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Ltd. Endereço: E-32, Ground Floor, Setor - 8, Noida, Uttar Pradesh, Índia - 201301 Email: contactusdeal4loans Copyright 2016 Deal4loans. Todos os direitos reservados. Isenção de responsabilidade: As informações são obtidas dos respectivos sites da Banks. Nós não fornecemos empréstimos por conta própria, mas garante que suas informações são enviadas para o banco que você optou por e nós não cobramos qualquer taxa de nossos clientes. Nós não fazemos empréstimos de curto prazo. Deal4loans não tem nenhuma equipe de vendas por conta própria e nós apenas ajudá-lo a comparar empréstimos. Nós não fornecemos qualquer dsa de Bancos. Todos os empréstimos estão a critério dos bancos associados. Leia mais. CIT vs HDFC Bank Ltd (Tribunal Supremo de Bombaim) Clique aqui para baixar o julgamento (HDFCBanknotionalloss. pdf) Perda por conta de depreciação em valor de títulos detidos como ações não é nocional 038 é permitido como uma dedução Um método de contabilidade Adoptada pelo contribuinte de forma consistente e regular não pode ser descartada pelas autoridades departamentais na opinião de que ele deveria ter adotado um método diferente de manter as contas ou de avaliação. As instituições financeiras como o banco, devem manter contas em termos da Lei RBI e seus regulamentos. A forma em que as contas devem ser mantidas é prescrita pela referida legislação. Por conseguinte, a conta devia estar em conformidade com os referidos requisitos. A Lei RBI ou a Companies Act não tratam das deduções ou exclusões admissíveis ao abrigo da Income Tax Act. Para efeitos da Lei do Imposto sobre o Rendimento, o método de avaliação seguido pelo avaliador era valorizar os investimentos ao custo ou valor de mercado, consoante o que for menor. O avalista tinha o direito de exigir uma dedução pela depreciação do valor dos títulos detidos por ela. O fato de os títulos não terem sido vendidos a um terceiro não significava que o prejuízo fosse teórico (Banco Comercial do Brasil, ITR 355 (SC), Bank of Baroda 266 ITR 334 (Bom) 038 Karnataka Bank Ltd 356 ITR 549 (Kar) Seguido). Compartilhe isto: Sentenças Relacionadas A maneira pela qual e o motivo no qual um ajuste da restituição foi feito é arbitrário e contrário à lei. A ordem de permanência estabelece que o avaliado não seria tratado como um avaliado em inadimplência em relação a questões cobertas. Contudo, o departamento prosseguiu até 8230. Está bem estabelecido que, em questões de condonação de atraso, uma abordagem altamente pedante deve ser evitada e uma abordagem orientada para a justiça deve ser adotada e uma parte não deve sofrer por causa de detalhes técnicos. 8250 Onde a questão Se a Explicação do art. 73 (que considera a perda de negociação de ações por uma empresa como perda de especulação) pode ser limitada apenas aos casos em que há manipulação e se a perda decorrente da avaliação do estoque de fechamento de ações também é 8230 Despesas administrativas relativas ao ganho de imposto Não se pode desautorizar o rendimento gratuito 14 /, na ausência de uma fórmula precisa para a desautorização proporcional até a entrada em vigor da Regra 8D Lê mais 8250 Reafirmou a opinião da maioria da Banca Especial no DCIT vs. Oman International Bank 100 ITD 285 que: (I) Embora as Circulares emitidas pela CBDT não sejam vinculativas para o tribunal como considerado no CCE vs Ratan Derreter 038 Wire Industries 231 ELT 22 (SC), é obrigatório8230TORRENT POWER Relatório dos Diretores Os Diretores têm o prazer de apresentar o Décimo Segundo Relatório Anual Da Sociedade, juntamente com as Contas Auditadas relativas ao exercício encerrado em 31 de Março de 2016. 1. ESTADO DOS ASSUNTOS Os principais destaques do exercício de 2015-16 são: - Desempenho financeiro da Sociedade em base consolidada: - Aumento da Receita Por 11.12 a Rs.11.959.24 Crore - Aumento de PBDIT em 33,37 para Rs.3,262.45 Crore - Aumento em PAT (após interesses minoritários) em 140,65 para Rs.865,60 Crore SUGEN, UNOSUGEN e Plantas DGEN participaram na Fase I e Fase II do Esquema Para a utilização da capacidade de geração de energia baseada em gás através da apresentação das propostas e foram atribuídos gás natural liquefeito re-gaseificado (RLNG) e apoio do Fundo de Desenvolvimento do Sistema Elétrico do Governo. A Companhia registrou a capacidade de regaseificação e armazenamento com a Petronet LNG Limited (PLL) até 1 mmtpa por 20 anos a partir de abril de 2017. - A Honble Central Electricity Regulatory Commission (CERC) emitiu uma ordem final de tarifa real para o período tarifário 2009- 14 para SUGEN e UNOSUGEN Plantas de 25 de junho de 2015 e 30 de outubro de 2015, respectivamente, e ordem tarifária de 6 de outubro de 2015 para o período tarifário 2014-19 para a Usina de SUGEN. - A Honble Gujarat Electricity Regulatory Commission (GERC) vide sua ordem de 31 de março de 2016 para o ajuste do FY 2014-15 ea determinação de tarifa para FY 2016-17 reduziu FPPPA para Rs.1.35 / unidade (Taxa anterior Rs.1.98 / Ou seja, redução de Rs.0.63 / unidade para as Áreas de Licença de Ahmedabad e Surat, tendo em vista a recente tendência de redução do preço do combustível, particularmente do preço do gás. Além disso, Honble GERC permitiu a recuperação da carga reguladora Rs.0.45 / unidade para lidar com a lacuna de anos anteriores. Assim, há redução efetiva de cerca de Rs.0.18 / unidade na tarifa global. - Torrent Power Connect oferece serviços altamente personalizados nas Áreas de Licenciamento de Ahmedabad, Gandhinagar e Surat, bem como nas áreas de franquias de Agra Bhiwandi. - 81 MW O projeto de energia solar GENSU adjacente à planta da SUGEN foi comissionado com sucesso durante o ano de forma econômica. Adicionalmente, a Companhia firmou um contrato com a M / s. Suzlon Energy Limited para o desenvolvimento, construção e manutenção de um projeto de energia eólica de 201,6 MW em Nakhatrana e Jamanwada, no distrito de Kutch, e em Mahuva, no distrito de Bhavnagar, em Gujarat. Além disso, um acordo com M / s. A Wind World India Ltd. foi contratada para desenvolver, construir e manter 136,8 MWWind Power Project em Mahidad nos distritos de Rajkot e Surendranagar em Gujarat. Com capacidade renovável operacional de 182 MW e projetos de energia eólica em construção de 338 MW, a capacidade total de geração renovável da Companhia atingiria 520 MW. - A Central da DGEN recebeu cinco estrelas do British Safety Council para o Sistema de Gestão de Saúde e Segurança e a Unidade de Cabos recebeu certificações para ISO 14001: 2004 e OHSAS 18001: 2007 - A Honble High Court de Gujarat vide a sua ordem de 13 de Agosto de 2015 Sancionou o Sistema Composto de Amalgamação (o Esquema) da Torrent Energy Limited (TEL) e da Torrent Cables Limited (TCL) com a Torrent Power Limited (TPL). Estes despachos foram arquivados junto do Registrador de Empresas em 1 de Outubro de 2015. Assim, o Regime entrou em funcionamento com data efectiva de 1 de Outubro de 2015 e data fixada a 1 de Abril de 2014. Resumo dos resultados financeiros da Sociedade para o exercício Em 31 de Dezembro de 2016 Março de 2015 Março de 2016 Março de 2015 Receitas Totais 11.906,08 10.596,92 11.959.24 10.762,27 Resultado Antes de Depreciação, Juros e Impostos 3,135,02 2,386.18 3,262.45 2,446.14 Depreciação 844,23 547,98 877,49 720,50 Custos Financeiros 1,119.56 706,161 1,134.56 962,29 Lucro antes de impostos e itens excepcionais 1,171.23 1,132.04 1,250.40 763,35 Itens excepcionais 741 22,99 7,41 22,99 Lucro antes de impostos 1,163.82 1,109.05 1,242.99 740,36 Imposto corrente 247,60 227,91 265,63 232,85 Imposto Diferido 97,05 139,13 106,94 144,89 (Excesso) / Falta de provisão para imposto de renda corrente de exercícios anteriores 3,21 (0,05) 3,21 (0,05) Participação Minoritária - - 1,61 2,98 Lucro Após Imposto Interesses Minoritários 815,96 742,061 865,60 359,69 Saldo adiantado 2.136,75 1.504,80 1.763,16 1.516,16 Acrescentar: Recebido em 1 de Abril de 2014 60.14 - 56.12 - Acrescentar: Aditamento por fusão para o período de 1 de Abril de 2014 a 31 de Março de 2015 (306.82) - 81.66 - Acrescentar: Transferência da Reserva de Contingência relativa ao ano anterior - - - 0,29 Saldo disponível para Dotação 2,706.03 2,246.86 2,766.54 1,876.14 Transferência para Reserva de Contingência 1,65 1,00 1,65 1,62 Transferência para Debêntures Reserva de Resgate 23,81 23,81 23,81 23,81 Transferência para Reserva Geral - - - - Dividendo Intercalar 216,28 - 216,28 - Dividendo Imposto de Distribuição sobre Dividendo Intermediário 44,03 - 44,03 1,26 Dividendo proposto - 70,87 - 70,87 Dividendo Imposto de Distribuição sobre o Dividendo Proposta - 14,43 1,28 15,42 Reversão do Dividendo Imposto de Distribuição de exercícios anteriores (0,75) - (0,73) - Saldo transitado para o Balanço 2.421,01 2.136,75 2.480,22 1,763.16 Lucro por Ação (Rs. Por ação) 16,98 15,71 18,01 7,61 Como o Plano entrou em vigor a partir de 1º de outubro de 2015, os valores referentes ao exercício findo em 31 de março de 2016 estão após a efetivação da fusão, enquanto os valores referentes ao exercício encerrado em 31 de março de 2015 são anteriores Efeito na fusão e, portanto, não são comparáveis. A Companhia, como uma política, se esforça para distribuir aprox. 