the working capital facilities that
may be made by the banks/financial institutions.
The matters approved by this Committee were duly noted in the
next Board meeting.
Committee of Directors
The Committee comprises the following as on 31st March 2019:
(cid:120)
(cid:120)
(cid:120)
Mr. Sanjay V. Bhandarkar, Chairman
Mr. Banmali Agrawala
Mr. Praveer Sinha
(cid:120)
(cid:120)
(cid:120)
(cid:120)
(cid:120)
(cid:120)
(cid:120)
(cid:120)
(cid:120)
(cid:120)
(cid:120)
(cid:120)
(cid:120)
(cid:120)
(cid:120)
(cid:120)
94 I Report on Corporate Governance
Borrowings of the Company subject to outstanding
facilities not exceeding an amount of ₹12,500 crore of
term loans and ₹ 8,000 crore of working capital facilities.
Create security on the assets of the Company to secure the
borrowings of the Company subject to these being within
the limit approved by the shareholders of the Company
under Section 180(1)(a) of the Act.
Issue of corporate guarantees to secure the borrowings
of wholly owned subsidiaries/step-down subsidiaries of
wholly owned subsidiaries of the Company.
in authorised signatories
for the existing
Change
borrowings including working capital facilities of the
Company.
Commitment to capex item exceeding ₹ 200 crore (within
Board approved Annual Business Plan) in a financial year.
Enter into any coal, fuel and freight contracts having
tenure above 5 years.
Write off of receivables exceeding ₹ 10 crore in a financial
year.
Claim settlement and dispute exceeding ₹ 25 crore per
instance and ₹ 50 crore in aggregate in a financial year.
Waiver of delayed payment surcharge exceeding ₹ 50
crore in a financial year.
investments and
Approve
investment
proposals to Tata Power group companies within overall
Board approved framework.
recommend
Framing of Investment Guidelines outlining prudential
norms for investing in Mutual Funds, Fixed Deposits, Inter-
corporate Deposits with approved corporates, Central
and State Government securities and any subsequent
amendments.
Modification/addition/deletion of authorised signatory
list to give effect to investments within the Prudential
Investment Norms.
Reconstitution of the Boards of Trustees of The Tata Power
Consolidated Provident Fund, The Tata Power Company
Limited Staff Superannuation Fund and Tata Power
Gratuity Fund.
Change in operating instructions involving the Company’s
bank accounts.
Submit Request for Qualification for any project and
authorise execution of all documents, including Powers of
Attorney, in connection with the same.
All other matters delegated by the Board/Committee
thereof, to the Committee comprising the CEO & Managing
Director and the COO & Executive Director.
100th Annual Report 2018-19
General Body Meetings
a)
The details of the last three AGMs of the Company
Table 14
Year ended
Day, Date & Time
Venue
Special Resolutions passed
31st March 2018 Friday, 27th July 2018 at
3.00 p.m.
31st March 2017 Wednesday, 23rd August
2017 at 3.00 p.m.
31st March 2016 Wednesday,
21st September 2016 at
3.00 p.m.
Birla Matushri
Sabhagar,
Sir Vithaldas
Thackersey Marg,
19, New Marine
Lines, Mumbai
400 020.
(cid:120) Private placement of Non-Convertible Debentures/Bonds
(cid:120) Private placement of Non-Convertible Debentures/Bonds
(cid:120) Private placement of Non-Convertible Debentures
(cid:120) Increase in limits of investments in other bodies corporate
b)
Details of the meeting convened in pursuance of the order passed by the National Company Law Tribunal (NCLT)
Pursuant to the Order dated 10th October 2018 passed by the National Company Law Tribunal, Mumbai Bench in the
Company Scheme Application No. 785 of 2018, a meeting of the Equity Shareholders of the Company was held at Walchand
Hirachand Hall, IMC Chamber of Commerce and Industry, IMC Building, IMC Marg, Churchgate, Mumbai 400 020 on Wednesday,
12th December 2018 at 11:00 a.m. (IST) to consider and approve the scheme of arrangement between The Tata Power Company
Limited and Tata Advanced Systems Limited and their respective shareholders and creditors under Sections 230 to 232 and
other applicable provisions of the Act and the Rules thereunder.
c)
(i)
Postal Ballot
Details of resolutions passed by postal ballot
During the year under review, two resolutions were passed by means of Postal Ballot on 18th May 2018, the details of which are
as follows
Table 15
Table 16
Ordinary
Resolution No.
1
2
Brief Particulars
Sale of 59,08,82,000 Equity Shares held in Panatone Finvest Limited to Tata Sons Private Limited
Sale of 1,33,96,200 Equity Shares held in Tata Communications Limited to Panatone Finvest Limited
(ii)
Details of Voting Pattern
Ordinary
Resolution
No.
Ballots
Received
Total Shares
In favour
Against
Invalid
Ballots
Votes
Ballots
Votes
Ballots
Votes
1
2
2,951
1,20,19,13,969
2,961
1,20,18,70,427
2,698
2,601
1,20,15,12,444
1,20,12,70,952
152
195
2,42,981
2,78,172
101
165
1,58,544
3,21,303
(iii)
Person who conducted the aforesaid postal ballot
exercise
Mr. P. N. Parikh (ICSI Membership No. FCS 327), Practising
Company Secretary of Parikh & Associates conducted the
aforesaid postal ballot exercise in a fair and transparent
manner.
(iv) Whether any special resolution is proposed to be
conducted through postal ballot: No
(v)
Procedure for Postal Ballot
In compliance with Sections 108 and 110 and other
applicable provisions of the Act read with the Rules framed
thereunder and in terms of Regulation 44 of the Listing
Regulations, the Company provided remote e-voting
facility to all its Members. The Company engaged the
services of National Securities Depository Limited (NSDL)
for this purpose. The Members had the option to vote
either by physical ballot form or through remote e-voting.
The Company dispatched the postal ballot notices
and forms along with postage prepaid business reply
envelopes to its Members whose names appeared on the
Register of Members/list of beneficiaries as on a cut-off
date, i.e. 31st March 2018. The postal ballot notice was sent
to the Members in electronic form at the e-mail addresses
registered with their Depository Participants (in case of
electronic shareholding)/the Company’s RTA (in case of
Report on Corporate Governance I 95
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b)
Quarterly Results
Quarterly, half yearly and annual financial results of the
Company are published in widely circulated national
newspapers, as per details given below:
Table 18
Region
Language
Vadodara,
Ahmedabad,
Mumbai, Chandigarh, New
Delhi, Kolkata, Lucknow,
Nagpur and Pune
Pune,
Mumbai,
Ahmedabad, New Delhi,
Chandigarh,
Lucknow,
Hyderabad,
Kolkata,
and
Bengaluru,
Chennai
Kochi
Ahmednagar,
Mumbai,
Pune, Nagpur, Aurangabad
and New Delhi
English
English
Marathi
Mumbai
Gujarati
Name
of the
Newspaper
Indian
Express – All
editions
Financial
Express
Loksatta –
All editions
Jam-e-
Jamshed
Weekly
Vyapar +
Phulchhab
Vyapar
Phulchhab (Rajkot)
(Mumbai)
and
Gujarati
Post quarterly results, an Investor Conference call is held
where members of the financial community are invited
to participate in the Q&A session with the Company’s
management. The key highlights are discussed and
investor/analyst queries are resolved in this forum. The
quarterly results are also uploaded on the website at
https://www.tatapower.com/investor-relations/quarterly-
results.aspx.
Annual Reports and Annual General Meetings: The
Annual Reports are e-mailed/posted to Members and
others entitled to receive them. The Annual Report is
also available on the Company’s website at https://www.
tatapower.com/investor-relations/annual-reports-archive.
aspx in a user-friendly downloadable form. The Company
also provides live Webcast facility of its AGM in co-
ordination with NSDL.
News Releases, Presentations etc.: Official news
releases, detailed presentations made to media, analysts,
institutional investors etc. are displayed on the Company’s
website at https://www.tatapower.com/investor-relations/
analyst-presentation-archive.aspx. Official media releases,
sent to the Stock Exchanges, are given directly to the press.
physical shareholding). The Company also published an
advertisement in the newspapers viz. Free Press Journal
and Navshakti dated 18th April 2018, informing about the
dispatch of the Notice and other information as mandated
under the Act and applicable Rules.
Voting rights were reckoned on the paid-up value of the
shares registered in the names of the Members as on the
cut-off date, i.e. 31st March 2018. Members desiring to
exercise their votes by physical postal ballot forms were
requested to return the forms, duly completed and signed,
to the scrutinizer so as to reach them on or before the close
of the voting period, i.e. 18th May 2018 at 5:00 p.m. (IST).
Members desiring to exercise their votes by electronic
mode were requested to vote before close of business
hours on the last date of e-voting.
The scrutinizer, after the completion of scrutiny, submitted
his report to Mr. Hanoz M. Mistry, Company Secretary who
was authorised to accept, acknowledge and countersign
the Scrutinizer’s Report as well as declare the voting
results in accordance with the provisions of the Act, the
Rules framed thereunder and the Secretarial Standard
2 on General Meetings. The consolidated results of the
voting by postal ballot and e-voting were then announced
by Mr. Hanoz M. Mistry. The results were also displayed
at the Registered Office and the Corporate Office of the
Company and on the Company’s website at https://www.
tatapower.com/investor-relations/postal-ballot.aspx? utm
medium=301&utm_source=direct&utm_campaign=/
investor-relations/postal- ballot.aspx besides being
communicated to BSE Limited (BSE) and National Stock
Exchange of India Limited (NSE) and NSDL. Results were
announced on 18th May 2018, being the last date for
receipt of physical ballot forms and for remote e-voting.
Means of Communication to the shareholders
a)
Calendar of financial year ended 31st March 2019
The Company follows April-March as the financial year.
The meetings of the Board of Directors for approval of
quarterly financial results for the financial year ended 31st
March 2019 were held on the following dates:
c)
Table 17
Particulars
Date
Quarter ended 30th June 2018
26th July 2018
Quarter/half
year
30th September 2018
Quarter/nine months
31st December 2018
ended
29th October 2018
d)
ended
28th January 2019
Quarter/year ended 31st March
2019
2nd May 2019
96 I Report on Corporate Governance
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e) Website: Comprehensive
about
information
the
Company, its business and operations, Press Releases and
investor information can be viewed at the Company’s
website at www.tatapower.com. The ‘Investor Relations’
section serves to inform the investors by providing key and
timely information like financial results, annual reports,
shareholding pattern, quarterly Corporate Governance
report, presentations made to analysts, etc.
f )
g)
NSE Electronic Application Processing System (NEAPS)
and BSE Online Portal: NSE has provided online platform
NEAPS wherein the Company submits all the compliances/
disclosures to the Exchange in the SEBI prescribed format.
Similar filings are made with BSE on their online Portal viz.
BSE Corporate Compliance & Listing Centre.
eXtensible Business Reporting Language (XBRL): XBRL
is a standardized and structured way of communicating
business and financial data in an electronic form. XBRL
provides a language containing various definitions (tags)
which uniquely represent the contents of each piece
of financial statements or other kinds of compliance
and business reports. BSE and NSE provide XBRL
identical and
based compliance reporting featuring
homogeneous compliance data structures between Stock
Exchanges and Ministry of Corporate Affairs. The XBRL
filings are done on the NEAPS portal as well as the BSE
online portal.
General Shareholder Information
(a) Details of AGM
Last date of receipt
of Proxy form
: Tuesday, 18th June 2019 at 3:00
p.m. (IST) at Birla Matushri Sabhagar,
Sir Vithaldas Thackersey Marg, 19,
New Marine Lines, Mumbai 400 020.
: Sunday, 16th June 2019 before 3:00
p.m. (IST)
(b) Financial Year
: 1st April to 31st March
(c) Dividend
(d) Book Closure
: Dividend of ₹ 1.30 per Equity share
fully paid up (130%) for the financial
year 2018-19 has been recommended
by the Board of Directors to Members
for their approval. If approved by the
Members, payment will be made on
and from 20th June 2019.
: From Friday, 7th June 2019 to
Tuesday, 18th June 2019 (both days
inclusive).
(e) E-voting Dates
:
for e-voting
The cut-off date for the purpose
of determining the shareholders
eligible
is Tuesday,
June 2019. The e-voting
11th
commences on Friday, 14th June
2019 at 9.00 a.m. (IST) and ends on
Monday, 17th June 2019 at 5.00 p.m.
(IST).
h) Web-based Query Redressal System: Members also
have the facility of raising their queries/complaints on
share related matters through an option provided on
the Company’s website at https://www.tatapower.com/
investor-relations/investor-queries.aspx.
(f )
(g)
(h)
i)
j)
k)
SEBI Complaints Redressal System
(SCORES): A
centralised web-based complaints redressal system which
serves as a centralised database of all complaints received,
enables uploading of Action Taken Reports by the
concerned company and online viewing by the investors
of actions taken on the complaint and its current status.
Dedicated e-mail ID for communication with Investor
Education and Protection Fund Authority: The Company
has a dedicated e-mail id jemahernosh@tatapower.com
for communication with the IEPF Authorities. Stakeholders
are requested to send their IEPF claim documents at
iepfclaim@tsrdarashaw.com.
Reminder to investors: Reminders to collect unclaimed
dividend on shares or debenture redemption/interest
are sent to the concerned shareholders and debenture
holders.
International Securities
INE245A01021
Identification Number
(ISIN):
Corporate Identity Number (CIN): L28920MH1919PLC000567
Listing on Stock Exchanges
Listing of Equity Shares: The Company’s Equity Shares
are listed on two Stock Exchanges in India viz.
(a) BSE Limited (Regional Stock Exchange), Phiroze
Jeejeebhoy Towers, Dalal Street, Mumbai 400 001; and
(b) National Stock Exchange of India Limited, Exchange
Plaza, Bandra Kurla Complex, Bandra (E), Mumbai 400 051.
Listing of GDS and GDRs: In February 1994, the Company
jointly with the erstwhile The Tata Hydro-Electric Power
Supply Company Limited and The Andhra Valley Power
Supply Company Limited
issued Global Depository
Shares (GDS) in the International Market which have been
listed on Luxembourg Stock Exchange, 35 Boulevard
Joseph II, 1840, Luxembourg and have been accepted for
clearance through Euroclear and Cedel. They have also
been designated for trading in the PORTAL System of the
National Association of Securities Dealers, Inc.
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In July 2009, the Company raised USD 335 million through offering of Global Depositary Receipts (GDRs). The GDRs are listed
and traded in Euro MTF market of Luxembourg Stock Exchange and are also available for trading on IOB (International Order
Board) of London Stock Exchange.
Number of outstanding GDS as on 31st March 2019:
(cid:3)
(cid:3)
(cid:120)
(cid:120)
436 (Issued in 1994 to Citibank NA)
1,43,980 (Issued in 2009 to Bank of New York, Mellon)
Listing of Debt Securities: The various series of Debentures issued by the Company are listed as under:
Series
Amount
outstanding as on
31st March 2019
(₹ in crore)
Table 19
Listed on Name of the Debenture trustee
with full contact details
Secured, Non-Convertible, Non-
9.15%
Cumulative, Redeemable, Taxable, Debentures
with Separately Transferable Redeemable
Principal Parts
Secured, Non-Convertible, Non-
9.15%
Cumulative, Redeemable, Taxable, Debentures
with Separately Transferable Redeemable
Principal Parts
9.40% Redeemable, Transferable, Secured,
Non-Convertible Debentures
10.75% Unsecured Debentures
11.40% Perpetual Bonds
9.48%
Convertible Debentures
Unsecured,
7.99%
Convertible Debentures
Unsecured,
Redeemable,
Non-
Redeemable,
Non-
1,500
122
NSE
150
NSE
210
1,500
1,500
500
NSE
NSE
BSE & NSE
NSE
BSE
Services
Financial
Centbank
Limited, Central Bank of India,
MMO Bldg., 3rd Floor (East Wing),
55, Mahatma Gandhi Road, Fort,
Mumbai 400 001.
Tel : 022 2261 6217
Fax : 022 2261 6208
E-mail : info@cfsl.in
IDBI Trusteeship Services Limited,
Asian Building, Ground Floor, 17,
R. Kamani Marg, Ballard Estate,
Mumbai 400 001.
Tel : 022 4080 7000
Fax : 022 6631 1776
E-mail : itsl@idbitrustee.com
Sl.
No.
1.
2.
3.
4.
5.
6.
7.
During the year, the Company redeemed the following series of Debentures:
(cid:3)
(cid:3)
(cid:3)
(cid:3)
(cid:120)
(cid:120)
(cid:120)
(cid:120)
10.10% ,Transferable Secured Redeemable Non-Convertible Debentures
10.40%, Transferable Secured Redeemable Non-Convertible Debentures
9.41% Unsecured, Non-Cumulative, Redeemable, Taxable, Listed, Rated, Non-Convertible Debentures
7.70% Unsecured, Non-Cumulative, Redeemable, Taxable, Listed, Rated, Non-Convertible Debentures
(i)
Listing and Custodial Fees
The Company has paid the requisite Annual Listing and Custodial Fees to the Stock Exchanges and Depositories viz. Central
Depository Services (India) Limited (CDSL) and NSDL, respectively for the financial years 2018-19 and 2019-20.
(j)
Listing Details
Table 20
Name of Exchanges
Stock Code
Listing Date
BSE Limited
(physical form)
(demat form)
400
500400
Listed on 1st January 1934
National Stock Exchange of India Limited
TATAPOWER EQ
Listed on 3rd April 1996
98 I Report on Corporate Governance
100th Annual Report 2018-19
(k) Market Price Data: Month wise High, Low and trading volumes of the Company’s Equity shares during the last financial year
at BSE and NSE are given below:
Stock Exchange
BSE
NSE
Month
High
(₹)
Low
(₹)
No. of shares traded
April 2018
May 2018
June 2018
July 2018
August 2018
September 2018
October 2018
November 2018
December 2018
January 2019
February 2019
March 2019
87.65
86.95
79.60
74.40
76.85
78.05
77.55
78.05
82.50
76.85
71.45
73.80
81.90
76.40
71.60
67.80
67.20
65.95
61.05
74.35
75.95
68.05
65.15
67.05
59,46,275
87,43,425
59,92,587
88,26,319
67,70,832
87,55,100
2,17,34,235
90,93,452
1,38,50,640
1,91,18,191
95,28,024
1,64,70,960
High
(₹)
88.30
87.00
79.60
74.55
76.90
78.20
77.75
78.30
82.55
76.70
71.50
73.80
Low
(₹)
81.90
76.45
71.65
67.80
67.15
65.85
60.95
74.40
75.95
68.15
65.25
67.05
Table 21
No. of shares traded
9,90,61,037
12,43,80,147
7,82,41,043
8,12,50,290
7,17,72,265
9,65,96,742
20,58,90,457
11,88,84,081
12,98,29,265
9,49,45,566
10,17,05,887
13,89,87,661
(l)
(i)
The market share price data in comparison to broad-based indices like BSE Sensex and Nifty are given below:
Comparison of the Company’s share price with BSE Sensex in FY19:
Months
Tata Power closing
price at BSE
BSE Sensex
Table 22
April 2018
May 2018
June 2018
July 2018
August 2018
September 2018
October 2018
November 2018
December 2018
January 2019
February 2019
March 2019
88.15
81.20
73.05
74.40
76.60
65.95
76.45
76.25
76.75
71.30
65.35
73.80
35,160.36
35,322.38
35,423.48
37,606.58
38,645.07
36,227.14
34,442.05
36,194.30
36,068.33
36,256.69
35,867.44
38,672.91
Report on Corporate Governance I 99
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(ii)
Comparison of the Company’s share price with NSE Nifty in FY19:
The Tata Power Company Limited
Table 23
Months
Tata Power closing
price at NSE
April 2018
May 2018
June 2018
July 2018
August 2018
September 2018
October 2018
November 2018
December 2018
January 2019
February 2019
March 2019
(iii)
Performance in comparison to broad-based indices:
Company's share price
Indices
As at 02.04.2018
As at 29.03.2019
Change (%)
As at 02.04.2018
As at 29.03.2019
Change (%)
88.30
81.30
73.25
74.55
76.70
65.85
76.55
76.10
76.80
71.30
65.45
73.80
BSE
81.90
73.80
-10.98
BSE
33,255.36
38,672.91
14.01
NIFTY
10,739.35
10,736.15
10,714.30
11,356.50
11,680.50
10,930.45
10,386.60
10,876.75
10,862.55
10,830.95
10,792.50
11,623.90
Table 24
NSE
81.90
73.80
-10.98
Nifty
10,211.80
11,623.90
12.15
(m) None of the Company’s securities have been suspended from trading.
(n)
(i)
Registrars and Share Transfer Agents: TSR Darashaw Limited (TSRDL), 6-10, Haji Moosa Patrawala Industrial Estate
(Near Famous Studio), 20, Dr. E. Moses Road, Mahalaxmi, Mumbai 400 011. Tel. : 022 6656 8484, Fax : 022 6656 8494
E-mail: csg-unit@tsrdarashaw.com Website: www.tsrdarashaw.com
(ii)
Branches of TSRDL
1.
2.
3.
4.
503, Barton Centre, 5th floor, 84, Mahatma Gandhi Road, Bengaluru 560 001.
Tel : 080 2532 0321, Fax : 080 2558 0019; E-mail : tsrdlbang@tsrdarashaw.com
Bungalow No.1, ‘E’ Road, Northern Town, Bistupur, Jamshedpur 831 001.
Tel : 0657 242 6616, Fax : 0657 242 6937; E-mail: tsrdljsr@tsrdarashaw.com
Tata Centre, 1st Floor, 43, Jawaharlal Nehru Road, Kolkata 700 071.
Tel : 033 2288 3087, Fax : 033 2288 3062; E-mail : tsrdlcal@tsrdarashaw.com
Plot No.2/42, Sant Vihar, Ansari Road, Darya Ganj, New Delhi 110 002.
Tel : 011 2327 1805, Fax : 011 2327 1802; E-mail : tsrdldel@tsrdarashaw.com
100 I Report on Corporate Governance
100th Annual Report 2018-19
(iii) Agent of TSRDL
Shah Consultancy Services Pvt. Limited
3, Sumatinath Complex, Pritam Nagar, Akhada Road, Ellisbridge, Ahmedabad - 380 006.
Telefax : 079 2657 6038 E-mail : shahconsultancy8154@gmail.com
For the convenience of Members, all communications/documents are also accepted at the abovementioned branches/
agency of TSRDL between 10.00 a.m. to 3.30 p.m. (Monday to Friday except bank holidays).
(o)
Share transfer system
Effective 1st April 2019, SEBI has amended Regulation 40 of the Listing Regulations, which deals with transfer or transmission
or transposition of securities. According to this amendment, the requests for effecting the transfer of listed securities shall not
be processed unless the securities are held in dematerialised form with a Depository. Therefore, for effecting any transfer, the
securities shall mandatorily be required to be in demat form.
According to SEBI, this amendment will bring the following benefits:
(cid:120)
(cid:120)
It shall curb fraud and manipulation risk in physical transfer of securities by unscrupulous entities.
Transfer of securities only in demat form will improve ease, convenience and safety of transactions for investors.
Compliance of Share Transfer formalities
As per the requirement of Regulation 40(9) of the Listing Regulations, the Company has obtained the half yearly certificates
from the Company Secretary in practice for due compliance of share transfer formalities.
The number of shares transferred/transmitted in physical form during FY18 & 19 are given below:
Table 25
Shares transferred/transmitted in physical form
FY19
FY18
Number of transfers/transmissions
Number of shares
Shareholding details of the Company
Distribution of Shareholding by category as on 31st March 2019:
(p)
i.
5,601
1,161
69,35,646
24,53,873
Table 26
Category
Total number of shares
Total number of shareholders
Physical
Demat
Total
%
Physical
%
Demat
%
Total
%
1 - 5000
2,35,45,880
12,96,17,259
15,31,63,139
5001 - 10000
94,98,326
5,30,63,384
6,25,61,710
10001 - 20000
49,19,619
4,89,21,605
5,38,41,224
20001 - 30000
22,17,191
2,50,62,602
2,72,79,793
30001 - 40000
15,47,960
1,51,60,858
1,67,08,818
40001 - 50000
8,33,565
1,12,93,798
1,21,27,363
50001 - 100000
11,49,240
3,11,36,192
3,22,85,432
5.66
2.31
1.99
1.01
0.62
0.45
1.19
100001 and above
20,90,340
2,34,47,15,691
2,34,68,06,031
86.77
18,340
90.54
3,02,149
95.67
3,20,489
95.35
1,384
352
92
44
19
18
7
6.83
1.75
0.45
0.22
0.09
0.09
0.03
7,512
3,519
1,022
438
252
448
518
2.38
1.11
0.32
0.14
0.08
0.14
0.16
8,896
3,871
1,114
482
271
466
525
2.65
1.15
0.33
0.14
0.08
0.14
0.16
Total
Note:
4,58,02,121
2,65,89,71,389
2,70,47,73,510*
100.00
20,256
100.00
3,15,858
100.00
3,36,114
100.00
*Excluding 28,32,060 shares not allotted but held in abeyance, 44,02,700 shares cancelled pursuant to a Court Order and
4,80,40,400 shares of the Company held by the erstwhile The Andhra Valley Power Supply Co. Ltd. cancelled pursuant to the
Scheme of Amalgamation sanctioned by the High Court of Judicature at Bombay.
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Report on Corporate Governance I 101
ii.
Shareholding pattern of the Company as on 31st March 2019:
Particulars
Promoters and promoters group
Directors and their relatives
Insurance Companies
Financial Institutions/Banks
Mutual Funds/UTI
Clearing Members
Corporate Bodies
Body Corporate-NBFC
Limited Liability Partnership-LLP
Alternate Investment Fund
Trusts
Resident Individuals & HUF
Central/State Governments
Foreign Institutional Investors
Foreign Portfolio Investors-Corporate
Foreign Banks
OCBs
Global Depository Receipts
Non-Resident Indians
IEPF Suspense A/c
Total
The Tata Power Company Limited
Table 27
Equity Share of ₹ 1 each
No. of Shares
%
89,25,44,226
36,862
35,46,87,403
1,98,45,323
28,80,54,658
86,39,783
3,20,18,004
65,737
3,98,413
23,65,000
18,33,460
34,40,72,665
69,54,490
83,18,180
71,03,88,567
19,05,981
4,400
18,32,300
2,39,71,117
68,36,941
33.00
0.00
13.11
0.73
10.65
0.32
1.18
0.00
0.01
0.09
0.07
12.72
0.26
0.31
26.26
0.07
0.00
0.07
0.90
0.25
2,70,47,73,510
100.00
iii.
Top 10 Shareholders of the Company as on 31st March 2019:
Sl. No.
Name of Shareholder
Total holding
1.
2.
3.
4.
5.
6.
7.
8.
9.
Tata Sons Private Limited
Life Insurance Corporation of India Limited
Matthews Pacific Tiger Fund
ICICI Prudential Balanced Fund
First State Investments Icvc- Stewart Investors Global Emerging Markets
Leaders Fund
The New India Assurance Company Limited
General Insurance Corporation of India
Stewart Investors Global Emerging Markets Leaders Fund
SBI Magnum Multicap Fund
10.
Tata Steel Limited
Total
102 I Report on Corporate Governance
Table 28
% to paid-up
capital
31.05
7.75
6.67
4.21
3.33
2.00
1.92
1.85
1.74
1.45
83,97,99,682
20,97,31,735
18,03,16,487
11,38,29,237
9,00,17,492
5,41,93,839
5,19,62,960
5,01,16,888
4,70,23,060
3,91,22,725
1,67,61,14,105
61.97
100th Annual Report 2018-19
(q) Details of Equity Shares in dematerialised and physical form as on 31st March 2019
The Company’s shares are compulsorily traded in dematerialised form and are available for trading through both the
Depositories in India viz. NSDL and CDSL. The details of number of equity shares of the Company which are in dematerialised
and physical form are given below:
Particulars
Number of
shares
% to total
number of
shares
Number of
shareholders
Table 29
% to total
number of
shareholders
Dematerialised form
NSDL (A)
CDSL (B)
Sub-total (A+B)
Physical form (C)
Total (A+B+C)
2,57,43,50,950*
8,46,20,439
2,65,89,71,389
4,58,02,121
95.18
3.13
98.31
1.69
2,04,471
1,11,387
3,15,858
20,256
60.83
33.14
93.97
6.03
2,70,47,73,510
100.00
3,36,114
100.00
*includes entire shareholding of promoter and promoter group.
(r)
Commodity price risk or foreign exchange risk and hedging activities
The Company has adopted the Commodity Price Risk Management Policy to manage its risks associated with commodity
imports (presently only Coal) from international markets. The objective of this policy is to ensure protection from risk arising
out of adverse and volatile movement in commodity prices by proper monitoring of the exposures and taking timely actions to
keep risks at acceptable levels. In terms of SEBI Circular No. SEBI/HO/CFD/CMD1/CIR/P/2018/0000000141 dated 15th November
2018, the required information is provided as under:
i)
Risk management policy of the Company with respect to commodities including through hedging: The Commodity Price
Risk Management Policy is available on the Company’s website at https://www.tatapower.com/corporate/policies.aspx.
ii)
Exposure of the Company to commodity and commodity risks faced by the Company throughout the year:
(cid:120)
(cid:120)
Total exposure of the listed entity to commodities in ₹: The Company has total exposure of approx. ₹ 1,980 crore.
Exposure of the listed entity to various commodities:
Table 30
Commodity
Name
Exposure in ₹
towards the
particular
commodity
Exposure in
quantity terms
towards the
particular
commodity
% of such exposure hedged through commodity
derivatives
Domestic market
International
market
Total
OTC
Exchange
OTC
Exchange
Coal
(cid:120) Trombay Plant –
₹ 1,130 crore
(cid:120) Trombay Plant –
2.2 Million MT
(cid:120) Jojobera Plant –
₹ 850 crore
(cid:120) Jojobera Plant –
2.2 Million MT
Nil
Nil
Nil
Nil
Nil
(cid:3)
(cid:3)
(cid:120)
Commodity risks faced by the Company during the year and how they have been managed are given below:
The Company has its coal based power generation plants situated at Trombay, Mumbai and Jojobera, Jamshedpur
(Jharkhand). Trombay Plant imports coal from Indonesia under long term index linked contract in accordance with
Indonesian price regulation, while Jojobera Plant imports domestic coal (Indigenous coal) which is governed by
notified price declared by Coal India Limited.
The price of imported coal for Trombay Plant is USD 168 million (₹ 1,130 crore). The price varies based on coal
market index. The coal price for Jojobera plant is ₹ 850 crore.
As both the aforesaid plants are regulated business and the cost of coal is pass through, the Company does not
have any risk towards fluctuation of price of coal being sourced for these plants. Therefore, the coal commodity is
not hedged as risk exposure is not material to the Company.
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Report on Corporate Governance I 103
(s)
Plant locations of the Company and Group Companies
The Tata Power Company Limited
Table 31
Type of plants
Thermal
Generating Plants
Power
Address of plants
Trombay Generating Station, Mahul Road, Chembur, Mumbai, Maharashtra
Jojobera Power Plant, Jojobera, Jamshedpur, Jharkhand
Haldia Power Plant, HFC Complex, Patikhali Haldia, East Medinipur, West Bengal
Mundra Ultra Mega Power Plant, Tunda-Vandh Road, Village Tunda, Taluka Mundra , Kutch, Gujarat
Maithon Right Bank Thermal Power Plant, Village Dambhui, PO Barbindia Thana Nirsa, District Dhanbad,
Jharkhand
Industrial Energy Limited, inside of Tata Steel Ltd., Kalinganagar, Jajpur, Jajpur Road , Dubri, Odisha
Rithala CCGT Power Plant, 2/9, Sub Station Building, Behind Char Dham Apartment, Sector 9, Rohini,
New Delhi
Hydro Generating
Stations
Generating Station, Bhira PO Bhira, Taluka Mangaon, District Raigad, Maharashtra
Generating Station, Bhivpuri, PO Bhivpuri Camp, Taluka Karjat, District Raigad, Maharashtra
Generating Station, Khopoli, PO Khopoli Power House, District Raigad, Maharashtra
Generating Station, Itezhi Tezhi Power Corporation, Plot 3039, Makishi Road, Fairview, Post Net 239,
Private Bag E891, Manda Hill, Lusaka, Zambia
Dagachhu Hydro Power Corporation Limited, Dagapela, Dagana, Bhutan
Wind Farms
Supa Wind Farm, Village Shahjahanpur & Pimpalgaon, Taluka Parner, District Ahmednagar, Maharashtra
Khandke Wind Farm, Village Khandke, Taluka & District Ahmednagar, Maharashtra
Bramanvel Wind Farm, Village Valve, Taluka Sakri, District Dhulia, Maharashtra
Sadawaghapur Wind Farm, Village Sadawaghapur, Taluka Patan, District Satara, Maharashtra
Agaswadi Wind Farm, Village Kannarwadi, Hiwarwadi & Agaswadi, Taluka Khatav, District Satara,
Maharashtra
Niwade Wind Farm, Village Sawarghar and Niwade, Taluka Patan, District Satara, Maharashtra
Visapur Wind Farm, Village Kokrale, Visapur, Girijashankarwadi & Rajachekurle, Taluka Khatav, District
Satara, Maharashtra
Agaswadi Wind Farm, Taluka Maan, District Satara, Maharashtra
Visapur Girijashankar Wadi District Satara, Maharashtra
Jath, Indorama, Maharashtra
Samana Wind Farm, Jamjodhpur, Sadodar, Motapanch Devda, Samana, District Jamnagar, Gujarat
Rojmal Wind Farm, Village Rojmal, District Bhavnagar, Amreli, Gujarat
Dwarka Wind Farm, Village Bhatiya , District Khambhalia, Gujarat
Gadag Wind Farm, Hosur, Kanavi, Mulgund, Shiroland Harti, District Gadag, Karnataka
Poolavadi Wind Farm, Villages: Anikaduvu, Mongilphuluvu, Illupunagaram, Taluka Madathukulam,
District Tripur, Tamil Nadu
Dalot Wind Farm, Village Raipur, Jungle, Khanpur, Talabkheda, Karaikhede, Taluka Arnod, District
Pratapgarh, Rajasthan
104 I Report on Corporate Governance
100th Annual Report 2018-19
Type of plants
Address of plants
Vagarai Wind Farm Limited Appayampatti Village, Oddan Chatram Taluk, Dindigul District, Tamil Nadu
Inox Wind Infrastructure Limited, 220 KV Pooling Substation Dangri, Teh-Fatehgarh, District, Jaisalmer,
Rajasthan
Dangri Wind Farm, Village Dangri, District Jaisalmer, Rajasthan
Walwhan Energy Rajasthan, Village Ola Bahala Basti Bhesada, Raigarh District, Jaisalmer, Rajasthan
Lahori Wind Farm, Village Lahori, District Shajapur, Madhya Pradesh
Nimbagallu Wind Project, Nimbagallu Village, Uravakonda (Mandal), District Anantapur, Andhra
Pradesh
Amakhala Emoyeni Wind Farm, Bedford - 5780, Eastern Cape, South Africa
Tsitsikama (TCWF) Wind Farm, Humansdorp - 6300, Eastern Cape, South Africa
Solar Plants
Mulshi Solar Plant, Mulshi (Khurd), Post Male, Taluka Mulshi, District Pune, Maharashtra
Roof top Solar, Delhi
Bidar, Srinivasapura, Kanakagiri, Karnataka
Noamundi Solar Power Plant, Jharkhand
Palsawade Solar Plant, Palsawade, Taluka Maan, District Satara, Maharashtra
Sastra University, Maharashtra
Mithapur Solar Plant, Plot B, Survey No. 78, Mithapur, District Jamnagar, Gujarat
Belampalli Solar Plant, Village Ankepalli and Venkapalli, Mandal Tandur, District Adilabad, Telangana
Plot No. 6, Gujarat Solar Park Charanka, District Patan, Gujarat
Solar Power plants (blocks # 17, 18, 27, 32 and 34 ) 2000 MW Solar Park, Thirumani Village, Pavagda
Taluk, Tumkur, District Karnataka
Plot - P4 & P5, Ananthapuramu Ultra Mega Solar Park, Thumkunta Village, Galiveedu Mandal, Raychoti
Taluka, Kadapa, Andhra Pradesh
Walwhan Urja Anjar Limited - Village Khirasara, Taluka Anjar, District Kutch, Gujarat
Wawhan Solar Energy GJ Limited - Village Khirasara , Taluka Anjar, District Kutch, Gujarat
MI MySolar 24 Private Limited - Village Fatehpur, Taluka Patdi, District Surendranagar, Gujarat
Dreisatz MySolar 24 Private Limited - Village Fatehpur, Taluka Patdi, District Surendranagar, Gujarat
Walwhan Solar Raj Limited - Village Ghitoor, Tehsil Baap, District Phalodi, Rajasthan
Northwest Energy Private Limited - Village Ghitoor, Tehsil Baap, District Phalodi, Rajasthan
Walwhan Solar AP Limited - Village Shrimandrup Nagar and Rawra, Tehsil Phalodi, District Jodhpur,
Rajasthan
Walwhan Solar RJ Limited - Village Kolayat, Bikaner, Rajasthan
Walwhan Solar MP Limited:
- Village Bhagwanpura Diken Padaliya, Taluk Jawad and Singoli, District Neemuch, Madhya Pradesh
- Village Padaliya and Bhadhawa, Taluk Singoli, PIN 458226, District Neemuch, Madhya Pradesh
Walwhan Solar MH Limited - MIDC Mangalwedha (G.C.), Taluka Mangalwedha, Maharashtra
Report on Corporate Governance I 105
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Address of plants
The Tata Power Company Limited
Clean Sustainable Solar Energy Private Limited - Village Shirshuphal, Baramati, Pune, Maharashtra
Walwhan Solar AP Limited - Plot 5A, 6A & 6B IDC park, APIIC, Pulivendula, Kadapa District, Andhra
Pradesh
Walwhan Renewable Energy Limited - (Balpanur, Kadapa), (Vermalapudu, Ananthpur), (Rajapura,
Chitradurga), (Kodihalli, Chitradurga), (Talak, Chitradurga), (Veeriyapalayam Village, Krishnarayauram
Taluk, Karur District), (Iyermalai Vayalur Village, Krishnarayauram, Karur District), (Kaithar, Metupirancheri
Village, Manur Taluk, Tiruneliveli), (Noida, U.P.), (Bhiwadi, Rajasthan)
Walwhan Solar KA Limited - Villages Nagasamudra & Heruru Taluka Molakalamuru, District Chitradurga,
Karnataka
Walwhan Solar PB Limited - Villages Jagaram Tirath & Teona Pujarian, Tehsil Talwandi Sabo, Bhatinda,
Punjab
Walwhan Solar TN Limited - Musri, Trichy, Tamilnadu
Walwhan Solar BH Limited:
- Bahera, Block: Dobhi, Post Office: Barachatti Anchal, Gaya, Bihar
- Savkala & amp, Khaira Khurd, Block Amas, Post Office: Sherghati Anchal, Sherghati, Gaya, Bihar
Walwhan Solar MH Limited, Village Dhalmu, Pratapgarh, Rajasthan
Shil Road, Netivli, Kalyan, District Thane, Maharashtra
- Dharavi Receiving Station Matunga, Near Shalimar Industrial Estate, Dharavi, Mumbai
- Senapati Bapat Marg, Lower Parel, Mumbai, Maharashtra
42/43, Electronic City, Electronic City Post Office, Hosur Road, Bengaluru, Karnataka
Transmission
Division
Distribution
Division
Strategic
Engineering Division
(t)
Address for correspondence
The Tata Power Company Limited
Bombay House, 24, Homi Mody Street, Mumbai 400 001.
Tel.: 022 6665 8282, Fax: 022 6665 8801; E-mail: tatapower@
tatapower.com; Website: www.tatapower.com
(u)
Credit Rating
During the year, the Company has sustained its long term
bank facility credit rating of AA- (Stable) which has been
reaffirmed by CRISIL Limited (CRISIL). The rating of AA-
(Stable) awarded by CRISIL reflects high degree of safety
regarding timely servicing of financial obligations. Such
instruments carry very low credit risk. Further, CRISIL
has reaffirmed the rating of NCD programme (including
perpetual and subordinated Non-convertible debentures)
of the Company as AA-/stable. The Company’s short-
term bank facility credit rated as A1+ by CRISIL, has been
reaffirmed. The rating of A1+ for Commercial Paper has
also been reaffirmed by CRISIL. This highest rating of A1+
indicates a very strong degree of safety with regard to
timely payment of interest and principal. Such instruments
carry lowest credit risk.
Further, ICRA Limited (ICRA) has reaffirmed the rating on
NCD programme of the Company as AA- (Stable). The
106 I Report on Corporate Governance
rating indicates highest degree of safety regarding timely
servicing of financial obligation. The rated instrument
reflects high degree of safety regarding timely servicing
of financial obligations. Such instruments carry very low
credit risk. The outlook on the long-term rating is stable.
The rating of A1+ for Commercial Paper has also been
reaffirmed by ICRA. This highest rating of A1+ indicates a
very strong degree of safety with regard to timely payment
of interest and principal. Such instruments carry lowest
credit risk.
CARE Ratings Limited has reaffirmed the rating on NCD
programme (including perpetual bonds) of the Company
as AA. The outlook is Stable.
India Ratings & Research Private Limited (Ind-Ra), a Fitch
Group Company, affirmed the rating on NCD programme
of the Company as IND AA (Stable).
Other Disclosures
1.
2.
There were no materially significant related party
transactions during the year which have potential conflict
with the interest of the Company at large.
from senior
The Board has
to material, financial and
management
commercial transactions where they and/or their relatives
received disclosures
relating
100th Annual Report 2018-19
3.
4.
5.
6.
have personal interest. There are no materially significant
related party transactions which have potential conflict
with the interest of the Company at large.
There was no non-compliance, penalties, strictures
imposed on the Company by Stock Exchanges, the
Securities and Exchange Board of India or any statutory
authority, on any matter related to Capital Markets, during
the last three years.
The Company has maintained an integrated compliance
dashboard which provides assurance to the Management
and the Board of Directors regarding effectiveness of
timely compliances. All the compliances applicable to the
Company have been captured in the dashboard and are
mapped amongst the respective users. The timelines are
fixed based on the legal requirement and the system is
aligned in such a manner that it alerts the users in a timely
manner.
The Company has adopted a revised Whistleblower
Policy & Vigil Mechanism
for directors, employees
and stakeholders to report concerns about unethical
behaviour, actual or suspected fraud or violation of the
Company’s Code of Conduct or Ethics policy. The said
policy has been posted on the Company’s website at
https://www.tatapower.com/corporate/policies.aspx. The
Company affirms that no personnel have been denied
access to the Audit Committee of Directors.
All mandatory requirements of the Listing Regulations
have been complied with by the Company. The status of
compliance with the discretionary requirements, as stated
under Part E of Schedule II to the Listing Regulations, is as
under:
(cid:120)
(cid:120)
(cid:120)
(cid:120)
The Board: As on date, the positions of the Chairman
and the CEO are separate. Mr. N. Chandrasekaran,
Non-Executive Chairman of the Company maintains
a separate office for which the Company is not
required to reimburse expenses. The Board has
appointed Mr. Praveer Sinha as the CEO & Managing
Director of the Company. All policy and strategic
decisions of the Company are taken through a
majority decision of the Board.
Shareholder Rights: The half-yearly financial
performance of the Company is sent to all the
Members possessing e-mail IDs. The results are also
posted on the Company’s website.
Modified opinion(s) in Audit Report: The Auditors
have expressed an unmodified opinion in their
report on the financial statements of the Company.
Reporting of Internal Auditor: The Internal Auditor
reports to the Audit Committee of Directors.
7.
The policy for determining material subsidiaries has been
uploaded on the Company’s website at https://www.
tatapower.com/pdf/aboutus/policy-for-determining-
material-subsidiaries.pdf.
8.
9.
The policy on dealing with related party transactions
has been uploaded on the Company’s website at https://
www.tatapower.com/pdf/aboutus/rpt-policy-framework-
guidelines.pdf.
The Company did not raise any funds through preferential
allotment or qualified institutions placement during the
year under review.
10. A certificate from a Company Secretary in practice has been
received stating that none of the directors on the Board
of the Company have been debarred or disqualified from
being appointed or continuing as directors of companies
by SEBI/Ministry of Corporate Affairs or any such statutory
authority.
11. All the recommendations of the various committees were
accepted by the Board.
12. During the year, details of fees paid/payable to the
Statutory Auditors and all entities in the network firm/
network entity of which the Statutory Auditor is a part, by
the Company and its subsidiaries, are given below:
Table 32
(` in crore)
Particulars
By the
Company*
By the
Subsidiaries*
Total
Amount
Statutory
audit
Other services
Out-of-pocket
expenses
3.54
0.61
0.22
2.63
1.24
0.18
6.17
1.85
0.40
Total
4.37
4.05
8.42
*The above fees are exclusive of applicable tax.
13. Disclosures in relation to the Sexual Harassment of
Women at Workplace (Prevention, Prohibition and
Redressal) Act, 2013
The Company has always believed in providing a safe
and harassment-free workplace for every
individual
working in the Company. The Company has complied
with the applicable provisions of the aforesaid Act and
the Rules framed thereunder, including constitution of
the Internal Complaints Committee (ICC). The Company
has in place an Anti-Sexual Harassment Policy in line with
the requirements of the Sexual Harassment of Women at
Workplace (Prevention, Prohibition and Redressal) Act,
2013 and the same is available on the Company’s website
https://www.tatapower.com/pdf/aboutus/Sexual-
at
harass-policy.pdf. All employees (permanent, contractual,
temporary and trainees, etc.) are covered under this Policy.
The Policy is gender neutral.
Report on Corporate Governance I 107
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Status of complaints as on 31st March 2019:
Sl.
No.
1.
2.
3.
Particulars
Table 33
Number of
Complaints
Number of complaints filed during
the financial year
Number of complaints disposed off
during the financial year
Number of complaints pending at
the end of the financial year
0
N.A.
N.A.
14.
15.
16.
17.
18.
The Company has complied with all the requirements
of Corporate Governance Report as stated under sub-
paras (2) to (10) of section (C) of Schedule V to the Listing
Regulations.
The Company has complied with all the requirements of
corporate governance as specified in Regulations 17 to 27
and clauses (b) to (i) of sub-regulation (2) of Regulation 46
of the Listing Regulations.
In terms of Regulation 17(8) of the Listing Regulations, the
CEO & Managing Director and the CFO made a certification
to the Board of Directors in the prescribed format for the
year under review, which has been reviewed by the Audit
Committee and taken on record by the Board. The same is
attached herewith and marked as Annexure II.
The Company follows Indian Accounting Standards (Ind
AS) issued by the Ministry of Corporate Affairs in the
preparation of its financial statements.
The Company has obtained compliance certificate
from the Practising Company Secretary on corporate
governance, which is attached herewith and marked as
Annexure III.
19. As required under Regulation 36(3) of the Listing
Regulations and Secretarial Standard-2, particulars of
Directors seeking appointment/re-appointment at the
forthcoming AGM are given in the Notice of the AGM to be
held on 18th June 2019.
20. Monitoring of Subsidiary Companies
The Audit Committee reviews the financial statements
of subsidiaries of the Company. It also reviews the
investments made by such subsidiaries, the statement of
all significant transactions and arrangements entered into
by the subsidiaries, if any, and the compliances of each
materially significant subsidiary on a periodic basis. The
minutes of board meetings of the subsidiary companies
are placed before the Board of the Company for review.
21. Directors and Officers Liability Insurance (D&O)
As per the provisions of the Act and in compliance
with Regulation 25(10) of the Listing Regulations, the
108 I Report on Corporate Governance
The Tata Power Company Limited
Company has taken a Directors and Officers (D&O) Liability
Insurance policy on behalf of all Directors including
Independent Directors, Officers, Managers and Employees
of the Company for indemnifying any of them against any
liability in respect of any negligence, default, misfeasance,
breach of duty or breach of trust for which they may be
guilty in relation to the Company.
Other Shareholder Information
(cid:190)
Transfer of unclaimed/unpaid amounts to Investor
Education and Protection Fund
In accordance with the provisions of Sections 124, 125
and other applicable provisions, if any, of the Act, read
with the IEPF Authority (Accounting, Audit, Transfer
and Refund) Rules, 2016 (hereinafter referred to as “IEPF
Rules”) (including any statutory modification(s) or re-
enactment(s) thereof for the time being in force), the
amount of dividend remaining unclaimed or unpaid for
a period of seven years from the date of transfer to the
unpaid dividend account, is required to be transferred
to the IEPF, maintained by the Central Government. In
pursuance of this, the dividend remaining unclaimed
in respect of dividends declared upto the financial year
ended 31st March 2011 have been transferred to the IEPF.
The details of the unclaimed dividends so transferred
are available on the Company’s website at https://www.
tatapower.com/investor-relations/unclaimed-dividends.
aspx and on the website of the Ministry of Corporate
Affairs at www.mca.gov.in.
In accordance with Section 124(6) of the Act, read with
the IEPF Rules, all the shares in respect of which dividend
has remained unclaimed or unpaid for seven consecutive
years or more from the date of transfer to the unpaid
dividend account are required to be transferred to the
demat Account of the IEPF Authority. Accordingly, all the
shares in respect of which dividends were declared upto
the financial years ended 31st March 2011 and remained
unclaimed are transferred to the IEPF. The Company
had sent notices to all such Members in this regard and
published a newspaper advertisement and, thereafter,
transferred the shares to the IEPF during financial year
2018-19. The details of such shares transferred have been
uploaded in the Company’s website at https://www.
tatapower.com/investor-relations/unclaimed-dividends.
aspx.
The details of unclaimed dividends and Equity shares
transferred to IEPF during the year 2018-19 are as follows:
Table 34
Amount of unclaimed
dividend transferred
Number of Equity shares
transferred
` 1,46,19,688
5,78,646
100th Annual Report 2018-19
The below table gives information relating to various
outstanding dividends and the dates by which they can be
claimed by the Members from the Company’s RTA:
Date of
dividend
declaration
Unclaimed
Dividend
(As on 31st
March 2019)
Table 35
Last date
for claiming
payment from
TSRDL
17.08.2012
1,80,97,364.70
20.09.2019
16.08.2013
1,83,33,501.25
19.09.2020
13.08.2014
2,20,22,779.50
15.09.2021
05.08.2015
2,39,73,242.21
07.09.2022
21.09.2016
2,82,74,946.70
24.10.2023
24.08.2017
2,81,04,358.10
20.09.2024
27.07.2018
2,31,21,482.80
20.08.2025
Members who have not encashed the dividend warrant(s)
from the financial year ended 31st March 2012 may
forward their claims to the Company’s Registrar and Share
Transfer Agents before they are due to be transferred to
the IEPF.
The shares and unclaimed dividend transferred to the IEPF
can, however, be claimed back by the concerned Members
from IEPF Authority after complying with the procedure
prescribed under the IEPF Rules. The Member is required to
make an online application to the IEPF Authority in Form
No. IEPF -5 (available on www.iepf.gov.in). No claims shall
lie against the Company in respect of the dividend/shares
so transferred. The Member can file only one consolidated
claim in a financial year as per the IEPF Rules.
(cid:190)
Shares held in electronic form: Members holding shares
in electronic form may please note that:
i)
ii)
For the purpose of making cash payments to the
investors through Reserve Bank of India (RBI)
approved electronic mode of payment (such as
ECS, NECS, NEFT, RTGS, etc.), relevant bank details
available with the depositories will be used.
Members are requested to update change in their
bank details with their Depository Participant (DP).
regarding
Instructions
address,
nomination and power of attorney should be given
directly to the DP.
change of
(cid:190)
Shares held in physical form: To facilitate better servicing,
Members holding shares in physical form are requested
to notify/send to TSRDL any change in their address/
mandate/bank details in which they wish their dividend to
be credited, in case they have not been furnished earlier.
(cid:190)
Payment of dividend or interest or redemption or
repayment
As required under Regulation 12 read with Schedule I to
the Listing Regulations, the Company is required to use,
either directly or through the depositories or through
their RTA, electronic clearing services (local, regional
or national), direct credit, real time gross settlement,
national electronic funds transfer, etc. for making
payment of dividend/interest on securities
issued/
redemption or repayment amount to the investors. For
investors holding shares in demat mode, relevant bank
details from the depositories will be sought. Investors
holding shares in physical form are requested to register
instructions regarding their bank details with the RTA.
Only in cases where either the bank details such as
Magnetic
Indian
Financial System Code (IFSC) etc., that are required for
making electronic payment, are not available or the
electronic payment instructions have failed or have been
rejected by the bank, physical payment instruments for
making cash payments to the Investors may be used.
Ink Character Recognition (MICR),
(cid:190)
Investor contact
In compliance with Regulation 62 of the Listing
Regulations, a separate e-mail ID investorcomplaints@
tatapower.com has been set up as a dedicated ID solely for
the purpose of dealing with Members’ queries/complaints.
The Company maintains a TOLL FREE Investor Helpline
(No.1800-209-8484) to give Members the convenience
of one more contact point with TSRDL, for redressal of
grievances/ responses to queries.
The Shareholders’ Relationship Team is located at the
Registered Office of the Company.
Contact Person: Mr. J. E. Mahernosh Tel.: 022 6665 7508
(cid:190)
E-voting
internet
is a common
infrastructure that
E-voting
enables investors to vote electronically on resolutions
of companies. In case of voting through postal ballot,
investors are equipped with two options viz, option to
vote electronically or sending their votes through post. The
Company will also have the e-voting facility for the items to
be transacted at this AGM. The Ministry of Corporate Affairs
has authorised NSDL and CDSL for setting up electronic
platform to facilitate casting of votes in electronic form.
The Company has entered into agreements with NSDL and
CDSL for availing e-voting facilities.
(cid:190)
Nomination Facility
Pursuant to the provisions of Section 72 of the Act,
Members are entitled to make nominations in respect of
shares held by them. Members holding shares in physical
form and intending to make/change the nomination in
respect of their shares in the Company, may submit their
requests in Form No. SH-13 to TSRDL. Members holding
shares in electronic form are requested to give the
nomination request to their respective DPs directly.
Form No. SH-13 can be obtained from TSRDL or
downloaded from the Company’s website under the
section ‘Investor Relations’ at https://www.tatapower.com/
pdf/nomination-form-14.pdf.
Report on Corporate Governance I 109
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(cid:120)
(cid:120)
(cid:120)
(cid:120)
(cid:120)
(cid:120)
(cid:120)
(cid:120)
(cid:120)
(cid:120)
(cid:120)
(cid:120)
(cid:120)
(cid:120)
(cid:190)
Demat initiative
(cid:190)
Secretarial Audit
The Tata Power Company Limited
WHY DEMAT
No physical shares can be transferred from
1st April 2019
Easy portfolio monitoring
Elimination of bad deliveries
Elimination of all risks associated with physical
certificates
No stamp duty is paid on transfer of shares
Immediate transfer/trading of securities
Faster settlement cycle
Faster disbursement of non-cash corporate
benefits like Rights, Bonus, etc.
Periodic status reports and information available
on internet
In terms of the Act, the Company appointed M/s. Parikh
& Associates, Practising Company Secretaries, to conduct
Secretarial Audit of records and documents of the
Company for FY19. The Secretarial Audit Report is provided
as Annexure-IX to the Board’s Report.
(cid:190)
Description of voting rights
All Equity shares issued by the Company carry equal voting
rights.
(cid:190)
Awareness Sessions/Workshops
Employees across the Company as well as the group
are being sensitized about the various policies and
governance practices of the Company. The Company had
developed a system of keeping its employees educated
about TCOC, Vigil Mechanism and Whistle Blower Policy,
Sexual Harassment of Women at Workplace (Prevention,
Prohibition & Redressal) Act, 2013, SEBI Insider Trading
Regulations, etc. through e-mails, presentations and
workshops.
Ensures faster communication to investors
(cid:190)
Stakeholder Engagement
Ease related to change of address
Provides more acceptability and
securities
liquidity of
Postal delays and loss of shares in transit is
prevented
Saves the shareholder from going through
cumbersome legal processes to reclaim the lost/
pilfered certificates
In view of the above, all the investors who are holding
shares in physical form, should consider opening a
demat account at the earliest and submit request for
dematerialisation of their shares in order to protect the
liquidity of the shares.
(cid:190)
Depository Services
Members may write to the respective Depository or to
TSRDL for guidance on depository services. Address for
correspondence with the Depositories is as follows:
National Securities
Depository Limited
Trade World, 4th Floor,
Kamala Mills Compound
Senapati Bapat Marg,
Lower Parel,
Mumbai 400 013
Tel. No.
Fax No.
e-mail
website
: 022 2499 4200
: 022 2497 6351
: info@nsdl.co.in
: www.nsdl.co.in
Central Depository Services
(India) Limited
Marathon Futurex, A-Wing,
25th floor, N. M. Joshi Marg,
Lower Parel,
Mumbai 400 013
Tel. No.
Fax No.
e-mail
website : www.cdslindia.com
: 022 2272 3333
: 022 2272 3199
: investor@cdslindia.com
110 I Report on Corporate Governance
The Company has a dedicated department which facilitates
an on-going dialogue between the Company and its
stakeholders. The communication channels include:
For external stakeholders - Analyst/investors meet,
meeting with key stakeholders,
for
shareholders, online service and dedicated e-mail service
for grievances, corporate website and access to business
media to respond to queries, etc.
factory visits
For internal stakeholders - Employee satisfaction surveys,
in
employee engagement surveys for
employee engagement processes, circulars and messages
from management, corporate social initiatives, welfare
initiatives for employees and their families, online updates
for conveying topical developments, helpdesk facility, etc.
improvement
(cid:190)
Investor safeguards
In pursuit of the Company’s objective to mitigate/avoid
risks while dealing with shares and related matters, the
following are the Company’s recommendations to its
Members:
i)
Open Demat Account and dematerialise your shares
Members should convert their physical holdings into
electronic holdings.
ii)
Consolidate your multiple folios
Members are requested to consolidate their shareholdings
held under multiple folios. This facilitates one-stop tracking
of all corporate benefits on the shares and would reduce
time and efforts required to monitor multiple folios. It will
also help in avoidance of multiple mailing.
100th Annual Report 2018-19
iii)
Confidentiality of security details
ID/Client
Folio Nos./DP
ID/password should not be
disclosed to any unknown persons. Signed blank transfer
deeds, delivery instruction slips should not be given to any
unknown persons.
iv)
Dealing with Registered Intermediaries
should
Members
registered
intermediary. In case the intermediary does not act
professionally, Members can take up the matter with SEBI.
through a
transact
v)
Obtain documents relating to purchase and sale of
securities
A valid Contract Note/Confirmation Memo should be
obtained from the broker/sub-broker, within 24 hours
of execution of the trade. It should be ensured that the
Contract Note/Confirmation Memo contains order no.,
trade no., trade time, quantity, price and brokerage.
vi)
Prevention of frauds
There is a possibility of fraudulent transactions relating to
folios which lie dormant. Hence, we urge you to exercise
diligence and notify the Company of any change in
address, as and when required.
vii) Mode of Postage
Share certificates and other sensitive documents should not
be sent by ordinary post. It is recommended that Members
should send such documents by registered post or courier.
viii) Weblinks of Corporate policies and charters are available
on the Company’s website at www.tatapower.com/
corporatepolicies.aspx
DECLARATION
Annexure I
As required by the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, I affirm
that Board Members and the Senior Management Personnel have confirmed compliance with the Codes of Conduct, as applicable to
them, for the year ended 31st March 2019.
For The Tata Power Company Limited
Praveer Sinha
CEO & Managing Director
(DIN: 01785164)
Report on Corporate Governance I 111
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The Tata Power Company Limited
Annexure II
Chief Executive Officer (CEO) & Chief Financial Officer (CFO) Certification
To
The Board of Directors
The Tata Power Company Limited
We, the undersigned, in our respective capacities as Chief Executive Officer and Chief Financial Officer of The Tata Power Company
Limited (‘the Company’), to the best of our knowledge and belief certify that:
(a) We have reviewed the financial statements and the cash flow statement for the financial year ended 31st March 2019 and to the
best of our knowledge and belief, we state that:
(i)
(ii)
these statements do not contain any materially untrue statement or omit any material fact or contain statements that
might be misleading;
these statements together present a true and fair view of the Company’s affairs and are in compliance with the existing
accounting standards, applicable laws and regulations.
(b)
There are no transactions entered into by the Company during the financial year, which are fraudulent, illegal or violative of the
Company’s code of conduct.
(c) We are responsible for establishing and maintaining internal controls and for evaluating the effectiveness of the same over the
financial reporting of the Company and have disclosed to the Auditors and the Audit Committee, deficiencies in the design
or operation of internal controls, if any, of which we are aware and the steps we have taken or propose to take to rectify these
deficiencies.
(d) We have indicated, based on our most recent evaluation, wherever applicable, to the Auditors and Audit Committee:
(i)
(ii)
(iii)
significant changes, if any, in the internal control over financial reporting during the year;
significant changes, if any, in the accounting policies made during the year and that the same has been disclosed in the
notes to the financial statements; and
instances of significant fraud of which we have become aware and the involvement therein, if any, of the management
or an employee having a significant role in the Company’s internal control system over financial reporting.
Mumbai, 2nd May 2019
Praveer Sinha
CEO & Managing Director
(DIN: 01785164)
R. N. Subramanyam
Chief Financial Officer
Annexure III
Practising Company Secretaries’ Certificate on Corporate Governance
TO THE MEMBERS OF
THE TATA POWER COMPANY LIMITED
We have examined the compliance of the conditions of Corporate Governance by The Tata Power Company Limited (‘the Company’)
for the year ended on March 31, 2019, as stipulated under Regulations 17 to 27, clauses (b) to (i) of sub-regulation (2) of Regulation
46 and para C, D & E of Schedule V of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015 (“SEBI Listing Regulations”).
The compliance of the conditions of Corporate Governance is the responsibility of the management. Our examination was limited
to the review of procedures and implementation thereof, as adopted by the Company for ensuring compliance with conditions of
Corporate Governance. It is neither an audit nor an expression of opinion on the financial statements of the Company.
In our opinion and to the best of our information and according to the explanations given to us, and the representations made by the
Directors and the management, we certify that the Company has complied with the conditions of Corporate Governance as stipulated
in the SEBI Listing Regulations for the year ended on March 31, 2019.
We further state that such compliance is neither an assurance as to the future viability of the Company nor of the efficiency or
effectiveness with which the management has conducted the affairs of the Company.
For Parikh & Associates
Practising Company Secretaries
P. N. PARIKH
Partner
FCS: 327 CP: 1228
Mumbai, 2nd May, 2019
112 I Report on Corporate Governance
100th Annual Report 2018-19
BUSINESS RESPONSIBILITY REPORT 2018-19
Introduction
The Tata Power Company Limited (Tata Power), India’s largest
integrated power company has a presence across the value chain
of power business viz. Generation, Transmission, Distribution,
Power Trading, Power Services, Coal Mines and Logistics, Solar
Photovoltaic (PV) manufacturing and associated Engineering,
Procurement, Construction (EPC) services.
As on 31st March 2019, the Tata Power group of companies had
an operational generation capacity of 10,957 MW based on
various fuel sources - thermal (coal, gas and oil), hydroelectric
power, renewable energy (wind and solar PV) and waste heat
recovery. The Company (including its subsidiaries) has nearly
33% of its capacity (in MW terms) in clean and green generation
sources (hydro, wind, solar and waste heat recovery), while the
target is to maintain 40-50% of its total generation capacity to be
from non-fossil fuel-based generation sources by 2025, as per the
Company’s strategic intent.
Supporting the Indian Government’s ‘National electric mobility
mission’, Tata Power established the Electric Vehicle (EV) charging
stations in Mumbai, Delhi and Hyderabad, also covering power
supply, backend power supply infrastructure and customized
EV charging solutions. The EV charging solutions form the
infrastructure backbone for a growing EV ecosystem and provide
customers access to energy-efficient options with ease. The
Company is a pioneer in technology adoption and is steadfast
in strengthening and expanding its position in fast-evolving
energy market with new avenues in the renewable space.
The Company embodies the Tata Group’s philosophy of building
a strong and sustainable business that is firmly based on the
concept of Leadership with Care. Care is one of the core values
which entrusts Care for Environment, Care for Community, Care
for Customers and Care for People in Tata Power’s Sustainability
model. The model aims to strengthen structures and processes
for environmental performance, stronger engagement with
community, customers and employees, by using enablers like
new technology, benchmarking and going beyond compliance
in key operational parameters. Tata Power is aligned to the Tata
Group Sustainability Policy and takes guidance from it for all
matters concerning sustainability.
Tata Power has aligned to the United Nations Sustainable
Development Goals (SDGs) through a comprehensive SDG
mapping study involving SDG prioritization, Roadmap setting
and Dashboard creation. The study helped identify Business and
CSR SDGs material to the Company. Tata Power has adopted
three-year targets for each prioritized business SDGs viz. SDG
7- Affordable & Clean Energy, SDG 9- Industry, Innovation &
Infrastructure, SDG 12- Responsible Consumption & Production,
SDG 13- Climate Action. Tata Power is probably the only company
in India which has not only mapped its initiatives with SDGs but
charted a way forward by creating roadmap and adopted targets
on each of the prioritized business SDGs.
The vision of the Company is “To be the most admired and
responsible Integrated Power Company with international
footprint, delivering sustainable value to all stakeholders.”
The Company’s vision is supported by strong governance which
has considered SACRED values for Tata Power:
(cid:116)(cid:1)
(cid:116)(cid:1)
Safety - Safety is a core value over which no business
objective can have a higher priority.
Agility - Speed, Responsiveness and being Proactive,
achieved
through Collaboration and Empowering
Employees.
Leadership and Oversight on
Sustainability
Advocacy
Conforming
to high ethical
standards
The Objective
Leadership with Care
The Enablers
Institutional Structures
and Systems
Providing sustainable returns to all our
key economic stakeholders
The Elements
Care for our Environment (society at large)
Environment
Conservation
Efficient Use of
Energy
Investment in
Green tech
Care for our
shareholders and
customers
Care for our
Community
Care for our
people
Initiatives
that are
based on, and
encompassing
What needs to be done (material to both stakeholders and us)
What we are good at doing / is linked to our business
What we should take up as national thrust areas for development
What we should define as our stds: from compliance to competing to leading
Providing sustainable returns to all our
key economic stakeholders
New
Technology
Benchmarking, Going
beyond compliance
Architecture
of care
Fig. Tata Power Sustainability Model
The Enablers
Business Responsibility Report I 113
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The Tata Power Company Limited
(cid:116)(cid:1)
(cid:116)(cid:1)
(cid:116)(cid:1)
(cid:116)(cid:1)
Care - Care for Stakeholders - Environment, Customers & Shareholders – both existing and potential, Community and People
(employees and partners).
Respect - Treat all stakeholders with respect and dignity.
Ethics - Achieve the most admired standards of Ethics, through Integrity and mutual Trust.
Diligence - Do everything (set direction, deploy actions, analyze, review, plan and mitigate risks etc.) with a thoroughness that
delivers quality and excellence – in all areas, and especially in Operations, Execution and Growth.
The conformance to statutory requirements is of utmost importance at Tata Power and the development of Business Responsibility
Report (BRR) for showcasing the Company’s sustainability performance is one of the examples of being a responsible company. Tata
Power’s efforts for the Mahseer conservation program were recognized as the best Sustainable Green Initiative by ACEF Awards, 2018.
Section A: General Information about the Company
1.
2.
3.
4.
5.
6.
Corporate Identity Number (CIN) of the Company
Name of the Company
Registered address
Website
E-mail id
Financial Year reported
L28920MH1919PLC000567
The Tata Power Company Limited
Bombay House, 24, Homi Mody Street, Mumbai 400 001.
www.tatapower.com
tatapower@tatapower.com
2018-19
7.
Sector(s) that the Company is engaged in (industrial activity code-wise)
ITC code
NA
NA
NA
Description
Power
Electronic Products
Technical Services
8.
(cid:1)
(cid:1)
(cid:1)
9.
(cid:53)(cid:73)(cid:70)(cid:83)(cid:78)(cid:66)(cid:77)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:51)(cid:70)(cid:79)(cid:70)(cid:88)(cid:66)(cid:67)(cid:77)(cid:70)(cid:1)(cid:40)(cid:70)(cid:79)(cid:70)(cid:83)(cid:66)(cid:85)(cid:74)(cid:80)(cid:79)
(cid:53)(cid:83)(cid:66)(cid:79)(cid:84)(cid:78)(cid:74)(cid:84)(cid:84)(cid:74)(cid:80)(cid:79)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:69)(cid:74)(cid:84)(cid:85)(cid:83)(cid:74)(cid:67)(cid:86)(cid:85)(cid:74)(cid:80)(cid:79)(cid:1)(cid:80)(cid:71)(cid:1)(cid:70)(cid:77)(cid:70)(cid:68)(cid:85)(cid:83)(cid:74)(cid:68)(cid:74)(cid:85)(cid:90)
(cid:47)(cid:70)(cid:89)(cid:85)(cid:1)(cid:40)(cid:70)(cid:79)(cid:70)(cid:83)(cid:66)(cid:85)(cid:74)(cid:80)(cid:79)(cid:1)(cid:81)(cid:80)(cid:88)(cid:70)(cid:83)(cid:1)(cid:84)(cid:80)(cid:77)(cid:86)(cid:85)(cid:74)(cid:80)(cid:79)(cid:84)(cid:14)(cid:1)(cid:52)(cid:80)(cid:77)(cid:66)(cid:83)(cid:1)(cid:51)(cid:80)(cid:80)(cid:71)(cid:85)(cid:80)(cid:81)(cid:13)(cid:1)(cid:38)(cid:55)(cid:1)(cid:68)(cid:73)(cid:66)(cid:83)(cid:72)(cid:74)(cid:79)(cid:72)(cid:13)(cid:1)(cid:41)(cid:80)(cid:78)(cid:70)(cid:1)(cid:34)(cid:86)(cid:85)(cid:80)(cid:78)(cid:66)(cid:85)(cid:74)(cid:80)(cid:79)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:52)(cid:80)(cid:77)(cid:66)(cid:83)(cid:1)(cid:46)(cid:74)(cid:68)(cid:83)(cid:80)(cid:72)(cid:83)(cid:74)(cid:69)(cid:84)
List three key products/services that the Company manufactures/provides (as in balance sheet)
(cid:116)(cid:1)
(cid:116)(cid:1)
(cid:116)(cid:1)
Total number of locations where business activity is undertaken by the Company
i.
ii.
Number of International Locations (Provide details of major 5) South Africa, Singapore, Georgia, Zambia, Indonesia and Bhutan
Number of National Locations: Tata Power has 92 locations. The operational status as on 31st March 2019 is given below:
State
Maharashtra
Delhi
Gujarat
Karnataka
Rajasthan
Tamil Nadu
Jharkhand
Andhra Pradesh
Madhya Pradesh
West Bengal
Odisha
Bihar
Haryana
Punjab
Telangana
Uttar Pradesh
No. of
Project
locations
21
18
13
9
9
5
4
4
2
1
1
1
1
1
1
1
Hydros
Wind
Solar
Thermal
Transmission
Distribution
3
-
-
-
-
-
-
-
-
-
-
-
-
-
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4
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15
6
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114 I Business Responsibility Report
100th Annual Report 2018-19
10. Markets served by the Company- Local/State/National/International
The markets served by Tata Power are listed below:
Delhi License Area
Gujarat
Haryana
Tamil Nadu
Jharkhand (Jamshedpur Circle)
Andhra Pradesh
Local/State/National
Karnataka
Maharashtra
Mumbai License Area
Punjab
Rajasthan
Bihar
International
Ajmer License Area
West Bengal
Odisha
Madhya Pradesh
Telangana
Uttar Pradesh
South Africa
Singapore
Georgia
Zambia
Bhutan
Indonesia
(cid:116)(cid:1)
(cid:116)(cid:1)
(cid:116)(cid:1)
(cid:116)(cid:1)
(cid:116)(cid:1)
Section B: Financial Details of the Company
Paid up Capital
Total Turnover
Total profit after taxes
Total
Social
Responsibility (CSR) as percentage of profit
after tax (%)
on Corporate
Spending
` 270.50 crore
` 7,688 crore
` 1,709 crore
2%*
* Calculated as per Section 135 of the Companies Act, 2013
List of activities in which expenditure in the above has been
incurred
initiatives
in alignment with
Tata Power undertook CSR
the 5 Thrust areas as outlined in the CSR Policy. Tata Power
(Standalone) CSR Initiatives covered 13.76 lakh beneficiaries
across 225 locations in Maharashtra, Gujarat, Jharkhand and West
Bengal. Monitoring and Evaluation studies were undertaken to
benchmark and improve the effectiveness of CSR Initiatives.
Focus Areas
% Spend
Education
Health and Sanitation
Livelihood & Skill Building
Water
Financial Inclusivity
Affirmative Action and Others
9.88
10.03
43.44
11.14
5.85
19.66
Tata Power Group Companies include The Tata Power Company
Ltd., Tata Power Delhi Distribution Ltd., Coastal Gujarat Company
Ltd., Tata Power Solar Systems Ltd., Tata Power Renewable
Energy Ltd., Walwhan Renewable Energy Ltd., Tata Power Trading
Company Ltd., Powerlinks Transmission Ltd., Af-Taab Investment
Co. Ltd., Industrial Energy Ltd., NDPL Infra Ltd. and Maithon
Power Ltd. The geographical coverage included 348 villages and
220 clusters across 15 states of the country.
Following are the highlights of Tata Power Group Entities CSR
Interventions:
(cid:116)(cid:1)
(cid:34)(cid:85)(cid:1)(cid:53)(cid:66)(cid:85)(cid:66)(cid:1)(cid:49)(cid:80)(cid:88)(cid:70)(cid:83)(cid:1)(cid:40)(cid:83)(cid:80)(cid:86)(cid:81)(cid:1)(cid:45)(cid:70)(cid:87)(cid:70)(cid:77)(cid:13)(cid:1)(cid:66)(cid:72)(cid:66)(cid:74)(cid:79)(cid:84)(cid:85)(cid:1)(cid:66)(cid:79)(cid:79)(cid:86)(cid:66)(cid:77)(cid:1)(cid:36)(cid:52)(cid:51)(cid:1)(cid:80)(cid:67)(cid:77)(cid:74)(cid:72)(cid:66)(cid:85)(cid:74)(cid:80)(cid:79)(cid:1)
of ₹ 36.75 crore, ₹ 44.58 crore was spent in FY19 which
included CSR expenses incurred by Joint Ventures (IEL &
Powerlinks) which are considered as subsidiaries as per
Companies Act 2013. Excluding IEL and Powerlinks, the
CSR spent stood at ` 39.46 crore against the CSR obligation
of ` 31.69 crore in FY19.
(cid:53)(cid:80)(cid:85)(cid:66)(cid:77)(cid:1)(cid:35)(cid:70)(cid:79)(cid:70)(cid:246)(cid:68)(cid:74)(cid:66)(cid:83)(cid:74)(cid:70)(cid:84)(cid:1)(cid:68)(cid:80)(cid:87)(cid:70)(cid:83)(cid:70)(cid:69)(cid:1)(cid:88)(cid:66)(cid:84)(cid:1)(cid:19)(cid:21)(cid:15)(cid:23)(cid:24)(cid:1)(cid:77)(cid:66)(cid:76)(cid:73)(cid:1)(cid:66)(cid:72)(cid:66)(cid:74)(cid:79)(cid:84)(cid:85)(cid:1)(cid:85)(cid:66)(cid:83)(cid:72)(cid:70)(cid:85)(cid:1)(cid:80)(cid:71)(cid:1)
20.30 lakh in FY19.
(cid:18)(cid:19)(cid:18)(cid:6)(cid:1)(cid:67)(cid:70)(cid:79)(cid:70)(cid:246)(cid:68)(cid:74)(cid:66)(cid:83)(cid:74)(cid:70)(cid:84)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:18)(cid:19)(cid:18)(cid:6)(cid:1)(cid:36)(cid:52)(cid:51)(cid:1)(cid:52)(cid:81)(cid:70)(cid:79)(cid:85)(cid:1)(cid:66)(cid:68)(cid:73)(cid:74)(cid:70)(cid:87)(cid:70)(cid:69)(cid:1)(cid:66)(cid:72)(cid:66)(cid:74)(cid:79)(cid:84)(cid:85)(cid:1)
Annual Target FY19 at Tata Power Group Level in FY19.
(cid:25)(cid:19)(cid:13)(cid:25)(cid:23)(cid:24)(cid:1)(cid:73)(cid:80)(cid:86)(cid:83)(cid:84)(cid:1)(cid:80)(cid:71)(cid:1)(cid:87)(cid:80)(cid:77)(cid:86)(cid:79)(cid:85)(cid:70)(cid:70)(cid:83)(cid:74)(cid:79)(cid:72)(cid:1)(cid:86)(cid:79)(cid:69)(cid:70)(cid:83)(cid:85)(cid:66)(cid:76)(cid:70)(cid:79)(cid:1)(cid:67)(cid:90)(cid:1)(cid:70)(cid:78)(cid:81)(cid:77)(cid:80)(cid:90)(cid:70)(cid:70)(cid:84)(cid:1)(cid:80)(cid:71)(cid:1)
Tata Power Group which is 3 times higher than previous
year.
(cid:42)(cid:79)(cid:69)(cid:70)(cid:89)(cid:1) (cid:52)(cid:86)(cid:83)(cid:87)(cid:70)(cid:90)(cid:1) (cid:84)(cid:73)(cid:80)(cid:88)(cid:70)(cid:69)(cid:1) (cid:25)(cid:19)(cid:6)(cid:1)
(cid:36)(cid:80)(cid:78)(cid:78)(cid:86)(cid:79)(cid:74)(cid:85)(cid:90)(cid:1) (cid:38)(cid:79)(cid:72)(cid:66)(cid:72)(cid:70)(cid:78)(cid:70)(cid:79)(cid:85)(cid:1)
achievement against previous year score of 79%. An
independent Social Return on Investment Study was
conducted for the first time which offered insights to
improve CSR program design and returns.
(cid:39)(cid:77)(cid:66)(cid:72)(cid:84)(cid:73)(cid:74)(cid:81)(cid:1)(cid:42)(cid:79)(cid:74)(cid:85)(cid:74)(cid:66)(cid:85)(cid:74)(cid:87)(cid:70)(cid:84)(cid:1)(cid:84)(cid:68)(cid:66)(cid:77)(cid:70)(cid:69)(cid:1)(cid:66)(cid:68)(cid:83)(cid:80)(cid:84)(cid:84)(cid:1)(cid:66)(cid:77)(cid:77)(cid:1)(cid:77)(cid:80)(cid:68)(cid:66)(cid:85)(cid:74)(cid:80)(cid:79)(cid:84)(cid:1)(cid:74)(cid:79)(cid:1)(cid:39)(cid:58)(cid:18)(cid:26)(cid:27)
-
Inclusivity scaled across all major
Financial
locations. 3.43
lakh beneficiaries covered with
resources accessed under various Govt. Schemes by
communities.
Dhaaga (Women Micro-Enterprise) scaled from 15
members to 1,050 members and replicated from
1 location to 16 locations. 12 Exhibitions cum sale
organized with order value exceeding ₹ 37 lakh
during the year. Tata Group Companies (Tata AIA
Life Insurance Co. Ltd. and The Indian Hotels Co.
Ltd.) also invited Dhaaga Members for organizing
exhibition cum sale.
Abha (Women Empowerment) scaled to cover
1,341 members for vocational training in Delhi and
Mumbai. The Abha concept rolled out in Tata Power
Skill Development Institute (Mumbai) covering 300
women trainee batch for power sector skilling.
Employability
in
at Kalinganagar
partnership with Tata Consultancy Services Ltd.
(TCS) has trained more than 1,880 youths with
50% placed in TCS and ranked as best performers.
Replicated in Mundra and Maithon.
Participatory
Ground Water Management
intervention of Mundra was replicated in Maithon
and Wind Locations. Resources worth ₹ 1.34 crore
mobilized from NABARD and ₹ 75 lakh from IIT-
Gandhinagar respectively.
Maval Dairy - Women centre dairy based enterprise
comprising 1,100 members from 26 villages of
Maval undertaken. The Dairy Plant construction and
machinery installation completed.
initiative
Business Responsibility Report I 115
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in Volunteering
Usage of Technology
Portal, MIS Software and Financial Inclusivity App
(Haqdarshak) for enhancing efficiency.
in CSR
Section C: Other Details
1.
2.
3.
Does the Company have any Subsidiary Company/
Companies?
Tata Power has 53 subsidiaries as on 31st March 2019.
Do the Subsidiary Company/Companies participate in
the BR Initiatives of the parent company? If yes, then
indicate the number of such subsidiary company(s).
All the major subsidiaries of Tata Power group have their
own BR plans which are recommended by their respective
CSR Committees. Tata Power encourages its subsidiary
companies to participate in Tata Power group wide
sustainability initiatives. All subsidiaries are aligned to
the CSR Strategy and CSR Policy and implement activities
under the 5 thrust areas.
Do any other entity/entities (e.g. suppliers, distributors
etc.) that the Company does business with participate
in the BR initiatives of the Company? If yes, then
indicate the percentage of such entity/entities? [Less
than 30%, 30-60%, More than 60%].
Tata Power collaborates with all relevant stakeholders
for sustainability initiatives. The suppliers/vendors are
sensitized on Sustainability with the help of Responsible
Supply Chain Management (RSCM) policy which covers
Health & Safety, Environment, Human Rights and Ethics &
Compliance. The suppliers/vendors are required to ensure
The Tata Power Company Limited
conformance to the RSCM parameters in addition to the
Tata Code of Conduct (TCoC).
Section D – BR Information
1.
Details of Director/Directors responsible for BR
a.
Details of the Director/Directors responsible for
implementation of the BR policy/policies
1. DIN Number
Name
Designation CEO & Managing Director
01785164
Mr. Praveer Sinha
2. DIN Number 01741911
Name
Designation COO & Executive Director
Mr. Ashok S. Sethi
b.
Details of BR Head
DIN No.
Name
Designation
07252909
Ms. Shalini Singh
Chief-Corp. Communications
& Sustainability
Contact
022 67171666
2.
Principle-wise (as per NVGs) BR Policy/Policies (Reply
in Y/N)
The National Voluntary Guidelines on Social, Environmental
and Economic Responsibilities of Business released by the
Ministry of Corporate Affairs has adopted nine areas of
Business Responsibility. These briefly are as follows:
P1
P2
P3
P4
P5
P6
P7
P8
P9
Business should conduct and govern themselves with Ethics, Transparency and Accountability
Businesses should provide goods and services that are safe and contribute to sustainability throughout their life cycle
Businesses should promote the wellbeing of all employees
Businesses should respect the interests of, and be responsive towards all stakeholders, especially those who are
disadvantaged, vulnerable and marginalised
Businesses should respect and promote human rights
Business should respect, protect, and make efforts to restore the environment
Businesses, when engaged in influencing public and regulatory policy, should do so in a responsible manner
Businesses should support inclusive growth and equitable development
Businesses should engage with and provide value to their customers and consumers in a responsible manner
Questions
P1
P2
P3
P4
P5
P6
P7
P8
P9
Do you have policy/policies for....
Has the policy being formulated in Consultation with the
relevant stakeholders?
Does the policy conform to any national/international
standards? If yes, specify?
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Tata Power policies are based on the NVG principles and also
conform to the International standards like ISO 9000, 14000,
OHSAS 18000, UNGC principles, ILO principles and United
Nations Sustainable Development Goals (SDGs).
116 I Business Responsibility Report
100th Annual Report 2018-19
Has the policy being approved by the Board? If yes, has it
been signed by MD/owner/CEO/ appropriate Board Director?
Does the company have a specified committee of the Board/
Director/Official to oversee the implementation of the
policy?
Policies are designed to ensure employee feedback, industry
norms and legal norms are met in true spirit. The policies have
been developed as per the need and are duly signed by the
CEO & Managing Director.
The policies at Tata Power strengthen internal governance
structures on compliance and beyond compliance efforts. All
the policies are mapped to the respective business functions
and their implementation is based on the commitment
framework. The Company has set various processes to
monitor the effectiveness of these policies.
Indicate the link for the policy to be viewed online?
https://www.tatapower.com/corporate/policies.aspx
Has the policy been formally communicated to all relevant
internal and external stakeholders?
Does the company have in-house structure to implement
the policy/policies?
Does the Company have a grievance redressal mechanism
related to the policy/policies to address stakeholders’
grievances related to the policy/policies?
Has the Company carried out independent audit/evaluation
of the working of this policy by an internal or external
agency?
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Policies are reviewed periodically for their implementation
based on the commitment framework and related risk
controls are set in place. Policies related to workforce benefits
and well being are co-created, in which employees’ inputs are
taken and incorporated in the policy building process. These
inputs along with internal and external benchmarking, form
the pillars of policy formation.
2a.
If answer to S. No. 1 against any principle, is ‘No’, please explain why: (Tick up to 2 options)
Sl. No. Questions
P1
P2
P3
P4
P5
P6
P7
P8 P9
1.
2.
3.
4.
5.
6.
The company has not understood the Principles
The company is not at a stage where it finds itself in a position
to formulate and implement the policies on specified principles
The company does not have financial or manpower resources
available for the task
It is planned to be done within next 6 months
It is planned to be done within the next 1 year
Any other reason (please specify)
3.
Governance related to BR
Tata Power policies are developed based on
requirement and aims to strengthen governance
structure, management system, and overall
sustainability of the Company.
Indicate the frequency with which the Board of Directors, Committee of the Board or CEO to assess the BR performance
of the Company (within 3 months, 3-6 months, Annually, More than 1 year).
Tata Power’s Sustainability performance has been a Board level agenda and the same is monitored by the Board CSR Committee
and Apex Leadership. The CSR committee meets quarterly and recommends the activities to be undertaken by the Company as
specified in Schedule VII to the Act or prescribed by the rules.
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Business Responsibility Report I 117
The Tata Power Company Limited
Principle 2
1.
List up to 3 of your products or services whose design
has incorporated social or environmental concerns,
risks and/or opportunities.
Tata Power is into the business of Generation, Transmission
and Distribution of electricity.
Generation: At all generating stations, conformance
to environmental norms, safety, occupational health of
the employees (permanent/contract) is considered a
priority. Tata Power’s Strategic Intent 2025 has considered
achieving 40-50% generation portfolio from non-fossil
fuel sources to reduce impact on the environment. Further,
all thermal stations of Tata Power are IMS compliant.
Transmission: Tata Power conducts a campaign called
Jan Jagruti Abhiyan to create safety awareness amongst
people staying below the overhead High Tension lines in
Mumbai. Employees visit different locations under high
voltage Transmission Lines and create safety awareness
among the community at large. Intensified Jan Jagruti
is conducted during Sankranti Festival season, Ganpati
Festival, and roof repair season.
initiatives
Distribution: Various
like Safety audits
in consumer premises, Club Enerji, Demand Side
Management programs, and Be Green initiative creates
awareness for customers/society at large on energy
efficiency and its conservation, safety, and reducing the
carbon footprint.
2.
For each such product, provide the following details
in respect of resource use (energy, water, raw material
etc.) per unit of product (optional):
i.
during
Reduction
sourcing/production/
distribution achieved since the previous year
throughout the value chain?
in auxiliary power
Various measures resulting
in ash utilization,
consumption,
reduction
zero discharge, rain water harvesting, energy
conservation, and scrap utilization etc. are in place
for environment management. Tata Power has
improved ash utilization at all coal fired power plants
and is continuously working on reducing fresh
water consumption at thermal power plants. Tata
Power is in the process of minimizing atmospheric
pollution by installing Desulphurization Systems at
all coal fired power plants by 2021-22.
ii.
Reduction during usage by consumers (energy,
water) has been achieved since the previous
year?
Tata Power has been a pioneer in propagating
energy conservation and efficiency. DSM programs
support energy conservation in the residential
customer segment. As a part of the DSM program,
more than 4,000 energy efficient appliances
(ceiling fan, AC, refrigerator) have been provided
Apex
leadership
SBU Heads
Corporate Sustainability team
Sustainability SPOCs (Thermal, T&D,
Renewables, HR, CSR, IA & RM, BD etc)
Fig. Sustainability Governance Structure
Does the Company publish a BR or a Sustainability
Report? What is the hyperlink for viewing this report?
How frequently it is published?
in
Yes, Tata Power publishes Sustainability Report
accordance with Global Reporting
(GRI)
standards annually. The recent Sustainability Report can
be viewed at https://www.tatapower.com/sustainability/
communication.aspx
Initiative
Section E: Principle-wise performance
Principle 1
1.
Does the policy relating to ethics, bribery and
corruption cover only the company? Yes/No. Does
it extend to the Group/Joint Ventures/Suppliers/
Contractors/NGOs/Others?
Being a Tata group company, Tata Power abides by the
Tata Code of Conduct (TCoC), which is a comprehensive
document with an ethical roadmap for Tata employees,
companies, including third parties dealing with Tata Power,
thus covering 100% of its operations. TCoC consists of 10
sections and sub-clauses, that covers Financial Reporting,
National Interests, Political Non-Alignment, Health, Safety
and Environment, Corporate Citizenship, Ethical Conduct,
Anti-corruption etc. The TCoC extends to Group Joint
Ventures/ Subsidiaries/Suppliers/Contractors.
2.
How many stakeholder complaints have been received
in the past financial year and what percentage was
satisfactorily resolved by the management?
Stakeholder
Received in
FY19
Employees
Vendor
Company
Investor
Society*
55
7
0
34
4
Satisfactorily
resolved by the
management (%)
95
86
0
97.06
75
* includes complaints from community and customers
118 I Business Responsibility Report
100th Annual Report 2018-19
to consumers in FY19. The year also witnessed the
launch of DSM Heat Pump Water Heating System
Pilot program. Tata Power has also pioneered in
some unique energy conservation interventions
like Energy audits, demand response (reduction on
load by consumer on the request by utility), thermal
storage etc. “Know Your Electricity Consumption
(KYEC)” program was rolled out for Commercial
and Industrial and selective Residential consumers
as a key differentiator. Other value-added services
like Energy Audit, Ghar Ka Suraksha Kavach,
Consumer Services-Beyond meters, Solar Roof Top
offerings were also made available to consumers of
Mumbai. The Company carried out energy audits for
Industrial and Commercial consumers for mapping
their unique power consumption pattern and offer
specific recommendations to improve the process
and equipment efficiency.
Another energy conservation campaign at Tata
Power is Club Enerji, which recognises the immense
value of the contribution that school children,
parents, teachers and society at large can make
to help curb the wasteful usage of electric power.
Club Enerji has reached 553 schools across India,
sensitized more than 23.84 Mn. citizens and saved
more than 29.8 Mn. units till date. This saving is
equivalent to saving 28,000 tons of CO2. More than
2,000 Mini Clubs are formed all over India under the
Club Enerji initiative.
3.
Does the company have procedures in place for
sustainable sourcing (including transportation)? If
yes, what percentage of your inputs was sourced
sustainably?
5.
Yes, the Company conforms to responsible sourcing with
respect to environment, safety, human rights and ethics,
apart from the economic considerations as part of the
sourcing procedure. Conformance to labour principles and
related laws are mandatory qualification requirements for
all supply and services. The performance for supply and
services are evaluated along with the work methodology
and standards as part of technical evaluation of the
bidders. Safety evaluation and qualification has been
made an integral part of the award process and a part
of online vendor registration process. In addition to
engaging local workforce and community development
which is part of project development commitments, Tata
Power as part of national skill/capacity development
programme, trains local youth in various trades/skill sets
including entrepreneurship though TPSDI training centres
for enhancing employability.
4.
Has the company taken any steps to procure goods
and services from local & small producers, including
communities surrounding their place of work? If yes,
what steps have been taken to improve their capacity
and capability of local and small vendors?
The Company engaged with the community
its
neighbourhood as indirect workforce through business
associates and contractors based on relevant skill set
and nature of job. The contract workforce are trained at
in
TPSDI on various industrial vocations and safety aspects
to enhance their skills and efficiency in work practices.
Thus, the Company contributes to capability building of
the contractors and their workforce to ensure that the
workforce is adequately trained to safely perform the job
efficiently with higher productivity and quality standards.
In FY19, total number of trainees was 16,067 out of which
48% were from SC/ST communities with 80% placement
for fresher youths from SC/ST community.
As a part of Affirmative Action (AA), the Company
continued its journey of working with local vendors and
promoting inclusion of SC/ST in the business opportunities.
This is driven by Corporate Contracts department with a
single point of contact at the Corporate level, as well as
at Division/Site level (Procurement Heads at Division) to
facilitate inclusion of SC/ST vendors. Affirmative Action
process for Vendor Enlistment and Ordering was deployed
to encourage and evolve entrepreneurship skill among
the communities and enable them to be a part of business
ecosystem. It also made them compete with positive
discrimination element by offering a price preference of
5% over the L1 bidder and also gives incentive of 1% of
contract value for engaging 50% workforce from SC/ST
community. Tata Power also promoted entrepreneurship
at community level by supporting enterprise development.
It also supports 70,000 Self-Help Group (SHG) members by
imparting income generation activities and supported
21,000 youth, farmers and fishermen through training to
demonstrate overall increase in income level per acreage
to make the community members self-reliant.
Does the company have a mechanism to recycle
products and waste? If yes what is the percentage of
recycling of products and waste (separately as <5%,
5-10%, >10%). Also, provide details thereof, in about
50 words or so.
Yes, the ash generated from thermal power stations is the
major waste. Tata Power’s endeavour is to utilize 100% Fly
Ash at all locations and initiatives are in place to utilize the
bottom ash as well. The waste/used oil which comes under
the Hazardous waste category and e-waste is disposed off
through authorized recyclers. Other wastes such as scrap
steel and wood are reused internally.
Principle 3
1.
2.
3.
Please indicate the Total
number of employees
Please indicate the Total
number of employees
hired on
temporary/
c o n t r a c t u a l / c a s u a l
basis
indicate
the
Please
Number of permanent
women employees
number
Total
of
employees are 3,248 as
on 31st March 2019
The
total number of
contract employees are
7,058 as on 31st March
2019
number
of
Total
permanent
women
employees are 307 as on
31st March 2019
Business Responsibility Report I 119
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4.
5.
indicate
the
Please
Number of permanent
employees
with
disabilities
you
have
Do
an
employee association
that is recognized by
management?
percentage
6. What
of
your permanent
employees is members
recognized
of
employee association?
this
number
of
Total
permanent employees
with disabilities are 3
employees (2 officers +
1 staff ) as on 31st March
2019
Yes, there is an employee
is
association
recognized
the
management - Union
that
by
are
union
26%
employees
(858) out
of 3,248 of the total
permanent employees of
Tata Power are members
of employee unions.
* The above numbers pertain to Tata Power, the parent entity.
7.
Please indicate the number of complaints relating to
child labour, forced labour, involuntary labour, sexual
harassment in the last financial year and pending, as
on the end of the financial year.
Category
No. of
complaints
filed during
the financial
year
No. of
complaints
pending as
on end of the
financial year
Child labour/
forced labour/
involuntary labour
Sexual harassment
Discriminatory
employment
0
0
0
0
0
0
8. What safety & skill up-gradation training was provided
in the last year?
Permanent Employees (includes women employees
and employees with disabilities)
Safety Induction Training
1,921 Manhours
Safety Capability Training
50,720 Manhours
Technical Training
Nil
Casual/Temporary/Contractual Employees
Safety Induction Training
1,46,848 Manhours
Safety Capability Training
1,70,440 Manhours
Principle 4
1.
Has the company mapped its internal and external
stakeholders?
Yes, Tata Power conducted a comprehensive Stakeholder
engagement study
internal
and external stakeholders in a structured manner. The
Company is carrying out engagements with investors,
in 2015 which mapped
120 I Business Responsibility Report
The Tata Power Company Limited
employees, customers, suppliers, community etc. with a
periodic frequency.
2.
Out of the above, has the company
identified
the disadvantaged, vulnerable & marginalized
stakeholders?
As part of Affirmative Action Policy, Tata Power worked
with the marginalized and disadvantaged communities
which include, tribal villages, vulnerable children who are
in need of care, protection and improvement in quality of
life. The initiatives focus on 5Es - Education, Employability,
Employment, Entrepreneurship & Essential amenities.
