l) Deferred Tax:
Deferred income tax is accounted for by computing the tax
effect on timing differences which arise during the year and capable of reversal in subsequent periods. m) Foreign Currency Transaction:
The transactions in foreign currency are accounted at exchange rate prevailing on the date of transaction. Money items denominated in foreign currency outstanding at the yearend are translated at the yearend exchange rate and the unrealized exchange gain or loss is recognized in the profit and loss account.
3) Earnings in Foreign Exchange :
Sale of Entitlement from Wind Power : Rs. Nil (P.Y. - Rs. Nil) Expenditure in Foreign Exchange : Rs. Nil (P. Y. - Rs. Nil)
4) Disclosures required under Accounting Standard 15 "Employee Benefits as per Companies (Accounting Standards) Rules 2006 The Employee's Gratuity Fund Scheme managed by Life Insurance Corporation of India is a defined benefit plan. The present value of obligation is determined based on actuarial valuation using the projected unit credit method.
5) Based on Information of status of suppliers to the extent received by the company there are no Small Scale Industrial undertakings included in Sundry Creditors to whom the payments are outstanding for a period more than 45 days. Further the company has not received any memorandum (as required to be filed by the suppliers with the notified authority under the micro, Small and Medium Enterprises Development Act, 2006) claiming their status as micro, small or medium enterprises. Consequently the amount paid/payable to these parties during the year is Nil.
6) DISCLOSURES AS PER REGULATION 34 (3) READ WITH SCHEDULE V OF SEBI LISTING REGULATIONS, 2015
a) Loans and Advances to Subsidiary Companies
b) Loans and Advances to Associate Companies - NIL
c) Loans and Advances to Companies / Firms in which Directors are interested (Excluding Subsidiary and Associate Companies) - NIL
d) Investment by the loanee in the shares of parent and subsidiary company - NIL
9) Related Party Disclosure for the year ended 31.03.2016
In accordance with the "Accounting Standard 18 - Related Party Disclosure", the details are as follows:
Key Management Personnel : Mr. Ganesh N. Kamath -Managing Director
conservative measure recorded the revenue for FY 2014-15 of the wind power generated and fed into the grid of the state utility, at a preferential tariff of Rs.2.52 per unit as fixed by MERC for sale of power to utilities from category of projects like that of the company.
Pursuant to a favorable disposal of the petition of the Wind Power Association by MERC on 08.02.2016 permitting sale of power to third parties under Open Access for FY 2014-15 and thereafter the state utility issuing approval for Open Access, the Company recorded the difference in revenue between sale of wind power to third parties under Open Success and recording of revenue at preferential tariff and the same is reflected at Rs. 519.59 lacs Net of Open Access Expenses under Exceptional Items in the Profit & Loss Account.
B Transactions with the related Parties (including transactions which are more than 10% of the total transactions of the same type with related
13) In respect of balances of Sundry Creditors / Debtors, Loans and Advances, Banks and Unsecured Loans / Inter Corporate Deposits confirmations were not received by the Company in few cases. In the opinion of management the balances as appearing in the books are fully payable / realizable, as the case may be, in the normal course of business.
14) Previous year figures have been regrouped and / or reclassified wherever necessary.
10) Joint Venture Disclosure
The company does not have any joint venture companies
11) Segment Information
The Primary Business activity of the Company is that of Generation of Power from Renewable Sources and hence there being only one reportable segment, segment reporting has not been furnished.
12) The company in respect of its 18 MW wind farm in the state of Maharashtra, as in past years had applied for open access approval to the state utility for sale of power to third parties in FY 2014-15. However the state utility unilaterally denied granting of open access to many wind farm developers including the company leading to a petition to be filed before State Electricity Regulatory Commission (MERC) through an Association of Wind Power Developers of which the Company is a member.
Pending disposal of the petition with MERC, the company as a
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