30 de seus lucros anuais, após impostos, como dividendo em uma ou mais parcelas. Na sequência dessa política, o Conselho de Administração, em 10 de março de 2016, declarou dividendos intermediários de 45, ou seja, Rs.4,50 por ação de capital com valor nominal de Rs.10 / - em 48,06,16,784 ações de capital para FY 2015-16 E, em 18 de maio de 2016, recomendou o mesmo para confirmação de dividendo final (PY - Rs.1.50 por ação de capital com valor nominal de Rs.10 / - em 47,24,48,308 ações), no valor de Rs.216.28 Crore (PY - Rs.70,87 Crore). O referido dividendo foi pago. Com imposto de distribuição de dividendos de Rs.44.03 Crore (PY - Rs.14.43 Crore), a saída total por conta de dividendo funciona para Rs.260.31 Crore (PY - Rs.85,30 Crore) ou seja 30,07 (PY - 23,71) de consolidado anual Lucros após impostos e participação minoritária. DISCUSSÃO E ANÁLISE DA ADMINISTRAÇÃO Conforme estipulado no Anexo V do Regulamento SEBI (Obrigações de Listagem e Requisitos de Divulgação), 2015, o Relatório de Análise e Discussão da Administração faz parte deste Relatório Anual. ESQUEMA COMPLETO DE AMALGAMAÇÃO A Suprema Corte Honble de Gujarat vide sua ordem de 13 de agosto de 2015, sancionou o Esquema Composto de Amalgamação (o Esquema) de TEL e TCL com TPL. Estas ordens foram arquivadas junto do Registrador de Empresas em 1 de Outubro de 2015. Assim, o Plano entrou em funcionamento com data efectiva de 1 de Outubro de 2015 e data fixada a 1 de Abril de 2014. Desde a entrada em vigor, TEL e TCL estão dissolvidos ( Sem ser liquidada) e fundiu-se com a TPL. Em decorrência da incorporação, foram atribuídas 81,68,476 ações ordinárias da Companhia de Rs.10 cada, integralmente parceladas, aos acionistas da TCL e devidamente inscritas na BSE e NSE. Durante o ano em análise, a Companhia contratou empréstimos de longo prazo de diversos Bancos e Instituições Financeiras, no valor de Rs.7.930 Crore, com a finalidade de reorganizar os empréstimos existentes de longo prazo da Companhia e de custear parcialmente os investimentos da Companhia . Tais empréstimos de longo prazo foram levantados como parte da reorganização da dívida consolidada da TPL, TEL e TCL, de acordo com a fusão da TEL e da TCL com a TPL. Valor em dívida para empréstimos de longo prazo, NCDs e empréstimos APDRP como em 31 de março de 2016 é Rs.8.442,92 Crore. Além disso, empréstimo de US $ 49,84 milhões do KfW, Alemanha e empréstimo de Rs.209.78 Crore do Kotak Mahindra Bank foram pré-pagos durante o ano. Os detalhes dos empréstimos de longo prazo da Companhia para o exercício em análise são apresentados na Nota 4 das Demonstrações Financeiras. A dívida consolidada em relação ao patrimônio (incluindo o imposto de renda diferido) no final do exercício de 2015-16 era de 1,01 (PY -1,26). CRISIL revisou a classificação de longo prazo para os empréstimos de longo prazo da Companys, crédito de caixa e NCDs de AA / Estável para AA - / Estável. As cartas de crédito / garantias bancárias da Companhia são classificadas como CRISIL A1 (Reafirmadas). Durante o exercício em análise, a Companhia não aceitou nem renovou quaisquer depósitos. INFORMAÇÕES RELATIVAS AOS CONTRATOS OU ARRANJOS COM PARTES RELACIONADAS Os detalhes dos contratos ou convénios com partes relacionadas são dados no Formulário AOC-2 prescrito, anexado como Anexo A e na seção sobre Transações com Partes Relacionadas no Relatório de Governança Corporativa. DECLARAÇÃO DE RESPONSABILIDADE DO CONSELHO DE ADMINISTRAÇÃO Nos termos do artigo 134.º, n. º 3, da Lei das Sociedades de Capital de 2013, o Conselho de Administração refere que: a) na preparação das contas anuais foram respeitadas as normas contabilísticas aplicáveis e não existem afastamentos significativos; Os Administradores seleccionaram tais políticas contabilísticas e as aplicaram de forma consistente e fizeram julgamentos e estimativas que são razoáveis e prudentes para dar uma imagem fiel da situação da Sociedade em 31 de Março de 2016 e dos lucros do exercício Encerrado em 31 de março de 2016; c) os Conselheiros tiveram cuidado adequado e suficiente para a manutenção de registros contábeis adequados, de acordo com as disposições da Lei das Sociedades Comerciais de 2013 para salvaguardar os ativos da Companhia e para prevenir e detectar fraudes e outras irregularidades. ) As contas anuais foram elaboradas numa base de continuidade e) os Administradores estabeleceram os controlos financeiros internos a serem seguidos pela Sociedade e que esses controlos financeiros internos são adequados e estão a funcionar eficazmente e f) os Administradores desenvolveram sistemas adequados para Assegurar o cumprimento das disposições de todas as leis aplicáveis e que esses sistemas são adequados e operam eficazmente. CONTROLOS FINANCEIROS INTERNOS A Sociedade dispõe de controlos financeiros internos adequados com referência às Demonstrações Financeiras. Durante o ano, esses controles foram testados e nenhuma debilidade material relatável foi observada. 2. SUBSIDIÁRIAS E VENTURAS CONJUNTAS A Sociedade tem quatro empresas subsidiárias viz. A Torrent Solargen Limited (TSL), a Torrent Power Grid Limited, a Torrent Pipavav Generation Limited ea AEC Cimentos and Constructions Limited (AECCCL). Em decorrência da incorporação no exercício de 2015-16, as ações detidas pela TCL na AECCCL foram investidas na Companhia, tornando a AECCCL uma subsidiária da Companhia. O Conselho de Administração da Companhia e a TSL, em suas respectivas reuniões realizadas em 18 de maio de 2016, aprovaram o Plano de Arranjo para transferência e aquisição de empreendimentos de Energia Solar e Eólica da TSL para a Companhia, numa base de continuidade, Representando o seu valor patrimonial líquido na data fixada, ou seja, 1 de Abril de 2015. O regime está condicionado, entre outras, às aprovações necessárias. A Companhia, em conjunto com a Torrent Pharmaceuticals Limited, promoveu duas empresas da Seção 8 sob a Lei de Companhias de 2013, viz. Tornascent Care Institute e UNM Foundation com o objetivo de realizar atividades de RSE. Durante o ano, o Instituto de Cuidados Tornascent lançou um Programa de Saúde Pediátrica - REACH, isto é, Alcance CADA CRIANÇA. O Conselho de Administração analisou periodicamente os assuntos das subsidiárias da Companhia durante o ano. De acordo com o artigo 129 (3) da Lei das Sociedades Comerciais de 2013, a Companhia preparou as Demonstrações Financeiras Consolidadas da Companhia e de todas as suas controladas, que fazem parte deste Relatório Anual. Além disso, uma declaração contendo as principais características das Demonstrações Contábeis das subsidiárias da Companhia e o modo como as mesmas foram tratadas, faz parte da Nota 44 das Demonstrações Financeiras Consolidadas no formato prescrito. 3. INICIATIVAS DO CLIENTE Depois de lançar com êxito o Portal de Auto-Atendimento ao Cliente connect. torrentpower, a Companhia lançou recentemente uma aplicação móvel de Auto-atendimento ao cliente Torrent Power Connect para aproveitar o poder da penetração de smartphones em todo o país para oferecer serviços altamente personalizados no Companys Licença Áreas de Ahmedabad, Gandhinagar e Surat, bem como nas áreas do franqueado de Agra Bhiwandi. O aplicativo incorpora vários recursos de conveniência, como pagamentos instantâneos de contas, painel personalizado, notificações de serviço em tempo real e registro de reclamações sem necessidade de entrar em contato com o call center ou fornecer o número de serviço. Essas iniciativas eliminaram virtualmente a necessidade de os clientes visitarem um centro de serviços / pagamentos. Além disso, a empresa também tem amarrado com vários novos gateways de pagamento on-line para facilitar a transição de transações físicas para transações on-line para pagamentos de contas de energia. 