The initiatives are in addition to the initiatives under the
5 thrust areas of CR program. Some major AA program
details are as below:
(cid:1)
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(cid:116)(cid:1)
(cid:48)(cid:86)(cid:85)(cid:1) (cid:80)(cid:71)(cid:1) (cid:24)(cid:17)(cid:13)(cid:17)(cid:17)(cid:17)(cid:1) (cid:52)(cid:41)(cid:40)(cid:1) (cid:78)(cid:70)(cid:78)(cid:67)(cid:70)(cid:83)(cid:84)(cid:13)(cid:1) (cid:19)(cid:17)(cid:6)(cid:1) (cid:71)(cid:83)(cid:80)(cid:78)(cid:1) SC/
ST communities were supported
income
generation activities including garment making,
herbal products, traditional handicraft, mushroom
cultivation, vermicomposting.
for
(cid:46)(cid:80)(cid:83)(cid:70)(cid:1) (cid:85)(cid:73)(cid:66)(cid:79)(cid:1) (cid:25)(cid:13)(cid:17)(cid:17)(cid:17)(cid:1) (cid:90)(cid:80)(cid:86)(cid:85)(cid:73)(cid:84)(cid:1) (cid:71)(cid:83)(cid:80)(cid:78)(cid:1) SC/ST communities
trained by TPSDI under various power sector skilling
courses.
(cid:48)(cid:86)(cid:85)(cid:1) (cid:80)(cid:71)(cid:1) (cid:19)(cid:24)(cid:13)(cid:21)(cid:26)(cid:20)(cid:13)(cid:1) (cid:19)(cid:17)(cid:6)(cid:1) (cid:84)(cid:85)(cid:86)(cid:69)(cid:70)(cid:79)(cid:85)(cid:84)(cid:1) (cid:68)(cid:80)(cid:87)(cid:70)(cid:83)(cid:70)(cid:69)(cid:1) (cid:86)(cid:79)(cid:69)(cid:70)(cid:83)(cid:1)
education program across all locations who were
from SC/ST communities and their overall academic
performance improvement was 69% more than
previous year and enrolment rate improved, and
dropout rates were reduced. Extra coaching classes,
spoken English, sports promotion programs are
conducted in schools to improve interpersonal skills
and personalities of the students.
(cid:52)(cid:86)(cid:81)(cid:81)(cid:80)(cid:83)(cid:85)(cid:70)(cid:69)(cid:1) (cid:22)(cid:13)(cid:17)(cid:17)(cid:17)(cid:1) SC/ST farmers in systemic rice
intensification,
seeds,
advanced technology and integrated watershed
management practices.
improved varieties of
(cid:52)(cid:81)(cid:80)(cid:79)(cid:84)(cid:80)(cid:83)(cid:74)(cid:79)(cid:72)(cid:1) (cid:73)(cid:74)(cid:72)(cid:73)(cid:1) (cid:81)(cid:70)(cid:83)(cid:71)(cid:80)(cid:83)(cid:78)(cid:74)(cid:79)(cid:72)(cid:1) (cid:84)(cid:85)(cid:86)(cid:69)(cid:70)(cid:79)(cid:85)(cid:84)(cid:1) (cid:85)(cid:73)(cid:83)(cid:80)(cid:86)(cid:72)(cid:73)(cid:1)
scholarships like FAEA at Tata group level for Xth
and XIIth standard students. Supporting Kalinga
Institute of Social Sciences, Bhubaneswar
for
catering educational services to ST students.
(cid:36)(cid:80)(cid:77)(cid:77)(cid:66)(cid:67)(cid:80)(cid:83)(cid:66)(cid:85)(cid:74)(cid:80)(cid:79)(cid:1) (cid:88)(cid:74)(cid:85)(cid:73)(cid:1) (cid:77)(cid:80)(cid:68)(cid:66)(cid:77)(cid:1) (cid:66)(cid:69)(cid:78)(cid:74)(cid:79)(cid:74)(cid:84)(cid:85)(cid:83)(cid:66)(cid:85)(cid:74)(cid:80)(cid:79)(cid:1) (cid:71)(cid:80)(cid:83)(cid:1) (cid:56)(cid:66)(cid:85)(cid:70)(cid:83)(cid:13)(cid:1)
Sanitation and Hygiene issues were undertaken
to make Open Defecation Free Villages as a part
of Swaccha Bharat Abhiyan by sensitizing through
Community Lead Total Sanitation campaigns.
(cid:53)(cid:73)(cid:70)(cid:1) (cid:36)(cid:80)(cid:78)(cid:81)(cid:66)(cid:79)(cid:90)(cid:1) (cid:66)(cid:77)(cid:84)(cid:80)(cid:1) (cid:86)(cid:79)(cid:69)(cid:70)(cid:83)(cid:85)(cid:80)(cid:80)(cid:76)(cid:1) (cid:88)(cid:80)(cid:78)(cid:70)(cid:79)(cid:1) (cid:70)(cid:79)(cid:85)(cid:70)(cid:83)(cid:81)(cid:83)(cid:74)(cid:84)(cid:70)(cid:1)
development under Dhaaga Initiative in which
1,050 women have been trained and linked to
market for their products with income of ` 2,140 on
monthly basis.
(cid:54)(cid:79)(cid:69)(cid:70)(cid:83)(cid:1)(cid:88)(cid:66)(cid:85)(cid:70)(cid:83)(cid:1)(cid:74)(cid:79)(cid:74)(cid:85)(cid:74)(cid:66)(cid:85)(cid:74)(cid:87)(cid:70)(cid:13)(cid:1)(cid:71)(cid:80)(cid:68)(cid:86)(cid:84)(cid:1)(cid:88)(cid:66)(cid:84)(cid:1)(cid:80)(cid:79)(cid:1)(cid:69)(cid:83)(cid:74)(cid:79)(cid:76)(cid:74)(cid:79)(cid:72)(cid:1)(cid:88)(cid:66)(cid:85)(cid:70)(cid:83)(cid:1)
and integrated ground water management which
was implemented in various locations.
100th Annual Report 2018-19
(cid:1)
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(cid:52)(cid:81)(cid:80)(cid:83)(cid:85)(cid:84)(cid:1) (cid:88)(cid:66)(cid:84)(cid:1) (cid:74)(cid:79)(cid:85)(cid:83)(cid:80)(cid:69)(cid:86)(cid:68)(cid:70)(cid:69)(cid:1) (cid:85)(cid:80)(cid:1) (cid:70)(cid:79)(cid:73)(cid:66)(cid:79)(cid:68)(cid:70)(cid:1) (cid:66)(cid:79)(cid:69)(cid:1) (cid:68)(cid:73)(cid:66)(cid:79)(cid:79)(cid:70)(cid:77)(cid:74)(cid:91)(cid:70)(cid:1)
youth energy and some of the youth have been
selected in regional and national level camps in
football, kabaddi and cricket.
(like fossil fuel - coal, oil, gas, water; managing waste;
afforestation), waste management, combating climate
change, active citizenship and ‘Saying No to Plastics’ being
the theme for FY19.
Principle 5
1.
Does the policy of the company on human rights
cover only the company or extend to the Group/Joint
Ventures/Suppliers/Contractors/NGOs/Others?
respects Human Rights and has a
Tata Power
dedicated Policy on Human Rights with a commitment
framework. This policy is aligned with the UN Human
Rights Declaration, International Labour Organisation
fundamental conventions and other fundamental labour
principles. Through the policy, the Company ensures
conformance to the
labour principles
including the prohibition of child labour, forced labour,
freedom of association and protection from discrimination
in all its operations.
fundamental
2.
How many stakeholder complaints have been received
in the past financial year and what percent was
satisfactorily resolved by the management?
No complaints on Human Rights were received during the
year.
Principle 6
1.
Does the policy related to Principle 6 cover only the
company or extends to the Group/Joint Ventures/
Suppliers/Contractors/NGOs/others.
Tata Power has a dedicated Environment Policy along with
policies on Energy conservation, Sustainability, E-waste
management etc. The Environment Policy encourages the
Company to conserve resources, reduce environmental
impact and seeks to enhance the awareness among
employees and make business decisions. The Joint
Ventures/Suppliers have developed their own policies
taking essence from the Company’s policy. However,
the RSCM Policy has environment protection as one of
its criteria applicable to all the vendors, contractors and
service providers.
2.
Does the company have strategies/initiatives to
address global environmental issues such as climate
change, global warming, etc? Y/N. If yes, please give
hyperlink for webpage etc.
Yes, as a responsible Company, Tata Power addresses
global long-term challenges such as climate change
and diminishing resources in a socially, ecologically and
economically responsible manner. As per the company’s
strategic intent 2025, Tata Power aims to generate 40-50%
of its generating capacity from non-fossil fuel sources like
hydro, solar, wind, waste heat recovery, etc.
Additionally, Club Enerji has been ceaselessly working
towards creating responsible citizens of tomorrow
with focus on conserving energy and natural resources
(cid:1)
(cid:1)
(cid:1)
3.
Does the company identify and assess potential
environmental risks?
Yes, environment and climate change related risks are
identified and added to the risk register for periodic
reviews. A risk owner and risk champion are assigned to
each identified risk who then analyses the risk for required
mitigation measures. The Risk Management Committee
of the Board reviews the key risks along with status of
mitigation measures.
4.
Does the company have any project related to Clean
Development Mechanism?
If so, provide details
thereof, in about 50 words or so. Also, if yes, whether
any environmental compliance report is filed?
Yes, the Company has Clean Development Mechanism
(CDM) projects registered with United Nations Framework
Convention on Climate Change (UNFCCC). Tata Power
currently has five of its renewable projects registered
under the CDM program by UNFCCC. These projects
include Wind projects at Gadag, Karnataka, Khandke,
Maharashtra, Samana and NewGen Saurashtra in Gujarat.
The Company also has Mithapur Solar project registered
under CDM. In FY19, volume of 78,540 Carbon Credits
(CERs) were traded from these projects combined. The
gross revenue generated from such sale is ~ ` 3.97 crore.
Walwhan Renewable Energy Limited (WREL) has eight
CDM registered projects but no CERs were issued or traded
in FY19.
5.
Has the company undertaken any other initiatives on -
clean technology, energy efficiency, renewable energy,
etc. Y/N. If yes, please give hyperlink for web page etc.
The Company’s Mission “Being the Lead Adopter of
Technology with a spirit of pioneering and calculated
risk taking” enables adoption of advanced/disruptive
technologies as well as develop some products and
technological processes through a structured short/
long-term technological roadmap. The
medium and
Company has moved to work in various innovative areas
in a collaborative manner, rather than sourcing or new
technology. Some efforts by Tata Power under technology
absorption, adaptation and innovation are;
(cid:116)(cid:1)
(cid:116)(cid:1)
(cid:116)(cid:1)
(cid:52)(cid:70)(cid:85)(cid:85)(cid:74)(cid:79)(cid:72)(cid:1) (cid:86)(cid:81)(cid:1) (cid:80)(cid:71)(cid:1) (cid:74)(cid:79)(cid:79)(cid:80)(cid:87)(cid:66)(cid:85)(cid:74)(cid:80)(cid:79)(cid:1) (cid:68)(cid:80)(cid:86)(cid:79)(cid:68)(cid:74)(cid:77)(cid:84)(cid:1) (cid:66)(cid:68)(cid:83)(cid:80)(cid:84)(cid:84)(cid:1) (cid:87)(cid:66)(cid:83)(cid:74)(cid:80)(cid:86)(cid:84)(cid:1)
divisions to come up with innovative projects that
have a business impact.
(cid:54)(cid:85)(cid:74)(cid:77)(cid:74)(cid:91)(cid:66)(cid:85)(cid:74)(cid:80)(cid:79)(cid:1) (cid:80)(cid:71)(cid:1) (cid:69)(cid:83)(cid:80)(cid:79)(cid:70)(cid:84)(cid:1) (cid:66)(cid:79)(cid:69)(cid:1) (cid:74)(cid:78)(cid:66)(cid:72)(cid:70)(cid:1) (cid:66)(cid:79)(cid:66)(cid:77)(cid:90)(cid:85)(cid:74)(cid:68)(cid:84)(cid:1) (cid:74)(cid:79)(cid:1) (cid:85)(cid:73)(cid:70)(cid:1)
utility sector for coal pile assessments, thermal
imaging of PV farms and open switch yards.
(cid:51)(cid:80)(cid:67)(cid:80)(cid:85)(cid:74)(cid:68)(cid:84)(cid:1) (cid:71)(cid:80)(cid:83)(cid:1) (cid:66)(cid:83)(cid:70)(cid:66)(cid:84)(cid:1) (cid:88)(cid:73)(cid:70)(cid:83)(cid:70)(cid:74)(cid:79)(cid:1) (cid:78)(cid:66)(cid:79)(cid:86)(cid:66)(cid:77)(cid:1) (cid:74)(cid:79)(cid:85)(cid:70)(cid:83)(cid:87)(cid:70)(cid:79)(cid:85)(cid:74)(cid:80)(cid:79)(cid:84)(cid:1)
can be substituted like high rise painting robot,
tunnel inspection robot.
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(cid:37)(cid:70)(cid:87)(cid:70)(cid:77)(cid:80)(cid:81)(cid:78)(cid:70)(cid:79)(cid:85)(cid:1) (cid:80)(cid:71)(cid:1) (cid:79)(cid:70)(cid:88)(cid:1) (cid:81)(cid:83)(cid:80)(cid:69)(cid:86)(cid:68)(cid:85)(cid:84)(cid:1) (cid:77)(cid:74)(cid:76)(cid:70)(cid:1) (cid:49)(cid:42)(cid:37)(cid:1) (cid:83)(cid:70)(cid:87)(cid:70)(cid:83)(cid:84)(cid:66)(cid:77)(cid:1)
units, solar based automated module cleaning
systems, high intensity DC lighting systems for
working in confined spaces.
(cid:46)(cid:86)(cid:77)(cid:85)(cid:74)(cid:71)(cid:86)(cid:70)(cid:77)(cid:1) (cid:81)(cid:80)(cid:88)(cid:70)(cid:83)(cid:1) (cid:66)(cid:79)(cid:69)(cid:1) (cid:73)(cid:70)(cid:66)(cid:85)(cid:1) (cid:72)(cid:70)(cid:79)(cid:70)(cid:83)(cid:66)(cid:85)(cid:74)(cid:80)(cid:79)(cid:1) (cid:84)(cid:90)(cid:84)(cid:85)(cid:70)(cid:78)(cid:1) (cid:71)(cid:80)(cid:83)(cid:1)
rural microgrid applications.
(cid:38)(cid:87)(cid:66)(cid:77)(cid:86)(cid:66)(cid:85)(cid:74)(cid:79)(cid:72)(cid:1) (cid:85)(cid:73)(cid:70)(cid:1) (cid:85)(cid:70)(cid:68)(cid:73)(cid:79)(cid:80)(cid:14)(cid:70)(cid:68)(cid:80)(cid:79)(cid:80)(cid:78)(cid:74)(cid:68)(cid:1) (cid:84)(cid:85)(cid:80)(cid:83)(cid:66)(cid:72)(cid:70)(cid:1) (cid:80)(cid:81)(cid:85)(cid:74)(cid:80)(cid:79)(cid:84)(cid:1)
for utility scale.
(cid:42)(cid:79)(cid:69)(cid:86)(cid:84)(cid:85)(cid:83)(cid:90)(cid:1) (cid:81)(cid:66)(cid:83)(cid:85)(cid:79)(cid:70)(cid:83)(cid:1) (cid:80)(cid:71)(cid:1) (cid:85)(cid:73)(cid:70)(cid:1) (cid:36)(cid:77)(cid:70)(cid:66)(cid:79)(cid:1) (cid:36)(cid:80)(cid:66)(cid:77)(cid:1) (cid:36)(cid:70)(cid:79)(cid:85)(cid:83)(cid:70)(cid:1) (cid:88)(cid:74)(cid:85)(cid:73)(cid:1) (cid:42)(cid:42)(cid:53)(cid:13)(cid:1)
Mumbai.
(cid:42)(cid:80)(cid:53)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:34)(cid:42)(cid:1)(cid:66)(cid:81)(cid:81)(cid:77)(cid:74)(cid:68)(cid:66)(cid:85)(cid:74)(cid:80)(cid:79)(cid:84)(cid:1)(cid:71)(cid:80)(cid:83)(cid:1)(cid:85)(cid:73)(cid:70)(cid:1)(cid:54)(cid:85)(cid:74)(cid:77)(cid:74)(cid:85)(cid:90)(cid:15)
(cid:36)(cid:80)(cid:77)(cid:77)(cid:66)(cid:67)(cid:80)(cid:83)(cid:66)(cid:85)(cid:74)(cid:87)(cid:70)(cid:1)(cid:66)(cid:81)(cid:81)(cid:83)(cid:80)(cid:66)(cid:68)(cid:73)(cid:1)(cid:88)(cid:74)(cid:85)(cid:73)(cid:1)(cid:80)(cid:85)(cid:73)(cid:70)(cid:83)(cid:1)(cid:72)(cid:77)(cid:80)(cid:67)(cid:66)(cid:77)(cid:1)(cid:81)(cid:77)(cid:66)(cid:90)(cid:70)(cid:83)(cid:84)(cid:1)(cid:85)(cid:80)(cid:1)
address the aspects of climate change.
The hyperlink
www.tatapower.com
for web page of the Company
is
6.
Are the emissions/wastes generated by the company
within the permissible limits given by CPCB/SPCB for
the financial year being reported?
Yes, Tata Power is in compliance with the prescribed
permissible
limits as per Central Pollution Control
Board (CPCB)/State Pollution Control Board (SPCB) for
air emissions, effluent quality and discharge, solid and
hazardous waste generation and disposal. Compliance
reports/statements are submitted to SPCB as well as
Regional office, Ministry of Environment, Forest & Climate
Change (MoEF&CC) regularly, as applicable.
7.
Number of show cause/legal notices received from
CPCB/SPCB which are pending (i.e. not resolved to
satisfaction) as on end of Financial Year.
2.
There are no pending or unresolved show cause/legal
notices received from CPCB/SPCB as on end of FY19.
Principle 7
1.
(cid:1)
(cid:1)
(cid:1)
(cid:1)
(cid:1)
2.
Is your company a member of any trade and chamber
or association? If Yes, Name only those major ones that
your business deals with
The Company is a member of various trade and chamber
associations. The major ones are:
(cid:116)(cid:1)
(cid:116)(cid:1)
(cid:116)(cid:1)
(cid:116)(cid:1)
(cid:116)(cid:1)
(cid:36)(cid:80)(cid:79)(cid:71)(cid:70)(cid:69)(cid:70)(cid:83)(cid:66)(cid:85)(cid:74)(cid:80)(cid:79)(cid:1)(cid:80)(cid:71)(cid:1)(cid:42)(cid:79)(cid:69)(cid:74)(cid:66)(cid:79)(cid:1)(cid:42)(cid:79)(cid:69)(cid:86)(cid:84)(cid:85)(cid:83)(cid:90)
(cid:47)(cid:66)(cid:85)(cid:74)(cid:80)(cid:79)(cid:66)(cid:77)(cid:1)(cid:52)(cid:66)(cid:71)(cid:70)(cid:85)(cid:90)(cid:1)(cid:36)(cid:80)(cid:86)(cid:79)(cid:68)(cid:74)(cid:77)
(cid:42)(cid:79)(cid:69)(cid:74)(cid:66)(cid:1)(cid:38)(cid:79)(cid:70)(cid:83)(cid:72)(cid:90)(cid:1)(cid:38)(cid:89)(cid:68)(cid:73)(cid:66)(cid:79)(cid:72)(cid:70)
(cid:38)(cid:77)(cid:70)(cid:68)(cid:85)(cid:83)(cid:74)(cid:68)(cid:66)(cid:77)(cid:1)(cid:51)(cid:70)(cid:84)(cid:70)(cid:66)(cid:83)(cid:68)(cid:73)(cid:1)(cid:66)(cid:79)(cid:69)(cid:1)(cid:37)(cid:70)(cid:87)(cid:70)(cid:77)(cid:80)(cid:81)(cid:78)(cid:70)(cid:79)(cid:85)(cid:1)(cid:34)(cid:84)(cid:84)(cid:80)(cid:68)(cid:74)(cid:66)(cid:85)(cid:74)(cid:80)(cid:79)(cid:1)
(cid:34)(cid:84)(cid:84)(cid:80)(cid:68)(cid:74)(cid:66)(cid:85)(cid:74)(cid:80)(cid:79)(cid:1)(cid:80)(cid:71)(cid:1)(cid:49)(cid:80)(cid:88)(cid:70)(cid:83)(cid:1)(cid:49)(cid:83)(cid:80)(cid:69)(cid:86)(cid:68)(cid:70)(cid:83)
you
through
advocated/lobbied
Have
above
associations for the advancement or improvement
of public good? Yes/No; if yes specify the broad areas
(drop box: Governance and Administration, Economic
Reforms,
Inclusive Development Policies, Energy
security, Water, Food Security, Sustainable Business
Principles, others)
Tata Power does not engage in any form of lobbying
122 I Business Responsibility Report
The Tata Power Company Limited
is
in place to enhance
activities. Advocacy Policy
competitiveness, effectiveness and positively contribute
to the development of the Power sector. The broad areas
under the purview of Advocacy Policy are energy security,
governance and administration, enhancing competition
and transparency in power sector, structural changes for
facilitating capacity addition, overcoming coal related
challenges, electricity distribution reforms and promotion
of renewable energy.
Principle 8
1.
Does the company have specified programmes/
initiatives/projects in pursuit of the policy related to
Principle 8? If yes, details thereof.
There are programs aimed at providing inclusive growth
opportunities. TPSDI is a flagship program with strategic
intent of training atleast 25% of rural youths particularly
from SC/ST communities. Also, the focus areas of Affirmative
action program, such as Education, Employability,
Entrepreneurship and Essential Amenities support the
marginalized communities. The Company continues to
support developing projects related to garment making
unit at Maval (Maharashtra) and Fly ash brick making
units established in Jojobera and Maithon (Jharkhand),
both have incorporated effective use of fly ash into value
proposition creating economic benefit to the community
at large. Also, the financial inclusivity interventions have
benefitted
linkages to various Government schemes
resulting in benefitting 3.43 lakh beneficiaries on socio-
economic aspects.
the programs/projects undertaken
Are
in-house
government structures/any other organisation?
through
foundation/external NGO/
team/own
Tata Power has a Community Relations function which sets
the strategy and plan for the community development
initiatives. Tata Power Community Development Trust
(TPCDT), a registered trust formed by the Company is the
implementing vehicle for Tata Power group entities. TPCDT
partners with NGOs and Government organizations to
leverage synergies in delivering community development
initiatives under the 5 focus areas. Encouragement is
given to employees to volunteer for cause of choice
in pre-defined aspects that are aligned to community
development initiatives.
3.
Have you done any impact assessment of your
initiative?
The Company has developed a scientific process of
measuring Social Performance using Community
Engagement Index at location level. Besides this, flagship
programs effectiveness is also measured on an annual basis
and reviewed by the CSR Committee of the Board under
all 5 focus areas. This year, the Company also undertook
Social Return on Investment study for 3 flagship initiatives
and same would be undertaken for other interventions in
the coming year.
100th Annual Report 2018-19
4. What
is your company’s direct contribution to
community development projects- Amount in INR and
the details of the projects undertaken?
As on 31st March 2019, the Company has spent
` 12.66 crore on various community development projects
under 5 thrust areas. The overall spent of Tata Power Group
CSR interventions was ` 44.58 crore in FY19 including CSR
expenses incurred by Joint Ventures (IEL & Powerlinks)
which are considered as subsidiaries as per Companies Act
2013. Excluding IEL and Powerlinks, the CSR spent stood
at ` 39.46 crore against the CSR obligation of ` 31.69 crore
in FY19.
5.
Have you taken steps to ensure that this community
development initiative is successfully adopted by the
community? Please explain in 50 words, or so.
The process of community engagement begins right from
business development stage, to projects and operations
stage. The Socio-economic study and baselines form
the basis for identification of prioritized needs followed
by program planning with help of external experts. This
process is reviewed once every 3-5 years with the objective
of going back to community. Every year, the Company
implements programs with prior community consultation
through teams. Based on previous year development
of CSR plans have been developed and implemented to
reach 24.67 lakh beneficiaries across 15 states.
Principle 9
1. What percentage of customer complaints/consumer
cases are pending as on the end of financial year.
As on 31st March 2019, none of the customer complaints/
consumer cases beyond turnaround time are pending.
2.
Does the company display product information on
the product label, over and above what is mandated
as per local laws? Yes/No/N.A./ Remarks (additional
information)
Tata Power is in the business of Generation, Transmission
and Distribution of electricity. Electricity being the product,
it requires utmost safety in handling and precautions
while using. Tata Power has displayed safety signage
at prominent locations including the sub-stations and
Customer Relations Centers. In addition, the Company is
also creating safety awareness among consumers through
its website.
3.
Is there any case filed by any stakeholder against
the company regarding unfair
trade practices,
irresponsible advertising and/or anti-competitive
behaviour during the last five years and pending as on
end of financial year. If so, provide details thereof, in
about 50 words or so
There are no cases pending with regard to unfair
trade practices, irresponsible advertising and/or anti-
competitive behaviour as on 31st March 2019.
4.
Did your company carry out any consumer survey/
consumer satisfaction trends?
indicator
Customer Satisfaction Surveys are key
parameters
to measure customer satisfaction and
dissatisfaction levels. These surveys are conducted on a
yearly basis across all segments i.e. commercial, industrial
and residential consumers and are face to face interaction
with 5-point rating scale. The findings of the report guide
us to understand the key improvement areas which are
shared with the concerned departments and accordingly,
the necessary action is taken based on the key findings.
Overall Customer Satisfaction Assessment total (CSAT)
score in percentage for FY19 is given below:
Customer
Residential
Industrial
Commercial
Satisfaction (%)
86
89
91
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Business Responsibility Report I 123
The Tata Power Company Limited
Independent Auditor’s Report
To the Members of The Tata Power Company Limited
Report on the Audit of the Consolidated Ind AS Financial Statements
Opinion
We have audited the accompanying consolidated Ind AS financial statements of The Tata Power Company Limited (hereinafter referred
to as “the Holding Company”), its subsidiaries (the Holding Company and its subsidiaries together referred to as “the Group”) its
associates and joint ventures comprising of the consolidated Balance sheet as at March 31 2019, the consolidated Statement of Profit
and Loss, including other comprehensive income, the consolidated Cash Flow Statement and the consolidated Statement of Changes
in Equity for the year then ended, and notes to the consolidated Ind AS financial statements, including a summary of significant
accounting policies and other explanatory information (hereinafter referred to as “the consolidated Ind AS financial statements”).
In our opinion and to the best of our information and according to the explanations given to us and based on the consideration of
reports of other auditors on separate financial statements and on the other financial information of the subsidiaries, associates and
joint ventures, the aforesaid consolidated Ind AS financial statements give the information required by the Companies Act, 2013, as
amended (“the Act”) in the manner so required and give a true and fair view in conformity with the accounting principles generally
accepted in India, of the consolidated state of affairs of the Group, its associates and joint ventures as at March 31, 2019, their
consolidated profit including other comprehensive income, their consolidated cash flows and the consolidated statement of changes
in equity for the year ended on that date.
Basis for Opinion
We conducted our audit of the consolidated Ind AS financial statements in accordance with the Standards on Auditing (SAs), as specified
under section 143(10) of the Act. Our responsibilities under those Standards are further described in the ‘Auditor’s Responsibilities
for the Audit of the Consolidated Ind AS Financial Statements’ section of our report. We are independent of the Group in accordance
with the ‘Code of Ethics’ issued by the Institute of Chartered Accountants of India together with the ethical requirements that are
relevant to our audit of the financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our
other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we
have obtained is sufficient and appropriate to provide a basis for our audit opinion on the consolidated Ind AS financial statements.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated Ind
AS financial statements for the financial year ended March 31, 2019. These matters were addressed in the context of our audit of the
consolidated Ind AS financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion
on these matters. For each matter below, our description of how our audit addressed the matter is provided in that context.
We have determined the matters described below to be the key audit matters to be communicated in our report. We have fulfilled the
responsibilities described in the Auditor’s responsibilities for the audit of the consolidated Ind AS financial statements section of our
report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to respond to
our assessment of the risks of material misstatement of the consolidated Ind AS financial statements. The results of audit procedures
performed by us and by other auditors of components not audited by us, as reported by them in their audit reports furnished to us
by the management, including those procedures performed to address the matters below, provide the basis for our audit opinion on
the accompanying consolidated Ind AS financial statements.
Key audit matters
Accrual of Regulatory Deferrals (as described in note 18 of the financial statements)
In the power distribution business of the Group, the tariff is
determined by the regulator on cost plus return on equity basis
wherein the cost is subject to prudential norms. The Group
invoices its customers on the basis of pre-approved tariff which
is based on budget and is subject to true ups to be adjusted in
the future tariff.
•
•
The Group recognizes revenue on the basis of tariff invoiced to
consumers. As the Group is entitled to a fixed return on equity,
the Group recognizes regulatory deferral for the shortage /
excess compared to the entitled return on equity. The Group has
recognized regulatory deferrals of ` 5,758.13 crore as at March
31, 2019.
124 I Consolidated Financials
How our audit addressed the key audit matter
Our audit procedures included considering the Group’s
accounting policies with respect to accrual of regulatory
deferrals and assessing compliance with Ind AS 114
“Regulatory Deferral Accounts”.
We performed test of controls over accrual of regulatory
deferrals through inspection of evidence of performance
of these controls.
•
We performed the following tests of details:
• Evaluated the key assumptions used by the Group by
comparing it with prior years, past precedents and the
opinion of management’s expert.
100th Annual Report 2018-19
Key audit matters
Regulatory deferrals are determined based on tariff regulations
and past tariff orders and are subject to verification and
approval by the regulators. Further the costs incurred are
subject to prudential checks and prescribed norms. Significant
judgements are made in determining the regulatory deferrals
including interpretation of tariff regulations. Further certain
disallowances of claims have been challenged by the Group
before higher authorities.
Accrual of regulatory deferrals is a key audit matter considering
the significance of the amount of regulatory deferrals and the
significant judgements involved in the determination of accruals.
How our audit addressed the key audit matter
the
• Considered
independence, objectivity and
competence of management’s expert.
• For tariff orders received by the Group, we have
assessed the impact recognized by the Group and
for matters challenged by the Group, we have also
assessed the management’s evaluation of the likely
outcome of the dispute based on past precedents and
/ or advice of management’s expert.
•
We have assessed the disclosures in accordance with
the requirements of Ind AS 114 “Regulatory Deferral
Accounts”.
•
Recognition of tax credits (as described in note 12 of the financial statements)
The Group has recognized Minimum Alternate Tax (MAT) credit
receivable of ` 1,469.56 crore and unrecognized MAT credit
receivable of ` 276.87 crore as at 31st March 2019. The Group
also has unrecognized other deferred tax assets of ` 2,926.07
crore on operating losses incurred by certain subsidiaries and
unrecognized other deferred tax assets of ` 309.73 crore on
provision for diminution in value of investment classified as
asset held for sale.
The recognition of MAT credit and deferred tax assets (together
referred to as “tax credits” hereinafter) is a key audit matter as
the recoverability of such tax credits within the allowed time
frame involves significant estimate of the financial projections,
availability of sufficient taxable income in the future and
significant judgements in the interpretation of tax regulations
and tax positions adopted by the Group.
•
•
Our audit procedures included considering the Group’s
accounting policies with respect to recognition of tax
credits in accordance with Ind AS 12 “Income Taxes”.
We performed test of controls over recognition of tax
credits through inspection of evidence of performance of
these controls.
We performed the following tests of details:
• We involved our tax specialists who evaluated the
Group’s tax positions by comparing it with prior years
and past precedents.
• We discussed the future business plans and financial
projections with the Company.
• We assessed the management’s long term financial
projections and the key assumptions used in the
projections by comparing it to the approved business
plan and projections used for impairment assessment
where applicable.
•
We have assessed the disclosures in accordance with the
requirements of Ind AS 12 “Income Taxes”.
•
•
•
Impairment of Assets (as described in note 4,5 and 6 of the financial statements)
As per the requirements of Ind AS 36, the Group tests the
Goodwill acquired in business combination for impairment
annually. For other assets, the Company assesses at the end of
every reporting period, whether there is any indication that an
asset or cash generating unit (CGU) may be impaired. If any such
indication exists, the Group estimates the recoverable amount
of the asset or CGU.
The determination of recoverable amount, being the higher of
fair value less costs to sell and value-in-use involves significant
estimates, assumptions and judgements of the long term
financial projections.
During the earlier years, the Group has recognized impairment
provision with respect to Mundra CGU (including coal mines
and related infrastructure), hydro power plant in Georgia and a
generating unit in Trombay. During the year, as the indication
exists, the Group has reassessed its impairment assessment
with respect to the specified CGUs. The Group is also carrying
a Goodwill of `1,641.57 crore relating to the acquisition of
renewable energy businesses.
Impairment of assets and goodwill is a key audit matter
considering the significance of the carrying value, long term
estimation and the significant judgements involved in the
impairment assessment.
•
impairment
Our audit procedures included considering the Group’s
accounting policies with respect to
in
accordance with Ind AS 36 “Impairment of assets”.
We performed test of controls over impairment process
through inspection of evidence of performance of these
controls.
We performed the following tests of details:
the management’s
• We obtained
assessment.
impairment
• We evaluated the key assumptions including projected
generation, coal prices, exchange rate, energy prices
post power purchase agreement period and weighted
average cost of capital by comparing them with prior
years and external data, where available.
• We have obtained and evaluated the sensitivity
analysis.
We assessed the disclosures in accordance with Ind AS 36
“Impairment of assets”.
Consolidated Financials I 125
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The Tata Power Company Limited
How our audit addressed the key audit matter
•
Key audit matters
Related Party Transactions (as described in note17 and 38 of the financial statements)
During the year, the Group has sold its investments in shares of
Tata Communications Limited and Panatone Finvest Limited to
Tata Sons Private Limited for a total consideration of ` 1,542.61
crore and ` 613.49 crore respectively.
Further, during the previous year, the Board of Directors of the
Holding Company had approved sale of its Strategic Engineering
Division (SED) to Tata Advanced Systems Limited, a wholly
owned subsidiary of Tata Sons Private Limited at an enterprise
valuation of `2,230 crore (including `1,190 crore contingent
upon achieving certain milestones). The transaction is subject
to regulatory and necessary approvals.
•
•
Our audit procedures
the
compliance with the various requirements for entering in
to such related party transactions.
included considering
We performed test of controls over related party
transactions
inspection of evidence of
performance of these controls.
through
We performed the following tests of details:
• We have read the valuation reports and fairness
opinion obtained from
independent valuers and
assessed the objectivity and competence of the
independent valuers.
Determination of transaction price for such related party
transactions outside the normal course of business is a key audit
matter considering the significance of the transaction value
and the significant judgements involved in determining the
transaction value.
• We have read the approvals obtained from Audit
Committee, Board of Directors, Shareholders and all
other regulatory approvals for the transactions.
•
We have assessed the disclosures in accordance with Ind
AS 24 “Related Party Disclosures”.
Other Information, such as “Information Other than the Financial Statements and Auditor’s Report Thereon
The Holding Company’s Board of Directors is responsible for the other information. The other information comprises the information
included in the Annual report, but does not include the consolidated Ind AS financial statements and our auditor’s report thereon.
Our opinion on the consolidated Ind AS financial statements does not cover the other information and we do not express any form of
assurance conclusion thereon.
In connection with our audit of the consolidated Ind AS financial statements, our responsibility is to read the other information and,
in doing so, consider whether such other information is materially inconsistent with the consolidated financial statements or our
knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we
conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report
in this regard.
Responsibilities of Management for the Consolidated Ind AS Financial Statements
The Holding Company’s Board of Directors is responsible for the preparation and presentation of these consolidated Ind AS financial
statements in terms of the requirements of the Act that give a true and fair view of the consolidated financial position, consolidated
financial performance including other comprehensive income, consolidated cash flows and consolidated statement of changes in
equity of the Group including its associates and joint ventures in accordance with the accounting principles generally accepted in
India, including the Indian Accounting Standards (Ind AS) specified under section 133 of the Act read with the Companies (Indian
Accounting Standards) Rules, 2015, as amended. The respective Board of Directors of the companies included in the Group and of
its associates and joint ventures are responsible for maintenance of adequate accounting records in accordance with the provisions
of the Act for safeguarding of the assets of the Group and of its associates and joint ventures and for preventing and detecting
frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates
that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that
were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and
presentation of the consolidated Ind AS financial statements that give a true and fair view and are free from material misstatement,
whether due to fraud or error, which have been used for the purpose of preparation of the consolidated Ind AS financial statements
by the Directors of the Holding Company, as aforesaid.
In preparing the consolidated financial statements, the respective Board of Directors of the companies included in the Group and of its
associates and joint ventures are responsible for assessing the ability of the Group and of its associates and joint ventures to continue
as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless
management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.
Those respective Board of Directors of the companies included in the Group and of its associates and joint ventures are also responsible
for overseeing the financial reporting process of the Group and of its associates and joint ventures.
126 I Consolidated Financials
100th Annual Report 2018-19
Auditor’s Responsibilities for the Audit of the Consolidated Ind AS Financial Statements
Our objectives are to obtain reasonable assurance about whether the consolidated Ind AS financial statements as a whole are free
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable
assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a
material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated
Ind AS financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the
audit. We also:
•
•
•
•
•
•
Identify and assess the risks of material misstatement of the consolidated Ind AS financial statements, whether due to fraud
or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher
than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the
override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the
circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Holding
Company has adequate internal financial controls system in place and the operating effectiveness of such controls.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by management.
Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit
evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on
the ability of the Group and its associates and joint ventures to continue as a going concern. If we conclude that a material
uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the consolidated Ind
AS financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit
evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group and its
associates and joint ventures to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the consolidated Ind AS financial statements, including the
disclosures, and whether the consolidated Ind AS financial statements represent the underlying transactions and events in a
manner that achieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the
Group and its associates and joint ventures of which we are the independent auditors and whose financial information we have
audited, to express an opinion on the consolidated Ind AS financial statements. We are responsible for the direction, supervision
and performance of the audit of the financial statements of such entities included in the consolidated financial statements of
which we are the independent auditors. For the other entities included in the consolidated financial statements, which have
been audited by other auditors, such other auditors remain responsible for the direction, supervision and performance of the
audits carried out by them. We remain solely responsible for our audit opinion.
We communicate with those charged with governance of the Holding Company and such other entities included in the consolidated
Ind AS financial statements of which we are the independent auditors regarding, among other matters, the planned scope and timing
of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding
independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of most significance in
the audit of the consolidated Ind AS financial statements for the financial year ended March 31, 2019 and are therefore the key audit
matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or
when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse
consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.
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Consolidated Financials I 127
The Tata Power Company Limited
Other Matter
(a) We did not audit the financial statements and other financial information, in respect of twelve subsidiaries, whose Ind AS
financial statements include total assets of ` 10,336.49 crore as at March 31, 2019 and total revenues of ` 9,021.54 crore and net
cash outflows of ` 91.74 crore for the year ended on that date. These Ind AS financial statement and other financial information
have been audited by other auditors, which financial statements, other financial information and auditor’s reports have been
furnished to us by the management. The consolidated Ind AS financial statements also include the Group’s share of net profit
of ` 1,038.12 crore for the year ended March 31, 2019, as considered in the consolidated Ind AS financial statements, in respect
of seven associates and joint ventures, whose financial statements, other financial information have been audited by other
auditors and whose reports have been furnished to us by the Management. Our opinion on the consolidated Ind AS financial
statements, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, joint ventures and
associates, and our report in terms of sub-sections (3) of Section 143 of the Act, in so far as it relates to the aforesaid subsidiaries,
joint ventures and associates, is based solely on the report of such other auditors.
(b)
(c)
The comparative Ind AS financial information of the Company for the corresponding year as at April 1, 2017 included in the
financial statements, were audited by the predecessor auditor whose report for the year ended March 31, 2017 dated 19th
May, 2017 expressed a modified opinion on those financial statements. The comparative financial information is based on the
previous consolidated financial statements prepared in accordance with the recognition and measurement principles of the
Accounting Standards specified under section 133 of the Companies Act, 2013, read with relevant rules issued thereunder
and other accounting principles generally accepted in India, and is adjusted for the differences as explained in note 43 of the
financial statements, which have been audited by us.
The accompanying consolidated Ind AS financial statements include unaudited financial statements and other unaudited
financial information in respect of one subsidiary, whose financial statements and other financial information reflect total
assets of ` 52.07 crore as at March 31, 2019 and total revenues of ` Nil and net cash inflows of ` 22.86 crore for the year ended
on that date. These unaudited financial statements and other unaudited financial information have been furnished to us by the
management. The consolidated Ind AS financial statements also include the Group’s share of net profit of ` 20.08 crore for the
year ended March 31, 2019, as considered in the consolidated Ind AS financial statements, in respect of twelve associates and
joint ventures, whose financial statements, other financial information have not been audited and whose unaudited financial
statements, other unaudited financial information have been furnished to us by the Management. Our opinion, in so far as it
relates amounts and disclosures included in respect of these subsidiaries, joint ventures and associates, and our report in terms
of sub-sections (3) of Section 143 of the Act in so far as it relates to the aforesaid subsidiaries, joint ventures and associates, is
based solely on such unaudited financial statement and other unaudited financial information. In our opinion and according to
the information and explanations given to us by the Management, these financial statements and other financial information
are not material to the Group.
Our opinion above on the consolidated Ind AS financial statements, and our report on Other Legal and Regulatory Requirements
below, is not modified in respect of the above matters with respect to our reliance on the work done and the reports of the other
auditors and the financial statements and other financial information certified by the Management.
Report on Other Legal and Regulatory Requirements
As required by Section 143(3) of the Act, based on our audit and on the consideration of report of the other auditors on separate
financial statements and the other financial information of subsidiaries, associates and joint ventures, as noted in the ‘other matter’
paragraph we report, to the extent applicable, that:
(a) We/the other auditors whose report we have relied upon have sought and obtained all the information and explanations which
to the best of our knowledge and belief were necessary for the purposes of our audit of the aforesaid consolidated Ind AS
financial statements;
(b)
(c)
In our opinion, proper books of account as required by law relating to preparation of the aforesaid consolidation of the financial
statements have been kept so far as it appears from our examination of those books and reports of the other auditors;
The Consolidated Balance Sheet, the Consolidated Statement of Profit and Loss including the Statement of Other Comprehensive
Income, the Consolidated Cash Flow Statement and Consolidated Statement of Changes in Equity dealt with by this Report
are in agreement with the books of account maintained for the purpose of preparation of the consolidated Ind AS financial
statements;
(d)
In our opinion, the aforesaid consolidated Ind AS financial statements comply with the Accounting Standards specified under
Section 133 of the Act, read with Companies (Indian Accounting Standards) Rules, 2015, as amended;
128 I Consolidated Financials
100th Annual Report 2018-19
(e)
On the basis of the written representations received from the directors of the Holding Company as on March 31, 2019 taken on
record by the Board of Directors of the Holding Company and the reports of the statutory auditors who are appointed under
Section 139 of the Act, of its subsidiary companies, associate companies and joint ventures, none of the directors of the Group’s
companies, its associates and joint ventures incorporated in India is disqualified as on March 31, 2019 from being appointed as
a director in terms of Section 164 (2) of the Act;
(f ) With respect to the adequacy and the operating effectiveness of the internal financial controls over financial reporting with
reference to these consolidated Ind AS financial statements of the Holding Company and its subsidiary companies, associate
companies and joint ventures incorporated in India, refer to our separate Report in “Annexure 1” to this report;
In our opinion and based on the consideration of reports of other statutory auditors of the subsidiaries, associates and joint
ventures incorporated in India, the managerial remuneration for the year ended March 31, 2019 has been paid / provided by
the Holding Company, its subsidiaries, associates and joint ventures incorporated in India to their directors in accordance with
the provisions of section 197 read with Schedule V to the Act;
(g) With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies (Audit
and Auditors) Rules, 2014, as amended, in our opinion and to the best of our information and according to the explanations
given to us and based on the consideration of the report of the other auditors on separate financial statements as also the other
financial information of the subsidiaries, associates joint ventures, as noted in the ‘Other matter’ paragraph:
i.
ii.
iii.
The consolidated Ind AS financial statements disclose the impact of pending litigations on its consolidated financial
position of the Group, its associates and joint ventures in its consolidated Ind AS financial statements – Refer Note 35 to
the consolidated Ind AS financial statements;
Provision has been made in the consolidated Ind AS financial statements, as required under the applicable law or
accounting standards, for material foreseeable losses, if any, on long-term contracts including derivative contracts –
Refer Note 22 and 24 to the consolidated Ind AS financial statements in respect of such items as it relates to the Group,
its associates and joint ventures and the Group’s share of net profit in respect of its associates;
There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection
Fund by the Holding Company, its subsidiaries, associates and joint ventures incorporated in India during the year ended
March 31, 2019.
For S R B C & CO LLP
Chartered Accountants
ICAI Firm Registration Number: 324982E/E300003
per Sudhir Soni
Partner
Membership Number: 41870
UDIN: 19041870AAAAAK8488
Place : Mumbai
Date : 2nd May, 2019
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Consolidated Financials I 129
The Tata Power Company Limited
Annexure to the Independent Auditor’s Report of even date on the Consolidated Financial Statements of The Tata Power
Company Limited
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (“the Act”)
In conjunction with our audit of the consolidated financial statements of The Tata Power Company Limited as of and for the year
ended March 31, 2019, we have audited the internal financial controls over financial reporting of The Tata Power Company Limited
(hereinafter referred to as the “Holding Company”) and its subsidiary companies, its associate companies and joint ventures, which
are companies incorporated in India, as of that date.
Management’s Responsibility for Internal Financial Controls
The respective Board of Directors of the Holding Company, its subsidiary companies, its associate companies and joint ventures,
which are companies incorporated in India, are responsible for establishing and maintaining internal financial controls based on
the internal control over financial reporting criteria established by the Holding Company considering the essential components of
internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute
of Chartered Accountants of India. These responsibilities include the design, implementation and maintenance of adequate internal
financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence
to the respective company’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy
and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Act.
Auditor’s Responsibility
Our responsibility is to express an opinion on the company’s internal financial controls over financial reporting with reference to these
consolidated financial statements based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of
Internal Financial Controls Over Financial Reporting (the “Guidance Note”) and the Standards on Auditing, both, issued by Institute of
Chartered Accountants of India, and deemed to be prescribed under section 143(10) of the Act, to the extent applicable to an audit
of internal financial controls. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and
perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting with
reference to these consolidated financial statements was established and maintained and if such controls operated effectively in all
material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls over financial
reporting with reference to these consolidated financial statements and their operating effectiveness. Our audit of internal financial
controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting with
reference to these consolidated financial statements, assessing the risk that a material weakness exists, and testing and evaluating the
design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor’s
judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained and the audit evidence obtained by the other auditors in terms of their reports
referred to in the Other Matters paragraph below, is sufficient and appropriate to provide a basis for our audit opinion on the internal
financial controls over financial reporting with reference to these consolidated financial statements.
Meaning of Internal Financial Controls Over Financial Reporting With Reference to these Consolidated Financial Statements
A company’s internal financial control over financial reporting with reference to these consolidated financial statements is a process
designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles. A company’s internal financial control over
financial reporting with reference to these consolidated financial statements includes those policies and procedures that (1) pertain
to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets
of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial
statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are
being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable
assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company’s assets that could
have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls Over Financial Reporting With Reference to these Consolidated Financial
Statements
Because of the inherent limitations of internal financial controls over financial reporting with reference to these consolidated financial
statements, including the possibility of collusion or improper management override of controls, material misstatements due to error
or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting
with reference to these consolidated financial statements to future periods are subject to the risk that the internal financial control
over financial reporting with reference to these consolidated financial statements may become inadequate because of changes in
conditions, or that the degree of compliance with the policies or procedures may deteriorate.
130 I Consolidated Financials
100th Annual Report 2018-19
Opinion
In our opinion, the Holding Company, its subsidiary companies, its associate companies and joint ventures, which are companies
incorporated in India, have, maintained in all material respects, adequate internal financial controls over financial reporting with
reference to these consolidated financial statements and such internal financial controls over financial reporting with reference to
these consolidated financial statements were operating effectively as at March 31,2019, based on the internal control over financial
reporting criteria established by the Holding Company considering the essential components of internal control stated in the Guidance
Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.
Other Matters
Our report under Section 143(3)(i) of the Act on the adequacy and operating effectiveness of the internal financial controls over
financial reporting with reference to these consolidated financial statements of the Holding Company, insofar as it relates to these
twelve subsidiary companies which are companies incorporated in India, is based on the corresponding reports of the auditors of
such subsidiary companies incorporated in India.
For S R B C & CO LLP
Chartered Accountants
ICAI Firm Registration Number: 324982E/E300003
per Sudhir Soni
Partner
Membership Number: 41870
UDIN: 19041870AAAAAK8488
Place : Mumbai
Date : 2nd May, 2019
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Consolidated Financials I 131
The Tata Power Company Limited
Consolidated Balance Sheet as at 31st March, 2019
Notes Page
As at
31st March, 2019
` crore
As at
31st March, 2018*
` crore
As at
1st April, 2017*
` crore
ASSETS
6 a.
4 a.
4 b.
5 a.
5 b.
Non-current Assets
Property, Plant and Equipment ....................................................................................
(a)
Capital Work-in-Progress (Refer Note 36 b) ..............................................................
(b)
Investment Property ........................................................................................................
(c)
(d)
Goodwill ...............................................................................................................................
(e) Other Intangible Assets...................................................................................................
Intangible Assets under Development......................................................................
(f )
Investments accounted for using the Equity Method .........................................
(g)
Financial Assets
(h)
6 c.
Other Investments .................................................................................................
(i)
7
Trade Receivables ...................................................................................................
(ii)
8
Loans ...........................................................................................................................
(iii)
9
Finance Lease Receivables ..................................................................................
(iv)
10
(v)
Other Financial Assets ..........................................................................................
Non-current Tax Assets (Net) .........................................................................................
11
(i)
Deferred Tax Assets (Net) ................................................................................................ 12 a.
(j)
(k)
13
Other Non-current Assets ..............................................................................................
Total Non-current Assets .........................................................................................................
Current Assets
(a)
(b)
Inventories ...........................................................................................................................
Financial Assets ..................................................................................................................
Investments .............................................................................................................
(i)
(ii)
Trade Receivables ...................................................................................................
(iii) Unbilled Revenue ...................................................................................................
(iv) Cash and Cash Equivalents ................................................................................. 16 a.
Bank Balances other than (iv) above ............................................................... 16 b.
(v)
(vi)
Loans ...........................................................................................................................
(vii) Finance Lease Receivables ..................................................................................
(viii) Other Financial Assets ..........................................................................................
(c)
Current Tax Assets (Net) ..................................................................................................
(d) Other Current Assets ........................................................................................................
Total Current Assets ...................................................................................................................
Assets Classified as Held For Sale ............................................................................................ 17 a.
Total Assets before Regulatory Deferral Account .......................................................
Regulatory Deferral Account - Assets ...............................................................................
TOTAL ASSETS ...........................................................................................................................................
EQUITY AND LIABILITIES
8
9
10
11
13
15
7
14
18
Equity
Equity Share Capital ......................................................................................................... 19 a.
(a)
Unsecured Perpetual Securities ................................................................................... 19 b.
(b)
(c)
20
Other Equity ........................................................................................................................
Equity attributable to Shareholders of the Company ...............................................
Non-controlling Interests........................................................................................................
Total Equity ....................................................................................................................................
LIABILITIES
21
Non-current Liabilities
Financial Liabilities
(a)
Borrowings................................................................................................................
(i)
(ii)
Trade Payables .........................................................................................................
22
(iii) Other Financial Liabilities ....................................................................................
23
(b) Non-current Tax Liabilities (Net) ..................................................................................
Deferred Tax Liabilities (Net) ......................................................................................... 12 b.
(c)
24
(d)
Provisions .............................................................................................................................
25
(e) Other Non-current Liabilities ........................................................................................
Total Non-current Liabilities ..................................................................................................
Current Liabilities
(a)
Financial Liabilities ............................................................................................................
Borrowings................................................................................................................
(i)
(ii)
Trade Payables .........................................................................................................
(iii) Other Financial Liabilities ....................................................................................
(b)
Current Tax Liabilities (Net) ............................................................................................
Provisions .............................................................................................................................
(c)
(d) Other Current Liabilities ..................................................................................................
Total Current Liabilities ............................................................................................................
Liabilities directly associated with Assets Classified as Held For Sale ................................. 17 b.
Total Liabilities before Regulatory Deferral Account ................................................
Regulatory Deferral Account - Liability ............................................................................
TOTAL EQUITY AND LIABILITIES ......................................................................................................
22
23
24
25
18
26
145
149
150
151
153
166
167
168
168
170
171
172
175
176
176
167
177
177
168
168
170
171
175
178
181
183
183
184
186
187
188
173
188
195
196
187
188
188
195
178
181
41,101.50
2,575.70
Nil
1,641.57
1,561.82
Nil
11,989.69
861.41
192.99
144.73
565.62
316.75
238.01
89.49
1,358.07
62,637.35
1,706.42
166.98
4,445.26
837.85
645.45
142.00
116.46
37.90
241.59
2.67
1,881.85
10,224.43
5,542.12
78,403.90
5,758.13
84,162.03
270.50
1,500.00
16,450.66
18,221.16
2,166.66
20,387.82
31,139.23
22.75
687.31
3.74
1,056.81
333.60
1,873.75
35,117.19
13,875.38
5,481.49
6,480.79
150.22
177.00
1,499.64
27,664.52
992.50
63,774.21
Nil
84,162.03
* Restated (Refer Note 43)
See accompanying notes to the Consolidated Financial Statements
As per our report of even date
For S R B C & CO LLP
Chartered Accountants
ICAI Firm Registration No.324982E/E300003
per SUDHIR SONI
Partner
Membership No. 41870
Mumbai, 2nd May, 2019.
132 I Consolidated Financials
PRAVEER SINHA
CEO & Managing Director
DIN: 01785164
RAMESH SUBRAMANYAM
Chief Financial Officer
Mumbai, 2nd May, 2019.
41,431.61
1,652.60
Nil
1,641.57
1,583.08
Nil
11,111.66
881.11
190.05
131.73
574.76
273.68
167.59
118.17
1,577.31
61,334.92
1,623.08
436.16
2,788.93
810.09
1,061.16
124.62
784.80
34.27
401.59
14.77
1,512.32
9,591.79
4,778.70
75,705.41
6,304.56
82,009.97
270.50
1,500.00
14,629.38
16,399.88
2,015.29
18,415.17
22,356.31
21.00
647.31
3.74
516.56
300.00
1,841.48
25,686.40
18,827.28
5,609.82
9,942.98
160.38
193.44
1,785.72
36,519.62
903.78
63,109.80
485.00
82,009.97
41,404.21
1,923.24
2.49
1,653.57
1,705.80
254.68
9,496.09
1,279.14
187.92
137.32
573.47
395.34
146.35
124.12
2,058.33
61,342.07
1,599.56
1,097.78
3,832.12
1,081.92
835.22
119.08
677.57
39.16
181.23
31.68
1,293.01
10,788.33
1,919.47
74,049.87
7,117.70
81,167.57
270.50
1,500.00
12,651.99
14,422.49
1,868.99
16,291.48
25,142.96
35.57
550.94
3.74
1,751.14
270.68
1,668.51
29,423.54
16,279.79
5,529.00
10,586.63
122.04
207.69
2,065.05
34,790.20
Nil
64,213.74
662.35
81,167.57
For and on behalf of the Board,
BANMALI AGRAWALA
Director
DIN: 00120029
H. M. MISTRY
Company Secretary
100th Annual Report 2018-19
Consolidated Statement of Profit and Loss for the year ended 31st March, 2019
I
II
III
IV
V
VI
VII
VIII
IX
X
XI
XII
XIII
XIV
XV
Notes
Page
Revenue from Operations .........................................................................................................................................................................................................................
Other Income .................................................................................................................................................................................................................................................
Total Income .................................................................................................................................................................................................................................................
Expenses
Cost of Power Purchased ..................................................................................................................................................................................................................
Cost of Fuel (Refer Note 44) .............................................................................................................................................................................................................
Transmission Charges ........................................................................................................................................................................................................................
Raw Material Consumed ...................................................................................................................................................................................................................
Purchase of Finished Goods, Spares and Shares ......................................................................................................................................................................
(Increase)/Decrease in Stock-in-Trade and Work in Progress ..............................................................................................................................................
Employee Benefits Expense (Net) ..................................................................................................................................................................................................
Finance Costs ........................................................................................................................................................................................................................................
Depreciation and Amortisation Expenses ..................................................................................................................................................................................
Other Expenses ....................................................................................................................................................................................................................................
Total Expenses .............................................................................................................................................................................................................................................
Profit/(Loss) Before Movement in Regulatory Deferral Balances, Exceptional Items, Tax and Share of Net Profit of Associates and
Joint Ventures accounted for using the Equity Method..........................................................................................................................................................
Add/(Less): Net movement in Regulatory Deferral Balance ...........................................................................................................................................................
Add/(Less): Net movement in Regulatory Deferral Balance in respect of earlier years ........................................................................................................
27
28
29
29
30
31
5 b.
32
Profit/(Loss) Before Exceptional Items,Tax and Share of Net Profit of Associates and Joint Ventures accounted for using the
Equity Method .............................................................................................................................................................................................................................................
Share of Net Profit of Associates and Joint Ventures accounted for using the Equity Method .......................................................................................
Profit Before Exceptional Items and Tax .........................................................................................................................................................................................
Add/(Less): Exceptional Items
Reversal of Impairment of Mundra CGU (Net) ..........................................................................................................................................................................
Impairment for Investments in Joint Venture and Related Obligation ............................................................................................................................
Impairment in respect of Other Property, Plant and Equipment and Goodwill ........................................................................................................... 4 a (i), (ii), 5 a
& 17 b (iii), (c)
44
6 b (iv)
6 b (iii)
Provision for Contingencies.............................................................................................................................................................................................................
Gain on Sale of Investment in Associates ...................................................................................................................................................................................
Damages towards contractual obligations ................................................................................................................................................................................
6 b (i)
6 b (ii)
Profit Before Tax .........................................................................................................................................................................................................................................
Tax Expense/(Credit)
Current Tax ............................................................................................................................................................................................................................................
Deferred Tax .........................................................................................................................................................................................................................................
Deferred Tax relating to earlier years ...........................................................................................................................................................................................
Deferred Tax (Recoverable)/Payable .............................................................................................................................................................................................
33 a.
12 c.
33 b.
196
202
203
203
203
204
151
205
165
165
148
238
165
165
205
174
207
(i)
Profit for the Year from Continuing Operations ..........................................................................................................................................................................
Loss before tax from Discontinued Operations ..........................................................................................................................................................................
Tax Expense of Discontinued Operations
Add/(Less):
Current Tax .............................................................................................................................................................................................................................................
Deferred Tax ..........................................................................................................................................................................................................................................
Tax Expense/(Credit) of Discontinued Operations ....................................................................................................................................................................
Loss for the Year from Discontinued Operations ........................................................................................................................................................................
Profit/(Loss) for the Year .........................................................................................................................................................................................................................
Other Comprehensive Income/(Expenses) - Continuing Operations
Items that will not be reclassified to profit or loss
A
(a) Remeasurement of the Defined Benefit Plans .........................................................................................................................
(b) Equity Instruments classified FVTOCI ..........................................................................................................................................
(c) Gain on sale of Investment classified at FVTOCI ......................................................................................................................
(d) Assets Classified as Held For Sale - Equity Instruments classified at FVTOCI.................................................................
Income tax relating to items that will not be reclassified to profit or loss
(a) Current Tax.............................................................................................................................................................................................
(b) Deferred Tax ..........................................................................................................................................................................................
Share of Other Comprehensive Income/(Loss) of Associates and Joint Ventures accounted for using the Equity
Method (Net of tax) .......................................................................................................................................................................................
Items that will be reclassified to profit or loss
(a) Exchange Differences in translating the financial statements of foreign operations ................................................
(b) Share of Other Comprehensive Income/(Loss) of Associates and Joint Ventures .......................................................
Add/(Less):
(iii)
(ii)
(i)
B
Other Comprehensive Income/Expense - Discontinued Operations
A
Add/(Less):
B
Add/(Less):
(i)
(ii)
(i)
Items that will not be reclassified to profit or loss .............................................................................................................................
Income tax relating to items that will not be reclassified to profit or loss ................................................................................
Items that will be reclassified to profit or loss .....................................................................................................................................
XVI
Total Comprehensive Income for the Year (XIV + XV)...............................................................................................................................................................
Profit for the year attributable to:
- Owners of the Company ...............................................................................................................................................................................................................
- Non-controlling interest ................................................................................................................................................................................................................
Other Comprehensive Income for the year attributable to:
- Owners of the Company ...............................................................................................................................................................................................................
- Non-controlling interest ................................................................................................................................................................................................................
Total Comprehensive Income for the year attributable to:
- Owners of the Company ...............................................................................................................................................................................................................
- Non-controlling interest ................................................................................................................................................................................................................
XVII
Basic and Diluted Earnings Per Equity Share (of ` 1/- each) (`)
(i)
From Continuing Operations before net movement in regulatory deferral balances ...............................................................................................
(ii) From Continuing Operations after net movement in regulatory deferral balances ...................................................................................................
(iii) From Discontinued Operations ......................................................................................................................................................................................................
(iv) Total Operations after net movement in regulatory deferral balances ...........................................................................................................................
* Restated (Refer Note 43)
See accompanying notes to the Consolidated Financial Statements
As per our report of even date
For S R B C & CO LLP
Chartered Accountants
ICAI Firm Registration No.324982E/E300003
PRAVEER SINHA
CEO & Managing Director
DIN: 01785164
per SUDHIR SONI
Partner
Membership No. 41870
Mumbai, 2nd May, 2019.
RAMESH SUBRAMANYAM
Chief Financial Officer
Mumbai, 2nd May, 2019.
24
188
33 a (iv)
12 c.
207
174
33 a (iv)
207
37
210
For the year ended
31st March, 2019
` crore
29,558.64
395.83
29,954.47
For the year ended
31st March, 2018 *
` crore
26,840.27
432.69
27,272.96
6,359.53
11,640.02
248.23
919.35
345.22
24.37
1,339.05
4,170.00
2,393.13
2,260.15
29,699.05
255.42
(340.19)
274.26
(65.93)
189.49
1,287.02
1,476.51
Nil
Nil
(106.41)
(45.00)
1,897.24
Nil
1,745.83
3,222.34
584.78
544.02
18.91
(491.62)
656.09
2,566.25
(191.82)
(71.92)
5.94
(65.98)
(125.84)
2,440.41
(23.91)
2.68
1.66
(31.05)
6.81
(0.06)
(1.37)
187.18
23.24
165.18
(1.14)
0.40
Nil
(0.74)
2,604.85
2,190.94
249.47
2,440.41
164.87
(0.43)
164.44
2,355.81
249.04
2,604.85
8.30
8.15
(0.46)
7.69
5,597.32
10,009.86
281.99
748.97
181.68
(8.51)
1,381.92
3,761.48
2,346.17
2,374.11
26,674.99
597.97
(409.85)
Nil
(409.85)
188.12
1,553.91
1,742.03
1,886.72
(527.54)
(149.57)
Nil
Nil
(107.08)
1,102.53
2,844.56
663.69
(840.23)
Nil
338.51
161.97
2,682.59
(85.87)
(17.36)
3.23
(14.13)
(71.74)
2,610.85
(4.75)
(262.22)
Nil
Nil
(50.51)
391.87
(10.74)
29.08
0.41
93.14
0.85
Nil
Nil
0.85
2,704.84
2,408.30
202.55
2,610.85
94.00
(0.01)
93.99
2,502.30
202.54
2,704.84
9.74
8.75
(0.26)
8.49
For and on behalf of the Board,
BANMALI AGRAWALA
Director
DIN: 00120029
H. M. MISTRY
Company Secretary
Consolidated Financials I 133
E
C
I
T
O
N
T
R
O
P
E
R
S
D
R
A
O
B
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A
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S
The Tata Power Company Limited
Consolidated Statement of Cash Flows for the year ended 31st March, 2019
A. Cash Flow from Operating Activities
Profit/(Loss) before tax from Continuing Operations ...................................................................................
Profit/(Loss) before tax from Discontinued Operations ..............................................................................
3,222.34
(191.82)
2,844.56
(85.87)
For the year ended
31st March, 2019
` crore
For the year ended
31st March, 2018 *
` crore
Adjustments to reconcile Profit Before Tax to Net Cash Flows:
Depreciation and Amortisation Expense ...............................................................................................
Impairment in respect of Other Property, Plant & Equipment and Goodwill ..........................
Transfer to Contingency Reserve ..............................................................................................................
Reversal of Impairment of Mundra CGU (Net) .....................................................................................
Impairment of Investments in Joint Ventures ......................................................................................
(Gain)/Loss on Disposal of Property, Plant and Equipment (Net) .................................................
Finance Cost (Net of Capitalisation) ........................................................................................................
Interest Income ...............................................................................................................................................
Dividend Income ............................................................................................................................................
(Gain)/Loss on Sale/Fair Value of Current Investments measured at FVTPL .............................
(Gain)/Loss on Sale of Investment in Associate accounted for using the equity method ...
Loss on Sale of Investment in Joint Venture accounted for using the equity method .........
Allowances for Doubtful Debts and Advances (Net) .........................................................................
Amortisation of Premium Paid on Leasehold Land ...........................................................................
Provision for Losses .......................................................................................................................................
Impairment Non-current Investments ...................................................................................................
Provision for Warranties ...............................................................................................................................
Damages towards Contractual Obligation ...........................................................................................
Delayed Payment Charges ..........................................................................................................................
Transfer from Capital Grants .......................................................................................................................
Amortisation of Service Line Contributions .........................................................................................
Deferred Revenue ..........................................................................................................................................
Guarantee Commission ................................................................................................................................
Share of Net Profit of Associates and Joint Ventures accounted for using the equity method .
Effect of Exchange Fluctuation (Net) .......................................................................................................
Working Capital Adjustments:
Adjustment for (increase)/decrease in Assets:
Inventories ........................................................................................................................................................
Trade Receivables ...........................................................................................................................................
Unbilled Revenue ...........................................................................................................................................
Finance Lease Receivables ..........................................................................................................................
Loans- Current .................................................................................................................................................
Loans-Non Current.........................................................................................................................................
Other Current Assets .....................................................................................................................................
Other Non-current Assets ...........................................................................................................................
Other Financial Assets - Current ...............................................................................................................
Other Financial Assets - Non-current ......................................................................................................
Regulatory Deferral Account - Assets .....................................................................................................
Current Investments
Purchased ................................................................................................................................................
Proceeds from sale ...............................................................................................................................
Non-Current Investments
Proceeds from sale ...............................................................................................................................
Movement in Operating Asset ..................................................................................................................
Adjustments for increase / (decrease) in Liabilities:
Trade Payables .................................................................................................................................................
Other Current Liabilities ...............................................................................................................................
Other Non-current Liabilities .....................................................................................................................
Other Financial Liabilities - Current .........................................................................................................
Other Financial Liabilities - Non-current ................................................................................................
Regulatory Deferral Account - Liability ..................................................................................................
Current Provisions ..........................................................................................................................................
Non-current Provisions ................................................................................................................................
Movement in Operating Liability .............................................................................................................
Cash Flow from/(used in) Operations ................................................................................................................
Income-tax Paid ..............................................................................................................................................
Net cash flow from/(used in) Operating Activities..................................................................................
134 I Consolidated Financials
2,393.13
106.41
16.00
Nil
Nil
31.96
4,206.33
(76.26)
(15.09)
(48.92)
(1,897.24)
Nil
72.54
10.48
Nil
(1.30)
15.14
Nil
(87.48)
(3.56)
(82.96)
60.48
(9.83)
(1,287.02)
(30.37)
(85.19)
(1,649.03)
84.93
5.51
46.13
(24.25)
(45.22)
238.59
138.46
(15.66)
715.53
(407.81)
518.63
6.26
(42.56)
(315.50)
(79.97)
28.11
74.61
(485.00)
(75.19)
45.25
2,377.34
149.57
14.00
(1,886.72)
527.54
(4.54)
3,770.33
(120.43)
(18.67)
(59.58)
Nil
Nil
16.40
0.17
(0.21)
6.00
13.65
107.08
(26.48)
(17.87)
(80.74)
32.11
(9.77)
(1,553.91)
13.32
3,372.44
6,402.96
3,248.59
6,007.28
(146.83)
715.15
(43.30)
3.60
(43.88)
8.56
(392.78)
104.44
(65.86)
(4.88)
630.01
Nil
36.65
Nil
(473.12)
800.88
86.44
(208.71)
96.10
207.34
93.40
(171.00)
4.76
49.21
(850.25)
5,079.59
(505.80)
4,573.79
157.54
6,965.70
(601.85)
6,363.85
A
100th Annual Report 2018-19
Consolidated Statement of Cash Flows for the year ended 31st March, 2019
For the year ended
31st March, 2019
` crore
For the year ended
31st March, 2018 *
` crore
B. Cash Flow from Investing Activities
Capital Expenditure on Property, Plant and Equipment (including capital advances) .........
Proceeds from Sale of Property, Plant and Equipment.....................................................................
Purchase of Current Investments .............................................................................................................
Proceeds from Sale of Current Investments .........................................................................................
Consideration transferred on business combinations ......................................................................
Purchase of Non-current Investments
Joint Ventures ........................................................................................................................................
Others .......................................................................................................................................................
Proceeds from Sale of Non-current Investments (Including advance)
Joint Ventures ........................................................................................................................................
Associates ................................................................................................................................................
Others .......................................................................................................................................................
Inter-corporate Deposits (Net) ..................................................................................................................
Interest Received ............................................................................................................................................
Amount (paid)/received back under Contractual Obligation ........................................................
Delayed Payment Charges Received .......................................................................................................
Guarantee Commission Received ............................................................................................................
Dividend Received
Joint Ventures ........................................................................................................................................
Associates ................................................................................................................................................
Others .......................................................................................................................................................
Bank Balance not considered as Cash and Cash Equivalents (with maturity more than
three months) ..................................................................................................................................................
Net Cash Flow from/(used in) Investing Activities ..................................................................................
B
C. Cash Flow from Financing Activities
Proceeds from Issue of Shares including shares issued to Minority Shareholders .................
Proceeds from Capital/Service Line Contributions ............................................................................
Payment towards acquisition of stake from Non-Controlling interest .......................................
Proceeds from Non-current Borrowings ................................................................................................
Repayment of Non-current Borrowings .................................................................................................
Proceeds from Current Borrowings .........................................................................................................
Repayment of Current Borrowings ..........................................................................................................
Finance Cost Paid ...........................................................................................................................................
Dividend Paid...................................................................................................................................................
Additional Income-tax on Dividend Paid ..............................................................................................
Distribution on Unsecured Perpetual Securities .................................................................................
Net Cash Flow from/(used in) Financing Activities .................................................................................
Net Increase/(Decrease) in Cash and Cash Equivalents ........................................................................
Cash and Cash Equivalents as at 1st April (Opening Balance) ..........................................................
Effect of Exchange Fluctuation on Cash and Cash Equivalents ........................................................
Cash and Cash Equivalents as at 31st March (Closing Balance) .......................................................
C
(A+B+C)
Notes:
1.
Cash and Cash Equivalents include:
(a) Cash on Hand ......................................................................................................................................................
(b) Cheques on Hand ...............................................................................................................................................
(c) Balance with banks
In Current Accounts ....................................................................................................................................
(i)
(ii) In deposit accounts (with original maturity of three months or less) ............................................
(d) Bank Overdraft ....................................................................................................................................................
(e) Book Overdraft ....................................................................................................................................................
Cash and Cash Equivalents related to Continuing Operations .............................................................
(a) Balances with banks
(i)
In Current Accounts .............................................................................................................................................
(b) Book Overdraft ...............................................................................................................................................................
Cash and Cash Equivalents relating to Discontinued Operations ......................................................
Cash and Cash Equivalent pertaining to Asset Classified as Held For Sale ..............................................
* Restated (Refer Note 43)
See accompanying notes to the Consolidated Financial Statements
As per our report of even date
For S R B C & CO LLP
Chartered Accountants
ICAI Firm Registration No.324982E/E300003
per SUDHIR SONI
Partner
Membership No. 41870
Mumbai, 2nd May, 2019.
PRAVEER SINHA
CEO & Managing Director
DIN: 01785164
RAMESH SUBRAMANYAM
Chief Financial Officer
Mumbai, 2nd May, 2019.
(3,576.22)
42.91
(20,728.77)
20,936.88
(13.14)
(22.92)
(25.00)
349.31
2,157.67
0.10
83.61
139.35
Nil
34.33
9.59
293.49
9.74
5.43
(15.60)
(319.24)
Nil
97.00
Nil
10,867.07
(9,978.26)
34,846.52
(36,376.94)
(3,976.10)
(410.36)
(82.38)
(171.00)
(5,184.45)
(929.90)
944.52
46.90
61.52
(3,560.37)
56.40
(19,898.26)
20,591.92
Nil
(106.22)
(156.28)
56.61
Nil
356.43
(50.33)
124.11
31.47
26.32
14.38
976.09
14.82
10.59
(5.54)
(1,517.86)
0.15
84.63
Nil
9,750.53
(11,224.74)
24,579.61
(22,668.41)
(4,570.38)
(416.53)
(90.12)
(171.00)
(4,726.26)
119.73
818.58
6.21
944.52
As at
31st March, 2019
` crore
0.99
11.69
As at
31st March, 2018*
` crore
1.07
28.41
320.87
311.90
(590.89)
Nil
54.56
6.13
(0.02)
6.11
0.85
61.52
905.58
126.10
(119.25)
(0.08)
941.83
2.73
(0.04)
2.69
Nil
944.52
For and on behalf of the Board,
BANMALI AGRAWALA
Director
DIN: 00120029
H. M. MISTRY
Company Secretary
Consolidated Financials I 135
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B
136 I Consolidated Financials
100th Annual Report 2018-19
Notes to the Consolidated Financial Statements
1.
Corporate Information:
The Tata Power Company Limited (the ‘Company’) is a public limited Company domiciled and incorporated in India under the
Indian Companies Act, 1913. The registered office of the Company is located at Bombay House, 24, Homi Mody Street, Mumbai
400 001 India. The principal business of the Company is generation, transmission, distribution and trading of electricity.
The Company and its subsidiaries (collectively referred to as ‘the Group’) is one of India’s largest integrated power companies
with an international presence. The Group together with its joint venture companies has an installed gross generation capacity
of 10,957 MW and a presence in all the segments of the power sector viz. Fuel Security and Logistics, Generation (thermal, hydro,
solar and wind), Transmission, Distribution and Trading. The Group has developed the country’s first 4,000 MW Ultra Mega Power
Project at Mundra (Gujarat) based on super-critical technology. It is also one of the largest renewable energy players in India
with a clean energy portfolio of 3,617 MW. Its international presence includes strategic investments in Indonesia, Singapore,
South Africa, Zambia, Georgia and Bhutan. With its track record of technology leadership, project execution excellence, world
class safety processes, customer care and driving green initiatives the Group is poised for multi-fold growth and is committed
to ‘lighting up lives’ for generations to come.
2.1
Statement of compliance
The consolidated financial statements have been prepared in accordance with Indian Accounting Standards (Ind AS) as
notified under the Companies (Indian Accounting Standards) Rules, 2015, read with section 133 of the Companies Act, 2013 (as
amended from time to time).
2.2 Basis of preparation and presentation
The consolidated financial statements have been prepared on a historical cost basis, except for the following assets and
liabilities which have been measured at fair value or revalued amount:
-
-
-
derivative financial instruments,
certain financial assets and liabilities measured at fair value (refer accounting policy regarding financial instruments).
employee benefit expenses (Refer Note 24 for Accounting policy).
2.3 Basis of Consolidation
The Group consolidates all entities which are controlled by it. The consolidated financial statements comprise the financial
statements of the Company and its subsidiaries. Control exists when the parent has power over the entity, is exposed, or has
rights, to variable returns from its involvement with the entity and has the ability to affect those returns by using its power
over the entity. Power is demonstrated through existing rights that give the ability to direct relevant activities, those which
significantly affect the entity’s returns. The entities are consolidated from the date control commences until the date control
ceases.
The consolidated financial statements of the Group companies are consolidated on a line-by-line basis and intra-group
balances and transactions including unrealised gain/loss from such transactions are eliminated upon consolidation. These
consolidated financial statements are prepared by applying uniform accounting policies in use at the Group. Profit or loss on
each component of other comprehensive income (OCI) are attributed to the equity holders of the parent of the Group and to
the non-controlling interests, even if this results in the non-controlling interest having a deficit balance.
Changes in the Group’s holding that do not result in a loss of control are accounted for as equity transactions. The carrying
amount of the Group’s holding and the non-controlling interests are adjusted to reflect the changes in their relative holding.
Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration
paid or received is recognised directly in equity and attributed to owners of the Company.
Joint Ventures are entities over which the Group has joint control. Associates are entities over which the Group has significant
influence but not control. Investments in Joint Ventures and Associates are accounted for using the equity method of
accounting. The investment is initially recognised at cost, and the carrying amount is increased or decreased to recognise the
investor’s share of the profit or loss of the investee after the acquisition date. The Group’s investment in Joint Ventures and
Associates includes goodwill identified on acquisition. (Refer Note 6a)
2.4 Business Combinations and Goodwill
The Group accounts for its business combinations under acquisition method of accounting. Acquisition related costs are
recognised in statement of profit and loss as incurred. The acquiree’s identifiable assets, liabilities and contingent liabilities that
meet the condition for recognition are recognised at their fair values at the acquisition date.
Purchase consideration paid in excess of the fair value of net assets acquired is recognised as goodwill. Where the fair value of
identifiable assets and liabilities exceed the cost of acquisition, after reassessing the fair values of the net assets and contingent
liabilities, the excess is recognised as capital reserve.
Consolidated Financials I 137
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The Tata Power Company Limited
Notes to the Consolidated Financial Statements
The interest of non-controlling shareholders is initially measured either at fair value or at the non-controlling interests’
proportionate share of the acquiree’s identifiable net assets. The choice of measurement basis is made on an acquisition-by-
acquisition basis. Subsequent to acquisition, the carrying amount of non-controlling interests is the amount of those interests
at initial recognition plus the non-controlling interests’ share of subsequent changes in equity of subsidiaries.
Business combinations arising from transfers of interests in entities that are under the common control are accounted at
historical costs. The difference between any consideration given and the aggregate historical carrying amounts of assets and
liabilities of the acquired entity are recorded in shareholders’ equity.
Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred and the amount
recognised for non-controlling interests and any previous interest held, over the net identifiable assets acquired and liabilities
assumed. If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the Group re-assesses
whether it has correctly identified all of the assets acquired and all of the liabilities assumed and reviews the procedures used to
measure the amounts to be recognised at the acquisition date. If the reassessment still results in an excess of the fair value of net
assets acquired over the aggregate consideration transferred, then the gain is recognised in other comprehensive income (OCI)
and accumulated in equity as capital reserve. However, if there is no clear evidence of bargain purchase, the entity recognises
the gain directly in equity as capital reserve, without routing the same through OCI.
After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment
testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group’s cash-
generating units that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the
acquiree are assigned to those units.
A cash generating unit to which goodwill has been allocated is tested for impairment annually, or more frequently when there
is an indication that the unit may be impaired. If the recoverable amount of the cash generating unit is less than its carrying
amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to
the other assets of the unit pro rata based on the carrying amount of each asset in the unit. Any impairment loss for goodwill is
recognised in profit or loss. An impairment loss recognised for goodwill is not reversed in subsequent periods.
2.5 Details of the Group’s subsidiaries at the end of the reporting period considered in the preparation of the Consolidated Financial
Statements are as follows:
Name
Country of
Incorporation
% voting power
held as at
% voting power
held as at
31st March, 2019 31st March, 2018
% voting power
held as at
1st April, 2017
India
India
India
India
India
India
Subsidiaries (Direct)
Af-Taab Investment Co. Ltd .................................
Tata Power Trading Co. Ltd. .................................
NELCO Ltd. ................................................................
Maithon Power Ltd. ...............................................
Tata Power Delhi Distribution Ltd. ...................
Coastal Gujarat Power Ltd. ..................................
Bhira Investments Pte. Ltd. ................................. Singapore
Bhivpuri Investments Ltd. ................................... Mauritius
Khopoli Investments Ltd. ..................................... Mauritius
Trust Energy Resources Pte. Ltd. ....................... Singapore
Industrial Power Utility Ltd. ................................
Tata Ceramics Ltd. $ ...............................................
Tata Power International Pte. Ltd. ....................
Tata Power Solar Systems Ltd. ...........................
Tata Power Renewable Energy Ltd. ..................
Tata Power Jamshedpur Distribution Ltd. .....
TP Ajmer Distribution Ltd. ...................................
Tata Power Green Energy Ltd. ...........................
India
India
Singapore
India
India
India
India
India
138 I Consolidated Financials
100
100
50.04
74
51
100
100
100
100
100
100
57.07
100
100
100
100
100
100
100
100
50.04
74
51
100
100
100
100
100
100
57.07
100
100
100
100
100
100
100
100
50.04
74
51
100
100
100
100
100
100
57.07
100
100
100
100
Nil
100
100th Annual Report 2018-19
Notes to the Consolidated Financial Statements
Name
Country of
Incorporation
% voting power
held as at
% voting power
held as at
31st March, 2019 31st March, 2018
% voting power
held as at
1st April, 2017
92.50
51
100
92.50
51
100
Indonesia
India
Singapore
Subsidiaries (Indirect)
PT Sumber Energi Andalan Tbk. $ ....................
NDPL Infra Ltd. ........................................................
Energy Eastern Pte. Ltd. .......................................
Tatanet Services Ltd. (TNSL)
(Consolidated with NELCO Ltd.) .......................
Supa Windfarm Ltd. ..............................................
Poolavadi Windfarm Ltd. .....................................
Nivade Windfarm Ltd. ..........................................
Indo Rama Renewables Jath Ltd. .....................
Walwhan Renewable Energy Ltd. ....................
Clean Sustainable Solar Energy Private Ltd. @ ..
Dreisatz Mysolar24 Private Ltd. @ .....................
MI Mysolar24 Private Ltd. @ ................................
Northwest Energy Private Ltd. @ ......................
Solarsys Renewable Energy Private Ltd. @ ....
Walwhan Solar Energy GJ Ltd. @ .......................
Walwhan Solar Raj Ltd. @ ....................................
Walwhan Solar BH Ltd. @ .....................................
Walwhan Solar MH Ltd. @ ....................................
Walwhan Wind RJ Ltd. @ ......................................
Walwhan Solar AP Ltd. @ .....................................
Walwhan Solar KA Ltd. @ .....................................
Walwhan Solar MP Ltd. @ ....................................
Walwhan Solar PB Ltd. @ .....................................
Walwhan Energy RJ Ltd. @ ..................................
Walwhan Solar TN Ltd. @ .....................................
Walwhan Solar RJ Ltd. @ ......................................
Walwhan Urja Anjar Ltd. @ ..................................
Walwhan Urja India Ltd. @ ..................................
Chirasthayee Saurya Ltd. .....................................
Nelco Network Products Ltd.
(Consolidated with NELCO Ltd.) ........................
Vagarai Windfarm Ltd. ..........................................
Far Eastern Natural Resources LLC # ................ Russia
# Based on Unaudited Financial Information, certified by its Management for the year ended 31st March, 2019.
@ Consolidated with Walwhan Renewable Energy Ltd.
$ Classified as held for sale
50.04
100
100
100
100
100
99.99
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
50.04
100
100
100
100
100
99.99
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
India
50.04
72
100
50.04
72
100
India
India
94.61
51
100
50.04
100
100
100
100
99.99
99.99
100
74
100
72.50
74
100
100
100
100
100
100
100
100
100
100
100
100
100
100
50.04
100
Nil
3.
Other Significant Accounting Policies, Critical Accounting Estimates and Judgements:
3.1
Foreign Currencies
The Group’s consolidated financial statements are presented in Indian Rupee, which is also the parent company’s functional
currency. For each entity the Group determines the functional currency and items included in the financial statements of each
entity are measured using that functional currency.
Transactions in foreign currencies are initially recorded by the Group’s entities at their respective functional currency spot rates
at the date the transaction first qualifies for recognition. However, for practical reasons, the group uses an average rate if the
average approximates the actual rate at the date of the transaction.
Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rates of
exchange at the reporting date.
Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates
at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using
Consolidated Financials I 139
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The Tata Power Company Limited
Notes to the Consolidated Financial Statements
the exchange rates at the date when the fair value is determined. The gain or loss arising on translation of non-monetary items
measured at fair value is treated in line with the recognition of the gain or loss on the change in fair value of the item (i.e.,
translation differences on items whose fair value gain or loss is recognised in OCI or profit or loss are also recognised in OCI or
profit or loss, respectively).
3.2 Current versus non-current classification
The Group presents assets and liabilities in the balance sheet based on current/ non-current classification. An asset is treated as
current when it is:
-
-
-
-
expected to be realised or intended to be sold or consumed in normal operating cycle,
held primarily for the purpose of trading,
expected to be realised within twelve months after the reporting period, or
cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months
after the reporting period.
All other assets are classified as non-current.
A liability is current when:
-
-
-
-
it is expected to be settled in normal operating cycle,
it is held primarily for the purpose of trading,
it is due to be settled within twelve months after the reporting period, or
there is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting
period.
The Group classifies all other liabilities as non-current.
Deferred tax assets and liabilities are classified as non-current assets and liabilities.
The operating cycle is the time between the acquisition of assets for processing and their realisation in cash and cash equivalents.
The Group has identified twelve months as its operating cycle.
3.3.1 Warranties
Provisions for the expected cost of warranty obligations under local sale of goods legislation are recognised at the date of sale
of the relevant products, at the Group’s best estimate of the expenditure required to settle the Group’s obligation.
3.4
Financial Instruments
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument
of another entity.
Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual provisions of the
instruments.
Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the
acquisition or issue of financial assets and financial liabilities are added to or deducted from the fair value of the financial assets
or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial
assets or financial liabilities measured at fair value through profit or loss are recognised immediately in statement of profit and
loss.
3.5
Financial Assets
All regular way purchases or sales of financial assets are recognised and derecognised on a trade date basis. Regular way
purchases or sales are purchases or sales of financial assets that require delivery of assets within the time frame established by
regulation or convention in the market place.
All recognised financial assets are subsequently measured in their entirety at either amortised cost or fair value, depending on
the classification of the financial assets.
3.5.1 Financial assets at amortised cost
Financial assets are subsequently measured at amortised cost using the effective interest rate method if these financial assets
are held within a business whose objective is to hold these assets in order to collect contractual cash flows and the contractual
terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the
principal amount outstanding.
140 I Consolidated Financials
100th Annual Report 2018-19
3.5.2 Financial assets at fair value through other comprehensive income (FVTOCI)
Notes to the Consolidated Financial Statements
A financial asset is subsequently measured at fair value through other comprehensive income if it is held within a business
model whose objective is achieved by both collecting contractual cash flows and selling financial assets and the contractual
terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the
principal amount outstanding.
On initial recognition, the Group makes an irrevocable election on an instrument-by-instrument basis to present the subsequent
changes in fair value in other comprehensive income pertaining to investments in equity instruments, other than equity
investment which are held for trading. Subsequently, they are measured at fair value with gains and losses arising from changes
in fair value recognised in other comprehensive income and accumulated in the ‘Reserve for equity instruments through other
comprehensive income’. The cumulative gain or loss is not reclassified to statement of profit and loss on sale of the investments.
3.5.3 Financial assets at fair value through profit or loss (FVTPL)
Investments in equity instruments are classified as at FVTPL, unless the Group irrevocably elects on initial recognition to present
subsequent changes in fair value in other comprehensive income for investments in equity instruments which are not held for
trading.
Other financial assets are measured at fair value through profit or loss unless it is measured at amortised cost or at fair value
through other comprehensive income on initial recognition. The transaction costs directly attributable to the acquisition of
financial assets and liabilities at fair value through profit or loss are immediately recognised in statement of profit and loss.
3.5.4 Investment in Jointly Controlled Entities and Associates
Investment in jointly controlled entities and associates are accounted using equity method less impairment.
Impairment of investments:
The Group reviews its carrying value of investments carried at cost, amortised cost or equity method annually, or more
frequently when there is indication for impairment. If the recoverable amount is less than its carrying amount, the impairment
loss is accounted for in the statement of profit and loss.
3.5.5 Derecognition
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily
derecognised (i.e. removed from the Group’s balance sheet) when:
-
-
the right to receive cash flows from the asset have expired, or
the Group has transferred its right to receive cash flows from the asset or has assumed an obligation to pay the received
cash flows in full without material delay to a third party under a ‘pass-through’ arrangement; and either (a) the Group
has transferred substantially all the risks and rewards of the asset, or (b) the Group has neither transferred nor retained
substantially all the risks and rewards of the asset, but has transferred control of the asset.
When the Group has transferred its right to receive cash flows from an asset or has entered into a pass-through arrangement, it
evaluates if and to what extent it has retained the risks and rewards of ownership. When it has neither transferred nor retained
substantially all of the risks and rewards of the asset, nor transferred control of the asset, the Group continues to recognise the
transferred asset to the extent of the Group’s continuing involvement. In that case, the Group also recognises an associated
liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that
the Group has retained.
3.5.6 Impairment of financial assets
The Group assesses at each date of balance sheet whether a financial asset or a group of financial assets is impaired. Ind AS 109
requires expected credit losses to be measured through a loss allowance. The Group recognises lifetime expected losses for all
contract assets and/or all trade receivables that do not constitute a financing transaction. For all other financial assets, expected
credit losses are measured at an amount equal to the 12 months expected credit losses or at an amount equal to the life time
expected credit losses if the credit risk on the financial asset has increased significantly since initial recognition.
3.6
Financial liabilities and equity instruments
3.6.1 Classification as debt or equity
Debt and equity instruments issued by a Group are classified as either financial liabilities or as equity in accordance with the
substance of the contractual arrangements and the definitions of a financial liability and an equity instrument.
3.6.2 Equity Instruments
An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities.
Equity instruments issued by a Group entity are recognised at the proceeds received, net of direct issue costs.
Consolidated Financials I 141
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The Tata Power Company Limited
Notes to the Consolidated Financial Statements
3.6.3 Financial liabilities
All financial liabilities are subsequently measured at amortised cost using the effective interest rate method. Gains and losses
are recognised in statement of profit and loss when the liabilities are derecognised as well as through the Effective Interest Rate
(EIR) amortisation process. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees
or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of profit and loss.
3.6.4 Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an
existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an
existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original
liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement
of profit and loss.
3.6.5 Financial guarantee contracts
Financial guarantee contracts issued by the Group are those contracts that require a payment to be made to reimburse the
holder for a loss it incurs because the specified debtor fails to make a payment when due in accordance with the terms of a debt
instrument. Financial guarantee contracts are recognised initially as a liability at fair value, adjusted for transaction costs that are
directly attributable to the issuance of the guarantee. Subsequently, the liability is measured at the higher of the amount of loss
allowance determined as per impairment requirements of Ind AS 109 and the amount recognised less cumulative amortisation.
3.7 Derivative financial instruments
The Group enters into a variety of derivative financial instruments to manage its exposure to foreign exchange rate risks,
including foreign exchange forward contracts and cross currency swaps.
Derivatives are initially recognised at fair value at the date the derivative contracts are entered into and are subsequently
remeasured to their fair value at the end of each reporting period. The resulting gain or loss is recognised in statement of profit
and loss immediately.
3.8 Reclassification of financial assets and liabilities
The Group determines classification of financial assets and liabilities on initial recognition. After initial recognition, no
reclassification is made for financial assets which are equity instruments and financial liabilities. For financial assets which are
debt instruments, a reclassification is made only if there is a change in the business model for managing those assets. Changes
to the business model are expected to be infrequent. The Group’s senior management determines change in the business
model as a result of external or internal changes which are significant to the Group’s operations. Such changes are evident to
external parties. A change in the business model occurs when the Group either begins or ceases to perform an activity that
is significant to its operations. If the Group reclassifies financial assets, it applies the reclassification prospectively from the
reclassification date which is the first day of the immediately next reporting period following the change in business model. The
Group does not restate any previously recognised gains, losses (including impairment gains or losses) or interest.
3.9 Offsetting of financial instruments
Financial assets and financial liabilities are offset and the net amount is reported in the balance sheet if there is a currently
enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, to realise the assets
and settle the liabilities simultaneously.
3.10 Government Grants
Government grants are not recognised until there is reasonable assurance that the Group will comply with the conditions
attaching to them and that the grant will be received.
Government grants relating to income are determined and recognised in the statement of profit and loss over the period
necessary to match them with the cost that they are intended to compensate and presented within other income.
Government grants relating to the purchase of property, plant and equipment are reduced from the cost of the assets.
The benefit of a Government loan at a below market rate of interest is treated as a Government grant, measured as the difference
between proceeds received and the fair value of loan based on prevailing market interest rates.
Amendment to Ind AS-20 Government Grant
The Ministry of Corporate Affairs (MCA) notified the Companies (Indian Accounting Standards) Second Amendment Rules,
2018 (the ‘Rules’) on 20th September 2018. The Rules amend Ind AS 20 Accounting for Government Grants and Disclosure of
Government Assistance to allow entities the option of recording non-monetary government grants at a nominal amount and
presenting government grants related to assets by deducting the grant from the carrying amount of the asset. This amendment
has been opted and applied (Refer Note 3.14) by the Group.
142 I Consolidated Financials
100th Annual Report 2018-19
3.11 Dividend distribution to equity shareholders of the Parent Company
Notes to the Consolidated Financial Statements
The Parent Company recognises a liability to make dividend distributions to its equity holders when the distribution is
authorised and the distribution is no longer at its discretion. As per the corporate laws in India, a distribution is authorised
when it is approved by the shareholders. A corresponding amount is recognised directly in equity.
3.12 Service Concession Agreement (SCA)
A Group entity has entered into contract for design, part finance, engineering, manufacture, supply, erection, testing,
commissioning and operation and maintenance for 25 years of Grid Interactive Solar Power Project through Public Private
Partnership with a public sector power generator (PSU). The PSU has paid part of the project cost to the Group on commissioning
of plant/Handover of Project. Remaining cost and the operations and maintenance cost is being recovered over the period of
the project in accordance with the agreement with the PSU.
Ind AS 115 establishes a five-step model to account for revenue arising from contracts with customers and requires that
revenue be 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. It requires entities to exercise judgement, taking into consideration all of the
relevant facts and circumstances when applying each step of the model to contracts with their customers.
As per the arrangement, the share of electricity revenue is divided into three parts i.e. towards deferred payment, interest income
and operation and maintenance revenue. The Group has initially measured financial asset at fair value and subsequently at
amortized cost by recognizing share of electricity sale revenue first towards operation and maintenance revenue. Subsequent
thereto, amount is recognised as interest income at computed Internal Rate of Return (IRR) on opening balance of the financial
asset. Further, surplus of revenue share over and above operation and maintenance revenue and interest income is recognized
as recovery of the financial asset.
3.13 Standards issued but not yet effective
The amendments to standards that are issued, but not yet effective, upto the date of issuance of the Group’s financial statements
are disclosed below. The Group intends to adopt these standards, if applicable, when they become effective.
Ind AS 116 - Leases
Ind AS 116 Leases was notified in March 2019 and it replaces Ind AS 17 Leases. Ind AS 116 is effective for annual periods
beginning on or after 1st April, 2019. It sets out the principles for the recognition, measurement, presentation and disclosure of
leases and requires lessees to account for all leases under a single on-balance sheet model similar to the accounting for finance
leases under Ind AS 17. Lessor accounting under Ind AS 116 is substantially unchanged from today’s accounting under Ind AS
17. Ind AS 116 requires lessees and lessors to make more extensive disclosures than under Ind AS 17. The Group is in the process
of evaluating the requirements of the standard and its impact on its financial statements.
Ind AS 12 – Income taxes (amendments relating to income tax consequences of dividend and uncertainty over income
tax treatments)
The amendment relating to income tax consequences of dividend clarify that an entity shall recognise the income tax
consequences of dividends in statement of profit or loss, other comprehensive income or equity according to where the entity
originally recognised those past transactions or events. The Group does not expect any impact from this pronouncement. It is
relevant to note that the amendment does not amend situations where the entity pays a tax on dividend which is effectively a
portion of dividends paid to taxation authorities on behalf of shareholders. Such amount paid or payable to taxation authorities
continues to be charged to equity as part of dividend, in accordance with Ind AS 12.
The amendment to Appendix C of Ind AS 12 specifies that the amendment is to be applied to the determination of taxable profit
(tax loss), tax bases, unused tax losses, unused tax credits and tax rates, when there is uncertainty over income tax treatments
under Ind AS 12. It outlines the following: (1) the entity has to use judgement, to determine whether each tax treatment should
be considered separately or whether some can be considered together. The decision should be based on the approach which
provides better predictions of the resolution of the uncertainty (2) the entity is to assume that the taxation authority will have
full knowledge of all relevant information while examining any amount (3) entity has to consider the probability of the relevant
taxation authority accepting the tax treatment and the determination of taxable profit (tax loss), tax bases, unused tax losses,
unused tax credits and tax rates would depend upon the probability. The Group does not expect any significant impact of the
amendment on its financial statements.