4. AMBIENTE, SAÚDE E SEGURANÇA De acordo com a sua filosofia de maior importância para a segurança nas suas várias operações e no sentido de criar mais consciência no local de trabalho sobre segurança e conformidade das normas de segurança, de modo a evitar acidentes No local de trabalho, a Companhia possui a política de Convicção pela Segurança. A política também prevê uma compensação substancial para o pessoal e suas famílias, que são adversamente afetados por acidentes. Campanhas de segurança e programas de conscientização pública foram aprimorados. Os empreendimentos relativos ao meio ambiente, à saúde e à segurança durante o ano fiscal de 2015-16 incluem: A. Instalações de Geração a Gás - Sistema de Gestão Integrado para garantir um funcionamento seguro, saudável e ambiental nas instalações da SUGEN, UNOSUGEN e DGEN, ISO 14001: 2004, Gestão de Segurança em Saúde Ocupacional ISO 18001: 2007 e Gestão de Energia ISO 50001: 2011. - Classificação de cinco estrelas para a Planta DGEN do British Safety Council na Auditoria do Sistema de Saúde e Segurança Ocupacional de Cinco Estrelas. - Conclusão de acidente com tempo perdido reportável livre de 3,21 milhões de horas-homem (1.187 dias de calendário) em 31 de março de 2016 na Usina de SUGEN. - Outras iniciativas importantes de EHS incluem: o Instalação de sistema de recolha de águas pluviais no sistema de recolha de água da Planta e das águas da DGEN em Meghdhanush (edifício de colónia na Central de DGEN). O Transferência da monitorização do nível do tanque de gasóleo a partir do cárter interno para o nível do solo para acesso seguro na central da DGEN. O Reunião regular com curto vídeo clip EHS, substituição de caixas de mangueira metálicas com FRR substituição de 102 metros torre de resfriamento corroídos mão trilhos, instalação de TOC metros para monitorar a qualidade do efluente líquido em SUGEN e UNOSUGEN Plantas. O Celebrações no Dia Nacional de Segurança, Semana de Segurança Rodoviária, Semana de Segurança Elétrica, Semana de Segurança Química, Semana de Segurança Mecânica, Dia do Serviço Nacional de Bombeiros, Dia Mundial do Meio Ambiente, Dia da Terra, etc. B. Instalação de Geração a Carvão - Colocação em funcionamento do analisador de NOx SOx de acordo com a orientação do CPCB e instalação de câmara de CCTV com instalação de gravação em pontos de saída de água de lagoas de cinzas para monitorizar a descarga de água e prevenir possível infiltração de água no rio - Sistema de monitoramento. - Foi realizado um estudo piloto interno para a conservação da água através da operação de um sistema de água de arrefecimento em alta concentração de ciclo. - Nenhum acidente de tempo perdido em 51 MW Charanka Solar Plant. - Certificações ISO 14001: 2004 (Gestão Ambiental) e OHSAS 18001: 2007 (Gestão da Segurança no Trabalho) à Unidade Cabos. - Exames médicos para todos os funcionários permanentes da Companhia. 5. RECURSOS HUMANOS O Grupo Torrent valoriza seus funcionários e acredita que seu sucesso é resultado da contribuição cumulativa de todos os seus funcionários. A função de Desenvolvimento de Recursos Humanos, esforça-se continuamente para enfatizar a criação de um ambiente de trabalho propício e desenvolvimento de uma abordagem robusta e consistente para desenvolvimento de liderança de gestão de talentos. Atrair e reter empregados qualificados, estabilizar a força de trabalho no mercado em rápida mudança, aumentar sua produtividade, implementar uma liderança credível e competente, construir uma orientação consistente mas acomodar as diferenças locais - agora estão se tornando cada vez mais importantes. Para tanto, durante o ano, o Grupo se concentrou em redefinir as políticas de bem-estar dos funcionários para enriquecer sua vida pessoal, profissional e social. Suas iniciativas de diversidade de gênero, foco para garantir que cada funcionário tem a oportunidade de efetivamente equilibrar o trabalho ea vida com si mesmo e família, foram alguns dos principais esforços que ajudaram a fortalecer a cultura de trabalho. Como uma organização, o Grupo Torrent está consciente sobre a saúde de seus funcionários, bem como seus familiares. Isto reflectiu-se em várias iniciativas de cuidados de saúde tomadas durante o ano em análise para (a) prevenção, (b) cura e (c) rede de segurança para desconhecidos riscos para a saúde dos trabalhadores. Além disso, a fim de fortalecer o conceito de Torrent Parivaar, a participação de funcionários e familiares foi incentivada através de vários encontros e eventos sociais ao longo do ano. Durante o ano em análise, um caso foi arquivado e disposto de acordo com a Lei de Prevenção, Proibição e Repressão do Acto Sexual de Mulheres no Local de Trabalho (2013). O ano também viu o reforço da já existente política de Whistle Blower A fim de enfatizar e incentivar a comunicação de qualquer irregularidade ou qualquer prática antiética. Na área industrial, a Companhia continuou promovendo relações profissionais cordiais com sua força de trabalho durante o ano. A Companhia possui uma força de trabalho diversificada de 7.296 funcionários em 31 de março de 2016 frente a 7.308 funcionários em 31 de março de 2015. A Companhia continuará a se concentrar no desenvolvimento do talento certo para alcançar o objetivo comum de negócios. 6. GOVERNANÇA CORPORATIVA A filosofia de Governança Corporativa da Companhia assenta em cinco princípios básicos, a saber: A proteção dos direitos interesses dos membros, a igualdade de tratamento de todos os membros, a divulgação de informações oportunas e precisas, orientação estratégica monitoramento eficaz pelo Conselho e prestação de contas do Conselho para a Companhia seus membros. Conforme estipulado no Anexo V do Regulamento SEBI (Requisitos de Divulgação e Divulgação de Informações), 2015, o Relatório sobre Governança Corporativa faz parte deste Relatório Anual. Certificado dos Auditores sobre o cumprimento das condições de Governança Corporativa, conforme estipulado no Anexo V do Regulamento SEBI (Obrigações de Listagem e Requisitos de Divulgação), 2015, é anexado ao Relatório do Conselho como anexo B. 7. RESPONSABILIDADE SOCIAL CORPORATIVA (RSE) Torrent Group Como uma filosofia acredita Pensar dos outros também quando você pensa sobre si mesmo. A preocupação com a Comunidade é uma cultura imbibed na Companhia. A Empresa, como parte de sua Responsabilidade Social Corporativa, realizou esforços focados nos setores de Saúde Comunitária, Higiene Sanitária, Melhoria do Conhecimento em Educação e Preocupação Social. Em conformidade com as disposições da Lei das Sociedades Comerciais de 2013 e das Normas adoptadas ao abrigo da mesma, foi criada uma Comissão de Responsabilidade Social Corporativa pelo Conselho de Administração. A Composição do Comitê de RSE é a seguinte: Nome do Diretor Categoria de Diretoria Smt. Bhavna Doshi, Presidente () Diretor Independente Smt. Renu Challu () Diretor Independente Shri Samir Barua Diretor Independente Shri Jinal Mehta Diretor Integral () Nomeado como membro do Comitê desde 4 de agosto de 2015. C) Deixou de ser membro do Comitê efetivo a partir do horário de encerramento do dia 12 Maio de 2015, por sua demissão como Diretora da Companhia. Durante o ano, a Diretoria havia revisado a Política de RSE da Companhia para alinhá-la às alterações da Lei de Sociedades, de 2013. A Política de RSE revisada pode ser acessada no seguinte link: torrentpower / investors / 2015 / csrpolicypdf Durante o FY 2015-16, descrevem-se os programas e actividades de RSE empreendidos ao nível do Grupo: - REACH: Torrent Power Limited e Torrent Pharmaceuticals Limited iniciaram conjuntamente um Programa de Cuidados de Saúde Pediátrica - REACH - Reach EAch CHild sob a égide do Tornascent Care Institute. Cenários de saúde pediátrica até acampamentos foram organizados sob a bandeira de Shaishav em quatro aldeias nas imediações dos estabelecimentos da Companhia como um projeto-piloto. Mais de 1.200 crianças menores de 6 anos foram examinadas médicamente. Foi fornecido apoio remediador sob a supervisão de Pediatras às crianças anêmicas e desnutridas identificadas. O apoio também está sendo fornecido para casos especiais com doenças crônicas em base de necessidade através de tratamento médico e gestão. - Shiksha Setu - Programa de Excelência em Ensino e Aprendizagem, envolvendo 6.500 alunos e 230 professores, alcançou 53.18 melhora cumulativa de aprendizado ao final do quinto ano. As intervenções do programa, como a ferramenta de aprendizagem adaptativa baseada em computador, a formação contínua de professores, a avaliação da aprendizagem dos alunos e a sensibilização da comunidade trouxeram resultados positivos que incluem ritmo de aprendizagem mais rápido dos alunos, melhoria da frequência dos alunos e melhoria significativa das capacidades de ensino. O Relatório Anual sobre Atividades de RSE é apresentado como Anexo C a este Relatório que indica que a Companhia gastou Rs.10.22 Crore (mais de 2 dos lucros líquidos médios dos últimos três exercícios financeiros) a este respeito. Outras iniciativas de RSE empreendidas pela Companhia durante o ano fiscal de 2015-16 incluem: - Um treinamento intensivo de 42 dias cobrindo segurança, combate a incêndios básicos e conhecimento operacional de computadores foi desenvolvido internamente pela equipe de segurança. 82 jovens desempregados das aldeias vizinhas SUGEN e DGEN As plantas com ensino básico primário foram treinadas durante o ano fiscal de 2015-16 e as que concluíram com êxito o treinamento foram absorvidas em trabalhos relacionados com a segurança nos locais do projeto - Para limpeza rotineira de painéis solares na Planta Solar GENSU , Uma equipe de 42 pessoas especialmente capacitadas (com deficiência auditiva e fonoaudiológica) foram selecionadas, orientadas e induzidas, proporcionando-lhes assim uma vida digna. Muitos dos antigos proprietários de terras da Planta DGEN foram enviados em treinamento vocacional especial (como curso de bombeiros, ITI Formação, etc.), com a necessária bolsa de estudo e apoio para os tornar hábeis e empregáveis, foram absorvidos pelo projecto na conclusão bem sucedida da sua formação. - Saúde da comunidade: SWADHAR - centro de saúde comunitário na Usina de SUGEN, não só forneceu instalações de cuidados primários de saúde a custo muito nominal para as comunidades vizinhas, mas também promoveu saúde, higiene e saneamento através de vários acampamentos durante o ano. Durante o ano fiscal de 2015-16, cerca de 7.000 pessoas beneficiaram das atividades do SWADHAR. - A Companhia também fez doações a várias organizações envolvidas na educação, na assistência médica, no auxílio às vítimas de desastres e na promoção do bem-estar social, da harmonia e do nacionalismo. 8. DIRECTORS AND KEY MANAGERIAL PERSONNEL APPOINTMENT AND RESIGNATION The Members of the Company had at the 11th Annual General Meeting held on 4th August, 2015, appointed Smt. Bhavna Doshi as an Independent Director for a term of three consecutive years ending 3rd August, 2018, pursuant to Section 149 and other applicable provisions of the Companies Act, 2013. The Members had, in the same meeting, also approved the re-appointment of Shri Sudhir Mehta as Chairman and Shri Samir Mehta as Vice Chairman of the Company w. e.f. 1st August, 2015 for a term of five consecutive years. The Government of Gujarat has nominated Shri P. K. Taneja, IAS as its nominee on the Board of the Company and the Company has appointed him as an Additional Director on the Board w. e.f. 4th August, 2015 till the commencement of ensuing Annual General Meeting (AGM). It is proposed to appoint him as a Director, liable to retire by rotation, with effect from the ensuing AGM i. e. 2nd August, 2016. Further, in accordance with Section 149 and other applicable provisions of the Companies Act, 2013, the Members of the Company had approved (through Postal Ballot) the appointment of Ms. Dharmishta Raval as an Independent Director of the Company w. e.f. 16th October, 2015 for a term of three consecutive years ending 15th October, 2018. The Board had, at its meeting held on 4th August, 2015, appointed Shri Darshan Soni as Company Secretary and Whole-time Key Managerial Personnel of the Company. RE-APPOINTMENT OF DIRECTORS The term of Shri Markand Bhatt as Whole-time Director ceased on the closing hours of 31st March, 2016 and the Board re-appointed him as Whole-time Director at its meeting held on 28th October, 2015 for a term of five years w. e.f. 1st April, 2016, subject to the approval of the members at the ensuing Annual General Meeting. DIRECTOR RETIRING BY ROTATION As per the provisions of the Companies Act, 2013, Shri Jinal Mehta, Whole-time Director, retires by rotation and being eligible, has offered himself for re-appointment. A brief resume and other relevant details of the Directors proposed to be appointed / re-appointed are given in the Explanatory Statement to the Notice convening the 12th Annual General Meeting. DECLARATION BY INDEPENDENT DIRECTORS Pursuant to Section 149(7) of the Companies Act, 2013, the Company has received necessary declaration from each Independent Director confirming that they meet the criteria of independence as prescribed under Section 149(6) of the Act and SEBI (Listing Obligations Disclosure Requirements) Regulations, 2015. POLICY ON DIRECTORSAPPOINTMENT The Nomination and Remuneration Committee (NRC) has approved the criteria and process for identification / appointment of Directors which are as under: Criteria for Appointment: i. Proposed Director (Person) shall meet all statutory requirements and should: - possess the highest ethics, integrity and values - not have direct / indirect conflict with present or potential business / operations of the Company - have the balance and maturity of judgment - be willing to devote sufficient time and energy - have demonstrated leadership and vision at senior levels, and have the ability to articulate a clear direction for the Company - have relevant experience with respect to Companys business (In exceptional circumstances, specialisation / expertise in unrelated areas may also be considered) - have appropriate comprehension to understand or be able to acquire that understanding o relating to Corporate Functioning o involved in scale, complexity of business and specific market and environment factors affecting the functioning of the Company ii. The appointment shall be in compliance with the Board Diversity Policy of the Company. Process for Identification /Appointment of Directors: i. Board members may (formally or informally) suggest any potential person to the Chairman of the Company meeting the above criteria. If the Chairman deems fit, necessary recommendation shall be made by him to the NRC. Ii. Chairman of the Company can himself also refer any potential person meeting the above criteria to the NRC. Iii. NRC will process the matter and recommend such proposal to the Board. Iv. Board will consider such proposal on merit and decide suitably. CRITERIA FOR PERFORMANCE EVALUATION During the year under review, the Board considered and refined the criteria as well as the process for performance evaluation of itself, that of its Committees and Individual Directors as follows: Evaluation of Criteria for Evaluation Board - Degree of fulfillment of key responsibilities including focus on strategic and policy issues. - Effectiveness of Board process and information sharing. - Board culture and dynamics. - Quality of decisions. - Establishment and delineation of responsibilities to Committees. - Quality of relationship between Board and the Management. Committee - Degree of fulfillment of key responsibilities. - Frequency and effectiveness of meetings. - Committee dynamics, especially openness of discussions, including with the Board. - Adequacy of Committee composition. - Quality of relationship of the committee with the Board and the Management. Individual Directors - Participation in Board in terms of adequacy (time content). - Contribution through expertise and perspective. - Guidance / support to Management outside Board / Committee meetings. MANNER OF EVALUATION OF BOARD, ITS COMMITTEES AND INDIVIDUAL DIRECTORS The evaluation of Board, its Committees and Individual Directors was carried out as per the process and criteria laid down by the Board of Directors based on the recommendation of the Nomination and Remuneration Committee. The obtaining and consolidation of feedback from all Directors in this regards, was co-ordinated by the Vice Chairman. Based on this, Chairman /Vice Chairman briefed the Board and each of the Individual Directors, as applicable. NUMBER OF MEETINGS OF THE BOARD The Board meets at regular interval with gap between two meetings not exceeding 120 days. Additional meetings are held as and when necessary. During the year under review, the Board met five times. The Company has in place the policy relating to the remuneration of the Directors, Key Managerial Personnel and other employees of the Company which is as under: Components of Remuneration i. Fixed Pay comprising Basic Salary, HRA, Car Allowance (applicable to General Managers above employees), Conveyance Allowances / Reimbursement, Companys contribution to Provident