Ind AS 109 – Prepayment Features with Negative Compensation
The amendments relate to the existing requirements in Ind AS 109 regarding termination rights in order to allow measurement
at amortised cost (or, depending on the business model, at fair value through other comprehensive income) even in the
case of negative compensation payments. The Group does not expect this amendment to have any impact on its financial
statements.
Consolidated Financials I 143
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The Tata Power Company Limited
Notes to the Consolidated Financial Statements
Ind AS 19 – Plan Amendment, Curtailment or Settlement
The amendments clarify that if a plan amendment, curtailment or settlement occurs, it is mandatory that the current service
cost and the net interest for the period after the re-measurement are determined using the assumptions used for the
re-measurement. In addition, amendments have been included to clarify the effect of a plan amendment, curtailment or
settlement on the requirements regarding the asset ceiling. The Group does not expect this amendment to have any significant
impact on its financial statements.
Ind AS 23 – Borrowing Costs
The amendments clarify that if any specific borrowing remains outstanding after the related asset is ready for its intended use
or sale, that borrowing becomes part of the funds that an entity borrows generally when calculating the capitalisation rate on
general borrowings. The Group does not expect any impact from this amendment.
Ind AS 28 – Long-term Interests in Associates and Joint Ventures
The amendments clarify that an entity applies Ind AS 109 Financial Instruments, to long-term interests in an associate or joint
venture that form part of the net investment in the associate or joint venture but to which the equity method is not applied.
The Group does not currently have any such long-term interests in associates and joint ventures.
Ind AS 103 – Business Combinations and Ind AS 111 - Joint Arrangements
The amendments to Ind AS 103 relating to re-measurement clarify that when an entity obtains control of a business that is a
joint operation, it re-measures previously held interests in that business. The amendments to Ind AS 111 clarify that when an
entity obtains joint control of a business that is a joint operation, the entity does not re-measure previously held interests in
that business. The Group will apply the pronouncement if and when it obtains control / joint control of a business that is a joint
operation.
3.14 Changes in accounting policies and disclosures
(a)
Revenue from delay payment charges
Delayed payment charges were hitherto recognized only when they are realised/recovered. With effect from 1st April,
2018, the Group has revised its accounting policy to recognize Delayed Payment Charges (DPC) on accrual basis based
on contractual terms and an assessment of certainty of realization. Management believes that this policy results in the
financial statements providing reliable and more relevant information about the effects of transaction on the Group’s
financial position and performance. The revision in accounting policy has been applied retrospectively has resulted in
increase in other income and profit before tax by ₹ 58.64 crore, current tax by ₹ 20.39 crore, profit after tax by ₹ 39.25
crore for the year ended 31st March, 2019 and does not have any significant impact on previous year’s statement of profit
and loss and retained earnings as at 1st April, 2017.
New and amended standards and interpretations
The Group applied for the first time certain amendments to the standards, which are effective for annual periods beginning on
or after 1st April, 2018. The nature and the impact of each amendment is described below:
(b)
Ind AS 20 Accounting for Government Grants and Disclosure
In accordance with the amendment in Ind AS 20 “Accounting for Government Grants and Disclosure” the Group has
changed its accounting policy of recognizing the grant as a reduction from the carrying amount of the asset instead
of recognizing the grant as deferred income. Management believes that this policy results in the financial statements
providing reliable and more relevant information about the effects of transaction on the Group’s financial position and
performance. The revision in accounting policy has been applied retrospectively. Refer Note 43 for restatement.
(c)
Ind AS 115 Revenue from Contracts with Customers
Ind AS 115 supersedes Ind AS 11 Construction Contracts, Ind AS 18 Revenue and related interpretations and it applies,
with limited exceptions, to all revenue arising from contracts with its customers. Ind AS 115 establishes a five-step model
to account for revenue arising from contracts with customers and requires that revenue be 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 Group adopted Ind AS 115 using the full retrospective method of adoption. Ind AS 115 requires entities to exercise
judgement, taking into consideration all of the relevant facts and circumstances when applying each step of the model
to contracts with their customers. The standard also specifies the accounting for the incremental costs of obtaining a
contract and the costs directly related to fulfilling a contract. In addition, the standard requires relevant disclosures.
Refer Note 43 for restatement.
144 I Consolidated Financials
100th Annual Report 2018-19
3.15 Critical accounting estimates and judgements
Notes to the Consolidated Financial Statements
In the application of the Group’s accounting policies, the Management is required to make judgements, estimates and
assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates
and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual
results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised
in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future
periods if the revision affects both current and future periods. Detailed information about each of these estimates and
judgements is included in relevant notes together with information about the basis of calculation for each affected line item in
the consolidated financial statements.
The areas involving critical estimates or judgements are:
Estimates and judgements used for impairment of property, plant and equipment of certain cash generating units (CGU) - Note 4
Estimation and judgements for impairment of goodwill - Note 5 a.
Estimated fair value of unquoted securities and impairment of investments - Note 6
Estimation of defined benefit obligation - Note 24
Estimation of provision for warranty claims - Note 24
Estimation of current tax and deferred tax expenses (including Minimum Alternate Tax Credit) - Note 33 and 12
Judgement to estimate the amount of provision required or to determine required disclosure related to litigation and claims
against the Group - Note 35
Estimates and judgement are continually evaluated. They are based on historical experience and other factors, including
expectations of future events that may have a financial impact on the Group and that are believed to be reasonable under the
circumstances.
4 a. Property, Plant and Equipment
Accounting Policy
Property, plant and equipment is stated at cost less accumulated depreciation and accumulated impairment losses, if any.
Cost includes purchase price (net of trade discount and rebates) and any directly attributable cost of bringing the asset to
its working condition for its intended use and for qualifying assets, borrowing costs capitalised in accordance with Ind AS
23. Capital work in progress is stated at cost, net of accumulated impairment loss, if any. When significant parts of plant and
equipment are required to be replaced at intervals, the Group depreciates them separately based on their specific useful lives.
Likewise, when a major inspection is performed, its cost is recognised in the carrying amount of the plant and equipment as a
replacement if the recognition criteria are satisfied. All other repair and maintenance costs are recognised in statement of profit
and loss as incurred.
Depreciation
Depreciation commences when an asset is ready for its intended use. Freehold land and assets held for sale are not depreciated.
Regulated Assets:
Depreciation on Property, plant and equipment in respect of electricity business of the Group covered under Part B of Schedule
II of the Companies Act, 2013, has been provided on the straight line method at the rates as notified by the respective regulators.
Non Regulated Assets:
Depreciation is recognised on the cost of assets (other than freehold land and properties under construction) less their residual
values over their estimated useful lives, using the straight-line method.
The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the
effect of any changes in estimate accounted for on a prospective basis.
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The Tata Power Company Limited
Notes to the Consolidated Financial Statements
Estimated useful lives of the Regulated and Non Regulated assets are as follows:
Type of asset
Leasehold Land
Hydraulic Works
Buildings-Plant
Buildings-Others
Coal Jetty
Railway Sidings, Roads, Crossings, etc.
Plant and Equipment (excluding Computers and Data Processing units)
Plant and Equipment (Computers and Data Processing units)
Transmission Lines, Cable Network, etc.
Furniture and Fixtures
Office Equipment
Motor Cars
Motor Lorries, Launches, Barges etc.
Ships
Helicopters
Decapitalisation
Useful lives
25 to 95 years
35 years
5 to 40 years
25 to 60 years
25 years
5 to 35 years
3 to 40 years
3 to 6 years
4 to 35 years
5 to 35 years
5 to 15 years
4 to 10 years
25 to 35 years
25 years
25 years
An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected to
arise from the continued use of the asset. Any gain or loss arising on the disposal or retirement of an item of property, plant and
equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised
in statement of profit and loss.
Impairment
Impairment of tangible and intangible assets
The Group assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any indication exists,
or when annual impairment testing for an asset is required, the Group estimates the asset’s recoverable amount. An asset’s
recoverable amount is the higher of an asset’s or Cash-generating unit’s (CGU) fair value less costs of disposal and its value in
use. Recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely
independent of those from other asset or Group of assets.
When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written
down to its recoverable amount.
In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that
reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less
costs of disposal, recent market transactions are taken into account. If no such transactions can be identified, an appropriate
valuation model is used. These calculations are corroborated by valuation multiples, quoted share prices for publicly traded
companies or other available fair value indicators.
The Group bases its impairment calculation on detailed budgets and forecast calculations, which are prepared separately for
each of the Group’s CGUs to which the individual assets are allocated. These budgets and forecast calculations generally cover
a PPA period. To estimate Cash flow projections beyond periods covered by the most recent budgets/forecasts, the Group
extrapolates cash flow projections in the budget using a steady or declining growth rate for subsequent years, unless an
increasing rate can be justified. In any case, this growth rate does not exceed the long-term average growth rate for the market
in which the asset is used.
Impairment losses of tangible and intangible assets are recognised in the statement of profit and loss.
146 I Consolidated Financials
100th Annual Report 2018-19
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100th Annual Report 2018-19
Notes to the Consolidated Financial Statements
4 b. Investment Property
Accounting Policy
Investment property held to earn rentals or for capital appreciation are stated at cost less subsequent accumulated depreciation
and subsequent accumulated impairment loss if any. Gain or loss on disposal of investment properties is determined as the
difference between net disposal proceeds and the carrying amount of the property and is recognised in the statement of profit
and loss. Transfer to, or from, investment property is done at the carrying amount of the property.
Description
Building Given under
Operating Lease
Cost
Balance as at 1st April, 2018 .................................................................................
Reclassified to Property, Plant and Equipment .................................................
Disposal............................................................................................................................
Balance as at 31st March, 2019 ...........................................................................
Accumulated amortisation and impairment
Balance as at 1st April, 2018 .................................................................................
Depreciation expense ................................................................................................
Reclassified to Property, Plant and Equipment .................................................
Eliminated on Disposal of assets ............................................................................
Balance as at 31st March, 2019 ...........................................................................
Net carrying amount
As at 31st March, 2019 ............................................................................................
As at 31st March, 2018 .............................................................................................
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Description
Building Given under
Operating Lease
5.64
(3.08)
(2.56)
Nil
3.15
0.04
(2.16)
(1.03)
Nil
Nil
2.49
Cost
Balance as at 1st April, 2017 .................................................................................
Reclassified to Property, Plant and Equipment .................................................
Disposal............................................................................................................................
Balance as at 31st March, 2018 ...........................................................................
Accumulated amortisation and impairment
Balance as at 1st April, 2017 .................................................................................
Depreciation expense .................................................................................................
Reclassified to Property, Plant and Equipment .................................................
Eliminated on Disposal of assets ............................................................................
Balance as at 31st March, 2018 ..........................................................................
Net carrying amount
As at 31st March, 2018 ............................................................................................
As at 31st March, 2017 ............................................................................................
Note:
Buildings include ` 500/- being cost of ordinary shares in a co-operative society.
Information regarding Income and Expenditure of Investment Properties
Particulars
Rental Income .........................................................................................................................................
Direct Operating Expense arising from Investment Property that generated rental
income during the year .......................................................................................................................
Direct Operating Expense arising from Investment Property that did not generate
rental income during the year ..........................................................................................................
Net Income/(Expense) ......................................................................................................................
As at
31st March, 2019
` crore
Nil
As at
31st March, 2018
` crore
0.58
Nil
Nil
Nil
(0.07)
(0.09)
0.42
Consolidated Financials I 149
` crore
Total
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
` crore
Total
5.64
(3.08)
(2.56)
Nil
3.15
0.04
(2.16)
(1.03)
Nil
Nil
2.49
E
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S
D
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A
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B
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The Tata Power Company Limited
Notes to the Consolidated Financial Statements
4 b. Investment Property (Contd.)
Description of valuation techniques used and key inputs to valuation on Investment Properties:
Valuation technique
Fair Value
Hierarchy
Fair Value
Particulars
(Refer Note below)
As at
31st March, 2019
` crore
As at
31st March, 2018
` crore
As at
1st April, 2017
` crore
Building
Market Comparable Approach
Level 2
Nil
Nil
36.76
The investment properties include a property located in Mumbai which has been reclassified as Property, Plant and Equipment
during the year ended 31st March, 2018 and a property located in Bengaluru which was sold during the year ended
31st March, 2018.
5 a. Goodwill
As at
31st March, 2019
` crore
As at
31st March, 2018
` crore
As at
1st April, 2017
` crore
Cost
Balance at beginning of year ..................................................................
Additional amounts recognised from business combinations
occurring during the year ............................................................................
Measurement period adjustment on account of business
combination done during the year ended 31st March, 2017 .........
Less: Impairment during the year ..............................................................
Balance at end of the year ........................................................................
1,641.57
1,653.57
5.54
Nil
Nil
1,726.94
Nil
Nil
1,641.57
Nil
(12.00)
1,641.57
(78.91)
Nil
1,653.57
During the year 31st March, 2017, the Group had acquired Walwhan Renewable Energy Ltd. along with it’s subsidiaries for a
consideration of ₹ 3,782.30 crore. The goodwill was provisionally determined at ₹ 1,713.84 crore. As per the share purchase
agreement, the provisional consideration was to be adjusted for certain events existing at the closing date. During the previous
year, the Group had adjusted the fair value of consideration by ₹ 70.22 crore being the measurement period adjustment. During
the year ended 31st March, 2017, the Group also acquired Walwhan Solar Raj Ltd. and a goodwill of ₹ 11.42 crore was recorded.
During the previous year, the Group made a measurement period adjustment of ₹ 8.69 crore consequent to recognition of
deferred tax asset on reassessment.
In accordance with Ind AS 36 “Impairment of Assets” the Group performed impairment testing of Goodwill assigned to each
Cash Generating Unit (CGU) as at 31st March, 2019 applying value in use approach across all the CGUs i.e. using cash flow
projections based on financial budgets covering contracted power sale agreements with procurers (15 to 20 years) considering
a discount rate (pre-tax) in the range of 10.25% to 10.70% per annum. The Group has used financial projections for 15 to 20
years as the tariff rates are fixed as per PPA.
Based on the results of the Goodwill impairment test, the estimated value in use in all CGUs were higher than their respective
carrying amount, hence impairment provision recorded during the current year is ₹ Nil (31st March 2018 - ₹ 12 crore). Management
believes that any reasonably possible change in the key assumptions on which recoverable amount is based would not cause
the aggregate carrying amount to exceed the aggregate recoverable amount of the Goodwill.
The key assumptions used in the value in use calculations for the power cash-generating unit are as follows:
O&M cost inflation
O&M cost escalation of 5%
Discount Rate
10.25% to 10.70% Pre-Tax Discount rate has been derived based on current cost of borrowing and
equity rate of return in line with the current market expectations.
Plant load factor (PLF)
Plant load factor is estimated for each CGU based on past trend of PLF and expected PLF in future
years
150 I Consolidated Financials
100th Annual Report 2018-19
Notes to the Consolidated Financial Statements
5 b. Other Intangible Assets
Accounting Policy
Intangible assets acquired separately
Intangible assets acquired separately are measured on initial recognition at cost. Following initial recognition, intangible assets
are carried at cost less any accumulated amortisation and accumulated impairment losses if any.
Internally generated intangibles
Internally generated intangibles, excluding capitalised development costs, are not capitalised and the related expenditure is
reflected in profit or loss in the period in which the expenditure is incurred.
Derecognition of Intangible Assets
An intangible asset is derecognised on disposal, or when no future economic benefits are expected from use or disposal. Gains
or losses arising from derecognition of an intangible asset, measured as the difference between the net disposal proceeds and
the carrying amount of the asset, are recognised in statement of profit and loss when the asset is derecognised.
Useful lives of intangible Assets
Intangible assets with finite lives are amortised over the useful economic life on straight line basis and assessed for impairment
whenever there is an indication that the intangible asset may be impaired. The amortisation period and the amortisation
method for an intangible asset with a finite useful life is reviewed at least at the end of each reporting period. Changes in
the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are
considered to modify the amortisation period or method, as appropriate, and are treated as changes in accounting estimates.
The amortisation expense on intangible assets with finite lives is recognised in the statement of profit and loss unless such
expenditure forms part of carrying value of another asset.
Estimated useful lives of the intangible assets are as follows:
Type of asset
Copyrights, patents, other intellectual property rights, services and operating rights
Right to Use Assets (Intake Channel)
Customer Contracts acquired under business combination
Computer Software
Power Distribution Rights
Useful lives
5 years
5 years
12 to 25 years
3 to 6 years
20 years
Description
Cost
Balance as at 1st April, 2018 ................
Additions ........................................................
Disposal...........................................................
Balance as at 31st March, 2019 ..........
Accumulated amortisation and
impairment
Balance as at 1st April, 2018 ...............
Amortisation expense - Continuing
Operations .....................................................
Impairment losses recognised in the
statement of profit and loss ....................
Balance as at 31st March, 2019 ..........
Net carrying amount
As at 31st March, 2019 ...........................
As at 31st March, 2018 .............................
Computer
Software
$
Power
Distribution
Rights @
` crore
Total
Right
To Use
Assets
(Intake
Channel)
$
Customer
Contracts
acquired
under
business
combination
Copyrights,
patents, other
intellectual
property
rights,
services and
operating
rights #
12.40
0.52
Nil
12.92
174.71
Nil
Nil
174.71
1,386.57
Nil
(0.43)
1,386.14
315.38
87.74
(9.80)
393.32
27.69
19.40
Nil
47.09
1,916.75
107.66
(10.23)
2,014.18
10.62
45.35
100.34
176.32
1.04
333.67
0.60
7.40
62.30
52.39
0.99
123.68
Nil
11.22
Nil
52.75
(0.43)
162.21
(4.56)
224.15
Nil
2.03
(4.99)
452.36
1.70
1.78
121.96
129.36
1,223.93
1,286.23
169.17
139.06
45.06 1,561.82
26.65 1,583.08
Consolidated Financials I 151
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N
O
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A
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N
A
T
S
Notes to the Consolidated Financial Statements
The Tata Power Company Limited
5 b. Other Intangible Assets (Contd.)
Description
Cost
Balance as at 1st April, 2017 ................
Additions ........................................................
Transferred to Discontinued
Operations .....................................................
Disposal...........................................................
Balance as at 31st March, 2018 .........
Accumulated amortisation and
impairment
Balance as at 1st April, 2017 ................
Amortisation expense - Continuing
Operations .....................................................
Amortisation expense - Discontinued
Operations .....................................................
Impairment [Refer Note 6(b)(i)] ..............
Transferred to Discontinued
Operations (Refer Note 17) ......................
Disposal of Assets ........................................
Balance as at 31st March, 2018 ..........
Net carrying amount
As at 31st March, 2018 .............................
As at 31st March, 2017 .............................
Notes:
Computer
Software
$
Power
Distribution
Rights @
` crore
Total
Right
To Use
Assets
(Intake
Channel)
$
Customer
Contracts
acquired
under
business
combination
Copyrights,
patents, other
intellectual
property
rights,
services and
operating
rights #
114.92
17.56
163.51
11.20
(120.08)
Nil
12.40
Nil
Nil
174.71
1,386.57
Nil
Nil
Nil
1,386.57
304.88
35.80
(24.95)
(0.35)
315.38
Nil
27.69
1,969.88
92.25
Nil
Nil
27.69
(145.03)
(0.35)
1,916.75
52.92
36.00
37.91
137.25
Nil
264.08
0.37
6.61
62.43
47.51
1.04
117.96
15.81
Nil
(58.48)
Nil
10.62
Nil
2.74
Nil
Nil
45.35
Nil
Nil
Nil
Nil
100.34
3.40
0.02
(11.47)
(0.39)
176.32
Nil
Nil
Nil
Nil
1.04
19.21
2.76
(69.95)
(0.39)
333.67
1.78
62.00
129.36
127.51
1,286.23
1,348.66
139.06
167.63
26.65 1,583.08
Nil 1,705.80
# Internally generated Intangible Assets.
$ Other than internally generated Intangible Assets.
@ Power Distribution Rights relate to the value of construction service obligation for construction and upgradation of the
power supply infrastructure in Ajmer city as per the agreement with Ajmer Vidyut Vitaran Nigam Ltd.
Depreciation/Amortisation-Continuing Operations:
Depreciation on Tangible Assets ............................................................................................
Add: Depreciation on Investment Property........................................................................
Add: Amortisation on Intangible Assets ..............................................................................
Total ..................................................................................................................................................
For the year ended
31st March, 2019
` crore
2,269.45
Nil
123.68
2,393.13
For the year ended
31st March, 2018
` crore
2,228.17
0.04
117.96
2,346.17
152 I Consolidated Financials
100th Annual Report 2018-19
6 a. Investments accounted for using the Equity Method
Notes to the Consolidated Financial Statements
As at
31st March,
2019
As at
31st March,
2018
Quantity
Quantity
As at
1st April,
2017
Quantity
Face Value
(in ` unless
stated
otherwise)
As at
31st March,
2019
As at
31st March,
2018
` crore
` crore
As at
1st April,
2017
` crore
Nil
Nil
1,34,22,037
10
3,350
1,825
Nil
Nil
19,200
10,74,320
Nil
3,350
1,825
Nil
Nil
19,200
10,74,320
Nil
3,350
1,825
59,08,82,000
Nil
19,200
10,74,320
9,67,500
10
900
10
10
100
Nu 1,000
100
1,23,540
Nil
300
82,380
18,000
3
1,07,459
10,769
7,500
68,02,90,000
300
16,459
500
Nil
Nil
77,929
Nil
23,86,80,000
49,28,40,000
4,32,50,002
1,01,97,800
3,93,00,000
1,23,540
Nil
300
82,380
18,000
3
1,07,459
10,769
7,500
68,02,90,000
300
16,459
500
86
4,52,500
14,736
Nil
23,86,80,000
49,28,40,000
4,32,50,002
1,01,97,800
3,93,00,000
1,23,540
Nil
300
82,380
18,000
3
1,07,459
10,769
7,500
68,02,90,000
300
16,459
500
86
4,52,500
14,736
66,660
23,86,80,000
49,28,40,000
4,32,50,002
1,81,17,800
3,93,00,000
USD 100
IDR 10,00,000
USD 1
IDR 10,000
IDR 10,000
SGD 1
IDR 10,000
IDR 1,00,000
USD 100
IDR 100
USD 1
Euro 1
Euro 1
ZAR
ZMW 1
USD 1
10
10
10
10
10
10
Nil
Nil
0.01
0.17
Nil
Nil
5.31
91.57
Nil
97.06
5,270.77 **
Nil
3,458.27
0.28
1,205.90
18.88
Nil *
253.14
181.86
1,181.76 **
0.73
362.05 **
Nil
Nil
Nil
5.02
Nil
465.81
567.31
23.59
Nil
Nil
12,995.37
1,102.74
11,892.63
Nil
Nil
0.01
0.17
Nil
Nil
5.31
98.09
Nil
103.58
4,298.24 **
Nil
3,263.02
0.25
959.64
11.45
Nil *
231.49
173.77
1,147.90 **
0.32
344.50 **
Nil
131.61
456.30
11.60
Nil
440.12
556.60
23.64
Nil
Nil
12,050.45
1,042.37
11,008.08
105.99
105.99
0.01
0.17
275.33
Nil
5.31
109.53
409.76
800.11
4,062.03 **
Nil
3,234.67
0.24
766.48
7.45
Nil *
225.27
190.02
1,039.71 **
0.18
341.03
Nil
178.49
413.24
0.51
0.07
424.41
588.24
23.68
Nil
Nil
11,495.72
2,905.73
8,589.99
N.A.
Nil
96.83 **
91.25 **
Nil
96.83
Nil
11,989.69
91.25
Nil
11,111.66
Nil
Nil
9,496.09
I
II
Investment in Associates
(a)
Investment in Equity Shares fully Paid-up
Quoted
Tata Communications Ltd. ...................................................................
(b)
Investment in Equity Shares fully Paid-up
Unquoted
Brihat Trading Pvt. Ltd. .........................................................................
The Associated Building Co. Ltd. .......................................................
Panatone Finvest Ltd. ! ..........................................................................
Nelito Systems Ltd. $ .............................................................................
Yashmun Engineers Ltd. .......................................................................
Dagachhu Hydro Power Corporation Ltd. .....................................
Tata Projects Ltd. $ .................................................................................
Investment in Joint Ventures
(a)
Investment in Equity Shares fully Paid-up
Unquoted
PT Kaltim Prima Coal .............................................................................
PT Mitratama Perkasa $ ........................................................................
Indocoal Resources (Cayman) Ltd. ...................................................
PT Indocoal Kaltim Resources ............................................................
PT Nusa Tambang Pratama .................................................................
Candice Investments Pte. Ltd. ............................................................
PT Marvel Capital Indonesia ...............................................................
PT Dwikarya Prima Abadi ....................................................................
PT Kalimantan Prima Power ...............................................................
PT Baramulti Sukessarana Tbk. ..........................................................
Indocoal KPC Resources (Cayman) Ltd. ..........................................
Adjaristsqali Netherlands BV ..............................................................
Khoromkheti Netherlands BV ............................................................
Cennergi Pty. Ltd. $ ................................................................................
Itezhi Tezhi Power Corporation $ ......................................................
Resurgent Power Ventures Pte. Ltd. .................................................
LTH Milcom Pvt. Ltd. $ ...........................................................................
Powerlinks Transmission Ltd. .............................................................
Industrial Energy Ltd. ............................................................................
Dugar Hydro Power Ltd. .......................................................................
Tubed Coal Mines Ltd. ..........................................................................
Mandakini Coal Company Ltd. ..........................................................
**
Less: Impairment in the value of Investments
[Refer Note 6 b. (i) & (ii)] ...............................................................
(b)
**
Investment in Perpetual Securities in Joint Ventures
Unquoted
Adjaristsqali Netherlands BV ............................................................
Less: Impairment in the value of Investments
[Refer Note 6 b.(ii)] .........................................................................
Total ..........................................................................................................................................
Notes:
*
!
$
**
Denotes figure below ` 50,000.
Classified as held for sale in the previous years and Sold during the year.
Classified as held for sale.
Impairment in the value of Investments.
1.
2.
3.
4.
Aggregate Market Value of Quoted Investments
Aggregate Carrying Value of Quoted Investments
Aggregate Carrying Value of Unquoted Investments (Net of Impairment)
Shares pledged :
The Group has pledged shares of joint ventures with the lenders for borrowings availed by the respective joint ventures.
Details
Category
Itezhi Tezhi Power Corporation $ ....................................................................................................................
Mandakini Coal Company Ltd. ........................................................................................................................
Powerlinks Transmission Ltd. ...........................................................................................................................
Industrial Energy Ltd. ..........................................................................................................................................
Joint Venture
Joint Venture
Joint Venture
Joint Venture
Nil
Nil
11,989.69
Nil
Nil
11,111.66
969.14
105.99
9,390.10
31st March, 2019
Nos.
452,500
20,043,000
238,680,000
251,348,400
31st March, 2018
Nos.
4,52,500
20,043,000
238,680,000
251,348,400
1st April, 2017
Nos.
4,52,500
20,043,000
238,680,000
251,348,400
Consolidated Financials I 153
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T
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E
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A
O
B
’
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N
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O
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D
N
A
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S
The Tata Power Company Limited
Notes to the Consolidated Financial Statements
6 a. Investments accounted for using the Equity Method (Contd.)
I
Details of Material Associates
Details of each of the Group’s Material Associates at the end of the reporting period are as follows:
Sr.
No.
A
B
C
D
Name of Associate
Principal Activity
Tata Communicatons Limited ^ .... Telecommunications
Panatone Finvest Limited ^ ............
Tata Projects Limited $ ..................... EPC Contracts
Hydro Power
Dagachhu Hydro Power
Generation Company
Corporation Limited ..........................
Investments, NBFC
Place of
Incorporation
and Principal
Place of
Business
India
India
India
Proportion of Ownership Interest /
Voting Rights held by the Group
As at
31st March,
2019
Nil
Nil
47.78%
As at
31st March,
2018
4.71%
39.98%
47.78%
As at
1st April,
2017
4.71%
39.98%
47.78%
Bhutan
26.00%
26.00%
26.00%
^ The Group through its associate “Panatone Finvest Limited”, held 30.10% of Equity Shares in “Tata Communications
Limited”, resulting, the Group having significant influence on Tata Communications Limited. Accordingly, Investment in Tata
Communications Limited were classified as an associate and accounted for using the Equity Method. During the year the
Group has sold these investments Refer Note 6b. (iv).
$ Classified as held for sale during FY 18.
Summarised Financial Information of Material Associates:
A
Tata Communications Limited
Summarised Balance Sheet:
Non-current Assets ..........................................................................................................................................................
Current Assets ....................................................................................................................................................................
Non-current Liabilities ....................................................................................................................................................
Current Liabilities .............................................................................................................................................................
Net Assets ...........................................................................................................................................................................
As at
1st April, 2017
` crore
15,916.50
5,185.79
(11,099.85)
(8,392.17)
1,610.27
Reconciliation of the above summarised financial information to the carrying amount of the interest in Tata
Communications Limited recognised in the consolidated financial statements:
Net Assets of Tata Communications Limited ..........................................................................................................
Proportion of the Group's ownership interest in Tata Communication Limited .......................................
Goodwill ..............................................................................................................................................................................
Carrying amount of the Group's interest in Tata Communication Limited ........................................
B
Panatone Finvest Limited
Summarised Balance Sheet:
Non-current Assets ..........................................................................................................................................................
Current Assets ....................................................................................................................................................................
Non-current Liabilities ....................................................................................................................................................
Current Liabilities .............................................................................................................................................................
Net Assets ...........................................................................................................................................................................
As at
1st April, 2017
` crore
1,610.27
4.71%
75.84
30.15
105.99
As at
1st April, 2017
` crore
663.65
21.30
Nil
(0.05)
684.90
Reconciliation of the above summarised financial information to the carrying amount of the interest in Panatone Finvest
Limited recognised in the consolidated financial statements:
Net Assets of Panatone Finvest Limited ...................................................................................................................
Proportion of the Group's ownership interest in Panatone Finvest Limited ..............................................
Goodwill ..............................................................................................................................................................................
Carrying amount of the Group's interest in Panatone Finvest Limited ...............................................
As at
1st April, 2017
` crore
684.90
39.98%
273.82
1.51
275.33
154 I Consolidated Financials
100th Annual Report 2018-19
6 a. Investments accounted for using the Equity Method (Contd.)
Notes to the Consolidated Financial Statements
C
Tata Projects Ltd.
Summarised Balance Sheet:
Non-current Assets ..........................................................................................................................................................
Current Assets ....................................................................................................................................................................
Non-current Liabilities ....................................................................................................................................................
Current Liabilities .............................................................................................................................................................
Net Assets ...........................................................................................................................................................................
As at
1st April, 2017
` crore
612.33
6,195.33
(57.72)
(5,753.71)
996.23
Reconciliation of the above summarised financial information to the carrying amount of the interest in Tata Projects Ltd.
recognised in the consolidated financial statements:
Net Assets of Tata Projects Ltd. ....................................................................................................................................
Proportion of the Group's ownership interest in Tata Projects Ltd. ...............................................................
Goodwill ..............................................................................................................................................................................
Deferred Tax Liability on Unrealised profits ............................................................................................................
Elimination of Unrealised Profits ................................................................................................................................
Carrying amount of the Group's interest in Tata Projects Ltd. .................................................................
D
Dagachhu Hydro Power Corporation Ltd.
Summarised Balance Sheet:
Non-current Assets .................................................................
Current Assets ...........................................................................
Non-current Liabilities ...........................................................
Current Liabilities ....................................................................
Net Assets ..................................................................................
Summarised Statement of Profit and Loss:
As at
31st March, 2019
` crore
1,120.36
52.22
(751.58)
(68.79)
352.21
As at
31st March, 2018
` crore
1,165.90
52.26
(787.26)
(53.83)
377.07
Revenue ...................................................................................................................................
Profit for the year ..................................................................................................................
Other Comprehensive Income/(Expense) for the year ...........................................
Total Comprehensive Income/(Expense) for the year .......................................
Dividends received from Dagachhu Hydro Power Corporation Ltd. during
the year ....................................................................................................................................
As at
1st April, 2017
` crore
996.23
47.78%
476.00
23.30
(84.00)
(5.54)
409.76
As at
1st April, 2017
` crore
1,214.02
45.99
(788.34)
(50.40)
421.27
For the year
ended
31st March, 2019
` crore
124.36
(24.83)
(0.04)
(24.87)
For the year
ended
31st March, 2018
` crore
128.30
(43.94)
(0.02)
(43.96)
Nil
Nil
Consolidated Financials I 155
E
C
I
T
O
N
T
R
O
P
E
R
S
D
R
A
O
B
’
A
&
D
M
T
R
O
P
E
R
G
C
R
R
B
D
E
T
A
D
I
L
O
S
N
O
C
E
N
O
L
A
D
N
A
T
S
The Tata Power Company Limited
Notes to the Consolidated Financial Statements
6 a. Investments accounted for using the Equity Method (Contd.)
Reconciliation of the above summarised financial information to the carrying amount of the interest in Dagachhu Hydro Power
Corporation Ltd. recognised in the consolidated financial statements:
Net Assets of Dagachhu Hydro Power Corporation Ltd. ........
Proportion of the Group's ownership interest in Dagachhu
Hydro Power Corporation Ltd. ........................................................
Carrying amount of the Group's interest in Dagachhu
Hydro Power Corporation Ltd. ....................................................
As at
31st March, 2019
` crore
352.21
As at
31st March, 2018
` crore
377.07
As at
1st April, 2017
` crore
421.27
26.00%
91.57
26.00%
98.09
26.00%
109.53
II
Details of individually not Material Associates
Name of Associate
Principal Activity
Place of
Incorporation
and Principal
Place of Business
Proportion of Ownership Interest / Voting
Rights held by the Group
As at
31st March,
2019
As at
31st March,
2018
As at
1st April,
2017
Nelito Systems Ltd. $
Yashmun Engineers Ltd.
Indian IT Solution and
Services
Billing and other related
Services
Brihat Trading Private Ltd. Trading Business
The Associated Building
Services Provided for
Building
Co. Ltd.
$ Partially Sold during FY 18 and balance classified as held for sale
India
28.15%
28.15%
28.15%
India
India
India
27.27%
33.21%
27.27%
33.21%
27.27%
33.21%
33.14%
33.14%
33.14%
Aggregate Summarised Financial Information of Associates that are not individually material
The Group's share of Profit/(Loss) from Continuing Operations .....................................
The Group's share of Other Comprehensive Income/(Expense) .....................................
The Group's share of Total Comprehensive Income/(Expense) .......................................
As at
31st March, 2019
` crore
0.01
Nil
0.01
As at
31st March, 2018
` crore
Nil
Nil
Nil
Aggregate carrying amount of the Group’s interests in
these Associates ....................................................................................
5.49
5.49
5.49
As at
31st March, 2019
` crore
As at
31st March, 2018
` crore
As at
1st April, 2017
` crore
Unrecognised share of losses of an Associate ........................................................................
As at
31st March, 2019
` crore
Nil
As at
31st March, 2018
` crore
Nil
Cumulative share of loss of an associate .....................................
As at
31st March, 2019
` crore
Nil
As at
31st March, 2018
` crore
Nil
As at
1st April, 2017
` crore
Nil
156 I Consolidated Financials
100th Annual Report 2018-19
Notes to the Consolidated Financial Statements
6 a. Investments accounted for using the Equity Method (Contd.)
III
Details and Financial Information of Material Joint Ventures at the end of the reporting period is as follows:
Name of Joint Venture
Principal Activity
Sr.
No.
A
B
C
D
E
F
G
PT Kaltim Prima Coal .................................
Indocoal Resources (Cayman) Ltd. # ....
PT Nusa Tambang Pratama .....................
PT Baramulti Suksessarana TBK .............
Itezhi Tezhi Power Corporation $ ...........
Powerlinks Transmission Ltd. ..................
Industrial Energy Ltd. .................................
Coal mining and exploration
Coal Trading
Infrastructure Support for Coal Business
Coal mining and trading
Hydro power generation
Power transmission
Power generation and operation of power plant
# Based on Unaudited Financial Information, certified by its Management for the year ended 31st March, 2019.
$ classified as held for sale
Place of
Incorporation
and Principal
Place of
Business
Indonesia
Cayman Island
Indonesia
Indonesia
Zambia
India
India
Proportion of Ownership Interest and
Voting Rights held by the Group
As at
31st March,
2019
30.00%
30.00%
30.00%
26.00%
50.00%
51.00%
74.00%
As at
31st March,
2018
30.00%
30.00%
30.00%
26.00%
50.00%
51.00%
74.00%
As at
1st April,
2017
30.00%
30.00%
30.00%
26.00%
50.00%
51.00%
74.00%
A
PT Kaltim Prima Coal
Summarised Balance Sheet:
Non-current Assets ......................................................................
Current Assets ................................................................................
Non-current Liabilities ................................................................
Current Liabilities .........................................................................
Net Assets .......................................................................................
The above amounts of assets and liabilities include the
following:
Cash and Cash Equivalents .......................................................
Current Financial Liabilities (excluding trade payables
and provisions) ..............................................................................
Non-current Financial Liabilities (excluding trade
payables and provisions) ............................................................
Summarised Statement of Profit and Loss:
As at
31st March, 2019
` crore
2,281.01
8,876.94
(1,629.22)
(4,452.88)
5,075.85
As at
31st March, 2018
` crore
2,763.42
5,743.19
(1,974.93)
(4,039.08)
2,492.60
284.90
(1,676.67)
(46.09)
537.72
(1,887.28)
(127.26)
As at
1st April, 2017
` crore
3,563.10
4,381.68
(2,168.47)
(4,005.21)
1,771.10
459.65
(2,270.68)
(224.02)
Revenue ............................................................................................................................................
Profit for the year ...........................................................................................................................
Other Comprehensive Income/(Expense) for the year ....................................................
Total Comprehensive Income for the year ......................................................................
Dividends received during the year .......................................................................................
The above profit/(loss) for the year include the following:
Depreciation and Amortisation ...............................................................................................
Interest Income ..............................................................................................................................
Interest Expense ............................................................................................................................
Income-tax Expense .....................................................................................................................
For the year ended
31st March, 2019
` crore
25,997.34
2,461.62
(4.97)
2,456.65
-
For the year ended
31st March, 2018
` crore
25,518.19
3,632.14
(34.58)
3,597.56
867.89
972.14
121.91
22.26
2,271.48
1,039.66
25.19
56.08
3,013.66
Reconciliation of the above summarised financial information to the carrying amount of the interest in PT Kaltim Prima
Coal recognised in the consolidated financial statements:
Net Assets of PT Kaltim Prima Coal ........................................
Proportion of the Group's ownership interest in PT
Kaltim Prima Coal .........................................................................
Goodwill ..........................................................................................
Carrying amount of the Group's interest in PT Kaltim
Prima Coal ......................................................................................
Impairment of Goodwill .............................................................
Carrying amount of the Group's interest in PT Kaltim
Prima Coal (net of impairment) ...........................................
As at
31st March, 2019
` crore
5,075.85
As at
31st March, 2018
` crore
2,492.60
As at
1st April, 2017
` crore
1,771.10
30.00%
1,522.76
3,748.01
5,270.77
(484.79)
4,785.99
30.00%
747.78
3,550.46
4,298.24
(456.71)
3,841.53
30.00%
531.33
3,530.70
4,062.03
(2,665.78)
1,396.25
Consolidated Financials I 157
E
C
I
T
O
N
T
R
O
P
E
R
S
D
R
A
O
B
’
A
&
D
M
T
R
O
P
E
R
G
C
R
R
B
D
E
T
A
D
I
L
O
S
N
O
C
E
N
O
L
A
D
N
A
T
S
6 a. Investments accounted for using the Equity Method (Contd.)
Notes to the Consolidated Financial Statements
The Tata Power Company Limited
B
Indocoal Resources (Cayman) Ltd.
Summarised Balance Sheet:
Non-current Assets .........................................................
Current Assets ...................................................................
Non-current Liabilities ...................................................
Current Liabilities ............................................................
Net Assets .........................................................................
The above amounts of assets and liabilities
include the following:
Cash and Cash Equivalents ..........................................
Current Financial Liabilities (excluding trade
payables and provisions) ..............................................
Non-current Financial Liabilities
(excluding
trade payables and provisions) ..................................
Summarised Statement of Profit and Loss:
As at
31st March, 2019
` crore
3,634.66
69.01
Nil
(1,375.16)
2,328.51
As at
31st March, 2018
` crore
3,410.44
38.08
Nil
(1,269.89)
2,178.63
As at
1st April, 2017
` crore
2,141.32
1,179.03
Nil
(1,184.44)
2,135.91
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Revenue .............................................................................................................................
Profit for the year ............................................................................................................
Other Comprehensive Income/(Expense) for the year .....................................
Total Comprehensive Income for the year .......................................................
Dividends received during the year ........................................................................
The above profit/(loss) for the year include the following:
Depreciation and Amortisation ................................................................................
Interest Income ...............................................................................................................
Interest Expense .............................................................................................................
Income-tax Expense ......................................................................................................
For the year ended
31st March, 2019
` crore
Nil
17.16
Nil
17.16
For the year ended
31st March, 2018
` crore
Nil
36.70
Nil
36.70
Nil
Nil
16.64
Nil
Nil
Nil
Nil
25.50
Nil
Nil
Reconciliation of the above summarised financial information to the carrying amount of the interest in Indocoal
Resources (Cayman) Ltd. recognised in the consolidated financial statements:
Net Assets of Indocoal Resources (Cayman) Ltd.
Proportion of the Group's ownership interest in
Indocoal Resources (Cayman) Ltd. .........................
Goodwill .........................................................................
Carrying amount of the Group's interest in
Indocoal Resources (Cayman) Ltd. .....................
As at
31st March, 2019
` crore
2,328.51
As at
31st March, 2018
` crore
2,178.63
As at
1st April, 2017
` crore
2,135.91
30.00%
698.55
2,759.72
30.00%
653.59
2,609.43
30.00%
640.77
2,593.90
3,458.27
3,263.02
3,234.67
158 I Consolidated Financials
100th Annual Report 2018-19
6 a. Investments accounted for using the Equity Method (Contd.)
Notes to the Consolidated Financial Statements
C
PT Nusa Tambang Pratama
Summarised Balance Sheet:
Non-current Assets .........................................................
Current Assets ...................................................................
Non-current Liabilities ...................................................
Current Liabilities ............................................................
Net Assets .........................................................................
The above amounts of assets and liabilities
include the following:
Cash and Cash Equivalents ..........................................
Current Financial Liabilities (excluding trade
payables and provisions) ..............................................
Non-current Financial Liabilities
(excluding
trade payables and provisions) ..................................
Summarised Statement of Profit and Loss:
As at
31st March, 2019
` crore
2,087.87
3,296.74
(120.09)
(1,241.67)
4,022.85
As at
31st March, 2018
` crore
2,096.85
2,274.84
(91.32)
(1,078.55)
3,201.82
As at
1st April, 2017
` crore
2,214.90
1,430.68
(73.94)
(1,016.30)
2,555.34
260.31
(631.19)
Nil
125.28
(594.83)
Nil
216.25
(591.85)
Nil
Revenue .............................................................................................................................
Profit for the year ............................................................................................................
Other Comprehensive Income/(Expense) for the year .....................................
Total Comprehensive Income for the year .......................................................
For the year ended
31st March, 2019
` crore
1,018.88
631.98
(0.02)
631.96
For the year ended
31st March, 2018
` crore
1,021.00
623.95
(0.05)
623.90
Dividends received during the year ........................................................................
The above profit/(loss) for the year include the following:
Depreciation and Amortisation ................................................................................
Interest Income ...............................................................................................................
Interest Expense .............................................................................................................
Income-tax Expense ......................................................................................................
Nil
138.59
68.02
61.43
217.47
Nil
127.79
30.07
56.64
202.90
Reconciliation of the above summarised financial information to the carrying amount of the interest in PT Nusa Tambang
Pratama recognised in the consolidated financial statements:
Net Assets of PT Nusa Tambang Pratama ...............
Proportion of the Group's ownership interest in
PT Nusa Tambang Pratama ..........................................
Goodwill ............................................................................
Carrying amount of the Group's interest in PT
Nusa Tambang Pratama ...................................
As at
31st March, 2019
` crore
4,022.85
As at
31st March, 2018
` crore
3,201.82
As at
1st April, 2017
` crore
2,555.34
30.00%
1,205.90
Nil
1,205.90
30.00%
959.64
Nil
959.64
30.00%
766.48
Nil
766.48
Consolidated Financials I 159
E
C
I
T
O
N
T
R
O
P
E
R
S
D
R
A
O
B
’
A
&
D
M
T
R
O
P
E
R
G
C
R
R
B
D
E
T
A
D
I
L
O
S
N
O
C
E
N
O
L
A
D
N
A
T
S
6 a. Investments accounted for using the Equity Method (Contd.)
Notes to the Consolidated Financial Statements
The Tata Power Company Limited
D
PT Baramulti Suksessarana TBK
Summarised Balance Sheet:
Non-current Assets .........................................................
Current Assets ...................................................................
Non-current Liabilities ...................................................
Current Liabilities ............................................................
Net Assets .........................................................................
The above amounts of assets and liabilities
include the following:
Cash and Cash Equivalents ..........................................
Current Financial Liabilities (excluding trade
payables and provisions) ..............................................
Non-current Financial Liabilities
(excluding
trade payables and provisions) ..................................
Summarised Statement of Profit and Loss:
As at
31st March, 2019
` crore
1,099.66
538.29
(128.28)
(455.16)
1,054.51
As at
31st March, 2018
` crore
878.52
700.94
(36.43)
(430.89)
1,112.14
As at
1st April, 2017
` crore
830.85
527.29
(40.04)
(603.88)
714.22
35.95
(49.68)
(90.77)
256.93
(54.22)
Nil
293.30
(331.13)
(6.29)
Revenue .............................................................................................................................
Profit for the year ............................................................................................................
Other Comprehensive Income/(Expense) for the year .....................................
Total Comprehensive Income for the year .......................................................
For the year ended
31st March, 2019
` crore
3,169.25
353.62
1.71
355.33
For the year ended
31st March, 2018
` crore
2,554.05
551.12
(0.11)
551.01
Dividends received during the year ........................................................................
The above profit/(loss) for the year include the following:
Depreciation and amortisation .................................................................................
Interest Income ...............................................................................................................
Interest Expense .............................................................................................................
Income-tax Expense ......................................................................................................
125.39
109.93
3.83
6.12
127.32
41.89
71.91
4.04
3.05
187.47
Reconciliation of the above summarised financial information to the carrying amount of the interest in PT Baramulti
Suksessarana TBK recognised in the consolidated financial statements:
Net Assets of PT Baramulti Suksessarana TBK .......
Proportion of the Group’s ownership interest in
PT Baramulti Suksessarana TBK ..................................
Goodwill ............................................................................
Carrying amount of the Group’s interest in
PT Baramulti Suksessarana TBK ............................
Impairment of Goodwill................................................
Carrying amount of the Group’s interest
in PT Baramulti Suksessarana TBK (net of
impairment) .....................................................................
As at
31st March, 2019
` crore
1,054.51
As at
31st March, 2018
` crore
1,112.14
As at
1st April, 2017
` crore
714.22
26.00%
274.17
907.59
1,181.76
(255.90)
26.00%
289.16
858.74
1,147.90
(241.16)
26.00%
185.70
854.01
1,039.71
(239.95)
925.86
906.74
799.76
160 I Consolidated Financials
100th Annual Report 2018-19
6 a. Investments accounted for using the Equity Method (Contd.)
Notes to the Consolidated Financial Statements
E.
Itezhi Tezhi Power Corporation $
Summarised Balance Sheet:
Non-current Assets ........................................................................................................
Current Assets ..................................................................................................................
Non-current Liabilities ..................................................................................................
Current Liabilities ...........................................................................................................
Net Assets ........................................................................................................................
As at
31st March, 2018
` crore
1,121.14
804.34
(1,174.12)
(213.72)
537.64
As at
1st April, 2017
` crore
1,156.27
584.59
(1,093.07)
(197.17)
450.62
The above amounts of assets and liabilities include the following: ............
Cash and Cash Equivalents .........................................................................................
Current Financial Liabilities (excluding trade payables and provisions) ....
(excluding trade payables and
Non-current Financial Liabilities
provisions).........................................................................................................................
133.30
(121.13)
156.35
(101.70)
(809.58)
(907.21)
Summarised Statement of Profit and Loss:
Revenue .............................................................................................................................................................................
Profit for the year ............................................................................................................................................................
Other Comprehensive Income/(Expense) for the year .....................................................................................
Total Comprehensive Income for the year .......................................................................................................
For the year ended
31st March, 2018
` crore
384.35
83.80
Nil
83.80
Dividends received during the year ........................................................................................................................
The above profit/(loss) for the year include the following:
Depreciation and Amortisation ................................................................................................................................
Interest Income ...............................................................................................................................................................
Interest Expense .............................................................................................................................................................
Income-tax Expense ......................................................................................................................................................
Nil
43.93
0.02
61.73
189.96
Reconciliation of the above summarised financial information to the carrying amount of the interest in Itezhi Tezhi Power
Corporation recognised in the consolidated financial statements:
Net Assets of Itezhi Tezhi Power Corporation ......................................................
Proportion of the Group’s ownership interest in Itezhi Tezhi Power
Corporation ......................................................................................................................
Goodwill ...........................................................................................................................
Carrying amount of the Group’s interest in Itezhi Tezhi Power
Corporation ....................................................................................................................
As at
31st March, 2018
` crore
537.64
As at
1st April, 2017
` crore
450.62
50.00%
268.82
187.48
456.30
50.00%
225.31
187.93
413.24
E
C
I
T
O
N
T
R
O
P
E
R
S
D
R
A
O
B
’
A
&
D
M
T
R
O
P
E
R
G
C
R
R
B
D
E
T
A
D
I
L
O
S
N
O
C
E
N
O
L
A
D
N
A
T
S
Consolidated Financials I 161
6 a. Investments accounted for using the Equity Method (Contd.)
Notes to the Consolidated Financial Statements
The Tata Power Company Limited
F
Powerlinks Transmission Limited
Summarised Balance Sheet:
Non-current Assets .........................................................
Current Assets ...................................................................
Non-current Liabilities ...................................................
Current Liabilities ............................................................
Net Assets .........................................................................
The above amounts of assets and liabilities
include the following:
Cash and Cash Equivalents ..........................................
Current Financial Liabilities (excluding trade
payables and provisions) ..............................................
Non-current Financial Liabilities
(excluding
trade payables and provisions) ..................................
Summarised Statement of Profit and Loss:
As at
31st March, 2019
` crore
858.13
120.37
(2.36)
(62.74)
913.40
As at
31st March, 2018
` crore
848.20
290.16
(5.10)
(270.28)
862.98
As at
1st April, 2017
` crore
914.53
265.73
(188.90)
(157.29)
834.07
0.02
(4.87)
Nil
15.66
(165.91)
Nil
0.08
(114.70)
(156.64)
Revenue .............................................................................................................................
Profit for the year ............................................................................................................
Other Comprehensive Income/(Expense) for the year .....................................
Total Comprehensive Income for the year .......................................................
Dividends received from Powerlinks Transmission Limited during the
year ......................................................................................................................................
The above profit/(loss) for the year include the following:
Depreciation and amortisation .................................................................................
Interest Income ...............................................................................................................
Interest Expense .............................................................................................................
Income-tax Expense ......................................................................................................
For the year ended
31st March, 2019
` crore
146.14
112.57
(0.09)
112.48
For the year ended
31st March, 2018
` crore
161.23
124.84
(0.18)
124.66
26.25
Nil
4.42
9.73
15.61
40.58
Nil
3.77
16.92
13.93
Reconciliation of the above summarised financial information to the carrying amount of the interest in Powerlinks
Transmission Ltd. recognised in the consolidated financial statements:
Net Assets of Powerlinks Transmission Ltd. ...........
Proportion of the Group's ownership interest in
Powerlinks Transmission Ltd. ......................................
Deferred Tax Liabilities on Undistributed Profit ...
Carrying amount of the Group's interest in
Powerlinks Transmission Ltd. ..........................
As at
31st March, 2019
` crore
913.40
As at
31st March, 2018
` crore
862.98
As at
1st April, 2017
` crore
834.07
51.00%
465.81
Nil
465.81
51.00%
440.12
Nil
440.12
51.00%
425.38
(0.97)
424.41
162 I Consolidated Financials
100th Annual Report 2018-19
6 a. Investments accounted for using the Equity Method (Contd.)
Notes to the Consolidated Financial Statements
G
Industrial Energy Limited
Summarised Balance Sheet:
Non-current Assets .........................................................
Current Assets ...................................................................
Non-current Liabilities ...................................................
Current Liabilities ............................................................
Net Assets .........................................................................
The above amounts of assets and liabilities
include the following:
Cash and Cash Equivalents ..........................................
Current Financial Liabilities (excluding trade
payables and provisions) ..............................................
Non-current Financial Liabilities
(excluding
trade payables and provisions) ..................................
Summarised Statement of Profit and Loss:
As at
31st March, 2019
` crore
1,433.23
305.72
(762.74)
(209.55)
766.66
As at
31st March, 2018
` crore
1,513.88
296.68
(753.95)
(304.47)
752.14
As at
1st April, 2017
` crore
1,587.00
288.31
(802.81)
(270.80)
801.70
48.46
(184.52)
(522.00)
1.99
(242.52)
(528.10)
9.82
(227.16)
(643.55)
Revenue .............................................................................................................................
Profit for the year ............................................................................................................
Other Comprehensive Income/(Expense) for the year .....................................
Total Comprehensive Income for the year ............................................
Dividends received from Industrial Energy Ltd. during the year ..................
The above profit/(loss) for the year include the following:
Depreciation and Amortisation ................................................................................
Interest Income ...............................................................................................................
Interest Expense .............................................................................................................
Income-tax Expense ......................................................................................................
For the year ended
31st March, 2019
` crore
300.40
111.13
(0.25)
110.88
For the year ended
31st March, 2018
` crore
372.61
50.36
0.28
50.64
59.14
Nil
0.98
64.69
50.97
61.61
Nil
0.45
73.84
96.42
Reconciliation of the above summarised financial information to the carrying amount of the interest in Industrial Energy
Ltd. recognised in the consolidated financial statements:
Net Assets of Industrial Energy Ltd. ..........................
Proportion of the Group's ownership interest in
Industrial Energy Ltd. .....................................................
Deferred Tax Liabilities on Undistributed Profit ...
Carrying amount of the Group's interest in
Industrial Energy Ltd. .................................................
As at
31st March, 2019
` crore
766.66
As at
31st March, 2018
` crore
752.14
As at
1st April, 2017
` crore
801.70
74.00%
567.31
Nil
567.31
74.00%
556.60
Nil
556.60
74.00%
593.26
(5.02)
588.24
Consolidated Financials I 163
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The Tata Power Company Limited
Notes to the Consolidated Financial Statements
6 a. Investments accounted for using the Equity Method (Contd.)
IV Details and Financial Information of Individually not Material Joint Ventures at the end of the reporting period is as
follows:
Name of Joint Venture
Principal Activity
Place of
Incorporation
and Principal
Place of Business
PT Mitratama Perkasa ^
PT Indocoal Kaltim Resources #
Candice Investments Pte. Ltd.
PT Marvel Capital Indonesia #
PT Dwikarya Prima Abadi #
PT Kalimantan Prima Power
Indocoal KPC Resources (Cayman) Ltd. #
Adjaristsqali Netherlands BV
Khoromkheti Netherlands BV #
Cennergi Pty. Ltd. ^
Resurgent Power Ventures Pte. Ltd. #
LTH Milcom Private Ltd. ^
Dugar Hydro Power Ltd.
Tubed Coal Mines Ltd. #
Mandakini Coal Company Ltd. #
Note:
Infrastructure Support for Coal Business
Infrastructure Support for Coal Business
Investments
Infrastructure Support for Coal Business
Infrastructure Support for Coal Business
Electricity Support Services
Coal Trading
Hydro power generation
Hydro power generation
Wind power generation
Investments and Services
Investments and Services
Hydro power generation
Coal mining and trading
Coal mining and trading
Indonesia
Indonesia
Singapore
Indonesia
Indonesia
Indonesia
Cayman Island
Netherlands
Netherlands
South Africa
Singapore
India
India
India
India
Proportion of Ownership Interest and
Voting Rights held by the Group
As at
31st March,
2019
28.38%
30.00%
30.00%
30.00%
30.00%
30.00%
30.00%
40.00%
40.00%
50.00%
26.00%
26.00%
50.00%
40.00%
33.33%
As at
31st March,
2018
28.38%
30.00%
30.00%
30.00%
30.00%
30.00%
30.00%
40.00%
40.00%
50.00%
26.00%
26.00%
50.00%
40.00%
33.33%
As at
1st April,
2017
28.38%
30.00%
30.00%
30.00%
30.00%
30.00%
30.00%
40.00%
40.00%
50.00%
26.00%
26.00%
50.00%
40.00%
33.33%
^ Classified as held for sale
# Based on Unaudited Financial Information, certified by its Management for the year ended 31st March, 2019.
Aggregate Summarised Financial Information of Joint Ventures that are not individually material
The Group’s share of Profit/(Loss) from Continuing Operations (Refer Note
Below) ..............................................................................................................................................
The Group’s share of Other Comprehensive Income .....................................................
The Group’s share of Total Comprehensive Income/(Expense) ..........................
For the year ended
31st March, 2019
` crore
128.65
For the year ended
31st March, 2018
` crore
(49.98)
Nil
128.65
Nil
(49.98)
Profit for the year ended 31st March, 2019 includes share of profit of Itezhi Tezhi Power Corporation - ₹ 89.04 crore which has
been classified as held for sale during the year.
As at
31st March, 2019
` crore
As at
31st March, 2018
` crore
As at
1st April, 2017
` crore
942.38
(458.88)
483.50
1,019.88
(435.75)
584.13
966.94
-
966.94
As at
31st March, 2019
` crore
As at
31st March, 2018
` crore
As at
1st April, 2017
` crore
*
*
*
Aggregate carrying amount of the Group's interests in
these Joint Ventures ....................................................................
Impairment of Investments ......................................................
Carrying amount of the Group's interest in these
Joint Ventures ..............................................................................
The unrecognised share of profit of Joint Ventures for
the year ............................................................................................
Note:
* Denotes figures below ` 50,000/-.
164 I Consolidated Financials
100th Annual Report 2018-19
6 b. Investments accounted for using the Equity Method
Notes to the Consolidated Financial Statements
(i)
The Group had in accordance with Indian Accounting Standard 36 (Ind AS 36) – “Impairment of Assets”, carried out
impairment assessment of its Mundra Ultra Mega Power Project (UMPP), shipping assets along with investments in
Indonesian mining companies PT Kaltim Prima Coal (KPC) and PT Baramulti Suksessarana TBK (BSSR). All these Companies
constitute a single cash generating unit (Mundra CGU). The Group has performed the impairment reassessment and
determined the value in use based on estimated cash flow projections over the life of the assets included in CGU. The
Group bases its impairment calculation on detailed budgets and forecast calculations, which are prepared separately
for each of the Group’s CGUs to which the individual assets are allocated. For Mundra power plant, future cash flows
is estimated based on remaining period of long term power purchase agreement (PPA) and thereafter based on
management’s estimate on tariff and other assumptions. Cash flow projection of Mines is derived based on estimated
coal production considering the renewal of license for operating the Mines.
During the previous year, the Group had recorded net impairment reversal of ` 1,886.72 crore against carrying value of
Mundra CGU which consist of reversal of impairment of investment of ` 2,197.66 crore, impairment of property, plant
and equipment of ` 308.18 crore and impairment of Intangible Assets of ` 2.76 crore.
During the year, the Group has performed the impairment reassessment and determined the value in use based on
estimated cash flow projections over the life of the assets included in Mundra CGU. A reassessment of the assumptions
used in estimating the impact of impairment, combined with the significant impact of unwinding of a year’s discount on
the cash flows, would have resulted in a reversal of ` 1,052 crore of provision for impairment. Considering the significant
uncertainties arising from ongoing renegotiation of the Mundra Power Purchase Agreement (PPA), as recommended by
the High Powered Committee (HPC) and the pending renewal of the mining license in Indonesian coal mines, the Group
has not effected such a reversal. The reversal of impairment has not resulted from any significant improvement in the
estimated service potential of the concerned CGU.
Key assumptions used for value in use calculation include coal prices, energy prices post the PPA period, discount rates
and exchange rates. Short term coal prices and energy prices used in three to five years projections are based on market
survey and expert analysis report. Afterwards increase in cost of coal and exchange rates are considered based on
long term historical trend. Further, the Management strongly believes that mine licenses will be renewed post expiry.
Discount rate represents the current market assessment of the risk specific to CGU taking into consideration the time
value of money. Pre tax discount rate used in the calculation of value in use of investment in power plant is 10.61%
p.a. (31st March 2018: 11.15% p.a.) and investment in coal mines and related infrastructure companies is 16.31% p.a.
(31st March 2018: 21.95% p.a.).
(ii)
(iii)
The Group holds investments in Adjaristsqali Netherlands B.V. (ABV) (a joint venture of the Group operating) 187 MW
hydro power plant in Georgia. The Group, in accordance with Indian Accounting Standard 36 (Ind AS 36) – “Impairment of
Assets” had performed the impairment assessment of ABV, a cash generating unit (CGU) and determined the value in use
based on estimated cash flow projections over the life of the assets included in CGU and recorded impairment provision
for ` 527.54 crore comprising entire investment amount of ` 429.77 crore and entire financial guarantee obligation
for ` 97.77 crore and disclosed as an exceptional item in the previous year. Further during the year, Management has
re-assessed the impairment and continue to believe that the impairment loss recognized need not be reversed.
The Group’s investment in equity shares of Tata Teleservices Limited (‘TTSL’) which are measured at Fair Value Through
Other Comprehensive Income were classified as held for sale during the previous year. During the year ended 31st
March, 2019, the Group has sold the said investment and recognized a gain of ` 0.01 crore after reduction in fair value
amounting to ` 1,438.42 crore recognized in earlier years. During the previous year ended 31st March, 2018, the Group
had written put options on equity shares of TTSL. The changes in the fair value of these put options amounting to
` 107.08 crore was recognised as an exceptional expense in the statement of profit and loss.
(iv) During the year, the Group sold investments in Tata Communications Limited and Panatone Finvest Limited (Associate
Companies) which were classified as assets held for sale in the previous year. The resultant gain on sale of investments of
` 1,897.24 crore has been disclosed as an exceptional income in the statement of profit and loss.
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Consolidated Financials I 165
6 c. Other Investments
Notes to the Consolidated Financial Statements
The Tata Power Company Limited
As at
31st March,
2019
As at
31st March,
2018
As at
1st April,
2017
Face Value
(in ` unless
stated
otherwise)
As at
31st March,
2019
As at
31st March,
2018
As at
1st April,
2017
Quantity
Quantity
Quantity
` crore
` crore
` crore
through Other
I
Investments designated at Fair Value
Comprehensive Income
(a)
Investment in Equity Shares fully Paid-up
Quoted
HDFC Bank Ltd. ...................................................................................................
IDBI Bank Ltd. ......................................................................................................
Voltas Ltd. .............................................................................................................
Tata Consultancy Services Ltd. .....................................................................
Tata Motors Ltd. .................................................................................................
Tata Motors Ltd. - Differential Voting Rights ............................................
Tata Investment Corporation Ltd. ................................................................
Nil
Nil
2,33,420
766
3,57,159
51,022
7,94,416
Nil
Nil
2,33,420
383
3,57,159
51,022
8,57,143
7,500
1,42,720
2,33,420
4,85,354
3,57,159
51,022
8,57,143
(b)
Investment in Equity Shares fully Paid-up
Unquoted
Tata Industries Ltd. * .........................................................................................
Tata Sons Pvt. Ltd. * ..........................................................................................
Haldia Petrochemicals Ltd. .............................................................................
Tata Teleservices Ltd. $ ....................................................................................
Tata International Ltd. * ...................................................................................
Tata Services Ltd. ...............................................................................................
Taj Air Ltd. .............................................................................................................
Tata Capital Ltd ...................................................................................................
68,28,669
6,673
2,24,99,999
Nil
24,000
1,664
79,00,760
23,33,070
68,28,669
6,673
2,24,99,999
44,66,20,590
24,000
1,664
79,00,760
23,33,070
68,28,669
6,673
2,24,99,999
32,83,97,823
24,000
1,664
79,00,760
23,33,070
2
10
1
1
10
10
2
100
1,000
10
10
1,000
1,000
10
10
Nil
Nil
14.62
0.15
6.23
0.44
66.52
87.96
115.47
194.70
56.48
Nil
18.77
Nil
Nil
12.29
397.71
485.67
Nil
Nil
14.50
0.11
11.67
0.94
63.05
90.27
115.47
194.70
56.48
Nil
18.77
Nil
Nil
11.66
397.08
487.35
1.08
1.07
9.62
118.03
16.63
1.53
54.51
202.47
115.47
194.70
56.48
384.88
18.77
Nil
Nil
7.79
778.09
980.56
II
Investments carried at Fair Value through Profit or Loss
(a)
Investment in Equity Shares fully Paid-up
Quoted
Geodynamics Ltd. ..............................................................................................
(b)
Investment in Equity Shares fully Paid-up
Unquoted
Zoroastrian Co-operative Bank Ltd. ............................................................
III
Investments carried at Amortised Cost
(a) Statutory Investments
(i) Contingencies Reserve Fund Investments
Government Securities (Unquoted) fully paid-up ........................
(ii) Deferred Taxation Liability Fund Investments
Government Securities (Unquoted) fully paid-up ........................
Total ...........................................................................................................................................
2,94,00,000
2,94,00,000
2,94,00,000
AUD 1.50
1.18
2.12
1.60
6,000
6,000
6,000
25
0.16
1.34
0.15
2.27
0.14
1.74
136.65
111.74
90.75
237.75
374.40
861.41
279.75
391.49
881.11
206.09
296.84
1,279.14
Notes:
1.
2.
3.
4.
*
$
204.07
Aggregate Market Value of Quoted Investments ...............................................................................................................................................................................
204.07
Aggregate Carrying Value of Quoted Investments ............................................................................................................................................................................
Aggregate Carrying Value of Unquoted Investments .......................................................................................................................................................................
1,075.07
Investments at Fair Value Through Other Comprehensive Income (FVTOCI) reflect investment in quoted and unquoted equity securities. These equity shares are designated as FVTOCI as
they are not held for trading purpose and are not in similar line of business as the Company, thus disclosing their fair value change in profit and loss will not reflect the purpose of holding.
The cost of these investments approximate their fair value because there is a wide range of possible fair value measurements and the cost represents the best estimate of fair value within
that range.
Classified as held for sale
89.14
89.14
772.27
92.39
92.39
788.72
166 I Consolidated Financials
100th Annual Report 2018-19
Notes to the Consolidated Financial Statements
7. Trade Receivables
(Unsecured unless otherwise stated)
Non-current Trade Receivables
Considered Good - Unsecured ............................................
Credit Impaired .........................................................................
Less: Allowance for Doubtful Trade Receivables ...........
Current Trade Receivables
Considered Good - Secured (Refer Note below) ...........
Considered Good - Unsecured ............................................
Credit Impaired .........................................................................
Less: Allowance for Doubtful Trade Receivables ...........
As at
31st March, 2019
` crore
As at
31st March, 2018
` crore
As at
1st April, 2017
` crore
192.99
4.55
197.54
4.55
192.99
291.07
4,154.19
391.47
4,836.73
391.47
4,445.26
190.05
6.24
196.29
6.24
190.05
271.32
2,517.61
323.23
3,112.16
323.23
2,788.93
187.92
6.24
194.16
6.24
187.92
250.53
3,581.59
310.58
4,142.70
310.58
3,832.12
Note:
The Group holds security deposits of ` 291.07 crore (31st March, 2018 - ` 271.32 crore, 1st April, 2017 - ` 250.53 crore) from
consumers.
7.1 Trade Receivables
The Group has used a practical expedient by computing the expected credit loss allowance for trade receivables based on a
provision matrix. The expected credit loss allowance is not calculated on non current trade receivables on account of dispute.
The provision matrix takes into account historical credit loss experience and adjusted for forward looking information. The
expected credit loss allowance is based on the ageing of the days the receivables are due and the rates as given in the provision
matrix. The provision matrix at the end of the reporting period is as follows:
Ageing of Receivables
Expected Credit loss (%)*
Within the credit period ...................................................................................................................
1-90 days past due .............................................................................................................................
91-182 days past due ........................................................................................................................
More than 182 days past due .........................................................................................................
* Excludes Special allowances.
As at
31st March, 2019
0.36%
0.48%
0.94%
15.86%
As at
31st March, 2018
0.09%
1.00%
2.56%
9.00%
Age of receivables
Within the credit period ......................................................................
1-90 days past due ................................................................................
91-182 days past due ...........................................................................
More than 182 days past due ............................................................
As at
31st March, 2019
` crore
2,401.08
1,165.39
416.25
1,051.55
As at
31st March, 2018
` crore
958.58
793.96
263.97
1,291.94
As at
1st April, 2017
` crore
1,972.76
807.88
731.28
824.94
Movement in the allowance for doubtful trade receivables
Balance at the beginning of the year .......................................................................................................
Add/(Less): Expected credit loss allowance on trade receivables calculated at lifetime expected
credit losses for the year ...........................................................................................................................
Add/(Less): Special allowance on trade receivables for the year ....................................................................
Add/(Less): Transferred to Assets Classified as Held For Sale (Refer Note 17 c) ............................................
Balance at the end of the year .....................................................................................................................
As at
31st March, 2019
` crore
329.47
As at
31st March, 2018
` crore
316.82
53.09
25.00
(11.54)
396.02
38.94
(16.63)
(9.66)
329.47
The concentration of credit risk is very limited due to the fact that the large customers are mainly government entities and remaining customers
base is large and widely dispersed and secured with security deposit.
Consolidated Financials I 167
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The Tata Power Company Limited
Notes to the Consolidated Financial Statements
8. Loans
(Unsecured unless otherwise stated)
As at
31st March, 2019
` crore
As at
31st March, 2018
` crore
As at
1st April, 2017
` crore
Non-current - At Amortised Cost
(i)
Security Deposits
Considered Good ...............................................................
Credit Impaired ...................................................................
Less: Provision for Doubtful Security Deposits .........
(ii) Loans to Related Parties - Joint Ventures
(Refer Note 38)
Considered Good* .............................................................
Credit Impaired ...................................................................
Less: Allowances for Doubtful Loans ...........................
(iii) Other Loans
Loans to Employees ...........................................................
Total ...........................................................................................................
Current - At Amortised Cost
Security Deposits
(i)
Considered Good .........................................................................
Credit Impaired .............................................................................
Less: Allowances for Doubtful Security Deposits ....
(ii) Loans to Related Parties - Joint Ventures
(Refer Note 38)
Considered Good .........................................................................
Credit Impaired .............................................................................
Less: Allowances for Doubtful Loans ...........................
84.32
27.87
112.19
27.87
84.32
54.17
1.36
55.53
1.36
54.17
6.24
144.73
17.32
5.77
23.09
5.77
17.32
98.71
Nil
98.71
Nil
98.71
(iii) Other Loans
Loans to Employees ...........................................................
Total ...........................................................................................................
0.43
116.46
* Classified as Held for Sale. (Refer Note 17).
55.25
29.92
85.17
29.92
55.25
69.72
1.36
71.08
1.36
69.72
6.76
131.73
64.13
4.23
68.36
4.23
64.13
719.33
Nil
719.33
Nil
719.33
1.34
784.80
60.16
32.81
92.97
32.81
60.16
69.64
1.27
70.91
1.27
69.64
7.52
137.32
22.13
2.93
25.06
2.93
22.13
654.68
Nil
654.68
Nil
654.68
0.76
677.57
9.
Finance Lease Receivable - At Amortised Cost
(Unsecured unless otherwise stated)
Accounting Policy
Leasing arrangement
The determination of whether an arrangement is (or contains) a lease is based on the substance of the arrangement at the
inception of the lease. The arrangement is, or contains, a lease if fulfilment of the arrangement is dependent on the use of a
specific asset or assets and the arrangement conveys a right to use the asset or assets, even if that right is not explicitly specified
in an arrangement.
The Group as lessee
A lease is classified at the inception date as a finance lease or an operating lease. A lease that transfers substantially all the risks
and rewards incidental to ownership to the Group is classified as a finance lease.
A leased asset is depreciated over the useful life of the asset. However, if there is no reasonable certainty that the Group will
obtain ownership by the end of the lease term, the asset is depreciated over the shorter of the estimated useful life of the asset
and the lease term.
Operating lease payments are recognised as an expense in the statement of profit and loss on a straight-line basis over the lease
term.
168 I Consolidated Financials
100th Annual Report 2018-19
Notes to the Consolidated Financial Statements
9.
Finance Lease Receivable - At Amortised Cost (Contd.)
The Group as lessor
Leases in which the Group does not transfer substantially all the risks and rewards of ownership of an asset are classified as
operating leases. Rental income from operating lease is recognised on a straight-line basis over the term of the relevant lease.
Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased
asset and recognised over the lease term on the same basis as rental income. Contingent rents are recognised as revenue in the
period in which they are earned.
Leases are classified as finance leases when substantially all of the risks and rewards of ownership transfer from the Group to the
lessee. Amounts due from lessees under finance leases are recorded as receivables at the Group’s net investment in the leases.
Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the net investment
outstanding in respect of the lease.
Finance Lease Receivable - Non-current ......................................
Finance Lease Receivable - Current ...............................................
Total ..........................................................................................................
9.1
Leasing Arrangements
As at
31st March, 2019
` crore
565.62
37.90
603.52
As at
31st March, 2018
` crore
574.76
34.27
609.03
As at
1st April, 2017
` crore
573.47
39.16
612.63
(i)
(ii)
The Group has entered into Power Purchase Agreements (PPA) with a customer for its assets located at Jojobera. The
assets relate to 30 years of take or pay agreements with the customer to supply electricity at a fixed plus variable charge.
The customer, during the term of the PPAs has a right to purchase the assets and at the end of the contract is obligated to
purchase same on the basis of the valuation determined under the PPAs. This arrangement is an embedded finance lease.
The Group has entered into Power Purchase Agreements (PPA) with various customers for its rooftop solar assets located
across various locations. As this arrangement is dependent on the use of a specific asset and conveys a right to use on the
customer, it qualifies as a lease. As these are long tenor PPAs spread over a major part of the economic life of the asset,
this arrangement has been categorized as a finance lease.
9.2 Amount receivable under Finance Lease
Minimum Lease Payments
Present value of Minimum Lease
Payments
As at
31st March,
2019
` crore
110.25
529.64
631.68
1,271.57
668.05
603.52
Nil
603.52
As at
31st March,
2018
` crore
107.94
520.65
713.51
1,342.10
733.07
609.03
Nil
609.03
As at
1st April,
2017
` crore
107.58
504.71
795.49
1,407.78
795.15
612.63
Nil
612.63
As at
31st March,
2019
` crore
37.90
172.83
392.79
603.52
Nil
603.52
Nil
603.52
As at
31st March,
2018
` crore
34.27
147.90
426.86
609.03
Nil
609.03
Nil
609.03
As at
1st April,
2017
` crore
39.16
117.68
455.79
612.63
Nil
612.63
Nil
612.63
Not later than one year .........................................................
Later than one year and not later than five years ........
Later than five years ...............................................................
Unearned finance income ....................................................
Present value of minimum lease payments .............
Allowance for uncollectible lease payments .................
Total .............................................................................................
The implicit interest rate inherent in the leases is fixed at the contract for the entire lease term. The average effective interest rate
contracted is approximately in the range of 9.00% - 16.34% per annum (as at 31st March, 2018: 12.62% - 16.34% per annum, as at
1st April 2017: 12.76% - 16.34% per annum).
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Consolidated Financials I 169
The Tata Power Company Limited
10. Other Financial Assets
Notes to the Consolidated Financial Statements
Non-current - At Amortised Cost
(i) Receivables under Service Concession Agreement ..............
(ii) Unbilled Revenue...................................................................................
(iii) Others
Unsecured, considered good
Advance towards Equity .....................................................
Government Grants Receivables * ..................................
In Deposit Accounts (with maturity more than
twelve months) ......................................................................
Other Advances .....................................................................
Total ........................................................................................................................
As at
31st March, 2019
` crore
As at
31st March, 2018
` crore
As at
1st April, 2017
` crore
200.61
81.11
2.85
29.17
2.99
0.02
35.03
316.75
202.18
62.82
0.65
Nil
Nil
8.03
8.68
273.68
203.94
42.91
9.03
Nil
Nil
139.46
148.49
395.34
* One of the subsidiary of the Group is eligible for government grant for certain solar projects. The subsidiary company is in the
process of creating charge on project assets in favour of Solar Energy Corporation of India. Once the charge is created, the subsidiary
company will file application for release of the grant.
Current - At Amortised Cost, unless otherwise stated
(i) Accruals
Unsecured, considered good
Interest Accrued on Inter-corporate/Bank Deposits
Interest Accrued on Investments .....................................
Interest Accrued on Finance Lease Receivable ...........
Interest Accrued on Loans to Related Parties .............
Unsecured, considered doubtful
Interest Accrued on Inter-corporate/Bank Deposits
Less: Provision for Doubtful Interest .........................................
(ii) Receivables under Service Concession Agreement ..............
(iii) Others
Unsecured, considered good
Dividend Receivable.............................................................
Derivative Contract (Fair Value through Profit and
Loss) ...........................................................................................
Receivable on sale of Current Investments ..................
Receivable on sale of Fixed Assets ..................................
Insurance Claims Receivable .............................................
Government Grants Receivables .....................................
Other Advances .....................................................................
Unsecured, considered doubtful
Other Advances .....................................................................
Less: Allowances Doubtful Advances ................................................
Total ........................................................................................................................
170 I Consolidated Financials
2.52
6.69
6.96
2.40
1.40
19.97
1.40
18.57
2.64
16.71
24.76
39.73
2.05
3.52
58.05
75.56
2.70
(2.70)
220.38
241.59
0.86
6.65
7.15
14.63
Nil
29.29
Nil
29.29
4.18
35.81
111.59
0.01
1.02
6.47
40.25
172.97
1.79
(1.79)
368.12
401.59
2.35
5.09
11.73
11.98
Nil
31.15
Nil
31.15
4.48
Nil
37.97
Nil
2.23
21.15
Nil
84.25
2.80
(2.80)
145.60
181.23
100th Annual Report 2018-19
11. Tax Assets
Notes to the Consolidated Financial Statements
Non-current Tax Assets
Advance Income-tax (Net) ................................................................
Total ..........................................................................................................
Current Tax Assets
Advance Income-tax (Net) ................................................................
Total ..........................................................................................................
As at
31st March, 2019
` crore
As at
31st March, 2018
` crore
As at
1st April, 2017
` crore
238.01
238.01
2.67
2.67
167.59
167.59
14.77
14.77
146.35
146.35
31.68
31.68
12. Deferred Tax
Accounting Policy
Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the consolidated
financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are
generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible
temporary differences to the extent that it is probable that taxable profits will be available against which those deductible
temporary differences can be utilised. Such deferred tax assets and liabilities are not recognised if the temporary difference
arises from the initial recognition of assets and liabilities in a transaction that affects neither the taxable profit nor the accounting
profit.
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer
probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised
deferred tax assets are re-assessed at each reporting date and are recognised to the extent that it has become probable that
future taxable profits will allow the deferred tax asset to be recovered.
Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in which the liability is
settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of
the reporting period.
For operations carried out under tax holiday period (80IA benefits of Income Tax Act, 1961), deferred tax assets or liabilities, if
any, have been established for the tax consequences of those temporary differences between the carrying values of assets and
liabilities and their respective tax bases that reverse after the tax holiday ends.
Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same taxation authority and the
relevant entity intends to settle its current tax assets and liabilities on a net basis.
Deferred tax relating to items recognised outside profit or loss is recognised outside profit or loss (either in other comprehensive
income or in equity). Deferred tax items are recognised in correlation to the underlying transaction either in OCI or directly in
equity.
Deferred tax assets include Minimum Alternative Tax (MAT) paid in accordance with the tax laws in India, which is likely to give
future economic benefits in the form of availability of set off against future income tax liability. Accordingly, MAT is recognised
as deferred tax asset in the balance sheet when the asset can be measured reliably and it is probable that the future economic
benefit associated with the asset will be realised. The Group reviews the “MAT credit entitlement” asset at each reporting date
and writes down the asset to the extent that it is no longer probable that it will pay normal tax during the specified period.
In the situations where one or more units of the Group are entitled to a tax holiday under the tax law, no deferred tax (asset
or liability) is recognized in respect of temporary differences which reverse during the tax holiday period, to the extent the
concerned unit’s gross total income is subject to the deduction during the tax holiday period. Deferred tax in respect of
temporary differences which reverse after the tax holiday period is recognized in the year in which the temporary differences
originate. However, the Company restricts recognition of deferred tax assets to the extent it is probable that sufficient future
taxable income will be available against which such deferred tax assets can be realized. For recognition of deferred taxes, the
temporary differences which originate first are considered to reverse first.
Deferred tax assets are recognised for unused tax losses to the extent that it is probable that taxable profit will be available
against which the losses can be utilised. 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.
Consolidated Financials I 171
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Notes to the Consolidated Financial Statements
12. Deferred Tax (Contd.)
12 a. Deferred Tax Assets
The Tata Power Company Limited
Deferred Tax Assets ..............................................................................
Deferred Tax Liabilities .......................................................................
Total - Net Deferred Tax Assets ....................................................
As at
31st March, 2019
` crore
3,669.65
3,580.16
89.49
As at
31st March, 2018
` crore
4,124.19
4,006.02
118.17
As at
1st April, 2017
` crore
5,166.26
5,042.14
124.12
2018-19
Opening
Balance
Recognised
in Profit or
Loss
Recognised
in Other
Comprehensive
Income
Recognised
directly in
Equity
Deferred Tax Assets in relation to:
Allowance for Doubtful Debts, Deposits and Advances .
Provision for Employee Benefits, Entry Tax and Others ...
Unabsorbed Depreciation ..........................................................
Measuring of Derivative Financial Instruments at Fair
Value ..................................................................................................
Carry Forward Losses ...................................................................
MAT Credit Entitlement ...............................................................
Deferred Revenue -Ind AS 115 .................................................
Others ................................................................................................
Deferred Tax Liabilities in relation to:
Property, Plant and Equipment ................................................
Others ................................................................................................
Net Deferred Tax Assets ...........................................................
53.09
10.98
3,481.33
149.07
195.47
101.73
132.52
Nil
4,124.19
3,986.75
19.27
4,006.02
118.17
(3.57)
(1.71)
(406.05)
(122.44)
(39.37)
3.41
113.27
1.92
(454.54)
(411.20)
(14.66)
(425.86)
(28.68)
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
2017-18
Opening
Balance
Recognised
in Profit or
Loss
Recognised
in Other
Comprehensive
Income
Recognised
directly in
Equity
` crore
Closing
Balance
49.52
9.27
3,075.28
26.63
156.10
105.14
245.79
1.92
3,669.65
3,575.55
4.61
3,580.16
89.49
` crore
Closing
Balance
Deferred Tax Assets in relation to:
Allowance for Doubtful Debts, Deposits and Advances .
Provision for Employee Benefits, Entry Tax and Others ...
Unabsorbed Depreciation ..........................................................
Measuring of Derivative Financial Instruments at Fair
Value ..................................................................................................
Carry Forward Losses ...................................................................
Deferred Revenue -Ind AS 115 .................................................
MAT Credit Entitlement ...............................................................
Others ................................................................................................
Deferred Tax Liabilities in relation to:
Property, Plant and Equipment ................................................
Others ................................................................................................
Net Deferred Tax Assets ...........................................................
77.79
29.07
3,917.39
268.21
39.85
108.82
707.54
17.59
5,166.26
5,037.54
4.60
5,042.14
124.12
(24.70)
(19.62)
(436.06)
(119.14)
155.62
23.70
(605.81)
(17.59)
(1,043.60)
(1,052.32)
14.67
(1,037.65)
(5.95)
Nil
1.53
Nil
Nil
Nil
Nil
Nil
Nil
1.53
1.53
Nil
1.53
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
53.09
10.98
3,481.33
149.07
195.47
132.52
101.73
Nil
4,124.19
3,986.75
19.27
4,006.02
118.17
172 I Consolidated Financials
100th Annual Report 2018-19
Notes to the Consolidated Financial Statements
12. Deferred Tax (Contd.)
12 b. Deferred Tax Liabilities
Deferred Tax Assets ..............................................................................
Deferred Tax Liabilities .......................................................................
Total - Net Deferred Tax Liabilities.............................................
As at
31st March, 2019
` crore
2,025.06
3,081.87
1,056.81
As at
31st March, 2018
` crore
2,402.03
2,918.59
516.56
As at
1st April, 2017
` crore
89.59
1,840.73
1,751.14
2018-19
Opening
Balance
Recognised
in Profit or
Loss
Recognised
in Other
Comprehensive
Income
Recognised
directly in
Equity
Deferred tax assets in relation to :
Allowance for Doubtful Debts, Deposits and Advances ..........
Provision for Employee Benefits, Entry Tax and Others ............
Unabsorbed Depreciation ...................................................................
Carry Forward Losses ............................................................................
On Asset Held For Sale [Refer Note(i) below] ...............................
MAT Credit Entitlement ........................................................................
Government Grant .................................................................................
Deferred Revenue -Ind AS 115 ..........................................................
Others .........................................................................................................
Deferred tax liabilities in relation to :
Finance Leases .........................................................................................
Property, Plant and Equipments .......................................................
Investments at Fair Value .....................................................................
Distribution on Perpetual Bonds ......................................................
Borrowings................................................................................................
Undistributable Profits of Subsidiaries ...........................................
Revaluation on Consolidation ...........................................................
Others .........................................................................................................
Net Deferred Tax Liabilities .............................................................
53.02
81.23
244.74
4.34
757.40
1241.62
17.73
Nil
1.95
2,402.03
144.43
2,521.19
0.24
24.90
10.40
4.34
213.09
Nil
2,918.59
516.56
5.45
(7.60)
(102.57)
(4.34)
(413.78)
122.80
(15.54)
30.90
7.75
(376.93)
62.42
39.78
45.20
Nil
(0.74)
21.76
(10.40)
5.24
163.26
540.19
Nil
0.16
Nil
Nil
Nil
Nil
Nil
Nil
(0.20)
(0.04)
Nil
Nil
0.02
Nil
Nil
Nil
Nil
Nil
0.02
0.06
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
2017-18
Deferred Tax Assets in relation to :
Allowance for Doubtful Debts, Deposits and Advances .........
Provision for Employee Benefits, Entry Tax and Others ...........
Unabsorbed Depreciation ..................................................................
Carry Forward Losses ...........................................................................
On Asset Held For Sale [Refer Note(i) below] ..............................
MAT Credit Entitlement .......................................................................
Government Grant ................................................................................
Others ........................................................................................................
Deferred Tax Liabilities in relation to:
Finance Leases ........................................................................................
Property, Plant and Equipments ......................................................
Investments at Fair Value ....................................................................
Distribution on Perpetual Bonds .....................................................
Borrowings...............................................................................................
Undistributable Profits of Subsidiaries ..........................................
Revaluation on Consolidation ..........................................................
Net Deferred Tax Liabilities ............................................................
Opening
Balance
Recognised
in Profit or
Loss
Recognised
in Other
Comprehensive
Income
Recognised
directly in
Equity
29.75
57.75
Nil
Nil
Nil
2.09
Nil
Nil
89.59
144.48
1,405.58
26.03
24.66
5.04
5.47
229.47
1,840.73
1,751.14
23.27
23.76
244.74
4.34
387.40
1,239.53
17.73
1.79
1,942.56
(0.05)
1,115.61
(3.80)
Nil
5.36
(1.13)
(16.38)
1,099.61
(842.95)
Nil
(0.28)
Nil
Nil
370.00
Nil
Nil
0.16
369.88
Nil
Nil
(21.99)
Nil
Nil
Nil
Nil
(21.99)
(391.87)
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
0.24
Nil
Nil
Nil
0.24
0.24
` crore
Closing
Balance
58.47
73.79
142.17
Nil
343.62
1,364.42
2.19
30.90
9.50
2,025.06
206.85
2,560.97
45.46
24.90
9.66
26.10
202.69
5.24
3,081.87
1,056.81
` crore
Closing
Balance
53.02
81.23
244.74
4.34
757.40
1,241.62
17.73
1.95
2,402.03
144.43
2,521.19
0.24
24.90
10.40
4.34
213.09
2,918.59
516.56
Consolidated Financials I 173
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Notes to the Consolidated Financial Statements
The Tata Power Company Limited
12. Deferred Tax (Contd.)
12 b. Deferred Tax Liabilities (Contd.)
Notes:
i. During the year ended 31st March, 2019, the Group has disposed off certain investment/assets. Accordingly the deferred tax asset of
` 757.40 crore recognized in March, 2018 has been reversed up to ` 413.78 crore in the statement of profit and loss.
ii. During the year ended 31st March 2018, the Parent Company has reassessed the recoverability of unrecognised MAT credit and
accordingly recognised MAT credit amounting to ` 517.51 crore and also recognized regulatory liability on the said MAT credit which
needs to be passed on to the consumers. During the current year, the Group has reassessed the recoverability of unrecognised MAT
Credit and considering the uncertainty over the realisability, the Group has not recognised MAT Credit amounting to ` 276.87 crore
(31st March, 2018 - ` 287.05 crore).
iii. Considering the uncertainty over the realisibility, the Group has not recognized deferred tax asset to the extent of ` 309.73 crore
(31st March, 2018 - ` 289.53 crore) on provision for diminution in value of investment classified as assets held for sale.
iv. Unrecognised deferred tax assets on tax losses /unused tax credit for which no deferred tax assets is recognised amount to ` 3,512.67
crore and ` 2,826.31 crore as at 31st March, 2019 and 31st March, 2018 respectively. The expiry of unrecognised Deferred Tax Asset
is as detailed below:
As at 31st March, 2019
Unrecognised Deferred Tax Assets
Within
one year
Business losses ................................................................
Unabsorbed depreciation ...........................................
MAT credit .........................................................................
Provision
in the value of
investment classified as held for sale ......................
Total ....................................................................................
for diminution
30.98
Nil
Nil
Nil
30.98
As at 31st March, 2018
Unrecognised Deferred Tax Assets
Within
one year
Business losses ................................................................
Unabsorbed depreciation ...........................................
MAT credit .........................................................................
Provision
in the value of
investment classified as held for sale ......................
Total ....................................................................................
for diminution
Nil
Nil
Nil
Nil
Nil
Greater than
one year, less
than five years
490.03
Nil
8.01
Greater
than five
years
532.54
Nil
268.86
No
expiry
date
Nil
1,872.52
Nil
` crore
Closing
balance
1,053.55
1,872.52
276.87
Nil
498.04
309.73
1,111.13
Nil
1,872.52
309.73
3,512.67
Greater than
one year, less
than five years
516.00
Nil
8.01
Greater
than five
years
404.58
Nil
279.04
No
expiry
date
Nil
1,329.15
Nil
` crore
Closing
balance
920.58
1,329.15
287.05
Nil
524.01
289.53
973.15
Nil
1,329.15
289.53
2,826.31
v. The Group has not recognized any deferred tax liabilities for taxes amounting to ₹ 1,549.25 crore and ₹ 1,400.97 crore that would be
payable on the Group’s share in unremitted earnings of its subsidiaries and its interest in joint ventures because the Group controls
when the liability will be incurred and it is probable that the liability will not be incurred in the forseeable future.
12 c.
Reconciliation of Deferred Tax Expense amount recognised in profit or loss and Other Comprehensive Income
Recognised in profit
or loss
Recognised directly in
equity
For the year
ended
31st March,
2019
` crore
For the year
ended
31st March,
2018
` crore
Recognised in Other
Comprehensive Income
For the year
ended
31st March,
2019
` crore
For the year
ended
31st March,
2018
` crore
Deferred Tax Assets (Net) - (Refer Note 12 a.)
Net (increase)/decrease in Deferred Tax Assets ....................
Deferred Tax Liabilities (Net) - (Refer Note 12 b.)
Net increase/(decrease) in Deferred Tax Liabilities .............
Less: Deferred Tax Liabilities (Net) - Discontinued
Operations (Refer Note 33)
28.68
5.95
Nil
Nil
540.19
(842.95)
0.06
(391.87)
Net increase/(decrease) in Deferred Tax Liabilities
Deferred Tax Expense (Net) ......................................................
5.94
562.93
3.23
(840.23)
Nil
0.06
Nil
(391.87)
174 I Consolidated Financials
For the year
ended
31st March,
2019
` crore
For the year
ended
31st March,
2018
` crore
Nil
Nil
Nil
Nil
Nil
0.24
Nil
0.24
100th Annual Report 2018-19
13. Other Assets
Notes to the Consolidated Financial Statements
As at
31st March, 2019
` crore
As at
31st March, 2018
` crore
As at
1st April, 2017
` crore
Non-current
(i)
Capital Advances
Unsecured, considered good .........................................
Doubtful .........................................................................
Less: Allowance for Doubtful Advances ......................
(ii)
(iii)
Security Deposits
Unsecured, considered good ........................................
Balances with Government Authorities
Unsecured, considered good
Advances ......................................................................
Amount Paid Under Protest ....................................
VAT/Sales Tax Receivable .........................................
(iv) Unamortised Premium for Leasehold Land
(v)
Unsecured, considered good .........................................
Deferred Rent Expense
Unsecured, considered good .........................................
(vi) Others
Unsecured, considered good
Prepaid Expenses ........................................................
Recoverable from Consumers ................................
Others .............................................................................
Doubtful ...............................................................................
Less: Allowance for Doubtful Advances ......................
Total ..........................................................................................................
Current
(i)
Balances with Government Authorities
Unsecured, considered good
Advances .......................................................................
VAT/Sales Tax Receivable .........................................
(ii)
Unamortised Premium for Leasehold Land
Unsecured, considered good .........................................
(iii) Other Loans and Advances
Unsecured, considered good
Prepaid Expenses ........................................................
Unamortised Option Premium ..............................
Advances to Vendors .................................................
Recoverable from Consumers ................................
Deferred Rent Expense .............................................
Unbilled Revenue (contract assets) .....................
Power Banking Receivable ......................................
Other Advances...........................................................
Others .............................................................................
Doubtful .........................................................................
Less: Allowance for Doubtful Advances ......................
Total ..........................................................................................................
59.34
0.16
59.50
0.16
59.34
49.50
0.12
49.62
0.12
49.50
228.64
228.66
166.61
70.91
63.16
300.68
317.90
26.50
3.29
404.79
16.93
0.93
425.94
0.93
425.01
1,358.07
174.23
4.48
178.71
9.51
79.14
Nil
323.33
1,100.54
0.89
11.15
170.94
7.46
0.18
1.82
1,695.45
1.82
1,693.63
1,881.85
165.35
68.67
62.70
296.72
309.47
11.75
4.90
675.98
0.33
0.96
682.17
0.96
681.21
1,577.31
90.13
6.60
96.73
9.69
87.10
0.09
358.34
634.65
0.24
Nil
302.64
17.04
5.80
1.08
1,406.98
1.08
1,405.90
1,512.32
121.04
0.21
121.25
0.21
121.04
228.77
143.58
217.41
82.72
443.71
439.47
9.51
11.44
771.09
33.30
2.22
818.05
2.22
815.83
2,058.33
31.19
34.90
66.09
20.94
76.56
Nil
283.14
710.04
0.14
Nil
116.74
16.55
2.81
1.57
1,207.55
1.57
1,205.98
1,293.01
Consolidated Financials I 175
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A
D
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A
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The Tata Power Company Limited
Notes to the Consolidated Financial Statements
14.
Inventories
Accounting Policy
Inventories are stated at the lower of cost and net realisable value. Cost of inventory includes cost of purchase and other costs
incurred in bringing the inventories to their present location and condition. Costs of inventories are determined on weighted
average basis. Finished goods and work in progress: cost includes cost of direct materials and labour and a proportion of
manufacturing overheads based on the normal operating capacity, but excluding borrowing costs. Net realisable value
represents the estimated selling price for inventories less all estimated costs of completion and costs necessary to make the
sale. Unserviceable/damaged stores and spares are identified and written down based on technical evaluation.
Inventories (lower of cost and net realisable value)
(a)
Raw Materials and Fuel
Fuel - Stores ....................................................................
Fuel-in-Transit ................................................................
Others ...............................................................................
(b) Work-In-Progress ....................................................................