Fund, Superannuation Fund, Gratuity, etc. ii. Variable Pay, which is either in the form of: - Commission to Managing Directors - Commission to Whole-time Directors - Performance Based Pay to General Managers above (up to 20 of CTC), based on unit performance grades - One-time reward for identified employees in exceptional cases who undertake tasks which go beyond their normal call of duty and play a crucial role in the success of an event. Iii. Retention Pay: In the case where stability is an issue, part of the CTC is kept as retention pay which is being paid after 3 years or more. Such remuneration is determined at the time of recruitment based on various factors such as Educational Qualification, Experience, Competence, Current CTC, Internal Equity and/or External Market comparison, etc. Annual Appraisal Process i. Annual Appraisals are conducted, following which annual increments and promotions in deserving cases are decided once in a year based on: - Assessment by Immediate Superior and - Assessment by Head of Department ii. Annual Increment leading to an increase in Fixed Pay consists of - Economic Rise based on All India Consumer Price Index published by the Government of India or Internal Survey wherein inflation on commonly used items is calculated. - Performance Rise based on industry and overall business scenario and factoring the following aspects: o Companys performance vis-a-vis the industry o Unit performance is generally carried out based on various financial and non-financial parameters and grades assigned are used for working out the overall ceiling for remuneration and performance based pay at Unit level. o Individual Performance / track record including care for health / balance between quality of work and family life. Iii. Also, Performance Based Pay i. e. Variable Pay (to General Manager above employees) is based on annual appraisal process. Iv. The increments as decided for a particular financial year are paid during the subsequent financial year. For example, the performance appraisal of an employee for FY 2015-16 is conducted in FY 2016-17 and his salary rise in FY 2016-17 reflects his performance for FY 2015-16. Remuneration of Non-Executive Directors: The Company has formulated a policy for the remuneration of Non-Executive Directors as follows: i. Sitting Fees of Rs.1 lac for each meeting of the Board or any Committee thereof, attended by them ii. Commission on the basis of participation in the meetings of Board and Audit Risk Management Committee subject to the condition that total commission paid to all Directors (other than Managing Director or Whole-time Director) including service tax thereon shall not exceed the limit of 1 of net profits in a financial year as laid down under the provisions of Section 197(1) of the Companies Act, 2013 read with Section 198 of the Act. Iii. Non-Executive Directors will be reimbursed for all the expenses incurred for attending any meeting of the Board or Committees thereof, and which may arise from performance of any special assignments given by the Board. PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES In terms of the provisions of Section 197(12) of the Companies Act, 2013 read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, disclosures pertaining to remuneration and other details are provided in the Annexure D to this Report. M/s. Deloitte Haskins Sells, Chartered Accountants, the Statutory Auditors of the Company retire at the ensuing Annual General Meeting and are eligible for re-appointment. They have furnished a certificate regarding their eligibility for re-appointment as Statutory Auditors of the Company, pursuant to Section 139(1) of the Companies Act, 2013 read with relevant Rules. The Board of Directors recommends their re-appointment for one year. The Auditors Report for FY 2015-16 forms part of this Annual Report and does not contain any qualification, reservation or adverse remark. Pursuant to Section 148(3) of the Companies Act, 2013, M/s. Kirit Mehta Co. Cost Accountants, Mumbai had been appointed as the Cost Auditors of the Company for FY 2015-16 by the Board of Directors and their remuneration was ratified by members at the 11th Annual General Meeting of the Company. The Cost Audit Report for FY 2014-15 was filed on 1st October, 2015 with the Central Government (within the prescribed time limit) pursuant to Section 148(6) of the Companies Act, 2013. Pursuant to Section 204 of the Companies Act, 2013 read with Rules thereof, the Board of Directors had appointed M/s. M. C. Gupta Co., Company Secretaries, Ahmedabad, as Secretarial Auditors of the Company for FY 2015-16. A Secretarial Audit Report for FY 2015-16 is annexed herewith as Annexure E. There are no adverse observations in the Secretarial Audit Report except for a temporary non-compliance in composition of Nomination and Remuneration Committee for the interim period of approx. 5 months. The Board of Directors noted the observation stated in the Secretarial Audit report and observed that the same had occurred due to the exigency arising out of the resignation of Smt. Renu Challu, a member of Nomination Remuneration Committee. This vacancy was filled within 5 months and thereby appropriate compliance with the statutory requirements was duly ensured. 11. AUDIT AND RISK MANAGEMENT During the year, the Board reviewed and revisited the decision taken by it regarding the role of Risk Management being carried out by the Audit Committee and after detailed deliberations it was decided that the Audit Committee of the Board shall continue to play the role of Risk Management Committee and be called as Audit and Risk Management Committee unless otherwise decided by the Board. COMPOSITION OF THE COMMITTEE Name of the Director Category of Directorship Shri Keki Mistry, Chairman Independent Director Shri Samir Barua Independent Director Shri Kiran Karnik Independent Director Smt. Renu Challu() Independent Director Smt. Bhavna Doshi() Independent Director Ms. Dharmishta Raval() Independent Director () Ceased to be a member of the Committee effective from the closing hours of 12th May, 2015 on her resignation as Director of the Company. C Appointed as a member of the Committee effective from 4th August, 2015. () Appointed as a member of the Committee effective from 28th October, 2015. During the year the Board had revised the terms of reference of the Committee to give effect to the new requirements under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. During the year, the Board has accepted all the recommendations made by the Audit and Risk Management Committee. The Company has in place a Whistle Blower Policy pursuant to the requirements of the Companies Act, 2013 and the erstwhile Listing Agreement. The Policy empowers all the Stakeholders to raise concerns by making Protected Disclosures as defined in the Policy. The Policy also provides for adequate safeguards against victimization of Whistle Blower who uses such mechanism and also provides for direct access to the Chairman of the Audit and Risk Management Committee, in exceptional cases. The functioning of the Whistle Blower mechanism is reviewed by the Audit and Risk Management Committee on a quarterly basis. The details of the Whistle Blower Policy are explained in the Report on Corporate Governance and the Policy is available on the website of the Company at torrentpower/investors/pdfs/2015/whistle blowerpolicy. pdf The Company has in place a Risk Management framework for a systematic approach to control risks. The Risk Management Policy of the Company lays down procedures for risk identification, assessment, monitoring, review and reporting. The Policy also lists the roles and responsibilities of Board, Risk Management Committee, Chief Risk Officer, Risk Champions and Co-ordinators. Internal and external risks, with potential impact and likelihood, that may impact the Company in achieving its strategic objectives or may threaten its existence have been identified and assessed. 12. THE EXTRACT OF THE ANNUAL RETURN The extract of the Annual Return in Form MGT-9 is appended herewith as Annexure F to this Report. 13. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO The details relating to conservation of energy, technology absorption, foreign exchange earnings and outgo prescribed under Section 134(3)(m) of the Companies Act, 2013 read with Companies (Accounts) Rules, 2014 are given in the Annexure G and form part of this Report. 14. APPRECIATION AND ACKNOWLEDGEMENTS The Board of Directors is pleased to place on record its appreciation for the continued guidance and support received from the Government of India, the State Governments, the Central and State Electricity Regulatory Commissions / Authorities, the National, Regional and State Load Dispatch Centres, Regional Power Committees, Gujarat Energy Development Agency, Bureau of Energy Efficiency, Chief Electrical Inspectors of Gujarat, Uttar Pradesh and Maharashtra, State Energy Developers, State Discoms, National and State Transmission Companies, the Gram Panchayats, Taluka Panchayats, District Collectors, Local Authorities, Corporation and Municipal Authorities of the areas of Companys operation, Contractors, Fuel Suppliers and Transporters, Power Exchanges, Banks, Financial Institutions and Security Trustees. The Board is thankful to the Members, Auditors, Consultants, Vendors, Service Providers, Insurers and all its Employees for their unstinted support and contribution. The Board also recognizes the contribution of the esteemed Consumers to the growth of the Company and takes this opportunity to pledge the Companys commitment to serve them better. For and on behalf of the Board of Directors Ahmedabad Sudhir Mehta 18th May, 2016 Chairman The Directors are pleased to present the Eleventh Annual Report of the Company together with the Audited Accounts for the financial year ended 31st March, 2015. 1. STATE OF THE AFFAIRS The key highlights for the Financial Year 2014-15 are: - Financial performance of the Company on standalone basis: o Increase in Revenue by 20.18 to Rs.10,596.92 Crore o Increase in PBDIT by 63.65 to Rs.2,386.18 Crore o Increase in PAT by 682.43 to Rs.742.06 Crore - - Financial performance of the Company on consolidated basis: o Increase in Revenue by 20.50 to Rs.10,762.27 Crore o Increase in PBDIT by 59.48 to Rs.2,446.14 Crore o Increase in PAT (after minority interest) by 241.72 to Rs.359.69 Crore - 1,200 MW combined cycle gas based DGEN Power Project at Dahej SEZ, District Bharuch, Gujarat, has been successfully commissioned during the year by Torrent Energy Limited, a wholly owned subsidiary of the Company. The plant is yet to be allocated domestic gas. - SUGEN, UNOSUGEN and DGEN have participated in the Scheme for utilization of Gas based power generation capacity by submitting the bids for allotment of Re-gasified Liquefied Natural Gas (RLNG) up to the target PLF and related Power System Development Fund support from the Government. - Honble Central Electricity Regulatory Commission (CERC) has issued interim true-up tariff order for SUGEN on 1st October, 2014 final true-up tariff order of which is awaited. - Honble Gujarat Electricity Regulatory Commission (GERC) vide its orders dated 31st March, 2015 on the petitions of the Company for true-up of FY 2013-14 and tariff determination for FY 2015-16 has allowed an average increase of 15 paise per kWh (2.36) in tariff for Ahmedabad and Surat Distribution. The increase is effective from 1st April, 2015 and is not applicable to BPL consumers, Agricultural consumers and Residential consumers using electricity up to 200 units per month. - Open access availment by consumers has adversely impacted the sales of the Companys Ahmedabad license area to the tune of 431 MUs in FY 2014-15. - Honble CERC and Honble GERC have accorded their approval for composite scheme of amalgamation of Torrent Energy Limited (TEL) and Torrent Cables Limited (TCL) with Torrent Power Limited (Company) (Scheme) subject to conditions contained in their respective orders and pursuant to the Honble Gujarat High Courts (High Court) order, meetings of Equity shareholders of the Company TCL and meetings of secured as well as unsecured creditors of TEL TCL have been concluded. Summary of the financial results of the Company for the year under review is as under: (Rs. in Crore) Standalone Consolidated For the year For the year For the year For the year Particulars ended on 31st endedon 31st endedon 31st endedon 31st March, 2015 March, 2014 March, 2015 March, 2014 Total Revenue 10,596.92 8,817.46 10,762.27 8,931.70 Profit Before Depreciation, Interest and Tax 2,386.18 1,458.14 2,446.14 1,533.85 Depreciation 54798 534.52 720.50 554.37 Finance Costs 706.16 67718 962.29 704.62 Profit Before Tax and Exceptional Items 1,132.04 246.44 763.35 274.86 Exceptional Items 22.99 - 22.99 - Profit Before Tax 1,109.05 246.44 740.36 274.86 Current Tax 22791 33.50 232.85 40.21 Deferred Tax 139.13 124.62 144.89 133.36 (Excess) / Shortfall in provision for current tax (0.05) (6.52) (0.05) (6.61) for earlier years Minority Interest - - 2.98 2.64 Profit After Tax Minority Interest 742.06 94.84 359.69 105.26 Add: Balance brought forward 1,504.80 1,462.41 1,516.16 1,465.50 Add: Transfer from Contingency Reserve - - 0.29 - pertaining to previous year Balance available for Appropriation 2,246.86 1,557.25 1,876.14 1,570.76 Transfer to Contingency Reserve 1.00 1.00 1.62 1.62 Transfer to Debenture Redemption Reserve 23.81 23.81 23.81 23.81 Transfer to General Reserve - - - - Dividend Distribution Tax on Interim Dividend - - 1.26 1.53 Proposed Dividend 70.87 23.62 70.87 23.62 Dividend Distribution Tax on Proposed Dividend 14.43 4.02 15.42 4.02 Balance carried to Balance Sheet 2,136.75 1,504.80 1,763.16 1,516.16 Pending requisite approvals including from the High Court of Gujarat / National Law Tribunal as applicable, fulfillment of conditions precedent as mentioned in the Composite Scheme of Amalgamation and further actions, the effect of the Scheme has not been considered in the said financial results. COMPOSITE SCHEME OF AMALGAMATION The draft Scheme, with 1st April, 2014 as the Appointed Date, under the provisions of Sections 391-394 of the Companies Act, 1956 was approved by the Board of Directors of the Company, TEL and TCL at their respective meetings held on 12th May, 2014. The Scheme is conditional upon, inter alia, various regulatory and other necessary approvals and sanctions from the lenders on re-organisation of consolidated long term financing arrangements and fulfillment of all pre-disbursement conditions for such arrangements. In this regards, the Company has received, in terms of Clause 24(g) of the Listing Agreement, Observation Letters from National Stock Exchange of India Limited and BSE Limited, the Designated Stock Exchange dated 26th August, 2014 and 27th August, 2014 respectively conveying their No objection to the draft Scheme. Honble CERC, vide its order dated 7th January, 2015, has granted its approval to TEL under Section 17(1)(b) of the Electricity Act, 2003 for the amalgamation with the Company subject to the restriction on Electricity Trading with third party maintaining separate accounts for Transmission business valuing at book value the assets and liabilities of TEL after merger and reporting of relevant information upon approval of merger by the High Court for assignment of License to TPL. Honble GERC, vide its order dated 1st April, 2015, has approved amalgamation of TEL with the Company under section 17(1)(b) of Electricity Act, 2003 subject to the High Courts approval. Pursuant to the Honble Gujarat High Courts order dated 24th February, 2015, separate meetings as under were held for considering and approving the draft Scheme: - Equity Shareholders of the Company and TCL on 30th April, 2015 - Unsecured creditors of TEL and TCL on 30th April, 2015 - Secured creditors of TEL and TCL on 1st May, 2015 The results of the aforesaid meetings shall be declared by the Chairman within the prescribed time limit of 40 days of the meeting. Simultaneously, the Company has also obtained approval of Public Shareholders by way of Postal Ballot and E-voting as required under SEBI circulars. The results of the same have been posted on the Companys website. The Company is in advanced stage of discussions with lenders for finalizing the proposal for re-organization of consolidated long term financing arrangements. The Company, as a policy, endeavours to distribute approx. 30 of its annual profits after tax as dividend in one or more tranches. Following the said policy, the Board of Directors has, on 12th May, 2015, recommended dividend of Rs.1.50 per equity share having face value of Rs.10/- (Previous Year - Rs.0.50 per equity share in aggregate) on 4724,48,308 equity shares for FY 2014-15, amounting to Rs.70.87 Crore (Previous Year - Rs.23.62 Crore). With Dividend Distribution Tax of Rs.14.43 Crore (Previous Year - Rs.4.02 Crore), the total outflow on account of dividend works out to 23.71 (Previous Year - 26.26) of consolidated annual profits after tax and minority interest. LONG TERM LOANS Details of long term loans of the Company for the year under review are provided in Note 4 to the Financial Statements. DEPOSITS During the year under review, the Company has neither accepted nor renewed any deposits. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES The particulars of contracts or arrangements with related parties are given in the prescribed Form AOC-2, appended herewith as Annexure A and in the section on Related Party Transactions in the Report on Corporate Governance. 4. SUBSIDIARIES AND JOINT VENTURES The Company has four subsidiary companies viz. Torrent Energy Limited, Torrent Solargen Limited, Torrent Power Grid Limited and Torrent Pipavav Generation Limited. Torrent Energy Limited Torrent Energy Limited, a wholly owned subsidiary of the Company, besides commissioning the 1,200 MW gas based DGEN Power Project at Dahej SEZ, District Bharuch, Gujarat also distributed 144.84 MUs to Dahej SEZ units during FY 2014-15 (Previous Year - 85.07 MUs) as a distribution licensee. Torrent Solargen Limited (formerly known as Torrent Power Bhiwandi Limited) Torrent Solargen Limited has developed and commissioned the 51 MW Solar Power Project at Charanka Solar Park, District Patan, Gujarat. Torrent Power Grid Limited Torrent Power Grid Limited, in which the Company has 74 stake, has received final tariff order for Phase III of the system strengthening scheme associated with the evacuation of power from the SUGEN Plant. Torrent Pipavav Generation Limited Coal based Project being developed by Torrent Pipavav Generation Limited in phases at Pipavav village in Amreli District of Gujarat has been stalled since last one year due to non-co-operation from erstwhile land owners. Tornascent Care Institute During the year, Tornascent Care Institute, a Section 8 Company, under the Companies Act, 2013, was promoted and incorporated jointly with Torrent Pharmaceuticals Limited, for the purpose of carrying out charitable activities. CONSOLIDATED FINANCIAL STATEMENTS The Board reviewed the affairs of the Companys subsidiaries during the year at regular intervals. In accordance with section 129(3) of the Companies Act, 2013, the Company has prepared Consolidated Financial Statements of the Company and all its subsidiaries, which form part of this Annual Report. Further a statement containing salient features of the Financial Statements of each subsidiary in Form AOC-1 forms part of the Consolidated Financial Statements. The statement also provides the details of performance and financial position of each subsidiary. Associates have not been considered for consolidation being insignificant to the Company. Tornascent Care Institute has also not been considered for the purpose of consolidation as no economic benefit is expected. In accordance with section 136 of the Companies Act, 2013, the audited Financial Statements, including the Consolidated Financial Statements and related information of the Company and audited accounts of each of its subsidiaries, are available on our website. These Documents will also be available for inspection at our registered office during normal business hours (9.30 AM to 6.30 PM) on working days, except Saturday, up to and including the date of Annual General Meeting of the Company. 5. DIRECTORS RESPONSIBILITY STATEMENT In terms of Section 134(3) of the Companies Act, 2013, in relation to the Financial Statements for FY 2014-15, the Board of Directors states that: a) in preparation of the annual accounts, the applicable accounting standards have been followed and there are no material departures b) the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company ( as on 31st March, 2015 and of the profits for the year ended 31st March, 2015 c) the Directors have 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 d) the annual accounts have been prepared on a going concern basis e) the Directors have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and are operating effectively and f) the Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems are adequate and operating effectively. 6. INTERNAL FINANCIAL CONTROLS The Company has in place adequate internal financial controls with reference to Financial Statements. During the year, such controls were tested and no reportable material weakness was observed. 7. AUDITORS STATUTORY AUDITORS M/s. Deloitte Haskins Sells, Chartered Accountants, the Statutory Auditors of the Company retire at the ensuing Annual General Meeting and are eligible for re-appointment. They have furnished a certificate regarding their eligibility for re-appointment as Statutory Auditors of the Company, pursuant to Section 139(1) of the Companies Act, 2013 read with Rules. The Board of Directors recommends their re-appointment for one year. The Auditors Report for FY 2014-15 forms part of this Annual Report and does not contain any qualification, reservation or adverse remark. Pursuant to Section 148(3) of the Companies Act, 2013, M/s. Kirit Mehta Co. Cost Accountants, Mumbai have been appointed as the Cost Auditors of the Company for FY 2014-15 by the Board of Directors and their remuneration has been ratified by members at the 10th Annual General Meeting of the Company. The Cost Audit Report for FY 2013-14 was filed on 6th September, 2014 with the Central Government (within the prescribed time limit) pursuant to section 233B of the Companies Act, 1956. Pursuant to Section 204 of the Companies Act, 2013 read with Rules thereof, the Board of Directors has appointed M/s. M. C. Gupta Co., Company Secretaries, Ahmedabad, as Secretarial Auditors of the Company for FY 2014-15. A Secretarial Audit Report for FY 2014-15 is annexed herewith as Annexure B. There are no adverse observations in the Secretarial Audit Report which call for explanation. The Board has appointed M/s. M. C. Gupta Co. Company Secretaries, Ahmedabad, as Secretarial Auditors of the Company for FY 2015-16. 8. DIRECTORS AND KEY MANAGERIAL PERSONNEL APPOINTMENT AND RESIGNATION Subsequent to the notification of Section 149 and other applicable provisions of the Companies Act, 2013, the members of the Company had at the 10th Annual General Meeting, held on 28th July, 2014, appointed the existing Independent Directors - Shri Pankaj Patel, Shri Samir Barua, Shri Kiran Karnik and Shri Keki Mistry for a term of five consecutive years ending 31st March, 2019. Further, Smt. Renu Challu was appointed as an Independent Director for a term of three consecutive years effective from 28th July, 2014. The members had, in the same meeting, also approved the appointment of Shri Jinal Mehta as Whole-time Director of the Company w. e.f 5th April, 2014 for a term of five consecutive years. Shri D. J. Pandian, IAS resigned from the Board w. e.f. 30th August, 2014 upon his transfer from Energy Petrochemicals Department, Government of Gujarat. The Board places on record its appreciation for the valuable services rendered by Shri D. J. Pandian, IAS during his tenure as Director of the Company. Smt. Bhavna Doshi is proposed to be appointed as Independent Director of the Company to hold office for a term of three consecutive years effective from the conclusion of the ensuing Annual General Meeting. The Board recommends her appointment for the approval of the members at the ensuing Annual General Meeting. The Board had, at its meeting held on 12th May, 2014, appointed the following persons as Whole-time Key Managerial Personnel: - Shri Sudhir Mehta, Executive Chairman - Shri T. P. Vijayasarathy, Chief Financial Officer - Shri Srinivas Kotra, Company Secretary Shri Srinivas Kotra, has resigned from the post of Company Secretary w. e.f. 27th February, 2015. RE-APPOINTMENT OF DIRECTORS The term of Shri Sudhir Mehta as Executive Chairman and of Shri Samir Mehta as Executive Vice-Chairman, comes to an end on the closing hours of 31st July, 2015. The Board, therefore, recommends their re-appointment as Chairman and Vice-Chairman, respectively, for the approval of the members at the ensuing Annual General Meeting. DIRECTOR RETIRING BY ROTATION As per the provisions of the Companies Act, 2013, Shri Markand Bhatt, Whole-time Director, retires by rotation and being eligible, has offered himself for re-appointment. A brief resume and other relevant details of the Directors proposed to be appointed / re-appointed are given in the Explanatory Statement to the Notice convening the 11th Annual General Meeting. DECLARATION BY INDEPENDENT DIRECTORS Pursuant to Section 149(7) of