Finished goods .........................................................................
(c)
Stores and Spares
(d)
Stores and Spare Parts ................................................
Stores-in-Transit ............................................................
Loose Tools .................................................................................
Others
Property under Development ..............................................
Total ...............................................................................................
(e)
(f)
Notes:
As at
31st March, 2019
` crore
As at
31st March, 2018
` crore
As at
1st April, 2017
` crore
805.77
214.30
156.89
2.93
82.41
323.27
Nil
1.29
780.24
216.67
133.05
6.36
103.35
281.89
Nil
1.02
575.00
260.64
158.76
29.71
110.13
382.96
4.44
1.22
119.56
1,706.42
100.50
1,623.08
76.70
1,599.56
1. The Group has recognised ` Nil (31st March, 2018 - ` 46.91 crore, 1st April, 2017 - ` 62.74 crore) as an expense for
inventories carried at net realisable value.
2. Refer Note 21 for Inventories pledged as security for liabilities.
15. Current Investments
As at
31st March, 2019
` crore
As at
31st March, 2018
` crore
As at
1st April, 2017
` crore
I
Investment carried at Amortised Cost
Statutory Investments
Contingency Reserve Fund Investments
(Unquoted)
Government Securities
fully
paid up ........................................................................
Deferred Taxation Liability Fund Investments
Government Securities
fully
paid up ........................................................................
(Unquoted)
II
Investments carried at Fair Value through Profit and
Loss
Equity Shares (Quoted)
(a) Investment in Equity Shares fully Paid-up ..............
(b) Investment in Debentures or Bonds (Quoted) .....
Other (Unquoted)
(c) Investment in Mutual Funds (Unquoted) ..............
Total ...........................................................................................................
Notes:
1. Aggregate Market Value of Quoted Investments
2. Aggregate Carrying Value of Quoted Investments
3. Aggregate Carrying Value of Unquoted Investments
* Denotes figure below ` 50,000
176 I Consolidated Financials
Nil
10.00
42.00
42.00
Nil
Nil
Nil
124.98
124.98
166.98
Nil
Nil
166.98
Nil
10.00
Nil
Nil
Nil
426.16
426.16
436.16
Nil
Nil
436.16
15.85
73.49
89.34
32.35
0.31
32.66
975.78
1,008.44
1,097.78
32.66
32.66
1,065.12
100th Annual Report 2018-19
Notes to the Consolidated Financial Statements
16 a. Cash and Cash Equivalents
Accounting Policy
Cash and cash equivalent in the balance sheet comprise cash at banks, cash/cheques on hand and short-term deposits with
an original maturity of three months or less, which are subject to an insignificant risk of changes in value. Cash and cash
equivalents include balances with banks which are unrestricted for withdrawal and usage.
For the purpose of the statement of cash flows, cash and cash equivalents consist of cash at bank, cash/cheques on hand and
short-term deposits, as defined above, net of outstanding bank overdrafts as they are considered an integral part of the Group’s
cash management.
As at
31st March, 2019
` crore
As at
31st March, 2018
` crore
As at
1st April, 2017
` crore
(i)
Balances with Banks:
In Current Accounts ................................................................
In Deposit Accounts (with original maturity less than
three months) ...........................................................................
(ii)
Cheques on Hand ....................................................................
(iii) Cash on Hand ............................................................................
Cash and Cash Equivalents as per Balance Sheet...............
Bank Overdraft (Refer Note 26) .......................................................
Book Overdraft (Refer Note 25) .......................................................
Cash and Cash Equivalents as per Statement of Cash Flows
320.87
311.90
11.69
0.99
645.45
(590.89)
Nil
54.56
905.58
126.10
28.41
1.07
1,061.16
(119.25)
(0.08)
941.83
Particulars
Non-current Borrowings (including Current
Maturity of Non-current Borrowings) .............
Current Borrowings
(excluding Bank
Overdraft) ..................................................................
Total ............................................................................
Particulars
Non-current Borrowings (including Current
Maturity of Non-current Borrowings) .............
(excluding Bank
Current Borrowings
Overdraft) ..................................................................
Total ............................................................................
16 b. Other Balances with Banks
As at
31st
March,
2018
` crore
Cash flows
Reclassification
Proceeds
Repayment
` crore
` crore
` crore
Reclassification
as part of
Discontinued
Operations
` crore
Foreign
Exchange
Others
` crore
` crore
29,761.96
10,867.07
(9,978.26)
3,766.57
(135.48)
338.00
10.80
34,630.66
34,846.52
18,708.03
48,469.99 45,713.59
(36,376.94)
(46,355.20)
(4,540.88)
(774.31)
Nil
(135.48)
583.80
921.80
63.96
74.76
13,284.49
47,915.15
As at
31st
March,
2017
` crore
Cash flows
Reclassification
Proceeds
Repayment
` crore
` crore
` crore
Reclassification
as part of
Discontinued
Operations
` crore
Foreign
Exchange
Others
` crore
` crore
As at
31st
March,
2018
` crore
32,535.62
9,750.53
(11,224.74)
(731.26)
(585.42)
18.84
(1.61)
29,761.96
16,263.15
48,798.77
24,579.61
34,330.14
(22,668.41)
(33,893.15)
731.26
Nil
(12.22)
(597.64)
(251.40)
(232.56)
66.04
64.43
18,708.03
48,469.99
(a)
(b)
In Deposit Accounts ...............................................................
In Earmarked Accounts-
Unpaid Dividend Account .............................................
Total ..........................................................................................................
As at
31st March, 2019
` crore
124.12
As at
31st March, 2018
` crore
111.05
As at
1st April, 2017
` crore
106.46
17.88
142.00
13.57
124.62
12.62
119.08
Note:
Balances with banks held as margin money deposits against guarantees.
Consolidated Financials I 177
459.91
349.29
23.60
2.42
835.22
(16.64)
Nil
818.58
As at
31st
March,
2019
` crore
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17 a. Assets Classified as Held For Sale
Notes to the Consolidated Financial Statements
The Tata Power Company Limited
Accounting Policy
Non-current assets or disposal group are classified as held for sale if their carrying amount will be recovered principally through
a sale transaction rather than through continuing use. This condition is regarded as met only when the asset or disposal group
is available for immediate sale in its present condition subject only to terms that are usual and customary for sale of such asset
or disposal group and its sale is highly probable. Management must be committed to the sale, which should be expected to
qualify for recognition as a completed sale within one year from the date of classification. As at each balance sheet date, the
management reviews the appropriateness of such classification.
Non-current assets or disposal group classified as held for sale are measured at the lower of their carrying amount and fair value
less costs to sell.
The group treats sale/ distribution of the asset or disposal group to be highly probable when:
-
-
-
the appropriate level of management is committed to a plan to sell the asset (or disposal group),
an active programme to locate a buyer and complete the plan has been initiated (if applicable),
the asset (or disposal group) is being actively marketed for sale at a price that is reasonable in relation to its current fair
value,
the sale is expected to qualify for recognition as a completed sale within one year from the date of classification, and
actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that
the plan will be withdrawn.
-
-
Property, plant and equipment and intangible assets once classified as held for sale/distribution to owners are not depreciated
or amortised.
A disposal Group qualifies as discontinued operation if it is a component of an entity that either has been disposed of, or is
classified as held for sale, and:
-
-
Discontinued operations are excluded from the results of continuing operations and are presented as a single amount as profit
or loss after tax from discontinued operations in the statement of profit and loss. Additional disclosures are provided hereunder.
All other notes to the financial statements mainly include amounts for continuing operations, unless otherwise mentioned.
represents a separate major line of business or geographical area of operations,
is part of a single co-ordinated plan to dispose of a separate major line of business or geographical area of operations
carried at Fair Value
Land [Refer Note (i)] .................................................................................
Building [Refer Note (ii)] .........................................................................
Property, Plant and Equipment [Refer Note (iii)] ...........................
Investments
through Other
Comprehensive Income [Refer Note (iv)].........................................
Investments in Associates and Joint Ventures [Refer Note (v)]
Investments in Subsidiaries [Refer Note (vi)] ..................................
Loan
Joint Venture
interest accrued)
[Refer Note (v)] ..........................................................................................
Other Assets [Refer Note (vi)] ...............................................................
Assets of Discontinued Operations [Refer Note 17 (c)]...............
(including
to
As at
31st March, 2019
` crore
310.28
9.75
155.59
As at
31st March, 2018
` crore
97.21
Nil
0.22
As at
1st April, 2017
` crore
15.83
Nil
24.68
38.65
2,918.73
Nil
18.59
26.23
2,064.30
5,542.12
69.70
2,520.16
Nil
Nil
26.22
2,065.19
4,778.70
195.21
1,683.75
Nil
Nil
Nil
Nil
1,919.47
17 b. Liabilities directly associated with Assets Classified as Held For Sale
Liabilities related to Other Assets [Refer Note (vi)] ...................
Liabilities of Discontinued Operations [Refer Note 17 (c)] ....
Total ..........................................................................................................
As at
31st March, 2019
` crore
26.23
966.27
992.50
As at
31st March, 2018
` crore
26.22
877.56
903.78
As at
1st April, 2017
` crore
Nil
Nil
Nil
178 I Consolidated Financials
100th Annual Report 2018-19
Notes to the Consolidated Financial Statements
17 b. Liabilities directly associated with Assets Classified as Held For Sale (Contd.)
Notes:
(i)
The Group had decided to sell/transfer following land and consequently classified as assets held for sale at lower of
carrying amount and fair value less cost to sell:
(a)
(b)
(c)
(d)
(e)
(f )
(g)
(h)
Land at Belgaum ` Nil (31st March, 2018 - ` 2.90 crore, 1st April, 2017 - ` 2.90 crore) has been disposed off in the
current year;
Land at Tiruldih ` 9.72 crore (net of impairment loss of ` 34 crore) (31st March, 2018 - ` 9.72 crore, 1st April, 2017 -
` 9.72 crore);
Land at Vadaval ` 3.21 crore (31st March, 2018 - ` 3.21 crore, 1st April, 2017 - ` 3.21 crore);
Land at Naraj Marthapur ` 81.38 crore (net of impairment loss of ` 37 crore) (31st March, 2018 - ` 81.38 crore,
1st April, 2017 - ` Nil);
Land at Hadapsar ₹ 0.08 crore (31st March, 2018 - ₹ Nil, 1st April, 2017 - ₹ Nil);
Land at Dehrand ₹ 215.56 crore (31st March, 2018 - ₹ Nil, 1st April, 2017 - ₹ Nil);
Land at Oil Tankage Unit, Trombay (CTTL) ₹ 0.04 crore (31st March, 2018 - ₹ Nil, 1st April, 2017 - ₹ Nil);
Land at Visapur ₹ 0.29 crore (31st March, 2018 - ₹ Nil, 1st April, 2017 - ₹ Nil).
(ii)
The Group had decided to sell/transfer following buildings and consequently classified as assets held for sale at lower of
carrying amount and fair value less cost to sell:
(a)
(b)
(c)
(d)
(e)
(a)
(iii)
Building at Erangal ₹ 0.23 crore (31st March, 2018 - ₹ Nil, 1st April, 2017 - ₹ Nil);
Building at Panvel ₹ 0.48 crore (31st March, 2018 - ₹ Nil, 1st April, 2017 - ₹ Nil);
Building at Peninsula ₹ 8.02 crore (31st March, 2018 - ₹ Nil, 1st April, 2017 - ₹ Nil);
Building at Metropolitan ₹ 0.89 crore (31st March, 2018 - ₹ Nil, 1st April, 2017 - ₹ Nil);
Building at Oil Tankage Unit, Trombay ₹ 0.13 crore (31st March, 2018 - ₹ Nil, 1st April, 2017 - ₹ Nil).
The Group has a Oil Tankage unit at Trombay. During the year, the Group has reclassified the said asset as held
for sale. No impairment loss has been recognised on reclassification as the Group expects that the fair value
(estimated based on the recent market prices of similar properties in similar locations) less costs to sell is higher
than the carrying amount of ` 4.55 crore as at 31st March, 2019.
(b) During the year, the Group signed a binding term sheet for sale of its 32 MW wind project in Maharashtra.
Subsequent to the year end, the Group signed a Business Transfer Agreement on 18th April, 2019 with the buyer.
The sale transaction is likely to be concluded in next three months. No impairment loss has been recognised on
reclassification as the Group expects that the fair value less costs to sell is higher than the carrying amount of
₹ 131.00 crore as at 31st March, 2019.
(c)
The Group had recorded impairment provision of ₹ 37.57 crore pertaining to Rithala plant till 31st March, 2018.
During the year, the Group has performed impairment reassessment and has recognised additional impairment
provision of ₹ 106.41 crore as an exceptional item in the statement of profit and loss.
Impairment provision consists of ₹ 18.07 crore towards impairment of Property, Plant and Equipment and ₹ 88.32
crore being difference between carrying value and fair value of the plant. The Group has classified the plant under
assets held for sale at its fair value of ₹ 20.04 crore.
(iv) During the year ended 31st March, 2017, the Group had decided to divest its investments carried at fair value through
other comprehensive income in Tata Teleservices (Maharashtra) Ltd. and Tata Teleservices Ltd. Part of the said investments
has been disposed off in the current year. Balance investments have been classified as held for sale at fair value of ` 38.65
crore as at 31st March, 2019 (31st March, 2018 - ` 69.70 crore, 1st April, 2017 - ` 195.21 crore).
(v)
(a)
The Group had signed definitive agreements for sale of PT Arutmin Indonesia and its associated infrastructure
and trading companies during the year ended 31st March, 2017 and the sale consideration of USD 400.92 million
was expected to be received in a phased manner over next few years. Accordingly, the investments (including
the investment in PT Mitratama Perkasa reclassified as held for sale during the year ended 31st March, 2017) have
been classified as assets held for sale at ` 1,768.97 crore as at 31st March, 2019 (31st March, 2018 - ` 1,684.18 crore,
1st April, 2017 - ` 1,673.30 crore).
Consolidated Financials I 179
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The Tata Power Company Limited
17 b. Liabilities directly associated with Assets Classified as Held For Sale (Contd.)
Notes to the Consolidated Financial Statements
(b)
(c)
The Group holds investment in Nelito Systems Ltd. (Nelito), an Associate company. During the year ended
31st March, 2017, the Group had sold part of the investment at ` 185/- per share and decided to sell its entire share
holding. Accordingly, balance investment of ` 12.93 crore at 31st March, 2019 (31st March, 2018 - ` 10.45 crore,
1st April, 2017 - ` 10.45 crore) has been classified and disclosed as Assets classified as held for sale. During the year,
the Group had received offer to sell at ` 240/- per share and therefore the provision for investments amounting to
` 2.48 crore has been reversed.
During the previous year, the Group decided to divest its investments in Tata Projects Ltd. (` 439.44 crore), Tata
Communications Ltd. (` 107.31 crore) and Panatone Finvest Ltd. (` 278.78 crore), associate companies. Accordingly,
the said investments were classified as held for sale. During the year, the investments in Panatone Finvest Ltd.
and Tata Communications Ltd. have been disposed off at the sale value of ` 1,542.62 crore and ` 614.18 crore
respectively, resulting in gain of ` 1,354.25 crore and ` 542.99 crore respectively which has been disclosed as an
exceptional income in the financial results.
(d) During the year, the Group decided to divest its investment in and loan given to its Joint Venture Company, Itezhi
Tezhi Power Corporation of ` 577.65 crore and ` 18.59 crore respectively and investment in its Joint Venture
Company, Cennergi Pty Ltd. of ` 119.74 crore. Accordingly, the said investments and loan have been classified
as held for sale. No impairment loss has been recognised on reclassification as the Company expects that the fair
value less costs to sell is higher than the carrying amount as at 31st March, 2019.
(vi) During the previous year, the Group has decided to divest its investments in equity and preference shares of its subsidiary,
Tata Ceramics Ltd. Accordingly, the said investments have been classified as held for sale at ` Nil (Net of impairment of
` 14.21 crore).
17 c. Assets classified as Held for Sale - Discontinued Operations
During the previous year, the Group approved sale of its Strategic Engineering Division (SED) to Tata Advanced Systems Ltd. (TASL)
(a wholly owned subsidiary of Tata Sons Pvt. Ltd.) as a going concern on slump sale basis, subject to regulatory approvals at an
enterprise value of ` 2,230 crore (out of which ` 1,040 crore payable at the time of closing and ` 1,190 crore payable on achieving
certain milestones). Accordingly, defence business segment is presented as discontinued operations in the segment note. The date
of completion of the transaction is subject to approval by National Company Law Tribunal (NCLT) and other requisite approvals.
Results of Strategic Engineering Division for the year are presented below:
Particulars
For the year
ended
31st March, 2019
` crore
For the year
ended
31st March, 2018
` crore
Income
Revenue from Operations ..............................................................................................................
Expenditure
Cost of Components Consumed ..................................................................................................
Employee Benefits Expense...........................................................................................................
Finance Costs ......................................................................................................................................
Depreciation & Amortisation ........................................................................................................
Other Expenses ..................................................................................................................................
Total Expenses ..................................................................................................................................
Profit/(Loss) before tax from Discontinued Operations...............................................
Tax
Current Tax/(Credit) ..........................................................................................................................
Deferred Tax ........................................................................................................................................
Total Tax ...............................................................................................................................................
Profit/(Loss) for the year from Discontinued Operations ............................................
Other Comprehensive Income/(Expense) ................................................................................
Tax on Other Comprehensive Income .......................................................................................
Total Comprehensive Income/(Expense) .............................................................................
143.59
138.10
110.85
36.33
Nil
50.13
335.41
(191.82)
(71.92)
5.94
(65.98)
(125.84)
(1.14)
0.40
(126.58)
286.74
213.37
49.40
8.85
31.17
69.82
372.61
(85.87)
(17.36)
3.23
(14.13)
(71.74)
0.85
Nil
(70.89)
180 I Consolidated Financials
100th Annual Report 2018-19
Notes to the Consolidated Financial Statements
17 c. Assets classified as Held for Sale - Discontinued Operations (Contd.)
Major classes of Assets and Liabilities of Strategic Engineering Division classified as held for sale are as follows:
Assets
Property, Plant and Equipment ....................................................................................................
Capital Work-in-Progress ................................................................................................................
Other Intangible Assets...................................................................................................................
Intangible Assets Under Development .....................................................................................
Non-current Financial Assets ........................................................................................................
Other Non-current Assets ..............................................................................................................
Current Assets
Inventories ...........................................................................................................................................
Current Financial Assets ..................................................................................................................
Other Current Assets ........................................................................................................................
Assets Classified as Held For Sale............................................................................................
Liabilities
Non-current Liabilities
Financial Liabilities ............................................................................................................................
Provisions .............................................................................................................................................
Current Liabilities
Financial Liabilities ............................................................................................................................
Provisions .............................................................................................................................................
Other Current Liabilities ..................................................................................................................
Liabilities directly associated with Assets Classified as Held For Sale ..................
Net Assets directly associated with Discontinued Operations .................................
Net Cash Flows attributable to Strategic Engineering Division are as follows
Net Cash Flow from/(used) in Operating Activities...............................................................
Net Cash Flow from/(used) in Investing Activities ................................................................
Net Cash Flow from/(used) in Financing Activities ...............................................................
Net Increase/(Decrease) in Cash and Cash Equivalents ................................................
Cash and Cash Equivalents as at 1st April (Opening Balance) ..................................
Cash and Cash Equivalents as at 31st March (Closing Balance) ...............................
As at
31st March, 2019
` crore
As at
31st March, 2018
` crore
302.06
418.75
123.42
347.10
3.66
74.66
104.15
261.96
428.54
2,064.30
679.31
30.22
190.00
17.91
48.83
966.27
1,098.03
302.99
361.42
75.08
351.84
4.75
78.04
102.30
309.75
479.02
2,065.19
547.38
19.05
202.51
37.93
70.69
877.56
1,187.63
For the year
ended
31st March, 2019
` crore
18.67
(87.35)
72.95
4.27
1.84
6.11
For the year
ended
31st March, 2018
` crore
(16.31)
(233.13)
237.27
(12.17)
14.01
1.84
During the year, the SED has incurred Research and Development expenditure including capital expenditure amounting to
` 43.62 crore (31st March, 2018 - ` 118.75 crore).
Estimated amount of Contracts remaining to be executed on capital account and not provided for is ` 55.57 crore (31st March,
2018 - ` 103.93 crore).
Contingent Liability of excise duty amounts to ` 14.28 crore (31st March, 2018 - ` 14.28 crore).
18. Regulatory Deferral Account
Accounting Policy
The Group determines revenue gaps (i.e. surplus/shortfall in actual returns over returns entitled) in respect of its regulated
operations in accordance with the provisions of Ind AS 114 “Regulatory Deferral Accounts” read with the Guidance Note on
Rate Regulated Activities issued by ICAI and based on the principles laid down under the relevant Tariff Regulations/Tariff
Orders notified by the Electricity Regulator and the actual or expected actions of the regulator under the applicable regulatory
framework. Appropriate adjustments in respect of such revenue gaps are made in the regulatory deferral account of the
respective year for the amounts which are reasonably determinable and no significant uncertainty exists in such determination.
These adjustments/accruals representing revenue gaps are carried forward as Regulatory deferral accounts debit/credit balances
Consolidated Financials I 181
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’
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The Tata Power Company Limited
18. Regulatory Deferral Account (Contd.)
Notes to the Consolidated Financial Statements
(Regulatory Assets/Regulatory Liabilities) as the case may be in the financial statements, which would be recovered/refunded
through future billing based on future tariff determination by the regulator in accordance with the electricity regulations. The
Group presents separate line items in the balance sheet for:
i.
ii.
the total of all regulatory deferral account debit balances and related deferred tax balances; and
the total of all regulatory deferral account credit balances and related deferred tax balances.
A separate line item is presented in the Statement of Profit and Loss for the net movement in regulatory deferral account.
Regulatory asset/liabilities on deferred tax expense/income is presented separately in the tax expense line item.
Regulatory Deferral Account - Liability - Current
Regulatory Liabilities............................................................................
Regulatory Deferral Account - Assets - Non-current
(Refer Note 35)
Regulatory Assets ..................................................................................
Net Regulatory Assets / (Liabilities) ...........................................
Rate Regulated Activities
As at
31st March, 2019
` crore
As at
31st March, 2018
` crore
As at
1st April, 2017
` crore
Nil
485.00
662.35
5,758.13
5,758.13
6,304.56
5,819.56
7,117.70
6,455.35
(i)
As per the Ind AS-114 ‘Regulatory Deferral Accounts’, the business of electricity distribution is a Rate Regulated activity
wherein the regulators determine Tariff to be charged from consumers based on prevailing regulations in place.
The Multi Year Tariff Regulations issued by respective State Regulators are applicable to the Group’s distribution
businesses. According to these regulations, the regulators shall determine tariff in a manner in which the Group can
recover its fixed and variable costs including assured rate of return on approved equity base, from its consumers. The
Group determines the Revenue, Regulatory Assets and Liabilities as per the terms and conditions specified in respective
MYT Regulations.
(ii)
Reconciliation of Regulatory Assets/Liabilities of distribution business as per Rate Regulated Activities as on 31st March,
2019, is as follows:
Opening Regulatory Assets (Net of Liabilities) ............
Regulatory Deferral Balances (net) during the year
(i)
Power Purchase Cost ..................................................
(ii) Other expenses as per the terms of Tariff
Regulations including Return on Equity .............
(iii) Amount collected (including pertaining to
earlier years) ..................................................................
Net movement in Regulatory Deferral Balances
(i + ii + iii) ...................................................................................
Regulatory Assets/(Liabilities) on carrying cost
recognised as revenue ..........................................................
Recovery from company’s generation business .........
Net movement in Regulatory Deferral Balances in
respect of earlier years (Refer Note below) ...................
Regulatory Assets/(Liabilities) on Deferred Tax
Expense/(Income) ..................................................................
Closing Regulatory Asset (Net of Liabilities) .................
(A)
(B)
(C)
(D)
(E)
(F)
(A + B + C + D + E + F)
As at
31st March, 2019
` crore
5,819.56
As at
31st March, 2018
` crore
6,455.35
8,192.16
7,518.31
2,770.78
2,709.05
(11,303.13)
(10,637.21)
(340.19)
(409.85)
29.15
(193.76)
274.26
169.11
5,758.13
(49.00)
Nil
Nil
(176.94)
5,819.56
During the year, pursuant to receipt of true-up tariff order from the Regulatory Commission for the years 2014-15,
2015-16 and 2016-17, the Group has recognized net income of ₹ 91.95 crore comprising of a credit of ₹ 274.26 crore in
regulatory income and a charge of ₹ 182.31 crore to revenue from operations.
182 I Consolidated Financials
100th Annual Report 2018-19
19 a. Equity - Share Capital
Notes to the Consolidated Financial Statements
Authorised
Equity Shares of ` 1/- each ..................................................................................................
Cumulative Redeemable Preference Shares of ` 100/- each ..................................
350,00,00,000
2,29,00,000
350.00
229.00
579.00
350,00,00,000
2,29,00,000
350.00
229.00
579.00
300,00,00,000
2,29,00,000
300.00
229.00
529.00
As at 31st March, 2019
` crore
Number
As at 31st March, 2018
` crore
Number
As at 1st April, 2017
` crore
Number
Issued
Equity Shares [including 28,32,060 shares (31st March, 2018 - 28,32,060
shares, 1st April, 2017 - 28,32,060 shares) not allotted but held in abeyance,
44,02,700 shares cancelled pursuant to a Court Order and 4,80,40,400 shares
of the Company held by the erstwhile The Andhra Valley Power Supply
Company Limited cancelled pursuant to the Scheme of Amalgamation
sanctioned by the High Court of Judicature, Bombay] ............................................
Subscribed and Paid-up
Equity Shares fully Paid-up [excluding 28,32,060 shares (31st March, 2018
- 28,32,060 shares, 1st April, 2017 - 28,32,060 shares) not allotted but held
in abeyance, 44,02,700 shares cancelled pursuant to a Court Order and
4,80,40,400 shares of the Company held by the erstwhile The Andhra Valley
Power Supply Company Limited cancelled pursuant to the Scheme of
Amalgamation sanctioned by the High Court of Judicature, Bombay] .............
Less: Calls in arrears [including ` 0.01 crore (31st March, 2018 - ` 0.01 crore,
1st April, 2017 - ` 0.01 crore) in respect of the erstwhile The Andhra
Valley Power Supply Company Limited and the erstwhile The Tata
Hydro-Electric Power Supply Company Limited] ...........................................
276,17,00,970
276.17
276,17,00,970
276.17
276,17,00,970
276.17
270,47,73,510
270.48
270,47,73,510
270.48
270,47,73,510
270.48
Add: Equity Shares forfeited - Amount paid ...............................................................
Total Subscribed and Paid-up Share Capital .................................................................
16,52,300
0.04
270.44
0.06
270.50
16,52,300
0.04
270.44
0.06
270.50
16,52,300
0.04
270.44
0.06
270.50
(i)
Reconciliation of the shares outstanding at the beginning and at the end of the reporting period
Equity Shares
At the beginning of the year ..................................................................
Issued during the year ..............................................................................
Outstanding at the end of the year .....................................................
270,64,25,810
Nil
270,64,25,810
270.50
Nil
270.50
270,64,25,810
Nil
270,64,25,810
270.50
Nil
270.50
270,62,81,698
1,44,112
270,64,25,810
270.48
0.02
270.50
As at 31st March, 2019
` crore
Number
As at 31st March, 2018
` crore
Number
As at 1st April, 2017
` crore
Number
(ii)
Terms/rights attached to Equity Shares
The Company has issued only one class of Equity Shares having a par value of ` 1/- per share. Each holder of Equity Shares is entitled to
one vote per share. The final dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing
Annual General Meeting.
In the event of liquidation of the Company, the holders of Equity Shares will be entitled to receive remaining assets of the Group, after
distribution of all preferential amounts. The distribution will be in proportion to the number of Equity Shares held by the shareholders.
(iii) Details of shareholders holding more than 5% shares in the Company
Equity Shares of ` 1/- each fully paid
Tata Sons Pvt. Ltd........................................................................................................
Life Insurance Corporation of India .....................................................................
Matthews Pacific Tiger Fund...................................................................................
83,97,99,682
20,97,31,735
18,03,16,487
31.05
7.75
6.67
83,97,99,682
31,79,60,364
17,79,49,592
31.05
11.76
6.58
83,97,99,682
33,22,45,379
16,46,20,436
31.05
12.28
6.09
As at 31st March, 2019
% Holding
Number
As at 31st March, 2018
% Holding
Number
As at 1st April, 2017
% Holding
Number
19 b. Unsecured Perpetual Securities
11.40% Unsecured Perpetual Securities ........................................
Add: Movement during the year .......................................................
Total .........................................................................................................
As at
31st March, 2019
` crore
1,500.00
Nil
1,500.00
As at
31st March, 2018
` crore
1,500.00
Nil
1,500.00
As at
1st April, 2017
` crore
1,500.00
Nil
1,500.00
In an earlier year the Company had raised ` 1,500 crore through issue of Unsecured Perpetual Securities (the “Securities”). These Securities are perpetual in nature with no maturity
or redemption and are callable only at the option of the company. The distribution on these Securities are 11.40% with a step up provision if the Securities are not called after
10 years (2020). The distribution on the Securities may be deferred at the option of the company, if during the six months preceding the relevant distribution payment date, the
company has made no payment on, or redeemed or repurchased, any securities ranking pari passu with, or junior to the instrument. As these Securities are perpetual in nature and
ranked senior only to the Share capital of the company and the Company does not have any redemption obligation, these are considered to be in the nature of equity instruments.
Consolidated Financials I 183
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A
D
I
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N
O
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E
N
O
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A
D
N
A
T
S
20. Other Equity
Notes to the Consolidated Financial Statements
The Tata Power Company Limited
General Reserve
Opening Balance ....................................................................................................................
Closing Balance .......................................................................................................................
Securities Premium
Opening Balance ....................................................................................................................
Closing Balance .......................................................................................................................
Debenture Redemption Reserve
Opening Balance ....................................................................................................................
Add/(Less): Amount transferred from/(to) Retained Earnings (Net) .....................
Closing Balance .......................................................................................................................
Capital Redemption Reserve
Opening Balance ....................................................................................................................
Add/(Less): Amount transferred from Surplus in Statement of Profit and Loss
Closing Balance .......................................................................................................................
Capital Reserve
Opening Balance ....................................................................................................................
Add/(Less): Movement during the year ...........................................................................
Closing Balance .......................................................................................................................
Special Reserve fund
Opening Balance ....................................................................................................................
Add/(Less) Amount transferred from Retained Earnings ..........................................
Closing Balance .......................................................................................................................
Statutory Reserves
Opening Balance ...............................................................................................................................
Closing Balance ..................................................................................................................................
Retained Earnings (Refer Note 1 below)
Opening balance ....................................................................................................................
Add: Profit for the year .........................................................................................................
Transfer from Equity Instrument through Other Comprehensive
Income (Refer Note 2 below) ..................................................................................
Transfer from Debenture Redemption Reserve (Net) ....................................
Less: Distribution on Unsecured Perpetual Securities (Net of tax) ......................
Other Comprehensive Income/(Expense) arising from
Remeasurement of Defined Benefit Obligation (Net of Tax) .......................
Transfer from Equity Instrument through Other Comprehensive
Income (Refer Note 2 below) ..................................................................................
Other Appropriations:
Payment of Dividend (Refer Note 3 below) .......................................................
Tax on Dividend ...........................................................................................................
Transfer to Special Reserve Fund
(under Sec 45-IA of RBI Act, 1934) .........................................................................
Transfer to Capital Redemption Reserve ............................................................
As at
31st March, 2019
` crore
As at
31st March, 2018
` crore
4,086.53
4,086.53
5,647.80
5,647.80
1,073.16
(344.26)
728.90
15.76
500.00
515.76
232.09
Nil
232.09
119.05
3.54
122.59
660.08
660.08
4,086.53
4,086.53
5,647.80
5,647.80
1,074.85
(1.69)
1,073.16
15.76
Nil
15.76
221.30
10.79
232.09
102.85
16.20
119.05
660.08
660.08
2,473.39
2,190.94
405.30
2,408.30
Nil
344.26
110.88
17.70
771.15
351.99
71.66
3.54
500.00
708.28
226.37
1.69
112.06
16.37
Nil
351.99
71.65
16.20
Nil
2,068.09
2,473.39
Closing Balance ..................................................................................................................................
3,181.67
184 I Consolidated Financials
100th Annual Report 2018-19
20. Other Equity (Contd.)
Notes to the Consolidated Financial Statements
Equity Instrument through Other Comprehensive Income
Opening Balance ....................................................................................................................
Add/(Less): Transfer to Retained Earnings (Refer Note 2 below) ............................
Add/(Less): Change in Fair Value of Equity Instruments through Other
Comprehensive Income .................................................................................
Closing Balance .......................................................................................................................
Foreign Currency Translation Reserve
Opening Balance ....................................................................................................................
Add/(Less): Addition during the year ...............................................................................
Closing Balance .......................................................................................................................
Effective Portion of Cash Flow Hedge
Opening Balance ....................................................................................................................
Add/(Less): Effective Portion of Cash Flow Hedge for the year ...............................
Closing Balance .......................................................................................................................
Total .......................................................................................................................................................
Notes:
As at
31st March, 2019
` crore
As at
31st March, 2018
` crore
(44.77)
771.15
(27.86)
698.52
367.55
209.17
576.72
(1.26)
1.26
Nil
100.73
(226.37)
80.87
(44.77)
337.42
30.13
367.55
(0.63)
(0.63)
(1.26)
16,450.66
14,629.38
1.
2.
Includes gain on fair valuation of land which is not available for distribution ` 362.34 crore (31st March, 2018 - ` 362.34 crore, 1st April,
2017 - ` 362.34 crore).
During the year ended 31st March, 2019, the Group has sold certain long term investments. The resultant (loss)/ profit of ` (771.15)
crore (31st March, 2018 - ` 226.37 crore) has been transferred from Equity Instrument through Other Comprehensive Income to
Retained Earnings.
3. On 30th July, 2018, a dividend of ` 1.30 per share was paid to the holders of fully paid equity shares.
4.
In respect of the year ended 31st March, 2019, the directors have proposed a dividend of ` 1.30 per share in previous year to be
paid on fully paid shares. This equity dividend is subject to approval at the annual general meeting and has not been included as
a liability in the financial statements. The proposed equity dividend is payable to all holders of fully paid equity shares. The total
estimated equity dividend to be paid is ` 351.99 crore (Previous Year- ` 351.99 crore) excluding Dividend Distribution Tax.
Nature and purpose of reserves
General Reserve
General Reserve is used from time to time to transfer profits from Retained Earnings for appropriation purposes. As the General Reserve is
created by a transfer from one component of equity to another and is not an item of other comprehensive income, items included in the
General Reserve will not be reclassified subsequently to statement of profit and loss.
Securities Premium
Securities Premium Reserve is used to record the premium on issue of shares and is utilised in accordance with the provisions of the
Companies Act, 2013.
Debenture Redemption Reserve
The Group is required to create a Debenture Redemption Reserve out of the profits which is available for payment of dividend for the purpose
of redemption of debentures.
Capital Redemption Reserve
Capital Redemption Reserve represents amounts set aside on redemption of preference shares.
Capital Reserve
Capital Reserve consists of forfeiture of the amount received from Tata Sons Pvt. Ltd. on preferential allotment of convertible warrants in the
Group, on the lapse of the period to exercise right to convert the said warrants and on forfeiture of amounts paid on Debentures.
Special Reserve Fund
This Reserve represents the amount transferred from its annual profits by the non-banking finance subsidiary in the Group pursuant to
Reserve Bank of India regulations.
Statutory Reserves
Statutory Reserve consists of Special Appropriation towards Project Cost, Development Reserve and Investment Allowance Reserve.
Consolidated Financials I 185
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R
O
P
E
R
S
D
R
A
O
B
’
A
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P
E
R
G
C
R
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B
D
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A
D
I
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N
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A
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The Tata Power Company Limited
20. Other Equity (Contd.)
Notes to the Consolidated Financial Statements
Special appropriation to project cost - Due to high capital investment required for the expansion in the electricity industry, the Maharashtra
State Government permits part of the capital cost of approved projects to be collected through the electricity tariff and held as a special
appropriation.
Development Reserve / Investment Allowance Reserve - Until 1978, the Companies made appropriations to a Development Reserve and an
Investment Allowance Reserve as required by the Income Tax Act, 1956. New appropriations to these reserves are no longer required due to
changes in Indian law. An amount equal to 0.5% on the accumulation in the Investment Allowance Reserve was included in the reasonable
return calculation.
Retained Earnings
Retained Earnings are the profits of the Group earned till date net of appropriations.
Equity Instruments through other comprehensive income
This Reserve represents the cumulative gains and losses arising on revaluation of equity instruments measured at fair value through other
comprehensive income, net of amounts reclassified to retained earnings when those assets are disposed of.
Foreign Currency Translation Reserve
Exchange differences relating to the translation of the results and net assets of the Group’s foreign operations from their functional currencies
to the Group’s presentation currency (i.e. `) are recognised directly in other comprehensive income and accumulated in the foreign currency
translation reserve.
Effective Portion of Cash Flow Hedge
The cash flow hedging reserve represents the cumulative effective portion of gains or losses arising on changes in fair value of designated
portion of hedging instruments entered into for cash flow hedges. The cumulative gain or loss arising on changes in fair value of the
designated portion of the hedging instruments that are recognised and accumulated under the heading of cash flow hedging reserve will be
reclassified to profit or loss only when the hedged transaction affects the profit or loss, or included as a basis adjustment to the non-financial
hedged item.
21. Non-current Borrowings
(i) Unsecured - At Amortised Cost
Bonds/Debentures
Bonds - 8.50% Euro Notes 2017 ......................................
Redeemable Non-Convertible Debentures ................
Term Loans
Term Loans from Banks ...................................................
Loans from Related Parties ...................................................
Deferred Payment Liabilities-Sales Tax Deferral ........
Others
Non - Convertible Cumulative Redeemable
Preference Shares .................................................................
Buyers Credit ..........................................................................
(ii) Secured - At Amortised Cost
Debentures
As at 31st March, 2019
Current
Maturities*
` crore
Non-
current
` crore
As at 31st March, 2018
Current
Maturities*
` crore
Non-
current
` crore
As at 1st April, 2017
Current
Non-
Maturities*
current
` crore
` crore
Nil
7,947.81
3,098.35
Nil
8.50
Nil
500.00
346.67
Nil
22.12
Nil
6,670.88
2,815.06
Nil
17.00
Nil
1,875.00
2,598.89
Nil
14.48
Nil
4,676.67
5,615.13
770.42
28.45
386.22
4,499.77
67.50
Nil
15.35
Nil
Nil
11,054.66
Nil
224.00
1,092.79
245.00
210.66
9,958.60
Nil
Nil
4,488.37
245.00
Nil
11,335.67
Nil
Nil
4,968.84
Redeemable Non-Convertible Debentures ................
1,436.67
41.00
1,475.99
1,041.00
2,518.69
41.00
Term Loans
From Banks .............................................................................
From Others ...........................................................................
16,658.57
1,987.13
2,167.11
45.93
10,250.39
533.81
Others
Buyer’s Credit .........................................................................
Finance Lease Obligations ................................................
Total ........................................................................................................................
Nil
2.20
20,084.57
31,139.23
143.77
0.83
2,398.46
3,491.43
134.52
3.00
12,397.71
22,356.31
1,825.76
50.52
Nil
Nil
2,917.28
7,405.65
9,157.85
632.98
1,497.77
Nil
13,807.29
25,142.96
2,303.64
79.18
Nil
Nil
2,423.82
7,392.66
* Amount disclosed under Other Current Financial Liabilities (Refer Note 22)
Security
Non-current Borrowings
Redeemable Non-convertible Debentures issued by the Group are secured by charge on movable and immovable assets of the
respective entities.
Term Loans and Buyer’s Credit availed by various entities of the Group from various Banks and Financial Institutions are secured
by way of charge on all present and future moveable and immovable assets, stores and spares, raw materials, work-in-progress,
finished goods, book debts, project receivables, intangibles, uncalled capital receivables, rights under project documents of
the respective entities, project cash flows, regulatory deferral accounts, accounts including Debt Service Reserve Accounts and
bank accounts, bank guarantees and pledge of shares of subsidiaries held by their respective holding companies.
186 I Consolidated Financials
100th Annual Report 2018-19
Notes to the Consolidated Financial Statements
21. Non-current Borrowings (Contd.)
Terms of Repayment
Particulars
Unsecured - At Amortised Cost
Debentures
Term Loans
Redeemable Non-Convertible Debentures .............
Secured - At Amortised Cost
From Banks ..........................................................................
Deferred Payment Liabilities - Sales Tax ...........................
Others
Buyers Credit .......................................................................
Debentures
Term Loans
Others
Redeemable Non-Convertible Debentures ............
From Banks ..........................................................................
From Others.........................................................................
Buyers Credit .......................................................................
Finance Lease Obligations .............................................
Less: Impact of recognition of borrowing at amortised cost
using effective interest method under Ind AS ................
Total ....................................................................................................
(i)
(ii)
Note:
Amount
Outstanding as at
31st March, 2019
FY 19-20
FY 20-21
FY 21-22
FY 22-23
FY 23-24
FY 24-29
Financial Year
` crore
FY 29-30
and onwards
8,475.00
500.00
370.00
1,570.00
2,535.00
370.00
1,630.00
1,500.00
3,449.29
30.62
346.67
22.12
2,270.96
5.67
439.21
2.83
224.00
224.00
Nil
Nil
47.55
Nil
Nil
47.55
Nil
Nil
297.35
Nil
Nil
Nil
Nil
Nil
1,478.28
41.00
41.00
202.67
512.67
300.41
182.00
198.53
18,849.38
2,036.09
2,167.11
45.93
1,802.99
36.88
3,890.47
27.82
1,383.71
68.71
1,529.30
79.04
5,131.28
1,058.26
143.77
3.03
34,689.46
143.77
0.83
3,491.43
Nil
0.91
4,528.41
Nil
1.00
6,134.00
Nil
0.29
4,547.93
Nil
Nil
2,326.30
Nil
Nil
8,298.89
2,944.52
719.45
Nil
Nil
5,362.50
58.80
34,630.66
Range of interest rates for:
1. Debentures - 8% to 10.75%
2. a) Term loan of foreign Companies from banks - 2.81% to 4.33%
b) Term loan of Indian Companies - 5.99% to 10.25%
3. Term loan from others - 8.5% to 9.45%
22. Other Financial Liabilities
Non-current
(At Amortised Cost)
Security Deposits from Customers ....................................................................................................................
(a)
Financial Guarantee Obligation towards Lenders of Jointly Controlled Entity [Refer Note 6b(ii)]
(b)
Payables for Capital Supplies and Services .....................................................................................................
(c)
(d)
Other Liabilities .........................................................................................................................................................
Total..................................................................................................................................................................................................................
Current
At Amortised Cost, unless otherwise stated
(a)
(b)
(c)
(d)
Current Maturities of Long-term Debt (Refer Note 21) ...............................................................................
Interest accrued but not due on Borrowings-Others ..................................................................................
Interest accrued but not due on Borrowings-Joint Ventures ...................................................................
Investor Education and Protection Fund shall be credited by the following amounts namely: **
Unpaid Dividend ..........................................................................................................................................
Unpaid Matured Deposits .........................................................................................................................
Unpaid Matured Debentures ...................................................................................................................
(e)
Other Payables
Payables for Capital Supplies and Services.....................................................................................................
Advance Received for Sale of Investments .....................................................................................................
Contingent Consideration Payable (Fair value through profit and loss) .......................................
Derivative Contracts (Net) ........................................................................................................................................
Security Deposits from Electricity Consumers .............................................................................................
Security Deposits from Customers ......................................................................................................................
Tender Deposits from Vendors ..............................................................................................................................
Interim Dividend Payble to Non-Controlling ................................................................................................
Financial Guarantee Obligation towards Lenders of Jointly Controlled Entity [Refer Note 6b(ii)] .....
Other Financial Liabilities ..........................................................................................................................................
Total..................................................................................................................................................................................................................
As at
31st March, 2019
` crore
As at
31st March, 2018
` crore
As at
1st April, 2017
` crore
662.09
9.23
15.92
0.07
687.31
3,491.43
492.16
133.43
22.04
0.04
0.09
439.91
1,099.62
42.57
113.35
278.17
5.67
3.61
22.65
103.74
232.31
6,480.79
615.29
Nil
7.79
24.23
647.31
7,405.65
518.23
289.52
17.73
0.03
0.09
417.89
271.19
55.71
457.67
237.13
34.19
1.95
Nil
97.77
138.23
9,942.98
537.53
Nil
5.06
8.35
550.94
7,392.66
563.11
329.04
16.41
0.03
0.09
771.03
Nil
177.56
944.51
211.67
43.58
1.88
Nil
Nil
135.06
10,586.63
**
Includes amounts outstanding aggregating ` 1.25 crore (31st March, 2018 - ` 0.88 crore, 1st April, 2017 - ` 0.87 crore) for more than seven years pending legal cases.
Consolidated Financials I 187
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The Tata Power Company Limited
23. Tax Liabilities
Notes to the Consolidated Financial Statements
Non Current Tax Liabilities
Income-tax Payable (Net) ..................................................................
Total ..........................................................................................................
Current Tax Liabilities
Income-tax Payable (Net) ..................................................................
Total ..........................................................................................................
As at
31st March, 2019
` crore
As at
31st March, 2018
` crore
As at
1st April, 2017
` crore
3.74
3.74
150.22
150.22
3.74
3.74
160.38
160.38
3.74
3.74
122.04
122.04
24. Provisions
Accounting Policy
Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is
probable that the Group will be required to settle the obligation and a reliable estimate can be made of the amount of the
obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the
end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. When a provision is
measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash
flows (when the effect of the time value of money is material).
Present obligations arising under onerous contracts are recognised and measured as provisions with charge to statement of
profit and loss. An onerous contract is considered to exist where the Group has a contract under which the unavoidable costs
of meeting the obligations under the contract exceed the economic benefits expected to be received from the contract.
Defined contribution plans.
Payments to defined contribution retirement benefit plans are recognised as an expense when employees have rendered
service entitling them to the contributions.
Defined benefits plans
The cost of providing benefits under the defined benefit plan is determined using the projected unit credit method.
Remeasurements, comprising of actuarial gains and losses, the effect of the asset ceiling, excluding amounts included in net
interest on the net defined benefit liability and the return on plan assets (excluding amounts included in net interest on the
net defined benefit liability), are recognised immediately in the balance sheet with a corresponding debit or credit to retained
earnings through other comprehensive income (OCI) in the period in which they occur. Remeasurements are not reclassified
to statement of profit and loss in subsequent periods. Past service costs are recognised in statement of profit and loss on the
earlier of:
- the date of the plan amendment or curtailment, and
- the date that the Group recognises related restructuring costs
Net interest is calculated by applying the discount rate to the net defined benefit liability or asset. The Group recognises
the following changes in the net defined benefit obligation as an expense in the consolidated statement of profit and loss:
- service costs comprising current service costs, past-service costs, gains and losses on curtailments and non-routine
settlements; and
- net interest expense or income.
A liability for a termination benefit is recognised at the earlier of when the entity can no longer withdraw the offer of the
termination benefit and when the entity recognises any related restructuring costs.
The cost of the defined benefit gratuity plan and other post-employment medical benefits 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.
The parameter most subject to change is the discount rate. In determining the appropriate discount rate for plans operated
in India, the management considers the interest rates of government bonds. The mortality rate is based on publicly available
mortality tables. Those mortality tables tend to change only at interval in response to demographic changes. Future salary
increases and gratuity increases are based on expected future inflation rates.
188 I Consolidated Financials
100th Annual Report 2018-19
Notes to the Consolidated Financial Statements
24. Provisions (Contd.)
Current and other non-current employee benefits
A liability is recognised for benefits accruing to employees in respect of wages and salaries, annual leave and sick leave in the
period the related service is rendered at the undiscounted amount of the benefits expected to be paid in exchange for that
service.
Liabilities recognised in respect of current employee benefits are measured at the undiscounted amount of the benefits
expected to be paid in exchange for the related service.
Liabilities recognised in respect of other non-current employee benefits are measured at the present value of the estimated
future cash outflows expected to be made by the Group in respect of services provided by employees up to the reporting
date.
As at
31st March, 2019
` crore
As at
31st March, 2018
` crore
As at
1st April, 2017
` crore
Non-current
Provision for Employee Benefits
Compensated Absences .......................................................
Gratuity (Net) [Refer Note 24 (2.3)]....................................
Post-Employment Medical Benefits
[Refer Note 24 (2.3)] ..........................................................................
Other Defined Benefit Plans [Refer Note 24 (2.3)] .......
Other Employee Benefits ......................................................
Other Provisions
Provision for Warranties ........................................................
Provision for Estimated Losses ..........................................
Total ..........................................................................................................
Current
Provision for Employee Benefits
Compensated Absences .......................................................
Gratuity (Net) [Refer Note 24 (2.3)]....................................
Post-Employment Medical Benefits
[Refer Note 24 (2.3)] ..........................................................................
Other Defined Benefit Plans [Refer Note 24 (2.3)] .......
Other Employee Benefits ......................................................
Other Provisions
Provision for Warranties ........................................................
Provision for Losses/Onerous Contracts .........................
Provision for Losses of Joint Ventures ..............................
Provision for Rectification Work .........................................
Total ..........................................................................................................
144.95
39.64
47.10
54.50
26.51
312.70
20.90
Nil
20.90
333.60
29.33
1.66
2.56
8.40
5.13
47.08
18.33
14.74
83.45
13.40
129.92
177.00
132.42
33.41
32.33
61.73
26.98
286.87
13.13
Nil
13.13
300.00
23.66
2.75
1.37
9.07
6.33
43.18
18.16
23.28
84.50
24.32
150.26
193.44
133.25
30.76
24.86
41.20
22.16
252.23
18.34
0.11
18.45
270.68
25.04
13.76
0.83
5.84
2.60
48.07
44.18
0.77
82.64
32.03
159.62
207.69
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Consolidated Financials I 189
Notes to the Consolidated Financial Statements
The Tata Power Company Limited
24. Provisions (Contd.)
Movement of Other Provisions
Balance as at 1st April, 2017 ......................................
Additional provisions recognised .................................
Reductions arising from payments ..............................
Reductions arising
from remeasurements or
settlement without cost...................................................
Exchange Differences .......................................................
Reclassified as Liabilities directly associated with
Assets Held for Sale ...........................................................
Balance as at 31st March, 2018 .................................
Balance as at 31st March, 2018 ................................
Additional provisions recognised .................................
Reductions arising from payments ..............................
Reductions arising
from remeasurements or
settlement without cost...................................................
Exchange Differences .......................................................
Balance as at 31st March, 2019 ................................
Notes:
Provision
for
Warranties
62.52
42.68
(16.60)
(29.03)
Nil
(28.28)
31.29
31.29
15.14
(7.20)
Nil
Nil
39.23
Provision
for Losses
of Joint
Ventures
82.64
1.86
Nil
Provision
for Losses/
Onerous
Contracts
0.88
21.49
Provision
for
Rectification
Work
32.03
18.88
(26.59)
Nil
Nil
Nil
84.50
84.50
Nil
Nil
Nil
(1.05)
83.45
Nil
0.91
Nil
23.28
23.28
9.57
(18.00)
(0.11)
Nil
14.74
Nil
Nil
Nil
24.32
24.32
Nil
(10.92)
Nil
Nil
13.40
` crore
Total
178.07
84.91
(43.19)
(29.03)
0.91
(28.28)
163.39
163.39
24.71
(36.12)
(0.11)
(1.05)
150.82
1.
2.
3.
4.
The provision for warranty claims represents estimated warranty liability for the products sold. These estimates
are established using historical information on the nature, frequency and average cost of warranty claims and
management estimates regarding possible future incidence based on corrective actions on product failures. The
provision related to Asset held for Sale is transferred to Liabilities pertaining to Asset held for Sale.
The provision for losses of Joint Ventures is recognised, to the extent that the group has incurred legal or
constructive obligations, in the event that the share of losses for joint ventures accounted for using the equity
method, exceeds zero.
The provision for losses includes provision for estimated losses on onerous contracts and provision for contingency
on regulatory assets recognised for Delhi Distribution business.
The provision for rectification work relates to the estimated cost of work agreed to be carried out for the rectification
of goods supplied to the customers. The amount is anticipated to be expensed in the subsequent year. These
amounts have not been discounted for the purposes of measuring the provision for rectification work, because
the effect is not material.
Employee benefit plan
1.
Defined Contribution plan
The Group makes Provident Fund and Superannuation Fund contributions to defined contribution plans for eligible employees.
Under the schemes, the Group is required to contribute a specified percentage of the payroll costs. The provident fund
contributions as specified under the law are paid to the Government approved provident fund trust or statutory provident fund
authorities. The Group has no obligation, other than the contribution payable to the respective fund. The Group recognizes
such contribution payable to the respective fund scheme as an expense, when an employee renders the related service.
The Group has recognised ` 56.10 crore (31st March, 2018 - ` 65.22 crore) for provident fund contributions and ` 10.63 crore
(31st March, 2018 - ` 10.20 crore) for superannuation contributions in the Statement of Profit and Loss. The contributions payable
to these plans by the Group are at rates specified in the rules of the schemes.
2.
Defined benefit plans
2.1 The Group operates the following unfunded/funded defined benefit plans:
Funded:
Provident Fund
The Parent Company makes Provident Fund contributions to defined benefit plans for eligible employees. Under the scheme,
the Parent Company is required to contribute a specified percentage of the payroll costs to fund the benefits. The contributions
190 I Consolidated Financials
100th Annual Report 2018-19
24. Provisions (Contd.)
Notes to the Consolidated Financial Statements
as specified under the law are paid to the provident fund set up as a trust by the Parent Company. The Parent Company is
generally liable for annual contributions and any shortfall in the fund assets based on the government specified minimum rates
of return and recognises such contributions and shortfall, if any, as an expense in the year it is incurred. Having regard to the
assets of the fund and the return on the investments, the Group expects shortfall of ` 8.27 crore which has been provided as an
expenditure during the year.
The significant assumptions used for the purpose of the actuarial valuations were as follows:
Particulars
Interest rate ................................................................................................................................................
Discount rate ..............................................................................................................................................
Contribution during the year (` crore) .............................................................................................
Short fall provided ...................................................................................................................................
Unfunded:
31st March, 2019
8.65% p.a.
7.40% p.a.
19.15
8.27
31st March, 2018
8.55% p.a.
7.70% p.a.
19.04
Nil
Post Employment Medical Benefits
The Group provides certain post-employment health care benefits to superannuated employees at some of its locations. In
terms of the plan, the retired employees can avail free medical check-up and medicines at Group’s facilities.
Pension (including Director pension)
The Group operates a defined benefit pension plan for employees who have completed 15 years of continuous service. The
plan provides benefits to members in the form of a pre-determined lumpsum payment on retirement. Executive Director,
on retirement, is entitled to pension payable for life including HRA benefit. The level of benefit is approved by the Board of
Directors of the Group from time to time.
Ex-Gratia Death Benefit
The Group has a defined benefit plan granting ex-gratia in case of death during service. The benefit consists of a pre-determined
lumpsum amount alongwith a sum determined based on the last drawn basic salary per month and the length of service.
Retirement Gift
The Group has a defined benefit plan granting a pre-determined sum as retirement gift on superannuation of an employee.
Funded/Unfunded:
Gratuity
The Group has a defined benefit gratuity plan. The gratuity plan is primarily governed by the Payment of Gratuity Act, 1972.
Employees who are in continuous service for a period of five years are eligible for gratuity. The level of benefits provided
depends on the member’s length of service and salary at the retirement date. The gratuity plan is a combination of funded plan
and unfunded plan for various companies in the Group. In case of funded plan, the fund has the form of a trust and is governed
by Trustees appointed by the Group. The Trustees are responsible for the administration of the plan assets and for the definition
of the investment strategy in accordance with the regulations. The funds are deployed in recognised insurer managed funds in
India.
2.2 The principal assumptions used for the purposes of the actuarial valuations were as follows:
Valuation as at
Discount Rate/Expected Rate of Return on Plan Assets ..........
Salary Growth Rate ...............................................................................
Turnover Rate..........................................................................................
Pension Increase Rate ..........................................................................
Mortality Table
Annual Increase in Healthcare Cost ................................................
31st March, 2019
7.4% to 7.7 % p.a
5% to 8% p.a.
2.50% to 8% p.a.
3% to 5% p.a.
Indian Assured
Lives Mortality
(2006-08)
(modified) Ult
8% p.a.
31st March, 2018
7.60% to 7.82% p.a.
5% to 8% p.a.
2.50% to 8% p.a.
3% to 5% p.a.
Indian Assured
Lives Mortality
(2006-08)
(modified) Ult
8% p.a.
31st March, 2017
6.90% to 7.51% p.a.
6% to 8% p.a.
8% to 15% p.a.
3% to 5% p.a.
Indian Assured
Lives Mortality
(2006-08)
(modified) Ult
8% p.a.
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Consolidated Financials I 191
Notes to the Consolidated Financial Statements
24. Provisions (Contd.)
2.3 The amounts recognised in the financial statements and the movements in the net defined benefit obligations over the
The Tata Power Company Limited
year are as follows:
Funded Plan - Gratuity:
Balance as at 1st April, 2017 ........................................................................................................................
Current service cost ............................................................................................................................................
Past service cost ...................................................................................................................................................
Interest Cost/(Income) .......................................................................................................................................
Less: Amount recognised in Statement of Profit and Loss - Discontinued Operations ..............
Amount recognised in Statement of Profit and Loss - Continuing Operations ..................
Remeasurement (gains)/losses
Return on plan assets excluding amounts included in interest cost/(income) ............................
Actuarial (gains)/losses arising from changes in demographic assumptions ...............................
Actuarial (gains)/losses arising from changes in financial assumptions .........................................
Actuarial (gains)/losses arising from experience .....................................................................................
Amount recognised in Other Comprehensive Income ...................................................................
Employer contribution ......................................................................................................................................
Benefits paid .........................................................................................................................................................
Acquisitions credit/(cost) ..................................................................................................................................
Add: Amounts recognised in current year - Discontinued Operations ............................................
Less: Transferred to Assets/Liabilities held for sale - Discontinued Operations ............................
Balance as at 31st March, 2018 ..................................................................................................................
Balance as at 31st March, 2018 ..................................................................................................................
Current service cost ............................................................................................................................................
Past service cost ...................................................................................................................................................
Interest Cost/(Income) .......................................................................................................................................
Less: Amount recognised in Statement of Profit and Loss - Discontinued Operations ..............
Amount recognised in Statement of Profit and Loss - Continuing Operations ..................
Remeasurement (gains)/losses
Return on plan assets excluding amounts included in interest cost/(income) ............................
Actuarial (gains)/losses arising from changes in demographic assumptions ...............................
Actuarial (gains)/losses arising from changes in financial assumptions .........................................
Actuarial (gains)/losses arising from experience .....................................................................................
Amount recognised in Other Comprehensive Income ...................................................................
Employer contribution ......................................................................................................................................
Benefits paid .........................................................................................................................................................
Acquisitions credit/(cost) ..................................................................................................................................
Add: Amounts recognised in current year - Discontinued Operations ............................................
Less: Transferred to Assets/Liabilities held for sale - Discontinued Operations ............................
Balance as at 31st March, 2019 ..................................................................................................................
Present value
of obligation
` crore
308.38
23.04
Nil
19.11
(1.97)
40.18
Fair value of
plan assets
` crore
(278.56)
Nil
Nil
(17.58)
Nil
(17.58)
Nil
9.63
(45.67)
15.77
(20.27)
Nil
(22.02)
(4.49)
1.97
(14.30)
289.45
Present value
of obligation
` crore
289.45
20.60
Nil
22.43
(0.58)
42.45
Nil
Nil
3.02
6.70
16.93
26.65
Nil
(34.64)
(1.40)
0.58
(15.29)
307.80
0.87
Nil
Nil
Nil
0.87
(6.26)
1.75
0.13
Nil
Nil
(299.65)
Fair value of
plan assets
` crore
(299.65)
Nil
Nil
(27.34)
Nil
(27.33)
Nil
6.62
Nil
(2.26)
Nil
4.36
(2.64)
1.43
Nil
Nil
Nil
(323.84)
Net
amount
` crore
29.82
23.04
Nil
1.53
(1.97)
22.60
0.87
9.63
(45.67)
15.77
(19.40)
(6.26)
(20.27)
(4.36)
1.97
(14.30)
(10.20)
Net
amount
` crore
(10.20)
20.60
Nil
(4.91)
(0.58)
15.11
Nil
6.62
3.02
4.44
16.93
31.01
(2.64)
(33.21)
(1.40)
0.58
(15.29)
(16.03)
192 I Consolidated Financials
100th Annual Report 2018-19
Notes to the Consolidated Financial Statements
24. Provisions (Contd.)
Unfunded Plan - Gratuity and Other Defined Benefit Plans:
Balance as at 1st April, 2017 ..........................................................................................................................................................
Current service cost ..............................................................................................................................................................................
Past service cost .....................................................................................................................................................................................
Past service cost - Plan amendments .............................................................................................................................................
Interest Cost/(Income) .........................................................................................................................................................................
Less: Amount recognised in Statement of Profit and Loss - Discontinued Operations ................................................
Amount recognised in Statement of Profit and Loss - Continuing Operations ....................................................
Remeasurement (gains)/losses
Actuarial (gains)/losses arising from changes in demographic assumptions .................................................................
Actuarial (gains)/losses arising from changes in financial assumptions ...........................................................................
Actuarial (gains)/losses arising from experience .......................................................................................................................
Amount recognised in Other Comprehensive Income .....................................................................................................
Benefits paid ...........................................................................................................................................................................................
Acquisitions credit/(cost) ....................................................................................................................................................................
Add: Amounts recognised in current year - Discontinued Operations ..............................................................................
Less: Transferred to Assets/Liabilities held for sale - Discontinued Operations ..............................................................
Balance as at 31st March, 2018 ....................................................................................................................................................
Unfunded Plan - Gratuity and Other Defined Benefit Plans: (Contd.)
Balance as at 31st March, 2018 ....................................................................................................................................................
Current service cost ..............................................................................................................................................................................
Past service cost .....................................................................................................................................................................................
Past service cost - Plan amendments .............................................................................................................................................
Interest Cost/(Income) .........................................................................................................................................................................
Less: Amount recognised in Statement of Profit and Loss - Discontinued Operations ................................................
Amount recognised in Statement of Profit and Loss - Continuing Operations ....................................................
Remeasurement (gains)/losses
Actuarial (gains)/losses arising from changes in demographic assumptions .................................................................
Actuarial (gains)/losses arising from changes in financial assumptions ..........................................................................
Actuarial (gains)/losses arising from experience .......................................................................................................................
Less: Amount recognised in other comprehensive income - Discontinued operations ...........................
Amount recognised in Other Comprehensive Income .....................................................................................................
Benefits paid ...........................................................................................................................................................................................
Acquisitions credit/(cost) ....................................................................................................................................................................
Add: Amounts recognised in current year - Discontinued Operations ..............................................................................
Less: Transferred to Assets/Liabilities held for sale - Discontinued Operations ..............................................................
Balance as at 31st March, 2019 ....................................................................................................................................................
Gratuity
Amount
` crore
14.70
1.80
(0.18)
Nil
1.26
Nil
2.88
Other Defined
Benefit Plans
Amount
` crore
72.73
4.14
2.51
3.77
5.33
(0.64)
15.11
1.13
(2.55)
(0.66)
(2.08)
(0.71)
5.16
Nil
Nil
19.95
8.57
(0.81)
17.62
25.38
(5.79)
(0.84)
0.64
(2.73)
104.50
Gratuity
Amount
` crore
19.95
2.14
Nil
Nil
1.53
Nil
3.67
0.23
Other Defined
Benefit Plans
Amount
` crore
104.50
5.61
0.79
4.58
8.91
(0.44)
19.45
Nil
Nil
0.92
(2.23)
Nil
3.41
(8.53)
(1.08)
(4.88)
(1.00)
1.04
Nil
Nil
22.58
(4.11)
0.02
0.44
(2.86)
112.56
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Consolidated Financials I 193
The Tata Power Company Limited
Notes to the Consolidated Financial Statements
24. Provisions (Contd.)
Reconciliation with amount presented in the Balance Sheet
Gratuity provision - funded ............................................................................................................
Gratuity provision - unfunded .......................................................................................................
Non current provision for Gratuity (net) .....................................................................................
Add : Current provision for Gratuity (net) ...................................................................................
Less : Recognised as an asset for balance in books of Parent Company ..........................
Gratuity provision (net) ....................................................................................................................
Provision for Other defined benefit obligation
Closing provision as per above note ............................................................................................
Non current provision for Post-Employment Medical benefits ..........................................
Add : Non current provision for Other defined benefit plans ..............................................
Add : Current provision for Post-Employment Medical benefits ........................................
Add : Current provision for Other defined benefit plans .......................................................
Closing provision as per above ......................................................................................................
2.4
Sensitivity analysis
As at
31st March, 2019
` crore
(16.04)
22.58
6.54
39.64
1.66
34.76
6.54
As at
31st March, 2018
` crore
(10.20)
19.95
9.75
33.41
2.75
26.41
9.75
As at
31st March, 2019
` crore
112.56
As at
31st March, 2018
` crore
104.50
54.50
47.10
2.56
8.40
112.56
32.33
61.73
1.37
9.07
104.50
The sensitivity of the defined benefit obligations to changes in the weighted principal assumptions is:
Change in assumption
Increase in assumption
Decrease in assumption
31st
March,
2018
31st
March,
2019
31st
March,
2018
` crore
18.41
Discount rate ..............................
14.63
Salary/Pension growth rate ..
3.46
Mortality rates ...........................
Healthcare cost .........................
2.16
The above sensitivity analysis is based on a change in an assumption while holding all other assumptions constant. In practice,
this is unlikely to occur and changes in some of the assumptions may be correlated. When calculating the sensitivity of
the defined benefit obligation to significant actuarial assumptions the same method (present value of the defined benefit
obligation calculated with the projected unit credit method at the end of the reporting period) has been applied as when
calculating the defined benefit liability recognised in the balance sheet.
31st
March,
2018
` crore
17.30
Increase by
15.75 Decrease by
3.58
Increase by
2.59 Decrease by
0.50% Decrease by
0.50% Increase by
1 year Decrease by
0.50% Increase by
31st
March,
2019
` crore
21.59
15.71
4.32
3.38
31st
March,
2019
` crore
19.70
16.91
4.41
3.78
0.50%
0.50%
1 year
0.50%
The method and types of assumptions used in preparing the sensitivity analysis did not change compared to the prior period.
2.5 The expected maturity analysis of undiscounted defined benefit obligation (Funded and Unfunded) is as follows:
Within 1 year ......................................................................................................
Between 1 - 2 years ..........................................................................................
Between 2 - 3 years ..........................................................................................
Between 3 - 4 years ..........................................................................................
Between 4 - 5 years ..........................................................................................
Beyond 5 years ..................................................................................................
The weighted average duration of the defined benefit obligation is approximately 8.1 years (31st March, 2018 - 8.1 years, 1st April,
2017 - 7 years).
31st March, 2019
` Crore
44.25
57.91
59.69
59.04
64.32
428.92
31st March, 2018
` crore
31.51
44.62
45.64
46.93
44.37
258.45
1st April, 2017
` crore
29.10
39.03
45.15
47.02
47.35
250.41
The contribution expected to be made by the Group during the financial year 2019-20 is ` 2.01 crore (31st March , 2018 ` 2.94 crore).
194 I Consolidated Financials
100th Annual Report 2018-19
Notes to the Consolidated Financial Statements
24. Provisions (Contd.)
2.6 Risk exposure:
Through its defined benefit plans, the Group is exposed to a number of risks, the most significant of which are detailed below:
Asset volatility:
The plan liabilities are calculated using a discount rate set with reference to government bond yield. If plan assets under perform
this yield, it will result in deficit. These are subject to interest rate risk. To offset the risk, the plan assets have been deployed in
high grade insurer managed funds.
Inflation rate risk:
Higher than expected increase in salary and medical cost will increase the defined benefit obligation.
Demographic risk:
This is the risk of variability of results due to unsystematic nature of decrements that include mortality, withdrawal, disability
and retirement. The effect of these decrements on the defined benefit obligations is not straight forward and depends upon
the combination of salary increase, discount rate and vesting criterion.
2.7 Major categories of plan assets:
Plan assets are funded with the trust set up by the Group. The Insurer trust invests the funds in various financial instruments.
Major categories of plan assets are as follows:
Quoted
Equity Instruments .........................................................................................
Debt Instruments ............................................................................................
Government Securities ..................................................................................
Cash & Cash Equivalents ...............................................................................
31st March, 2019
%
24%
24%
34%
18%
31st March, 2018
%
20%
44%
25%
11%
31st March, 2017
%
20%
36%
28%
17%
25. Other Liabilities
Non-current
Consumers' Benefit Account ..............................................................
Deferred Revenue - Service Line Contributions from
Consumers ................................................................................................
Advance from Customers ....................................................................
Liabilities towards Consumers ...........................................................
Deferred Rent Liability ..........................................................................
Deferred Revenue Liability .................................................................
Deferred Revenue Grant * ...................................................................
Total .....................................................................................................................
As at
31st March, 2019
` crore
As at
31st March, 2018
` crore
As at
1st April, 2017
` crore
38.91
21.94
21.94
127.12
0.21
Nil
44.73
555.70
17.08
1,873.75
1,215.21
23.52
66.00
45.71
458.07
11.03
1,841.48
1,180.09
23.52
Nil
46.69
367.56
28.71
1,668.51
* The Group has recognized an income of ` 9.61 crore (31st March, 2018 - ` 0.19 crore) on account of Deferred Grants during the
year in the statement of profit and loss account.
Current
Book Overdraft ....................................................................................
Statutory Liabilities ............................................................................
Advance from Customers/Public Utilities ..................................
Advance from Consumers ..............................................................
Liabilities towards Consumers .......................................................
Statutory Consumer Reserves .......................................................
Dividend Tax on Preference Shares ..............................................
Deferred Revenue Liability .............................................................
Other Liabilities ...................................................................................
Total .....................................................................................................................
As at
31st March, 2019
` crore
As at
31st March, 2018
` crore
As at
1st April, 2017
` crore
Nil
315.51
154.59
330.20
11.50
561.75
Nil
23.52
102.57
1,499.64
0.08
248.29
369.12
190.35
336.75
545.76
12.33
Nil
83.04
1,785.72
Nil
267.28
225.01
187.70
799.83
531.76
12.21
Nil
41.26
2,065.05
Consolidated Financials I 195
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26. Current Borrowings
Notes to the Consolidated Financial Statements
The Tata Power Company Limited
(i)
(ii)
Unsecured - At Amortised Cost
From Banks
(a)
(b)
(c)
(d)
(e)
(f )
From Others
Buyer’s Line of Credit ...............................................
Bank Overdraft - repayable on demand ...........
Short-term Loans ......................................................
From Related Parties ................................................
From Others ................................................................
Commercial Papers ..................................................
Secured - At Amortised Cost
From Banks
(a)
(b)
(c)
Buyer’s Line of Credit ...............................................
Short-term Loans ......................................................
Bank Overdraft - repayable on demand ...........
(d)
From Others ................................................................
From Others
Total .....................................................................................................................
As at
31st March, 2019
` crore
As at
31st March, 2018
` crore
As at
1st April, 2017
` crore
Nil
203.69
2,776.16
2,740.39
Nil
7,259.52
12,979.76
165.62
324.59
387.20
18.21
895.62
13,875.38
602.89
119.25
2,046.28
2,368.11
4,504.23
3,808.07
13,448.83
Nil
5,378.45
Nil
Nil
5,378.45
18,827.28
672.20
16.64
575.93
1,197.49
4,174.38
3,074.56
9,711.20
Nil
6,568.59
Nil
Nil
6,568.59
16,279.79
Security
Short-term Loans and Buyer’s Line of Credit availed by various entities of the Group are secured by a charge on immovable
property of certain entities, both present and future and are also secured by way of charge on tangible and intangible assets,
current assets, receivables and stores and spares, uncalled capital receivables, rights under project documents, project cash
flows, pledge of shares and monies receivable of the respective entities.
27. Revenue from Operations
Revenue Recognition
Accounting Policy
Revenue from contracts with customers is recognised when control of the goods or services are transferred to the customer at
an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services.
Description of performance obligations are as follows:
(i)
(ii)
(iii)
Sale of Power - Generation (Thermal and Hydro)
Revenue from sale of power is recognised net of cash discount over time for each unit of electricity delivered.
Contract price determined as per tariff regulations.
The Group as per the prevalent tariff regulations is required to recover its Annual Revenue Requirement (‘ARR’) comprising
of expenditure on account of fuel cost, operations and maintenance expenses, financing costs, taxes and assured return on
regulator approved equity with additional incentive for operational efficiencies. Accordingly, rate per unit is determined
using input method based on the Group’s efforts to the satisfaction of a performance obligation to deliver power. As per tariff
regulations, the Group determines ARR and any surplus/shortfall in recovery of the same is accounted as revenue.
Contract Price as per long term agreements
Rate per unit is determined using input method based on the Group’s efforts to the satisfaction of a performance obligation to
deliver power. Variable consideration forming part of total transaction price will be allocated and recognized when the terms
of variable payment relate specifically to the Group’s efforts to satisfy the performance obligation i.e. in the year of occurence
of event linked to variable consideration. The transaction price is adjusted for significant financing component, if any and the
adjustment is accounted as finance cost.
Sale of Power - Generation (Wind and Solar)
Revenue from sale of power is recognised net of cash discount over time for each unit of electricity delivered at the contracted
rate. The transaction price is adjusted for significant financing component, if any and the adjustment is accounted as finance
cost.
Transmission of Power
Revenue from transmission of power is recognised net of cash discount over time for transmission of electricity. The Group as
per the prevalent tariff regulations is required to recover its Annual Revenue Requirement (‘ARR’) comprising of expenditure
on account of operations and maintenance expenses, financing costs, taxes and assured return on regulator approved equity
with additional incentive for operational efficiencies. Input method is used to recognize revenue based on the Group’s efforts
196 I Consolidated Financials
100th Annual Report 2018-19
Notes to the Consolidated Financial Statements
27. Revenue from Operations (Contd.)
(iv)
(v)
or inputs to the satisfaction of a performance obligation to deliver power. As per tariff regulations, the Group determines ARR
and any surplus/shortfall in recovery of the same is accounted as revenue.
Sale of Power - Distribution
Revenue from sale of power is recognised net of cash discount over time for each unit of electricity delivered at the pre
determined rate.
Trading of power
In the arrangements the Group is acting as an agent, the revenue is recognized on net basis when the units of electricity are
delivered to power procurers because this is when the Group transfers control over its services and the customer benefits from
the Group’s such agency services. The Group determines its revenue on certain contracts net of power purchase cost based on
the following factors:
a.
b.
c.
Another party is primarily responsible for fulfilling the contract as the Group does not have the ability to direct the use of
power supplied or obtain benefits from supply of power.
The Group does not have inventory risk before or after the power has been delivered to customers as the power is
directly supplied to customer.
The Group has no discretion in establishing the price for supply of power. the Group’s consideration in these contracts is
only based on the difference between sales price charged to procurer and purchase price given to supplier.
For other contract which does not qualify the conditions mentioned above, revenue is determined on gross basis.
(vi)
Sale of Solar Products
Revenue from turnkey contracts, which are generally time bound fixed price contracts, are recognized over the life of the
contract using the proportionate completion method, with contracts costs determining the degree of completion.
(vii) Rendering of Services
Revenue from a contract to provide services is recognised over time based on:
Input method where the extent of progress towards completion is measured based on the ratio of costs incurred to date to
the total estimated costs at completion of performance obligation. Revenue, including estimated fees or profits, are recorded
proportionally based on measure of progress. Output method where direct measurements of value to the customer based on
survey’s of performance completed to date. Revenue is recognised net of cash discount at a point in time at the contracted rate.
(viii) Consumers are billed on a monthly basis and are given average credit period of 30 to 45 days for payment. No delayed payment
charges (‘DPC’) is charged for the initial 30 days from the date of receipt of invoice by customers. Thereafter, DPC is charged
at the rate prescribed by the Power Purchase Agreement on the outstanding balance once the dues are received. Revenue in
respect of delayed payment charges and and interest on delayed payments leviable as per the relevant contracts are recognised
on actual realisation or accrued based on an assessment of certainty of realisation supported by either an acknowledgement
from customers or on receipt of favourable order from regulatory authorities.
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E
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Consolidated Financials I 197
The Tata Power Company Limited
Notes to the Consolidated Financial Statements
27. Revenue from Operations (Contd.)
There is no significant judgement involved while evaluating the timing as to when customers obtain control of promised goods
and services.
(a)
Revenue from Power Supply and Transmission Charges ...................
Add/(Less): Cash Discount ..................................................................................
Income to be adjusted in future tariff determination (Net) ...
Add/(Less):
Income to be adjusted in future tariff determination (Net)
Add/(Less):
in respect of earlier years (Refer Note 18) ...............................
Add/(Less): Power Purchase Cost ......................................................................
(b)
Revenue from Power Supply - Assets Under Finance Lease ..............
For the year ended
31st March, 2019
` crore
28,408.69
(165.19)
226.06
For the year ended
31st March, 2018
` crore
26,247.65
(182.50)
(254.30)
(182.31)
(2,366.89)
25,920.36
1,030.64
Nil
(2,406.91)
23,403.94
1,034.51
(c)
Project/Operation Management Services .................................................
123.89
92.52
(d)
Revenue from Sale of:
Solar Products ...............................................................................................
Electronic Products .....................................................................................
(e)
Income from Finance Lease ...............................................................................
(f)
Other Operating Revenue .................................................................................
Rental of Land, Buildings, Plant and Equipment, etc. .....................
Charter Hire ...................................................................................................
Income in respect of Services Rendered ............................................
Compensation ..............................................................................................
Amortisation of Capital Grants ...............................................................
Amortisation of Service Line Contributions .....................................
Income from Storage and Terminalling ...............................................
Miscellaneous Revenue and Sundry Credits .....................................
Sale of Fly Ash ...............................................................................................
Sale of Coal ....................................................................................................
Sale of Carbon Credits ...............................................................................
Sale of Products - Trading .........................................................................
Dividend from Equity Investments measured at FVTOCI .............
Dividend from Equity Investments measured at FVTPL ................
Profit on sale of Current Investment - measured at FVTPL ...........
Sale of Renewable Energy Certificates ................................................
Total ...........................................................................................................................................
1,214.69
49.23
1,263.92
127.24
15.51
214.36
302.39
Nil
3.56
82.96
15.39
71.46
11.67
315.73
3.89
0.83
2.05
Nil
3.68
49.11
1,092.59
29,558.64
1,194.43
63.32
1,257.75
134.12
11.31
169.23
323.49
11.95
17.87
80.74
14.99
88.66
12.07
166.21
9.32
Nil
3.64
0.32
7.63
Nil
917.43
26,840.27
Details of Revenue from Contract with Customers
Particulars
Total Revenue from Contract with Customers .........................................................................
Less: Significant Financing Component .....................................................................................
Add: Cash Discount/Rebates etc...................................................................................................
Total Revenue as per Contracted Price ..................................................................................
198 I Consolidated Financials
For the year ended
31st March, 2019
` crore
29,248.29
(45.57)
165.19
29,367.91
For the year ended
31st March,2018
` crore
26,486.66
(43.62)
182.50
26,625.54
100th Annual Report 2018-19
Notes to the Consolidated Financial Statements
27. Revenue from Operations (Contd.)
Transaction Price - Remaining Performance Obligation
The remaining performance obligation disclosure provides the aggregate amount of the transaction price yet to be recognised
as at the end of the reporting period and an explanation as to when the Group expects to recognise these amounts in revenue.
Applying the practical expedient as given in Ind AS 115, the Group has not disclosed the remaining performance obligation
related disclosures for contracts as the revenue recognized corresponds directly with the value to the customer of the entity’s
performance completed to date.
The aggregate value of performance obligations that are partially unsatisfied as at 31st March, 2019, other than those meeting
the exclusion criteria mentioned above is ` 1,39,502 crore. Out of this, the group expects to recognise revenue of around 5.05%
within the next one year and the remaining thereafter.
Revenue is disaggregated by type and nature of product or services. The table also includes the reconciliation of the
disaggregated revenue with the Group’s reportable segment.
Particulars
(A) Revenue from Contracts with Customers
Nature of Goods/Services
Generation of power
Thermal and Hydro ........................................
Wind and Solar .................................................
Transmission of power ...........................................
Distribution of power..............................................
Trading of Power .......................................................
Sale of Solar Products .............................................
Sale of Power from Assets Under Lease ...........
Project/Operation Management Services .......
Others ...........................................................................
Total Revenue from Contracts with
Customers
Net Movement in Regulatory Deferral
Balances .......................................................................
Net Movement in Regulatory Deferral
Balances in respect of earlier years ....................
(B) Other Revenue ...........................................................
(C) Intersegment Revenue ...........................................
Revenue from Continued Operations
(including Net Movement in Regulatory
Deferral Balances).....................................................
Reportable Segment
` crore
Power
For the
year ended
31st
March,
2019
For the
year ended
31st
March,
2018
Other than Power
For the
year ended
31st
March,
2019
For the
year ended
31st
March,
2018
Inter Segment
For the
year ended
31st
March,
2019
For the
year ended
31st
March,
2018
Total
For the
year ended
31st
March,
2019
For the
year ended
31st
March,
2018
10,146.05
2,015.44
611.79
12,383.70
763.38
Nil
1,030.64
Nil
753.88
9,176.04
1,660.90
644.09
11,350.99
571.92
Nil
1,034.51
2.39
526.16
Nil
Nil
Nil
Nil
Nil
1,214.69
Nil
123.89
204.83
Nil
Nil
Nil
Nil
Nil
1,194.43
Nil
90.13
235.10
27,704.88
24,967.00
1,543.41
1,519.66
(340.19)
(409.85)
Nil
Nil
274.26
27,638.95
292.56
Nil
24,557.15
316.60
Nil
1,543.41
17.79
Nil
1,519.66
37.01
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
10,146.05
2,015.44
611.79
12,383.70
763.38
1,214.69
1,030.64
123.89
958.71
9,176.04
1,660.90
644.09
11,350.99
571.92
1,194.43
1,034.51
92.52
761.26
Nil
29,248.29
26,486.66
Nil
(340.19)
(409.85)
Nil
Nil
Nil
274.26
29,182.36
310.35
Nil
26,076.81
353.61
4.36
8.90
1,984.25
1,567.87
(1,988.61)
(1,576.77)
Nil
Nil
27,935.87
24,882.65
3,545.45
3,124.54
(1,988.61)
(1,576.77)
29,492.71
26,430.42
(D) Revenue from Discontinued Operations .......
Nil
Nil
143.59
286.74
Nil
Nil
143.59
286.74
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Consolidated Financials I 199
The Tata Power Company Limited
Notes to the Consolidated Financial Statements
27. Revenue from Operations (Contd.)
Contract Balances
As at
31st March, 2019
` crore
As at
31st March, 2018
` crore
As at
1st April, 2017
` crore
Contract Assets
Recoverable from Consumers .....................................................................
Non-Current..................................................................................................
Current ...........................................................................................................
Unbilled Revenue other than passage of time .....................................
Total Contract Assets ..................................................................................
Contract Liabilities
Deferred Revenue Liability
Non-Current ................................................................................................
Current ...........................................................................................................
Advance from Customers
Non-Current .................................................................................................
Current ..........................................................................................................
Liabilities towards Consumers
Non-Current ...............................................................................................
Current .........................................................................................................
Total Contract Liabilities ..........................................................................
Receivables
Trade Receivables (Gross)
Non-Current .................................................................................................
Current ..........................................................................................................
Unbilled Revenue for passage of time
Non-Current .................................................................................................
Current ..........................................................................................................
(Less): Allowances for Doubtful Debts
Non-Current .................................................................................................
Current ..........................................................................................................
Net Receivables .............................................................................................
404.79
1,100.54
11.15
1,516.48
555.70
23.52
0.21
330.20
Nil
11.50
921.13
197.54
4,836.73
81.11
837.85
(4.55)
(391.47)
5,557.21
675.98
634.65
Nil
1,310.63
458.07
Nil
23.52
190.35
66.00
336.75
1,074.69
196.29
3,112.16
62.82
810.09
(6.24)
(323.23)
3,851.89
771.09
710.04
Nil
1,481.13
367.56
Nil
23.52
187.70
Nil
799.83
1,378.61
194.16
4,142.70
42.91
1,081.92
(6.24)
(310.58)
5,144.87
Contract asset is the right to consideration in exchange for goods or services transferred to the customer. Contract liability is the
entity’s obligation to transfer goods or services to a customer for which the entity has received consideration from the customer
in advance. Contract assets are transferred to receivables when the rights become unconditional and contract liabilities are
recognized as and when the performance obligation is satisfied.
200 I Consolidated Financials
100th Annual Report 2018-19
Notes to the Consolidated Financial Statements
27. Revenue from Operations (Contd.)
Significant changes in the contract assets and the contract liabilities balances during the year are as follows:
Movement in Recoverable from consumers and Liabilities towards consumers
Opening Balance
- Recoverable from consumers ..................................................................................................
- Liabilities towards consumers .................................................................................................
Income to be adjusted in future tariff determination (Net) .........................................................
Income to be adjusted in future tariff determination (Net) in respect of earlier years ......
Refund to Customers (including Group's Distribution Business) ...............................................
Deferred tax recoverable/(payable) [Refer Note 33 (b)] ................................................................
Revenue recognized during the year ...................................................................................................
Transfer to receivables ...............................................................................................................................
Others ..............................................................................................................................................................
Closing Balance
- Recoverable from consumers ..................................................................................................
- Liabilities towards consumers .................................................................................................
As at
31st March, 2019
` crore
As at
31st March, 2018
` crore
1,310.63
(402.75)
907.88
226.06
(182.31)
288.71
322.50
679.60
(736.52)
(12.09)
585.95
1,505.33
(11.50)
1,493.83
1,481.13
(799.83)
681.30
(254.30)
Nil
(27.59)
(161.57)
1,127.66
(450.67)
(6.95)
226.58
1,310.63
(402.75)
907.88
Movement in Unbilled Revenue other than passage of time, Advance from consumers and Deferred Revenue Liabilities
Opening Balance
- Unbilled Revenue other than passage of time ..................................................................
- Advance from consumers .........................................................................................................
- Deferred Revenue Liabilities ....................................................................................................
Revenue recognized during the year ...................................................................................................
Advance received during the year ........................................................................................................
Interest for the year ....................................................................................................................................
Transfer to receivables ...............................................................................................................................
Closing Balance
- Unbilled Revenue other than passage of time ..................................................................
- Advance from consumers .........................................................................................................
- Deferred Revenue Liabilities ....................................................................................................
As at
31st March, 2019
` crore
As at
31st March, 2018
` crore
Nil
213.87
458.07
671.94
(158.28)
392.43
45.57
(30.88)
248.84
11.15
330.41
579.22
920.78
Nil
211.22
367.56
578.78
(176.51)
226.05
43.62
Nil
93.16
Nil
213.87
458.07
671.94
Consolidated Financials I 201
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Notes to the Consolidated Financial Statements
The Tata Power Company Limited
28. Other Income
Accounting Policy
Dividend and Interest income
Dividend income from investments is recognised when the shareholder’s right to receive payment has been established.
Interest income from a financial asset is recognised when it is probable that the economic benefits will flow to the Company
and the amount of income can be measured reliably. Interest income is accrued on a time basis, by reference to the principal
outstanding and at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts
through the expected life of the financial asset to that asset’s net carrying amount on initial recognition.
(a)
Interest Income
(i)
Financial Assets held at Amortised Cost
Interest on Bank Deposits .....................................................................................
Interest from Inter-corporate Deposits ............................................................
Interest on Overdue Trade Receivables ............................................................
Interest on Non-current Investment - Contingency Reserve Fund ........
Interest on Non-current Investment - Deferred Tax Liability Fund........
Interest on Loans to Joint Controlled Entity ...................................................
Interest on Loans and Advances .........................................................................
(ii)
Others
Interest on Income-tax Refund ...........................................................................
(b)
Dividend Income
From Current Investments measured at FVTPL .............................................
From Non-current Investments measured at FVT ........................................
(c)
Gain/(Loss) on Investments
Gain on Sale of Current Investment measured at FVTPL ...........................
Gain on Sale of Investment in Associates measured at Cost ....................
(d)
Other Non-operating Income
Commission earned ................................................................................................
Gain/(Loss) on Disposal of Property, Plant and Equipment (Net) ...........
Delayed Payment Charges ....................................................................................
Other Income .............................................................................................................
Management Fees ...................................................................................................
Total ........................................................................................................................................................
For the year ended
31st March, 2019
` crore
For the year ended
31st March,2018
` crore
13.87
0.12
3.16
16.70
20.40
1.24
13.59
69.08
7.18
76.26
Nil
15.10
15.10
44.36
0.88
45.24
9.83
(30.05)
87.48
Nil
191.97
259.23
395.83
76.30
0.82
5.24
11.72
17.23
2.44
1.65
115.40
5.02
120.42
0.82
17.85
18.67
51.34
Nil
51.34
9.77
4.54
26.48
23.48
177.99
242.26
432.69
202 I Consolidated Financials
100th Annual Report 2018-19
29. Raw Materials Consumed and Decrease/(Increase) in Work-in-Progress/Finished Goods/Stock-in-Trade
Notes to the Consolidated Financial Statements
Raw Materials Consumed
Opening Stock
Add: Purchases ....................................................................................................................
Less: Closing Stock .............................................................................................................
Total ........................................................................................................................................................
Decrease/(Increase) in Work-in-Progress/Finished Goods/Stock-in-Trade
Work-in-Progress
Inventory at the beginning of the year .........................................................................
Add: Additions during the year .....................................................................................
Less: Reclassified to Assets Classified as Held for Sale ...........................................
Less:
Inventory at the end of the year .........................................................................
Finished Goods
Inventory at the beginning of the year .........................................................................
Add: Purchase/Used in the period ................................................................................
Less: Reclassified to Assets Classified as Held for Sale ...........................................
Less:
Inventory at the end of the year .........................................................................
Total ........................................................................................................................................................
30. Employee Benefits Expense
For the year ended
31st March, 2019
` crore
For the year ended
31st March,2018
` crore
133.05
943.19
1,076.24
156.89
919.35
6.36
Nil
Nil
6.36
2.93
3.43
103.35
Nil
Nil
103.35
82.41
20.94
24.37
158.76
723.26
882.02
133.05
748.97
29.71
0.18
(23.69)
6.20
6.36
(0.16)
110.13
Nil
(15.13)
95.00
103.35
(8.35)
(8.51)
For the year ended
31st March, 2019
` crore
For the year ended
31st March,2018
` crore
Salaries and Wages ............................................................................................................................
Contribution to Provident Fund [Refer Note 24 (1)] ..............................................................
Contribution to Superannuation Fund [Refer Note 24 (1)] .................................................
Gratuity [Refer Note 24 (2.3)]..........................................................................................................
Leave Encashment Scheme ............................................................................................................
Pension ...................................................................................................................................................
Staff Welfare Expenses ......................................................................................................................
Less:
Employee Cost Capitalised ................................................................................................
Employee Cost Inventorised .............................................................................................
Total ........................................................................................................................................................
1,198.75
83.52
10.63
18.78
27.35
15.93
142.64
1,497.60
149.50
9.05
158.55
1,339.05
1,188.65
84.26
10.20
25.48
8.86
5.98
162.41
1,485.84
93.08
10.84
103.92
1,381.92
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Consolidated Financials I 203
The Tata Power Company Limited
Notes to the Consolidated Financial Statements
31. Finance Costs
Accounting Policy
Borrowing Costs
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that
necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets,
until such time as the assets are substantially ready for their intended use or sale.
Interest income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is
deducted from the borrowing costs eligible for capitalisation.
All other borrowing costs are recognised in statement of profit and loss in the period in which they are incurred.
For the year ended
31st March, 2019
` crore
For the year ended
31st March,2018
` crore
(a)
Interest Expense:
On Borrowings (Carried at Amortised Cost)
Interest on Debentures ..........................................................................................
Interest on - Euro Notes ........................................................................................
Interest on Loans - Banks & Financial Institutions ........................................
Interest paid to Joint Ventures .............................................................................
Others
Interest on Consumer Security Deposits (Carried at Amortised Cost) ..
Other Interest and Commitment Charges (Refer Note 44) .......................
Interest on Non-convertible Cumulative Redeemable Preference
Shares ...........................................................................................................................
Less: Interest Capitalised ........................................................................................
(b)
Other Borrowing Cost:
Loss/(Gain) arising on Interest Rate Swap derivative contracts
designated as hedging instruments in fair value hedges .........................
Other Finance Costs ................................................................................................
Foreign Exchange Loss/(Gain) on Borrowings (Net) ....................................
Less: Finance Charges Capitalised .......................................................................
Total ........................................................................................................................................................
906.77
Nil
2,658.33
73.60
72.56
125.78
35.46
3,872.50
47.35
3,825.15
(7.91)
151.96
221.84
(21.04)
344.85
4,170.00
1,054.83
13.01
2,150.26
44.95
58.78
82.49
35.50
3,439.82
72.81
3,367.01
Nil
146.45
248.18
(0.16)
394.47
3,761.48
Note:
The weighted average capitalisation rate on the Group general borrowings is in the range of 8.28% to 8.63% per annum
(31st March, 2018 - 8.10% to 9.50% per annum).
204 I Consolidated Financials
100th Annual Report 2018-19
32. Other Expenses
Notes to the Consolidated Financial Statements
For the year ended
31st March, 2019
` crore
For the year ended
31st March,2018
` crore
Consumption of Stores, Oil, etc. ...................................................................................................
Rental of Land, Buildings, Plant and Equipment, etc............................................................
Repairs and Maintenance -
(i)
(ii)
(iii)
To Buildings and Civil Works .............................................................................................
To Machinery and Hydraulic Works ...............................................................................
To Furniture, Vehicles, etc. .................................................................................................
Rates and Taxes ..................................................................................................................................
Insurance ..............................................................................................................................................
Other Operation Expenses .............................................................................................................
Ash Disposal Expenses ....................................................................................................................
Warranty Charges ..............................................................................................................................
Travelling and Conveyance Expenses ........................................................................................
Consultants' Fees ...............................................................................................................................
Compensation ....................................................................................................................................
Auditors' Remuneration ..................................................................................................................
Cost of Services Procured ...............................................................................................................
Bad Debts .............................................................................................................................................
Allowance for Doubtful Debts and Advances (Net) .............................................................
Leasehold Land Payment ...............................................................................................................
Provision For Contingencies ..........................................................................................................
Net Loss on Foreign Exchange .....................................................................................................
Impairment in Carrying Amount of Non-current Investments in Joint Ventures ......
MTM Profit/(Loss) on Investments carried at Fair value through Profit or loss ...........
Donations .............................................................................................................................................
Legal Charges .....................................................................................................................................
Corporate Social Responsibility Expenses................................................................................
Impairment of Non-current Assets held for Sale ...................................................................
Excise Duty Paid .................................................................................................................................
Transfer to Contingency Reserve .................................................................................................
Marketing expenses .........................................................................................................................
Miscellaneous Expenses .................................................................................................................
Total .......................................................................................................................................................
88.90
113.81
119.41
512.95
73.22
705.58
91.58
65.76
370.58
47.81
15.14
56.09
54.00
2.36
11.34
239.30
2.09
72.54
10.48
0.06
140.81
(2.48)
1.18
20.00
54.51
39.46
Nil
Nil
16.00
1.80
41.45
2,260.15
145.77
92.20
114.92
510.48
67.64
693.04
116.00
74.32
427.12
50.13
13.65
54.61
72.56
Nil
12.55
261.73
0.35
12.74
0.17
(0.21)
114.10
Nil
(0.61)
4.84
61.92
39.98
6.00
0.22
14.00
13.80
93.13
2,374.11
33.
Income taxes
33 a. Current Tax
Accounting Policy
Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the
taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively
enacted, at the reporting date in the countries where the respective subsidiary companies operates and generates
taxable income.
Current income tax relating to items recognised outside statement of profit and loss is recognised outside statement of
profit and loss (either in other comprehensive income or in equity). Current tax items are recognised in correlation to
the underlying transaction either in OCI or directly in equity. Management periodically evaluates positions taken in the
tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes
provisions where appropriate.
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Consolidated Financials I 205
Notes to the Consolidated Financial Statements
33.
Income taxes (Contd.)
(i)
Income taxes recognised in statement of profit and loss - Continuing Operations
The Tata Power Company Limited
Current tax .......................................................................................................................................
Deferred tax (Refer Note 12a and b) .......................................................................................
Deferred Tax in respect of earlier years (Refer Note 12a and b) ....................................
Deferred Tax (Recoverable) / Payable .....................................................................................
Total income tax expense recognised in the current year ......................................
31st March, 2019
` crore
584.78
544.02
18.91
(491.62)
656.09
31st March, 2018
` crore
663.69
(840.23)
Nil
338.51
161.97
(ii)
Income taxes recognised in statement of profit and loss - Discontinued Operations
Current tax .......................................................................................................................................
Deferred tax .....................................................................................................................................
Total income tax expense recognised in the current year ......................................
(71.92)
5.94
(65.98)
(17.36)
3.23
(14.13)
The income tax expense for the year can be reconciled to the accounting profit as follows:
31st March, 2019
` crore
31st March, 2018
` crore
Profit /(Loss) before tax for Continuing Operation ...........................................................
Profit/(Loss) before tax for Discontinuing Operation ......................................................
Profit/(Loss) before tax considered for tax working .................................................
Income tax expense calculated at 34.944% (31st March, 2018 - 34.608%) .............
Add/(Less): Tax effect on account of :
Share of profit of Associate and Joint venture ...................................................................
Deferred tax not recognised on Impairment provision/(reversal) of non current
investment ......................................................................................................................................
Deduction during tax holiday period ...................................................................................
MAT credit and deferred tax asset on losses pertaining to earlier years ..................
Exempt Income .............................................................................................................................
MAT credit and deferred tax asset on losses not recognised .......................................
Profit taxable at different tax rates including for certain subsidiaries ......................
Non deductible expenses .........................................................................................................
Changes in income tax rate from 34.608% to 34.944% ..................................................
Deferred Tax (Recoverable)/Payable ......................................................................................
Income tax expense recognised in statement of profit and loss ........................
Tax expense for Continuing Operations ..............................................................................
Tax expense for Discontinued Operations ..........................................................................
Income tax expense recognised in statement of profit and loss ........................
Note:
31st March, 2019
` crore
3,222.34
(191.82)
3,030.52
1,058.98
31st March, 2018
` crore
2,844.56
(85.87)
2,758.69
979.16
(449.74)
26.09
(0.59)
(72.75)
(20.22)
706.78
(291.81)
124.99
Nil
(491.62)
590.11
656.09
(65.98)
590.11
(537.78)
(502.68)
(110.33)
(584.91)
(62.09)
611.72
(103.79)
112.58
7.45
338.51
147.84
161.97
(14.13)
147.84
The tax rate used for the years 2018-19 and 2017-18 reconciliations above is the corporate tax rate of 34.944% and
34.608% respectively payable by corporate entities in India on taxable profits under the Indian tax law.
(iii)
Income tax recognised directly in equity
Effect of Distribution on Unsecured Perpetual Securities
Current tax .......................................................................................................................................
Deferred tax ....................................................................................................................................
Income tax recognised directly in equity ........................................................................
31st March, 2019
` crore
31st March, 2018
` crore
(59.75)
Nil
(59.75)
(59.18)
0.24
(58.94)
206 I Consolidated Financials
100th Annual Report 2018-19
Notes to the Consolidated Financial Statements
33.
Income taxes (Contd.)
(iv)
Income tax recognised in other comprehensive income
Current tax
Net gain on sale of investment in equity shares at FVTOCI ..........................................
Less : Remeasurement of Defined Benefit Plan .................................................................
Discontinued Operations ........................................................................................................
Deferred tax
Net fair value gain on investments in equity shares at FVTOCI ...................................
Remeasurements of defined benefit obligation ...............................................................
Indexation benefit on investment held for sale ..............................................................
Total income tax recognised in other comprehensive income ............................
Bifurcation of the income tax recognised in other comprehensive income into:
Items that will not be reclassified to statement of profit and loss .............................
31st March, 2019
` crore
31st March, 2018
` crore
1.14
(7.95)
(6.81)
(0.40)
0.02
0.04
Nil
0.06
(7.15)
(7.15)
(7.15)
51.36
(0.85)
50.51
Nil
(21.99)
0.12
(370.00)
(391.87)
(341.36)
(341.36)
(341.36)
33 b. Deferred Tax (Recoverable) / Payable
It represents deferred tax liabilities / (assets) required to be passed on to the consumers and its relates to :
Non - Rate Regulated Activity (Transmission and Generation) (Refer Note below).....
Rate Regulated Activity (Distribution) (Refer note 18) ...........................................................
31st March,2019
` crore
(322.50)
(169.12)
(491.62)
31st March, 2018
` crore
161.57
176.94
338.51
Note:
In its regulated operations, the Group is entitled to a fixed return on its investment net of tax and accordingly tax is a
pass-through cost. Maharashtra Electricity Regulatory Commission, vide its order dated 2nd January, 2019, has approved
the extension of Power Purchase Agreement (PPA) for generation plants for a period of five years starting 1st April,
2019. Consequently, deferred tax liability expected to be recovered amounting to ₹ 272 crore has been recognized as a
recoverable from consumers resulting in corresponding credit in deferred tax recoverable for the current year.
34. Commitments:
(a)
(b)
Estimated amount of Contracts remaining to be executed
on capital account and not provided for (including
consumer funded assets):
(i)
(ii)
(iii)
Other Commitments
(i)
the Group ..................................................................................
Group’s share of Joint Ventures .........................................
Group’s share of Associates.................................................
31st March, 2019
` crore
31st March, 2018
` crore
31st March, 2017
` crore
1,098.27
214.49
Nil
797.80
180.27
Nil
1,508.24
99.29
82.15
(ii)
(iii)
The Group has given an undertaking for non-
disposal of shares to the lenders of Tata Power
Delhi Distribution Ltd. in respect of its outstanding
borrowings. ..............................................................................
Vendor purchase commitments and contracts to
provide future post sale services ......................................
In terms of the Port Service Agreement entered into by the Group and valid up to 31st March, 2040, the Group is
required to pay (a) Annual Fixed handling charges which are escalable as per CERC notification; and (b) Variable
port handling charges for handling a certain minimum tonnage of coal for its Mundra UMPP. In the event of a
default which subsists for over one year, the Port Operator shall be entitled to suspend all its services under the
agreement without terminating the agreement and all amounts outstanding shall be payable by the Group.
137.50
494.50
539.82
385.63
341.88
251.38
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Consolidated Financials I 207
Notes to the Consolidated Financial Statements
The Tata Power Company Limited
35. Contingent Liabilities
a)
(iii)
Contingent liabilities
Claims against the Group not probable and hence not
acknowledged as debts consists of
(i)
Demand including interest and penalty demand
disputed by the Group relating to Entry tax
claims for the financial years 2005-06 to 2013-14.
[Refer Note 44] ...........................................................................
(ii)(a) Disallowance of carrying cost and other costs by
Appellate Tribunal for Electricity (ATE) has been
disputed by the Group. Based on legal opinions (the
Group has a strong case), the Group has filed Special
Leave Petition (SLP) with the Hon’ble Supreme Court.
(b) Disallowance of costs recoverable from consumers
by Maharashtra Electricity Regulatory Commission in
the tariff true up order ............................................................
Interest and penalty pertaining to Customs Duty
claims disputed by the Group relating to applicability
and classification of coal ........................................................
(iv) Demand disputed by the Group relating to Service
tax.................................................................................................
(v)(a) Way Leave fees (including interest) claims disputed
by the Group relating to rates charged. ...........................
(b) Demand towards periodic revision in lease rent
disputed by the Group. ..........................................................
Rates, Cess, Green Cess, Excise and Custom Duty
claims disputed by the Group. .............................................
(vii) Octroi claims disputed by the Group, in respect of
octroi exemption claimed. ....................................................
(viii) Compensation disputed by private land owners in
respect of private land acquired under the provisions
of Maharashtra Industrial Development Act, 1961. .....
(ix) Disputes relating to power purchase agreements .......
Other Claims ..............................................................................
(x)
for Unscheduled
charges
(xi) Demand
interchanged (UI) of power...................................................
Claims against the Group's share of Joint Ventures and
Group's share of Associates not acknowledged as debts
consists of
Group's share of Joint Ventures
(i)
is set-off against
Demand for royalty payment
recoverable Value Added Tax (VAT) paid on inputs for
coal production. .......................................................................
Other claims .............................................................................
towards
(vi)
(ii)
Group's share of Associates
Other claims ..............................................................................
31st March, 2019
` crore
31st March, 2018
` crore
31st March, 2017
` crore
Nil
2,035.18
1,967.43
269.00
269.00
269.00
261.00
110.81
402.45
39.18
Nil
523.49
5.03
22.00
199.23
173.75
215.02
Nil
Nil
110.81
402.45
35.29
150.00
396.32
5.03
22.00
272.73
177.92
Nil
246.33
Nil
84.18
150.00
416.66
5.03
22.00
246.47
161.83
Nil
29.24
40.79
Nil
15.34
38.63
0.29
2,290.99
3,930.99
17.93
72.57
539.03
4,198.46
Notes:
1 Amounts in respect of employee related claims/disputes, regulatory matters is not ascertainable.
2 Future cash flows in respect of above matters are determinable only on receipt of judgements/decisions pending at
various forums/authorities.
3 The above Contingent Liabilities include those pertaining to Regulated Business which on unfavourable outcome
can be recovered from consumers.
208 I Consolidated Financials
100th Annual Report 2018-19
35. Contingent Liabilities (Contd.)
Notes to the Consolidated Financial Statements
31st March, 2019
` crore
31st March, 2018
` crore
31st March, 2017
` crore
b)
Other Contingent Liabilities (not probable)
Taxation matters for which liability, relating to issues of
deductibility and taxability, is disputed by the Group
and provision is not made (computed on the basis of
assessments which have been re-opened and assessments
remaining to be completed)
In case of the Group [including interest demanded ` 9.09
crore (31st March, 2018 - ` 8.95 crore, 1st April, 2017 - ` 12.57
crore)]. ......................................................................................................
Group’s share of Joint Ventures ......................................................
Group’s share of Associates..............................................................
c)
Indirect exposures of the Group
(i)
(ii)
Guarantees given to the lenders of Joint Ventures
for the borrowings availed
Tubed Coal Mines Ltd. .......................................................
Mandakini Coal Company Ltd. .......................................
Cennergi Pty. Ltd. ................................................................
The Group has pledged its shares of investments
in joint ventures and others with the lenders for
borrowings availed
Joint Ventures:
Powerlinks Transmission Ltd. .........................................
Industrial Energy Ltd. ........................................................
Mandakini Coal Company Ltd. ......................................
Itezhi Tezhi Power Corporation * .................................
Others:
Tata Teleservices Limited .................................................
640.03
84.17
2.50
786.02
Nil
0.03
428.25
135.68
466.23
31st March, 2019
` crore
31st March, 2018
` crore
31st March, 2017
` crore
Nil
Nil
Nil
Nil
Nil
Nil
11.36
20.26
Nil
31st March, 2019
Nos.
31st March, 2018
Nos.
31st March, 2017
Nos.
23,86,80,000
25,13,48,400
2,00,43,000
4,52,500
23,86,80,000
25,13,48,400
2,00,43,000
4,52,500
23,86,80,000
12,56,74,200
2,00,43,000
4,52,500
Nil
Nil
18,27,08,138
d)
(i)
In respect of the Standby Charges dispute with Adani Electricity Mumbai Limited (Adani Electricity) erstwhile Reliance
Infrastructure Ltd. (R-Infra) for the period from 1st April, 1999 to 31st March, 2004, the Appellate Tribunal of Electricity
(ATE), set aside the Maharashtra Electricity Regulatory Commission (MERC) Order dated 31st May, 2004 and directed the
Group to refund to Adani Electricity as on 31st March, 2004, ` 354.00 crore (including interest of ` 15.14 crore) and pay
interest at 10% per annum thereafter. As at 31st March, 2019 the accumulated interest was ` 251.96 crore (31st March,
2018 - ` 240.76 crore) (` 11.20 crore for the year ended 31st March, 2019). On appeal, the Hon’ble Supreme Court vide its
Interim Order dated 7th February, 2007, has stayed the ATE Order and in accordance with its directives, the Group has
furnished a bank guarantee of the sum of ` 227.00 crore and also deposited ` 227.00 crore with the Registrar General of
the Court which has been withdrawn by Adani Electricity on furnishing the required undertaking to the Court.
Further, no adjustment has been made for the reversal in terms of the ATE Order dated 20th December, 2006, of Standby
Charges credited in previous years estimated at ` 519.00 crore, which will be adjusted, wholly by a withdrawal/set off from
certain Statutory Reserves as allowed by MERC. No provision has been made in the accounts towards interest that may be
finally determined as payable to Adani Electricity. Since 1st April, 2004, the Group has accounted Standby Charges on the
basis determined by the respective MERC Tariff Orders.
The Group is of the view, supported by legal opinion, that the ATE’s Order can be successfully challenged.
(ii) MERC vide its Tariff Order dated 11th June, 2004, had directed the Group to treat the investment in its wind energy project
as outside the Mumbai Licensed Area, consider a normative Debt Equity ratio of 70:30 to fund the Group’s fresh capital
investments effective 1st April, 2003 and had also allowed a normative interest charge @ 10% p.a. on the said normative
debt. The change to the Clear Profit and Reasonable Return (consequent to the change in the capital base) as a result of
the above mentioned directives for the period upto 31st March, 2004, has been adjusted by MERC from the Statutory
Reserves along with the disputed Standby Charges referred to in Note 35(d)(i) above.
There are numerous interpretative issues relating to the Supreme Court (SC) judgement dated 28th February, 2019 on
Provident Fund (PF) on the inclusion of allowances for the purpose of PF contribution as well as its applicability of effective
date. The Group is consulting Legal counsel for further clarity and evaluating its impact on its financial statement.
The Group, in respect of the above mentioned Contingent Liabilities has assessed that it is only possible but not probable
that outflow of economic resources will be required.
e)
Consolidated Financials I 209
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The Tata Power Company Limited
36. Other Disputes
Notes to the Consolidated Financial Statements
a)
b)
In the matter of claims raised by the Group on R-Infra, towards (i) the difference in the energy charges for the period
March 2001 to May 2004 and (ii) for minimum off-take charges of energy for the period 1998 to 2000, MERC has issued
an Order dated 12th December, 2007 in favour of the Group. The total amount payable by R-Infra, including interest, is
estimated to be ` 323.87 crore as on 31st December, 2007. ATE in its Order dated 12th May, 2008 on appeal by R-Infra,
has directed R-Infra to pay the difference in the energy charges amounting to ` 34.98 crore for the period March 2001 to
May 2004. In respect of the minimum off-take charges of energy for the period 1998 to 2000 claimed by the Group from
R-Infra, ATE has directed MERC that the issue be examined afresh and after the decision of the Hon’ble Supreme Court
in the Appeals relating to the distribution licence and rebates given by R-Infra. The Group and R-Infra had filed appeals
in the Hon’ble Supreme Court. The Hon’ble Supreme Court, vide its Order dated 14th December, 2009, has granted stay
against ATE Order and has directed R-Infra to deposit with the Hon’ble Supreme Court, a sum of ` 25.00 crore and furnish
bank guarantee of ` 9.98 crore. The Group had withdrawn the above mentioned sum subject to an undertaking to refund
the amount with interest, in the event the Appeal is decided against the Group. On grounds of prudence, the Group has
not recognised any income arising in respect of these matters.
Capital work in progress include amount incurred for Vikhroli transmission lines project amounting to ` 57 crore ordered
as deemed closure by Maharahstra Electricity Regulatory Commission. The matter has been disputed by the Group and
believes that it will be able to recover the costs incurred for the said project. Accordingly, no impairment provision is
required in respect of the same.
37. Earnings Per Share (EPS)
Accounting Policy
Basic earnings per equity share is computed by dividing the net profit attributable to the equity holders of the Group by the
weighted average number of equity shares outstanding during the period. Diluted earnings per equity share is computed
by dividing the net profit attributable to the equity holders of the Group by the weighted average number of equity shares
considered for deriving basic earnings per equity share and also the weighted average number of equity shares that could have
been issued upon conversion of all dilutive potential equity shares. The dilutive potential equity shares are adjusted for the
proceeds receivable had the equity shares been actually issued at fair value (i.e.the average market value of the outstanding
equity shares). Dilutive potential equity shares are deemed converted as of the beginning of the period, unless issued at a later
date. Dilutive potential equity shares are determined independently for each period presented.
The number of equity shares and potentially dilutive equity shares are adjusted retrospectively for all periods presented for
any share splits and bonus shares issues including for changes effected prior to the approval of the financial statements by the
Board of Directors.
210 I Consolidated Financials
100th Annual Report 2018-19
Notes to the Consolidated Financial Statements
37. Earnings Per Share (EPS) (Contd.)
Particulars
A.
EPS - Continuing Operations (before net movement in Regulatory
Defferal Balances)
Net Profit from Continuing Operations .........................................................................
Net movement in Regulatory Deferral Balances ........................................................
Income-tax attributable to Regulatory Deferral Balances ......................................
Net movement in Regulatory Deferral Balances (Net of tax) ................................
Net Profit (before net movement in Regulatory Deferral Balances) ..................
(Less): Distribution on Perpetual Securities (on accrual basis) (Net of tax) .......
Profit from Continuing Operations attributable to equity shareholders
(before net movement in Regulatory Deferral Balances .................................
Weighted average number of equity shares for Basic and Diluted EPS ...
EPS - Continuing Operations (before net movement in Regulatory
Deferral Balances)
- Basic and Diluted (In ₹) .................................................................................................
Particulars
B.
EPS - Continuing Operations (after net movement in Regulatory
Deferral Balances)
Net Profit for the year ..........................................................................................................
(Less): Distribution on Perpetual Securities (on accrual basis) (Net of tax) ......
Profit/ (Loss) attributable to equity shareholders (after net movement
in Regulatory Deferral Balances)................................................................................
Weighted average number of equity shares for Basic and Diluted EPS ..
EPS - Continuing operations (after net movement in Regulatory
Deferral Balances)
- Basic and Diluted (In ₹) ................................................................................................
EPS - Discontinued Operations
Profit from Net /(Loss) Discontinued Operations ................................................
Weighted average no. of equity shares for Basic and Diluted EPS .............
EPS - Discontinued Operations ....................................................................................
- Basic and Diluted (In `) ..................................................................................................
C.
D.
For the year ended
31st March, 2019
` crore*
For the year ended
31st March, 2018
` crore*
2,316.78
(65.93)
23.04
(42.89)
2,359.67
(111.25)
2,480.04
(409.85)
141.84
(268.01)
2,748.05
(111.82)
2,248.42
2,707,605,570
2,636.23
2,707,605,570
8.30
9.74
For the year ended
31st March, 2019
` crore*
For the year ended
31st March, 2018
` crore*
2,316.78
(111.25)
2,480.04
(111.82)
2,205.53
2,368.22
2,707,605,570
2,707,605,570
8.15
8.75
(125.84)
270,76,05,570
(71.74)
270,76,05,570
(0.46)
(0.26)
EPS - Total Operations (after net movement in Regulatory Defferal
Balances)
Net (Loss) / Profit from Total Operations (after net movement in Regulatory
Deferral Balances)...............................................................................................................
Less: Distribution on Perpetual Securities (on accrual basis) (Net of tax) .......
Net profit from total operations attributable to equity shareholders of
parent (after net movement in Regulatory Deferral Balances) .................
Weighted average number of equity shares for Basic and Diluted EPS
EPS - Total Operations (after net movement in Regulatory Deferral
Balances) ..............................................................................................................................
- Basic and Diluted (In ₹) ..............................................................................................
* All numbers are in ₹ crore except weighted average number of equity shares and Basic and Diluted EPS
2,707,605,570
7.69
2,190.94
(111.25)
2,079.69
2,408.30
(111.82)
2,296.48
2,707,605,570
8.49
Consolidated Financials I 211
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Notes to the Consolidated Financial Statements
38. Related Party Disclosures:
Disclosure as required by Ind AS 24 - “Related Party Disclosures” are as follows:
Names of the related parties and description of relationship:
The Tata Power Company Limited
(a)
Related parties where control exists:
(i)
Employment Benefit Funds
1)
2)
3)
4)
5)
6)
Tata Power Superannuation Fund
Tata Power Gratuity Fund
Tata Power Consolidated Provident Fund
M/s Maithon Power Gratuity Fund (Fund)
North Delhi Power Ltd. Employees Group Gratuity
Assurance Scheme (Gratuity Fund)
Special Voluntary Retirement Scheme Retirees
Terminal Benefit Fund, 2004 (SVRS RTBF - 2004)
(b)
Other related parties (where transactions have taken place during the year and previous year / balances outstanding) :
(i)
(ii)
(c)
(i)
Associates
1)
3)
Tata Projects Ltd.
Panatone Finvest Ltd. (ceased to be an associate
w.e.f. 28th May,2018)
Nelito Systems Ltd.
The Associated Building Co. Ltd.
5)
7)
Joint Venture Companies
Cennergi Pty. Ltd.
1)
Tubed Coal Mines Ltd.
3)
Adjaristsqali Georgia LLC
5)
Powerlinks Transmission Ltd.
7)
Dugar Hydro Power Ltd.
9)
PT Arutmin Indonesia
11)
PT Mitratama Perkasa
13)
Resurgent Power Ventures Pte Ltd.
15)
PT Antang Gunung Meratus
17)
Koromkheti Netherlands B.V.
19)
Renascent Power Ventures Private Ltd.
21)
Promoters holding together with its Subsidiary
more than 20%
Subsidiaries and Jointly Controlled Entities
of Promoters - Promoter Group (where
transactions have taken place during the year
and previous year / balances outstanding) :
Tata Business Support Services Limited (ceased
to be an Associate and became a Subsidiary
w.e.f. 27th November,2017)
Ewart Investments Limited
Tata AG, Zug
Tata AIG General Insurance Company Limited
Tata Capital Limited
Tata Consultancy Services Limited
Tata Consulting Engineers Limited
3)
5)
7)
9)
11)
13)
1)
2)
4)
6)
2)
4)
6)
8)
10)
12)
14)
16)
18)
20)
Yashmun Engineers Ltd.
Tata Communications Ltd. (ceased to be an
associate w.e.f. 28th May,2018)
Dagacchu Hydro Power Corporation Ltd.
Mandakini Coal Company Ltd.
Itezhi Tezhi Power Corporation
LTH Milcom Private Ltd.
Industrial Energy Ltd.
Koromkheti Georgia LLC
PT Kaltim Prima Coal
PT Dwikarya Prima Abadi
PT Baramulti Sukessarana Tbk
Adjaristsqali Netherlands B.V.
Indocoal Resources (Cayman) Ltd.
Tata Sons Pvt. Ltd.
2)
4)
6)
8)
10)
12)
14)
Tata Advanced Material Ltd (ceased to be
Subsidiary w.e.f. 27th March, 2019
TRIL Infopark Limited
World-one Development Company Pvt. Ltd.
J R D Tata Trust
Sir Dorabji Tata Trust
Sir Ratan Tata Trust
Niskalp Infrastructure Services Limited (Formerly
Niskalp Energy Limited)
Taj Air Limited
15)
Tata Housing Development Company Limited
16)
212 I Consolidated Financials
100th Annual Report 2018-19
Notes to the Consolidated Financial Statements
38. Related Party Disclosures: (Contd.)
(a)
Related parties where control exists:
17)
19)
21)
23)
25)
27)
29)
31)
33)
35)
37)
39)
41)
43)
45)
Tata Industries Limited (ceased to be Subsidiary
and became a Joint Venture w.e.f. 27th March,
2019)
Tata Interactive Systems AG
Tata Investment Corporation Limited
Tata Realty and Infrastructure Limited
Tata Teleservices (Maharashtra) Limited (ceased
to be an Associate and became a Subsidiary
w.e.f. 31st October, 2017)
Tata Teleservices Limited (ceased to be an
Associate and became a Subsidiary w.e.f. 27th
November, 2017)
TC Travel and Services Limited
THDC Management Services Limited (formerly
THDC Facility Management Limited)
Tata Cleantech Capital Limited
Tata Sky Limited
Tata Capital Financial Services Limited
Tata International Limited
Tata Capital Forex Limited (formerly TT Holdings
& Services Limited)
Tata Asset Management Limited
Infiniti Retail Limited
18)
20)
22)
24)
26)
28)
30)
32)
34)
36)
38)
40)
42)
44)
46)
(d)
Key Management Personnel
1)
3)
5)
7)
9)
11)
13)
15)
17)
19)
Anil Sardana - CEO & Managing Director (ceases
to be Director w.e.f. 30th April, 2018)
Ashok Sethi - COO & Executive Director
Ramesh Subramanyam - Chief Financial Officer
2)
4)
6)
Hanoz Minoo Mistry - Company Secretary
Anjali Bansal
S. Padmanabhan (ceases to be Director
w.e.f. 16th November, 2017)
Homiar S. Vachha (upto 22nd April, 2017)
Nawshir H. Mirza
Deepak M. Satwalekar
Pravin H. Kutumbe
8)
10)
12)
14)
16)
18)
Tata Unistore Limited (Formerly Tata Industrial
Services Limited) (ceased to be an Associate and
became a Subsidiary w.e.f. 29th March,2018)
Ecofirst Services Limited
Progressive Electoral Trust
Tata Limited
Tata Communications Limited (ceased to be an
Associate and became a Subsidiary w.e.f. 28th
May,2018)
Tata Housing Development Co.
Employees Provident Fund
Limited.
Tata Consultancy Services Employees Provident
Fund
Tata Technologies (India) Limited Employees
Provident Fund
Tata Projects Provident Fund Trust
STT Global Data Centres India Private Limited
(Formerly Tata Communications Data Centers
Private Limited) (w.e.f. 28th May,2018)
Tata AIA Life Insurance Company Limited
Tata Advanced System Limited
Tata Communications Payment Solutions Limited
(w.e.f. 28th May, 2018)
Tata International Singapore Pte. Limited
Panatone Finvest Limited
Praveer Sinha CEO & Managing Director (w.e.f.
01st May, 2018)
N. Chandrasekaran
Sandhya S. Kudtarkar (ceases to be Director w.e.f.
16th November, 2017)
Saurabh Agrawal (w.e.f. 17th November, 2017)
Kesava Menon Chandrasekhar (w.e.f. 4th May,
2017)
Hemant Bhargava (w.e.f. 24th August, 2017)
Sanjay V. Bhandarkar
Banmali Agrawala (w.e.f. 17th November, 2017)
Vibha U. Padalkar
(e)
Relative of Key Managerial Personnel (where transactions have taken place during the year and previous year / balances
outstanding)
Neville Minoo Mistry (Brother of Hanoz Minoo Mistry)
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Consolidated Financials I 213
38. Related Party Disclosures: (Contd.)
(f)
Details of Transactions:
Particulars
Purchase of goods/power (Net of Discount) ����
Sale of goods/power (Net of Discount) ��������������
Purchase of fixed assets �������������������������������������������
Sale of fixed assets �����������������������������������������������������
Rendering of services������������������������������������������������
Receiving of services �������������������������������������������������
Brand equity contribution ��������������������������������������
Contribution to Employee Benefit Plans �����������
Guarantee, collaterals etc� cancelled �������������������
Remuneration paid - short term employee
benefits ��������������������������������������������������������������������������
Long term employee benefits paid ���������������������
Short term employee benefits paid ���������������������
Interest income �����������������������������������������������������������
Interest paid �����������������������������������������������������������������
Dividend received ������������������������������������������������������
Dividend paid ��������������������������������������������������������������
Guarantee commission earned �����������������������������
Loans given ������������������������������������������������������������������
Impairment of Investments- Reversal �����������������
Impairment of Investments ������������������������������������
Damages towards contractual obligation ���������
Sale of Investments����������������������������������������������������
Loans repaid (including loan converted into
equity) ����������������������������������������������������������������������������
Loans provided for as doubtful advances
(including interest)�����������������������������������������������������
Deposits taken �������������������������������������������������������������
Deposits refunded �����������������������������������������������������
Purchase of Investments ������������������������������������������
Loan taken ��������������������������������������������������������������������
214 I Consolidated Financials
Associates
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125�88
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0�15
41.39
9�69
1.80
0�08
-
0�16
0.23
10�94
10.30
-
-
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-
-
-
2,935�59
3,480.26
-
-
-
-
-
-
206�88
255.90
0�08
-
-
-
-
-
-
31.62 $
Key
Management
Personnel
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Employee
Benefit
Funds/Trust
-
-
-
-
-
-
-
-
-
-
-
-
-
-
48�10
34.23
-
-
-
-
-
-
-
-
-
-
-
-
9�74
15.45
-
-
-
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1�00
-
2�48
-
-
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-
-
-
1�00
-
-
-
0�01
-
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0.81
-
-
-
-
-
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-
-
-
-
1�24
2.41
73�75
28.64
210�79
1,011.96
-
-
1�18
1.28
7�05
0.07
-
2,197.66
-
527.55
-
-
-
-
116�83
781.10
-
0.07
50�00
-
50�00
-
-
106.22
665�77
1,175.00
23�91 *
25.55 *
-
-
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-
-
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-
-
-
-
-
-
-
-
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1�15 #
-
0�55 #
-
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-
-
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-
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-
-
-
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` crore
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Promoter
Group
0�02
0.10
72�93
55.08
3�02
20.72
0�05
-
237�45
2.29
86�49
47.80
-
-
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-
-
-
-
-
-
-
-
0�01
-
26�70
14.95
1�97
0.01
1�77
1.85
-
-
-
2.90
-
-
-
-
-
107.08
619�46
50.39
-
3.32
-
-
0�41
1.86
1�55
1.15
-
54.35
-
-
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-
-
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-
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1�09
1.00
0�43
7.43
11�96
35.70
-
-
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-
-
-
-
5�34
5.34
109�17
109.17
-
-
-
-
-
-
-
-
-
-
1,542�61
-
-
-
-
-
-
-
-
-
-
-
-
-
The Tata Power Company LimitedNotes to the Consolidated Financial Statements 38. Related Party Disclosures: (Contd.)
(f)
Details of Transactions:
Particulars
Loan adjusted against liability �������������������������������
Liability written back �������������������������������������������������
Donation given �����������������������������������������������������������
Balances outstanding
Perpetual Securities Outstanding (including
interest thereon) ��������������������������������������������������������� 2019
2018
2017
Redeemable Non-Convertible Debentures ������ 2019
2018
2017
Other receivables ������������������������������������������������������ 2019
2018
2017
Loans given (including interest thereon)����������� 2019
2018
2017
Loans provided for as doubtful advances
(including interest thereon)������������������������������������ 2019
2018
2017
Deposits taken outstanding ����������������������������������� 2019
2018
2017
Balances outstanding
Associates
Joint
Ventures
-
-
-
0.51
-
-
830�34
-
-
-
-
-
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Management
Personnel
-
-
2�03
-
-
-
Employee
Benefit
Funds/Trust
-
-
-
-
-
-
-
-
-
-
-
-
1�26
1.14
7.74
1�27
1.27
1.27
1�27
1.27
1.27
-
-
1.53
-
-
-
-
-
-
165�60
78.44
153.24
173�96 @
803.68
736.30
0�09
0.09
-
-
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-
-
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-
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-
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-
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-
-
-
-
-
-
21�49
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1.94
-
-
-
-
-
-
-
-
-
` crore
Promoters
Promoter
Group
-
-
-
0.01
20�00
-
199�00
199.00
199.00
36�50
36.50
36.50
12�38
2.19
15.47
-
0.55
0.97
-
-
-
0�02
3.99
9.33
-
-
0�64
-
-
-
-
-
-
-
-
-
0�08
-
-
-
-
-
-
-
-
2�00
-
-
-
-
-
-
-
-
-
-
-
7�70
5.45
9.46
-
-
-
-
-
-
-
-
-
-
-
-
13�56
-
17.23
-
-
-
-
-
-
-
-
-
-
-
-
12�93
-
-
-
-
-
16�71
35.80
-
-
-
31.62
0�05
0.05
77.47
1,428�15
2,182.64
1,841.15
2,873.82
2,657.63
2,296.95
Dividend receivable ��������������������������������������������������� 2019
2018
2017
Guarantees, collaterals etc� outstanding ����������� 2019
2018
2017
Letter of comfort outstanding ������������������������������� 2019
2018
2017
Other payables ������������������������������������������������������������ 2019
2018
2017
Loans taken (including interest thereon) ���������� 2019
2018
2017
All outstanding balances are unsecured�
All transactions with the related parties have been done at arms length�
The Group’s principal related parties consist of Tata Sons Private Limited, its subsidiaries and joint ventures,
affiliates and key managerial personnel� The Group’s material related party transactions and outstanding balances
are with related parties with whom the Group routinely enters into transactions in the ordinary course of business�
Includes guarantees given and cancelled in foreign currency, converted in Indian currency by applying average
exchange rates�
On payment basis
Includes loan classified as held for sale
Key Managerial Personnel are entitled to post-employment benefits and other long term employee benefits
recognised as per Ind AS 19 - ‘Employee Benefits’ in the financial statements� As these employee benefits are lump
sum amounts provided on the basis of actuarial valuation, the same is not included above�
Previous year’s figures are in italics�
-
-
-
-
-
-
-
-
-
31�11
36.00
23.51
-
-
-
-
-
-
-
-
-
-
-
-
2�93
39.74
6.10
-
-
-
#
@
*
$
Notes: 1.
2�
3.
Consolidated Financials I 215
100th Annual Report 2018-19NOTICEBOARD’S REPORTMD & ACG REPORTBRRCONSOLIDATEDSTANDALONENotes to the Consolidated Financial Statements
The Tata Power Company Limited
Notes to the Consolidated Financial Statements
39. Financial Instruments
39.1 Fair values
Set out below, is a comparison by class of the carrying amount and fair value of the financial instruments:
Financial assets
Cash and Cash Equivalents ..........................................................
Other Balances with Banks ..........................................................
Trade Receivables ............................................................................
Unbilled Revenues ..........................................................................
Loans ...................................................................................................
Finance Lease Receivables ...........................................................
FVTPL Financial Investments # ...................................................
FVTOCI Financial Investments # .................................................
Amortised Cost Financial Investments # .................................
Derivative Instruments not in hedging relationship ..........
Other Financial Assets ...................................................................
Asset classified as held for sale (Note No. 17)
- Strategic Engineering Division (SED) ....................................
- FVTOCI Financial Investments # (Refer Note below) .....
- Loans (including accrued interest) .......................................
Total .....................................................................................................
Financial liabilities
Trade Payables ..................................................................................
Fixed rate Borrowings (including Current Maturities)........
Floating rate Borrowings (including Current Maturities) ..
Derivative Instruments not in hedging relationship...........
Other Financial Liabilities .............................................................
Carrying value
31st
March,
2019
645.45
142.00
4,638.25
837.85
261.19
603.52
126.32
485.67
416.40
24.76
533.58
31st
March,
2018
1,061.16
124.62
2,978.98
810.09
916.53
609.03
428.43
487.35
401.49
111.59
563.68
1st
April,
2017
835.22
119.08
4,020.04
1,081.92
814.89
612.63
1,010.18
980.56
386.18
37.97
538.60
31st
March,
2019
Fair Value
31st
March,
2018
645.45
142.00
4,638.25
837.85
261.19
603.52
126.32
485.67
423.27
24.76
533.58
1,061.16
124.62
2,978.98
810.09
916.53
609.03
428.43
487.35
405.05
111.59
563.68
` crore
1st
April,
2017
835.22
119.08
4,020.04
1,081.92
814.89
612.63
1,010.18
980.56
397.84
37.97
538.60
265.62
38.65
18.59
9,037.85
314.50
69.70
Nil
8,877.15
Nil
195.21
Nil
10,632.48
265.62
38.65
18.59
9,044.72
314.50
69.70
Nil
8,880.71
Nil
195.21
Nil
10,644.14
5,504.24
16,115.06
32,390.98
113.35
3,563.32
57,686.95
5,630.82
13,623.37
34,965.87
457.67
2,726.97
57,404.70
5,564.57
13,950.65
34,864.76
944.51
2,800.40
5,504.24
16,149.65
32,390.98
113.35
3,563.32
58,124.89 57,721.54
5,630.82
13,638.35
34,965.87
457.67
2,726.97
57,419.68
5,564.57
14,180.67
34,864.76
944.51
2,800.40
58,354.91
# other than investments accounted for Equity Method
The management assessed that the fair value of cash and cash equivalents, other balances with bank, trade receivables, loans,
finance lease receivables, unbilled revenues, trade payables, other financial assets and liabilities approximate their carrying
amounts largely due to the short term maturities of these instruments.
The fair value of the financial assets and liabilities is included at the amount at which the instrument could be exchanged in a
current transaction between willing parties. The following methods and assumptions were used to estimate the fair values.
Fair value of the quoted bonds, mutual funds, government securities are based on the price quotations near the reporting
date. Fair value of the unquoted equity shares have been estimated using a Discounted Cash Flow (DCF) model. The valuation
requires management to make certain assumptions about the model inputs, including forecast cash flows, discount rate,
credit risk and volatility. The probabilities of the various estimates within the range can be reasonably assessed and are used in
management’s estimate of fair value for those unquoted equity investments.
The fair value of the remaining FVTOCI financial assets are derived from quoted market price in active markets.
The Group enters into derivative financial instruments with various counterparties, principally banks and financial institutions
with investment grade credit ratings. Interest rate swaps, foreign exchange forward and option contracts are valued using
valuation techniques, which employs the use of market observable inputs. The most frequently applied valuation techniques
include forward pricing and swap models using present value calculations. The models incorporate various inputs including
the credit quality of counterparties, foreign exchange spot and forward rates, yield curves of the respective currencies, currency
basis spreads between the respective currencies, interest rate curves and forward rate curves of the underlying currency. All
derivative contracts are fully collateralized, thereby, eliminating both counterparty and the Group’s own non-performance
risk. As at 31st March, 2019, the marked-to-market value of derivative asset positions is net of a credit valuation adjustment
attributable to derivative counterparty default risk.
The fair value of unquoted instruments, loans from banks and other financial liabilities, as well as other non-current financial
liabilities is estimated by discounting future cash flow using rates currently available for debt on similar terms, credit risk and
remaining maturities.
-
-
-
-
216 I Consolidated Financials
100th Annual Report 2018-19
39. Financial Instruments (Contd.)
Notes to the Consolidated Financial Statements
-
The cost of certain unquoted investments approximate their fair value because there is a wide range of possible fair value
measurements and the cost represents the best estimate of fair value within that range.
Reconciliation of Level 3 fair value measurement of unquoted equity shares (Refer Note below).
Unlisted shares irrevocably
designated as at FVTOCI
Year ended
31st March, 2018
778.09
(381.01)
397.08
Year ended
31st March, 2019
397.08
0.63
397.71
` crore
Unlisted shares carried at FVTPL
Year ended
31st March, 2019
0.15
0.01
0.16
Year ended
31st March, 2018
0.14
0.01
0.15
Opening balance ................................................
Total Gain or (Loss) .............................................
Closing balance .................................................
Notes:
Certain unquoted investments are not held for trading, instead they are held for medium or long term strategic purpose.
Upon the application of Ind AS 109, the Group has chosen to designate these investments in equity instruments as
at FVTOCI as the directors believe this provides a more meaningful presentation for medium and long- term strategic
investments, then reflecting changes in fair value immediately in profit or loss.
All gains and losses included in other comprehensive income relate to unlisted shares held at the end of the reporting
period and are reported under “Equity Instruments through Other Comprehensive Income”.
The significant unobservable input used in the fair value measurement categorized within Level 3 of the fair value
hierarchy together with a quantitative sensitivity analysis as at 31st March, 2019, 31st March, 2018 and 1st April, 2017 are
as shown below:
Description of significant unobservable inputs to valuation:
Investments in unquoted
equity shares
Valuation
techniques
Price of recent
transaction
(PORT)
Significant
unobservable
inputs
Transaction
price
Range
(weighted
average)
Varies on case
to case basis
Sensitivity of the input to fair value
5% (31st March, 2018: 5%; 1st April, 2017:
5%) increase (decrease) in the transaction
price would result in increase (decrease) in
fair value by ` 2.82 crore (31st March, 2018:
` 2.82 crore; 1st April, 2017: ` 2.82 crore)
E
C
I
T
O
N
T
R
O
P
E
R
S
D
R
A
O
B
’
A
&
D
M
T
R
O
P
E
R
G
C
The discount for lack of marketability represents the amount that the Group has determined that market participants would
take into account when pricing the investments.
R
R
B
39.2 Fair value hierarchy
The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either observable
or unobservable and consists of the following three levels:
Level 1
Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. This includes quoted equity
instruments, government securities, quoted borrowings (fixed) and mutual funds that have quoted price.
Inputs are other than quoted prices included within Level 1 that are observable for the asset or liability, either directly
(i.e. as prices) or indirectly (i.e. derived from prices). This includes derivative financial instruments and unquoted
borrowings (fixed and floating rate).
Inputs are not based on observable market data (unobservable inputs). Fair values are determined in whole or in part
using a valuation model based on assumptions that are neither supported by prices from observable current market
transactions in the same instrument nor are they based on available market data. This includes unquoted equity
shares.
Level 2
Level 3
D
E
T
A
D
I
L
O
S
N
O
C
E
N
O
L
A
D
N
A
T
S
Consolidated Financials I 217
Notes to the Consolidated Financial Statements
39. Financial Instruments (Contd.)
The following table summarizes financial assets and liabilities measured at fair value on a recurring basis and financial assets
that are not measured at fair value on a recurring basis (but fair value disclosures are required) :
The Tata Power Company Limited
Date of
valuation
Fair value hierarchy as at 31st March, 2019
Quoted prices
in active
markets
(Level 1)
Significant
observable
inputs
(Level 2)
Significant
unobservable
inputs
(Level 3)
` crore
Total
Asset measured at fair value
FVTPL Financial Investments ............................... 31st March, 2019
FVTOCI Financial Investments:
- Quoted Equity Shares ......................................... 31st March, 2019
- Unquoted Equity Shares ................................... 31st March, 2019
Derivative instruments not in hedging
relationship ................................................................ 31st March, 2019
Assets Classified as Held For Sale ...................... 31st March, 2019
Assets for which fair values are disclosed
Investment in Government Securities ............. 31st March, 2019
Liabilities measured at fair value
Derivative Financial Liabilities ............................ 31st March, 2019
Liabilities for which fair values are
disclosed
Fixed rate Borrowings .............................................. 31st March, 2019
Floating rate Borrowings ........................................ 31st March, 2019
Total ...............................................................................
126.16
87.96
Nil
Nil
38.65
423.27
676.04
Nil
Nil
Nil
24.76
Nil
Nil
24.76
0.16
126.32
Nil
397.71
87.96
397.71
Nil
Nil
24.76
38.65
Nil
397.87
423.27
1,098.67
Nil
113.35
Nil
113.35
8,890.13
1,069.94
9,960.07
7,259.52
31,321.04
38,693.91
Nil
Nil
Nil
16,149.65
32,390.98
48,653.98
Date of
valuation
Fair value hierarchy as at 31st March, 2018
Quoted prices
in active
markets
(Level 1)
Significant
observable
inputs
(Level 2)
Significant
unobservable
inputs
(Level 3)
Total
Asset measured at fair value
FVTPL Financial Investments ................................. 31st March, 2018
FVTOCI Financial Investments:
- Quoted Equity Shares ............................................ 31st March, 2018
- Unquoted Equity Shares ...................................... 31st March, 2018
Derivative instruments not in hedging
relationship ..................................................................
31st March, 2018
Assets classified as held for sale ...........................
Assets for which fair values are disclosed
Investment in Government Securities............... 31st March, 2018
Liabilities measured at fair value
Derivative Financial Liabilities............................... 31st March, 2018
Liabilities for which fair values are
disclosed
Fixed rate Borrowings .............................................. 31st March, 2018
Floating rate Borrowings ........................................ 31st March, 2018
Total ...............................................................................
428.28
90.27
Nil
Nil
69.70
405.05
993.30
Nil
Nil
Nil
111.59
Nil
Nil
111.59
0.15
428.43
Nil
397.08
90.27
397.08
Nil
Nil
111.59
69.70
Nil
397.23
405.05
1,502.12
Nil
457.67
Nil
457.67
9,830.28
1,979.49
11,809.77
3,808.07
32,986.38
37,252.12
Nil
Nil
Nil
13,638.35
34,965.87
49,061.89
218 I Consolidated Financials
100th Annual Report 2018-19
39. Financial Instruments (Contd.)
Notes to the Consolidated Financial Statements
Date of
valuation
Fair value hierarchy as at 31st March, 2017
Quoted prices
in active
markets
(Level 1)
` crore
Significant
observable
inputs
(Level 2)
` crore
Significant
unobservable
inputs
(Level 3)
` crore
Total
` crore
Asset measured at fair value
FVTPL Financial Investments ................................. 1st April, 2017
FVTOCI Financial Investments:
- Quoted Equity Shares ............................................ 1st April, 2017
- Unquoted Equity Shares ...................................... 1st April, 2017
Derivative instruments not in hedging
relationship ..................................................................
1st April, 2017
Assets classified as held for sale ........................... 1st April, 2017
Assets for which fair values are disclosed
1st April, 2017
Investment in Government Securities ............... 1st April, 2017
for which
Liabilities measured at fair value
Derivative Financial Liabilities .............................. 1st April, 2017
Liabilities
disclosed
Fixed rate Borrowings .............................................. 1st April, 2017
Floating rate Borrowings ........................................ 1st April, 2017
Total ...............................................................................
fair values are
1,010.04
202.47
Nil
Nil
195.21
397.84
1,805.56
Nil
Nil
Nil
37.97
Nil
Nil
37.97
0.14
1,010.18
Nil
778.09
202.47
778.09
Nil
Nil
37.97
195.21
Nil
778.23
397.84
2,621.76
Nil
944.51
Nil
944.51
11,106.11
1,992.07
13,098.18
3,074.56
32,872.69
36,891.76
Nil
Nil
Nil
14,180.67
34,864.76
49,989.94
There has been no transfer between level 1 and level 2 during the period.
39.3 Capital Management & Gearing Ratio
For the purpose of the Group’s capital management, capital includes issued equity capital and all other equity reserves
attributable to the equity holders of the Group. The primary objective of the Group’s capital management is to maximize the
shareholder value.
The Group manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements
of the financial covenants. From time to time, the Group reviews its policy related to dividend payment to shareholders, return
capital to shareholders or fresh issue of shares. The Group monitors capital using gearing ratio, which is net debt divided by
total capital plus net debt. The Group’s policy is to keep the gearing ratio between 60% and 80% at consolidated level. The
Group includes within net debt, interest bearing loans and borrowings, less cash and cash equivalents, excluding discontinued
operations as detailed in the notes below.
The Group’s capital management is intended to create value for shareholders by facilitating the meeting of its long-term and
short-term goals. Its Capital structure consists of net debt (borrowings as detailed in notes below) and total equity.
Gearing ratio
The gearing ratio at the end of the reporting period was as follows:
31st March, 2019
31st March, 2018
` crore
1st April, 2017
Debt (i) ..................................................................................................................
Less: Cash and Bank balances ......................................................................
Net debt ..............................................................................................................
Total Capital (ii) ..................................................................................................
Capital and net debt .....................................................................................
Net debt to Total Capital plus net debt ratio (%) ..................................
(i)
49,707.56
941.68
48,765.88
14,422.49
63,188.37
77.18
Debt is defined as Non-current borrowings (including current maturities) and Current borrowings (excluding derivative,
financial guarantee contracts and contingent considerations) and interest accrued on Non-current and Current
borrowings.
(ii)
Equity is defined as Equity share capital, Unsecured perpetual securities and other equity including reserves and surplus.
In order to achieve this overall objective, the Group’s capital management, amongst other things, aims to ensure that it meets
financial covenants attached to the interest-bearing loans and borrowings that define capital structure requirements.
49,131.63
769.57
48,362.06
18,221.16
66,583.22
72.63
49,396.99
1,172.21
48,224.78
16,399.88
64,624.66
74.62
Consolidated Financials I 219
E
C
I
T
O
N
T
R
O
P
E
R
S
D
R
A
O
B
’
A
&
D
M
T
R
O
P
E
R
G
C
R
R
B
D
E
T
A
D
I
L
O
S
N
O
C
E
N
O
L
A
D
N
A
T
S
The Tata Power Company Limited
Notes to the Consolidated Financial Statements
39. Financial Instruments (Contd.)
No changes were made in the objectives, policies or processes for managing capital during the years ended 31st March, 2019
and 31st March, 2018.
39.4 Financial risk management objectives and policies
The Group’s principal financial liabilities, other than derivatives, comprise borrowings, trade and other payables, financial
guarantee contracts and other financial liabilities. The main purpose of these financial liabilities is to finance the Group’s
operations and to provide guarantees to support its operations. The Group’s principal financial assets include loans, trade
and other receivables, cash and cash equivalents, other bank balances, unbilled receivables, finance lease receivables and
other financial assets that derive directly from its operations. The Group also holds FVTOCI/FVTPL investments and enters into
derivative transactions.
The Group is exposed to market risk, credit risk and liquidity risk. The Group’s senior management oversees the management
of these risks. The Group’s senior management is supported by a risk committee that reviews the financial risks and the
appropriate financial risk governance framework for the Group. The Group’s financial risk activities are governed by appropriate
policies and procedures and that financial risks are identified, measured and managed in accordance with the Group’s policies
and risk objectives. All derivative activities for risk management purposes are carried out by specialist teams that have the
appropriate skills, experience and supervision. It is the Group’s policy that no trading in derivatives for speculative purposes
may be undertaken. The risk management policy is approved by the board of directors, which is summarized below.
39.4.1 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 of three types of risk: currency risk, interest rate risk and equity price risk. The impact of
equity price risk is not material. Financial instruments affected by market risk include loans and borrowings, derivative financial
instruments and FVTOCI investments.
The sensitivity analysis in the following sections relate to the position as at 31st March, 2019, 31st March, 2018 and 1st April, 2017.
The sensitivity analysis have been prepared on the basis that the amount of net debt, the ratio of fixed to floating interest rates
of the debt and derivatives and the proportion of financial instruments in foreign currencies are all constant and on the basis
of hedge designations in place at 31st March, 2019. The analysis exclude the impact of movements in market variables on:
the carrying values of gratuity and other post-retirement obligations; provisions; and the non-financial assets and liabilities of
foreign operations.
a.
Foreign currency risk management
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 Group is exposed to foreign exchange risk through its operations in international projects
and purchase of coal from Indonesia and elsewhere and overseas borrowings. The results of the Group’s operations can
be affected as the rupee appreciates/depreciates against these currencies. The Group enters into derivative financial
instruments such as foreign exchange forward and option contracts to mitigate the risk of changes in exchange rates on
foreign currency exposures.
When a derivative is entered into for the purpose of being a hedge, the Group negotiates the terms of those derivatives
to match the terms of the hedged exposure. For hedges of forecast transactions the derivatives cover the period of
exposure from the point the cash flows of the transactions are forecasted up to the point of settlement of the resulting
receivable or payable that is denominated in the foreign currency.
The following table analyses foreign currency assets and liabilities on balance sheet dates:
` crore
31st March, 2018
Foreign
Currency
(in Million)
1,371.82
0.93
0.06
26.68
0.33
8,939.74
7.54
0.55
1.66
1.64
1st April, 2017
Foreign
Currency
(in Million)
1,770.54
8.04
3.63
26.83
0.45
` crore
11,481.98
55.73
29.38
1.56
2.89
` crore
31st March, 2019
Foreign
Currency
(in Million)
412.07
0.42
*
157.84
Nil
2,849.95
3.27
0.03
9.86
Nil
Foreign Currency Liabilities
In USD .....................................................
In EURO ..................................................
In GBP .....................................................
In JPY .......................................................
In SGD .....................................................
220 I Consolidated Financials
100th Annual Report 2018-19
39. Financial Instruments (Contd.)
Notes to the Consolidated Financial Statements
Foreign Currency Assets
In USD .....................................................
In EURO ..................................................
In GBP .....................................................
In ZAR .....................................................
In SGD .....................................................
In VND .....................................................
In AUD ....................................................
In IDR .......................................................
In TAKA ...................................................
Note:
* Denotes figures below ` 50,000/-
` crore
31st March, 2019
Foreign
Currency
(in Million)
8.85
0.06
Nil
0.01
Nil
Nil
Nil
Nil
0.20
61.19
0.46
Nil
0.01
Nil
Nil
Nil
Nil
0.02
` crore
31st March, 2018
Foreign
Currency
(in Million)
25.19
0.10
0.06
186.89
0.34
Nil
0.35
Nil
0.21
164.20
0.79
0.53
106.79
1.70
Nil
1.79
Nil
0.02
1st April, 2017
Foreign
Currency
(in Million)
4.52
0.17
0.06
187.69
0.63
77.48
0.26
0.03
0.21
` crore
29.33
1.17
0.46
90.65
4.03
0.01
1.71
0.18
0.02
(i)
Foreign currency sensitivity analysis
The following tables demonstrate the sensitivity to a reasonably possible change in USD exchange rates, with all
other variables held constant. The impact on the Group’s profit before tax and impact on equity is due to changes
in the fair value of monetary assets and liabilities including non-designated foreign currency forward and option
contracts given as under.
As of 31st March, 2019 .................. Rupee depreciate by ` 1 against USD
Rupee appreciate by ` 1 against USD
As of 31st March, 2018 .................... Rupee depreciate by ` 1 against USD
Rupee appreciate by ` 1 against USD
As of 1st April, 2017 .......................... Rupee depreciate by ` 1 against USD
Rupee appreciate by ` 1 against USD
Notes:
` crore
Effect on profit before tax and
consequential impact on equity
(-) ₹ 1.09
(+) ₹ 0.61
(-) ` 59.18
(+) ` 59.32
(-) ` 70.02
(+) ` 69.64
1)
2)
+/- Gain/Loss
The impact of depreciation/ appreciation on foreign currency other than U.S. Dollar on profit before
tax of the Group is not material.
(ii) Derivative financial instruments
The Group holds derivative financial instruments such as foreign currency forward and option contracts to
mitigate the risk of changes in exchange rate on foreign currency exposure. The counterparty for these contracts
is generally a Bank or a Financial Institution. These derivative financial instrument are valued based on quoted
prices for similar asset and liabilities in active markets or inputs that is directly or indirectly observable in the
marketplace.
Consolidated Financials I 221
E
C
I
T
O
N
T
R
O
P
E
R
S
D
R
A
O
B
’
A
&
D
M
T
R
O
P
E
R
G
C
R
R
B
D
E
T
A
D
I
L
O
S
N
O
C
E
N
O
L
A
D
N
A
T
S
39. Financial Instruments (Contd.)
Notes to the Consolidated Financial Statements
The following table gives details in respect of outstanding foreign exchange forward and option contracts:
Outstanding Contracts
The Tata Power Company Limited
Other Derivatives
Forward contracts
Buy/ Sell
31st March, 2019
Foreign Currency Nominal Value in
` crore
(in millions)
Fair Value in
` crore
In USD ........................................
In EURO .....................................
In GBP .........................................
In YEN .........................................
Option contracts
In USD ........................................
Buy
Buy
Buy
Buy
Buy
336.26
0.08
Nil
5.16
119.82
2,325.60
0.62
Nil
0.32
828.69
(84.12)
*
Nil
*
(14.14)
Other Derivatives
Forward contracts
Buy/ Sell
31st March, 2018
Foreign Currency Nominal Value in
` crore
(in millions)
Fair Value in
` crore
In USD ........................................
Option contracts
In USD ........................................
Buy
Buy
844.29
707.80
5,508.52
4,613.26
(134.33)
9.62
Other Derivatives
Forward contracts
In USD ........................................
In EURO .....................................
In GBP .........................................
Option contracts
In USD ........................................
Buy
Buy
Buy
Buy
Note:
Fair Value in brackets denotes liability.
*Denotes figures below 50,000/-
1st April, 2017
Foreign Currency Nominal Value in
` crore
(in millions)
Fair Value in
` crore
1,172.65
6.81
3.25
420.90
7,604.66
47.18
26.27
2,729.54
(393.58)
(1.10)
(0.40)
(47.68)
b.
Interest rate risk management
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 Group’s exposure to the risk of changes in market interest rates relates primarily to
the Group’s long-term debt obligations with floating interest rates.
The Group manages its interest rate risk by having a balanced portfolio of fixed and variable rate loans and borrowings.
The Group’s policy is to keep upto 50% of its borrowings at fixed rates of interest. To manage this, the Group enters
into fixed rate loan, Bonds and 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.
(i)
Interest rate sensitivity:
The sensitivity analysis below have been determined based on exposure to interest rates for term loans and debentures
at the end of the reporting period and the stipulated change taking place at the beginning of the financial year and held
constant throughout the reporting period in case of term loans and debentures that have floating rates.
If the interest rates had been 50 basis points higher or lower and all the other variables were held constant, the effect on
interest expense for the respective financial years and consequent effect on Group’s profit in that financial year would
have been as below:
Interest expense on loan .............................................
Effect on profit before tax ...........................................
As of 31st March, 2019
50 bps increase 50 bps decrease
(-) ₹ 168.39
(+) ₹ 168.39
(+) ₹ 168.39
(-) ₹ 168.39
As of 31st March, 2018
50 bps increase
(+) ₹ 174.58
(-) ₹ 174.58
50 bps decrease
(-) ₹ 174.58
(+) ₹ 174.58
` crore
222 I Consolidated Financials
100th Annual Report 2018-19
39. Financial Instruments (Contd.)
Notes to the Consolidated Financial Statements
(ii)
Interest rate swap contracts:
An interest rate swap is an agreement between two counterparties in which one stream of future interest payments is
exchanged for another based on a specified principal amount. Interest rate swaps usually involve the exchange of a fixed
interest rate for a floating rate, or vice versa, to reduce or increase exposure to fluctuations in interest rates or to obtain a
marginally lower interest rate than would have been possible without the swap. Interest rate swaps are the exchange of
one set of cash flows for another.
The following table gives details in respect of outstanding receive floating pay fixed contracts:
31st March, 2019
31st March, 2018
1st April, 2017
Nominal amounts
Fair value assets (liabilities)
Nominal amounts
Fair value assets (liabilities)
Nominal amounts
Fair value assets (liabilities)
Less than 1 year
276.64
1.38
3,523.76
52.18
4,101.76
17.06
1 to 5 years
2,593.55
8.29
1,512.05
(12.04)
2,432.36
(51.18)
39.4.2 Credit risk management
` crore
5 years +
Nil
Nil
3,660.83
(261.51)
4,086.14
(429.66)
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 Group is exposed to credit risk from its operating activities (primarily trade receivables) and from its
financing activities including loans, foreign exchange transactions and other financial instruments.
Trade Receivables .............................................................................................
Loans .....................................................................................................................
Finance Lease Receivables ............................................................................
Other Financial Assets (including derivatives contracts) ...................
Held for Sale Financial Assets .......................................................................
Unbilled Revenue .............................................................................................
Total ......................................................................................................................
31st March, 2019
4,638.25
261.19
603.52
558.34
322.86
837.85
7,222.01
31st March, 2018
2,978.98
916.53
609.03
675.27
384.20
810.09
6,374.10
` crore
1st April, 2017
4,020.04
814.89
612.63
576.57
195.21
1,081.92
7,301.26
Refer note 7 for credit risk and other information in respect of trade receivables. Other receivables as stated above are due from
the parties under normal course of the business and as such the Group believes exposure to credit risk to be minimal.
The Group has not acquired any credit impaired asset.
39.4.3 Liquidity risk management
The Group manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities, by
continuously monitoring forecast and actual cash flows and matching the maturity profiles of financial assets and liabilities.
The Group has access to a sufficient variety of sources of funding. Having regards to the nature of the business wherein the
Group is able to generate fixed cash flows over a period of time and to optimize the cost of funding, the Group, from time to
time, funds its long -term investment from short-term sources. The short-term borrowings can be rollforward or, if required, can
be refinanced from long term borrowings.
E
C
I
T
O
N
T
R
O
P
E
R
S
D
R
A
O
B
’
A
&
D
M
T
R
O
P
E
R
G
C
R
R
B
D
E
T
A
D
I
L
O
S
N
O
C
E
N
O
L
A
D
N
A
T
S
Consolidated Financials I 223
Notes to the Consolidated Financial Statements
39. Financial Instruments (Contd.)
The table below summarizes the maturity profile of the Group’s financial liabilities based on contractual undiscounted
payments:
The Tata Power Company Limited
31st March, 2019
Non-Derivatives
Borrowings # ...................................................
Trade Payables ................................................
Other Financial Liabilities ...........................
Total Non-Derivative Liabilities ...........
Derivatives
Other Financial Liabilities ...........................
Total Derivative Liabilities ......................
31st March, 2018
Non-Derivatives
Borrowings # ...................................................
Trade Payables ................................................
Other Financial Liabilities ...........................
Total Non-Derivative Liabilities ...........
Derivatives
Other Financial Liabilities ...........................
Total Derivative Liabilities ......................
1st April, 2017
Non-Derivatives
Borrowings # ...................................................
Trade Payables ................................................
Other Financial Liabilities ...........................
Total Non-Derivative Liabilities ...........
Derivatives
Other Financial Liabilities ...........................
Total Derivative Liabilities ......................
Up to 1 year
1 to 5 years
5 + years
` crore
Total Carrying Amount
20,515.40
5,481.49
2,250.42
28,247.31
23,357.51
22.75
61.93
23,442.19
24,175.16
Nil
625.38
24,800.54
68,048.07
5,504.24
2,937.73
76,490.04
49,131.63
5,504.24
2,937.73
57,573.60
113.35
113.35
Nil
Nil
Nil
Nil
113.35
113.35
113.35
113.35
20,983.72
5,609.82
1,271.91
23,726.67
21.00
144.80
26,371.09
Nil
502.51
71,081.48
5,630.82
1,919.22
49,396.99
5,630.82
1,919.22
27,865.45
23,892.47
26,873.60
78,631.52
56,947.03
457.67
457.67
Nil
Nil
Nil
Nil
457.67
457.67
457.67
457.67
17,343.21
5,529.00
1,357.31
24,229.52
944.51
944.51
24,250.76
35.57
48.43
24,334.76
28,590.49
Nil
502.51
29,093.00
70,184.46
5,564.57
1,908.25
77,657.28
Nil
Nil
Nil
Nil
944.51
944.51
49,707.56
5,564.57
1,908.25
57,180.38
944.51
944.51
#
The table has been drawn up based on the undiscounted contractual maturities of the financial liabilities including interest that
will be paid on those liabilities upto the maturity of the instruments, ignoring the call and refinancing options available with
the Group. The amounts included above for variable interest rate instruments for non-derivative liabilities is subject to change if
changes in variable interest rates differ to those estimates of interest rates determined at the end of the reporting period.
The group expects to meet its obligation from operating cash flows and proceeds of maturing financial assets.
Till last year, in respect of borrowings availed by the Group for its project at Mundra, one of the subsidiaries was not in
compliance with the financial covenants for INR Term Loans and as a result, entire loan balance was classified as “Current
Borrowings” in consolidated financial statements. During the current year, State Bank of India (Lead Banker) has granted
waiver and amended the financial covenants, which the subsidiary now is in compliance with. Accordingly, the loans
outstanding as at 31st March, 2019 aggregating to ₹ 3,687.55 crore have been re-classified as “Non-current borrowings” and
₹ 76.78 crore of current maturities pertaining to these loan balances have been classified under “Current Maturities of Non-
current Borrowings”.
40. Segment Reporting
Information reported to the Chief Operating Decisions Maker (CODM) for the purpose of resource allocation and assessment of
segment performance focus on business segment which comprises of Power and Others.
Specifically, the Group’s reportable segments under Ind AS are as follows:
Power : Comprises of Generation, Transmission, Distribution and Trading of Power and relative activities.
Others: Comprises of Project Contracts/Infrastructure Management Services and Property Development.
224 I Consolidated Financials
100th Annual Report 2018-19
40. Segment Reporting (Contd.)
Notes to the Consolidated Financial Statements
Revenue and expenses directly attributable to segments are reported under each reportable segment. Expenses which are not
directly identifiable to each reporting segment have been allocated on the basis of associated revenue of the segment and
manpower efforts. All other expenses which are not attributable or allocable to segments have been disclosed as unallocable
expenses.
Assets and liabilities that are directly attributable or allocable to segments are disclosed under each reportable segment. All
other assets and liabilities are disclosed as unallocable.
Power
27,935.87
24,882.65
4,144.38
3,615.01
Others Discontinued
Operations *
Inter
Segment
Total
3,545.45
3,124.54
93.01
175.32
143.59
286.74
(1,988.61)
(1,576.77)
-
-
REVENUE
External Revenue .........................................................................................
RESULT
Total Segment Results ...................................................................
Finance Costs ....................................................................................
Exceptional Item - Power Business............................................
Exceptional Item - Unallocable...................................................
Unallocable Income net of Unallocable Expense ................
Share of Profit of Associates and Joint Ventures
accounted for using the Equity Method .................................
Profit Before Tax - Continuing Operations .......................
Profit Before Tax - Discontinued Operations * ...............
OTHER INFORMATION
Segment Assets ................................................................................
Unallocable Assets ..........................................................................
Assets Classified as Held For Sale * ...........................................
Total Assets ..................................................................................................
Segment Liabilities .........................................................................
Unallocable Liabilities ....................................................................
Liabilities directly associated with Assets Classified as
Held For Sale * ..................................................................................
Total Liabilities ...........................................................................................
2019
2018
2017
2019
2018
2017
2019
2018
2017
2019
2018
2017
2019
2018
2017
2019
2018
2017
2019
2018
2017
2019
2018
2017
62,882.66
61,103.66
61,342.70
1,572.45
1,811.68
4,116.79
9,330.20
10,420.25
10,509.72
1,472.05
1,222.44
1,465.82
-
-
-
-
-
-
E
C
I
T
O
N
T
R
O
P
E
R
S
D
R
A
O
B
’
A
&
D
M
T
R
O
P
E
R
G
C
R
R
B
D
E
T
A
D
I
L
O
S
N
O
C
E
N
O
L
A
D
N
A
T
S
29,636.30
26,717.16
4,237.39
3,790.33
(4,170.00)
(3,761.48)
(151.41)
(460.51)
1,897.24
1,563.04
122.10
159.27
1,287.02
1,553.91
3,222.34
2,844.56
(191.82)
(85.87)
64,455.11
62,915.34
65,459.49
17,642.62
17,029.44
15,708.08
2,064.30
2,065.19
-
84,162.03
82,009.97
81,167.57
10,802.25
11,642.69
11,975.54
52,005.69
51,074.55
52,900.55
966.27
877.56
-
63,774.21
63,594.80
64,876.09
3,576.22
3,550.34
114.15
27.22
2,393.13
2,346.17
-
-
-
-
-
-
-
-
-
-
-
-
Capital Expenditure ....................................................................................
Non-cash Expenses other than Depreciation/Amortisation (to
the extent allocable to segment) ..........................................................
Depreciation/Amortisation (to the extent allocable to segment)
3,449.34
3,222.13
69.32
7.57
2,301.90
2,259.84
39.55
95.07
44.83
19.65
91.23
86.33
87.33
233.14
-
-
-
-
Consolidated Financials I 225
Notes to the Consolidated Financial Statements
40. Segment Reporting (Contd.)
RECONCILIATION OF REVENUE
The Tata Power Company Limited
Power
Others
Total
Continuing
Operations
Discontinued
Operations *
Inter
Segment
` crore
Total
28,001.80
25,292.50
(340.19)
(409.85)
3,545.45
3,124.54
-
-
29,558.64
26,840.27
(340.19)
(409.85)
143.59
286.74
-
-
(1,988.61)
(1,576.77)
-
-
29,702.23
27,127.01
(340.19)
(409.85)
274.26
-
27,935.87
24,882.65
-
-
3,545.45
3,124.54
274.26
-
29,492.71
26,430.42
-
143.59
286.74
-
-
(1,988.61)
(1,576.77)
274.26
-
29,636.30
26,717.16
REVENUE
Revenue from Operations .....................................................
Add/(Less): Regulatory Deferral Balances (net) ..............
Add/(Less): Regulatory Deferral Balances (net) in
respect of earlier years .....................................
Total Segment Revenue as reported above..................................
*
Refer Note 17 c.
Notes:
1.
2
3.
Comparative figures for Statement of Profit and Loss items are for the year ended 31st March, 2018 and Balance
Sheet items are as on 31st March, 2018 and 1st April, 2017.
Revenue from a DISCOM on sale of electricity with which the Group has entered into a Power Purchase Agreement
accounts for more than 10% of Total Revenue.
Previous period/year’s figures are in italics which are restated.
Reconciliation of Assets and Liabilities
Segment Operating Assets .......................................................... [A]
Unallocable Assets
Non-current Investments ...................................................................
Deferred Tax Assets (Net) ....................................................................
Other Loans and Advances to Related Parties ............................
Advance Tax .............................................................................................
Loans to Employees ..............................................................................
Current Investments ............................................................................
Fixed Deposit with Banks ...................................................................
Assets Classified as Held For Sale other than Discontinued
Operations ...............................................................................................
Other Unallocable Assets ...................................................................
Total Unallocable Assets ................................................................[B]
Add: Assets of Discontinued Operations ................................. [C]
Total Assets .................................................................[A] + [B] + [C]
Segment Operating Liabilities .................................................... [A]
Unallocable Liabilities
Non-current Borrowings ....................................................................
Current Maturities of Long-term Debt...........................................
Deferred Tax Liabilities (Net) .............................................................
Unpaid Dividend ...................................................................................
Dividend Tax on Preference Shares .................................................
Short-term Borrowings ......................................................................
Fair Value of Foreign Exchange Forward and Option
Contracts ..................................................................................................
Interest accrued but not due on Borrowings ..............................
Advance Received for Sale of Investments ..................................
Contingent Consideration Payable (Fair Value through Profit
and Loss) ...................................................................................................
As at
31st March, 2019
` crore
64,455.11
As at
31st March, 2018 #
` crore
62,915.34
As at
31st March, 2017
` crore
65,459.49
12,851.10
89.49
152.88
240.68
6.67
166.98
453.90
3,477.82
203.10
17,642.62
2,064.30
84,162.03
10,802.25
31,130.73
3,469.31
1,056.81
22.17
Nil
13,875.38
113.35
625.59
1,099.62
42.57
11,992.77
118.17
789.05
182.36
8.10
436.16
250.72
2,713.51
538.60
17,029.44
2,065.19
82,009.97
11,642.69
22,339.31
7,391.17
516.56
17.85
12.33
18,827.28
457.67
807.75
271.19
55.71
10,775.23
124.12
724.32
178.03
8.28
1,097.78
468.37
1,919.47
412.48
15,708.08
-
81,167.57
11,975.54
25,114.51
7,377.31
1,751.14
16.53
12.21
16,279.79
944.51
892.15
Nil
Nil
226 I Consolidated Financials
100th Annual Report 2018-19
Notes to the Consolidated Financial Statements
40. Segment Reporting (Contd.)
Reconciliation of Assets and Liabilities
Other Unallocable Liabilities .............................................................
Total Unallocable Liabilities ..........................................................[B]
Add: Liabilities directly associated with Assets Classified as
Held For Sale............................................................................ [C]
Total Liabilities ..........................................................[A] + [B] + [C]
Reconciliation of Profit
As at
31st March, 2019
` crore
570.16
52,005.69
As at
31st March, 2018 #
` crore
377.73
51,074.55
As at
31st March, 2017
` crore
512.40
52,900.55
966.27
63,774.21
877.56
63,594.80
-
64,876.09
Segment Profit...............................................................................................................................[A]
Unallocable Income/(Expense):
Other Income .......................................................................................................................................
Employee Benefit Expenses............................................................................................................
Depreciation and Amortisation ....................................................................................................
Other Expenses .................................................................................................................................
Total .................................................................................................................................................. [B]
(Less): Finance Cost .......................................................................................................................[C]
Add: Share of Net Profit of Associates and Joint Ventures accounted for using the
Equity Method .....................................................................................................................[D]
Add/(Less): Exceptional Items .........................................................................................................
Reversal of Impairment of Mundra CGU (Net) - Power Business.......................................
Impairment for Investments in Joint Venture and Related Obligation - Unallocable
Impairment in respect of Other Property, Plant and Equipment and Goodwill -
Power Business...................................................................................................................................
Provision for Contingencies - Power Business.........................................................................
Gain on Sale of Investment in Associates - Unallocable.......................................................
Damages towards contractual obligations - Unallocable....................................................
Total .................................................................................................................................................. [E]
Profit/(Loss) Before Tax from Continuing Operations ........... [A] + [B] + [C] + [D] + [E]
Profit/(Loss) Before Tax from Discontinued Operations ......................................................
Total Profit Before Taxes ...............................................................................................................
Add/(Less): Tax Expense from Continuing Operations ..........................................................
Add/(Less): Tax Expense from Discontinued Operations ......................................................
Total Profit/(Loss) for the year ...................................................................................................
#
Restated
Geographical Information
For the year ended
31st March, 2019
` crore
4,237.39
For the year ended
31st March, 2018 #
` crore
3,790.33
395.83
(20.49)
(0.06)
(253.18)
122.10
(4,170.00)
1,287.02
Nil
Nil
(106.41)
(45.00)
1,897.24
Nil
1,745.83
3,222.34
(191.82)
3,030.52
(656.09)
65.98
2,440.41
432.69
(14.91)
(0.02)
(258.49)
159.27
(3,761.48)
1,553.91
1,886.72
(527.54)
(149.57)
Nil
Nil
(107.08)
1,102.53
2,844.56
(85.87)
2,758.69
(161.97)
14.13
2,610.85
The Group operates in two principal geographical areas - Domestic and Overseas
The Group’s revenue from continuing operations from external customers by location of operations and information about its
non-current assets by location of assets are detailed below
Geographical Segment
Revenue from External Customers ...........................................
Segment Assets:
Non Current Assets ............................................................
Current Assets ......................................................................
2019
2018
2019
2018
2017
2019
Domestic
29,032.52
26,289.34
48,244.83
47,716.95
48,848.71
9,053.03
Overseas
603.78
427.82
1,236.90
1,225.99
1,283.55
162.22
` crore
Total
29,636.30
26,717.16
49,481.73
48,942.94
50,132.26
9,215.25
Consolidated Financials I 227
E
C
I
T
O
N
T
R
O
P
E
R
S
D
R
A
O
B
’
A
&
D
M
T
R
O
P
E
R
G
C
R
R
B
D
E
T
A
D
I
L
O
S
N
O
C
E
N
O
L
A
D
N
A
T
S
Notes to the Consolidated Financial Statements
The Tata Power Company Limited
40. Segment Reporting (Contd.)
Geographical Segment
Regulatory Deferral Account - Assets ..........................
Unallocable Assets .............................................................
Total Assets ......................................................................................
2018
2017
2019
2018
2017
2019
2018
2017
2019
2018
2017
Domestic
7,412.35
8,109.22
5,758.13
6,304.56
7,117.70
Overseas
255.49
100.31
Nil
Nil
Nil
Capital Expenditure ........................................................................
3,576.00
3,550.28
0.22
0.06
Note:
Previous period/year’s figures are in italics which are restated.
41. Significant Events after the Reporting Period
` crore
Total
7,667.84
8,209.53
5,758.13
6,304.56
7,117.70
19,706.92
19,094.63
15,708.08
84,162.03
82,009.97
81,167.57
3,576.22
3,550.34
There were no significant adjusting events that occurred subsequent to the reporting period other than the events disclosed in
the relevant notes.
42.
Statement of Net Assets and Profit and Loss attributable to Owners and Non Controlling Interests
Name of the Entity
Net Assets i.e. total assets
minus total liabilities
Amount
As % of
(` crore)
consolidated
net assets
Total Income i.e. Revenue
Plus Other Income
Amount
(` crore)
As % of
consolidated
total income
Share of Profit or (loss)
As % of
consolidated
profit
Amount
(` crore)
Share in Other
Comprehensive Income
Amount
(` crore)
Share in Total
Comprehensive Income
Amount
(` crore)
34.62
15,689.60
24.41
8,348.00
63.65
1,708.58
0.12
0.61
0.42
4.58
10.74
7.01
-
-
11.19
1.04
0.05
-
0.13
-
-
-
-
(0.03)
0.01
(0.02)
55.84
275.34
191.96
2,080.61
4,874.93
3,182.64
(1.50)
(0.01)
5,078.52
473.83
21.24
(0.05)
59.58
-
(0.01)
0.03
(0.01)
(13.30)
6.45
(7.38)
0.57
0.04
0.77
8.30
20.85
23.05
-
-
2.34
9.34
0.03
-
0.11
-
-
-
-
0.06
1.11
0.13
195.29
14.53
264.55
2,841.10
7,136.87
7,886.93
-
-
801.99
3,197.86
11.74
-
37.41
-
-
-
-
21.93
381.50
45.00
0.83
0.48
1.37
10.16
(61.57)
12.51
22.29
13.01
36.90
272.90
(1,653.72)
335.94
-
-
3.44
3.37
0.21
-
0.17
-
-
-
-
(0.30)
0.01
(0.06)
(0.01)
*
92.53
90.44
5.65
*
4.52
-
*
*
*
(8.04)
0.40
(1.74)
As % of
consolidated
Other
comprehensive
income
(15.97)
As % of
consolidated
Total
comprehensive
income
56.11
(44.64)
(0.21)
6.79
(0.15)
(0.31)
0.73
(0.48)
-
-
0.36
(3.12)
-
-
-
-
-
-
-
-
(0.23)
-
(0.07)
2.42
(0.05)
(0.11)
0.26
(0.17)
-
-
0.13
(1.11)
-
-
-
-
-
-
-
-
(0.08)
-
1,663.94
0.74
0.67
1.24
9.19
(55.73)
11.31
22.08
19.80
36.75
272.59
(1,652.99)
335.46
-
-
3.13
2.94
0.19
-
0.15
-
-
-
-
(0.27)
0.01
(0.06)
(0.01)
*
92.89
87.32
5.65
*
4.52
-
*
*
*
(8.04)
0.17
(1.74)
4.67
2,118.75
3.79
1,295.78
11.17
300.10
0.15
0.43
10.13
300.53
Tata Power Company Ltd. # ......................
Indian Subsidiaries
Nelco Ltd. (Consolidated) 1 .........................
Af-Taab Investment Co. Ltd. .......................
Tata Power Trading Co. Ltd. ........................
Maithon Power Ltd. ......................................
Coastal Gujarat Power Ltd. .........................
Tata Power Delhi Distribution Ltd. ..........
Tata Power Jamshedpur Distribution
Ltd. ......................................................................
Industrial Power Utility Ltd. .......................
Tata Power Renewable Energy Ltd. .........
Tata Power Solar Systems Ltd....................
NDPL Infra Ltd. ................................................
Tata Power Green Energy Ltd. ...................
Indo Rama Renewables Jath Ltd. .............
Tata Ceramics Ltd. .........................................
Supa Windfarm Ltd. ......................................
Poolavadi Windfarm Ltd. .............................
Nivade Windfarm Ltd. ..................................
Vagarai Windfarm Ltd. .................................
TP Ajmer Distribution Ltd. ..........................
Chirasthaayee Saurya Ltd. ..........................
Walwhan Renewable Energy Ltd.
(Consolidated) 2 ..............................................
228 I Consolidated Financials
100th Annual Report 2018-19
42.
Statement of Net Assets and Profit and Loss attributable to Owners and Non Controlling Interests (Contd.)
Notes to the Consolidated Financial Statements
Name of the Entity
Foreign Subsidiaries
Bhira Investments Pte. Ltd. (Formerly
known as Bhira Investment Ltd.) .............
Bhivpuri Investments Ltd. ..........................
Khopoli Investments Ltd. ............................
Trust Energy Resources Pte. Ltd. ..............
Energy Eastern Pte. Ltd. ...............................
PT Sumber Energi Andalan Tbk. ...............
Tata Power International Pte. Ltd.............
Far Eastern Natural Resources LLC ..........
Indian Associates
Nelito Systems Ltd. .......................................
Panatone Finvest Ltd. ..................................
Yashmun Engineers Ltd...............................
Tata Communication Ltd. ...........................
Tata Projects Ltd. ............................................
Foreign Associates
Dagachhu Hydro Power Corporation
Ltd. ......................................................................
Indian Jointly Control Entities
Powerlinks Transmission Ltd. ....................
Industrial Energy Ltd. ...................................
Dugar Hydro Power Ltd. ..............................
Tubed Coal Mines Ltd. .................................
Mandakini Coal Company Ltd. .................
Gamma Land Holding Ltd. .........................
Solace Land Holding Ltd. ............................
Beta Land Holdings Ltd. ..............................
Ginger Land Holdings Ltd ..........................
Foreign Jointly Control Entities
Cennergi Pty. Ltd. (Consolidated)3...........
PT Mitratama Perkasa (Consolidated)4...
PT Arutmin Indonesia ..................................
PT Kaltim Prima Coal ....................................
Indocoal Resources (Cayman) Ltd. ..........
PT Indocoal Kalsel Resources ....................
PT Indocoal Kaltim Resources ...................
Candice Investments Pte. Ltd. ...................
PT Nusa Tambang Pratama ........................
PT Marvel Capital Indonesia ......................
PT Dwikarya Prima Abadi ...........................
PT Kalimantan Prima Power
(Consolidated)5 ...............................................
PT Baramulti Sukessarana Tbk
(Consolidated) 6 ..............................................
Adjaristsqali Netherlands BV
(Consolidated) 7 ..............................................
Koromkheti Netherlands BV
(Consolidated)8 ...............................................
Itezhi Tezhi Power Corporation ................
Resurgent Power Ventures Pte. Ltd.
consolidated....................................................
Indocoal KPC Resources (Cayman) Ltd. .
Net Assets i.e. total assets
minus total liabilities
Amount
As % of
(` crore)
consolidated
net assets
Total Income i.e. Revenue
Plus Other Income
Amount
(` crore)
As % of
consolidated
total income
Share of Profit or (loss)
As % of
consolidated
profit
Amount
(` crore)
Share in Other
Comprehensive Income
Amount
(` crore)
As % of
consolidated
Other
comprehensive
income
Share in Total
Comprehensive Income
Amount
(` crore)
As % of
consolidated
Total
comprehensive
income
1.17
1.99
0.87
2.77
0.11
0.02
0.04
(0.02)
0.03
-
0.01
-
1.13
532.88
904.66
396.67
1,258.72
50.49
10.59
19.54
(6.99)
12.93
-
3.19
-
513.44
0.20
91.57
1.03
1.25
0.05
-
(0.13)
-
-
-
-
0.26
1.79
1.55
3.35
1.54
-
-
0.10
2.66
-
0.56
0.40
0.60
0.76
(0.06)
0.82
465.81
567.32
23.64
-
(57.19)
(0.01)
-
(0.03)
-
119.74
814.37
705.74
1,522.75
698.63
(0.03)
0.39
47.15
1,205.90
0.19
253.16
181.85
274.17
345.69
(26.16)
373.36
0.04
-
0.38
2.57
1.26
-
0.81
0.04
12.83
-
128.96
880.45
430.41
-
276.19
14.62
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(7.67)
(1.66)
3.64
5.76
0.50
-
6.36
(0.27)
(205.90)
(44.48)
97.72
154.80
13.47
-
170.79
(7.13)
-
-
-
-
-
-
-
*
-
-
15.92
19.67
5.80
23.16
0.71
-
(3.71)
0.05
44.59
55.11
16.25
64.89
2.00
-
(10.40)
0.13
-
-
-
-
-
-
-
-
-
-
(5.44)
0.36
3.84
7.41
0.52
-
5.41
(0.24)
(161.31)
10.63
113.97
219.69
15.47
-
160.39
(7.00)
-
-
-
-
-
-
-
*
-
-
(0.24)
(6.53)
0.01
0.02
(0.22)
(6.51)
2.14
3.06
-
-
-
-
-
-
-
1.60
-
-
27.49
0.19
-
-
0.25
7.06
-
0.28
57.50
82.22
(0.06)
-
-
-
-
-
-
42.85
-
-
738.48
5.15
*
*
6.80
189.60
*
7.58
(0.05)
(0.07)
-
-
-
-
-
-
-
(4.35)
9.70
6.29
(4.24)
6.32
0.01
0.01
0.22
20.23
-
5.02
(0.15)
(0.19)
-
-
-
-
-
-
-
(12.20)
27.18
17.63
(11.89)
17.70
0.02
0.02
0.63
56.66
-
14.07
1.93
2.77
-
-
-
-
-
-
-
1.03
0.92
0.59
24.50
0.77
-
-
0.25
8.30
-
0.73
57.35
82.03
(0.06)
-
-
-
-
-
-
30.65
27.18
17.63
726.59
22.85
0.02
0.02
7.43
246.26
*
21.65
(0.10)
(2.56)
3.69
10.33
0.26
7.77
3.42
91.94
2.43
6.80
3.33
98.74
-
-
3.32
-
(3.91)
(10.95)
(0.37)
(10.95)
-
89.05
0.38
11.53
1.06
32.29
0.04
4.09
1.06
121.34
0.01
-
100.00
5.02
0.73
45,396.94
-
-
100.00
-
-
34,223.94
(0.58)
0.01
100.00
(15.45)
0.40
2,685.99
(0.23)
0.01
100.00
(0.65)
0.02
280.14
(0.54)
0.01
100.00
(16.10)
0.42
2,966.13
E
C
I
T
O
N
T
R
O
P
E
R
S
D
R
A
O
B
’
A
&
D
M
T
R
O
P
E
R
G
C
R
R
B
D
E
T
A
D
I
L
O
S
N
O
C
E
N
O
L
A
D
N
A
T
S
Consolidated Financials I 229
The Tata Power Company Limited
42.
Statement of Net Assets and Profit and Loss attributable to Owners and Non Controlling Interests (Contd.)
Notes to the Consolidated Financial Statements
Name of the Entity
a)
Adjustments arising out of
consolidation.........................................
b) Non-Controlling Interest
Indian Subsidiaries
Nelco Ltd. (Consolidated) 1 .........
Maithon Power Ltd. ......................
Tata Power Delhi Distribution
Ltd. ......................................................
NDPL Infra Ltd. ...............................
Walwhan Renewable Energy
Ltd. (Consolidated)2 ......................
Vagarai Windfarm Ltd. .................
Foreign Subsidiaries
PT Sumber Energi Andalan
Tbk. .....................................................
Foreign Jointly Control Entities
PT Mitratama Perkasa
(Consolidated) 4 ..............................
Total ...................................................................
Consolidated Net Assets / Profit
after tax ...........................................................
Net Assets i.e. total assets
minus total liabilities
Amount
As % of
(` crore)
consolidated
net assets
Total Income i.e. Revenue
Plus Other Income
Amount
(` crore)
As % of
consolidated
total income
Share of Profit or (loss)
As % of
consolidated
profit
Amount
(` crore)
Share in Other
Comprehensive Income
Amount
(` crore)
As % of
consolidated
Other
comprehensive
income
Share in Total
Comprehensive Income
Amount
(` crore)
As % of
consolidated
Total
comprehensive
income
(22,842.42)
(4,191.81)
(27.20)
(540.52)
(1,559.47)
(10.41)
-
-
(0.43)
(28.67)
(2,166.70)
(245.58)
(11.14)
(70.95)
(164.61)
(2.77)
-
-
-
-
(249.47)
(115.70)
0.11
0.08
0.24
-
-
-
-
-
0.43
(361.28)
(11.03)
(70.87)
(164.37)
(2.77)
-
-
-
-
-
(249.04)
20,387.82
30,032.13
2,190.94
164.87
2,355.81
Reconciliation of Total Income (i.e Revenue plus other income)
Total Income as per Statement of Profit & Loss ........................................
Regulatory Deferral Balances ..........................................................................
Add: Revenue from Discontinued Operations ..........................................
Total Income as per the above statement ............................................
Note:
29,954.47
(65.93)
29,888.54
143.59
30,032.13
1. Accounts of Tatanet Services Ltd. have been consolidated with Nelco Ltd.
2. Accounts of all subsidaries of Walwhan Renewable Energy Ltd. [Refer Note 2.5] have been consolidated with Walwhan Renewable Energy Ltd.
3. Accounts of Amakhala Emoyeni RE Project 1 (Pty) Ltd. and Tsitsikamma Community Wind Farm (Pty) Ltd. have been consolidated with Cennergi Pty. Ltd.
4. Accounts of PT Mitratama Usaha have been consolidated with PT Mitratama Perkasa.
5. Accounts of PT Citra Prima Buana, PT Guruh Agung and PT Citra Kusuma Perdana have been consolidated with PT Kalimantan Prima Power.
6. Accounts of PT Antang Gunung Meratus have been consolidated with PT Baramulti Sukessarana Tbk.
7. Accounts of Adjaristsqali Georgia LLC have been consolidated with Adjaristsqali Netherlands BV.
8. Accounts of Koromkheti Georgia LLC have been consolidated with Koromkheti Netherlands BV.
9. Chemical Terminal Trombay Ltd. is merged with The Tata Power Company Limited during the year.
# Includes Discontinued Operations
* denotes figures below ` 50,000/-
Summarised Financial Information of Material Non Controlling Interests
Financial Information of Subsidiaries that have material non-controlling interest is provided below:
Proportion of equity interest held by non-controlling interests:
Name
Maithon Power Ltd. ..........................................................................
Tata Power Delhi Distribution Ltd. ...............................................
Country of
Incorporation
India
India
31st March,
2019
26%
49%
31st March,
2018
26%
49%
1st April,
2017
26%
49%
230 I Consolidated Financials
100th Annual Report 2018-19
Notes to the Consolidated Financial Statements
42.
Statement of Net Assets and Profit and Loss attributable to Owners and Non Controlling Interests (Contd.)
A
Maithon Power Limited
(i)
Summarised balance sheet:
Non-current Assets ..................................................................
Current Assets ............................................................................
Non-current Liabilities ............................................................
Current Liabilities .....................................................................
Attributable to:
Equity holders of parent ...................................................
Non-controlling interest ...................................................
(ii)
Summarised statement of profit and loss:
As at
31st March, 2019
` crore
3,812.79
1,047.49
(1,805.34)
(974.33)
2,080.61
As at
31st March, 2018
` crore
3,913.06
774.35
(1,980.71)
(723.68)
1,983.02
As at
1st April, 2017
` crore
4,070.65
930.07
(2,161.95)
(958.27)
1,880.50
1,540.09
540.52
1,467.90
515.12
1,391.57
488.93
Revenue ..................................................................................................................................
Other Income ........................................................................................................................
Cost of Power Purchased ..................................................................................................
Cost of Fuel ............................................................................................................................
Employee Benefits Expenses ...........................................................................................
Finance Cost ..........................................................................................................................
Depreciation and Amortisation Expenses ..................................................................
Other Expenses ....................................................................................................................
Profit before tax .................................................................................................................
Tax Expenses .........................................................................................................................
Profit for the year ..............................................................................................................
Other Comprehensive Income/(Expense) for the year
Total Comprehensive Income for the year ............................................................
Attributable to:
Equity holders of parent ..................................................................................................
Non-controlling interest ..................................................................................................
Dividend including Dividend Distribution Tax Attributable to:
Equity holders of parent ..................................................................................................
Non-controlling interest ..................................................................................................
(iii) Summarised cash flow information:
Operating Activities ...........................................................................................................
Investing Activities .............................................................................................................
Financing Activities ...........................................................................................................
Net (Decrease) / Increase in Cash and Cash Equivalents ................................
For the year ended
31st March, 2019
` crore
2,776.05
65.05
(1.40)
(1,769.85)
(41.18)
(204.85)
(238.24)
(226.86)
358.72
(85.82)
2 72.90
(0.32)
272.58
For the year ended
31st March, 2018
` crore
2,270.41
18.78
(2.04)
(1,350.45)
(43.75)
(204.06)
(237.40)
(229.11)
222.38
(40.69)
181.69
(0.05)
181.64
201.71
70.87
129.50
45.50
134.42
47.22
58.55
17.28
For the year ended
31st March, 2019
` crore
(2.74)
(23.97)
(23.28)
(49.99)
For the year ended
31st March, 2018
` crore
500.02
208.65
(658.59)
50.08
Consolidated Financials I 231
E
C
I
T
O
N
T
R
O
P
E
R
S
D
R
A
O
B
’
A
&
D
M
T
R
O
P
E
R
G
C
R
R
B
D
E
T
A
D
I
L
O
S
N
O
C
E
N
O
L
A
D
N
A
T
S
The Tata Power Company Limited
Notes to the Consolidated Financial Statements
42.
Statement of Net Assets and Profit and Loss attributable to Owners and Non Controlling Interests (Contd.)
B
Tata Power Delhi Distribution Ltd.
(i)
Summarised balance sheet:
Non-current Assets ..................................................................
Current Assets ............................................................................
Assets classified as held for sale ..........................................
Regulatory Deferral Account Debit Balances .................
Non-current Liabilities ............................................................
Current Liabilities .....................................................................
Attributable to:
Equity holders of parent .....................................................
Non-controlling interest .....................................................
(ii)
Summarised statement of profit and loss:
As at
31st March, 2019
` crore
4,161.12
946.71
20.04
4,578.69
(3,992.41)
(2,531.51)
3,182.64
As at
31st March, 2018
` crore
4,016.22
1,189.60
Nil
4,399.85
(4,140.92)
(2,511.11)
2,953.64
As at
1st April, 2017
` crore
3,803.49
839.29
Nil
4,573.70
(4,167.60)
(2,361.45)
2,687.43
1,623.17
1,559.47
1,506.36
1,447.28
1,370.59
1,316.84
Revenue including Regulatory income/(expense) ..............................................
Other Income .....................................................................................................................
Cost of Power Purchased ...............................................................................................
Employee Benefits Expenses ........................................................................................
Finance Cost .......................................................................................................................
Depreciation and Amortisation Expenses ...............................................................
Other Expenses .................................................................................................................
Exceptional Items .............................................................................................................
Profit before tax .................................................................................................................
Tax Expenses ......................................................................................................................
Profit for the year ..............................................................................................................
Other Comprehensive Income/(Expense) for the year .......................................
Total Comprehensive Income for the year ............................................................
Attributable to:
Equity holders of parent .................................................................................................
Non-controlling interest .................................................................................................
Dividend including Dividend Distribution Tax Attributable to:
Equity holders of parent ...............................................................................................
Non-controlling interest ...............................................................................................
(iii) Summarised cash flow information:
Operating Activities ..............................................................................................................
Investing Activities ................................................................................................................
Financing Activities ..............................................................................................................
Net (Decrease) / Increase in Cash and Cash Equivalents ..................................
For the year ended
31st March, 2019
` crore
8,556.72
108.02
(6,674.67)
(469.70)
(348.88)
(309.64)
(318.94)
(106.40)
436.51
(100.57)
335.94
(0.48)
335.46
For the year ended
31st March, 2018
` crore
7,516.85
64.90
(5,718.09)
(473.56)
(346.73)
(289.95)
(315.45)
(37.57)
400.40
(94.52)
305.88
0.20
306.08
171.09
164.37
54.30
52.17
156.10
149.98
20.33
16.23
As at
31st March, 2019
` crore
1,055.05
(597.21)
(535.56)
(77.72)
As at
31st March, 2018
` crore
923.41
(544.80)
(376.63)
1.98
232 I Consolidated Financials
100th Annual Report 2018-19
Notes to the Consolidated Financial Statements
43.
Restated Consolidated Financial Statements for the year ended 31st March, 2018 and as at
1st April, 2017
Consolidated Balance Sheet as at 31st March, 2018
Note
Reported Amount
As at
31st March, 2018
Restatements
Restated Amount
As at
31st March, 2018
` crore
` crore
` crore
ASSETS
Non-current Assets
(a) Property, Plant and Equipment ..........................................................................
(b) Capital Work-in-Progress ......................................................................................
(c) Goodwill .....................................................................................................................
(d) Other Intangible Assets.........................................................................................
Investments accounted for using the Equity Method ...............................
(e)
Financial Assets
(f )
(i)
(ii)
(iii)
(iv)
(v)
Other Investments ......................................................................................
Trade Receivables ........................................................................................
Loans ................................................................................................................
Finance Lease Receivables .......................................................................
Other Financial Assets ...............................................................................
(g) Non-current Tax Assets (Net) ...............................................................................
(h) Deferred Tax Assets (Net) ......................................................................................
(i) Other Non-current Assets ....................................................................................
Total Non-current Assets
Current Assets
(a)
(b) Financial Assets
Inventories .................................................................................................................
Investments ...................................................................................................
(i)
Trade Receivables ........................................................................................
(ii)
Unbilled Revenue ........................................................................................
(iii)
Cash and Cash Equivalents ......................................................................
(iv)
Bank Balances other than (iv) above ....................................................
(v)
Loans ................................................................................................................
(vi)
(vii)
Finance lease receivables .........................................................................
(viii) Other financial assets .................................................................................
(c) Current Tax Assets (Net) ........................................................................................
(d) Other Current Assets ..............................................................................................
Total Current Assets
Assets Classified as Held For Sale ................................................................................
Total Assets before Regulatory Deferral Account ...........................................
Regulatory Deferral Account - Assets ........................................................................
TOTAL ASSETS .............................................................................................................................
EQUITY AND LIABILITIES
Equity
(a) Equity Share Capital ...............................................................................................
(b) Unsecured Perpetual Securities .........................................................................
(c) Other Equity ..............................................................................................................
Equity attributable to Shareholders of the Company ...................................
Non-controlling Interests............................................................................................
Total Equity ........................................................................................................................
LIABILITIES
Non-current Liabilities
(a) Financial Liabilities
Borrowings.....................................................................................................
(i)
(ii)
Trade Payables ..............................................................................................
(iii) Other Financial Liabilities .........................................................................
(b) Non-current Tax Liabilities (Net) ........................................................................
(c) Deferred Tax Liabilities (Net) ...............................................................................
(d) Provisions ...................................................................................................................
(e) Other Non-current Liabilities ..............................................................................
Total Non-current Liabilities
Current Liabilities
(a) Financial Liabilities
Borrowings.....................................................................................................
(i)
(ii)
Trade Payables ..............................................................................................
(iii) Other Financial Liabilities .........................................................................
(b) Current Tax Liabilities (Net) ..................................................................................
(c) Provisions ...................................................................................................................
(d) Other Current Liabilities ........................................................................................
Total Current Liabilities ................................................................................................
Liabilities directly associated with Assets Classified as Held For Sale ............
Total Liabilities before Regulatory Deferral Account ............................
Regulatory Deferral Account - Liability .....................................................................
TOTAL EQUITY AND LIABILITIES ........................................................................................
1
2
2, 3
3
3
2
2, 3
3
3
3
1, 3
3
3
2
43,256.67
1,652.60
1,641.57
1,583.08
11,111.66
881.11
190.05
76.48
574.76
942.09
167.59
83.24
901.33
63,062.23
1,623.08
436.16
2,788.93
810.09
1,061.16
124.62
720.67
34.27
1,100.37
14.77
877.67
9,591.79
4,778.70
77,432.72
6,304.56
83,737.28
270.50
1,500.00
14,989.70
16,760.20
2,015.29
18,775.49
22,356.31
21.00
713.31
3.74
516.56
300.00
3,090.04
27,000.96
18,827.28
5,609.82
10,279.73
160.38
193.44
1,501.40
36,572.05
903.78
64,476.79
485.00
83,737.28
(1,825.06)
Nil
Nil
Nil
Nil
Nil
Nil
55.25
Nil
(668.41)
Nil
34.93
675.98
(1,727.31)
Nil
Nil
Nil
Nil
Nil
Nil
64.13
Nil
(698.78)
Nil
634.65
Nil
Nil
(1,727.31)
Nil
(1,727.31)
Nil
Nil
(360.32)
(360.32)
Nil
(360.32)
Nil
Nil
(66.00)
Nil
Nil
Nil
(1,248.56)
(1,314.56)
Nil
Nil
(336.75)
Nil
Nil
284.32
(52.43)
Nil
(1,366.99)
Nil
(1,727.31)
41,431.61
1,652.60
1,641.57
1,583.08
11,111.66
881.11
190.05
131.73
574.76
273.68
167.59
118.17
1,577.31
61,334.92
1,623.08
436.16
2,788.93
810.09
1,061.16
124.62
784.80
34.27
401.59
14.77
1,512.32
9,591.79
4,778.70
75,705.41
6,304.56
82,009.97
270.50
1,500.00
14,629.38
16,399.88
2,015.29
18,415.17
22,356.31
21.00
647.31
3.74
516.56
300.00
1,841.48
25,686.40
18,827.28
5,609.82
9,942.98
160.38
193.44
1,785.72
36,519.62
903.78
63,109.80
485.00
82,009.97
Consolidated Financials I 233
E
C
I
T
O
N
T
R
O
P
E
R
S
D
R
A
O
B
’
A
&
D
M
T
R
O
P
E
R
G
C
R
R
B
D
E
T
A
D
I
L
O
S
N
O
C
E
N
O
L
A
D
N
A
T
S
The Tata Power Company Limited
Notes to the Consolidated Financial Statements
43.
Restated Consolidated Financial Statements for the year ended 31st March, 2018 and as at
1st April, 2017 (Contd.)
Consolidated Balance Sheet as at 1st April, 2017
Reported Amount
As at
1st April, 2017
` crore
Restatements
` crore
Restated Amount
As at
1st April, 2017
` crore
ASSETS
Non-current Assets
(a) Property, Plant and Equipment ........................................................................
(b) Capital Work-in-Progress ....................................................................................
(c)
Investment Property ............................................................................................
(d) Goodwill ...................................................................................................................
(e) Other Intangible Assets.......................................................................................
Intangible Assets under Development..........................................................
(f )
(g)
Investments accounted for using the Equity Method .............................
(h) Financial Assets
(i)
(ii)
(iii)
(iv)
(v)
Other Investments ....................................................................................
Trade Receivables ......................................................................................
Loans ..............................................................................................................
Finance Lease Receivables .....................................................................
Other Financial Assets .............................................................................
(i) Non-current Tax Assets (Net) .............................................................................
(j) Deferred Tax Assets (Net) ....................................................................................
(k) Other Non-current Assets ..................................................................................
Total Non-current Assets
Current Assets
(a)
(b) Financial Assets
Inventories ...............................................................................................................
Investments .................................................................................................
(i)
Trade Receivables ......................................................................................
(ii)
Unbilled Revenue ......................................................................................
(iii)
Cash and Cash Equivalents ....................................................................
(iv)
Bank Balances other than (iv) above ..................................................
(v)
Loans ..............................................................................................................
(vi)
(vii)
Finance lease receivables .......................................................................
(viii) Other financial assets ...............................................................................
(c) Current Tax Assets (Net) ......................................................................................
(d) Other Current Assets ............................................................................................
Total Current Assets .....................................................................................................
Assets Classified as Held For Sale ..............................................................................
Total Assets before Regulatory Deferral Account .........................................
Regulatory Deferral Account - Assets ......................................................................
TOTAL ASSETS ...........................................................................................................................
EQUITY AND LIABILITIES
Equity
(a) Equity Share Capital .............................................................................................
(b) Unsecured Perpetual Securities .......................................................................
(c) Other Equity ............................................................................................................
Equity attributable to Shareholders of the Company .................................
Non-controlling Interests..........................................................................................
Total Equity ......................................................................................................................
LIABILITIES
Non-current Liabilities
(a) Financial Liabilities
Borrowings...................................................................................................
(i)
(ii)
Trade Payables ............................................................................................
(iii) Other Financial Liabilities .......................................................................
(b) Non-current Tax Liabilities (Net) ......................................................................
(c) Deferred Tax Liabilities (Net) .............................................................................
(d) Provisions .................................................................................................................
(e) Other Non-current Liabilities ............................................................................
Total Non-current Liabilities ....................................................................................
Current Liabilities
(a) Financial Liabilities
Borrowings...................................................................................................
(i)
(ii)
Trade Payables ............................................................................................
(iii) Other Financial Liabilities .......................................................................
(b) Current Tax Liabilities (Net) ................................................................................
(c) Provisions .................................................................................................................
(d) Other Current Liabilities ......................................................................................
Total Current Liabilities ..............................................................................................
Liabilities directly associated with Assets Classified as Held For Sale ..........
Total Liabilities before Regulatory Deferral Account ..................................
Regulatory Deferral Account - Liability ...................................................................
TOTAL EQUITY AND LIABILITIES ......................................................................................
234 I Consolidated Financials
1
2
2, 3
3
3
2
2, 3
3
3
1, 3
3
3
43,232.93
1,923.24
2.49
1,653.57
1,705.80
254.68
9,496.09
1,279.14
187.92
77.16
573.47
1,183.68
146.35
91.53
1,287.24
63,095.29
1,599.56
1,097.78
3,832.12
1,081.92
835.22
119.08
655.44
39.16
913.40
31.68
582.97
10,788.33
1,919.47
75,803.09
7,117.70
82,920.79
270.50
1,500.00
12,944.05
14,714.55
1,868.99
16,583.54
25,142.96
35.57
550.94
3.74
1,751.14
270.68
3,078.65
30,833.68
16,279.79
5,529.00
11,386.46
122.04
207.69
1,316.24
34,841.22
Nil
65,674.90
662.35
82,920.79
(1,828.72)
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
60.16
Nil
(788.34)
Nil
32.59
771.09
(1,753.22)
Nil
Nil
Nil
Nil
Nil
Nil
22.13
Nil
(732.17)
Nil
710.04
Nil
Nil
(1,753.22)
Nil
(1,753.22)
Nil
Nil
(292.06)
(292.06)
Nil
(292.06)
Nil
Nil
Nil
Nil
Nil
Nil
(1,410.14)
(1,410.14)
Nil
Nil
(799.83)
Nil
Nil
748.81
(51.02)
Nil
(1,461.16)
Nil
(1,753.22)
41,404.21
1,923.24
2.49
1,653.57
1,705.80
254.68
9,496.09
1,279.14
187.92
137.32
573.47
395.34
146.35
124.12
2,058.33
61,342.07
1,599.56
1,097.78
3,832.12
1,081.92
835.22
119.08
677.57
39.16
181.23
31.68
1,293.01
10,788.33
1,919.47
74,049.87
7,117.70
81,167.57
270.50
1,500.00
12,651.99
14,422.49
1,868.99
16,291.48
25,142.96
35.57
550.94
3.74
1,751.14
270.68
1,668.51
29,423.54
16,279.79
5,529.00
10,586.63
122.04
207.69
2,065.05
34,790.20
Nil
64,213.74
662.35
81,167.57
100th Annual Report 2018-19
Notes to the Consolidated Financial Statements
43.
Restated Consolidated Financial Statements for the year ended 31st March, 2018 and as at
1st April, 2017 (Contd.)
Statement of Profit and Loss for the year ended 31st March, 2018
Notes
3
1, 3
3
1
3
Particulars
I
II
III
IV
V
Revenue from Operations .........................................................................................................................
Other Income .................................................................................................................................................
Total Income .................................................................................................................................................
Expenses
Cost of Power Purchased .................................................................................................................
Cost of Fuel ...........................................................................................................................................
Raw Material Consumed ..................................................................................................................
Purchase of Finished Goods, Spares and Shares .....................................................................
Transmission Charges .......................................................................................................................
(Increase)/Decrease in Stock-in-Trade and Work in Progress .............................................
Employee Benefits Expense............................................................................................................
Finance Costs .......................................................................................................................................
Depreciation and Amortisation Expenses .................................................................................
Other Expenses ...................................................................................................................................
Total Expenses .............................................................................................................................................
Profit Before Rate Regulated Activities, Exceptional Items, Tax and Share of Net
Profit of Associates and Joint Ventures accounted for using the Equity Method ......
Add/(Less): Regulatory income/(expense) (net) .......................................................................
Add/(Less): Regulatory income/(expense) (net) in respect of earlier years ....................
VI
Profit Before Exceptional Items, Tax and Share of Net Profit of Associates and Joint
Ventures accounted for using the Equity Method .....................................................................
Share of Net Profit of Associates and Joint Ventures accounted for using the Equity
Method ...................................................................................................................................................
VII Profit Before Exceptional Items and Tax .........................................................................................
Less: Exceptional Items ..................................................................................................................
Reversal of Impairment of Mundra CGU (Net) ............................................................
Impairment for Investments in Joint Ventures and Related Obligation ............
Impairment in respect of Other Property, Plant and Equipment and Goodwill
Damages towards contractual obligations ..................................................................
VIII Profit/(Loss) Before Tax ...........................................................................................................................
IX
Tax Expense
Current Tax ............................................................................................................................................
Deferred Tax .........................................................................................................................................
Deferred tax (recovered) / payable ..............................................................................................
Profit for the Year from Continuing Operations ..........................................................................
Profit before tax from Discontinued Operations ........................................................................
Current Tax ............................................................................................................................................
Deferred Tax .........................................................................................................................................
Tax Expense on Discontinued Operations .....................................................................................
Profit for the Year from Discontinued Operations .....................................................................
Profit for the Year .......................................................................................................................................
X
XI Other Comprehensive Income/(Expenses) - Continuing Operations
A
(i)
(ii)
Items that will not be reclassified to profit or loss
(a) Remeasurement of the Defined Benefit Plans ...................................................
(b) Equity Instruments through Other Comprehensive Income .......................
Tax relating to items that will not be reclassified to profit and loss
(a) Current Tax ......................................................................................................................
(b) Deferred Tax ...................................................................................................................
Reported
Amount
Restatements
` crore
29,331.22
432.69
29,763.91
8,004.23
10,009.86
748.97
181.68
281.99
(8.51)
1,381.92
3,722.99
2,398.10
2,374.11
29,095.34
668.57
(409.85)
Nil
(409.85)
` crore
(2,490.95)
Nil
(2,490.95)
(2406.91)
Nil
Nil
Nil
Nil
Nil
Nil
38.49
(51.93)
Nil
(2,420.35)
(70.60)
Nil
Nil
Nil
Restated
Amount
` crore
26,840.27
432.69
27,272.96
5,597.32
10,009.86
748.97
181.68
281.99
(8.51)
1,381.92
3,761.48
2,346.17
2,374.11
26,674.99
597.97
(409.85)
Nil
(409.85)
258.72
(70.60)
188.12
1,553.91
1,812.63
1,886.72
(527.54)
(149.57)
(107.08)
1,102.53
2,915.16
663.69
(837.89)
338.51
164.31
2,750.85
(85.87)
(17.36)
3.23
(14.13)
(71.74)
2,679.11
(4.75)
(262.22)
(50.51)
391.87
Nil
(70.60)
Nil
Nil
Nil
Nil
Nil
(70.60)
Nil
(2.34)
Nil
(2.34)
(68.26)
Nil
Nil
Nil
Nil
Nil
(68.26)
Nil
Nil
Nil
Nil
1,553.91
1,742.03
1886.72
(527.54)
(149.57)
(107.08)
1,102.53
2,844.56
663.69
(840.23)
338.51
161.97
2,682.59
(85.87)
(17.36)
3.23
(14.13)
(71.74)
2,610.85
(4.75)
(262.22)
(50.51)
391.87
Consolidated Financials I 235
E
C
I
T
O
N
T
R
O
P
E
R
S
D
R
A
O
B
’
A
&
D
M
T
R
O
P
E
R
G
C
R
R
B
D
E
T
A
D
I
L
O
S
N
O
C
E
N
O
L
A
D
N
A
T
S
Notes to the Consolidated Financial Statements
43.
Restated Consolidated Financial Statements for the year ended 31st March, 2018 and as at
1st April, 2017 (Contd.)
The Tata Power Company Limited
Particulars
B
(i)
(iii)
Share of Other Comprehensive Income/(Expense) of Associates and Joint
Ventures accounted for using the Equity Method ....................................................
Items that will be reclassified to profit or loss
(a) Exchange Differences in translating the financial statements of foreign
operations .......................................................................................................................
(b) Share of Other Comprehensive Income of Associates and Joint Ventures
accounted for using the Equity Method ..............................................................
Other Comprehensive Income/(Expense) ......................................................................................
Other Comprehensive Income - Discontinued Operations ...................................................
Items that will not be reclassified to profit or loss ...........................................................
A
(i)
Reported
Amount
Restatements
Restated
Amount
Notes
` crore
(10.74)
29.08
0.41
93.14
0.85
93.99
` crore
Nil
Nil
Nil
Nil
Nil
Nil
` crore
(10.74)
29.08
0.41
93.14
0.85
93.99
XII Total Comprehensive Income for the year (X + XI) .....................................................................
2,773.10
(68.26)
2,704.84
Profit for the Year attributable to:
- Owners of the Company ...............................................................................................................
- Non-controlling interest ................................................................................................................
Other Comprehensive Income/(Expense) for the Year attributable to:
- Owners of the Company ...............................................................................................................
- Non-controlling interest ................................................................................................................
Total Comprehensive Income for the Year attributable to:
- Owners of the Company ...............................................................................................................
- Non-controlling interest ................................................................................................................
Reconciliation of Total Equity as at 31st March, 2018 and 1st April, 2017.
Equity as per Reported Financial Statements
Equity Share Capital .................................................................................................................................................................
Unsecured Perpetual Securities ...........................................................................................................................................
Other Equity ................................................................................................................................................................................
Impact of Ind AS 115
Deferred Revenue Liabilities .........................................................................................................................................
Deferred Revenue Assets ................................................................................................................................................
Tax Expenses .......................................................................................................................................................................
Equity as per Restated Financial Statements ............................................................................................................
2,476.56
202.55
2,679.11
94.00
(0.01)
93.99
2,570.56
202.54
2,773.10
(68.26)
Nil
(68.26)
Nil
Nil
Nil
(68.26)
Nil
(68.26)
2,408.30
202.55
2,610.85
94.00
(0.01)
93.99
2,502.30
202.54
2,704.84
As at
31st March, 2018
` crore
As at
1st April, 2017
` crore
270.50
1,500.00
14,989.70
16,760.20
(458.07)
62.82
34.93
270.50
1,500.00
12,944.05
14,714.55
(367.56)
42.91
32.59
16,399.88
14,422.49
236 I Consolidated Financials
100th Annual Report 2018-19
Notes to the Consolidated Financial Statements
43.
Restated Consolidated Financial Statements for the year ended 31st March, 2018 and as at
1st April, 2017 (Contd.)
Reconciliation of Total Comprehensive Income for the year ended 31st March, 2018.
Total Comprehensive Income as per Reported Financial Statements ...............................................................
Impact of Ind AS 115
Revenue from Operations ..........................................................................................................................................................................................
Cost of Power Purchased .............................................................................................................................................................................................
Finance Costs ........................................................................................................................................................................................................................
Depreciation and Amortisation Expenses ....................................................................................................................................................
Tax Expense ............................................................................................................................................................................................................................
Total Comprehensive Income as per Restated Financial Statements .................................................................
For the year
ended
31st March, 2018
` crore
2,773.10
(2,490.95)
2,406.91
(38.49)
51.93
2.34
2,704.84
Notes:
1.
2
3.
The Group was disclosing Government grant as non-financial liability till 31st March 2018. Considering the amendment
in Ind-AS 20, the Group has netted off the government grant from carrying value of property, plant and equipment
retrospectively. This has resulted in to reduction in property, plant and equipment by ₹ 1,825.06 crore as at 31st March
2018 (1st April, 2017 - ₹ 1,828.72 crore). The corresponding reduction in current liability is ₹ 52.74 crore (1st April, 2017 - ₹
51.02 crore) and the reduction in non-current liability is ₹ 1,772.32 crore (1st April, 2017 - ₹ 1,777.70 crore). The revenue
from operations and depreciation has reduced by ₹ 51.93 crore for the year ended 31st March 2018.
The Group has reclassified the security deposit amount from other financial asset to Loans as per schedule III of the
Companies Act, 2013.
Effective 1st April 2018, the Group has adopted Ind AS 115 ‘Revenue from contract with customers’ using full retrospective
method. The application of Ind AS 115 has impacted recognition of power supply revenue and capacity charges for
certain plant. Further, power trading business revenue is presented net of related power purchase cost. On application
of Ind-AS 115, the retained earnings is lower by ₹ 292.06 crore, net of tax effect. The impact on the financial results of the
Group vis-à-vis results originally published for the year ended 31st March 2018 is as follows:
Particulars
Revenue ...........................................................................................................................................................................................................................
Cost of power purchased ..................................................................................................................................................................................
Finance cost .................................................................................................................................................................................................................
Profit before tax .....................................................................................................................................................................................................
Tax credit.........................................................................................................................................................................................................................
Profit after tax ..........................................................................................................................................................................................................
For the year ended
31st March, 2018
` crore
(2,439.02)
2,406.91
(38.49)
(70.60)
2.34
(68.26)
Change in basic and diluted earnings per share ...........................................................................................................................
(0.25)
*figures in bracket signify negative impact on profits
The impact on balance sheet as at 31st March 2018 and 31st March 2017 is as follows:
Particulars
As at
31st March, 2017
` crore
Deferred Revenue asset .............................................................................................................................
42.91
Deferred Revenue liability ........................................................................................................................
(367.55)
Deferred tax asset ...........................................................................................................................................
32.59
Further, as per Ind AS 115 amount recoverable from consumers are considered as contract asset accordingly, the Group
has classified amount recoverable from consumers from other financial assets to other assets. Also liabilities towards
consumers are considered as contract liabilities and accordingly, has been classified from other financial liabilities to
other liabilities
As at
31st March, 2018
` crore
62.82
(458.07)
34.93
Consolidated Financials I 237
E
C
I
T
O
N
T
R
O
P
E
R
S
D
R
A
O
B
’
A
&
D
M
T
R
O
P
E
R
G
C
R
R
B
D
E
T
A
D
I
L
O
S
N
O
C
E
N
O
L
A
D
N
A
T
S
The Tata Power Company Limited
Notes to the Consolidated Financial Statements
44.
Entry Tax
The Group had received demands in respect of entry tax on imports of fuel for Trombay plant aggregating ₹ 2,256.91 crore
(including interest of ₹ 653.05 crore and penalty of ₹ 743.74 crore) for financial years 2005-06 to 2013-14. In the past, the Group
had paid ₹ 221.73 crore under protest and recognised the same as expense. Remaining demand amount of ₹ 2,035.18 crore had
been contested by the Group before the Hon’ble Supreme Court and disclosed the same as contingent liability in the previous
year.
During the year, the Government of Maharashtra has notified an amnesty scheme for settlement of arrears of tax, interest and
penalty. Under the Amnesty scheme, amount payable by the Group shall be ₹ 345 crore (including interest and provision for
contingency of ₹ 78 crore and ₹ 45 crore respectively) and accordingly recognised the provision for the same. Further, the
amount has been recognised as revenue to the extent recoverable from consumers.
45. Approval of Consolidated Financial Statements
The Consolidated Financial Statements were approved for issue by the Board of Directors on 2nd May, 2019.
As per our report of even date
For S R B C & CO LLP
Chartered Accountants
ICAI Firm Registration No.324982E/E300003
per SUDHIR SONI
Partner
Membership No. 41870
Mumbai, 2nd May, 2019.
PRAVEER SINHA
CEO & Managing Director
DIN 01785164
RAMESH SUBRAMANYAM
Chief Financial Officer
Mumbai, 2nd May, 2019.
For and on behalf of the Board,
BANMALI AGRAWALA
Director
DIN 00120029
H. M. MISTRY
Company Secretary
238 I Consolidated Financials
100th Annual Report 2018-19
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100th Annual Report 2018-19
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Consolidated Financials I 241
The Tata Power Company Limited
Independent Auditor’s Report
To the Members of The Tata Power Company Limited
Report on the Audit of the Standalone Ind AS Financial Statements
Opinion
We have audited the accompanying standalone Ind AS financial statements of The Tata Power Company Limited (“the Company”),
which comprise the Balance sheet as at March 31, 2019, the Statement of Profit and Loss, including Other Comprehensive Income, the
Cash Flow Statement and the Statement of Changes in Equity for the year then ended, and notes to the financial statements, including
a summary of significant accounting policies and other explanatory information.
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone Ind AS
financial statements give the information required by the Companies Act, 2013, as amended (“the Act”) in the manner so required
and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the
Company as at March 31, 2019, its profit including other comprehensive income, its cash flows and the changes in equity for the year
ended on that date.
Basis for Opinion
We conducted our audit of the standalone Ind AS financial statements in accordance with the Standards on Auditing (SAs), as specified
under section 143(10) of the Act. Our responsibilities under those Standards are further described in the ‘Auditor’s Responsibilities for
the Audit of the Standalone Ind AS Financial Statements’ section of our report. We are independent of the Company in accordance
with the ‘Code of Ethics’ issued by the Institute of Chartered Accountants of India together with the ethical requirements that are
relevant to our audit of the financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our
other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we
have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone Ind AS financial statements.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the standalone Ind
AS financial statements for the financial year ended March 31, 2019. These matters were addressed in the context of our audit of the
standalone Ind AS financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on
these matters. For each matter below, our description of how our audit addressed the matter is provided in that context.
We have determined the matters described below to be the key audit matters to be communicated in our report. We have fulfilled
the responsibilities described in the Auditor’s responsibilities for the audit of the standalone Ind AS financial statements section
of our report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to
respond to our assessment of the risks of material misstatement of the standalone Ind AS financial statements. The results of our
audit procedures, including the procedures performed to address the matters below, provide the basis for our audit opinion on the
accompanying standalone Ind AS financial statements.
Key audit matters
How our audit addressed the key audit matter
Accrual of Regulatory Deferrals (as described in Note 20 of the financial statements)
In the power distribution business of the Company, the tariff is
determined by the regulator on cost plus return on equity basis
wherein the cost is subject to prudential norms. The Company
invoices its customers on the basis of pre-approved tariff which
is based on budget and is subject to true ups to be adjusted in
the future tariff.
•
•
The Company recognizes revenue on the basis of tariff invoiced
to consumers. As the Company is entitled to a fixed return on
equity, the Company recognizes regulatory deferral for the
shortage / excess compared to the entitled return on equity. The
Company has recognized regulatory deferrals of ` 999 crore as at
March 31, 2019.
Our audit procedures included considering the Company’s
accounting policies with respect to accrual of regulatory
deferrals and assessing compliance with Ind AS 114
“Regulatory Deferral Accounts”
We performed test of controls over accrual of regulatory
deferrals through inspection of evidence of performance
of these controls.
242 I Standalone Financials
100th Annual Report 2018-19
Key audit matters
How our audit addressed the key audit matter
Regulatory deferrals are determined based on tariff regulations
and past tariff orders and are subject to verification and approval
by the regulators. Further the costs incurred are subject to
prudential checks and prescribed norms. Significant judgements
are made in determining the regulatory deferrals including
interpretation of tariff regulations. Further certain disallowances
of claims have been challenged by the Company before higher
authorities.
Accrual of regulatory deferrals is a key audit matter considering
the significance of the amount of regulatory deferrals and the
significant judgements involved in the determination of accruals.
•
•
•
•
We performed the following tests of details:
•
independence, objectivity and
Evaluated the key assumptions used by the Company
by comparing it with prior years, past precedents and
the opinion of management’s expert.
Considered the
competence of management’s expert.
For tariff orders received by the Company, we have
assessed the impact recognized by the Company and
for matters challenged by the Company, we have also
assessed the management’s evaluation of the likely
outcome of the dispute based on past precedents
and / or advice of management’s expert.
We have assessed the disclosures in accordance with
the requirements of Ind AS 114 “Regulatory Deferral
Accounts”.
Recognition of tax credits (as described in Note 35 of the financial statements)
The Company has recognized Minimum Alternate Tax (MAT)
credit receivable of ` 517.51 crore and unrecognized MAT credit
receivable of ` 149.19 crore as at 31st March 2019. The Company
also has unrecognized other deferred tax assets of ` 306.94 crore
on provision for diminution in value of investment classified as
asset held for sale.
The recognition of MAT credit and deferred tax assets (together
referred to as “tax credits” hereinafter) is a key audit matter as
the recoverability of such tax credits within the allowed time
frame involves significant estimate of the financial projections,
availability of sufficient taxable income in the future and
significant judgements in the interpretation of tax regulations
and tax positions adopted by the Company.
•
•
•
Our audit procedures included considering Company’s
accounting policies with respect to recognition of tax
credits in accordance with Ind AS 12 “Income Taxes”
We performed test of controls over recognition of tax
credits through inspection of evidence of performance of
these controls.
We performed the following tests of details:
• We involved our tax specialists who evaluated the
Company’s tax positions by comparing it with prior
years and past precedents.
• We discussed the future business plans and financial
projections with the Company.
• We assessed the management’s long term financial
projections and the key assumptions used
in
the projections by comparing it to the approved
business plan and projections used for impairment
assessment where applicable.
Impairment of Assets (as described in Note 5 and 8 of the financial statements)
•
We have assessed the disclosures in accordance with the
requirements of Ind AS 12 “Income Taxes”.
At the end of every reporting period, the Company assesses
whether there is any indication that an asset or cash generating
unit (CGU) may be impaired. If any such indication exists, the
Company estimates the recoverable amount of the asset or CGU.
The determination of recoverable amount, being the higher of
fair value less costs to sell and value-in-use involves significant
estimates, assumptions and judgements of the long term
financial projections.
•
•
•
During the earlier years, the Company has recognized impairment
provision with respect to Mundra CGU (including coal mines
and related infrastructure), hydro power plant in Georgia and a
generating unit in Trombay. During the year, as the indication
exists, the Company has reassessed its impairment assessment
with respect to the specified CGUs.
Impairment of assets is a key audit matter considering the
significance of the carrying value, long term estimation and the
significant judgements involved in the impairment assessment.
impairment
Our audit procedures included considering the Company’s
accounting policies with respect to
in
accordance with Ind AS 36 “Impairment of assets”.
We performed test of controls over impairment process
through inspection of evidence of performance of these
controls.
We performed the following tests of details:
the management’s
• We obtained
assessment.
impairment
• We evaluated the key assumptions including projected
generation, coal prices, exchange rate, energy prices
post power purchase agreement period and weighted
average cost of capital by comparing them with prior
years and external data, where available.
• We have obtained and evaluated the sensitivity
analysis.
• We assessed the disclosures in accordance with Ind
AS 36 “Impairment of assets”.
Standalone Financials I 243
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Key audit matters
How our audit addressed the key audit matter
Related party transactions (as described in Note 19 and 41 of the standalone Ind AS financial statements)
During the year, the Company has sold its investments in shares
of Tata Communications Limited and Panatone Finvest Limited
to Tata Sons Private Limited for a total consideration of ` 1,542.61
crore and ` 613.49 crore respectively.
Further, during the previous year, the Board of Directors of
the Company had approved sale of its Strategic Engineering
Division (SED) to Tata Advanced Systems Limited, a wholly
owned subsidiary of Tata Sons Private Limited at an enterprise
valuation of `2,230 crore (including `1,190 crore contingent
upon achieving certain milestones). The transaction is subject
to regulatory and necessary approvals.
Determination of transaction price for such related party
transactions outside the normal course of business is a key audit
matter considering the significance of the transaction value
and the significant judgements involved in determining the
transaction value.
•
•
•
•
Our audit procedures
the
compliance with the various requirements for entering in
to such related party transactions.
included considering
We performed test of controls over related party
transactions
inspection of evidence of
performance of these controls.
through
We performed the following tests of details:
• We have read the valuation reports and fairness
opinion obtained from independent valuers and
assessed the objectivity and competence of the
independent valuers.
• We have read the approvals obtained from Audit
Committee, Board of Directors, Shareholders and all
other regulatory approvals for the transactions.
We have assessed the disclosures in accordance with Ind
AS 24 “Related Party Disclosures”.
Other Information
The Company’s Board of Directors is responsible for the other information. The other information comprises the information included
in the Annual report, but does not include the standalone Ind AS financial statements and our auditor’s report thereon.
Our opinion on the standalone Ind AS financial statements does not cover the other information and we do not express any form of
assurance conclusion thereon.
In connection with our audit of the standalone Ind AS financial statements, our responsibility is to read the other information and, in
doing so, consider whether such other information is materially inconsistent with the financial statements or our knowledge obtained
in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a
material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of Management for the Standalone Ind AS Financial Statements
The Company’s Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the preparation of
these standalone Ind AS financial statements that give a true and fair view of the financial position, financial performance including
other comprehensive income, cash flows and changes in equity of the Company in accordance with the accounting principles
generally accepted in India, including the Indian Accounting Standards (Ind AS) specified under section 133 of the Act read with
the Companies (Indian Accounting Standards) Rules, 2015, as amended. This responsibility also includes maintenance of adequate
accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing
and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and
estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls,
that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation
and presentation of the standalone Ind AS financial statements that give a true and fair view and are free from material misstatement,
whether due to fraud or error.
In preparing the standalone Ind AS financial statements, management is responsible for assessing the Company’s ability to continue
as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless
management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
Those Board of Directors are also responsible for overseeing the Company’s financial reporting process.
Auditor’s Responsibilities for the Audit of the Standalone Ind AS Financial Statements
Our objectives are to obtain reasonable assurance about whether the standalone Ind AS financial statements as a whole are free
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable
assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a
material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone
Ind AS financial statements.
244 I Standalone Financials
100th Annual Report 2018-19
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the
audit. We also:
•
•
•
•
•
Identify and assess the risks of material misstatement of the standalone Ind AS financial statements, whether due to fraud
or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher
than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the
override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the
circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company
has adequate internal financial controls system in place and the operating effectiveness of such controls.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by management.
Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit
evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the
Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw
attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to
modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However,
future events or conditions may cause the Company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the standalone Ind AS financial statements, including the disclosures,
and whether the standalone Ind AS financial statements represent the underlying transactions and events in a manner that
achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit
and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding
independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of most significance
in the audit of the standalone Ind AS financial statements for the financial year ended March 31, 2019 and are therefore the key audit
matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or
when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse
consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
1.
As required by the Companies (Auditor’s Report) Order, 2016 (“the Order”), issued by the Central Government of India in terms
of sub-section (11) of section 143 of the Act, we give in the “Annexure 1” a statement on the matters specified in paragraphs 3
and 4 of the Order.
2.
As required by Section 143(3) of the Act, we report that:
(a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were
necessary for the purposes of our audit;
(b)
(c)
(d)
(e)
In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our
examination of those books;
The Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income, the Cash Flow Statement
and Statement of Changes in Equity dealt with by this Report are in agreement with the books of account;
In our opinion, the aforesaid standalone Ind AS financial statements comply with the Accounting Standards specified
under Section 133 of the Act, read with Companies (Indian Accounting Standards) Rules, 2015, as amended;
On the basis of the written representations received from the directors as on March 31 2019 taken on record by the Board
of Directors, none of the directors is disqualified as on March 31, 2019 from being appointed as a director in terms of
Section 164 (2) of the Act;
(f ) With respect to the adequacy of the internal financial controls over financial reporting of the Company with reference
to these standalone Ind AS financial statements and the operating effectiveness of such controls, refer to our separate
Report in “Annexure 2” to this report;
(g)
In our opinion, the managerial remuneration for the year ended March 31, 2019 has been paid / provided by the Company
to its directors is in accordance with the provisions of section 197 read with Schedule V to the Act;
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Standalone Financials I 245
The Tata Power Company Limited
(h) With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies
(Audit and Auditors) Rules, 2014, as amended in our opinion and to the best of our information and according to the
explanations given to us:
i.
ii.
iii.
The Company has disclosed the impact of pending litigations on its financial position in its standalone Ind AS
financial statements – Refer Note 38 to the standalone Ind AS financial statements;
The Company has made provision, as required under the applicable law or accounting standards, for material
foreseeable losses, if any, on long-term contracts including derivative contracts – Refer Note 25 to the standalone
Ind AS financial statements;
There has been no delay in transferring amounts, required to be transferred, to the Investor Education and
Protection Fund by the Company.
For S R B C & CO LLP
Chartered Accountants
ICAI Firm Registration Number: 324982E/E300003
per Sudhir Soni
Partner
Membership Number: 41870
UDIN: 19041870AAAAAJ8566
Place : Mumbai
Date : 2nd May, 2019
246 I Standalone Financials
100th Annual Report 2018-19
(b)
(c)
Annexure 1 to the Independent Auditor’s Report referred to in paragraph 1 under the heading ‘Report on Other Legal
and Regulatory Requirements’ of our report of even date on the standalone Ind AS financial statements of The Tata Power
Company Limited
(i)
(a)
The Company has maintained proper records showing full particulars, including quantitative details and situation of
fixed assets.
All fixed assets have not been physically verified by the management during the year but there is a regular programme
of verification which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets.
No material discrepancies were noticed on such verification.
According to the information and explanations given by the management, the title deeds of immovable properties
included in property, plant and equipment are held in the name of the Company, except for:
a.
immovable properties aggregating to ` 0.88 crore acquired during merger of Chemical Terminal Trombay Limited
in the previous year for which registration of title of deeds is in progress;
immovable properties aggregating to ` 26.54 crore acquired in earlier years for which registration of title of deeds
is in progress;
immovable properties aggregating to ` 27.57 crore for which the title deed is in dispute and pending resolution
as at March 31, 2019;
b.
c.
Further registration of title deed is in progress in respect of leasehold land classified under Asset held for sale aggregating
to ` 215.56 crore (Gross value ` 225.65 crore).
According to the information and explanations given by the management, the title deeds of immovable properties
included in property, plant and equipment are pledged with the banks and not available with the Company as described
in note 23 and 28 of financials statements. The same has not been independently confirmed by the bank and hence we
are unable to comment on the same.
(ii)
(iii)
(iv)
(v)
The management has conducted physical verification of inventory at reasonable intervals during the year and no material
discrepancies were noticed on such physical verification.
(a)
The Company has granted loans to fourteen companies covered in the register maintained under section 189 of the
Companies Act, 2013. In our opinion and according to the information and explanations given to us, the terms and
conditions of the grant of such loans are not prejudicial to the Company’s interest.
The Company has granted loans to fourteen companies covered in the register maintained under section 189 of the
Companies Act, 2013. The schedule of repayment of principal and payment of interest has been stipulated for the loans
granted and the repayment/receipts are regular.
There are no amounts of loans granted to companies, firms or other parties listed in the register maintained under
section 189 of the Companies Act, 2013 which are overdue for more than ninety days.
(b)
(c)
In our opinion and according to the information and explanations given to us, provisions of section 185 and 186 of the
Companies Act 2013 in respect of loans to directors including entities in which they are interested and in respect of loans and
advances given, investments made, guarantees and securities given have been complied with by the Company.
The Company has not accepted any deposits within the meaning of Sections 73 to 76 of the Act and the Companies (Acceptance
of Deposits) Rules, 2014 (as amended). Accordingly, the provisions of clause 3(v) of the Order are not applicable.
We are informed by the management that no order has been passed by the Company Law Board, National Company Law
Tribunal, Reserve Bank of India or any Court or any other Tribunal.
(vi) We have broadly reviewed the books of account maintained by the Company pursuant to the rules made by the Central
Government for the maintenance of cost records under section 148(1) of the Companies Act, 2013, related to generation of
electricity and arms and ammunitions, electricals or electronic machinery and are of the opinion that prima facie, the specified
accounts and records have been made and maintained. We have not, however, made a detailed examination of the same.
(vii) According to the information and explanations given to us in respect of statutory dues:
(a)
(b)
(c)
Undisputed statutory dues including provident fund, employees’ state insurance, income-tax, duty of custom, goods
and service tax, cess and other statutory dues have generally been regularly deposited with the appropriate authorities
though there has been a slight delay in a few cases.
According to the information and explanations given to us, no undisputed amounts payable in respect of provident
fund, employees’ state insurance, income tax, service tax, sales tax, custom duty, excise duty, value added tax, goods and
service tax, cess and other statutory dues were outstanding, at the year end, for a period of more than six months from
the date they became payable.
According to the records of the Company, the dues of income tax, sales tax, service tax, custom duty, excise duty, value
added tax and cess on account of any dispute are as follows:
Standalone Financials I 247
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Name of statute
The Customs Act, 1962
Nature of
the Dues
Customs
Duty
Amount
(` crores)
Period to which the
amount relates
34.43 2011-12 and 2012-13
3.60 2004-05 to 2005-06
1.37 2004-05 to 2005-06 and
Forum where the dispute is
pending
Tribunal
Tribunal
Principal Commissioner
Maharashtra Tax on the Entry
of Goods into Local Areas Act,
2002
Entry tax
709.17 2005-06 and 2008-09
2009-10
1,000.22 2006-07, 2007-08,
2010-11, 2011-12
Supreme Court
Tribunal
The Central Excise Act, 1944
The Water (Prevention & Control
of Pollution) Cess Act 1977
The Finance Act, 1994
Excise
Duty
Cess
Service
Tax
325.79 2009-10, 2012-13 and
Joint Commissioner Appeal
2013-14
0.81 1993-94 to 1995-96
Tribunal
1.13 2009-10
375.29 July 2012 to June 2017
5.86 2011-12 to 2014-15
0.25 2007-08
Chairman, Maharashtra
Pollution Control Board (MPCB)
High Court
Tribunal
Joint Commissioner appeal
(viii)
(ix)
In our opinion and according to the information and explanations given by the management, the Company has not defaulted
in repayment of loans or borrowing to a financial institution, bank or government or dues to debenture holders.
In our opinion and according to the information and explanations given by the management, the Company has utilized the
monies raised by way of debt instruments in the nature of debentures and term loans for the purposes for which they were
raised. According to the information and explanations given by the management, the Company has not raised any money by
way of initial public offer or further public offer.
(x)
Based upon the audit procedures performed for the purpose of reporting the true and fair view of the financial statements
and according to the information and explanations given by the management, we report that no fraud by the Company or no
material fraud on the Company by the officers and employees of the Company has been noticed or reported during the year.
(xi) According to the information and explanations given by the management, the managerial remuneration has been paid /
provided in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the
Companies Act, 2013.
(xii)
In our opinion, the Company is not a Nidhi company. Therefore, the provisions of clause 3(xii) of the Order are not applicable to
the Company and hence not commented upon.
(xiii) According to the information and explanations given by the management, transactions with the related parties are in
compliance with section 177 and 188 of Companies Act, 2013 where applicable and the details have been disclosed in the
notes to the financial statements, as required by the applicable accounting standards.
(xiv) According to the information and explanations given to us and on an overall examination of the balance sheet, the Company
has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year
under review and hence, reporting requirements under clause 3(xiv) are not applicable to the Company and, not commented
upon.
(xv) According to the information and explanations given by the management, the Company has not entered into any non-cash
transactions with directors or persons connected with him as referred to in section 192 of Companies Act, 2013.
(xvi) According to the information and explanations given to us, the provisions of section 45-IA of the Reserve Bank of India Act, 1934
are not applicable to the Company.
For S R B C & CO LLP
Chartered Accountants
ICAI Firm Registration Number: 324982E/E300003
per Sudhir Soni
Partner
Membership Number: 41870
UDIN: 19041870AAAAAJ8566
Place : Mumbai
Date : 2nd May, 2019
248 I Standalone Financials
100th Annual Report 2018-19
Annexure 2 to the Independent Auditor’s Report of even date on the Standalone Ind AS Financial Statements of the Tata Power Company Limited
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (“the Act”)
We have audited the internal financial controls over financial reporting of The Tata Power Company Limited (“the Company”) as of March 31, 2019 in
conjunction with our audit of the standalone Ind AS financial statements of the Company for the year ended on that date.
Management’s Responsibility for Internal Financial Controls
The Company’s Management is responsible for establishing and maintaining internal financial controls based on the internal control over financial
reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal
Financial Controls Over Financial Reporting (the “Guidance Note”) issued by the Institute of Chartered Accountants of India. These responsibilities
include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly
and efficient conduct of its business, including adherence to the Company’s policies, the safeguarding of its assets, the prevention and detection of
frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required
under the Companies Act, 2013.
Auditor’s Responsibility
Our responsibility is to express an opinion on the Company’s internal financial controls over financial reporting with reference to these standalone
financial statements based on our audit. We conducted our audit in accordance with the Guidance Note and the Standards on Auditing as specified
under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls and, both issued by the Institute of
Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the
audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting with reference to these standalone
financial statements was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls over financial reporting with
reference to these standalone financial statements and their operating effectiveness. Our audit of internal financial controls over financial reporting
included obtaining an understanding of internal financial controls over financial reporting with reference to these standalone financial statements,
assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the
assessed risk. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the
financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the internal financial
controls over financial reporting with reference to these standalone financial statements.
Meaning of Internal Financial Controls Over Financial Reporting With Reference to these Financial Statements
A company’s internal financial control over financial reporting with reference to these standalone financial statements is a process designed to
provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles. A company’s internal financial control over financial reporting with reference to these
standalone financial statements includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail,
accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are
recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts
and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3)
provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company’s assets that
could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls Over Financial Reporting With Reference to these Standalone Financial Statements
Because of the inherent limitations of internal financial controls over financial reporting with reference to these standalone financial statements,
including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and
not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting with reference to these standalone Ind
AS financial statements to future periods are subject to the risk that the internal financial control over financial reporting with reference to these
standalone financial statements may become inadequate because of changes in conditions, or that the degree of compliance with the policies or
procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, adequate internal financial controls over financial reporting with reference to these
standalone financial statements and such internal financial controls over financial reporting with reference to these standalone financial statements
were operating effectively as at March 31, 2019, based on the internal control over financial reporting criteria established by the Company considering
the essential components of internal control stated in the Guidance Note.
For S R B C & CO LLP
Chartered Accountants
ICAI Firm Registration Number: 324982E/E300003
per Sudhir Soni
Partner
Membership Number: 41870
UDIN: 19041870AAAAAJ8566
Place : Mumbai
Date : 2nd May, 2019
Standalone Financials I 249
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The Tata Power Company Limited
Balance Sheet as at 31st March, 2019
Page
Notes
As at
31st March, 2019
` crore
As at
31st March, 2018
` crore
ASSETS
Non-current Assets
(a) Property, Plant and Equipment ..................................................................................................................................
(b) Capital Work-in-Progress (Refer Note 39 b.) ...........................................................................................................
Investment Property ......................................................................................................................................................
(c)
Intangible Assets .............................................................................................................................................................
(d)
Financial Assets ................................................................................................................................................................
(e)
Investments ..........................................................................................................................................................
(i)
Trade Receivables ...............................................................................................................................................
(ii)
Loans .......................................................................................................................................................................
(iii)
Finance Lease Receivables ..............................................................................................................................
(iv)
Other Financial Assets ......................................................................................................................................
(v)
(f) Non-current Tax Assets (Net) .......................................................................................................................................
(g) Other Non-current Assets ............................................................................................................................................
Total Non-current Assets .....................................................................................................................................................
Current Assets
(a)
(b) Financial Assets
Inventories .........................................................................................................................................................................
Investments ..........................................................................................................................................................
(i)
Trade Receivables ...............................................................................................................................................
(ii)
Unbilled Revenue ...............................................................................................................................................
(iii)
Cash and Cash Equivalents .............................................................................................................................
(iv)
Bank Balances other than (iv) above ...........................................................................................................
(v)
Loans .......................................................................................................................................................................
(vi)
(vii)
Finance Lease Receivables ..............................................................................................................................
(viii) Other Financial Assets ......................................................................................................................................
(c) Other Current Assets ......................................................................................................................................................
Total Current Assets ...............................................................................................................................................................
Assets Classified as Held For Sale ........................................................................................................................................
Total Assets before Regulatory Deferral Account ...................................................................................................
Regulatory Deferral Account - Assets ...........................................................................................................................
TOTAL ASSETS .......................................................................................................................................................................................
EQUITY AND LIABILITIES
Equity
(a)
Equity Share Capital .......................................................................................................................................................
(b) Unsecured Perpetual Securities .................................................................................................................................
(c) Other Equity ......................................................................................................................................................................
Total Equity ................................................................................................................................................................................
LIABILITIES
5
6
7
8
9
10
11
12
13
14
15
16
9
17
18
10
11
12
14
19a
20
21a
21b
22
Non-current Liabilities
Financial Liabilities
(a)
(i) Borrowings ................................................................................................................................................................
(ii) Trade Payables .........................................................................................................................................................
(a) Total outstanding dues of micro enterprises and small enterprises ...........................................
(b) Total outstanding dues of creditors other than micro enterprises and small enterprises ..
(iii) Other Financial Liabilities ....................................................................................................................................
(b) Provisions ...........................................................................................................................................................................
(c) Deferred Tax Liabilities (Net) ....................................................................................................................................... 26 & 35
(d) Other Non-current Liabilities ......................................................................................................................................
Total Non-current Liabilities ..............................................................................................................................................
Current Liabilities
(a)
24
25
36
27
23
Financial Liabilities
(i) Borrowings ................................................................................................................................................................
(ii) Trade Payables .........................................................................................................................................................
(a) Total outstanding dues of micro enterprises and small enterprises ...........................................
(b) Total outstanding dues of creditors other than micro enterprises and small enterprises ..
(iii) Other Financial Liabilities ....................................................................................................................................
(b) Current Tax Liabilities (Net) ..........................................................................................................................................
(c)
Provisions ...........................................................................................................................................................................
(d) Other Current Liabilities ................................................................................................................................................
Total Current Liabilities ........................................................................................................................................................
Liabilities directly associated with Assets Classified as Held For Sale ....................................................................
Total Liabilities before Regulatory Deferral Account ...........................................................................................
Regulatory Deferral Account - Liability ........................................................................................................................
TOTAL EQUITY AND LIABILITIES ..................................................................................................................................................
28
36
24
29
25
27
19b
20
260
263
264
265
268
269
270
271
271
272
273
273
268
274
275
269
270
271
272
275
278
279
279
280
282
304
284
285
290
291
291
304
284
291
285
291
276
278
7,545.96
368.10
Nil
83.89
21,270.77
185.76
51.35
554.27
2.89
68.65
977.10
31,108.74
579.51
42.00
1,256.44
41.56
75.94
19.85
119.20
37.58
96.06
952.11
3,220.25
2,806.59
37,135.58
999.00
38,134.58
270.50
1,500.00
13,919.10
15,689.60
8,749.72
Nil
22.75
42.76
195.55
583.49
183.54
9,777.81
6,731.80
3.96
1,098.18
2,895.43
107.67
14.74
849.12
11,700.90
966.27
22,444.98
Nil
38,134.58
7,873.55
418.78
Nil
93.18
18,382.45
185.76
68.90
574.76
Nil
Nil
1,235.70
28,833.08
474.22
10.00
972.05
53.75
42.94
15.48
402.92
34.27
297.78
309.25
2,612.66
3,261.14
34,706.88
1,795.19
36,502.07
270.50
1,500.00
12,718.03
14,488.53
8,123.84
Nil
21.00
44.74
182.10
235.99
246.49
8,854.16
4,326.46
3.72
1,101.96
5,047.98
107.67
15.44
1,193.59
11,796.82
877.56
21,528.54
485.00
36,502.07
See accompanying notes to the Financial Statements
As per our report of even date
For S R B C & CO LLP
Chartered Accountants
ICAI Firm Registration No.324982E/E300003
per SUDHIR SONI
Partner
Membership No. 41870
Mumbai, 2nd May, 2019.
250 I Standalone Financials
PRAVEER SINHA
CEO & Managing Director
DIN: 01785164
RAMESH SUBRAMANYAM
Chief Financial Officer
Mumbai, 2nd May, 2019.
For and on behalf of the Board,
BANMALI AGRAWALA
Director
DIN: 00120029
H. M. MISTRY
Company Secretary
100th Annual Report 2018-19
Statement of Profit and Loss for the year ended 31st March, 2019
For the year ended
31st March, 2019
` crore
7,932.83
516.35
8,449.18
Revenue from Operations ............................................................................................................................................
Other Income ....................................................................................................................................................................
Total Income ....................................................................................................................................................................
Expenses
292
296
Notes
Page
30
31
I
II
III
IV
V
VI
297
297
260
298
278
278
260
267
299
323
299
299
299
299
299
Cost of Power Purchased ....................................................................................................................................
Cost of Fuel (Refer Note 44) ..................................................................................................................................
Transmission Charges ..........................................................................................................................................
Employee Benefits Expense (Net) ....................................................................................................................
Finance Costs (Refer Note 44) ..............................................................................................................................
Depreciation and Amortisation Expenses .................................................................................................... 5, 6 & 7
Other Expenses ......................................................................................................................................................
Total Expenses ................................................................................................................................................................
Profit/(Loss) Before Movement in Regulatory Deferral Balance, Exceptional Items and Tax ..
Add/(Less): Net Movement in Regulatory Deferral Balance (Refer Note 44) ........................................
Add/(Less): Net Movement in Regulatory Deferral Balance in respect of earlier years .................
20
20
32
33
34
Profit/(Loss) Before Exceptional Items and Tax ..............................................................................................
Add/(Less): Exceptional Items ............................................................................................................................
Impairment of Property, Plant and Equipment ...............................................................................
Impairment of Non-current Investments .......................................................................................... 8a & b
Damages towards Contractual Obligation .......................................................................................
Provision for Contingencies ...................................................................................................................
Gain on Sale of Investment in Associates ..........................................................................................
34a
44
34a
5
VII Profit/(Loss) Before Tax ..............................................................................................................................................
VIII Tax Expense/(Credit)
Current Tax ..............................................................................................................................................................
Deferred Tax ...........................................................................................................................................................
Deferred Tax relating to earlier years .............................................................................................................
Deferred Tax (Recoverable)/Payable ...............................................................................................................
35
35
35
35
IX
X
XI
Profit/(Loss) for the Year from Continuing Operations ...............................................................................
Profit/(Loss) before tax from Discontinued Operations.............................................................................
Tax Expense/(Credit) on Discontinued Operations
Current Tax ..............................................................................................................................................................
Deferred Tax ...........................................................................................................................................................
Tax Expense/(Credit) on Discontinued Operations ......................................................................................
XII Profit/(Loss) for the Year from Discontinued Operations ..........................................................................
XIII Profit/(Loss) for the Year ............................................................................................................................................
XIV Other Comprehensive Income/(Expense) - Continuing Operations
19c
276
19c
276
Add/(Less):
(i) Items that will not be reclassified to profit or loss
Remeasurement of the Defined Benefit Plans .............................................................................. 25 (2.3)
(a)
(b)
Equity Instruments classified at FVTOCI ..........................................................................................
(c) Gain on sale of Investment classified at FVTOCI ...........................................................................
(d) Assets Classified as Held For Sale
34a
- Equity Instruments classified at FVTOCI........................................................................................
(ii) Tax relating to items that will not be reclassified to profit or loss
(a) Current Tax .................................................................................................................................................
(b) Deferred Tax ...............................................................................................................................................
35
35
XV Other Comprehensive Income/(Expense) - Discontinued Operations
Add/(Less):
(i)
(ii)
Items that will not be reclassified to profit or loss................................................................................... 25 (2.3)
Income tax relating to items that will not be reclassified to profit or loss......................................
287
299
299
299
287
Other Comprehensive Income/(Expense) For The Year ..............................................................................
XVI Total Comprehensive Income for the year (XIII + XIV + XV) .....................................................................
XVII Basic and Diluted Earnings Per Equity Share (of ` 1/- each) (`)
From Continuing Operations before net movement in regulatory deferral balances ................
(i)
(ii)
From Continuing Operations after net movement in regulatory deferral balances ....................
(iii) From Discontinued Operations .......................................................................................................................
(iv) Total Operations after net movement in regulatory deferral balances ............................................
See accompanying notes to the Financial Statements
40
308
As per our report of even date
For S R B C & CO LLP
Chartered Accountants
ICAI Firm Registration No.324982E/E300003
per SUDHIR SONI
Partner
Membership No. 41870
Mumbai, 2nd May, 2019.
PRAVEER SINHA
CEO & Managing Director
DIN: 01785164
RAMESH SUBRAMANYAM
Chief Financial Officer
Mumbai, 2nd May, 2019.
For the year ended
31st March, 2018
` crore
7,536.59
929.34
8,465.93
412.05
2,776.40
279.88
596.69
1,431.38
663.21
877.52
7,037.13
1,428.80
(236.00)
Nil
(236.00)
1,192.80
(100.00)
(4,230.32)
(107.08)
Nil
Nil
(4,437.40)
(3,244.60)
224.26
(844.37)
Nil
454.29
(165.82)
(3,078.78)
(85.87)
(17.36)
3.23
(14.13)
(71.74)
(3,150.52)
(12.38)
(400.44)
99.59
Nil
(34.67)
391.99
44.09
0.85
Nil
0.85
44.94
(3,105.58)
(11.21)
(11.79)
(0.26)
(12.05)
457.02
3,168.27
248.23
637.57
1,500.35
632.70
801.87
7,446.01
1,003.17
(519.03)
274.26
(244.77)
758.40
Nil
Nil
Nil
(45.00)
1,212.99
1,167.99
1,926.39
171.00
331.58
10.00
(420.61)
91.97
1,834.42
(191.82)
(71.92)
5.94
(65.98)
(125.84)
1,708.58
(20.00)
0.17
0.01
(31.05)
6.99
(0.02)
(43.90)
(1.14)
0.40
(0.74)
(44.64)
1,663.94
6.95
6.36
(0.46)
5.90
For and on behalf of the Board,
BANMALI AGRAWALA
Director
DIN: 00120029
H. M. MISTRY
Company Secretary
Standalone Financials I 251
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The Tata Power Company Limited
Statement of Cash Flows for the year ended 31st March, 2019
For the year ended
31st March, 2019
` crore
For the year ended
31st March, 2018
` crore
A. Cash Flow from Operating Activities
Profit/(Loss) before tax from Continuing Operations ................................................................................................
Profit/(Loss) before tax from Discontinued Operations ...........................................................................................
1,926.39
(191.82)
(3,244.60)
(85.87)
Adjustments to reconcile Profit Before Tax to Net Cash Flows:
Depreciation and Amortisation Expense .............................................................................................................
Interest Income .............................................................................................................................................................
Delayed Payment Charges ........................................................................................................................................
Dividend Income ..........................................................................................................................................................
Finance Cost (Net of Capitalisation) ......................................................................................................................
(Gain)/Loss on Disposal of Property, Plant and Equipment (Net) ...............................................................
(Gain)/Loss on Sale/Fair Value of Current Investment measured at FVTPL .............................................
(Gain)/Loss on Sale of Non- Current Investments (Including fair value change) ..................................
Amortisation of Premium Paid on Leasehold Land .........................................................................................
Guarantee Commission from Subsidiaries and Joint Ventures ....................................................................
Amortisation of Service Line Contributions .......................................................................................................
Transfer to Contingency Reserve ............................................................................................................................
Allowance for Doubtful Debts and Advances (Net) .........................................................................................
Impairment of Property, Plant and Equipment .................................................................................................
Impairment of Non-current Investments ............................................................................................................
Impairment of Non-current Investments in Joint Ventures ..........................................................................
(Gain)/Loss on Sale of Investment in Associates ...............................................................................................
Damages towards Contractual Obligation .........................................................................................................
Impairment of Non-current Assets ........................................................................................................................
Effect of Exchange Fluctuation (Net) .....................................................................................................................
Working Capital Adjustments:
Adjustment for (increase)/decrease in Assets:
Inventories ......................................................................................................................................................................
Trade Receivables .........................................................................................................................................................
Finance Lease Receivables ........................................................................................................................................
Loans- Current ...............................................................................................................................................................
Loans-Non Current.......................................................................................................................................................
Other Current Assets ...................................................................................................................................................
Other Non-current Assets .........................................................................................................................................
Unbilled Revenue .........................................................................................................................................................
Other Financial Assets - Current .............................................................................................................................
Other Financial Assets - Non-current ....................................................................................................................
Regulatory Deferral Account - Assets ...................................................................................................................
Adjustments for increase / (decrease) in Liabilities:
Trade Payables ...............................................................................................................................................................
Other Current Liabilities .............................................................................................................................................
Other Non-current Liabilities ...................................................................................................................................
Current Provisions ........................................................................................................................................................
Non-current Provisions ..............................................................................................................................................
Other Financial Liabilities - Current .......................................................................................................................
Other Financial Liabilities - Non Current ..............................................................................................................
Regulatory Deferral Account - Liability ................................................................................................................
632.70
(84.91)
(6.34)
(383.91)
1,536.68
(10.81)
(6.29)
(0.88)
2.64
(20.95)
(7.46)
16.00
19.11
Nil
Nil
Nil
(1,212.99)
Nil
Nil
4.54
(107.14)
(251.20)
17.18
(0.41)
4.09
(324.00)
270.34
66.23
(0.40)
1.10
894.37
(34.77)
(382.37)
(66.98)
(40.72)
24.62
(13.37)
1.38
(485.00)
Cash flow from/(used in) Operations ..............................................................................................................................
Income tax Paid .............................................................................................................................................................
Net cash flows from/(used) in Operating Activities.............................................................................................
A
B. Cash Flow from Investing Activities
Capital expenditure on Property, Plant and Equipment (including capital advances) .................................
Proceeds from sale of Property, Plant and Equipment .............................................................................................
Purchase of Non-current Investments
Subsidiaries ....................................................................................................................................................................
Joint Ventures ................................................................................................................................................................
Others ...............................................................................................................................................................................
Carried Over........
252 I Standalone Financials
694.39
(132.58)
(6.01)
(747.90)
1,440.23
(8.39)
(2.36)
Nil
0.31
(23.55)
(8.99)
14.00
(0.39)
100.00
4,230.32
(2.90)
Nil
107.08
6.00
(6.08)
477.13
2,211.70
5,653.18
2,322.71
94.57
(48.37)
3.60
(0.08)
11.15
3.54
85.09
192.11
21.14
(6.29)
456.16
570.16
2,781.86
812.62
3,135.33
(118.90)
18.02
65.02
(11.11)
30.40
(6.86)
0.17
(171.00)
(997.21)
1,784.65
(101.31)
1,683.34
(522.39)
32.35
(3,425.99)
Nil
(25.00)
(2,257.69)
(194.26)
2,941.07
(173.58)
2,767.49
(665.00)
15.54
(1,328.01)
(0.17)
(104.65)
(685.20)
100th Annual Report 2018-19
Statement of Cash Flows for the year ended 31st March, 2019
For the year ended
31st March, 2019
` crore
(2,257.69)
Brought Froward........
For the year ended
31st March, 2018
` crore
(685.20)
Proceeds from Sale of Non-current Investments
Subsidiaries ....................................................................................................................................................................
Associates ........................................................................................................................................................................
Other .................................................................................................................................................................................
Proceeds from Sale of Current Investments (Net) ......................................................................................................
Interest Received
Subsidiaries ....................................................................................................................................................................
Joint Ventures ................................................................................................................................................................
Others ...............................................................................................................................................................................
Delayed Payment Charges Received ...............................................................................................................................
Loans given
Subsidiaries ......................................................................................................................................................................
Joint Ventures ..................................................................................................................................................................
Associates .........................................................................................................................................................................
Loans repaid
Subsidiaries ......................................................................................................................................................................
Joint Ventures ..................................................................................................................................................................
Associates .........................................................................................................................................................................
Dividend Received
Subsidiaries ......................................................................................................................................................................
Joint Ventures ..................................................................................................................................................................
Associates .........................................................................................................................................................................
Others .................................................................................................................................................................................
Guarantee Commission Received ....................................................................................................................................
Amount (paid)/received back under Contractual Obligation ................................................................................
Bank Balance not considered as Cash and Cash Equivalents (with maturity more than three months)
Net cash flow from/(used) in Investing Activities.................................................................................................
B
C. Cash Flow from Financing Activities
Increase in Capital/Service Line Contributions ...........................................................................................................
Distribution on Unsecured Perpetual Securities .........................................................................................................
Interest and Other Borrowing Costs ................................................................................................................................
Proceeds from Non-current Borrowings ........................................................................................................................
Repayment of Non-current Borrowings .........................................................................................................................
Proceeds from Current Borrowings .................................................................................................................................
Repayment of Current Borrowings ..................................................................................................................................
Dividends Paid .........................................................................................................................................................................
Dividend Distribution Tax ....................................................................................................................................................
Net Cash Flow from/(used) in Financing Activities ..............................................................................................
Net Increase/(Decrease) in Cash and Cash Equivalents ..................................................................................... (A+B+C)
Cash and Cash Equivalents as at 1st April (Opening Balance) .......................................................................
Cash and Cash Equivalents as at 31st March (Closing Balance) ....................................................................
C
Notes:
1. Cash and Cash Equivalents include:
(a) Balances with banks
In current accounts ...........................................................................................................................................
(b) Bank Overdraft ...................................................................................................................................................
Cash and Cash Equivalents related to Continuing Operations .................................................
(a) Balances with banks
In current accounts ...........................................................................................................................................
(b) Book Overdraft ...................................................................................................................................................
Cash and Cash Equivalents relating to Discontinued Operations ..........................................
See accompanying notes to the Financial Statements
As per our report of even date
For S R B C & CO LLP
Chartered Accountants
ICAI Firm Registration No.324982E/E300003
per SUDHIR SONI
Partner
Membership No. 41870
Mumbai, 2nd May, 2019.
PRAVEER SINHA
CEO & Managing Director
DIN: 01785164
RAMESH SUBRAMANYAM
Chief Financial Officer
Mumbai, 2nd May, 2019.
255.00
2,157.67
0.10
16.29
77.40
Nil
44.96
6.34
(2,359.61)
(1.00)
(1.00)
2,621.97
1.00
1.00
428.95
104.49
9.68
5.43
18.76
Nil
(2.95)
(556.55)
11.49
(171.00)
(1,591.08)
3,337.09
(4,729.41)
22,729.91
(20,231.28)
(351.99)
Nil
(996.27)
130.52
(50.66)
79.86
Nil
Nil
206.81
132.44
29.90
0.92
99.99
6.01
(1,377.12)
(0.07)
Nil
974.86
Nil
Nil
501.94
66.38
15.31
10.63
28.92
31.47
(1.01)
(1,354.91)
11.17
(171.00)
(1,578.29)
2,408.96
(3,697.23)
11,274.46
(9,468.45)
(350.61)
(33.81)
(1,604.80)
(192.22)
141.56
(50.66)
As at
31st March, 2019
` crore
As at
31st March, 2018
` crore
75.94
(2.19)
73.75
6.13
(0.02)
6.11
79.86
42.94
(95.44)
(52.50)
1.88
(0.04)
1.84
(50.66)
For and on behalf of the Board,
BANMALI AGRAWALA
Director
DIN: 00120029
H. M. MISTRY
Company Secretary
Standalone Financials I 253
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The Tata Power Company Limited
Statement of Changes in Equity
A. Equity Share Capital
Balance as at 1st April, 2017 .......................................................................................................................................
Issued during the year ......................................................................................................................................................
Balance as at 31st March, 2018 .................................................................................................................................
Issued during the year ......................................................................................................................................................
Balance as at 31st March, 2019 .................................................................................................................................
B. Unsecured Perpetual Securities
Balance as at 1st April, 2017 .......................................................................................................................................
Issued during the year ......................................................................................................................................................
Balance as at 31st March, 2018 .................................................................................................................................
Issued during the year ......................................................................................................................................................
Balance as at 31st March, 2019 .................................................................................................................................
No. of Shares
270,47,73,510
Nil
270,47,73,510
Nil
270,47,73,510
No. of Securities
15,000
Nil
15,000
Nil
15,000
C. Other Equity
Description
Reserves and Surplus
General
Reserve
Securities
Premium
Debenture
Redemption
Reserve
Capital
Redemption
Reserve
Capital
Reserve
Statutory
Reserve
Retained
Earnings
` crore
Amount
270.50
Nil
270.50
Nil
270.50
` crore
Amount
1,500.00
Nil
1,500.00
Nil
1,500.00
` crore
Total
16,321.47
(3,150.52)
Item of Other
Comprehensive
Income
Equity
Instrument
through Other
Comprehensive
Income
(253.40)
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
3,853.98
Nil
5,634.98
Nil
Balance as at 1st April, 2017 ........................
Profit/(Loss) for the year ....................................
Other Comprehensive Income/(Expense)
for the year (Net of Tax) .....................................
Total Comprehensive Income .....................
Dividend paid (including tax on dividend)
Transfer to Debenture Redemption
Reserve ....................................................................
Transfer to Retained Earnings on Sale of
Shares ......................................................................
Distribution on Unsecured Perpetual
Securities (Net of Tax) .........................................
Nil
Balance as at 31st March, 2018 .................. 3,853.98
Balance as at 1st April, 2018 ........................
3,853.98
Profit/(Loss) for the year ....................................
Nil
Other Comprehensive Income/(Expense)
for the year (Net of Tax) .....................................
Total Comprehensive Income .....................
Transfer to Retained Earnings on Sale of
Shares ......................................................................
Dividend paid (including tax on dividend)
Transfer to Debenture Redemption
Reserve ....................................................................
Distribution on Unsecured Perpetual
Securities (Net of Tax) .........................................
Nil
Balance as at 31st March, 2019 .................. 3,853.98 5,634.98
See accompanying notes to the Financial Statements
Nil
5,634.98
5,634.98
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
1,000.90
Nil
1.85
Nil
61.66
Nil
660.08
Nil
5,361.42
(3,150.52)
Nil
Nil
Nil
(0.29)
Nil
Nil
1,000.61
1,000.61
Nil
Nil
Nil
Nil
Nil
(578.66)
Nil
421.95
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
(9.08)
Nil
Nil (3,159.60)
(385.80)
Nil
0.29
Nil
54.02
54.02
Nil
Nil
44.94
(3,105.58)
(385.80)
Nil
Nil
174.74
(174.74)
Nil
Nil
1.85
1.85
Nil
Nil
61.66
61.66
Nil
(112.06)
Nil
660.08
1,878.99
660.08 1,878.99
1,708.58
Nil
Nil
(112.06)
(374.12) 12,718.03
12,718.03
(374.12)
1,708.58
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
(13.75)
Nil 1,694.83
Nil
Nil
Nil
(735.49)
(351.99)
578.66
(30.89)
(30.89)
(44.64)
1,663.94
735.49
Nil
Nil
(351.99)
Nil
Nil
Nil
1.85
Nil
61.66
Nil
(110.88)
660.08 2,954.12
Nil
(110.88)
330.48 13,919.10
As per our report of even date
For S R B C & CO LLP
Chartered Accountants
ICAI Firm Registration No.324982E/E300003
per SUDHIR SONI
Partner
Membership No. 41870
Mumbai, 2nd May, 2019.
254 I Standalone Financials
PRAVEER SINHA
CEO & Managing Director
DIN: 01785164
RAMESH SUBRAMANYAM
Chief Financial Officer
Mumbai, 2nd May, 2019.
For and on behalf of the Board,
BANMALI AGRAWALA
Director
DIN: 00120029
H. M. MISTRY
Company Secretary
100th Annual Report 2018-19
Notes to the Financial Statements
1.
2.1
Corporate Information:
The Tata Power Company Limited (the ‘Company’) is a public limited company domiciled and incorporated in India under the
Indian Companies Act, 1913. The registered office of the Company is located at Bombay House, 24, Homi Mody Street, Mumbai
400001, India. The Principal business of the Company is generation, transmission and distribution of electricity.
The Company was amongst the pioneers in generation of electricity in India more than a century ago.
The Company has an installed generation capacity of 2,804 MW in India and a presence in all the segments of the power sector
viz. Fuel and Logistics, Generation (thermal, hydro, solar and wind), Transmission and Distribution.
Statement of compliance
The financial statements have been prepared in accordance with Indian Accounting Standards (Ind AS) as notified under the
Companies (Indian Accounting Standards) Rules, 2015 read with section 133 of the Companies Act, 2013 (as amended from
time to time).
2.2 Basis of preparation and presentation
3.
3.1
The financial statements have been prepared on a historical cost basis, except for the following assets and liabilities which have
been measured at fair value
-
-
-
derivative financial instruments;
certain financial assets and liabilities measured at fair value (Refer accounting policy regarding financial instruments);
employee benefit expenses (Refer Note 32 for Accounting policy).
Other Significant Accounting Policies
Foreign Currencies
The functional currency of the Company is Indian Rupee (₹).
Income and expenses in foreign currencies are recorded at exchange rates prevailing on the date of the transaction. Foreign
currency denominated monetary assets and liabilities are translated at the exchange rate prevailing on the balance sheet date
and exchange gains and losses arising on settlement and restatement are recognised in the statement of profit and loss.
Non-monetary assets and liabilities that are measured in terms of historical cost in foreign currencies are not retranslated.
Exchange differences on monetary items are recognised in the statement of profit and loss in the period in which they arise
except for exchange differences on foreign currency borrowings relating to assets under construction for future productive
use, which are included in the cost of those assets when they are regarded as an adjustment to interest costs on those foreign
currency borrowings.
3.2 Current versus non-current classification
The Company presents assets and liabilities in the balance sheet based on current / non-current classification. An asset is
treated as current when it is:
-
-
-
-
expected to be realised or intended to be sold or consumed in normal operating cycle,
held primarily for the purpose of trading,
expected to be realised within twelve months after the reporting period, or
cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months
after the reporting period.
All other assets are classified as non-current.
A liability is current when:
-
-
-
-
The Company classifies all other liabilities as non-current.
it is expected to be settled in normal operating cycle,
it is held primarily for the purpose of trading,
it is due to be settled within twelve months after the reporting period, or
there is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period.
Deferred tax assets and liabilities are classified as non-current assets and liabilities.
The operating cycle is the time between the acquisition of assets for processing and their realisation in cash and cash equivalents.
The Company has identified twelve months as its operating cycle.
3.3
Financial Instruments
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument
of another entity.
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Standalone Financials I 255
The Tata Power Company Limited
Notes to the Financial Statements
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the
instruments.
Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the
acquisition or issue of financial assets and financial liabilities are added to or deducted from the fair value of the financial assets
or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial
assets or financial liabilities measured at fair value through profit or loss are recognised immediately in the statement of profit
and loss.
3.4
Financial Assets
All regular way purchases or sales of financial assets are recognised and derecognised on a trade date basis. Regular way
purchases or sales are purchases or sales of financial assets that require delivery of assets within the time frame established by
regulation or convention in the market place.
All recognised financial assets are subsequently measured in their entirety at either amortised cost or fair value, depending on
the classification of the financial assets.
3.5
Financial assets at amortised cost
Financial assets are subsequently measured at amortised cost using the effective interest rate method if these financial assets
are held within a business whose objective is to hold these assets in order to collect contractual cash flows and the contractual
terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the
principal amount outstanding.
3.5.1 Financial assets at fair value through other comprehensive income (FVTOCI)
A financial asset is subsequently measured at fair value through other comprehensive income if it is held within a business
model whose objective is achieved by both collecting contractual cash flows and selling financial assets and the contractual
terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the
principal amount outstanding.
On initial recognition, the Company makes an irrevocable election on an instrument-by-instrument basis to present the
subsequent changes in fair value in other comprehensive income pertaining to investments in equity instruments, other than
equity investment which are held for trading. Subsequently, they are measured at fair value with gains and losses arising from
changes in fair value recognised in other comprehensive income and accumulated in the ‘Reserve for equity instruments through
other comprehensive income’. The cumulative gain or loss is not reclassified to profit or loss on disposal of the investments.
3.5.2 Financial assets at fair value through profit or loss (FVTPL)
Investments in equity instruments are classified as at FVTPL, unless the Company irrevocably elects on initial recognition to
present subsequent changes in fair value in other comprehensive income for investments in equity instruments which are not
held for trading.
Other financial assets are measured at fair value through profit or loss unless it is measured at amortised cost or at fair value
through other comprehensive income on initial recognition.
3.5.3 Investment in Subsidiaries, Jointly Controlled Entities and Associates
Investment in subsidiaries, jointly controlled entities and associates are measured at cost less impairment as per Ind AS 27 -
Separate Financial Statements.
Impairment of investments:
The Company reviews its carrying value of investments carried at cost annually, or more frequently when there is indication for
impairment. If the recoverable amount is less than its carrying amount, the impairment loss is accounted in the statement of
profit and loss.
3.5.4 Derecognition
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily
derecognised (i.e. removed from the Company’s balance sheet) when:
-
-
the right to receive cash flows from the asset have expired, or
the Company has transferred its right to receive cash flows from the asset or has assumed an obligation to pay the
received cash flows in full without material delay to a third party under a ‘pass-through’ arrangement; and either (a) the
Company has transferred substantially all the risks and rewards of the asset, or (b) the Company has neither transferred
nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.
256 I Standalone Financials
100th Annual Report 2018-19
Notes to the Financial Statements
When the Company has transferred its right to receive cash flows from an asset or has entered into a pass-through arrangement,
it evaluates if and to what extent it has retained the risks and rewards of ownership. When it has neither transferred nor retained
substantially all of the risks and rewards of the asset, nor transferred control of the asset, the Company continues to recognise
the transferred asset to the extent of the Company’s continuing involvement. In that case, the Company also recognises
an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and
obligations that the Company has retained.
3.5.5 Impairment of financial assets
The Company assesses at each date of balance sheet whether a financial asset or a group of financial assets is impaired. Ind AS
109 requires expected credit losses to be measured through a loss allowance. The Company recognises lifetime expected losses
for all contract assets and / or all trade receivables that do not constitute a financing transaction. For all other financial assets,
expected credit losses are measured at an amount equal to the 12 month expected credit losses or at an amount equal to the
life time expected credit losses if the credit risk on the financial asset has increased significantly since initial recognition.
Financial liabilities and equity instruments
3.6
3.6.1 Classification as debt or equity
Debt and equity instruments issued by a Company are classified as either financial liabilities or as equity in accordance with the
substance of the contractual arrangements and the definitions of a financial liability and an equity instrument.
3.6.2 Equity Instruments
An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities.
Equity instruments issued by the Company are recognised at the proceeds received, net of direct issue costs.
3.6.3 Financial liabilities
All financial liabilities are subsequently measured at amortised cost using the effective interest method. Gains and losses are
recognised in statement of profit and loss when the liabilities are derecognised as well as through the Effective Interest Rate
(EIR) amortisation process. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees
or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of profit and loss.
3.6.4 Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an
existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an
existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original
liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement
of profit and loss.
3.6.5 Financial guarantee contracts
Financial guarantee contracts issued by the Company are those contracts that require a payment to be made to reimburse the
holder for a loss it incurs because the specified debtor fails to make a payment when due in accordance with the terms of a debt
instrument. Financial guarantee contracts are recognised initially as a liability at fair value, adjusted for transaction costs that are
directly attributable to the issuance of the guarantee. Subsequently, the liability is measured at the higher of the amount of loss
allowance determined as per impairment requirements of Ind AS 109 and the amount recognised less cumulative amortisation.
3.7 Derivative financial instruments
The Company enters into a variety of derivative financial instruments to manage its exposure to foreign exchange rate risks,
including foreign exchange forward contracts.
Derivatives are initially recognised at fair value at the date the derivative contracts are entered into and are subsequently
remeasured to their fair value at the end of each reporting period. The resulting gain or loss is recognised in statement of profit
and loss immediately.
3.8 Reclassification of financial assets and liabilities
The Company determines classification of financial assets and liabilities on initial recognition. After initial recognition, no
reclassification is made for financial assets which are equity instruments and financial liabilities. For financial assets which are
debt instruments, a reclassification is made only if there is a change in the business model for managing those assets. Changes
to the business model are expected to be infrequent. The Company’s senior management determines change in the business
model as a result of external or internal changes which are significant to the Company’s operations. Such changes are evident
to external parties. A change in the business model occurs when the Company either begins or ceases to perform an activity
that is significant to its operations. If the Company reclassifies financial assets, it applies the reclassification prospectively from
the reclassification date which is the first day of the immediately next reporting period following the change in business model.
The Company does not restate any previously recognised gains, losses (including impairment gains or losses) or interest.
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Standalone Financials I 257
The Tata Power Company Limited
3.9 Offsetting of financial instruments
Notes to the Financial Statements
Financial assets and financial liabilities are offset and the net amount is reported in the balance sheet if there is a currently
enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, to realise the assets
and settle the liabilities simultaneously.
3.10 Leasing arrangement
The determination of whether an arrangement is (or contains) a lease is based on the substance of the arrangement at the
inception of the lease. The arrangement is, or contains, a lease if fulfilment of the arrangement is dependent on the use of a
specific asset or assets and the arrangement conveys a right to use the asset or assets, even if that right is not explicitly specified
in an arrangement.
The Company as lessee
A lease is classified at the inception date as a finance lease or an operating lease. A lease that transfers substantially all the risks
and rewards incidental to ownership to the Company is classified as a finance lease.
A leased asset is depreciated over the useful life of the asset. However, if there is no reasonable certainty that the Company will
obtain ownership by the end of the lease term, the asset is depreciated over the shorter of the estimated useful life of the asset
and the lease term.
Operating lease payments are recognised as an expense in the statement of profit and loss on a straight-line basis over the lease
term.
3.11 Standards issued but not yet effective
The amendments to standards that are issued, but not yet effective, up to the date of issuance of the Company’s financial
statements are disclosed below. The Company intends to adopt these standards, if applicable, when they become effective.
Ind AS 116 - Leases
Ind AS 116 Leases was notified in March 2019 and it replaces Ind AS 17 Leases. Ind AS 116 is effective for annual periods
beginning on or after 1st April, 2019. It sets out the principles for the recognition, measurement, presentation and disclosure of
leases and requires lessees to account for all leases under a single on-balance sheet model similar to the accounting for finance
leases under Ind AS 17. Lessor accounting under Ind AS 116 is substantially unchanged from today’s accounting under Ind AS
17. Ind AS 116 requires lessees and lessors to make more extensive disclosures than under Ind AS 17. The Company is in the
process of evaluating the requirements of the standard and its impact on its financial statements.
Ind AS 12 – Income taxes (amendments relating to income tax consequences of dividend and uncertainty over income
tax treatments)
The amendment relating to income tax consequences of dividend clarify that an entity shall recognise the income tax
consequences of dividends in profit or loss, other comprehensive income or equity according to where the entity originally
recognised those past transactions or events. The company does not expect any impact from this pronouncement. It is relevant
to note that the amendment does not amend situations where the entity pays a tax on dividend which is effectively a portion of
dividends paid to taxation authorities on behalf of shareholders. Such amount paid or payable to taxation authorities continues
to be charged to equity as part of dividend in accordance with Ind AS 12.
The amendment to Appendix C of Ind AS 12 specifies that the amendment is to be applied to the determination of taxable profit
(tax loss), tax bases, unused tax losses, unused tax credits and tax rates, when there is uncertainty over income tax treatments
under Ind AS 12. It outlines the following: (1) the entity has to use judgement, to determine whether each tax treatment should
be considered separately or whether some can be considered together. The decision should be based on the approach which
provides better predictions of the resolution of the uncertainty (2) the entity is to assume that the taxation authority will have
full knowledge of all relevant information while examining any amount (3) entity has to consider the probability of the relevant
taxation authority accepting the tax treatment and the determination of taxable profit (tax loss), tax bases, unused tax losses,
unused tax credits and tax rates would depend upon the probability. The Company does not expect any significant impact of
the amendment on its financial statements.
Ind AS 109 – Prepayment Features with Negative Compensation
The amendments relate to the existing requirements in Ind AS 109 regarding termination rights in order to allow measurement
at amortised cost (or, depending on the business model, at fair value through other comprehensive income) even in the case
of negative compensation payments. The Company does not expect this amendment to have any impact on its financial
statements.
258 I Standalone Financials
100th Annual Report 2018-19
Notes to the Financial Statements
Ind AS 19 – Plan Amendment, Curtailment or Settlement
The amendments clarify that if a plan amendment, curtailment or settlement occurs, it is mandatory that the current service
cost and the net interest for the period after the re-measurement are determined using the assumptions used for the re-
measurement. In addition, amendments have been included to clarify the effect of a plan amendment, curtailment or settlement
on the requirements regarding the asset ceiling. The Company does not expect this amendment to have any significant impact
on its financial statements.
Ind AS 23 – Borrowing Costs
The amendments clarify that if any specific borrowing remains outstanding after the related asset is ready for its intended use
or sale, that borrowing becomes part of the funds that an entity borrows generally when calculating the capitalisation rate on
general borrowings. The Company does not expect any impact from this amendment.
Ind AS 28 – Long-term Interests in Associates and Joint Ventures
The amendments clarify that an entity applies Ind AS 109 Financial Instruments, to long-term interests in an associate or joint
venture that form part of the net investment in the associate or joint venture but to which the equity method is not applied.
The company does not currently have any such long-term interests in associates and joint ventures.
Ind AS 103 – Business Combinations and Ind AS 111 - Joint Arrangements
The amendments to Ind AS 103 relating to re-measurement clarify that when an entity obtains control of a business that is a
joint operation, it re-measures previously held interests in that business. The amendments to Ind AS 111 clarify that when an
entity obtains joint control of a business that is a joint operation, the entity does not re-measure previously held interests in that
business. The Company will apply the pronouncement if and when it obtains control / joint control of a business that is a joint
operation.
3.12 Dividend distribution to equity shareholders of the Company
The Company recognises a liability to make dividend distributions to its equity holders when the distribution is authorised and
the distribution is no longer at its discretion. As per the corporate laws in India, a distribution is authorised when it is approved
by the shareholders. A corresponding amount is recognised directly in equity.
In case of Interim Dividend, the liability is recognised on its declaration by the Board of Directors.
3.13 Changes in accounting policies and disclosures
(a)
Revenue from delayed payment charges
Delayed payment charges were hitherto recognised only when they are realised/recovered. With effect from 1st April,
2018, the Company has revised its accounting policy to recognise Delayed Payment Charges (DPC) on accrual basis based
on contractual terms and an assessment of certainty of realisation. Management believes that this policy results in the
financial statements providing reliable and more relevant information about the effects of transaction on the Company’s
financial position and performance. The revision in accounting policy has been applied retrospectively and does not
have any significant impact on current year and previous year statement of profit and loss and retained earnings as at
1st April, 2017.
New and amended standards and interpretations
The Company applied for the first time certain amendments to the standards, which are effective for annual periods
beginning on or after 1st April, 2018. The nature and the impact of each amendment is described below:
(b)
(c)
Ind AS 20 Accounting for Government Grants and Disclosure
In accordance with the amendment in Ind AS 20 “Accounting for Government Grants and Disclosure” the Company has
changed its accounting policy of recognizing the grant as a reduction from the carrying amount of the asset instead
of recognizing the grant as deferred income. Management believes that this policy results in the financial statements
providing reliable and more relevant information about the effects of transaction on the Company’s financial position
and performance. The revision in accounting policy has been applied retrospectively and does not have any significant
impact on retained earnings as at 1st April, 2017 and profit of the Company.
Ind AS 115 Revenue from Contracts with Customers
Ind AS 115 supersedes Ind AS 11 Construction Contracts, Ind AS 18 Revenue and related interpretations and it applies,
with limited exceptions, to all revenue arising from contracts with its customers. Ind AS 115 establishes a five-step model
to account for revenue arising from contracts with customers and requires that revenue be 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.
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Standalone Financials I 259
The Tata Power Company Limited
Notes to the Financial Statements
The Company adopted Ind AS 115 using the full retrospective method of adoption. Ind AS 115 requires entities to exercise
judgement, taking into consideration all of the relevant facts and circumstances when applying each step of the model
to contracts with their customers. The standard also specifies the accounting for the incremental costs of obtaining a
contract and the costs directly related to fulfilling a contract. In addition, the standard requires relevant disclosures.
On adoption of Ind AS 115, amount recoverable from consumers are considered as contract assets accordingly, the
Company has classified amount recoverable from consumers from other financial assets to other assets for the previous
year ended March 31, 2018. Also, liabilities towards consumers are considered as contract liabilities and accordingly, has
been classified from other financial liabilities to other liabilities for the year ended March 31, 2018.
4.
Critical accounting estimates and judgements
In the application of the Company’s accounting policies, management of the Company is required to make judgements,
estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other
sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to
be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised
in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future
periods if the revision affects both current and future periods. Detailed information about each of these estimates and
judgements is included in relevant notes together with information about the basis of calculation for each affected line item in
the financial statements.
The areas involving critical estimates or judgements are:
Estimates used for impairment of property, plant and equipment of certain cash generating units (CGU) - Note 5
Estimated fair value of unquoted securities and impairment of investments - Note 8
Estimation of defined benefit obligation - Note 25 and 32
Estimation of current tax and deferred tax expense (including Minimum Alternate Tax credit) - Note 35
Estimates and judgements are continually evaluated. They are based on historical experience and other factors, including
expectations of future events that may have a financial impact on the Company and that are believed to be reasonable under
the circumstances.
Judgement to estimate the amount of provision required or to determine required disclosure related to litigation and claims
against the Company - Note 38.
5.
Property, plant and equipment
Accounting Policy
Property, plant and equipment is stated at cost less accumulated depreciation and accumulated impairment losses, if any.
Cost includes purchase price (net of trade discount and rebates) and any directly attributable cost of bringing the asset to its
working condition for its intended use and for qualifying assets, borrowing costs capitalised in accordance with the Ind AS
23. Capital work in progress is stated at cost, net of accumulated impairment loss, if any. When significant parts of plant and
equipment are required to be replaced at intervals, the Company depreciates them separately based on their specific useful
lives. Likewise, when a major inspection is performed, its cost is recognised in the carrying amount of the plant and equipment
as a replacement if the recognition criteria are satisfied. All other repair and maintenance costs are recognised in the statement
of profit and loss as incurred.
Depreciation
Depreciation commences when an asset is ready for its intended use. Freehold land and assets held for sale are not depreciated.
Regulated Assets:
Depreciation on Property, plant and equipments in respect of electricity business of the Company covered under Part B of
Schedule II of the Companies Act, 2013, has been provided on the straight line method at the rates using the methodology as
notified by the regulator.
Non-Regulated Assets:
Depreciation is recognised on the cost of assets (other than freehold land and properties under construction) less their residual
values over their estimated useful lives, using the straight-line method.
260 I Standalone Financials
100th Annual Report 2018-19
Notes to the Financial Statements
The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the
effect of any changes in estimate accounted for on a prospective basis. The Company, based on technical assessment made by
technical expert and management estimate, depreciates certain items of building, plant and equipments over estimated useful
lives which are different from the useful life prescribed in Schedule II to the Companies Act, 2013. The management believes
that these estimated useful lives are realistic and reflect fair approximation of the period over which the assets are likely to be
used.
Estimated useful lives of the Regulated and Non-Regulated assets are as follows:
Type of asset
Leasehold Lands
Hydraulic Works
Buildings-Plant
Buildings-Others
Coal Jetty
Railway Sidings, Roads, Crossings, etc.
Plant and Equipments (excluding Computers and Data Processing units)
Plant and Equipments (Computers and Data Processing units)
Transmission Lines, Cable Network, etc.
Furniture and Fixtures
Office Equipments
Motor Cars
Motor Lorries, Launches, Barges etc.
Helicopters
Decapitalisation
Useful lives
95 years
35 years
5 to 35 years
25 to 60 years
25 years
25 to 35 years
25 to 35 years
3 years
25 to 35 years
10 to 35 years
5 years
5 years
25 to 35 years
25 years
An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected to
arise from the continued use of the asset. Any gain or loss arising on the disposal or retirement of an item of property, plant and
equipments is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised
in the statement of profit and loss.
Impairment
Impairment of tangible and intangible assets
The Company assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any indication
exists, or when annual impairment testing for an asset is required, the Company estimates the asset’s recoverable amount. An
asset’s recoverable amount is the higher of an asset’s or cash-generating unit’s (CGU) fair value less costs of disposal and its
value in use. Recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are
largely independent of those from other assets or group of assets.
When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written
down to its recoverable amount.
In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that
reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less
costs of disposal, recent market transactions are taken into account. If no such transactions can be identified, an appropriate
valuation model is used. These calculations are corroborated by valuation multiples, quoted share prices for publicly traded
companies or other available fair value indicators.
The Company bases its impairment calculation on detailed budgets and forecast calculations, which are prepared separately
for each of the Company’s CGUs to which the individual assets are allocated. These budgets and forecast calculations generally
cover a PPA period. To estimate cash flow projections beyond periods covered by the most recent budgets/forecasts, the
Company extrapolates cash flow projections in the budget using a steady or declining growth rate for subsequent years, unless
an increasing rate can be justified. In any case, this growth rate does not exceed the long-term average growth rate for the
market in which the asset is used.
Impairment losses of tangible and intangible assets are recognised in the statement of profit and loss.
E
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Standalone Financials I 261
The Tata Power Company Limited
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262 I Standalone Financials
100th Annual Report 2018-19
Notes to the Financial Statements
6.
Investment Property
Accounting Policy
Investment property held to earn rentals or for capital appreciation are stated at cost less subsequent accumulated depreciation
and subsequent accumulated impairment loss, if any. Gain or loss on disposal of investment properties is determined as the
difference between net disposal proceeds and the carrying amount of the property and is recognised in the statement of profit
and loss. Transfer to, or from, investment property is done at the carrying amount of the property.
Description
Building Given
under Operating
Lease
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Building Given
under Operating
Lease
3.08
Nil
(3.08)
Nil
2.12
0.04
(2.16)
Nil
Nil
0.96
Cost
Balance as at 1st April, 2018 .......................................................................................................
Additions ...............................................................................................................................................
Reclassified to Property, Plant and Equipment .......................................................................
Balance as at 31st March, 2019 .................................................................................................
Accumulated amortisation and impairment
Balance as at 1st April, 2018 .......................................................................................................
Depreciation expense .......................................................................................................................
Reclassified to Property, Plant and Equipment .......................................................................
Balance as at 31st March, 2019 .................................................................................................
Net carrying amount
As at 31st March, 2019 ..................................................................................................................
As at 31st March, 2018 ..................................................................................................................
Description
Cost
Balance as at 1st April, 2017 .......................................................................................................
Additions ...............................................................................................................................................
Reclassified to Property, Plant and Equipment .......................................................................
Balance as at 31st March, 2018 .................................................................................................
Accumulated amortisation and impairment
Balance as at 1st April, 2017 .......................................................................................................
Depreciation expense .......................................................................................................................
Reclassified to Property, Plant and Equipment .......................................................................
Balance as at 31st March, 2018 .................................................................................................
Net carrying amount
As at 31st March, 2018 ..................................................................................................................
As at 31st March, 2017 ..................................................................................................................
Note:
Buildings include ` 500/- being cost of ordinary shares in a co-operative society.
Information regarding Income and Expenditure of Investment Properties
Particulars
Rental Income ......................................................................................................................................
Direct Operating Expense arising from Investment Property that generated rental
income during the year ....................................................................................................................
Direct Operating Expense arising from Investment Property that did not generate
rental income during the year .......................................................................................................
Net Income/(Expense)
As at
31st March, 2019
` crore
Nil
As at
31st March, 2018
` crore
0.58
Nil
Nil
Nil
(0.07)
Nil
0.51
During the previous year, the Company started using the said property for its own business purpose and hence transferred
the said Investment Property to Property, Plant and Equipments.
Standalone Financials I 263
` crore
Total
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
` crore
Total
3.08
Nil
(3.08)
Nil
2.12
0.04
(2.16)
Nil
Nil
0.96
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The Tata Power Company Limited
Notes to the Financial Statements
7.
Intangible Assets
Accounting Policy
Intangible assets acquired separately
Intangible assets acquired separately are measured on initial recognition at cost. Following initial recognition, intangible assets are carried at cost less any accumulated amortisation and
accumulated impairment losses, if any.
Internally generated Intangibles
Internally generated intangibles, excluding capitalised development costs, are not capitalised and the related expenditure is reflected in profit or loss in the period in which the expenditure
is incurred.
Derecognition of Intangible Assets
An intangible asset is derecognised on disposal, or when no future economic benefits are expected from use or disposal. Gains or losses arising from derecognition of an intangible asset,
measured as the difference between the net disposal proceeds and the carrying amount of the asset, are recognised in statement of profit and loss when the asset is derecognised.
Useful lives of Intangible Assets
Intangible assets with finite lives are amortised over the useful economic life on straight line basis and assessed for impairment whenever there is an indication that the intangible asset may be
impaired. The amortisation period and the amortisation method for an intangible asset with a finite useful life is reviewed at least at the end of each reporting period. Changes in the expected
useful life or the expected pattern of consumption of future economic benefits embodied in the asset are considered to modify the amortisation period or method, as appropriate, and are
treated as changes in accounting estimates. The amortisation expense on intangible assets with finite lives is recognised in the statement of profit and loss unless such expenditure forms part
of carrying value of another asset.
Estimated useful lives of the Intangible Assets are as follows:
Type of asset
Computer Softwares
Copyrights, patents, other intellectual property rights, services and operating rights
Licences and franchises
Description
Cost
Balance as at 1st April, 2018 .....................................................................................................
Additions .............................................................................................................................................
Disposal................................................................................................................................................
Balance as at 31st March, 2019 ...............................................................................................
Accumulated amortisation and impairment
Balance as at 1st April, 2018 .....................................................................................................
Amortisation expense - Continued Operations ....................................................................
Disposal................................................................................................................................................
Balance as at 31st March, 2019 ...............................................................................................
Net carrying amount
As at 31st March, 2019 ................................................................................................................
As at 31st March, 2018 ................................................................................................................
Description
Cost
Balance as at 1st April, 2017 .....................................................................................................
Additions .............................................................................................................................................
Transferred to Discontinued Operations .................................................................................
Disposal................................................................................................................................................
Balance as at 31st March, 2018 ...............................................................................................
Accumulated amortisation and impairment
Balance as at 1st April, 2017 .....................................................................................................
Amortisation expense - Continued Operations ....................................................................
Amortisation expense - Discontinued Operations...............................................................
Transferred to Discontinued Operations .................................................................................
Disposal................................................................................................................................................
Balance as at 31st March, 2018 ...............................................................................................
Net carrying amount
As at 31st March, 2018 ................................................................................................................
As at 31st March, 2017 ................................................................................................................
Notes:
# Internally generated Intangible Assets.
$ Other than internally generated Intangible Assets.
Depreciation/Amortisation - Continuing Operations :
Computer
Software $
Copyrights, patents, other
intellectual property rights,
services and operating rights #
Licences and
franchises $
205.63
28.34
Nil
233.97
112.50
37.66
Nil
150.16
83.81
93.13
0.53
0.04
Nil
0.57
0.48
0.01
Nil
0.49
0.08
0.05
0.26
Nil
Nil
0.26
0.26
Nil
Nil
0.26
Nil
Nil
Computer
Software $
Copyrights, patents, other
intellectual property rights,
services and operating rights #
Licences and
franchises $
212.30
18.32
(24.95)
(0.04)
205.63
83.46
37.15
3.40
(11.47)
(0.04)
112.50
93.13
128.84
104.16
16.45
(120.08)
Nil
0.53
43.13
0.02
15.81
(58.48)
Nil
0.48
0.05
61.03
0.26
Nil
Nil
Nil
0.26
0.26
Nil
Nil
Nil
Nil
0.26
Nil
Nil
Useful lives
5 years
5 years
5 years
` crore
Total
206.42
28.38
Nil
234.80
113.24
37.67
Nil
150.91
83.89
93.18
` crore
Total
316.72
34.77
(145.03)
(0.04)
206.42
126.85
37.17
19.21
(69.95)
(0.04)
113.24
93.18
189.87
Depreciation on Tangible Assets ...........................................................................................................................................................................
Add: Depreciation on Investment Property .......................................................................................................................................................
Add: Amortisation on Intangible Assets ..............................................................................................................................................................
Total .................................................................................................................................................................................................................................
264 I Standalone Financials
For the year ended
31st March, 2019
` crore
595.03
Nil
37.67
632.70
For the year ended
31st March, 2018
` crore
626.00
0.04
37.17
663.21
100th Annual Report 2018-19
8. Non-current Investments
Notes to the Financial Statements
As at
31st March,
2019
Quantity
As at
31st March,
2018
Quantity
Face Value
(in ` unless
stated
otherwise)
As at
31st March,
2019
` crore
As at
31st March,
2018
` crore
1,10,99,630
1,10,99,630
10
11.07
11.07
I
Investments carried at cost less accumulated impairment, if any
(A)
Investment in Subsidiaries
(i)
Investment in Equity Shares fully paid-up
Quoted
NELCO Ltd. ..............................................................................................................................
Unquoted
Tata Power Trading Co. Ltd. ...............................................................................................
Maithon Power Ltd. .............................................................................................................
Coastal Gujarat Power Ltd. (Refer Note 7 below) ......................................................
Bhira Investments Pte. Ltd. (Formerly known as Bhira Investment Ltd) ...........
Bhivpuri Investments Ltd. .................................................................................................
Tata Power Green Energy Ltd. ..........................................................................................
Khopoli Investments Ltd. ...................................................................................................
Trust Energy Resources Pte. Ltd. .....................................................................................
Tata Power Delhi Distribution Ltd. (Refer Note 7 below) .......................................
TP Ajmer Distribution Ltd. .................................................................................................
Tata Power Jamshedpur Distribution Ltd. ...................................................................
Industrial Power Utility Ltd. ..............................................................................................
Tata Ceramics Ltd. (Refer Note 6 below) ......................................................................
Tata Power Renewable Energy Ltd. (Refer Note 7 below) ......................................
Tata Power Solar Systems Ltd...........................................................................................
Tata Power International Pte. Ltd....................................................................................
Af-Taab Investment Co. Ltd. ..............................................................................................
1,60,00,000
111,65,99,120
800,04,20,000
10,00,000
7,46,250
50,000
4,70,07,350
12,91,53,344
28,15,20,000
1,00,00,000
80,50,000
1,10,000
Nil
104,51,07,715
2,29,77,567
6,77,30,650
10,73,000
1,60,00,000
111,65,99,120
608,34,20,000
10,00,000
7,46,250
50,000
4,70,07,350
12,91,53,344
28,15,20,000
10,000
80,50,000
1,10,000
Nil
104,51,07,715
2,29,77,567
6,77,30,650
10,73,000
10
10
10
USD 1
Euro 1
10
USD 1
USD 1
10
10
10
10
2
10
100
USD 1
100
**
Less: Impairment in the value of Investments [Refer Note 8(a) and 8(b)] ........
(ii)
Investment in Perpetual Securities
Unquoted
Tata Power Renewable Energy Ltd. (Refer Note 5 below) ......................................
Coastal Gujarat Power Ltd. (Refer Note 5 below) ......................................................
N.A.
N.A.
N.A.
N.A.
37.09
1,116.83
8,593.25 **
4.10
4.08
0.02
255.20
607.95
200.93
10.00
8.05**
0.11
Nil *
1,054.03
322.98
577.55**
68.68
12,860.85
4,140.60
8,720.25
3,895.00
6,985.89
10,880.89
19,612.21
(B)
(C)
Investment in Associates
Investment in Equity Shares fully Paid-up
Quoted
Tata Communications Ltd. .............................................................................................................
Unquoted
Yashmun Engineers Ltd...................................................................................................................
The Associated Building Co. Ltd. ..................................................................................................
Tata Projects Ltd. ................................................................................................................................
Dagachhu Hydro Power Corporation Ltd. ................................................................................
Panatone Finvest Ltd. .......................................................................................................................
Investment in Joint Ventures
Investment in Equity Shares fully Paid-up
Unquoted
Tubed Coal Mines Ltd. .....................................................................................................................
Itezhi Tezhi Power Corporation (Refer Note 7 below) ..........................................................
Mandakini Coal Company Ltd. (Refer Note 7 below) ...........................................................
Powerlinks Transmission Ltd. (Refer Note 7 below) ..............................................................
Industrial Energy Ltd. (Refer Note 7 below) .............................................................................
LTH Milcom Pvt. Ltd. .........................................................................................................................
Dugar Hydro Power Ltd. ..................................................................................................................
** Less: Impairment in the value of Investments ....................................................................
Sub-total I (A) + I (B) + I (C) ..........................................................................................................
Carried forward…….
Nil
Nil
10
Nil*
19,200
1,400
Nil
10,74,320
Nil
19,200
1,400
Nil
10,74,320
Nil
100
900
100
Nu 1,000
10
1,01,97,800
Nil
3,93,00,000
23,86,80,000
49,28,40,000
Nil
4,34,25,002
1,01,97,800
4,52,500
3,93,00,000
23,86,80,000
49,28,40,000
Nil
4,32,50,002
10
ZMW 1
10
10
10
10
10
0.01
0.13
Nil *
107.43
Nil *
107.57
10.20**
Nil *
39.30**
238.68
492.84
Nil *
43.42**
824.44
67.50
756.94
20,476.72
20,476.72
37.09
1,116.83
6,676.26 **
4.10
4.08
0.02
255.20
607.95
200.93
0.01
8.05**
0.11
Nil *
1,054.03
322.98
577.55**
68.68
10,933.87
4,140.60
6,793.27
3,895.00
5,476.89
9,371.89
16,176.23
Nil *
0.01
0.13
Nil *
107.43
Nil *
107.57
10.20**
275.74
39.30**
238.68
492.84
Nil *
43.42**
1,100.18
67.50
1,032.68
17,316.48
17,316.48
Standalone Financials I 265
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8. Non-current Investments (Contd.)
Notes to the Financial Statements
The Tata Power Company Limited
As at
31st March,
2019
Quantity
As at
31st March,
2018
Quantity
Face Value
(in ` unless
stated
otherwise)
As at
31st March,
2019
` crore
20,476.72
As at
31st March,
2018
` crore
17,316.48
Brought forward…….
Investments designated at Fair Value through Other Comprehensive Income
(Refer Note 8)
Investment in Equity Shares fully Paid-up
Quoted
Voltas Ltd. .........................................................................................................................................................
Tata Consultancy Services Ltd. ..................................................................................................................
Tata Teleservices (Maharashtra) Ltd. .......................................................................................................
2,33,420
766
Nil
2,33,420
383
Nil
Unquoted
Tata Services Ltd. ............................................................................................................................................
Tata Industries Ltd.# .......................................................................................................................................
Tata Sons Pvt. Ltd. # ........................................................................................................................................
Haldia Petrochemicals Ltd. ..........................................................................................................................
Tata International Ltd.# .................................................................................................................................
Tata Teleservices Ltd. (Refer Note 34 a. below) ....................................................................................
1,112
58,28,126
6,673
2,24,99,999
3,500
Nil
1,112
58,28,126
6,673
2,24,99,999
3,500
Nil
II
III
1
1
10
1,000
100
1,000
10
1,000
10
14.63
0.15
Nil *
14.78
Nil
102.69
241.95
56.48
3.75
Nil *
404.87
419.65
14.50
0.11
Nil *
14.61
Nil
102.69
241.95
56.48
3.75
Nil *
404.87
419.48
Investments carried at Amortised Cost
Investment in Subsidiaries
(A)
(i)
Investment in Preference Shares fully Paid-up
Unquoted
Tata Power Delhi Distribution Ltd. (Refer Note 7 below) .......................................
Tata Ceramics Ltd. (Refer Note 6 below) ......................................................................
(B)
Statutory Investments
(i)
(ii)
Contingencies Reserve Fund Investments
Government Securities (Unquoted) fully Paid-up ....................................................
Deferred Taxation Liability Fund Investments
Government Securities (Unquoted) fully Paid-up ....................................................
Sub-total III B (i+ii) ..........................................................................................................................
Total ....................................................................................................................................................................
Nil
Nil
2,55,00,000
Nil
100
100
Nil
Nil *
Nil
255.00
Nil *
255.00
136.65
111.74
237.75
374.40
21,270.77
279.75
391.49
18,382.45
Notes:
*
**
#
1.
2.
3.
4.
5.
6.
Refer as Asset Held For Sale (Refer Note 19 a.).
Impairment in value of Investments.
The cost of these investments approximate their fair value because there is a wide range of possible fair value measurements and the cost represents the best estimate of fair value
within that range.
Aggregate Market Value of Quoted Investments
Aggregate Carrying Value of Quoted Investments
Aggregate Carrying Value of Unquoted Investments (Net)
Aggregate amount of impairment in value of Investments
The Company has invested in unsecured subordinated perpetual securities issued by Tata Power Renewable Energy Ltd. and Coastal Gujarat Power Ltd., its subsidiary companies.
These securities are redeemable at the issuer’s option and carry non-cumulative interest coupon at the rate of dividend paid on the issuer’s ordinary shares. The interest can be
deferred if the issuer does not pay any dividend on its ordinary shares for the financial year. The issuer has classified this instrument as equity under Ind AS -32 Financial Instruments
Presentation. Accordingly, the Company has classified this investment as Equity Instrument and has accounted at cost as per Ind AS -27 Separate Financial Statements.
316.07
25.85
21,244.92
4,208.10
185.92
25.68
18,356.77
4,208.10
The Company, along with its subsidiary, has 30.68% shareholding in Tata Ceramics Ltd. (TCL). Further, TCL has issued Redeemable Cumulative Convertible Preference Shares which
have been fully subscribed by the Company and its subsidiaries. As the dividend on the said Preference Shares has remained unpaid for more than two years, the preference
shareholders have assumed voting rights along with the equity shareholders. The aggregate voting power (together with voting power on preference shares) with the Company
along with its subsidiaries is at 57.07%. As the Company has sufficient dominant voting interest to direct TCL’s relevant activities, investment in the said Company has been considered
as investment in subsidiary.
266 I Standalone Financials
100th Annual Report 2018-19
8. Non-current Investments (Contd.)
7.
Shares pledged :
Notes to the Financial Statements
The Company has pledged shares of subsidiaries and joint ventures with the lenders for borrowings availed by the respective subsidiaries and joint ventures.
Details
Coastal Gujarat Power Ltd. ..................................................................................................................................................
Tata Power Renewable Energy Ltd. ..................................................................................................................................
Itezhi Tezhi Power Corporation * .......................................................................................................................................
Mandakini Coal Company Ltd. ..........................................................................................................................................
Powerlinks Transmission Ltd. .............................................................................................................................................
Industrial Energy Ltd. ............................................................................................................................................................
* Re-classified as Asset Held For Sale (Refer Note 19 a.)
Category
Subsidiary
Subsidiary
Joint Venture
Joint Venture
Joint Venture
Joint Venture
31st March, 2019
Nos.
3,102,544,200
258,114,935
452,500
20,043,000
238,680,000
251,348,400
31st March, 2018
Nos.
3,102,544,200
258,114,935
4,52,500
20,043,000
238,680,000
251,348,400
Further, in respect of outstanding borrowings of Tata Power Delhi Distribution Limited (TPDDL), the Company has given an undertaking for non-disposal of equity shares in TPDDL
to its lenders.
8.
Investments at Fair Value Through Other Comprehensive Income (FVTOCI) reflect investment in quoted and unquoted equity securities. These equity shares are designated as FVTOCI
as they are not held for trading purpose and are not in similar line of business as the Company, thus disclosing their fair value change in profit and loss will not reflect the purpose of
holding.
(a)
The Company holds investments in Coastal Gujarat Power Ltd. (CGPL) (a wholly owned subsidiary of the Company operating 4,000 MW Mundra power plant), Indonesian mining
companies PT Kaltim Prima Coal (KPC) and PT Baramulti Suksessarana TBK (BSSR) through intermediate holding companies (associates operating coal mines in Indonesia and
supplying coal to CGPL) and Trust Energy Resources Pte. Ltd. (TERPL) and Eastern Energy Pte. Ltd. (EEPL) (shipping companies in Singapore providing freight services for coal
shipment to CGPL). All these companies constitute a single cash generating unit (CGU) and form part of same segment due to interdependency of cash flows. CGPL is incurring
significant losses on account of significant increase in coal prices due to change in Indonesian laws which is offset by the profits earned by the mining companies.
The Company has performed the impairment assessment and determined the value in use based on estimated cash flow projections over the life of the assets included in CGU. The
Company bases its impairment calculation on detailed budgets and forecast calculations, which are prepared separately for each of the Company’s CGUs to which the individual
assets are allocated. For Mundra power plant, future cash flows is estimated based on remaining period of long term power purchase agreement (PPA) and thereafter based on
management’s estimate on tariff and other assumptions. Cash flow projection of Mines is derived based on estimated coal production considering the renewal of license for
operating the Mines. During the previous year, the Company had recognised an impairment provision of ` 3,555 crore in CGU. A reassessment of the assumptions used in estimating
the impact of impairment of the cash generating unit (CGU) comprising of Coastal Gujarat Power Ltd. and the Indonesian coal mines, combined with the significant impact of
unwinding of a year’s discount on the cash flows, would have resulted in a reversal of ₹ 2,100 crore of provision for impairment. Considering the significant uncertainties arising
from ongoing renegotiation of the Mundra Power Purchase Agreement, as recommended by the High Powered Committee, and the pending renewal of the mining license at
the Indonesian coal mines, the Company has not effected such a reversal. The reversal of impairment has not resulted from any significant improvement in the estimated service
potential of the concerned CGU.
Key assumptions used for value in use calculation include coal prices, energy prices post the PPA period, discount rates and exchange rates. Short term coal prices and energy prices
used in three to five years projections are based on market survey and expert analysis report. Afterwards increase in cost of coal and exchange rates are considered based on long
term historical trend. Further, the Management strongly believes that mine licenses will be renewed post expiry. Discount rate represents the current market assessment of the risk
specific to CGU taking into consideration the time value of money. Pre tax discount rate used in the calculation of value in use of investment in power plant is 10.61% p.a. (31st March
2018: 11.15% p.a.) and investment in coal mines and related infrastructure companies is 16.31% p.a. (31st March 2018: 21.95% p.a.).
(b)
The Company holds investments in Adjaristsqali Netherlands B.V. (ABV) (a joint venture of the Company operating 187 MW hydro power plant in Georgia) through intermediate
holding company Tata Power International Pte. Ltd. (TPIPL).
During the previous year, the Company performed the impairment assessment and recognised an impairment charge of ` 577.55 crore against the carrying value of equity
investments in TPIPL. The financial guarantee obligation of ` 103.74 crore (31st March, 2018 - ` 97.77 crore) is undertaken on behalf of TPIPL towards the lenders of the said project.
The impairment charge and financial guarantee obligation amounting to ` 675.32 crore is recorded in the statement of profit and loss and disclosed as an exceptional item in the
previous year. Further during the year, Management has re-assessed the impairment and continue to believe that the impairment loss recognised need not be reversed.
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Standalone Financials I 267
The Tata Power Company Limited
9. Trade Receivables
(Unsecured unless otherwise stated)
Notes to the Financial Statements
Non-current Trade Receivables
Considered Good ..................................................................................................................
Total ......................................................................................................................................................
Current Trade Receivables
Considered Good - Secured (Refer Note below) .........................................................
Considered Good ..................................................................................................................
Credit Impaired .......................................................................................................................
Less: Allowance for Doubtful Trade Receivables .........................................................
Total ......................................................................................................................................................
Note:
As at
31st March, 2019
` crore
As at
31st March, 2018
` crore
185.76
185.76
216.72
1,039.72
46.75
1,303.19
46.75
1,256.44
185.76
185.76
190.52
781.53
36.66
1,008.71
36.66
972.05
The Company holds security deposits of ` 216.72 crore (31st March, 2018 - ` 190.52 crore) in respect of electricity receivables.
9.1 Trade Receivables
As at 31st March, 2019 - ` 900.14 crore (31st March, 2018 - ` 694.48 crore) is due from Brihanmumbai Electric Supply & Transport
Undertaking, Reliance Infrastructure Ltd., Maharashtra State Electricity Transmission Company Ltd. and Tata Steel Ltd. which
represents Company’s large customers who owe more than 5% of the total balance of trade receivables.
The Company has used a practical expedient by computing the expected credit loss allowance for trade receivables based on
a provision matrix. The expected credit loss allowance is not calculated on non current trade receivable on account of dispute.
The provision matrix takes into account historical credit loss experience and adjusted for forward looking information. The
expected credit loss allowance is based on the ageing of the days the receivables are due and the rates as given in the provision
matrix. The provision matrix at the end of the reporting period is as follows:
Ageing of Receivables
Within the credit period ...................................................................................................................
1-90 days past due .............................................................................................................................
91-182 days past due ........................................................................................................................
More than 182 days past due .........................................................................................................
Age of receivables
Within the credit period ..................................................................................................................
1-90 days past due ............................................................................................................................
91-182 days past due .......................................................................................................................
More than 182 days past due ........................................................................................................
Movement in the allowance for doubtful trade receivables
Balance at the beginning of the year ....................................................................................
Add: Expected credit loss allowance on trade receivables calculated at lifetime
expected credit losses for the year....................................................................................
Less: Transferred to Assets Classified as Held For Sale (Refer Note 19 a.) ......................
Balance at the end of the year ..................................................................................................
Expected Credit loss (%)
As at
31st March, 2019
0.10%
0.11%
0.99%
9.30%
As at
31st March, 2018
0.05%
0.34%
1.34%
7.80%
As at
31st March, 2019
` crore
734.72
343.87
30.61
379.75
As at
31st March, 2018
` crore
740.98
80.81
31.92
340.76
As at
31st March, 2019
` crore
36.66
As at
31st March, 2018
` crore
43.70
21.63
(11.54)
46.75
2.62
(9.66)
36.66
The concentration of credit risk is very limited due to the fact that the large customers are mainly government entities and
remaining customer base is large and widely dispersed and secured with security deposit.
268 I Standalone Financials
100th Annual Report 2018-19
10. Loans
(Unsecured unless otherwise stated)
Notes to the Financial Statements
Non-current - At Amortised Cost
Security Deposits
Considered Good .........................................................................................................................................
Credit Impaired .............................................................................................................................................
Less: Allowance for Doubtful Deposits .................................................................................................
Loans to Related Parties (Refer Note 41)
Considered Good * ......................................................................................................................................
Credit Impaired .............................................................................................................................................
Less: Allowance for Bad and Doubtful Loans ......................................................................................
Other Loans
Loans to Employees .....................................................................................................................................
Considered Good ................................................................................................................................
Total ........................................................................................................................................................................................
Current- At Amortised Cost
Security Deposits
Considered Good .........................................................................................................................................
Loans and Advances to Related Parties (Refer Note 41)
Considered Good .........................................................................................................................................
Credit Impaired .............................................................................................................................................
Less: Allowances for Doubtful Advances ..............................................................................................
Total ........................................................................................................................................................................................
As at
31st March, 2019
` crore
As at
31st March, 2018
` crore
45.42
27.44
72.86
27.44
45.42
Nil
55.52
55.52
55.52
Nil
5.93
51.35
1.08
1.08
118.12
10.84
128.96
10.84
118.12
119.20
46.81
29.54
76.35
29.54
46.81
15.56
55.52
71.08
55.52
15.56
6.53
68.90
0.67
0.67
402.25
Nil
402.25
Nil
402.25
402.92
* Reclassified as Held for Sale. (Refer Note 19 a.)
Disclosure under Regulation 53(f) and 34(3) read together with Para A Schedule V of Securities and Exchange Board of India (SEBI)
(Listing obligations and disclosure requirements) Regulations, 2015.
Loans and advances in the nature of loans given to Subsidiaries, Joint Ventures and Associates:
Name of the Company
Relationship
Tata Power Renewable Energy Ltd. ...................... Subsidiary
Coastal Gujarat Power Ltd. ..................................... Subsidiary
Maithon Power Ltd. ................................................... Subsidiary
Tata Power Jamshedpur Distribution Ltd. $ ...... Subsidiary
Tata Ceramics Ltd. $ ................................................... Subsidiary
TP Ajmer Distribution Ltd. ....................................... Subsidiary
Mandakini Coal Company Ltd. $ ........................... Joint Venture
Nelito Systems Ltd. $ ................................................. Associate
Indo Rama Renewables Jath Ltd. .......................... Subsidiary
Industrial Power Utility Ltd. .................................... Subsidiary
Walwhan Solar MP Ltd. ............................................ Subsidiary
Welspun Renewable Energy Pvt Ltd. .................. Subsidiary
Tata Power Green Energy Ltd. ............................... Subsidiary
Tata Power Trading Company Ltd. ....................... Subsidiary
Powerlinks Transmission Ltd. ................................ Joint Venture
Walwhan Solar TN Ltd. ............................................. Subsidiary
Yashmun Engineers Ltd............................................ Subsidiary
Itezhi Tezhi Power Corporation # .......................... Joint Venture
Total ................................................................................
Notes:
** Including interest accrued.
$ Provided for.
# Reclassified as held for sale.
Previous year’s figures are in italics.
Amount Outstanding as at the year
end
31st March, 2019 31st March, 2018**
Nil
339.15
Nil
1.24
1.00
31.06
54.25
1.27
36.61
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
464.58
17.39
481.97
Nil
53.00
Nil
Nil
10.84
25.00
54.25
1.27
Nil
0.05
10.00
30.00
0.07
Nil
Nil
Nil
Nil
184.48
16.51
200.99
` crore
Maximum Principal Amount
Outstanding during the year
(excluding interest accrued)
31st March, 2019
245.00
419.49
47.04
1.24
9.84
25.00
54.25
1.27
35.00
0.05
10.00
30.00
0.07
100.00
0.10
165.00
1.00
31st March, 2018
Nil
556.50
Nil
1.24
1.00
39.28
54.25
1.27
35.00
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
16.51
15.56
Standalone Financials I 269
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The Tata Power Company Limited
Notes to the Financial Statements
11. Finance Lease Receivable - At Amortised Cost
(Unsecured unless otherwise stated)
Accounting Policy
Leasing arrangement
The determination of whether an arrangement is (or contains) a lease is based on the substance of the arrangement at the
inception of the lease. The arrangement is, or contains, a lease if fulfilment of the arrangement is dependent on the use of a
specific asset or assets and the arrangement conveys a right to use the asset or assets, even if that right is not explicitly specified
in an arrangement.
The Company as lessor
Leases in which the Company does not transfer substantially all the risks and rewards of ownership of an asset are classified as
operating leases. Rental income from operating lease is recognised on a straight-line basis over the term of the relevant lease.
Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased
asset and recognised over the lease term on the same basis as rental income. Contingent rents are recognised as revenue in the
period in which they are earned.
Leases are classified as finance leases when substantially all of the risks and rewards of ownership transfer from the Company
to the lessee. Amount due from lessees under finance leases are recorded as receivables at the Company’s net investment in
the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the net
investment outstanding in respect of the lease.
Finance Lease Receivable - Non-current ..................................................................................
Finance Lease Receivable - Current ...........................................................................................
Total ......................................................................................................................................................
11.1
Leasing Arrangements
As at
31st March, 2019
` crore
554.27
37.58
591.85
As at
31st March, 2018
` crore
574.76
34.27
609.03
The Company has entered into Power Purchase Agreements (PPA) with a customer for its assets located at Jojobera. The assets
relate to 30 years of take or pay agreements with the customer to supply electricity at a fixed plus variable charge. The customer,
during the term of the PPAs has a right to purchase the assets and at the end of the contract is obligated to purchase the same
on the basis of the valuation to be determined as per the PPAs. This arrangement is an embedded finance lease.
11.2 Amount receivable under Finance Lease
Not later than one year .................................
Later than one year and not later than
five years .............................................................
Later than five years .......................................
Unearned finance income ............................
lease
Present value of minimum
payments receivable ......................................
Allowance
lease
payments ............................................................
for uncollectible
Unguaranteed residual life ..........................
Total .....................................................................
Minimum Lease Payments
As at
31st March, 2019
` crore
108.64
As at
31st March, 2018
` crore
107.94
Present Value of Minimum Lease
Payments
As at
31st March, 2019
` crore
37.58
As at
31st March, 2018
` crore
34.27
521.73
613.63
1,244.00
652.15
591.85
Nil
591.85
Nil
591.85
520.65
713.51
1,342.10
733.07
609.03
Nil
609.03
Nil
609.03
170.80
383.47
591.85
Nil
591.85
Nil
591.85
Nil
591.85
147.90
426.86
609.03
Nil
609.03
Nil
609.03
Nil
609.03
The implicit interest rate inherent in the leases is fixed at the contract for the entire lease term. The average implicit interest rate
contracted is approximately in the range of 12.62% - 16.34% per annum (31st March, 2018: 12.62% - 16.34% per annum).
270 I Standalone Financials
100th Annual Report 2018-19
12. Other Financial Assets
Notes to the Financial Statements
Non-current - At Amortised Cost
(i)
Accruals
Doubtful
Interest Accrued on Loans to Related Parties .....................................
Less: Allowance for Doubtful Interest .....................................................
(ii) Others
Unsecured, considered good
Balances with Banks:
In Deposit Accounts (with remaining maturity of more than
twelve months) (Refer Note below) ........................................................
Total .....................................................................................................................................................
Note:
Balances with banks held as margin money deposits against guarantees.
Current - At Amortised Cost
(i)
Accruals
Unsecured, considered good
Interest Accrued on Inter-corporate/Bank Deposits ........................
Interest Accrued on Investments .............................................................
Interest Accrued on Finance Lease Receivable ...................................
Interest Accrued on Financial Assets at Amortised Cost .................
Interest Accrued on Loans to Related Parties .....................................
Doubtful
Interest Accrued on Loans to Related Parties .....................................
Interest Accrued on Inter-corporate Deposits ....................................
Less: Allowance for Doubtful Interest .....................................................
(ii) Others
Unsecured, considered good
Dividend Receivable.....................................................................................
Other Receivables .........................................................................................
Total .....................................................................................................................................................
13. Non-current Tax Assets
Non-current Tax Assets
Advance Income-tax (Net) ..........................................................................................................
Total ....................................................................................................................................................
As at
31st March, 2019
` crore
As at
31st March, 2018
` crore
1.24
1.24
1.24
Nil
2.89
2.89
2.89
0.39
6.69
6.96
Nil
0.19
0.32
1.40
15.95
1.72
14.23
81.16
0.67
81.83
96.06
1.24
1.24
1.24
Nil
Nil
Nil
Nil
0.24
6.51
7.15
30.60
7.40
Nil
1.40
53.30
1.40
51.90
245.87
0.01
245.88
297.78
As at
31st March, 2019
` crore
As at
31st March, 2018
` crore
68.65
68.65
Nil
Nil
Standalone Financials I 271
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The Tata Power Company Limited
Notes to the Financial Statements
As at
31st March, 2019
` crore
As at
31st March, 2018
` crore
14. Other Assets
Non-current
(i)
Capital Advances
Unsecured, considered good ............................................................................
Doubtful ...................................................................................................................
Less: Allowance for Doubtful Advances .........................................................
17.56
0.12
17.68
0.12
17.56
3.19
0.12
3.31
0.12
3.19
(ii)
Security Deposits
Unsecured, considered good ............................................................................
227.00
227.00
(iii)
Balances with Government Authorities
Unsecured, considered good ............................................................................
Advances .....................................................................................................
Amount Paid Under Protest ..................................................................
VAT/Sales Tax Receivable .......................................................................
(iv)
Unamortised Premium for Leasehold Land
Unsecured, considered good ............................................................................
(v)
Others
Unsecured, considered good
Prepaid Expenses ......................................................................................
Recoverable from Consumers [Refer Note 3.13 (c)] .....................
Doubtful ...................................................................................................................
Less: Allowance for Doubtful Advances .........................................................
Total ....................................................................................................................................................
Current
(i)
Balances with Government Authorities
Unsecured, considered good
Advances .....................................................................................................
VAT/Sales Tax Receivable .......................................................................
(ii)
Unamortised Premium for Leasehold Land
Unsecured, considered good ............................................................................
(iii)
Others
Unsecured, considered good
Prepaid Expenses ......................................................................................
Recoverable from Consumers [Refer Note 3.13 (c)] .....................
Advances to Vendors ...............................................................................
Other Advances.........................................................................................
Doubtful ...................................................................................................................
Less: Allowance for Doubtful Advances .........................................................
Total ....................................................................................................................................................
50.10
16.22
58.05
124.37
202.39
0.99
404.79
0.93
406.71
0.93
405.78
977.10
12.36
3.69
16.05
3.24
22.67
787.00
122.53
0.62
0.13
932.95
0.13
932.82
952.11
48.86
16.22
58.04
123.12
204.84
1.57
675.98
0.96
678.51
0.96
677.55
1,235.70
6.53
Nil
6.53
3.24
34.38
136.38
125.95
2.77
0.13
299.61
0.13
299.48
309.25
272 I Standalone Financials
100th Annual Report 2018-19
15.
Inventories
Accounting Policy
Notes to the Financial Statements
Inventories are stated at the lower of cost and net realisable value. Costs of inventories are determined on weighted average
basis. Net realisable value represents the estimated selling price for inventories less all estimated costs of completion and costs
necessary to make the sale. Cost of inventory includes cost of purchase and other costs incurred in bringing the inventories
to their present location and condition. Unserviceable/damaged stores and spares are identified and written down based on
technical evaluation.
Inventories (lower of cost and net realisable value)
(a)
Fuel ..........................................................................................................................................
Fuel-in-Transit ......................................................................................................................
Stores and Spares
Stores and Spare Parts ......................................................................................................
Loose Tools ..........................................................................................................................
(b)
(c)
(d) Others
Property under Development .......................................................................................
Total .....................................................................................................................................................
Notes:
As at
31st March, 2019
` crore
As at
31st March, 2018
` crore
253.44
56.97
149.19
0.35
119.56
579.51
184.74
39.65
149.09
0.24
100.50
474.22
1. During the year ended 31st March, 2019, the Company has recognised ` Nil (31st March, 2018 - ` 46.91 crore) as an
expense as net realisable value adjustment due to non operation of Unit 6 in Trombay Generating Station.
2. Refer Note 23 for Inventories pledged as security for liabilities.
16. Current Investments
Investment carried at Amortised Cost
Statutory Investments
Contingency Reserve Fund Investments
Government Securities (Unquoted) .......................................................................
Deferred Taxation Liability Fund Investments
Government Securities (Unquoted) .......................................................................
Total .......................................................................................................................................................
Note:
Aggregate Market Value of Quoted Investments ........................................................
Aggregate Carrying Value of Quoted Investments .....................................................
Aggregate Carrying Value of Unquoted Investments ................................................
As at
31st March, 2019
` crore
As at
31st March, 2018
` crore
Nil
42.00
42.00
Nil
Nil
42.00
10.00
Nil
10.00
Nil
Nil
10.00
Standalone Financials I 273
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17. Cash and Cash Equivalents - At Amortised Cost
Accounting Policy
Notes to the Financial Statements
Cash and cash equivalents in the balance sheet comprise cash at banks and short-term deposits with an original maturity of
three months or less, which are subject to an insignificant risk of changes in value. Cash and cash equivalents include balances
with banks which are unrestricted for withdrawal and usage.
For the purpose of the statement of cash flows, cash and cash equivalents consist of cash at banks and short-term deposits, as
defined above, net of outstanding bank overdraft as they are considered an integral part of the Company’s cash management.
(i)
Balances with Banks:
(i)
In Current Accounts......................................................................................................
Cash and Cash Equivalents as per Balance Sheet..................................................
Bank Overdraft attributable to Continuing Operations (Refer Note 28) .............
Cash and Cash Equivalents as per Statement of Cash Flows - Continuing
Operations..................................................................................................................................
Balances with Banks:
In Current Accounts......................................................................................................
Book Overdraft .........................................................................................................................
Cash and Cash Equivalents as per Statement of Cash Flows - Discontinued
Operations................................................................................................................................
Cash and Cash Equivalents as per Statement of Cash Flows ...........................
As at
31st March, 2019
` crore
As at
31st March, 2018
` crore
75.94
75.94
(2.19)
73.75
6.13
(0.02)
6.11
79.86
42.94
42.94
(95.44)
(52.50)
1.88
(0.04)
1.84
(50.66)
Reconciliation of liabilities from Financing Activities
Particulars
As at
1st April,
2018
Cash flows
Proceeds Repayment
Non-cash
Transactions
Reclassified
as part of
Discontinued
Operations
` crore
As at
31st March,
2019
(including
Non-current Borrowings
Current Maturities of Non-current
Borrowings) .....................................................
Current Borrowings (excluding Bank
Overdraft) .........................................................
Total ...................................................................
Particulars
Non-current Borrowings
(including
Current Maturities of Non-current
Borrowings) .....................................................
Current Borrowings (excluding Bank
Overdraft) .........................................................
Total ...................................................................
12,244.97
3,337.09
(4,729.41)
(135.48)
3.55
10,720.72
4,231.02 22,729.91
(20,231.28)
16,475.99 26,067.00 (24,960.69)
Nil
(135.48)
(0.04)
3.51
6,729.61
17,450.33
As at
1st April,
2017
Cash flows
Proceeds Repayment
Non-cash
Transactions
Reclassified
as part of
Discontinued
Operations
` crore
As at
31st March,
2018
14,111.67
2,408.96
(3,697.23)
(578.43)
Nil
12,244.97
2,391.66
11,274.46
16,503.33 13,683.42
(9,468.45)
(13,165.68)
Nil
(578.43)
33.35
33.35
4,231.02
16,475.99
274 I Standalone Financials
100th Annual Report 2018-19
18. Other Balances with Banks - At Amortised Cost
Notes to the Financial Statements
(a)
(b)
In Deposit Accounts (Refer Note below) .............................................................
In Earmarked Accounts-
Unpaid Dividend Account ...........................................................................
Total ................................................................................................................................................
Note:
Balances with banks held as margin money deposits against guarantees.
19a. Assets Classified as Held For Sale
As at
31st March, 2019
` crore
2.00
As at
31st March, 2018
` crore
1.94
17.85
19.85
13.54
15.48
Accounting Policy
Non-current assets or disposal group are classified as held for sale if their carrying amount will be recovered principally through
a sale transaction rather than through continuing use. This condition is regarded as met only when the asset or disposal group
is available for immediate sale in its present condition subject only to terms that are usual and customary for sale of such asset
or disposal group and its sale is highly probable. Management must be committed to the sale, which should be expected to
qualify for recognition as a completed sale within one year from the date of classification. As at each balance sheet date, the
management reviews the appropriateness of such classification.
Non-current assets or disposal group classified as held for sale are measured at the lower of their carrying amount and fair value
less costs to sell.
The Company treats sale/distribution of the asset or disposal group to be highly probable when:
-
-
-
the appropriate level of management is committed to a plan to sell the asset (or disposal group),
an active programme to locate a buyer and complete the plan has been initiated (if applicable),
the asset (or disposal group) is being actively marketed for sale at a price that is reasonable in relation to its current fair
value,
the sale is expected to qualify for recognition as a completed sale within one year from the date of classification, and
actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that
the plan will be withdrawn.
-
-
Property, plant and equipment and intangible assets once classified as held for sale/distribution to owners are not depreciated
or amortised.
A disposal group qualifies as discontinued operation if it is a component of an entity that either has been disposed of, or is
classified as held for sale, and:
-
-
Discontinued operations are excluded from the results of continuing operations and are presented as a single amount as profit
or loss after tax from discontinued operations in the statement of profit and loss. Additional disclosures are provided hereunder.
All other notes to the financial statements mainly include amounts for continuing operations, unless otherwise mentioned.
represents a separate major line of business or geographical area of operations,
is part of a single co-ordinated plan to dispose of a separate major line of business or geographical area of operations.
Land [Refer Note (i)] ........................................................................................................................
Building [Refer Note (ii)] ...............................................................................................................
Plant and Equipment [Refer Note (iii)] ....................................................................................
Investments carried at Fair Value through Other Comprehensive Income
[Refer Note (iv)] ................................................................................................................................
in Associates and Joint Ventures
Other
[Refer Note (v) & (vi)] .......................................................................................................................
Investments in Subsidiaries [Refer Note (vii)] .......................................................................
Loan (including interest accrued) to Joint Venture [Refer Note (v)] ..............................
Assets of Discontinued Operations [Refer Note 19 c.] .......................................................
Total ......................................................................................................................................................
Investments carried at Cost
As at
31st March, 2019
` crore
309.99
9.75
4.55
As at
31st March, 2018
` crore
97.21
Nil
0.22
38.65
69.70
360.76
Nil
18.59
2,064.30
2,806.59
1,028.82
Nil
Nil
2,065.19
3,261.14
Standalone Financials I 275
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19a. Assets Classified as Held For Sale (Contd.)
Notes to the Financial Statements
The Tata Power Company Limited
(i)
(ii)
(iii)
Land at Belgaum ` Nil (31st March, 2018 - ` 2.90 crore) has been disposed off in the current year;
Land at Tiruldih ` 9.72 crore (net of impairment loss of ` 34 crore) (31st March, 2018 - ` 9.72 crore);
Land at Vadaval ` 3.21 crore (31st March, 2018 - ` 3.21 crore);
Land at Naraj Marthapur ` 81.38 crore (net of impairment loss of ` 37 crore) (31st March, 2018 - ` 81.38 crore);
Land at Hadapsar ` 0.08 crore (31st March, 2018 - ` Nil);
Land at Dehrand ` 215.56 crore (31st March, 2018 - ` Nil);
Land at Oil Tankage Unit, Trombay (CTTL) ` 0.04 crore (31st March, 2018 - ` Nil).
The Company had decided to sell/transfer following land and consequently classified as assets held for sale at lower of carrying
amount and fair value less cost to sell:
(a)
(b)
(c)
(d)
(e)
(f )
(g)
The Company had decided to sell/transfer following buildings and consequently classified as assets held for sale at lower of
carrying amount and fair value less cost to sell:
(a)
(b)
(c)
(d)
(e)
The Company has a Oil Tankage unit at Trombay. During the year, the Company has reclassified the said assets as held for sale.
No impairment loss has been recognised on reclassification as the Company expects that the fair value (estimated based on the
recent market prices of similar properties in similar locations) less costs to sell is higher than the carrying amount of ` 4.55 crore
as at 31st March, 2019.
Building at Erangal ` 0.23 crore (31st March, 2018 - ` Nil);
Building at Panvel ` 0.48 crore (31st March, 2018 - ` Nil);
Building at Peninsula ` 8.02 crore (31st March, 2018 - ` Nil);
Building at Metropolitan ` 0.89 crore (31st March, 2018 - ` Nil);
Building at Oil Tankage Unit, Trombay (CTTL), ` 0.13 crore (31st March, 2018 - ` Nil).
(v)
(iv) During the year ended 31st March, 2017, the Company had decided to divest its investment in shares carried at fair value through
other comprehensive income in Tata Teleservices (Maharashtra) Ltd. and Tata Teleservices Ltd. Part of the said investments has
been disposed off in the current year. Balance investments have been classified as held for sale at fair value of ` 38.65 crore as
at 31st March, 2019 (31st March, 2018 - ` 69.70 crore).
During the year, the Company decided to divest its investments in and loans given to its Joint Venture Company, Itezhi Tezhi
Power Corporation ` 275.75 crore and ` 18.59 crore respectively. Accordingly, the said investments and loans have been
classified as held for sale. No impairment loss has been recognised on reclassification as the Company expects that the fair
value less costs to sell is higher than the carrying amount of ` 275.75 crore and ` 18.59 crore as at 31st March, 2019.
During the previous year, the Company decided to divest its investments in its Associate Company, Tata Projects Ltd.
(` 85.01 crore). Accordingly, the said investments have been classified as held for sale. No impairment loss has been recognised
on reclassification as the Company expects that the fair value less costs to sell is higher than the carrying amount of ` 85.01
crore as at 31st March, 2019.
(vi) During the year, the Company sold investments in Panatone Finvest Ltd. (` 600.00 crore) and Tata Communications Ltd.
(` 343.81 crore) (Associate Companies) at the sale value of ` 1,542.62 crore and ` 614.18 crore respectively, which were classified
as Assets Held for Sale in the previous year. The resultant gain on sale of investments of ` 942.62 crore and ` 270.37 crore
respectively, has been disclosed as an exceptional items in the Statement of Profit and Loss.
(vii) During the previous year, the Company decided to divest its investments in equity and preference shares of its subsidiary, Tata
Ceramics Ltd. Accordingly, the said investments have been classified as held for sale at ` Nil (net of impairment ` 14.21 crore).
19b. Liabilities directly associated with Assets Classified as Held For Sale
Liabilities of Discontinued Operations (Refer Note 19 c.) ..................................................
Total ......................................................................................................................................................
19c. Assets Classified as Held For Sale - Discontinued Operations
As at
31st March, 2019
` crore
966.27
966.27
As at
31st March, 2018
` crore
877.56
877.56
During the previous year, the Company approved sale of its Strategic Engineering Division (SED) to Tata Advanced Systems Ltd.
(TASL) [a wholly owned subsidiary of Tata Sons Pvt. Ltd.] as a going concern on slump sale basis, subject to regulatory approvals
at an enterprise value of ` 2,230 crore (out of which ` 1,040 crore payable at the time of closing and ` 1,190 crore payable on
achieving certain milestones). Accordingly, defence business segment is presented as discontinued operations in the segment
note. The date of completion of the transaction is subject to approval by National Company Law Tribunal (NCLT) and such other
requisite approvals.
276 I Standalone Financials
100th Annual Report 2018-19
19c. Assets Classified as Held For Sale - Discontinued Operations (Contd.)
Notes to the Financial Statements
Results of Strategic Engineering Division for the year are presented below
Particulars
Income
Revenue from Operations ..................................................................................................................................
Expenditure
Cost of Components Consumed .....................................................................................................................
Employee Benefits Expense..............................................................................................................................
Finance Costs .........................................................................................................................................................
Depreciation & Amortisation ...........................................................................................................................
Other Expenses .....................................................................................................................................................
Total Expenses .....................................................................................................................................................
Profit/(Loss) before tax from Discontinued Operations..................................................................
Tax
Current Tax/(Credit) .............................................................................................................................................
Deferred Tax ...........................................................................................................................................................
Total Tax ..................................................................................................................................................................
Profit/(Loss) for the year from Discontinued Operations ...............................................................
Other Comprehensive Income/(Expense) ...................................................................................................
Tax on Other Comprehensive Income ..........................................................................................................
Total Comprehensive Income/(Expense) ................................................................................................
For the year ended
31st March, 2019
` crore
For the year ended
31st March, 2018
` crore
143.59
138.10
110.85
36.33
Nil
50.13
335.41
(191.82)
(71.92)
5.94
(65.98)
(125.84)
(1.14)
0.40
(126.58)
286.74
213.37
49.40
8.85
31.17
69.82
372.61
(85.87)
(17.36)
3.23
(14.13)
(71.74)
0.85
Nil
(70.89)
Major classes of Assets and Liabilities of Strategic Engineering Division classified as held for sale as at 31st March, 2019
are as follows:
Assets
Property, Plant and Equipment .......................................................................................................................
Capital Work-in-Progress ...................................................................................................................................
Other Intangible Assets......................................................................................................................................
Intangible Assets Under Development ........................................................................................................
Non-current Financial Assets ...........................................................................................................................
Other Non-current Assets .................................................................................................................................
Current Assets
Inventories ..............................................................................................................................................................
Current Financial Assets .....................................................................................................................................
Other Current Assets ...........................................................................................................................................
Assets Classified as Held For Sale...............................................................................................................
Liabilities
Non-current Liabilities
Financial Liabilities ...............................................................................................................................................
Provisions ................................................................................................................................................................
Current Liabilities
Financial Liabilities ...............................................................................................................................................
Provisions ................................................................................................................................................................
Other Current Liabilities .....................................................................................................................................
Liabilities directly associated with Assets Classified as Held For Sale .....................................
Net Assets directly associated with Discontinued Operations ....................................................
Net cash flows attributable to Strategic Engineering Division are as follows:
Net Cash Flow from/(used) in Operating Activities..................................................................................
Net Cash Flow from/(used) in Investing Activities ...................................................................................
Net Cash Flow from/(used) in Financing Activities ..................................................................................
Net Increase/(Decrease) in Cash and Cash Equivalents ...................................................................
Cash and Cash Equivalents as at 1st April (Opening Balance) .....................................................
Cash and Cash Equivalents as at 31st March (Closing Balance) ..................................................
As at
31st March, 2019
` crore
As at
31st March, 2018
` crore
302.06
418.75
123.42
347.10
3.66
74.66
104.15
261.96
428.54
2,064.30
679.31
30.22
190.00
17.91
48.83
966.27
1,098.03
302.99
361.42
75.08
351.84
4.75
78.04
102.30
309.75
479.02
2,065.19
547.38
19.05
202.51
37.93
70.69
877.56
1,187.63
For the year ended
31st March, 2019
` crore
18.67
(87.35)
72.95
4.27
1.84
6.11
For the year ended
31st March, 2018
` crore
(16.31)
(233.13)
237.27
(12.17)
14.01
1.84
During the year, the Company has incurred Research and Development expenditure including capital expenditure amounting
to ` 43.62 crore (31st March, 2018 - ` 118.75 crore).
Estimated amount of Contract remaining to be executed on capital account and not provided for is ` 55.57 crore (31st March,
2018 - ` 103.93 crore).
Contingent Liability of excise duty amounts to ` 14.28 crore (31st March, 2018 - ` 14.28 crore).
Standalone Financials I 277
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The Tata Power Company Limited
20. Regulatory Deferral Account
Accounting Policy
Notes to the Financial Statements
The Company determines revenue gaps (i.e. surplus/shortfall in actual returns over returns entitled) in respect of its regulated operations in
accordance with the provisions of Ind AS 114 “Regulatory Deferral Accounts” read with the Guidance Note on Rate Regulated Activities issued
by ICAI and based on the principles laid down under the relevant Tariff Regulations/Tariff Orders notified by the Electricity Regulator and the
actual or expected actions of the regulator under the applicable regulatory framework. Appropriate adjustments in respect of such revenue
gaps are made in the regulatory deferral account of the respective year for the amounts which are reasonably determinable and no significant
uncertainty exists in such determination. These adjustments/accruals representing revenue gaps are carried forward as Regulatory deferral
accounts debit/credit balances (Regulatory Assets/Regulatory Liabilities) as the case may be in the financial statements, which would be
recovered/refunded through future billing based on future tariff determination by the regulator in accordance with the electricity regulations.
The Company presents separate line items in the balance sheet for:
i.
ii.
the total of all regulatory deferral account debit balances and related deferred tax balances; and
the total of all regulatory deferral account credit balances and related deferred tax balances.
A separate line item is presented in the Statement of Profit and Loss for the net movement in regulatory deferral account. Regulatory assets/
liabilities on deferred tax expense/income is presented separately in the tax expense line item.
Regulatory Deferral Account - Liability - Current
Regulatory Liabilities....................................................................................................................................................
Regulatory Deferral Account - Assets - Non-current
Regulatory Assets ..........................................................................................................................................................
Net Regulatory Assets/(Liabilities) .....................................................................................................................
Rate Regulated Activities
As at
31st March, 2019
` crore
As at
31st March, 2018
` crore
Nil
485.00
999.00
999.00
1,795.19
1,310.19
(i)
As per the Ind AS-114 ‘Regulatory Deferral Accounts’, the business of electricity distribution is a Rate Regulated activity wherein
Maharashtra Electricity Regulatory Commission (MERC), the regulator determines Tariff to be charged from consumers based on
prevailing regulations in place.
MERC Multi Year Tariff Regulations, 2015 (MYT Regulations), is applicable for the period beginning from 1st April, 2016 to 31st March,
2021. These regulations require MERC to determine tariff in a manner wherein the Company can recover its fixed and variable costs
including assured rate of return on approved equity base, from its consumers. The Company determines the Revenue, Regulatory Assets
and Liabilities as per the terms and conditions specified in MYT Regulations.
(ii)
Reconciliation of Regulatory Assets/Liabilities of distribution business as per Rate Regulated Activities is as follows:
Opening Regulatory Assets (Net) ...........................................................
Regulatory Income/(Expenses) during the year
(i)
(ii)
Power Purchase Cost ....................................................................
Other expenses as per the terms of Tariff Regulations
including Return On Equity ........................................................
Collected during the year as per approved Tariff ...............
(iii)
(iv)
Amount Collected in respect of earlier year (Net) .............
Net movement in Regulatory Deferral Balances (i + ii + iii + iv) ..
Regulatory Assets/(Liabilities) on carrying cost recognised as
revenue ............................................................................................................
Recovery from Company’s Generation Business ..............................
Net Movement in Regulatory Deferral Balances in respect of
earlier years (Refer Note below) ..............................................................
Regulatory Assets/(Liabilities) on deferred tax expense/
(income) [Refer Note 35 (iii)] .....................................................................
Closing Regulatory Assets (Net) ..............................................................
(A)
(B)
(C)
(D)
(E)
(F)
(A + B + C + D + E + F)
As at
31st March, 2019
` crore
1,310.19
As at
31st March, 2018
` crore
1,888.00
2,282.00
2,322.91
901.00
(3,382.00)
(320.03)
(519.03)
29.15
(193.76)
274.26
98.19
999.00
953.09
(3,068.00)
(444.00)
(236.00)
(49.00)
Nil
Nil
(292.81)
1,310.19
During the year, pursuant to receipt of true-up tariff order from the Regulatory Commission for the years 2014-15, 2015-16 and 2016-17,
the Company has recognised net income of ₹ 91.95 crore comprising of a credit of ₹ 274.26 crore in regulatory income and a charge of
₹ 182.31 crore to revenue from operations.
278 I Standalone Financials
100th Annual Report 2018-19
21a. Share Capital
Authorised
Notes to the Financial Statements
As at 31st March, 2019
Number
` crore
As at 31st March, 2018
Number
` crore
Equity Shares of ` 1/- each .............................................................................................................
Cumulative Redeemable Preference Shares of ` 100/- each ............................................
350,00,00,000
2,29,00,000
350.00
229.00
579.00
350,00,00,000
2,29,00,000
350.00
229.00
579.00
Issued
Equity Shares [including 28,32,060 shares (31st March, 2018 - 28,32,060 shares)
not allotted but held in abeyance, 44,02,700 shares cancelled pursuant to a Court
Order and 4,80,40,400 shares of the Company held by the erstwhile The Andhra
Valley Power Supply Company Limited cancelled pursuant to the Scheme of
Amalgamation sanctioned by the High Court of Judicature, Bombay] ........................
Subscribed and Paid-up
Equity Shares fully Paid-up [excluding 28,32,060 shares (31st March, 2018 -
28,32,060 shares) not allotted but held in abeyance, 44,02,700 shares cancelled
pursuant to a Court Order and 4,80,40,400 shares of the Company held by the
erstwhile The Andhra Valley Power Supply Company Limited cancelled pursuant
to the Scheme of Amalgamation sanctioned by the High Court of Judicature,
Bombay]................................................................................................................................................
Less: Calls in arrears [including ` 0.01 crore (31st March, 2018 - ` 0.01 crore) in
respect of the erstwhile The Andhra Valley Power Supply Company Limited
and the erstwhile The Tata Hydro-Electric Power Supply Company Limited] ..
276,17,00,970
276.17
276,17,00,970
276.17
270,47,73,510
270.48
270,47,73,510
270.48
0.04
270.44
0.06
270.50
16,52,300
0.04
270.44
0.06
270.50
Add: Equity Shares forfeited - Amount paid ............................................................................
Total Subscribed and Paid-up Share Capital ......................................................................................
16,52,300
(i)
Reconciliation of the shares outstanding at the beginning and at the end of the reporting period
Equity Shares
At the beginning of the year ............................................................................................
Issued during the year ........................................................................................................
Outstanding at the end of the year ...............................................................................
As at 31st March, 2019
Number
` crore
As at 31st March, 2018
Number
` crore
270,64,25,810
Nil
270,64,25,810
270.50
Nil
270.50
270,64,25,810
Nil
270,64,25,810
270.50
Nil
270.50
(ii)
Terms/rights attached to Equity Shares
The Company has issued only one class of Equity Shares having a par value of ` 1/- per share. Each holder of Equity Shares is entitled to one vote per
share. The final dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
In the event of liquidation of the Company, the holders of Equity Shares will be entitled to receive remaining assets of the Company, after distribution
of all preferential amounts. The distribution will be in proportion to the number of Equity Shares held by the shareholders.
(iii)
Details of shareholders holding more than 5% shares in the Company
Equity Shares of ` 1/- each fully paid
Tata Sons Pvt. Ltd. ...............................................................................................................
Life Insurance Corporation of India ...............................................................................
Matthews Pacific Tiger Fund.............................................................................................
As at 31st March, 2019
% Holding
Number
As at 31st March, 2018
% Holding
Number
83,97,99,682
20,97,31,735
18,03,16,487
31.05
7.75
6.67
83,97,99,682
31,79,60,364
17,79,49,592
31.05
11.76
6.58
21b. Unsecured Perpetual Securities
11.40% Unsecured Perpetual Securities ..........................................................................................................................
Add: Movement during the year .........................................................................................................................................
Total ..............................................................................................................................................................................................
As at
31st March, 2019
` crore
1,500.00
Nil
1,500.00
As at
31st March, 2018
` crore
1,500.00
Nil
1,500.00
In an earlier year, the Company raised ` 1,500 crore through issue of Unsecured Perpetual Securities (the “Securities”). These Securities are perpetual in nature
with no maturity or redemption and are callable only at the option of the Company. The distribution on these Securities are 11.40% with a step up provision if
the Securities are not called after 10 years. The distribution on the Securities may be deferred at the option of the Company, if during the six months preceding
the relevant distribution payment date, the Company has made no payment on, or redeemed or repurchased, any securities ranking pari passu with, or junior
to the instrument. As these Securities are perpetual in nature and ranked senior only to the Share Capital of the Company and the Company does not have any
redemption obligation, these are considered to be in the nature of equity instruments.
Standalone Financials I 279
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The Tata Power Company Limited
22. Other Equity
Notes to the Financial Statements
As at
31st March, 2019
` crore
As at
31st March, 2018
` crore
General Reserve
Opening Balance .....................................................................................................................
Closing Balance ........................................................................................................................
Securities Premium
Opening Balance .....................................................................................................................
Closing Balance ........................................................................................................................
Debenture Redemption Reserve
Opening Balance .....................................................................................................................
Add/(Less): Amount transferred from/(to) Retained Earnings (Net) ......................
Closing Balance ........................................................................................................................
Capital Redemption Reserve
Opening Balance .....................................................................................................................
Closing Balance ........................................................................................................................
Capital Reserves
Opening Balance .....................................................................................................................
Closing Balance ........................................................................................................................
Statutory Reserve
Opening Balance .....................................................................................................................
Closing Balance ........................................................................................................................
Retained Earnings (Refer Note 1 below)
Opening balance .....................................................................................................................
Add: Profit/(Loss) for the year ............................................................................................
Transfer from Debenture Redemption Reserve (Net).....................................
Less: Other Comprehensive Income/(Expense) arising from Remeasurement
of Defined Benefit Obligation (Net of Tax) .........................................................
Payment of Dividend (Refer Note 2 below)........................................................
Tax on Dividend ...........................................................................................................
Transfer from Equity Instrument through Other Comprehensive Income
(Refer Note 3 below) ...................................................................................................
Distribution on Unsecured Perpetual Securities (Net of Tax) ......................
Closing Balance ........................................................................................................................
Equity Instruments through Other Comprehensive Income
Opening Balance .....................................................................................................................
Add/(Less): Transfer to Retained Earnings (Refer Note 3 below) ..........................
Other Comprehensive Income - Current Tax ........................................
Change in Fair Value of Equity Instruments through Other
Comprehensive Income ...............................................................................
Change in Fair Value of Equity Instruments classified as held for
sale ...........................................................................................................................
Gain on sale of Investment classified at fair value through other
comprehensive income ................................................................................
Deferred Tax ......................................................................................................
Closing Balance ........................................................................................................................
Total ......................................................................................................................................................
3,853.98
3,853.98
5,634.98
5,634.98
1,000.61
(578.66)
421.95
1.85
1.85
61.66
61.66
660.08
660.08
1,878.99
1,708.58
578.66
13.75
351.99
Nil
735.49
110.88
1,075.13
2,954.12
(374.12)
735.49
Nil
0.17
(31.05)
0.01
(0.02)
330.48
13,919.10
3,853.98
3,853.98
5,634.98
5,634.98
1,000.90
(0.29)
1,000.61
1.85
1.85
61.66
61.66
660.08
660.08
5,361.42
(3,150.52)
0.29
9.08
351.99
33.81
(174.74)
112.06
(3,482.43)
1,878.99
(253.40)
(174.74)
(37.12)
(400.44)
Nil
99.59
391.99
(374.12)
12,718.03
280 I Standalone Financials
100th Annual Report 2018-19
22. Other Equity (Contd.)
Notes:
Notes to the Financial Statements
1. Includes gain on fair valuation of land which is not available for distribution ` 222.31 crore (31st March, 2018 -
` 222.31 crore).
2. The shareholders of the Company in their meeting held on 27th July, 2018 approved final dividend of ` 1.30 per share
aggregating ` 351.99 crore (excluding dividend distribution tax) for the financial year 2017-18. The said dividend was
paid to the holders of fully paid equity shares on 30th July, 2018.
3. The Company has sold certain investments carried at fair value through other comprehensive income. The resultant
(gain)/loss of ` 735.49 crore (31st March, 2018 - ` (174.74) crore) has been transferred from Equity Instruments through
Other Comprehensive Income to Retained Earnings.
4. In respect of the year ended 31st March, 2019, the directors have proposed a dividend of ` 1.30 per share (31st March,
2018 - ` 1.30 per share) to be paid on fully paid shares. This equity dividend is subject to approval at the annual general
meeting and has not been included as a liability in the financial statements. The proposed equity dividend is payable
to all holders of fully paid equity shares. The total estimated equity dividend to be paid is ` 351.99 crore (31st March,
2018 - ` 351.99 crore) (excluding Dividend Distribution Tax).
Nature and purpose of reserves:
General Reserve
General Reserve is used from time to time to transfer profits from Retained Earnings for appropriation purposes. As the General
Reserve is created by a transfer from one component of equity to another and is not an item of other comprehensive income,
items included in the General Reserve will not be reclassified subsequently to statement of profit and loss.
Securities Premium
Securities Premium Reserve is used to record the premium on issue of shares and is utilised in accordance with the provisions
of the Companies Act, 2013.
Debenture Redemption Reserve
The Company is required to create a Debenture Redemption Reserve out of the profits which are available for payment of
dividend for the purpose of redemption of debentures.
Capital Redemption Reserve
Capital Redemption Reserve represents amounts set aside on redemption of preference shares.
Capital Reserve
Capital Reserve consists of forfeiture of the amount received from Tata Sons Pvt. Ltd. on preferential allotment of convertible
warrants in the Company, on the lapse of the period to exercise right to convert the said warrants and on forfeiture of amounts
paid on Debentures.
Statutory Reserves
Statutory Reserve consists of Special Appropriation towards Project Cost, Development Reserve and Investment Allowance
Reserve.
Special appropriation to project cost - Due to high capital investment required for the expansion in the electricity industry, the
Maharashtra State Government permits part of the capital cost of approved projects to be collected through the electricity
tariff and held as a special appropriation.
Development Reserve / Investment Allowance Reserve - Until 1978, the Companies made appropriations to a Development
Reserve and an Investment Allowance Reserve as required by the Income Tax Act, 1956. New appropriations to these reserves
are no longer required due to changes in Indian law. An amount equal to 0.5% on the accumulation in the Investment Allowance
Reserve was included in the reasonable return calculation.
Retained Earnings
Retained Earnings are the profits of the Company earned till date net of appropriations.
Equity Instruments through Other Comprehensive Income
This reserve represents the cumulative gains and losses arising on revaluation of equity instruments measured at fair value
through other comprehensive income, net of amounts reclassified to retained earnings when those assets are disposed of.
Standalone Financials I 281
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R
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A
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23. Non-current Borrowings
Notes to the Financial Statements
The Tata Power Company Limited
(i) Unsecured - At Amortised Cost
Redeemable Non-Convertible Debentures
(a) 10.75% Series 2072 ........................................
(b) 7.99% Series 2024 .........................................
(c) 9.30% Series 2023 .........................................
(d) 9.48% Series 2019 .........................................
(e) 7.70% Series 2019 (Refer Note 2) .............
Term Loans from Banks
(f )
ICICI Bank ............................................................
(g) Axis Bank ............................................................
Deferred Payment Liabilities
(h) Sales Tax Deferral .............................................
(ii) Secured - At Amortised Cost
Redeemable Non-Convertible Debentures
(a) 9.15% Series 2025 .........................................
(b) 9.15% Series 2025 .........................................
(c) 9.40% Series 2022 .........................................
(d) 10.10% Series 2018 .........................................
(e) 10.40% Series 2018 .........................................
Term Loans from Banks
(f ) HDFC Bank .........................................................
(g)
ICICI Bank ............................................................
(h) Kotak Mahindra Bank .....................................
State Bank of India ..........................................
(i)
(j)
IDFC Bank ...........................................................
(k) Axis Bank ............................................................
Term Loans from Others
(l) Asian Development Bank .............................
Indian Renewable Energy Development
(m)
Agency Ltd. ........................................................
Non-current
As at 31st March, 2019
Current
Maturities
` crore
` crore
* Non-current
As at 31st March, 2018
Current
Maturities
` crore
` crore
*
1,492.31
1,496.35
Nil
Nil
Nil
2,988.66
523.55
333.06
856.61
(A)
8.50
3,853.77
105.86
124.90
209.63
Nil
Nil
440.39
917.81
624.76
712.73
1,234.17
623.44
333.38
4,446.29
Nil
Nil
Nil
500.00
Nil
500.00
150.00
166.67
316.67
8.50
825.17
16.00
25.00
Nil
Nil
Nil
41.00
395.00
120.00
150.93
94.94
158.75
166.67
1,086.29
1,490.45
1,495.55
499.00
499.81
Nil
3,984.81
Nil
Nil
Nil
Nil
Nil
Nil
Nil
1,875.00
1,875.00
605.00
Nil
605.00
17.00
4,001.81
11.33
2,491.33
121.84
149.86
209.58
Nil
Nil
481.28
1,062.81
Nil
438.75
1,329.10
782.28
Nil
3,612.94
16.00
25.00
Nil
500.00
500.00
1,041.00
95.00
Nil
38.75
94.95
341.56
Nil
570.26
6.33
12.67
19.01
12.67
2.94
9.27
4,895.95
8,749.72
5.87
18.54
1,145.83
1,971.00
8.80
27.81
4,122.03
8,123.84
5.87
18.54
1,629.80
4,121.13
(B)
Total .................................................................................................. (A) + (B)
* Amount disclosed under Other Current Financial Liabilities (Refer Note 24)
Security
(i)
The Debentures mentioned in (a) have been secured by a charge on movable properties and assets of the Company at Agaswadi and
Visapur in Satara District of Maharashtra and Poolavadi in Tirupur District of Tamil Nadu.
(ii)
(iii)
(iv)
The Debentures mentioned in (b) have been secured by a pari passu charge on the assets of the wind farms situated at Samana in
Gujarat, Gadag in Karnataka and immovable properties in Jamnagar, Gujarat.
The Debentures mentioned in (c) have been secured by a charge on the land situated at Village Takve Khurd (Maharashtra) and movable
fixed assets (except the Wind assets) including movable machinery, machinery spares, tools and accessories but excluding vehicles,
launches and barges, present and future.
The Debentures mentioned in (d) and (e) have been secured by a pari passu charge on land in Village Takve Khurd (Maharashtra) and all
buildings and structures and all plant and machinery whether fixed or movable attached to the land at the thermal and hydro power
stations.
282 I Standalone Financials
100th Annual Report 2018-19
23. Non-current Borrowings (Contd.)
Notes to the Financial Statements
(v)
(vi)
(vii)
(viii)
The Loans mentioned in (f ), (h), (i) and (j) have been secured by pari passu charge on all movable Fixed Assets (excluding land and
building), present and future (except assets of all wind projects both present and future) including movable machinery, machinery
spares, tools and accessories, present and future, but excluding vehicles, launches and barges.
The Loans mentioned in (g) have also been secured by whole of current assets of the Company, present and future, in a first pari passu
manner.
The Loan mentioned in (k) has been secured by pari passu charge on all movable Fixed Assets (excluding land and building), present and
future, except (1) assets of 120 MW waste heat recovery plant located at Haldia (2) assets of Strategic Engineering Division (3) assets of
all wind projects, both present and future, including movable machinery, machinery spares, tools and accessories, present and future
(excluding vehicles, launches and barges, present and future).
The Loans from Asian Development Bank and Indian Renewable Energy Development Agency Limited mentioned in (l) and
(m) respectively have been secured by a charge on the movable and immovable properties situated at Khandke, Brahmanvel and
Sadawaghapur in Maharashtra including the projects’ current and future receivables.
Terms of Repayment
Particulars
(i) Unsecured - At Amortised Cost
Redeemable Non-Convertible Debentures
(a)
(b)
(c)
10.75% Series 2072 (Refer Note 1 below) ..................................
7.99% Series 2024 .............................................................................
9.48% Series 2019 .............................................................................
Term Loans from Banks (Refer Note 4 below)
(d)
(e)
ICICI Bank ................................................................................................
Axis Bank ................................................................................................
Amount
Outstanding as at
31st March, 2019
FY 19-20
FY 20-21
FY 21-22
Financial Year
FY 22-23
FY 23-24
` crore
FY 24-29 FY 29-30 and
onwards
1,500.00
1,500.00
500.00
-
-
500.00
-
300.00
-
-
300.00
-
-
300.00
-
-
300.00
-
-
300.00
-
1,500.00
-
-
675.00
500.00
150.00
166.67
300.00
166.67
225.00
166.66
-
-
-
-
-
-
Deferred Payment Liabilities
(f)
Sales Tax Deferral (Refer Note 3 below) .......................................
17.00
8.50
5.67
2.83
-
-
(ii) Secured - At Amortised Cost
Redeemable Non-Convertible Debentures
(a)
(b)
(c)
9.15% Series 2025 .............................................................................
9.15% Series 2025 .............................................................................
9.40% Series 2022 .............................................................................
Term Loans from Banks (Refer Note 4 below)
(d) HDFC Bank .............................................................................................
Kotak Mahindra Bank .........................................................................
(e)
State Bank of India ..............................................................................
(f)
(g)
IDFC Bank ...............................................................................................
(h) Axis Bank ................................................................................................
(i)
ICICI Bank ................................................................................................
Term Loans from Others (Refer Note 4 below)
(j)
(k)
Asian Development Bank .................................................................
Indian Renewable Energy Development Agency Ltd. ...........
Less: Impact of recognition of borrowing at amortised cost using
effective interest method.. ..........................................................................
Notes:
122.00
150.00
210.00
16.00
25.00
-
16.00
25.00
-
16.00
20.00
-
16.00
20.00
210.00
16.00
20.00
-
42.00
40.00
-
1,312.81
863.66
1,329.11
782.19
500.00
750.00
395.00
150.94
94.93
158.75
166.67
120.00
74.38
150.94
94.93
76.25
166.67
120.00
83.75
150.94
94.94
76.25
166.66
120.00
83.75
50.93
94.94
76.25
-
150.00
83.75
50.93
189.88
146.25
-
240.00
501.56
305.93
759.49
248.44
-
-
19.01
8.80
-
-
10,739.58 1,971.00 1,505.78 1,423.03 1,001.87 1,046.81 2,197.42
12.67
5.87
6.33
2.94
-
-
-
-
-
-
18.86
10,720.72
-
-
-
-
90.62
3.05
-
-
-
-
-
-
1,593.67
1
2
3
4
The 10.75% Redeemable Non-Convertible Debentures are redeemable at par at the end of 60 years from the date of allotment viz. 21st August, 2072. The Company has the call
option to redeem the same at the end of 10 years viz. 21st August, 2022 and at the end of every year thereafter.
The 7.70% Redeemable Non-Convertible Debentures has a Put/Call option at the end of 24 months from the deemed date of allotment i.e. 3rd August, 2018 which has been
exercised by the debentureholders and accordingly debentures of ` 1,875.00 crore were redeemed on 3rd August, 2018.
Sales Tax Deferral is repayable in 150 instalments commencing from April, 2013 and repayable in full by March, 2022.
The rate of interest for term loans from banks ranges from 8.45% to 9.25% and rate of interest for term loans from others is 9.36%.
Standalone Financials I 283
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24. Other Financial Liabilities
Notes to the Financial Statements
The Tata Power Company Limited
As at
31st March, 2019
` crore
As at
31st March, 2018
` crore
Non-current - At Amortised Cost
Security Deposits from Customers ...................................................................................
Guarantee Commission Obligation ..................................................................................
Total .......................................................................................................................................................
Current - At Amortised Cost
(a) Current Maturities of Non-current Borrowings (Refer Note 23) .............................
Interest accrued but not due on Borrowings ................................................................
(b)
Interest accrued but not due on Borrowings from Related Party ..........................
(c)
Investor Education and Protection Fund shall be credited by the following
(d)
amounts namely: **
Unpaid Dividend ...........................................................................................................
Unpaid Matured Deposits ..........................................................................................
Unpaid Matured Debentures ....................................................................................
(e) Other Payables
Payables for Capital Supplies and Services ........................................................................................
Security Deposits from Electricity Consumers ...............................................................................
Security Deposits from Others ...........................................................................................................................
Tender Deposits from Vendors ...........................................................................................................................
Financial Guarantee Obligation towards Lenders of Jointly Controlled
Entity [Refer Note 8(b)] .................................................................................................................................................
Other Financial Liabilities ..........................................................................................................................................
At Fair Value through Profit and Loss
(f ) Other Payables
33.53
9.23
42.76
1,971.00
189.09
0.38
22.01
0.03
0.09
252.33
216.72
4.33
2.14
103.74
133.57
Derivative Contracts (Net) ........................................................................................................................................
Nil
Total .......................................................................................................................................................
2,895.43
32.15
12.59
44.74
4,121.13
303.90
0.38
17.70
0.03
0.09
203.43
190.52
13.44
1.13
97.77
97.64
0.82
5,047.98
** Includes amounts outstanding aggregating ` 1.25 crore (31st March, 2018 - ` 0.88 crore) for more than seven years pending
legal cases.
284 I Standalone Financials
100th Annual Report 2018-19
25. Provisions
Accounting Policy
Notes to the Financial Statements
Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is
probable that the Company will be required to settle the obligation and a reliable estimate can be made of the amount of the
obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the
end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. When a provision is
measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash
flows (when the effect of the time value of money is material).
Present obligations arising under onerous contracts are recognised and measured as provisions with charge to statement of
profit and loss. An onerous contract is considered to exist where the Company has a contract under which the unavoidable
costs of meeting the obligations under the contract exceed the economic benefits expected to be received from the contract.
Defined contribution plans
Payments to defined contribution retirement benefit plans are recognised as an expense when employees have rendered
service entitling them to the contributions.
Defined benefits plans
The cost of providing benefits under the defined benefit plan is determined using the projected unit credit method.
Remeasurements, comprising of actuarial gains and losses, the effect of the asset ceiling, excluding amounts included in net
interest on the net defined benefit liability and the return on plan assets (excluding amounts included in net interest on the
net defined benefit liability), are recognised immediately in the balance sheet with a corresponding debit or credit to retained
earnings through OCI in the period in which they occur. Remeasurements are not reclassified to profit or loss in subsequent
periods. Past service costs are recognised in the statement of profit and loss on the earlier of:
-
-
The date of the plan amendment or curtailment, and
The date that the Company recognises related restructuring costs
Net interest is calculated by applying the discount rate to the net defined benefit liability or asset. The Company recognises the
following changes in the net defined benefit obligation as an expense in the statement of profit and loss:
-
-
Service costs comprising current service costs, past-service costs, gains and losses on curtailments and non routine
settlements; and
Net interest expense or income.
A liability for a termination benefit is recognised at the earlier of when the entity can no longer withdraw the offer of the
termination benefit and when the entity recognises any related restructuring costs.
The cost of the defined benefit gratuity plan and other post-employment medical benefits 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.
The parameter most subject to change is the discount rate. In determining the appropriate discount rate for plans operated
in India, the management considers the interest rates of government bonds. The mortality rate is based on publicly available
mortality tables. Those mortality tables tend to change only at interval in response to demographic changes. Future salary
increases and gratuity increases are based on expected future inflation rates.
Current and other non-current employee benefits
A liability is recognised for benefits accruing to employees in respect of wages and salaries, annual leave and sick leave in the
period the related service is rendered at the undiscounted amount of the benefits expected to be paid in exchange for that
service.
Liabilities recognised in respect of current employee benefits are measured at the undiscounted amount of the benefits
expected to be paid in exchange for the related service.
Liabilities recognised in respect of other non-current employee benefits are measured at the present value of the estimated
future cash outflows expected to be made by the Company in respect of services provided by employees up to the reporting
date.
Standalone Financials I 285
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The Tata Power Company Limited
25. Provisions (Contd.)
Notes to the Financial Statements
Non-current
Provision for Employee Benefits
Compensated Absences .....................................................................................................
Post-Employment Medical Benefits [Refer Note 25 (2.3)] .......................................
Other Defined Benefit Plans [Refer Note 25 (2.3)] .....................................................
Other Employee Benefits ....................................................................................................
Total .....................................................................................................................................................
Current
Provision for Employee Benefits
Compensated Absences .....................................................................................................
Post-Employment Medical Benefits [Refer Note 25 (2.3)] .......................................
Other Defined Benefit Plans [Refer Note 25 (2.3)] .....................................................
Other Employee Benefits ....................................................................................................
Total .....................................................................................................................................................
As at
31st March, 2019
` crore
As at
31st March, 2018
` crore
80.71
45.81
48.99
20.04
195.55
5.00
1.80
6.09
1.85
14.74
74.31
30.70
57.90
19.19
182.10
4.58
1.23
6.64
2.99
15.44
Employee Benefit Plans
1.
Defined Contribution plan
The Company makes superannuation fund contributions to defined contribution plan for eligible employees. Under the
scheme, the Company is required to contribute a specified percentage of the payroll costs. The Company has no obligation,
other than the contribution payable to the fund. The Company recognises contribution payable to the superannuation fund
scheme as an expense, when an employee renders the related service.
The Company has recognised ₹ 9.19 crore (31st March, 2018 - ₹ 9.53 crore) for superannuation contribution in the Statement of
Profit and Loss. The said amount is excluding of amounts recognised by the Strategic Engineering Division (SED) (Discontinued
operations). The contribution payable to the plan by the Company is at rates specified in the rules of the scheme.
2.
Defined benefit plans
2.1 The Company operates the following unfunded/funded defined benefit plans:
Funded:
Provident Fund
The Company makes Provident Fund contributions to defined benefit plans for eligible employees. Under the scheme, the
Company is required to contribute a specified percentage of the payroll costs to fund the benefits. The contributions as specified
under the law are paid to the provident fund set up as a trust by the Company. The Company is generally liable for annual
contributions and any shortfall in the fund assets based on the government specified minimum rates of return and recognises
such contributions and shortfall, if any, as an expense in the year it is incurred. Having regard to the assets of the fund and the
return on the investments, the Company expects shortfall of ` 8.27 crore which has been provided as an expenditure during
the year.
The significant assumptions used for the purpose of the actuarial valuations were as follows:
Particulars
Interest rate ..........................................................................................................................................
Discount rate ........................................................................................................................................
Contribution during the year (₹ crore) .......................................................................................
Short fall provided as expenditure for the year ......................................................................
31st March, 2019
8.65% p.a.
7.40% p.a.
19.15
8.27
31st March, 2018
8.55% p.a.
7.70% p.a.
19.04
Nil
286 I Standalone Financials
100th Annual Report 2018-19
25. Provisions (Contd.)
Gratuity
Notes to the Financial Statements
The Company has a defined benefit gratuity plan. The gratuity plan is primarily governed by the Payment of Gratuity Act,
1972. Employees who are in continuous service for a period of five years are eligible for gratuity. The level of benefits provided
depends on the member’s length of service and salary at the retirement date. The gratuity plan is funded plan. The fund has the
form of a trust and is governed by Trustees appointed by the Company. The Trustees are responsible for the administration of
the plan assets and for the definition of the investment strategy in accordance with the regulations. The funds are deployed in
recognised insurer managed funds in India.
2.2 The principal assumptions used for the purposes of the actuarial valuations were as follows:
31st March, 2019
7.40% p.a.
Valuation as at
Discount Rate .................................................................................................................
Salary Growth Rate
- Management .............................................................................................................
- Non-Management ...................................................................................................
Turnover Rate - Age 21 to 44 years
- Management .............................................................................................................
- Non-Management ...................................................................................................
Turnover Rate - Age 45 years and above
- Management .............................................................................................................
- Non-Management ...................................................................................................
Pension Increase Rate .................................................................................................
Mortality Table
Annual Increase in Healthcare Cost .......................................................................
31st March, 2018
7.70% p.a.
7% p.a.
5% p.a.
2.5% p.a.
0.50% p.a.
7% p.a.
5% p.a.
2.5% p.a.
0.50% p.a.
1% p.a.
0.50% p.a.
3% p.a.
Indian Assured Lives
Mortality (2006-08)
(modified) Ult
8% p.a.
1% p.a.
0.50% p.a.
3% p.a.
Indian Assured Lives
Mortality (2006-08)
(modified) Ult
8% p.a.
2.3 The amounts recognised in the financial statements and the movements in the net defined benefit obligations over the
year are as follows:
Funded Plan:
Balance as at 1st April, 2017
Current service cost .....................................................................................................
Past service cost ............................................................................................................
Interest Cost/(Income) ................................................................................................
Less: Amount recognised in Statement of Profit and Loss -
Discontinued Operations ................................................................................
Amount recognised in Statement of Profit and Loss - Continuing
Operations.....................................................................................................................
Remeasurement (gains)/losses
Return on plan assets excluding amounts included in interest cost/
(income) ...........................................................................................................................
Actuarial (gains)/losses arising from changes in demographic
assumptions ...................................................................................................................
Actuarial (gains)/losses arising from changes in financial assumptions
Actuarial (gains)/losses arising from experience ..............................................
Amount recognised in Other Comprehensive Income
Employer contribution ...............................................................................................
Benefits paid ..................................................................................................................
Acquisitions credit/(cost) ...........................................................................................
Add: Amounts recognised in current year - Discontinued operations ......
Less: Transferred to Assets/Liabilities held for sale - Discontinued
operations .............................................................................................................
Balance as at 31st March, 2018 ...........................................................................
Present value
of obligation
` crore
257.40
17.60
Nil
17.00
Fair value of
plan assets
` crore
(248.38)
Nil
Nil
(17.07)
(1.97)
32.63
Nil
9.21
(40.33)
15.33
(15.79)
Nil
(19.43)
(4.68)
1.97
(14.30)
237.80
Nil
(17.07)
1.08
Nil
Nil
Nil
1.08
Nil
Nil
0.16
Nil
Nil
(264.21)
Net
amount
` crore
9.02
17.60
Nil
(0.07)
(1.97)
15.56
1.08
9.21
(40.33)
15.33
(14.71)
Nil
(19.43)
(4.52)
1.97
(14.30)
(26.41)
Standalone Financials I 287
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The Tata Power Company Limited
Notes to the Financial Statements
25. Provisions (Contd.)
Funded Plan:
Balance as at 31st March, 2018* .........................................................................
Current service cost .....................................................................................................
Past service cost ............................................................................................................
Interest Cost/(Income) ................................................................................................
Less: Amount recognised in Statement of Profit and Loss -
Discontinued Operations ................................................................................
Amount recognised in Statement of Profit and Loss - Continuing
Operations.....................................................................................................................
Remeasurement (gains)/losses
Return on plan assets excluding amounts included in interest cost/
(income) ...........................................................................................................................
Actuarial (gains)/losses arising from changes in demographic
assumptions ...................................................................................................................
Actuarial (gains)/losses arising from changes in financial assumptions
Actuarial (gains)/losses arising from experience ..............................................
Amount recognised in Other Comprehensive Income ............................
Employer contribution ...............................................................................................
Benefits paid ..................................................................................................................
Acquisitions credit/(cost) ...........................................................................................
Add: Amounts recognised in current year - Discontinued Operations .....
Less: Transferred to Assets/Liabilities held for sale - Discontinued
Operations .............................................................................................................
Balance as at 31st March, 2019* .........................................................................
* Net asset is classified as “Other Current Assets”.
Unfunded:
Post Employment Medical Benefits
Present value
of obligation
` crore
237.80
15.04
Nil
18.24
Fair value of
plan assets
` crore
(264.21)
Nil
Nil
(20.34)
(0.58)
32.70
Nil
Nil
5.79
15.97
21.76
Nil
(30.49)
(1.52)
0.58
(15.29)
245.54
Nil
(20.34)
4.26
Nil
Nil
Nil
4.26
Nil
Nil
Nil
Nil
Nil
(280.29)
Net
amount
` crore
(26.41)
15.04
Nil
(2.10)
(0.58)
12.36
4.26
Nil
5.79
15.97
26.02
Nil
(30.49)
(1.52)
0.58
(15.29)
(34.75)
The Company provides certain post-employment health care benefits to superannuated employees at some of its locations. In
terms of the plan, the retired employees can avail free medical check-up and medicines at Company’s facilities.
Pension (including Director pension)
The Company operates a defined benefit pension plan for employees who have completed 15 years of continuous service.
The plan provides benefits to members in the form of a pre-determined lumpsum payment on retirement. Executive Director,
on retirement, is entitled to pension payable for life including HRA benefit. The level of benefit is approved by the Board of
Directors of the Company from time to time.
Ex-Gratia Death Benefit
The Company has a defined benefit plan granting ex-gratia in case of death during service. The benefit consists of a pre-determined
lumpsum amount along with a sum determined based on the last drawn basic salary per month and the length of service.
Retirement Gift
The Company has a defined benefit plan granting a pre-determined sum as retirement gift on superannuation of an employee.
288 I Standalone Financials
100th Annual Report 2018-19
25. Provisions (Contd.)
Unfunded Plan:
Notes to the Financial Statements
Balance as at 1st April, 2017 .............................................................................................................................................................
Current service cost .................................................................................................................................................................................
Past service cost ........................................................................................................................................................................................
Past service cost - Plan amendments ................................................................................................................................................
Interest Cost/(Income) ............................................................................................................................................................................
Add/(Less): Amount recognised in Statement of Profit and Loss - Discontinued Operations .......................................
Amount recognised in Statement of Profit and Loss - Continuing Operations .......................................................
Remeasurement (gains)/losses
Actuarial (gains)/losses arising from changes in demographic assumptions ....................................................................
Actuarial (gains)/losses arising from changes in financial assumptions ..............................................................................
Actuarial (gains)/losses arising from experience ..........................................................................................................................
Amount recognised in Other Comprehensive Income ........................................................................................................
Benefits paid ..............................................................................................................................................................................................
Acquisitions credit/(cost) .......................................................................................................................................................................
Add: Amounts recognised in current year - Discontinued Operations .................................................................................
Less: Transferred to Assets/Liabilities held for sale - Discontinued Operations .................................................................
Balance as at 31st March, 2018 .......................................................................................................................................................
Balance as at 31st March, 2018 .......................................................................................................................................................
Current service cost .................................................................................................................................................................................
Past service cost ........................................................................................................................................................................................
Past service cost - Plan amendments ................................................................................................................................................
Interest Cost/(Income) ............................................................................................................................................................................
Add/(Less): Amount recognised in Statement of Profit and Loss - Discontinued Operations .......................................
Amount recognised in Statement of Profit and Loss - Continuing Operations .......................................................
Remeasurement (gains)/losses
Actuarial (gains)/losses arising from changes in demographic assumptions ....................................................................
Actuarial (gains)/losses arising from changes in financial assumptions .............................................................................
Actuarial (gains)/losses arising from experience ..........................................................................................................................
Less: Amount recognised in other comprehensive income - Discontinued operations .................................................
Amount recognised in Other Comprehensive Income ........................................................................................................
Benefits paid ..............................................................................................................................................................................................
Acquisitions credit/(cost) .......................................................................................................................................................................
Add: Amounts recognised in current year - Discontinued Operations .................................................................................
Less: Transferred to Assets/Liabilities held for sale - Discontinued Operations .................................................................
Balance as at 31st March, 2019 .......................................................................................................................................................
Amount
` crore
68.05
2.77
0.27
4.03
4.50
(0.64)
10.93
8.46
(1.01)
18.79
26.24
(5.20)
(1.46)
0.64
(2.73)
96.47
96.47
4.16
0.24
4.58
7.78
(0.44)
16.32
Nil
3.17
(8.35)
0.30
(4.88)
(2.85)
0.05
0.44
(2.86)
102.69
Employee Benefit Plans
2.4 Sensitivity analysis
The sensitivity of the defined benefit obligations to changes in the weighted principal assumptions is:
Change in assumption
31st March,
2019
31st March,
2018
Increase in assumption
31st March,
2019
` crore
31st March,
2018
` crore
Discount rate ..............................
Salary/Pension growth rate ..
Mortality rates ...........................
Healthcare cost .........................
0.50%
0.50%
1 year
0.50%
0.50%
0.50%
1 year
0.50%
Decrease by
Increase by
Decrease by
Increase by
14.70
11.91
4.09
3.59
13.21
11.68
3.30
2.45
Increase by
Decrease by
Increase by
Decrease by
Decrease in assumption
31st March,
2019
` crore
31st March,
2018
` crore
15.94
11.22
4.00
3.22
14.45
10.99
3.18
2.05
The above sensitivity analysis is based on a change in an assumption while holding all other assumptions constant. In practice,
this is unlikely to occur and changes in some of the assumptions may be correlated. When calculating the sensitivity of
the defined benefit obligation to significant actuarial assumptions the same method (present value of the defined benefit
obligation calculated with the projected unit credit method at the end of the reporting period) has been applied as when
calculating the defined benefit liability recognised in the balance sheet.
The method and types of assumptions used in preparing the sensitivity analysis did not change compared to the prior period.
Standalone Financials I 289
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The Tata Power Company Limited
Notes to the Financial Statements
25. Provisions (Contd.)
2.5 The expected maturity analysis of undiscounted defined benefit obligation is as follows:
Within 1 year ......................................................
Between 1 - 2 years ..........................................
Between 2 - 3 years ..........................................
Between 3 - 4 years ..........................................
Between 4 - 5 years ..........................................
Beyond 5 years ..................................................
Funded
Unfunded
31st March, 2019
` crore
21.75
32.76
34.02
31.99
31.86
176.73
31st March, 2018
` crore
18.64
29.48
30.63
32.86
30.66
164.82
31st March, 2019
` crore
8.58
9.07
9.11
9.21
9.41
50.58
31st March, 2018
` crore
8.57
8.94
9.13
9.15
9.18
47.16
The weighted average duration of the defined benefit obligation is 8.1 years (31st March, 2018 - 8.1 years).
The contribution expected to be made by the Company during the financial year 2019-20 is Nil.
2.6 Risk exposure:
Through its defined benefit plans, the Company is exposed to a number of risks, the most significant of which are detailed
below:
Asset volatility:
The plan liabilities are calculated using a discount rate set with reference to government bond yield. If plan assets underperform
this yield, it will result in deficit. These are subject to interest rate risk. To offset the risk, the plan assets have been deployed in
high grade insurer managed funds.
Inflation rate risk:
Higher than expected increase in salary and medical cost will increase the defined benefit obligation.
Demographic risk:
This is the risk of variability of results due to unsystematic nature of decrements that include mortality, withdrawal, disability
and retirement. The effect of these decrements on the defined benefit obligations is not straight forward and depends upon
the combination of salary increase, discount rate and vesting criterion.
2.7 Major categories of plan assets:
Plan assets are funded with the trust set up by the Company. The trust invests the funds in various financial instruments. Major
categories of plan assets are as follows:
Quoted
Equity Instruments ............................................................................
Debt Instruments ...............................................................................
Government Securities .....................................................................
Cash & Cash Equivalents ..................................................................
As at 31st March, 2019
%
` crore
20%
56.07
21%
60.08
37%
103.77
22%
60.38
100%
280.30
As at 31st March, 2018
%
` crore
21%
56.45
46%
121.47
21%
54.63
12%
31.66
100%
264.21
26. Deferred Tax Liabilities (Net)
(Refer Note 35)
Deferred Tax Assets ..........................................................................................................................
Deferred Tax Liabilities ...................................................................................................................
Net Deferred Tax Liabilities .......................................................................................................
As at
31st March, 2019
` crore
1,024.21
1,607.70
583.49
As at
31st March, 2018
` crore
1,310.41
1,546.40
235.99
290 I Standalone Financials
100th Annual Report 2018-19
27. Other Liabilities
Notes to the Financial Statements
Non-current
Consumers’ Benefit Account ............................................................................................
Liabilities towards Consumers [Refer Note 3.13 (c)] ................................................
Deferred Revenue - Service Line Contributions from Consumers ......................
Deferred Rent Liability ........................................................................................................
Total .......................................................................................................................................................
Current
Statutory Liabilities ..............................................................................................................
Advance from Customers/Public Utilities ....................................................................
Statutory Consumer Reserves..........................................................................................
Liabilities towards Consumers [Refer Note 3.13 (c)] ................................................
Other Liabilities .....................................................................................................................
Total .......................................................................................................................................................
28. Current Borrowings
Unsecured - At Amortised Cost
From Banks
(a)
(b)
Buyer’s Line of Credit ................................................................................................
Term Loans
(i) Repayable on Demand ..................................................................................
(ii) Others ..................................................................................................................
Bank Overdraft - Repayable on Demand ...........................................................
From Related Parties .....................................................................................................................
From Others
Commercial Paper [maximum amount outstanding during the year is ` 6,550 crore
(31st March, 2018 - ` 3,650 crore)] .................................................................................................
(c)
Secured - At Amortised Cost
From Banks
Short-term Loans ........................................................................................................
Total ...........................................................................................................................................
Note:
As at
31st March, 2019
` crore
As at
31st March, 2018
` crore
21.94
Nil
116.87
44.73
183.54
156.79
117.16
561.76
11.50
1.91
849.12
21.94
66.00
112.84
45.71
246.49
95.61
212.92
545.76
338.22
1.08
1,193.59
As at
31st March, 2019
` crore
As at
31st March, 2018
` crore
Nil
800.00
200.00
2.19
Nil
5,729.61
6,731.80
Nil
Nil
6,731.80
338.88
800.00
Nil
95.44
125.00
2,967.13
4,326.45
0.01
0.01
4,326.46
The rate of interest for short-term loans from banks ranges from 7.57% to 8.95% and rate of interest from others ranges from
6.68% to 8.16%.
29. Current Tax Liabilities
Income Tax Payable (Net) .............................................................................................................
Total .....................................................................................................................................................
As at
31st March, 2019
` crore
107.67
107.67
As at
31st March, 2018
` crore
107.67
107.67
Standalone Financials I 291
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The Tata Power Company Limited
Notes to the Financial Statements
30. Revenue from Operations
Revenue recognition
Accounting Policy
Revenue from contracts with customers is recognised when control of the goods or services are transferred to the customer at
an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services.
Description of performance obligations are as follows :
(i)
Sale of Power - Generation (Thermal and Hydro)
Revenue from sale of power is recognised net of cash discount over time for each unit of electricity delivered.
The Company as per the prevalent tariff regulations is required to recover its Annual Revenue Requirement (‘ARR’)
comprising of expenditure on account of fuel cost, operations and maintenance expenses, financing costs, taxes and
assured return on regulator approved equity with additional incentive for operational efficiencies. Accordingly, rate per
unit is determined using input method based on the Company’s efforts to the satisfaction of a performance obligation
to deliver power.
As per tariff regulations, the Company determines ARR and any surplus/shortfall in recovery of the same is accounted as
revenue.
(ii)
Sale of Power - Generation (Wind and Solar)
Revenue from sale of power is recognised net of cash discount over time for each unit of electricity delivered at the
contracted rate.
(iii)
Transmission of Power
Revenue from transmission of power is recognised net of cash discount over time for transmission of electricity. The
Company as per the prevalent tariff regulations is required to recover its Annual Revenue Requirement (‘ARR’) comprising
of expenditure on account of operations and maintenance expenses, financing costs, taxes and assured return on
regulator approved equity with additional incentive for operational efficiencies.
Input method is used to recognize revenue based on the Company’s efforts or inputs to the satisfaction of a performance
obligation to deliver power.
As per tariff regulations, the Company determines ARR and any surplus/shortfall in recovery of the same is accounted as
revenue.
(iv)
Sale of Power - Distribution
Revenue from sale of power is recognised net of cash discount over time for each unit of electricity delivered at the pre
determined rate.
(v)
Rendering of Services
Revenue from a contract to provide services is recognized over time based on output method where direct measurements
of value to the customer based on survey’s of performance completed to date. Revenue is recognised net of cash discount
at a point in time at the contracted rate.
(vi)
Consumers are billed on a monthly basis and are given average credit period of 30 to 45 days for payment. No delayed
payment charges (‘DPC’) is charged for the initial 30 days from the date of receipt of invoice by customers. Thereafter,
DPC is charged at the rate prescribed by the Power Purchase Agreement on the outstanding balance once the dues are
received. Revenue in respect of delayed payment charges and interest on delayed payments leviable as per the relevant
contracts are recognised on actual realisation or accrued based on an assessment of certainty of realization supported
by either an acknowledgement from customers or on receipt of favourable order from regulator / authorities.
There is no significant judgement involved while evaluating the timing as to when customers obtain control of promised
goods and services.
292 I Standalone Financials
100th Annual Report 2018-19
30. Revenue from Operations (Contd.)
Notes to the Financial Statements
(a) Revenue from Power Supply and Transmission Charges .................
(Less)/Add: Income to be adjusted in future tariff determination (Net)
(Less)/Add: Income to be adjusted in future tariff determination (Net)
in respect of earlier years (Refer Note 20) ................................
(b) Revenue from Power Supply - Assets Under Finance Lease ............
(c) Project/Operation Management Services ...............................................
(d)
Income from Finance Lease .............................................................................
(e) Other Operating Revenue
Rental of Land, Buildings, Plant and Equipment, etc.................................
Income in respect of Services Rendered ........................................................
Amortisation of Service Line Contributions .................................................
Income from Storage and Terminalling..........................................................
Sale of Fly Ash ..........................................................................................................
Sale of Carbon Credits ..........................................................................................
Sale of Renewable Energy Certificates ...........................................................
Miscellaneous Revenue........................................................................................
Total .....................................................................................................................................
Details of Revenue from Contract with Customers
Particulars
Total Revenue from Contract with Customers .......................................................
Add: Cash Discount/Rebates etc. ................................................................................
Total Revenue as per Contracted Price ................................................................
For the year ended
31st March, 2019
` crore
6,479.75
255.34
For the year ended
31st March, 2018
` crore
6,196.75
(56.00)
(182.31)
6,552.78
1,030.64
125.03
86.70
17.14
62.72
7.46
15.39
2.21
3.89
0.90
27.97
137.68
7,932.83
Nil
6,140.75
1,034.51
128.96
92.32
12.13
59.89
8.99
14.99
4.88
9.32
Nil
29.85
140.05
7,536.59
For the year ended
31st March, 2019
` crore
7,789.67
37.08
7,826.75
For the year ended
31st March, 2018
` crore
7,383.98
35.80
7,419.78
Transaction Price - Remaining Performance Obligation
The remaining performance obligation disclosure provides the aggregate amount of the transaction price yet to be
recognised as at the end of the reporting period and an explanation as to when the Company expects to recognise
these amounts in revenue. Applying the practical expedient as given in Ind AS 115, the Company has not disclosed the
remaining performance obligation related disclosures for contracts as the revenue recognised corresponds directly with
the value to the customer of the entity’s performance completed to date.
There are no aggregate value of performance obligations that are completely or partially unsatisfied as of 31st March,
2019, other than those meeting the exclusion criteria mentioned above.
Revenue is disaggregated by type and nature of product or services. The table also includes the reconciliation of the
disaggregated revenue with the Company’s reportable segment.
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Standalone Financials I 293
The Tata Power Company Limited
30. Revenue from Operations (Contd.)
Notes to the Financial Statements
Particulars
Reportable Segment
Power
Other than Power
Total
For the
year
ended
31st
March,
2019
For the
year
ended
31st
March,
2018
For the
year
ended
31st
March,
2019
For the
year
ended
31st
March,
2018
For the
year
ended
31st
March,
2019
` crore
For the
year
ended
31st
March,
2018
Nature of Goods/Services
Generation of power
Thermal and Hydro .................................................
2,075.13
1,840.95
Wind and Solar .........................................................
Transmission of power ..................................................
99.24
611.79
116.93
644.09
Distribution of power.....................................................
3,766.62
3,538.78
Sale of Power from Assets Under Lease ..................
1,030.64
1,034.51
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
2,075.13
1,840.95
99.24
611.79
116.93
644.09
3,766.62
3,538.78
1,030.64
1,034.51
Project/Operation Management Services ..............
Others ..................................................................................
Nil
42.87
Nil
43.81
125.03
38.35
128.96
35.95
125.03
81.22
128.96
79.76
(A) Revenue from Contracts with Customers
7,626.29
7,219.07
163.38
164.91
7,789.67
7,383.98
in Regulatory Deferral
Net Movement
Balances ......................................................................
Net Movement
in Regulatory Deferral
Balances in respect of earlier years ...................
(B) Other Revenue
(519.03)
(236.00)
274.26
Nil
Nil
Nil
Nil
Nil
(519.03)
(236.00)
274.26
Nil
7,381.52
6,983.07
163.38
164.91
7,544.90
7,147.98
Other Revenue .........................................................
143.16
151.87
Nil
0.74
143.16
152.61
Continued Operations
from
Revenue
[including Net Movement
in Regulatory
Deferral Balances].........................................................
7,524.68
7,134.94
163.38
165.65
7,688.06
7,300.59
(C) Revenue from Discontinued Operations ....
Nil
Nil
143.59
286.74
143.59
286.74
294 I Standalone Financials
100th Annual Report 2018-19
Notes to the Financial Statements
30. Revenue from Operations (Contd.)
Contract Balances
As at
31st March, 2019
` crore
As at
31st March, 2018
` crore
Contract Assets
Recoverable from Consumers - [Refer Note 3.13 (c)]
Non-current ..................................................................................................................
Current ............................................................................................................................
Total Contract Assets ........................................................................................................
404.79
787.00
1,191.79
Contract liabilities
Liabilities towards Consumers [Refer Note 3.13 (c)]
Non-current ..................................................................................................................
Current ............................................................................................................................
Total Contract Liabilities ................................................................................................
Receivables
Trade Receivables (Gross) ..................................................................................................
Unbilled Revenue for passage of time ..........................................................................
(Less): Allowance for Doubtful Debts ............................................................................
Net Receivables ...................................................................................................................
Total ..........................................................................................................................................
Nil
11.50
11.50
1,488.95
41.56
(46.75)
1,483.76
2,687.05
675.98
136.38
812.36
66.00
338.22
404.22
1,194.47
53.75
(36.66)
1,211.56
2,428.14
Contract asset is the right to consideration in exchange for goods or services transferred to the customer. Contract liability
is the entity’s obligation to transfer goods or services to a customer for which the entity has received consideration
from the customer in advance. Contract assets are transferred to receivables when the rights become unconditional and
contract liabilities are recognised as revenue as and when the performance obligation is satisfied.
Significant changes in the contract assets and the contract liabilities balances during the year are as follows:
As at
31st March, 2019
` crore
As at
31st March, 2018
` crore
Opening Balance
Recoverable from consumers.................................................................................
Liabilities towards consumers ................................................................................
(A)
Income to be adjusted in future tariff determination (Net) ..................................
Income to be adjusted in future tariff determination in respect of earlier
years (Net) ...............................................................................................................................
Revenue recognised during the year ............................................................................
Refund to Customers (including Company's distribution business) .................
Deferred tax recoverable/(payable) [Refer Note 34 (iii)] .........................................
Others .......................................................................................................................................
(B)
Closing Balance
Recoverable from consumers.................................................................................
Liabilities towards consumers ................................................................................
(A-B)
812.36
(404.22)
408.14
255.34
(182.31)
100.00
288.70
322.42
(12.00)
772.15
1,191.79
(11.50)
1,180.29
983.73
(412.50)
571.23
(56.00)
Nil
89.02
(27.59)
(161.48)
(7.04)
(163.09)
812.36
(404.22)
408.14
Standalone Financials I 295
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The Tata Power Company Limited
Notes to the Financial Statements
31. Other Income
Accounting Policy
Dividend and Interest Income
Dividend income from investments is recognised when the shareholder’s right to receive payment has been established.
Interest income from a financial asset is recognised when it is probable that the economic benefits will flow to the Company
and the amount of income can be measured reliably. Interest income is accrued on a time basis, by reference to the principal
outstanding and at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts
through the expected life of the financial asset to that asset’s net carrying amount on initial recognition.
For the year ended
31st March, 2019
` crore
For the year ended
31st March, 2018
` crore
(a)
Interest Income
(i) On Financial Assets carried at Amortised Cost
Interest on Banks Deposits ................................................................................
Interest on Overdue Trade Receivables .........................................................
Interest on Non-current Investment - Contingency Reserve Fund .....
Interest on Non-current Investment - Deferred Tax Liability Fund.....
Interest on Financial Instruments - Subsidiaries ........................................
Interest on Financial Instruments - Joint Ventures ....................................
Other Interest..........................................................................................................
(b) Dividend Income
From Non-current Investments
Subsidiaries .............................................................................................................
Joint Ventures .........................................................................................................
Associates .................................................................................................................
Others - Equity Investments Designated at FVTOCI .................................
From Current Investments
Others ........................................................................................................................
(c) Gain/(Loss) on Investments
Gain on Sale/Fair Value of Current Investment measured at FVTPL ...
Gain on Sale of Investment in Associates measured at Cost .................
(d) Other Non-operating Income
Guarantee Commission from Subsidiaries and Joint Ventures .............
Gain/(Loss) on Disposal of Property, Plant and Equipment (Net) ........
Delayed Payment Charges .................................................................................
Other Income ..........................................................................................................
Total .................................................................................................................................................
2.73
2.93
10.42
20.40
44.39
Nil
4.01
84.88
283.40
85.40
9.68
5.43
383.91
Nil
383.91
6.29
0.88
7.17
20.95
12.72
6.34
0.38
40.39
516.35
62.66
3.73
11.72
17.23
36.39
0.48
0.35
132.56
619.78
102.18
15.31
9.81
747.08
0.82
747.90
2.36
Nil
2.36
23.55
8.40
6.01
8.56
46.52
929.34
296 I Standalone Financials
100th Annual Report 2018-19
32. Employee Benefits Expense
Notes to the Financial Statements
Salaries and Wages .....................................................................................................................
Contribution to Provident Fund [Refer Note 25 (2.1)] ....................................................
Contribution to Superannuation Fund [Refer Note 25 (1)] ..........................................
Retiring Gratuities [Refer Note 25 (2.3)]...............................................................................
Compensated Absences ...........................................................................................................
Pension Scheme ..........................................................................................................................
Staff Welfare Expenses ...............................................................................................................
Less:
Employee Cost Capitalised .............................................................................................
Employee Cost Inventorised ..........................................................................................
Total .................................................................................................................................................
For the year ended
31st March, 2019
` crore
500.72
27.42
9.19
12.36
22.15
13.23
88.51
673.58
For the year ended
31st March, 2018
` crore
489.26
19.04
9.53
15.56
6.23
5.71
103.53
648.86
26.96
9.05
36.01
637.57
41.33
10.84
52.17
596.69
33. Finance Costs
Accounting Policy
Borrowing Costs
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that
necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets,
until such time as the assets are substantially ready for their intended use or sale.
Interest income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is
deducted from the borrowing costs eligible for capitalisation.
All other borrowing costs are recognised in statement of profit and loss in the period in which they are incurred.
(a)
Interest Expense:
Borrowings - At Amortised Cost
Interest on Debentures ........................................................................................
Interest on Euro Notes ..........................................................................................
Interest on Loans - Banks and Financial Institutions .................................
Interest on Loans - Related Parties ...................................................................
Others
Interest on Consumer Security Deposits - At amortised cost ................
Other Interest and Commitment Charges (Refer Note 44) .....................
Less: Interest Capitalised
(b) Other Borrowing Cost:
Other Finance Costs ..............................................................................................
Foreign Exchange Loss/(Gain) on Borrowings (Net) ..................................
Total ..................................................................................................................................................
Note:
For the year ended
31st March, 2019
` crore
For the year ended
31st March, 2018
` crore
458.37
Nil
923.21
3.98
20.12
92.53
1,498.21
22.21
1,476.00
21.64
2.71
24.35
1,500.35
751.64
13.01
573.83
1.39
18.13
53.13
1,411.13
23.92
1,387.21
16.50
27.67
44.17
1,431.38
The weighted average capitalisation rate on the Company’s general borrowings is 8.63% per annum (31st March, 2018 -
8.45% per annum).
Standalone Financials I 297
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34. Other Expenses
Notes to the Financial Statements
The Tata Power Company Limited
Consumption of Stores, Oil, etc. ...................................................................................................
Rental of Land, Buildings, Plant and Equipment, etc............................................................
Repairs and Maintenance -
(i)
(ii)
(iii)
To Buildings and Civil Works .............................................................................................
To Machinery and Hydraulic Works ...............................................................................
To Furniture, Vehicles, etc. .................................................................................................
Rates and Taxes ..................................................................................................................................
Insurance ..............................................................................................................................................
Other Operation Expenses .............................................................................................................
Ash Disposal Expenses ....................................................................................................................
Travelling and Conveyance Expenses ........................................................................................
Consultants' Fees ...............................................................................................................................
Auditors' Remuneration [Refer Note (i) below] ......................................................................
Cost of Services Procured ...............................................................................................................
Net Loss/(Gain) on Foreign Exchange ........................................................................................
Allowance for Doubtful Debts and Advances (Net) .............................................................
Impairment of Non-current assets ..............................................................................................
Impairment of Non-current Investments in Subsidiaries and Joint Ventures (Net)
Donations [Refer Note (iii) below] ...............................................................................................
Legal Charges .....................................................................................................................................
Corporate Social Responsibility Expenses [Refer Note (ii) below] ...................................
Transfer to Contingency Reserve .................................................................................................
Miscellaneous Expenses .................................................................................................................
Total .......................................................................................................................................................
(i)
Payment to the auditors
For Statutory Audit ..............................................................................................................
For Taxation Matters ............................................................................................................
For Other Services ................................................................................................................
For Reimbursement of Expenses ....................................................................................
Service Tax/Goods and Service Tax on above ............................................................
Total ..........................................................................................................................................
(ii)
Corporate Social Responsibility Expenses
Contribution to Tata Power Community Development Trust ..............................
Expenses incurred by the Company ..............................................................................
Total ..........................................................................................................................................
Amount required to be spent as per Section 135 of the Act ................................
Amount spent during the year on:
(a)
Construction/Acquisition of asset .....................................................................
(b) On purposes other than (a) above ....................................................................
For the year ended
31st March, 2019
` crore
23.58
29.62
For the year ended
31st March, 2018
` crore
71.04
7.05
81.52
200.26
4.15
285.93
52.71
21.48
106.10
13.42
22.56
19.65
5.09
106.24
11.40
19.11
Nil
Nil
20.00
24.93
12.66
16.00
11.39
801.87
95.86
195.37
5.89
297.12
66.61
24.83
100.58
16.92
21.03
44.15
5.92
116.47
19.92
(4.05)
6.00
(2.90)
Nil
18.05
14.71
14.00
40.07
877.52
For the year ended
31st March, 2019
` crore
3.54
0.13
0.48
0.22
0.72
5.09
For the year ended
31st March, 2018
` crore
3.60
0.10
1.17
0.19
0.86
5.92
For the year ended
31st March, 2019
` crore
12.05
0.61
12.66
12.65
For the year ended
31st March, 2018
` crore
14.00
0.71
14.71
13.71
Nil
12.66
Nil
14.71
(iii) Donation
Donation of ` 20.00 crore was given to Progressive Electoral Trust (31st March, 2018: ` Nil).
298 I Standalone Financials
100th Annual Report 2018-19
Notes to the Financial Statements
34 a. Gain on sale of Investment classified at FVTOCI
Particulars
For the year ended
31st March, 2019
` crore
For the year ended
31st March, 2018
A.
B.
Loss on sale of investment in Tata Teleservices
Limited
Sales consideration ........................................................................
Less: Carrying Value
Purchase cost of Investment ......................................................
(Less): Changes in fair value recognised in earlier years ...
Gain on sale of investment in IEX Limited and Others
Sales consideration ........................................................................
Less : Carrying Value
Purchase cost of Investment ......................................................
( Less): Changes in fair value recognised in earlier years ...
1,438.42
(1,438.42)
Nil
Nil
Total (A+B) ....................................................................................................
0.01
Nil
0.01
Nil
Nil
Nil
0.01
Nil
Nil
1.25
96.74
Nil
Nil
Nil
197.58
(97.99)
99.59
99.59
During the year, the Company sold investments in Tata Communications Limited and Panatone Finvest Limited (Associate
Companies) which were classified as assets held for sale in the previous year. The resultant gain on sale of investments of
` 1,212.99 crore has been disclosed as an exceptional income in the statement of profit and loss.
The Company’s investment in equity shares of Tata Teleservices Limited (‘TTSL’) which are measured at Fair Value Through
Other Comprehensive Income were classified as held for sale during the previous year. During the year ended 31st March, 2019,
the Company has sold the said investment and recognised a gain of ` 0.01 crore after reduction in fair value amounting to
` 1,438.42 crore recognised in earlier years.
During the previous year ended 31st March, 2018, the Company had written put options on equity shares of TTSL. The changes
in the fair value of these put options amounting to ` 107.08 crore was recognised as an exceptional expense in the statement
of profit and loss.
35.
Income taxes
Accounting Policy
Current Tax
Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation
authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted, at the
reporting date in the countries where the Company operates and generates taxable income.
Current income tax relating to items recognised outside statement of profit and loss is recognised outside statement of profit
and loss (either in other comprehensive income or in equity). Current tax items are recognised in correlation to the underlying
transaction either in other comprehensive income or directly in equity. Management periodically evaluates positions taken
in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes
provisions where appropriate.
Deferred Tax
Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the financial
statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally
recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible temporary
differences to the extent that it is probable that taxable profits will be available against which those deductible temporary
differences can be utilised. Such deferred tax assets and liabilities are not recognised if the temporary difference arises from the
initial recognition of assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer
probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised
deferred tax assets are re-assessed at each reporting date and are recognised to the extent that it has become probable that
future taxable profits will allow the deferred tax asset to be recovered.
Standalone Financials I 299
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35.
Income taxes (Contd.)
Notes to the Financial Statements
Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in which the liability is
settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of
the reporting period.
For operations carried out under tax holiday period (80IA benefits of Income Tax Act, 1961), deferred tax assets or liabilities, if
any, have been established for the tax consequences of those temporary differences between the carrying values of assets and
liabilities and their respective tax bases that reverse after the tax holiday ends.
Deferred tax relating to items recognised outside profit or loss is recognised outside profit or loss (either in other comprehensive
income or in equity). Deferred tax items are recognised in correlation to the underlying transaction either in OCI or directly in
equity.
Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same taxation authority and the
relevant entity intends to settle its current tax assets and liabilities on a net basis.
Deferred tax assets include Minimum Alternative Tax (MAT) paid in accordance with the tax laws in India, which is likely to give
future economic benefits in the form of availability of set off against future income tax liability. Accordingly, MAT is recognised
as deferred tax asset in the balance sheet when the asset can be measured reliably and it is probable that the future economic
benefit associated with the asset will be realised. The Company reviews the “MAT credit entitlement” asset at each reporting
date and writes down the asset to the extent that it is no longer probable that it will pay normal tax during the specified period.
In the situations where one or more units of the Company are entitled to a tax holiday under the tax law, no deferred tax
(asset or liability) is recognised in respect of temporary differences which reverse during the tax holiday period, to the extent
the concerned unit’s gross total income is subject to the deduction during the tax holiday period. Deferred tax in respect of
temporary differences which reverse after the tax holiday period is recognised in the year in which the temporary differences
originate. However, the Company restricts recognition of deferred tax assets to the extent it is probable that sufficient future
taxable income will be available against which such deferred tax assets can be realized. For recognition of deferred taxes, the
temporary differences which originate first are considered to reverse first.
Deferred tax assets are recognised for unused tax losses to the extent that it is probable that taxable profit will be available
against which the losses can be utilised. 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.
(i)
Income Tax Expenses
1.
Income taxes recognised in the statement of profit and loss (Continuing Operations)
31st March, 2019
` crore
31st March, 2018
` crore
Current tax ...........................................................................................................................
Deferred tax .........................................................................................................................
Deferred tax relating to earlier years ..........................................................................
Deferred tax (Recoverable)/Payable ...........................................................................
Total income tax expense recognised in the current year ..........................
171.00
331.58
10.00
(420.61)
91.97
224.26
(844.37)
Nil
454.29
(165.82)
2.
Income taxes recognised in the statement of profit and loss (Discontinued Operations)
Current tax ...........................................................................................................................
Deferred tax .........................................................................................................................
Total income tax expense recognised in the current year ..........................
31st March, 2019
` crore
(71.92)
5.94
(65.98)
31st March, 2018
` crore
(17.36)
3.23
(14.13)
300 I Standalone Financials
100th Annual Report 2018-19
35.
Income taxes (Contd.)
Notes to the Financial Statements
The income tax expense for the year can be reconciled to the accounting profit as follows:
Profit/(Loss) before tax (Continuing Operation)......................................................
Profit/(Loss) before tax (Discontinued Operation) .................................................
Profit/(Loss) Before Tax considered for tax working.......................................
Income tax expense @ statutory tax rate ..................................................................
Add/(Less) tax effect on account of :
Unused tax credit (MAT) pertaining to earlier years recognised in the
current year ..........................................................................................................................
On provision for impairment and capital loss on sale of investments and
indexation benefit available on investments ...........................................................
Income during tax holiday period................................................................................
Exempt income ...................................................................................................................
Lower Tax rate on Dividend Income from Foreign Subsidiaries (net of tax
credits) ....................................................................................................................................
Impairment of Non-current Investments ..................................................................
Unrecognised unused tax credit (MAT) for the current year ..............................
Reversal of deferred tax during tax holiday period ...............................................
Damages towards Contractual Obligation ...............................................................
Non-Deductible expenses ..............................................................................................
Changes in income tax rate from 34.608% to 34.944% ........................................
Tax on other Items (including true up impact basis income tax returns) ......
Deferred Tax (Recoverable)/Payable ............................................................................
Income tax expenses recognised in statement of profit and loss ............
Tax expense for the Continuing Operations .............................................................
Tax expense for the Discontinued Operations ........................................................
Income tax expense recognised in statement of profit and loss ..............
31st March, 2019
` crore
1,926.39
(191.82)
1,734.57
606.13
31st March, 2018
` crore
(3,244.60)
(85.87)
(3,330.47)
(1,152.61)
Nil
(149.71)
(19.11)
(85.74)
(9.19)
Nil
23.27
41.08
Nil
29.87
Nil
10.00
(420.61)
25.99
91.97
(65.98)
25.99
(449.00)
(338.02)
(170.62)
(119.55)
(57.87)
1,430.20
90.61
61.12
37.06
54.70
12.68
(32.94)
454.29
(179.95)
(165.82)
(14.13)
(179.95)
Notes:
1
2
The tax rate used for the years 2018-19 and 2017-18 reconciliations above is the corporate tax rate of 34.944%
and 34.608% respectively payable by corporate entities in India on taxable profits under the Indian tax law.
The rate used for calculation of Deferred tax is 34.944% for 2018-19 and 2017-18, being statutory enacted rates
at respective Balance Sheet date.
3.
Income tax recognised directly in equity
Distribution on Unsecured Perpetual Securities
Current tax .............................................................................................................................
Deferred tax ..........................................................................................................................
Income tax recognised directly in equity ..............................................................
(60.12)
Nil
(60.12)
(59.18)
0.24
(58.94)
31st March, 2019
` crore
31st March, 2018
` crore
E
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O
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A
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Standalone Financials I 301
The Tata Power Company Limited
Notes to the Financial Statements
35.
Income taxes (Contd.)
4.
Income tax recognised in other comprehensive income
Current Tax
Net gain on sale of investment in equity shares at FVTOCI .................................
Remeasurement of defined benefit obligation ........................................................
Deferred tax
Net fair value gain on investments in equity shares at FVTOCI ..........................
Indexation benefit on investment held for sale .......................................................
Total income tax recognised in other comprehensive income ...................
Bifurcation of the income tax recognised in other comprehensive income into:
Items that will be reclassified to statement of profit and loss ............................
Items that will not be reclassified to statement of profit and loss ....................
31st March, 2019
` crore
31st March, 2018
` crore
Nil
(6.99)
(6.99)
0.02
Nil
0.02
(6.97)
Nil
(6.97)
(6.97)
34.67
Nil
34.67
(21.99)
(370.00)
(391.99)
(357.32)
Nil
(357.32)
(357.32)
5.
Income tax recognised in other comprehensive income (Discontinued Operations)
Current Tax
Remeasurement of defined benefit obligation ........................................................
Bifurcation of the income tax recognised in other comprehensive income into:
Items that will be reclassified to statement of profit and loss ............................
Items that will not be reclassified to statement of profit and loss ....................
(ii) Deferred Tax
31st March, 2019
` crore
31st March, 2018
` crore
(0.40)
(0.40)
Nil
(7.37)
(7.37)
Nil
Nil
Nil
(357.32)
(357.32)
As at
31st March, 2019
` crore
As at
31st March, 2018
` crore
Deferred Tax Assets ..........................................................................................................................
Deferred Tax Liabilities ...................................................................................................................
Deferred Tax Liabilities (Net) ....................................................................................................
1,024.21
1,607.70
583.49
1,310.41
1,546.40
235.99
302 I Standalone Financials
100th Annual Report 2018-19
35.
Income taxes (Contd.)
2018-19
Notes to the Financial Statements
Deferred tax assets in relation to
Allowance for Doubtful Debts, Deposits and Advances ..................................
Provision for Employee Benefits, Entry Tax and Others ....................................
Minimum Alternate Tax Credit ...................................................................................
On provision for impairment and capital loss on sale of investments and
indexation benefit available on investments [Refer Note (a) below] ..........
Deferred tax liabilities in relation to
Finance Leases .................................................................................................................
Property, Plant and Equipments ...............................................................................
Financial Assets at FVTOCI ..........................................................................................
Others .................................................................................................................................
Deferred Tax Liabilities (Net) ..................................................................................
2017-18
Deferred tax assets in relation to
Allowance for Doubtful Debts, Deposits and Advances ..................................
Provision for Employee Benefits, Entry Tax and Others ....................................
Minimum Alternate Tax Credit ...................................................................................
On provision for impairment and capital loss on sale of investments and
indexation benefit available on investments [Refer Note (a) below] ..........
Deferred tax liabilities in relation to
Finance Leases .................................................................................................................
Property, Plant and Equipments ...............................................................................
FVTOCI ................................................................................................................................
Others .................................................................................................................................
Deferred Tax Liabilities (Net) ..................................................................................
Notes:
Opening
Balance
Recognised in
Profit or loss
Recognised
in other
comprehensive
Income
Recognised
directly in
equity
23.96
60.92
517.51
708.02
1,310.41
212.85
1,303.87
0.03
29.65
1,546.40
235.99
5.28
(9.08)
Nil
(282.40)
(286.20)
(6.00)
67.32
Nil
Nil
61.32
347.52
Nil
Nil
Nil
Nil
Nil
Nil
Nil
(0.02)
Nil
(0.02)
(0.02)
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Opening
Balance
Recognised in
Profit or loss
Recognised
in other
comprehensive
Income
Recognised
directly in
equity
27.01
57.33
Nil
Nil
84.34
230.64
1,271.15
22.02
29.41
1,553.22
1,468.88
(3.05)
3.59
517.51
338.02
856.07
(17.79)
32.72
Nil
Nil
14.93
(841.14)
Nil
Nil
Nil
370.00
370.00
Nil
Nil
(21.99)
Nil
(21.99)
(391.99)
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
0.24
0.24
0.24
` crore
Closing
Balance
29.24
51.84
517.51
425.62
1,024.21
206.85
1,371.19
0.01
29.65
1,607.70
583.49
` crore
Closing
Balance
23.96
60.92
517.51
708.02
1,310.41
212.85
1,303.87
0.03
29.65
1,546.40
235.99
(a) During the year ended 31st March, 2019, the Company has disposed off certain investment/assets. Accordingly, the deferred tax asset of ` 708.02 crore
recognised in March, 2018 has been reversed up to ` 282.40 crore in the statement of profit and loss.
(b) During the year ended 31st March, 2018, the management has reassessed the recoverability of unrecognised MAT credit and accordingly recognised MAT credit
amounting to ` 517.51 crore and also recognised regulatory liability on the said MAT credit which needs to be passed on to the consumers. During the current
year, the management has reassessed the recoverability of unrecognised MAT credit and accordingly MAT credit amounting to ` 149.19 crore (31st March, 2018 -
` 125.92 crore) has not been recognised.
(c) Considering the uncertainty over the realisability, the company has not recognised deferred tax asset to the extent of ` 306.94 crore (31st March, 2018 - ` 289.53
crore) on provision for diminution in value of investment classified as asset held for sale.
(iii) Deferred Tax (Recoverable)/Payable
It represents deferred tax recoverable from consumers in the future and it relates to :
Non-Rate Regulated Activity (Generation & Transmission) (Refer Note below) .............................
Rate Regulated Activity (Distribution) (Refer Note 20) ............................................................................
Net ..............................................................................................................................................................................
Note:
For the year ended
31st March, 2019
` crore
(322.42)
(98.19)
(420.61)
For the year ended
31st March, 2018
` crore
161.48
292.81
454.29
In its regulated operations, the Company is entitled to a fixed return on its investment net of tax and accordingly tax is a pass-through cost.
Maharashtra Electricity Regulatory Commission, vide its order dated 2nd January, 2019, has approved the extension of Power Purchase Agreement
(PPA) for generation plants for a period of five years starting 1st April, 2019. Consequently, deferred tax liability expected to be recovered
amounting to ₹ 272.00 crore has been recognised as recoverable from consumers resulting in corresponding credit in deferred tax recoverable for
the current year.
Standalone Financials I 303
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The Tata Power Company Limited
36. Micro and small enterprises under the Micro, Small and Medium Enterprises Development Act, 2006 have been determined
based on the information available with the Company and the required disclosures are given below:
Notes to the Financial Statements
(a) Principal amount remaining unpaid ................................................................................
(b)
Interest due thereon @ ..........................................................................................................
(c) The amount of Interest paid along with the amounts of the payment made to
the supplier beyond the appointed day @ ....................................................................
(d) The amount of Interest due and payable for the year @ ...........................................
(e) The amount of Interest accrued and remaining unpaid @ ......................................
The amount of further interest due and payable even in the succeeding
(f )
years, until such date when the interest dues as above are actually paid @ .....
31st March, 2019
` crore
3.96
Nil
31st March, 2018
` crore
3.72
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Dues to Micro and Small Enterprises have been determined to the extent such parties have been identified on the basis of
information collected by the Management. This has been relied upon by the auditors.
@ Amounts unpaid to Micro and Small Enterprises vendors on account of retention money have not been considered for the
purpose of interest calculation.
37. Commitments:
31st March, 2019
` crore
31st March, 2018
` crore
(a) Estimated amount of Contracts remaining to be executed on capital account
and not provided for (including consumer funded assets) ......................................
511.07
248.61
(b) Other Commitments
(i)
(ii)
The Company has given an undertaking to the Bankers of Cennergi Pty.
Ltd., wherein it would ensure that Cennergi Pty. Ltd. would satisfy its
commitment to the Bank. ..........................................................................................
0.06
In terms of the Sponsor Support agreement entered into between the Company, Coastal Gujarat Power Ltd. (CGPL)
and INR term lenders (SBI lead consortium) of CGPL, the Company has undertaken to provide support by way of
base equity contribution to the extent of 25% of CGPL’s project cost and additional equity or subordinated loans to
be made or arranged for, if required as per the financing agreements to finance the project. The Sponsor Support
Agreement also includes support by way of additional financial support for any overrun in project costs, operational
loss and Debt Service Reserve Guarantee as provided under the financing agreements. In terms of the conditions of
the financing agreements, the Company has provided support through unsecured perpetual securities and Equity
of ` 15,579.14 crore (31st March, 2018 - ` 12,153.15 crore) to CGPL.
0.05
(iv)
(iii) The Company has undertaken to arrange for the necessary financial support to its subsidiaries Bhira Investments
Pte. Ltd., Khopoli Investments Ltd., Bhivpuri Investments Ltd., Industrial Power Utility Ltd., Tata Power Jamshedpur
Distribution Ltd. and Tata Power International Pte. Ltd.
In respect of Maithon Power Ltd. (MPL), the Company jointly with Damodar Valley Corporation (DVC) has undertaken
to the lenders of MPL, to provide support by way of base equity contribution and additional equity or subordinated
loans to meet the increase in Project Cost. Further, the Company has given an undertaking to MPL to fulfil payment
obligations of Tata Power Trading Company Ltd. (TPTCL) and Tata Power Delhi Distribution Ltd. (TPDDL) in case of
their default.
In terms of pre-implementation agreement entered into with Government of Himachal Pradesh and the consortium
consisting of the Company and SN Power Holding Singapore Pte. Ltd. (Company being the Lead Member of the
consortium) for the investigation and implementation of Dugar Hydro Electric Project, the Company has undertaken
as Lead Member to undertake/perform various obligations pertaining to Dugar Project.
(v)
304 I Standalone Financials
100th Annual Report 2018-19
38. Contingent liabilities
Notes to the Financial Statements
Contingent Liabilities including:
a)
Claims against the Company not probable and hence not acknowledged
as debts consists of
(i)
Demand including interest and penalty disputed by the Company
relating to Entry tax claims for the financial years 2005-06 to 2013-14.
(Refer Note 44) .......................................................................................................
(a) Disallowance of carrying cost and other costs by Appellate Tribunal
for Electricity (ATE). The Company has filed Special Leave Petition
(SLP) with the Supreme Court. ........................................................................
(b) Disallowance of costs recoverable from consumers by Maharashtra
Electricity Regulatory Commission in the tariff true up order .............
Interest and Penalty pertaining to Custom duty claims disputed by
the Company relating to applicability and classification of coal. .......
Demand disputed by the Company relating to Service tax on
transmission charges received for July 2012 to June 2017.. .................
(a) Way Leave fees (including interest) claims disputed by the Company
relating to rates charged. ..................................................................................
(b) Demand towards periodic revision in lease rent disputed by the
Company. ................................................................................................................
Rates, Cess, Excise and Custom Duty claims disputed by the
Company. ................................................................................................................
Octroi claims disputed by the Company, in respect of octroi
exemption claimed by the Company. ...........................................................
Compensation disputed by private
land owners on private
land acquired under the provisions of Maharashtra Industrial
Development Act, 1961. ....................................................................................
Other claims against the Company not acknowledged as debts. ......
Demand towards charges for unscheduled interchange (UI) of
power ........................................................................................................................
(ii)
(iii)
(iv)
(v)
(vi)
(vii)
(viii)
(ix)
(x)
Notes:
31st March, 2019
31st March, 2018
` crore
` crore
Nil
2,035.18
269.00
261.00
34.49
375.29
39.18
Nil
24.97
5.03
22.00
33.59
269.00
Nil
34.49
375.29
35.29
150.00
24.97
5.03
22.00
44.13
215.02
1,279.57
Nil
2,995.38
1 Amounts in respect of employee related claims/disputes, regulatory matters is not ascertainable.
2 Future cash flows in respect of above matters are determinable only on receipt of judgements/decisions pending at
various forums/authorities.
3 The above Contingent Liabilities include those pertaining to Regulated Business which on unfavourable outcome can
be recovered from consumers.
Standalone Financials I 305
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38. Contingent liabilities (Contd.)
Notes to the Financial Statements
The Tata Power Company Limited
b)
Other Contingent Liabilities:
Taxation matters for which liability is disputed by the Company and not
provided for (computed on the basis of assessments which have been
re-opened / remaining to be completed) including interest demanded
` Nil (31st March, 2018 - ` Nil). ..................................................................................
c)
Indirect exposures of the Company:
Guarantees given :
Coastal Gujarat Power Ltd.
Khopoli Investments Ltd.
31st March, 2019
` crore
31st March, 2018
` crore
456.61
625.66
31st March, 2019
` crore*
31st March, 2018
` crore
7,836.54
1,683.52
3,110.14
2,771.67
(equivalent to USD
243.42 million)
(equivalent to
USD 425.25 million)
Bhira Investments Pte. Ltd. (Formerly known Bhira Investment Ltd.)
1,502.18
2,173.02
Trust Energy Resources Pte. Ltd.
Energy Eastern Pte. Ltd.
Tata Power Renewable Energy Ltd.
Tata Power International Pte. Ltd.
Tata Power Solar Systems Ltd.
Chirasthaayee Saurya Ltd.
Walwhan Renewable Energy Ltd.
(equivalent to USD
217.20 million)
(equivalent to USD
333.40 million)
624.53
735.34
(equivalent to USD
90.30 million)
(equivalent to USD
112.82 million)
408.05
384.55
(equivalent to USD
59 million)
(equivalent to USD
59 million)
2,075.00
Nil
295.92
272.11
1,464.99
2,735.00
189.01
(equivalent to USD
29 million)
Nil
260.00
2,172.24
* The exposure is considered to the extent of borrowings outstanding in the balance sheet of subsidiaries (includes letter
of credit).
d)
(i)
In respect of the Standby Charges dispute with Adani Electricity Mumbai Limited (Adani Electricity) erstwhile
Reliance Infrastructure Ltd. (R-Infra) for the period from 1st April, 1999 to 31st March, 2004, the Appellate Tribunal
of Electricity (ATE), set aside the Maharashtra Electricity Regulatory Commission (MERC) Order dated 31st May,
2004 and directed the Company to refund to Adani Electricity as on 31st March, 2004, ` 354.00 crore (including
interest of ` 15.14 crore) and pay interest at 10% per annum thereafter. As at 31st March, 2019 the accumulated
interest was ` 251.96 crore (31st March, 2018 - ` 240.76 crore) (` 11.20 crore for the year ended 31st March, 2019).
On appeal, the Supreme Court vide its Interim Order dated 7th February, 2007, has stayed the ATE Order and in
accordance with its directives, the Company has furnished a bank guarantee of the sum of ` 227.00 crore and also
deposited ` 227.00 crore with the Registrar General of the Court which has been withdrawn by Adani Electricity
on furnishing the required undertaking to the Court.
306 I Standalone Financials
100th Annual Report 2018-19
38. Contingent liabilities (Contd.)
Notes to the Financial Statements
Further, no adjustment has been made for the reversal in terms of the ATE Order dated 20th December, 2006,
of Standby Charges credited in previous years estimated at ` 519.00 crore, which will be adjusted, wholly by
a withdrawal/set off from certain Statutory Reserves as allowed by MERC. No provision has been made in the
accounts towards interest that may be finally determined as payable to Adani Electricity. Since 1st April, 2004, the
Company has accounted Standby Charges on the basis determined by the respective MERC Tariff Orders.
The Company is of the view, supported by legal opinion, that the ATE’s Order can be successfully challenged.
(ii) MERC vide its Tariff Order dated 11th June, 2004, had directed the Company to treat the investment in its wind
energy project as outside the Mumbai Licensed Area, consider a normative Debt Equity ratio of 70:30 to fund
the Company’s fresh capital investments effective from 1st April, 2003 and had also allowed a normative interest
charge @ 10% p.a. on the said normative debt. The change to the Clear Profit and Reasonable Return (consequent
to the change in the capital base) as a result of the above mentioned directives for the period upto 31st March,
2004, has been adjusted by MERC from the Statutory Reserves along with the disputed Standby Charges referred
to in Note 38(d)(i) above. Consequently, the effect of these adjustments would be made with the adjustments
pertaining to the Standby Charges dispute as mentioned in Note 38(d)(i) above.
e)
There are numerous interpretative issues relating to the Supreme Court (SC) judgement dated 28th February, 2019
on Provident Fund (PF) on the inclusion of allowances for the purpose of PF contribution as well as its applicability
of effective date. The Company is consulting Legal counsel for further clarity and evaluating its impact on its financial
statement.
The Company, in respect of the above mentioned Contingent Liabilities has assessed that it is only possible but not probable
that outflow of economic resources will be required.
39. Other Disputes
a)
In the matter of claims raised by the Company on Adani Electricity, towards (i) the difference in the energy charges for
the period March 2001 to May 2004 and (ii) for minimum off-take charges of energy for the period 1998 to 2000, MERC
has issued an Order dated 12th December, 2007 in favour of the Company. The total amount payable by Adani Electricity,
including interest, is estimated to be ` 323.87 crore as on 31st December, 2007. ATE in its Order dated 12th May, 2008
on appeal by Adani Electricity, has directed Adani Electricity to pay the difference in the energy charges amounting to
` 34.98 crore for the period March 2001 to May 2004. In respect of the minimum off-take charges of energy for the period
1998 to 2000 claimed by the Company from Adani Electricity, ATE has directed MERC that the issue be examined afresh
and after the decision of the Supreme Court in the Appeals relating to the distribution licence and rebates given by
Adani Electricity. The Company and Adani Electricity had filed appeals in the Supreme Court. The Supreme Court, vide its
Order dated 14th December, 2009, has granted stay against ATE Order and has directed Adani Electricity to deposit with
the Supreme Court, a sum of ` 25.00 crore and furnish bank guarantee of ` 9.98 crore. The Company had withdrawn the
above mentioned sum subject to an undertaking to refund the amount with interest, in the event the Appeal is decided
against the Company. On grounds of prudence, the Company has not recognised any income arising from the above
matters.
b)
Capital work in progress includes amount incurred for Vikhroli transmission lines project amounting to ` 57 crore, ordered
as deemed closure by Maharashtra Electricity Regulatory Commission. The matter has been disputed by the Company
and believes that it will be able to recover the costs incurred for the said project. Accordingly, no impairment provision is
required in respect of the same.
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Standalone Financials I 307
40. Earnings Per Share (EPS)
Notes to the Financial Statements
The Tata Power Company Limited
Accounting Policy
Basic earnings per equity share is computed by dividing the net profit attributable to the equity holders of the Company by
the weighted average number of equity shares outstanding during the period. Diluted earnings per equity share is computed
by dividing the net profit attributable to the equity holders of the Company by the weighted average number of equity shares
considered for deriving basic earnings per equity share and also the weighted average number of equity shares that could have
been issued upon conversion of all dilutive potential equity shares. The dilutive potential equity shares are adjusted for the
proceeds receivable had the equity shares been actually issued at fair value (i.e. the average market value of the outstanding
equity shares). Dilutive potential equity shares are deemed converted as of the beginning of the period, unless issued at a later
date. Dilutive potential equity shares are determined independently for each period presented.
The number of equity shares and potentially dilutive equity shares are adjusted retrospectively for all periods presented for
any share splits and bonus shares issues including for changes effected prior to the approval of the financial statements by the
Board of Directors.
Particulars
For the year
ended
31st March, 2019
` crore*
For the year
ended
31st March, 2018
` crore*
A.
B.
C.
D.
EPS - Continuing operations (before net movement in Regulatory
Deferral Balances)
Net Profit / (Loss) from Continuing Operations ...........................................................
Net movement in Regulatory Deferral Balances .........................................................
Income-tax attributable to Regulatory Deferral Balances .......................................
Net movement in Regulatory Deferral Balances (Net of tax) .................................
Net Profit/(Loss) (before net movement in Regulatory Deferral Balances) .......
Distribution on Perpetual Securities (on accrual basis) (Net of tax) ....................
Profit/(Loss) from Continuing Operations attributable to equity
shareholders (before net movement in Regulatory Deferral Balances) ...
Weighted average no. of equity shares for Basic and Diluted EPS ..............
EPS - Continuing Operations (before net movement in Regulatory
Deferral Balances)
- Basic and Diluted (In `) ...................................................................................................
EPS - Continuing Operations (after net movement in Regulatory
Deferral Balances)
Net Profit/(Loss) for the year...............................................................................................
Distribution on Perpetual Securities (on accrual basis) (Net of tax) ....................
Profit/(Loss) attributable to equity shareholders (after net movement in
Regulatory Deferral Balances) .......................................................................................
Weighted average no. of equity shares for Basic and Diluted EPS ..............
EPS - Continuing operations (after net movement in Regulatory Deferral
Balances)
- Basic and Diluted (In `) .................................................................................................
EPS - Discontinued operations
Net Profit/(Loss) from Discontinued Operations ..................................................
Weighted average no. of equity shares for Basic and Diluted EPS ..............
EPS - Discontinued Operations
- Basic and Diluted (In `) ...................................................................................................
EPS - Total Operations (after net movement in Regulatory Deferral
Balances)
Net Profit/(Loss) from total operations (after net movement in regulatory
deferral balances) ...................................................................................................................
Distribution on Perpetual Securities (on accrual basis) (Net of tax) ....................
Net Profit/(Loss) from Total Operations attributable to equity
shareholders (after net movement in Regulatory Deferral Balances) .......
Weighted average no. of equity shares for Basic and Diluted EPS ..............
EPS - Total Operations (after net movement in Regulatory Deferral
Balances) ..................................................................................................................................
- Basic and Diluted (In `) ...................................................................................................
1,834.42
(244.77)
85.53
(159.24)
1,993.66
(111.25)
(3,078.78)
(236.00)
81.67
(154.33)
(2,924.45)
(111.82)
1,882.41
2,707,605,570
(3,036.27)
2,707,605,570
6.95
(11.21)
1,834.42
(111.25)
(3,078.78)
(111.82)
1,723.17
2,707,605,570
(3,190.60)
2,707,605,570
6.36
(11.79)
(125.84)
2,707,605,570
(71.74)
2,707,605,570
(0.46)
(0.26)
1,708.58
(111.25)
(3,150.52)
(111.82)
1,597.33
2,707,605,570
(3,262.34)
2,707,605,570
5.90
(12.05)
* All numbers are in ` crore except weighted average number of equity shares and Basic and Diluted EPS.
308 I Standalone Financials
100th Annual Report 2018-19
41. Related Party Disclosures:
Notes to the Financial Statements
Disclosure as required by Ind AS 24 - "Related Party Disclosures" are as follows:
Names of the related parties and description of relationship:
(a)
Related parties where control exists:
(i)
Af-Taab Investment Company Ltd.
Tata Power Trading Company Ltd.
NELCO Ltd.
Subsidiaries
1)
3)
5)
7) Maithon Power Ltd.
9)
11) Bhira Investments Pte. Ltd.
Tata Power Renewable Energy Ltd.
(Formerly known as Bhira Investment Ltd.)
Indo Rama Renewables Jath Ltd. **
13) Khopoli Investments Ltd.
15) Trust Energy Resources Pte. Ltd.
17) NDPL Infra Ltd. **
19) PT Sumber Energi Andalan Tbk **
21) Tata Ceramics Ltd.
23) Poolavadi Windfarm Ltd. **
25)
27) Walwhan Urja Anjar Ltd. **
29) Walwhan Solar Raj Ltd. **
31) Walwhan Solar Energy GJ Ltd. **
33) MI MySolar24 Private Ltd. **
35) Walwhan Solar MP Ltd. **
37) Walwhan Solar KA Ltd. **
39) Walwhan Solar RJ Ltd. **
41) Walwhan Solar TN Ltd. **
43) Clean Sustainable Solar Energy Pvt. Ltd. **
45) Solarsys Renewable Energy Pvt. Ltd. **
47) Nelco Network Products Ltd. **
49) TP Ajmer Distribution Ltd. **
** Through Subsidiary Companies
Employment Benefit Funds
1)
3)
Tata Power Superannuation Fund
Tata Power Consolidated Provident Fund
(ii)
Tata Power Solar Systems Ltd.
2)
Tata Power Green Energy Ltd.
4)
Tatanet Services Ltd. **
6)
8)
Industrial Power Utility Ltd.
10) Coastal Gujarat Power Ltd.
12) Bhivpuri Investments Ltd.
14) Energy Eastern Pte. Ltd. **
16) Tata Power Delhi Distribution Ltd.
18) Tata Power Jamshedpur Distribution Ltd.
20) Tata Power International Pte. Ltd.
22) Supa Windfarm Ltd. **
24) Nivade Windfarm Ltd. **
26) Walwhan Renewable Energy Ltd. **
28) Walwhan Solar AP Ltd. **
30) Northwest Energy Private Ltd,. **
32) Dreisatz MySolar24 Private Ltd. **
34) Walwhan Energy RJ Ltd. **
36) Walwhan Solar MH Ltd. **
38) Walwhan Solar PB Ltd. **
40) Walwhan Wind RJ Ltd. **
42) Walwhan Solar BH Ltd. **
44) Walwhan Urja India Ltd. **
46) Chirasthaayee Saurya Ltd. **
48) Vagarai Windfarm Ltd. **
50) Far Eastern Natural Resources LLC **
2)
Tata Power Gratuity Fund
(b)
Other related parties (where transactions have taken place during the year or previous year / balances outstanding) :
(i)
Associates
1)
3)
5)
7)
Tata Projects Ltd.
The Associated Building Co. Ltd.
Tata Communication Ltd.
(ceased to be an associate w.e.f. 28th May, 2018)
Panatone Finvest Ltd. (ceased to be an Associate
w.e.f. 28th May, 2018)
(ii)
Joint Venture Companies
Cennergi Pty. Ltd. **
1)
Tubed Coal Mines Ltd.
3)
Adjaristsqali Georgia LLC **
5)
Powerlinks Transmission Ltd.
7)
9)
PT Baramulti Sukessarana Tbk**
11) Adjaristsqali Netherlands BV**
13) LTH Milcom Private Ltd.
** Joint Venture of Subsidiaries
Yashmun Engineers Ltd.
Nelito Systems Ltd.
2)
4)
6) Dagacchu Hydro Power Corporation Ltd.
2) Mandakini Coal Company Ltd.
Itezhi Tezhi Power Corporation
4)
PT Antang Gunung Meratus**
6)
PT Kaltim Prima Coal**
8)
10)
Industrial Energy Ltd.
12) Dugar Hydro Power Ltd.
Standalone Financials I 309
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Notes to the Financial Statements
41. Related Party Disclosures: (Contd.)
(c)
(i)
(ii)
Promoter holding more than 20% - Promoter
Subsidiaries and Jointly Controlled Entities of Promoters
- Promoter Group (where transactions have taken place
during the year or previous year / balances outstanding) :
1)
Ewart Investments Ltd.
3)
5)
7)
9)
J R D Tata Trust
Sir Dorabji Tata Trust
Sir Ratan Tata Trust
Tata Industries Ltd. (ceased to be Subsidiary and
became a Joint Venture w.e.f. 27th March, 2019)
11) Tata Investment Corporation Ltd.
13) Tata Consultancy Services Ltd.
15) Tata Realty And Infrastructure Ltd.
17)
Infiniti Retail Ltd.
19) Tata Business Support Services Ltd. (ceased to
be an Associate and became a Subsidiary w.e.f.
27th November, 2017)
1)
Tata Sons Pvt. Ltd.
2)
Tata Communications Ltd. (ceased to be an Associate
and became a Subsidiary w.e.f. 28th May, 2018)
Tata AIG General Insurance Company Ltd.
Progressive Electoral Trust
Tata Interactive Systems
4)
6)
8)
10) Tata International Ltd.
12) Tata Ltd.
14) Tata Sky Ltd.
16) Ecofirst Services Ltd.
18) Tata Housing Development Co. Ltd. Employees
Provident Fund
20) Tata Consultancy Services Employees Provident Fund
21) Tata Consulting Engineers Ltd.
23) Tata Housing Development Company Ltd.
22) TC Travel and Services Ltd.
24) Tata Technologies (India) Ltd. Employees Provident
25) Niskalp Infrastructure Services Ltd. (Formerly Niskalp
26) Tata Projects Provident Fund Trust
Fund
Energy Ltd.)
27) Tata Unistore Ltd. (Formerly Tata Industrial Services
Ltd.) (ceased to be an Associate and became a
Subsidiary w.e.f. 29th March, 2018)
29) Taj Air Ltd.
31) Tata Teleservices Ltd. (ceased to be an Associate and
became a Subsidiary w.e.f. 27th November, 2017)
33) Tata Teleservices
(ceased to
be an Associate and became a Subsidiary w.e.f.
31st October, 2017)
(Maharashtra) Ltd.
28) STT Global Data Centres
Ltd.
(Formerly Tata Communications Data Centers Pvt.
Ltd.) (w.e.f. 28th May, 2018)
India
Pvt.
30) Tata AIA Life Insurance Company Ltd.
32) Tata Capital Financial Services Ltd.
34) Tata AG, Zug
35) THDC Management Services Ltd. (Formerly THDC
36) Tata Advanced System Ltd.
Facility Management Ltd.)
37) Tata Advanced Material Ltd (ceased to be Subsidiary
38) Tata Communications Payment Solutions Ltd.
w.e.f. 27th March, 2019)
39) Panatone Finvest Ltd.
(d)
Key Management Personnel
(w.e.f. 28th May, 2018)
1)
3)
5)
7)
Anil Sardana - CEO & Managing Director
(ceased to be Director w.e.f. 30th April, 2018)
Ramesh N. Subramanyam - Chief Financial Officer
N. Chandrasekaran
Homiar S. Vachha
(ceased to be Director w.e.f. 22nd April, 2017)
2)
4)
6)
8)
Ashok Sethi - COO & Executive Director
Hanoz Minoo Mistry - Company Secretary
S. Padmanabhan
(ceased to be Director w.e.f. 16th November, 2017)
Nawshir H. Mirza
9) Deepak M. Satwalekar
10) Pravin H. Kutumbe
(ceased to be Director w.e.f. 20th May, 2017)
11) Sandhya S. Kudtarkar
12) Anjali Bansal
(ceased to be Director w.e.f. 16th November, 2017)
13) Vibha U. Padalkar
15) Kesava Menon Chandrasekhar (w.e.f. 4th May, 2017)
17) Saurabh Agrawal (w.e.f. 17th November, 2017)
19) Praveer Sinha CEO & Managing Director
(w.e.f. 1st May, 2018)
14) Sanjay V. Bhandarkar
16) Hemant Bhargava (w.e.f. 24th August, 2017)
18) Banmali Agrawala (w.e.f. 17th November, 2017)
(e)
Relative of Key Managerial Personnel (where transactions have taken place during the year or previous year / balances
outstanding)
Neville Minoo Mistry (Brother of Hanoz Minoo Mistry)
310 I Standalone Financials
100th Annual Report 2018-19
Notes to the Financial Statements
41. Related Party Disclosures: (Contd.)
(f )
Details of Transactions:
Particulars
Subsidiaries
Associates
Joint
Ventures
Key
Management
Personnel and
their Relatives
Employee
Benefit
Funds / Trust
Promoter
Group
` crore
Promoter
Purchase of goods/power (Net of Discount Received on
Prompt Payment) ....................................................................................
Sale of goods/power (Net of Discount on Prompt Payment) ..
Purchase of fixed assets ........................................................................
Sale of fixed assets ..................................................................................
Rendering of services.............................................................................
Receiving of services ..............................................................................
Brand equity contribution....................................................................
Contribution to Employee Benefit Plans.........................................
Guarantee, collaterals etc. given ........................................................
Guarantee, collaterals etc. cancelled ................................................
Remuneration paid - short term employee benefits .................
Long term employee benefits paid ..................................................
Short term employee benefits paid ..................................................
Interest income ........................................................................................
Interest paid ..............................................................................................
Dividend income .....................................................................................
Dividend paid ...........................................................................................
Guarantee commission earned ..........................................................
Loan Taken .................................................................................................
Loans given ................................................................................................
Impairment of Investments .................................................................
Damages towards contractual obligations ....................................
Equity contribution (includes advance towards equity
contribution and perpetual bonds) ..................................................
Loans provided for as doubtful advances (including interest)
Loans provided for as doubtful advances reversed (including
interest) .......................................................................................................
Loans taken repaid (including loan converted into equity) ....
62.80
63.38
256.84
188.77
0.06
1.32
0.09
-
107.57
105.78
6.98
0.42
-
-
-
-
7,616.96 $
3,548.27 $
6,029.09 $
2,862.97 $
-
-
-
-
-
-
44.39
36.39
3.98
1.22
283.40
619.78
-
-
19.77
22.27
564.10
285.00
2,358.66
1,377.12
-
4,230.32
-
-
3,435.98
1,496.01
11.16
-
-
0.01
689.10
168.00
-
-
0.15
41.39
9.69
1.80
0.08
-
0.16
0.23
10.85
10.17
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
9.68
15.31
-
-
-
-
-
-
1.00
-
-
-
-
-
-
-
-
-
-
-
-
-
58.74
88.48
-
-
-
-
-
-
18.09
19.94
0.08
-
-
-
-
-
-
-
- $
31.62 $
-
-
-
-
-
-
0.64
0.48
-
0.19
85.40
102.18
-
-
1.18
1.28
8.00
1.00
0.07
-
-
-
-
-
-
-
0.07
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
23.91 *
25.17 *
1.15
-
0.55
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
41.14
28.57
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
0.02
0.10
69.68
37.43
3.01
20.72
-
-
10.15
2.29
27.07
31.63
-
-
-
-
-
-
-
-
-
-
-
-
-
-
0.01
-
26.70
14.95
- #
0.01
1.77
1.85
-
-
-
-
-
-
-
-
-
107.08
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
0.98
0.96
0.08
0.52
-
21.56
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
5.34
5.34
109.17
109.17
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Standalone Financials I 311
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Notes to the Financial Statements
41. Related Party Disclosures: (Contd.)
(f )
Details of Transactions: (Contd.)
Particulars
Subsidiaries
Associates
Loans repaid (including loan converted into equity) .................
Deposits taken ..........................................................................................
Deposits refunded ..................................................................................
Liability written back ..............................................................................
Sale of Investments [Refer Note 34(a)] ............................................
Donation given ........................................................................................
Balances outstanding
Unsecured Perpetual Securities .........................................................
Redeemable Non-Convertible Debentures ...................................
Investments ...............................................................................................
Impairment in value of investments ................................................
Other receivables ....................................................................................
Loans given (including interest thereon)........................................
Loans taken (including interest thereon) .......................................
Loans provided for as doubtful advances (including interest
thereon) ......................................................................................................
Deposits taken outstanding ................................................................
Preference Shares Outstanding including interest .....................
Dividend receivable ................................................................................
Guarantees, collaterals etc. outstanding ........................................
Letter of comfort outstanding ............................................................
Other payables .........................................................................................
Notes:
2,633.96
974.94
-
-
-
-
-
-
-
-
-
-
-
-
-
-
23,741.74
20,305.76
4,140.60
4,140.60
46.88
32.89
130.70
409.21
0.38
125.38
12.40
-
-
-
-
316.20
64.45
210.06
16,162.84
14,574.96
-
-
22.37
4.49
1.00
-
0.01
-
-
-
-
0.51
-
-
-
-
-
-
-
-
107.57
107.57
-
-
1.26
1.14
1.27
1.27
-
-
1.27
1.27
-
-
-
-
-
-
-
-
-
-
7.58
1.75
Joint
Ventures
1.00
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1,183.20
2,129.00
67.50
67.50
9.23
6.31
72.84 @
71.59
-
-
54.25
54.25
-
-
-
-
16.71
35.80
-
-
0.05
0.05
60.81
26.52
Key
Management
Personnel and
their Relatives
-
-
-
-
-
-
2.03
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
12.93
-
Employee
Benefit
Funds / Trust
Promoter
Group
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
20.46
26.41
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
13.56
-
-
-
0.21
1.79
1.51
1.15
-
0.01
614.18
-
20.00
-
199.00
130.00
36.50
36.50
387.19
418.20
-
-
5.04
0.19
-
-
-
-
-
-
0.02
3.99
-
-
-
-
-
-
-
-
0.51
3.04
` crore
Promoter
-
-
-
-
-
-
0.64
-
1,542.61
-
-
-
-
-
-
-
241.95
241.95
-
-
0.08
-
-
-
-
-
-
-
2.00
2.00
-
-
-
-
-
-
-
-
19.20
21.72
The Company’s principal related parties consist of Tata Sons Private Limited, its subsidiaries and joint ventures, its own subsidiaries, affiliates and key managerial
personnel. The Company’s material related party transactions and outstanding balances are with related parties with whom the Company routinely enters into
transactions in the ordinary course of business.
All outstanding balances are unsecured.
$
*
Includes guarantees given and cancelled in foreign currency, converted in Indian currency by applying average exchange rates.
Key Managerial Personnel are entitled to post-employment benefits and other long term employee benefits recognised as per Ind AS 19 - ‘Employee Benefits’ in
the financial statements. As these employee benefits are lump sum amounts provided on the basis of actuarial valuation, the same is not included above.
# Denotes below ` 50,000.
@
Includes loan reclassified as held for sale.
Previous year’s figures are in italics.
312 I Standalone Financials
100th Annual Report 2018-19
42. Financial Instruments
42.1 Fair values
Notes to the Financial Statements
Set out below, is a comparison by class of the carrying amount and fair value of the financial instruments:
Financial assets
Cash and Cash Equivalents ..........................................................
Other Balances with banks ..........................................................
Trade Receivables ............................................................................
Unbilled Revenues ..........................................................................
Loans ...................................................................................................
Finance Lease Receivables ...........................................................
FVTOCI Financial Investments # (Refer Note below) .........
Amortised Cost financial investments # .................................
Other Financial Assets ...................................................................
Asset Classified as Held For Sale (Refer Note 19)
- Strategic Engineering Division (SED) .....................................
- FVTOCI Financial Investments # (Refer Note below) .......
- Loans (including accrued interest) .........................................
Total .....................................................................................................
Financial liabilities
Trade Payables ..................................................................................
Floating rate borrowings (including current maturities) ..
Fixed rate borrowings (including current maturities) ........
Derivative instruments not in hedging relationship ..........
Other financial liabilities ...............................................................
Total .....................................................................................................
Carrying value
Fair Value
31st March,
2019
31st March,
2018
31st March,
2019
31st March,
2018
` crore
75.94
19.85
1,442.20
41.56
170.55
591.85
419.65
416.40
98.95
265.62
38.65
18.59
3,599.81
1,124.89
7,752.86
9,699.66
Nil
967.19
19,544.60
42.94
15.48
1,157.81
53.75
471.82
609.03
419.48
656.49
297.78
314.50
69.70
Nil
4,108.78
1,126.68
6,721.21
9,850.22
0.82
970.77
18,669.70
75.94
19.85
1,442.20
41.56
170.55
591.85
419.65
423.27
98.95
265.62
38.65
18.59
3,606.68
1,124.89
7,752.86
9,774.02
Nil
967.19
19,618.96
42.94
15.48
1,157.81
53.75
471.82
609.03
419.48
660.05
297.78
314.50
69.70
Nil
4,112.34
1,126.68
6,721.21
9,892.59
0.82
970.77
18,712.07
# other than investments in subsidiaries, associates and joint ventures accounted at cost in accordance with Ind AS 27.
Notes:
The management assessed that the fair value of cash and cash equivalents, other balances with bank, trade receivables,
loans, finance lease receivables, unbilled revenues, trade payables, other financial assets and liabilities approximate their
carrying amounts largely due to the short term maturities of these instruments.
The fair value of the financial assets and liabilities is included at the amount at which the instrument could be exchanged
in a current transaction between willing parties. The following methods and assumptions were used to estimate the fair
values.
-
-
-
Fair value of the Govt. securities are based on the price quotations near the reporting date. Fair value of the
unquoted equity shares have been estimated using a Discounted Cash Flow (DCF) model. The valuation requires
management to make certain assumptions about the model inputs, including forecast cash flows, discount rate,
credit risk and volatility. The probabilities of the various estimates within the range can be reasonably assessed
and are used in management’s estimate of fair value for those unquoted equity investments.
The fair value of the remaining FVTOCI financial assets are derived from quoted market price in active markets.
The Company enters into derivative financial instruments with various counterparties, principally banks and
financial institutions with investment grade credit ratings. Foreign exchange forward contracts are valued using
valuation techniques, which employs the use of market observable inputs. The most frequently applied valuation
techniques include forward pricing and swap models using present value calculations. The models incorporate
various inputs including the credit quality of counterparties, foreign exchange spot and forward rates, yield curves
of the respective currencies, currency basis spreads between the respective currencies, interest rate curves and
forward rate curves of the underlying currency. All derivative contracts are fully collateralized, thereby, eliminating
both counterparty and the company’s own non-performance risk.
Standalone Financials I 313
E
C
I
T
O
N
T
R
O
P
E
R
S
D
R
A
O
B
’
A
&
D
M
T
R
O
P
E
R
G
C
R
R
B
D
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T
A
D
I
L
O
S
N
O
C
E
N
O
L
A
D
N
A
T
S
The Tata Power Company Limited
42. Financial Instruments (Contd.)
Notes to the Financial Statements
-
-
-
The fair value of Debentures is determined by using the quoted prices. The own non-performance risk as on
31st March, 2019 was assessed to be insignificant.
The cost of certain unquoted investments approximate their fair value because there is a wide range of possible
fair value measurements and the cost represents the best estimate of fair value within that range.
The fair value of loans from banks and other financial liabilities, as well as other non-current financial liabilities is
estimated by discounting future cash flow using rates currently available for debt on similar terms, credit risk and
remaining maturities.
Reconciliation of Level 3 fair value measurement of unquoted equity shares classified as FVTOCI
Unlisted shares irrevocably designated as FVTOCI
(Refer note below)
Opening balance ............................................................................................................
Total Gain or (Loss)
- in other comprehensive income ....................................................................
- in profit or loss ......................................................................................................
- changes on sale of equity shares ...................................................................
Closing balance .............................................................................................................
Note:
For the year ended
31st March, 2019
404.87
` crore
For the year ended
31st March, 2018
789.75
Nil
Nil
Nil
404.87
(384.88)
Nil
Nil
404.87
Certain unquoted investments are not held for trading, instead they are held for medium or long term strategic purpose.
Upon the application of Ind AS 109, the Company has chosen to designate these investments in equity instruments as
at FVTOCI as the directors believe this provides a more meaningful presentation for medium and long- term strategic
investments, than reflecting changes in fair value immediately in profit or loss.
All gains and losses included in other comprehensive income related to unlisted shares held at the end of the reporting
period and are reported under “Equity Instruments through Other Comprehensive Income”.
The significant unobservable input used in the fair value measurement categorized within Level 3 of the fair value hierarchy
together with a quantitative sensitivity analysis as at 31st March, 2019 and 31st March, 2018 are as shown below:
Description of significant unobservable inputs to valuation:
Valuation
techniques
Investments in
unquoted equity
shares
Price of recent
transaction (PORT)
Significant
unobservable
inputs
Transaction price
Range (weighted
average)
Varies on case to
case basis
Sensitivity of the input to fair value
(31st March, 2018: 5%)
5%
increase
(decrease) in the transaction price would
result in increase (decrease) in fair value by
` 2.82 crore (31st March, 2018: ` 2.82 crore)
42.2 Fair value hierarchy
The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either observable
or unobservable and consists of the following three levels:
Level 1
Level 2
Level 3
Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. This includes quoted equity
instruments, government securities and quoted borrowings (fixed rate) that have quoted price.
Inputs are other than quoted prices included within Level 1 that are observable for the asset or liability, either
directly (i.e. as prices) or indirectly (i.e. derived from prices). This includes derivative financial instruments and
unquoted floating and fixed rate borrowings.
Inputs are not based on observable market data (unobservable inputs). Fair values are determined in whole or in
part using a valuation model based on assumptions that are neither supported by prices from observable current
market transactions in the same instrument nor are they based on available market data. This includes unquoted
equity shares and redeemable non-cumulative preference shares.
314 I Standalone Financials
100th Annual Report 2018-19
42. Financial Instruments (Contd.)
Notes to the Financial Statements
The following table summarizes financial assets and liabilities measured at fair value on a recurring basis and financial assets
that are not measured at fair value on a recurring basis (but fair value disclosures are required):
Fair value hierarchy as at 31st March, 2019
Date of valuation Quoted prices
in active
markets
(Level 1)
Significant
observable
inputs
(Level 2)
Significant
unobservable
inputs
(Level 3)
` crore
Total
Asset measured at fair value
FVTPL financial investments .................................. 31st March, 2019
FVTOCI financial investments:
- Quoted equity shares .............................................. 31st March, 2019
- Unquoted equity shares ......................................... 31st March, 2019
- Assets Classified as Held For Sale ........................ 31st March, 2019
Asset for which fair values are disclosed
Amortised Cost financial investments:
- Government securities ............................................ 31st March, 2019
- Unquoted preference shares ................................ 31st March, 2019
Total .................................................................................
Liabilities for which fair values are disclosed
Fixed rate borrowings ................................................ 31st March, 2019
Floating rate borrowings .......................................... 31st March, 2019
Total .................................................................................
Nil
14.78
Nil
38.65
423.27
Nil
476.70
4,044.41
Nil
4,044.41
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
404.87
Nil
Nil
Nil
404.87
14.78
404.87
38.65
423.27
Nil
881.57
5,729.61
7,752.86
13,482.47
Nil
Nil
Nil
9,774.02
7,752.86
17,526.88
Fair value hierarchy as at 31st March, 2018
Date of valuation Quoted prices
in active
markets
(Level 1)
Significant
observable
inputs
(Level 2)
Significant
unobservable
inputs
(Level 3)
` crore
Total
Asset measured at fair value
FVTPL financial investments ..................................
FVTOCI financial investments:
- Quoted equity shares ..............................................
- Unquoted equity shares .........................................
- Assets Classified as Held For Sale ........................
Asset for which fair values are disclosed
Amortised Cost financial investments:
- Government securities ............................................
- Unquoted preference shares ................................
Total .................................................................................
Liabilities measured at fair value
Derivative financial liabilities ..................................
Liabilities for which fair values are disclosed
Fixed rate borrowings ................................................
Floating rate borrowings ..........................................
Total .................................................................................
31st March, 2018
31st March, 2018
31st March, 2018
31st March, 2018
31st March, 2018
31st March, 2018
Nil
14.61
Nil
69.70
405.05
Nil
489.36
Nil
Nil
Nil
Nil
Nil
Nil
Nil
31st March, 2018
Nil
0.82
31st March, 2018
31st March, 2018
6,925.46
499.00
7,424.46
2,967.13
6,222.21
9,190.16
There has been no transfer between level 1 and level 2 during the period.
Nil
Nil
Nil
404.87
Nil
14.61
404.87
69.70
Nil
255.00
659.87
405.05
255.00
1,149.23
Nil
Nil
Nil
Nil
0.82
9,892.59
6,721.21
16,614.62
Standalone Financials I 315
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C
I
T
O
N
T
R
O
P
E
R
S
D
R
A
O
B
’
A
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D
M
T
R
O
P
E
R
G
C
R
R
B
D
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I
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N
O
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E
N
O
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A
D
N
A
T
S
The Tata Power Company Limited
Notes to the Financial Statements
42. Financial Instruments (Contd.)
42.3 Capital Management & Gearing Ratio
For the purpose of the Company’s capital management, capital includes issued equity capital and all other equity reserves
attributable to the equity holders of the Company. The primary objective of the Company’s capital management is to maximize
the value for shareholders.
The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the
requirements of the financial covenants. From time to time, the Company reviews its policy related to dividend payment to
shareholders, return capital to shareholders or fresh issue of shares. The Company monitors capital using gearing ratio, which
is net debt divided by total capital plus net debt. The Company’s policy is to keep the gearing ratio around 50%. The Company
includes within net debt, interest bearing loans and borrowings, less cash and cash equivalents, excluding discontinued
operations as detailed in the notes below.
The Company’s capital management is intended to create value for shareholders by facilitating the meeting of its long-term
and short-term goals. Its Capital structure consists of net debt (borrowings as detailed in notes below) and total equity.
Gearing ratio
The gearing ratio at the end of the reporting period was as follows:
Debt (i) .................................................................................................................................................
Less: Cash and Bank balances ......................................................................................................
Net debt .............................................................................................................................................
Total Capital (ii) .................................................................................................................................
Capital and net debt ....................................................................................................................
Net debt to Total Capital plus net debt ratio (%) .................................................................
As at
31st March, 2019
17,641.99
77.94
17,564.05
15,689.60
33,253.65
52.82
` crore
As at
31st March, 2018
16,875.71
44.88
16,830.83
14,488.53
31,319.36
53.74
(i)
Debt is defined as Non-current borrowings (including current maturities) and Current borrowings (excluding derivative,
financial guarantee contracts and contingent considerations) and interest accrued on Non-current and Current
borrowings.
(ii)
Equity is defined as Equity share capital, Unsecured perpetual securities and other equity including reserves and surplus.
In order to achieve this overall objective, the Company’s capital management, amongst other things, aims to ensure that it
meets financial covenants attached to the interest-bearing loans and borrowings that define capital structure requirements.
Breaches in meeting the financial covenants would permit the bank to immediately call loans and borrowings. There have been
no significant breaches in the financial covenants of any interest-bearing loans and borrowing in the current year.
No changes were made in the objectives, policies or processes for managing capital during the years ended 31st March, 2019
and 31st March, 2018.
42.4 Financial risk management objectives and policies
The Company’s principal financial liabilities, other than derivatives, comprise borrowings, trade and other payables, financial
guarantee contracts and other financial liabilities. The main purpose of these financial liabilities is to finance the Company’s
operations and to provide guarantees to support its operations. The Company’s principal financial assets include investments,
loans, trade and other receivables, cash and cash equivalents, other bank balances, unbilled receivables, finance lease receivables
and other financial assets that derive directly from its operations. The Company also holds FVTOCI/FVTPL investments and
enters into derivative transactions.
The Company is exposed to market risk, credit risk and liquidity risk. The Company’s senior management oversees the
management of these risks. The Company’s senior management is supported by a risk committee that reviews the financial risks
and the appropriate financial risk governance framework for the Company. The Company’s financial risk activities are governed
by appropriate policies and procedures and that financial risks are identified, measured and managed in accordance with
the Company’s policies and risk objectives. All derivative activities for risk management purposes are carried out by specialist
teams that have the appropriate skills, experience and supervision. It is the Company’s policy that no trading in derivatives
for speculative purposes may be undertaken. The risk management policies are approved by the board of directors, which is
summarized below.
42.4.1 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 of three types of risk: currency risk, interest rate risk and equity price risk. The impact of
equity price risk is not material. Financial instruments affected by market risk include loans and borrowings, derivative financial
instruments and FVTOCI investments.
316 I Standalone Financials
100th Annual Report 2018-19
42. Financial Instruments (Contd.)
Notes to the Financial Statements
The sensitivity analysis in the following sections relate to the position as at 31st March, 2019 and 31st March, 2018.
The sensitivity analysis has been prepared on the basis that the amount of net debt, the ratio of fixed to floating interest rates
of the debt and derivatives and the proportion of financial instruments in foreign currencies are all constant. The analysis
excludes the impact of movements in market variables on: the carrying values of gratuity and other post-retirement obligations;
provisions; and the non-financial assets.
a.
Foreign currency risk management
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 is exposed to foreign exchange risk through its operations in international projects
and purchase of coal from Indonesia. The results of the Company’s operations can be affected as the rupee appreciates/
depreciates against these currencies.
The following table analyses foreign currency assets and liabilities on balance sheet dates:
Foreign Currency Liabilities
In USD ..........................................................................
In EURO .......................................................................
In GBP ..........................................................................
In JPY ............................................................................
In AUD .........................................................................
In CAD ..........................................................................
Foreign Currency Assets
In USD ..........................................................................
In ZAR ..........................................................................
In TAKA ........................................................................
* Denotes figures below 50,000.
(i)
Foreign currency sensitivity analysis
31st March, 2019
Foreign Currency
(In Millions)
32.13
0.07
*
124.51
0.01
0.01
31st March, 2019
Foreign Currency
(In Millions)
7.66
0.01
0.20
` crore
222.21
0.54
0.03
7.78
0.05
0.05
` crore
52.98
0.01
0.02
31st March, 2018
Foreign Currency
(In Millions)
78.73
0.24
Nil
15.37
Nil
Nil
31st March, 2018
Foreign Currency
(In Millions)
16.75
0.21
0.21
` crore
513.16
1.93
Nil
0.95
Nil
Nil
` crore
109.17
0.12
0.02
The following tables demonstrate the sensitivity to a reasonably possible change in USD exchange rates, with all other
variables held constant. The impact on the Company’s profit before tax and pre-tax equity is due to changes in the fair
value of monetary assets and liabilities including non-designated foreign currency forward and option contracts given
as under:
As of 31st March, 2019................................... Rupee depreciate by ` 1 against USD
Rupee appreciate by ` 1 against USD
As of 31st March, 2018................................... Rupee depreciate by ` 1 against USD
Rupee appreciate by ` 1 against USD
Notes:
1) +/- Gain/Loss
` crore
Effect on profit before tax and
consequential impact on Equity
(-) ₹ 2.45
(+) ₹ 2.45
(-) ₹ 0.59
(+) ₹ 0.59
2) The impact of depreciation/ appreciation on foreign currency other than USD on profit before tax of the
Company is not material.
(ii) Derivative financial instruments
The Company holds derivative financial instruments such as foreign currency forward to mitigate the risk of changes
in exchange rate on foreign currency exposure. The counterparty for these contracts is generally a Bank or a Financial
Institution. These derivative financial instrument are valued based on quoted prices for similar asset and liabilities in
active markets or inputs that is directly or indirectly observable in the marketplace.
Standalone Financials I 317
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N
T
R
O
P
E
R
S
D
R
A
O
B
’
A
&
D
M
T
R
O
P
E
R
G
C
R
R
B
D
E
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A
D
I
L
O
S
N
O
C
E
N
O
L
A
D
N
A
T
S
The Tata Power Company Limited
Notes to the Financial Statements
42. Financial Instruments (Contd.)
The following table gives details in respect of outstanding foreign exchange forward:
Outstanding Contracts
Other Derivatives
Forward contracts
Buy/ Sell
Foreign Currency
(in millions)
31st March, 2019
Nominal Value in
` crore
Fair Value in
` crore
In USD ........................................................
Buy
Nil
Nil
Nil
Other Derivatives
Forward contracts
In USD ........................................................
Buy
56.60
368.90
(0.82)
Foreign Currency
(in millions)
31st March, 2018
Nominal Value in
` crore
Fair Value in
` crore
Note: Fair Value in () denote liability
b.
Interest rate risk management
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 balanced portfolio of fixed and variable rate borrowings. The
Company’s policy is to keep between 40% and 60% of its borrowings at fixed rates of interest. To manage this, the
Company enters into fixed rate borrowings, 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.
(i)
Interest rate sensitivity:
The sensitivity analysis below have been determined based on exposure to interest rates for term loans and
debentures at the end of the reporting period and the stipulated change taking place at the beginning of the
financial year and held constant throughout the reporting period in case of term loans and debentures that have
floating rates.
If the interest rates had been 50 basis points higher or lower and all the other variables were held constant, the
effect on Interest expense for the respective financial years and consequent effect on Company’s profit in that
financial year would have been as below:
Interest expense on loan .......................
Effect on profit before tax .....................
As of 31st March, 2019
50 bps increase 50 bps decrease
(-) ₹ 39.45
(+) ₹ 39.45
(+) ₹ 39.45
(-) ₹ 39.45
As of 31st March, 2018
50 bps increase
(+) ₹ 24.75
(-) ₹ 24.75
50 bps decrease
(-) ₹ 24.75
(+) ₹ 24.75
` crore
42.4.2 Credit risk management
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 exposed to credit risk from its operating activities (primarily trade receivables) and from its
financing activities including loans and other financial instruments.
Trade receivables .............................................................................................................................
Loans ....................................................................................................................................................
Finance lease receivables .............................................................................................................
Other financial assets .....................................................................................................................
Unbilled Revenue ............................................................................................................................
Financial Assets Held for Sale ......................................................................................................
Total .....................................................................................................................................................
31st March, 2019
1,442.20
170.55
591.85
98.95
41.56
322.86
2,667.97
` crore
31st March, 2018
1,157.81
471.82
609.03
297.78
53.75
384.20
2,974.39
318 I Standalone Financials
100th Annual Report 2018-19
42. Financial Instruments (Contd.)
Notes to the Financial Statements
Refer Note 9 for credit risk and other information in respect of trade receivables. Other receivables as stated above are due from
the parties under normal course of the business and as such the Company believes exposure to credit risk to be minimal.
The Company has not acquired any credit impaired asset.
42.4.3 Liquidity risk management
The Company manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities, by
continuously monitoring forecast and actual cash flows and matching the maturity profiles of financial assets and liabilities.
The Company has access to a sufficient variety of sources of funding. Having regards to the nature of the business wherein the
Company is able to generate fixed cash flows over a period of time and to optimize the cost of funding, the Company, from time
to time, funds its long-term investment from short-term sources. The short-term borrowings can be rollforward or, if required,
can be refinanced from long term borrowings.
The table below summarizes the maturity profile of the Company’s financial liabilities based on contractual undiscounted
payments:
31st March, 2019
Non-Derivatives
Up to
1 year
1 to 5
years
5+years
Total
` crore
Carrying
Amount
Borrowings # ................................................................
Trade Payables .............................................................
Other Financial Liabilities ........................................
9,870.39
1,102.14
734.96
7,496.93
12,091.06
29,458.38
17,641.99
22.75
42.76
Nil
Nil
1,124.89
1,124.89
777.72
777.72
Total Non-Derivative Liabilities ........................
11,707.49
7,562.44
12,091.06
31,360.99
19,544.60
Derivatives
Other Financial Liabilities ........................................
Total Derivative Liabilities ...................................
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
31st March, 2018
Non-Derivatives
Up to
1 year
1 to 5
years
5+years
Total
Carrying
Amount
Borrowings # ................................................................
Trade Payables .............................................................
Other Financial Liabilities ........................................
9,435.61
1,105.68
621.37
6,343.70
12,853.61
28,632.92
16,875.71
21.00
44.74
Nil
Nil
1,126.68
666.11
1,126.68
666.11
Total Non-Derivative Liabilities ........................
11,162.66
6,409.44
12,853.61
30,425.71
18,668.50
Derivatives
Other Financial Liabilities ........................................
Total Derivative Liabilities ...................................
0.82
0.82
Nil
Nil
Nil
Nil
0.82
0.82
0.82
0.82
# The table has been drawn up based on the undiscounted contractual maturities of the financial liabilities including interest
that will be paid on those liabilities upto the maturity of the instruments, ignoring the call and refinancing options available
with the Company. The amounts included above for variable interest rate instruments for non-derivative liabilities is subject
to change if changes in variable interest rates differ to those estimates of interest rates determined at the end of the reporting
period.
The amount included in Note 38(c) for financial guarantee contracts are the maximum amounts the Company could be forced
to settle under respective arrangements for the full guaranteed amount if that amount is claimed by the counterparty to the
guarantee. Based on expectations at the end of the reporting period, the Company considers that it is more likely than not
that such amount will not be payable under the arrangement. However, this estimate is subject to change depending on the
probability of the counterparty claiming under the guarantee which is a function of the likelihood that the financial receivables
held by the counterparty which are guaranteed suffer credit losses.
Standalone Financials I 319
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The Tata Power Company Limited
43. Segment Reporting:
Notes to the Financial Statements
Information reported to the Chief Operating Decisions Maker (CODM) for the purpose of resource allocation and assessment
of segment performance focuses on business segment which comprises of Power and Others. Specifically, the Company’s
reportable segments under Ind AS are as follows:
Power : Comprises of Generation, Transmission, Distribution and assets relating to Power Business given on Finance Lease.
Others: Comprises of Project Management Contracts/Infrastructure Management Services, Property Development and lease
rent of Oil Tanks.
Revenue and expenses directly attributable to segments are reported under each reportable segment. Expenses which are not
directly identifiable to each reporting segment have been allocated on the basis of associated revenue of the segment and
manpower efforts. All other expenses which are not attributable or allocable to segments have been disclosed as unallocable
expenses. Assets and liabilities that are directly attributable or allocable to segments are disclosed under each reportable
segment. All other assets and liabilities are disclosed as unallocable.
(a) Segment Information:
Power
Others Discontinued
Operations#
Eliminations
` crore
Total
7,524.68
7,134.94
163.38
165.65
143.59
286.74
-
-
7,831.65
7,587.33
1,797.86
1,749.30
53.03
48.28
REVENUE
External Revenue .................................................................
RESULT
Total Segment Results .......................................................
Finance Costs ........................................................................
Exceptional Item - Power Business................................
Exceptional Item - Unallocable ......................................
Unallocable Income net of Unallocable Expense ....
Profit Before Tax - Continuing Operations ...........
Profit Before Tax - Discontinued Operations # ...
OTHER INFORMATION
Segment Assets .................................................................... 13,536.06
13,992.00
175.58
125.89
Unallocable Assets * ...........................................................
Assets Classified as Held For Sale # ...............................
Total Assets .....................................................................................
320 I Standalone Financials
-
-
-
-
-
-
-
-
1,850.89
1,797.58
(1,500.35)
(1,431.38)
(45.00)
(100.00)
1,212.99
(4,337.40)
407.86
826.60
1,926.39
(3,244.60)
(191.82)
(85.87)
13,711.64
14,117.89
22,358.64
20,318.99
2,064.30
2,065.19
38,134.58
36,502.07
100th Annual Report 2018-19
43. Segment Reporting: (Contd.)
Notes to the Financial Statements
Power
2,817.82
3,543.35
Others Discontinued
Operations#
-
-
118.34
257.50
Segment Liabilities .............................................................
Unallocable Liabilities * .....................................................
Liabilities directly associated with Assets Classified
as Held For Sale # .................................................................
Total Liabilities ..............................................................................
Capital Expenditure ............................................................
Non-cash Expenses other than Depreciation/
Amortisation (to the extent allocable to segment)
Depreciation/Amortisation (to the extent
allocable to segment) ........................................................
434.36
430.52
(20.27)
(6.71)
631.59
661.22
0.70
1.34
(6.34)
(3.82)
1.10
1.99
87.33
233.14
-
-
-
-
Eliminations
-
-
-
-
-
-
-
-
Power
Others
Total
Continuing
Operations
Discontinued
Operations#
Eliminations
` crore
Total
2,936.16
3,800.85
18,542.55
17,335.13
966.27
877.56
22,444.98
22,013.54
522.39
665.00
(26.61)
(10.53)
632.70
663.21
` crore
Total
RECONCILIATION OF REVENUE
REVENUE
Revenue from Operations ................................................
7,769.45
7,370.94
163.38
165.65
7,932.83
7,536.59
143.59
286.74
Add/(Less): Net Movement in Regulatory Deferral
balances ..................................................................................
Add/(Less): Net Movement in Regulatory Deferral
balances in respect of earlier years ...............................
Total Segment Revenue as reported above...............
(519.03)
(236.00)
274.26
-
7,524.68
7,134.94
-
-
(519.03)
(236.00)
-
-
163.38
165.65
274.26
-
7,688.06
7,300.59
-
-
-
-
143.59
286.74
-
-
-
-
-
-
-
-
8,076.42
7,823.33
(519.03)
(236.00)
274.26
-
7,831.65
7,587.33
# Pertains to Strategic Engineering Division being classified as Discontinued Operations (Refer Note 19).
* Includes assets held for sale other than Strategic Engineering Division (Refer Note 19).
Notes:
1. Comparative figures for Statement of Profit and Loss items are for the year ended 31st March, 2018 and Balance Sheet
items are as at 31st March, 2018.
2. Revenue from a DISCOM on sale of electricity with which Company has entered into a Power Purchase Agreement
accounts for more than 10% of Total Revenue. Revenue from another customer (Industrial undertaking) pertaining to
Finance lease accounts for more than 10% of Total Revenue.
3. Previous period/year’s figures are in italics.
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Standalone Financials I 321
The Tata Power Company Limited
Notes to the Financial Statements
43. Segment Reporting: (Contd.)
Reconciliation of Assets & Liabilities
Segment Operating Assets .............................................................................................. (A)
Unallocable Assets
Investments (Non-current and Current) ...........................................................................
Assets Classified as Held For Sale other than Discontinued Operations ...............
Loans Given .................................................................................................................................
Interest Accrued on Loan given to Related Party ..........................................................
Dividend Receivable.................................................................................................................
Deposits and Balances with Bank ........................................................................................
Non-current Tax Assets ............................................................................................................
Other Unallocable Assets .......................................................................................................
Total Unallocable Assets ....................................................................................................(B)
Add: Assets of Discontinued Operations ..................................................................... (C)
Total Assets .......................................................................................................... (A + B + C)
Segment Operating Liabilities ........................................................................................ (A)
Unallocable Liabilities
Borrowings (Non-current and Current) .............................................................................
Current Maturities of Non-current Borrowings ..............................................................
Deferred Tax Liabilities (Net) .................................................................................................
Interest Accrued but not due on Borrowings .................................................................
Current Tax Liabilities ...............................................................................................................
Financial Guarantee Obligation towards lenders of Jointly Controlled Entity ....
Other Unallocable Liabilities .................................................................................................
Total Unallocable Liabilities ..............................................................................................(B)
Add: Liabilities of Discontinued Operations .............................................................. (C)
Total Liabilities ................................................................................................... (A + B + C)
Reconciliation of Profit
Segment Profit.......................................................................................................................(A)
Unallocable Income/(Expense):
Other Income ..............................................................................................................................
Employee Benefit Expenses...................................................................................................
Depreciation and Amortisation ..........................................................................................
Other Expenses ..........................................................................................................................
Total ...........................................................................................................................................(B)
Less: Finance Cost .................................................................................................................(C)
Exceptional Items:
Impairment of Property, Plant & Equipment - Power Business ................................
Provision for Contingencies - Power Business ................................................................
Impairment of Non-current Investments - Unallocable ..............................................
Damages Towards Contractual Obligation - Unallocable ...........................................
Gain on Sale of Investment in Associates .........................................................................
Total .......................................................................................................................................... (D)
Profit/(Loss) Before Tax from Continuing Operations ..................... (A + B + C + D)
Profit/(Loss) Before Tax from Discontinued Operations ..............................................
Profit Before Taxes ..................................................................................................................
Add/(Less): Tax Expense from Continuing Operations ..................................................
Add/(Less): Tax Expense from Discontinued Operations .............................................
Profit/(Loss) for the year ......................................................................................................
As at
31st March, 2019
` crore
13,711.64
As at
31st March, 2018
` crore
14,117.89
21,312.77
742.29
124.05
0.19
81.16
22.74
68.65
6.79
22,358.64
2,064.30
38,134.58
2,936.16
15,473.02
1,962.50
583.49
189.09
107.67
103.74
123.04
18,542.55
966.27
22,444.98
18,392.45
1,195.95
424.34
7.40
245.87
15.48
Nil
37.50
20,318.99
2,065.19
36,502.07
3,800.85
12,433.30
4,109.80
235.99
303.90
107.67
97.77
46.70
17,335.13
877.56
22,013.54
For the year ended
31st March, 2019
` crore
1,850.89
For the year ended
31st March, 2018
` crore
1,797.58
516.35
(13.38)
(0.01)
(95.10)
407.86
(1,500.35)
Nil
(45.00)
Nil
Nil
1,212.99
1,167.99
1,926.39
(191.82)
1,734.57
91.97
(65.98)
1,708.58
929.61
(14.91)
(0.02)
(88.08)
826.60
(1,431.38)
(100.00)
Nil
(4,230.32)
(107.08)
Nil
(4,437.40)
(3,244.60)
(85.87)
(3,330.47)
(165.82)
(14.13)
(3,150.52)
(b) Geographic Information:
The Company’s operations is majorly confined within India and as such there are no reportable geographical segments.
322 I Standalone Financials
100th Annual Report 2018-19
44. Entry Tax
Notes to the Financial Statements
The Company had received demands in respect of entry tax on imports of fuel for Trombay plant aggregating ` 2,256.91 crore
(including interest of ` 653.05 crore and penalty of ` 743.74 crore) for financial years 2005-06 to 2013-14. In the past, the
Company had paid ` 221.73 crore under protest and recognised the same as expense. Remaining demand amount of ` 2,035.18
crore had been contested by the Company before the Supreme Court and disclosed the same as contingent liability in the
previous year.
During the year, the Government of Maharashtra has notified an amnesty scheme for settlement of arrears of tax, interest and
penalty. Under the Amnesty scheme, amount payable by the Company shall be ` 345.00 crore (including interest and provision
for contingency of ` 78.00 crore and ` 45.00 crore respectively) and accordingly recognised the provision for the same. Further,
the amount has been recognised as revenue to the extent recoverable from consumers.
45. Significant Events after the Reporting Period
There were no significant adjusting events that occurred subsequent to the reporting period other than the events disclosed in
the relevant notes.
46. Approval of Financial Statements
The financial statements were approved for issue by the Board of Directors on 2nd May, 2019.
As per our report of even date
For S R B C & CO LLP
Chartered Accountants
ICAI Firm Registration No.324982E/E300003
per SUDHIR SONI
Partner
Membership No. 41870
Mumbai, 2nd May, 2019.
PRAVEER SINHA
CEO & Managing Director
DIN: 01785164
RAMESH SUBRAMANYAM
Chief Financial Officer
Mumbai, 2nd May, 2019.
For and on behalf of the Board,
BANMALI AGRAWALA
Director
DIN: 00120029
H. M. MISTRY
Company Secretary
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Standalone Financials I 323
The Tata Power Company Limited
Performance Perspective (Standalone)
` crore
Generation (in MU's)
Operating Income !
Operating Expenses
Operating Profit
Other Income #
EBIDTA
Finance Cost
Depreciation
Exceptional Items
PBT
Tax
PAT from Discontinued Operations
PAT
Basic Earning Per Share (EPS) - ` / shares
Dividend per share( %)
Return On Capital Employed [ROCE] (%) **
Return On Net Worth [RONW] (%) $
Long Term Debts / Equity
Total Debts/ Equity
Capital
Shareholder's Reserves
Borrowings
Gross Block (incl. Capital WIP)
Accumulated Depreciation
Net Block
Notes:
2009-10
15,946
7,098
5,220
1,879
282
2,160
423
478
-
1,259
321
-
939
41
120%
11%
10%
0.55
0.55
237
9,173
5,872
10,487
4,258
6,229
2010-11
15,325
6,918
5,330
1,588
494
2,082
460
510
-
1,112
170
-
941
41
125%
10%
10%
0.63
0.70
237
9,801
6,981
11,548
4,736
6,812
2011-12 *
15,230
8,496
6,711
1,785
983
2,768
515
570
-
1,683
513
-
1,170
5
125%
10%
10%
0.59
0.65
237
10,389
7,906
13,083
5,300
7,783
2012-13
15,770
9,567
7,509
2,058
722
2,752
684
364
-
1,703
679
-
1,025
3
115%
9%
7%
0.71
0.80
237
10,803
10,069
14,137
5,648
8,489
2013-14
13,183
8,675
6,121
2,554
656
2,946
868
587
-
1,491
537
-
954
3
125%
10%
7%
0.71
0.83
237
11,649
11,080
15,607
6,233
9,374
2014-15 @2015-16 @#^2016-17 @^2017-18 @^2018-19
12,186
12,227
7,688
6,769
5,313
4,673
2,375
2,096
516
995
2,891
3,090
1,500
1,319
633
605
1,168
(651)
1,926
515
92
121
(126)
3
1,709
398
5.9
1.1
130%
130%
12,237
7,301
4,943
2,358
929
3,287
1,431
663
(4,437)
(3,245)
(166)
(72)
(3,151)
(12.1)
130%
11,974
8,678
6,516
2,162
1,025
3,138
1,047
575
-
1,516
505
-
1,010
3
130%
12,075
8,316
5,736
2,580
962
3,485
1,146
604
-
1,734
379
-
1,355
4.6
130%
9%
6%
0.58
0.69
270
14,196
11,037
16,878
6,729
10,149
13%
8%
0.58
0.67
270
15,080
11,229
14,913
5,826
9,087
10%
5%
0.78
0.90
271
16,321
16,504
15,856
6,387
9,469
13%
7%
0.85
1.14
271
12,718
16,571
15,383
6,998
8,386
10%
3%
0.68
1.11
271
13,919
17,453
15,508
7,510
7,998
* Share split from ` 10 to ` 1 in FY12.
# Other Income excludes Gain / Loss on exchange.
! Operating income includes Rate/Regulatory Income/ (Expenses).
FY11, FY12, FY13, FY14 & FY15 figures are based on Revised Schedule VI workings.
@ Figures are based on IND AS.
# FY17 & FY 18 financial numbers has been restated.
^ Includes CTTL operations and also considered SED under discontinued operations.
$ RONW is before exceptional items and based on distributable profits(excluding interest on Perpetual debt).
** ROCE is based on operating profit (before depreciation and interest) but after tax.
324 I Standalone Financials
100th Annual Report 2018-19
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326 I
The Tata Power Company Limited
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The Tata Power Company Limited
Registered Office: Bombay House, 24, Homi Mody Street, Mumbai 400 001.
Tel.: 022 6665 8282 Fax: 022 6665 8801 E-mail: tatapower@tatapower.com Website: www.tatapower.com
PROXY FORM
[Pursunt to section 105(6) of the Companies Act, 2013 and rule 19(3) of the Companies (Management and Administration) Rules, 2014]
CIN: L28920MH1919PLC000567
Name of the company : The Tata Power Company Limited
Registered Office : Bombay House, 24, Homi Mody Street, Mumbai 400 001.
Name of the member(s) ......................................................................................................................... E-mail ID: .....................................................................
Registered address: ............................................................................................................................................................................................................................
Folio No./Client ID: ................................................................................................................................... DP ID: ............................................................................
I/We, being the member(s) of.......................................................................................................shares of the above named company, hereby appoint
1. Name: ..............................................................................................................................................................E-mail ID: ...............................................................
Address: .............................................................................................................................................................................................................................................
............................................................................................................................................................................Signature: ..................................or failling him
2. Name: ..............................................................................................................................................................E-mail ID: ...............................................................
Address: .............................................................................................................................................................................................................................................
............................................................................................................................................................................Signature: ..................................or failling him
(cid:5)
3. Name: ..............................................................................................................................................................E-mail ID: ...............................................................
Address: .............................................................................................................................................................................................................................................
............................................................................................................................................................................Signature: .............................................................
as my/our proxy to attend and vote (on a poll) for me/us and on my/our behalf at the 100th Annual General Meeting of the Company,
to be held on the 18th day of June 2019 at 3 p.m. at Birla Matushri Sabhagar, Sir Vithaldas Thackersey Marg, 19, New Marine Lines,
Mumbai 400 020 and at any adjournment thereof in respect of such resolutions as are indicated below:
Resolution No.
Item
For
Against
1
2
3
4
5
6
7
Adoption of the Audited Financial Statements of the Company for the financial year ended
31st March 2019, together with the Reports of the Board of Directors and the Auditors thereon
Adoption of Audited Consolidated Financial Statements of the Company for the financial year
ended 31st March 2019, together with the Report of the Auditors thereon
Declaration of dividend on Equity Shares for the financial year ended 31st March 2019
Appointment of Director in place of Mr. Banmali Agrawala (DIN: 00120029), who retires by
rotation and, being eligible, offers himself for re-appointment
Appointment of Mr. Ashok Sinha as a Director and as an Independent Director
Appointment of Branch Auditors
Ratification of Cost Auditor’s Remuneration
Signed this ...............................day of ..................................... 2019.
Signature of shareholder .................................................................
Signature of the Proxy holder(s) ....................................................
(cid:5)
Note:
Affix
Revenue
Stamp
1. This form of proxy in order to be effective should be duly completed and deposited at the Registered Office of the Company at
Bombay House, 24, Homi Mody Street, Mumbai 400 001, not less than 48 hours before the commencement of the Meeting.
2. Those Members who have multiple folios with different joint holders may use copies of the Proxy Form.