the Companies Act, 2013, the Company has received necessary declaration from each Independent Director for FY 2014-15 confirming that they meet the criteria of independence as prescribed under the Act and Clause 49 of the Listing Agreement. NUMBER OF MEETINGS OF THE BOARD The Board meets at regular interval with gap between two meetings not exceeding 120 days. Additional meetings are held as and when necessary. During the year under review, the Board met five times. POLICY ON DIRECTORS APPOINTMENT The Nomination and Remuneration Committee (NRC) has approved the criteria and process for identification / appointment of Directors which are as under: Criteria for appointment: i. Proposed Director (Person) shall meet all statutory requirements and should: - possess the highest ethics, integrity and values - not have direct / indirect conflict with present or potential business / operations of the Company - have the balance and maturity of judgment - be willing to devote sufficient time and energy - have demonstrated high level of leadership and vision, and the ability to articulate a clear direction for an organisation - have relevant experience (In exceptional circumstances, specialisation / expertise in unrelated areas may also be considered) - have appropriate comprehension to understand or be able to acquire that understanding o relating to Corporate Functioning o involved in scale, complexity of business and specific market and environment factors affecting the functioning of the Company ii. The appointment shall be in compliance with the Board Diversity Policy of the Company. Process for Identification / Appointment of Directors: i. Board members may (formally or informally) suggest any potential person to the Chairman of the Company meeting the above criteria. If the Chairman deems fit, necessary recommendation shall be made by him to the NRC. Ii. Chairman of the Company can himself also refer any potential person meeting the above criteria to the NRC. Iii. NRC will process the matter and recommend such proposal to the Board. Iv. Board will consider such proposal on merit and decide suitably. CRITERIA FOR PERFORMANCE EVALUATION The Board considered and approved the criteria for performance evaluation of itself, that of its Committees and Individual Directors as follows: Criteria for Board Evaluation - Focus on strategic and policy issues - Effectiveness of Board process and information sharing - Nature of discussions - Quality of decisions Criteria for Committee Evaluation - Adequacy of terms of reference of the Committee - Fulfilment of key responsibilities - Frequency and effectiveness of meetings - Quality / relevance and timeliness of information made available - Committee dynamics, especially openness of discussions Criteria for Evaluation of Independent Directors - Participation in terms of adequacy (time content) - Contribution through expertise and perspective - Guidance / support to Management outside Board / Committee meetings Criteria for Evaluation of Non-Independent Directors - Participation in terms of adequacy MANNER OF EVALUATION OF BOARD, ITS COMMITTEES AND INDIVIDUAL DIRECTORS The Evaluation of Board, its Committees and Individual Directors was carried out as per process and criteria laid down by the Board of Directors based on the recommendation of the Nomination and Remuneration Committee. The obtaining and consolidation of feedback from all Directors in this regards, was co-ordinated by the Chairman of Independent Directors meeting for Board and Non-Independent Directors while the process of evaluation of the Independent Directors was co-ordinated by the Chairman of the Company. Based on this, Chairman of the Company briefed the Board and each of the Individual Directors, as applicable. With respect to the Committees, the Chairperson of each of the Board Committees evaluated the performance of their respective Committee and reported the same to the Board for discussion from which the final result emerged. The Company undertook various steps to make the Independent Directors have full understanding about the Company. The details of such familiarisation programmes have been disclosed on the Companys website at - torrentpower/investors/2015/familiarisationprogramme. pdf The Company has formulated the policy relating to the remuneration of the Directors, Key Managerial Personnel and other employees of the Company which is as under: Components of Remuneration i. Fixed Pay comprising Basic Salary, HRA, Car Allowance (applicable to General Managers above employees), Conveyance Allowances / Reimbursement, Companys contribution to Provident Fund, Superannuation Fund, Gratuity, etc. ii. Variable Pay, which is either in the form of: - Commission to Managing Directors - Commission to Whole-time Directors - Performance Based Pay to General Managers above (up to 20 of CTC), based on unit performance grades - One-time reward for identified employees in exceptional cases who undertake tasks which go beyond their normal call of duty and play a crucial role in the success of an event. Iii. Retention Pay: In the case where stability is an issue, part of the CTC is kept as retention pay which is being paid after 3 years or more. Such remuneration is determined at the time of recruitment based on various factors such as Educational Qualification, Experience, Competence, Current CTC, Internal Equity and / or External Market comparison, etc. Annual Appraisal Process i. Annual Appraisals are conducted, following which annual increments and promotions in deserving cases are decided once in a year based on: - Assessment by Immediate Superior and - Assessment by Head of Department ii. Annual Increment leading to an increase in Fixed Pay consists of - Economic Rise based on All India Consumer Price Index published by the Government of India or Internal Survey wherein inflation on commonly used items is calculated. - Performance Rise based on industry and overall business scenario and factoring the following aspects: o Companys performance vis-a-vis the industry o Unit performance (Grades ranging from A to C-. Higher the grades, higher the rating) is carried out based on various financial and non-financial parameters and grades assigned are used for working out the overall ceiling for remuneration and performance based pay at Unit level. o Individual Performance / track record including care for health / balance between quality of work and family life. Iii. Also Performance Based Pay i. e. Variable Pay (to General Manager above employees) is based on annual appraisal process. Iv. The increments as decided for a particular financial year are paid during the subsequent financial year. For example the performance appraisal of an employee for FY 2013-14 is conducted in FY 2014-15 and his salary rise in FY 2014-15 reflects his performance for FY 2013-14. Remuneration of Independent Directors: The Company has formulated a policy for the remuneration of Independent Directors as follows: i. Sitting Fees of Rs.1 lac for each meeting of the Board or any Committee thereof, attended by them ii. Commission on the basis of participation in the meetings of Board and Audit and Risk Management Committee subject to the condition that total commission paid to all Directors (other than Managing Director or Whole-time Director) including service tax thereon shall not exceed the limit of 1 of net profits in a financial year as laid down under the provisions of Section 197(1) of the Companies Act, 2013 read with Section 198 of the Act. Iii. Independent Directors will be reimbursed for all the expenses incurred for attending any meeting of the Board or Committees thereof, and which may arise from performance of any special assignments given by the Board. PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES In terms of the provisions of Section 197(12) of the Companies Act, 2013 read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, disclosures pertaining to remuneration and other details are provided in the Annexure C to this Report. 10. AUDIT AND RISK MANAGEMENT During the year, the Board decided that the Audit Committee shall also carry out the role of Risk Management and hence renamed it as Audit and Risk Management Committee and also changed its terms of reference in this context. COMPOSITION OF THE COMMITTEE Name of the Director Category of Directorship Shri Keki Mistry, Chairman Independent Director Shri Samir Barua Independent Director Shri Kiran Karnik Independent Director Smt. Renu Challu(AA) Independent Director Shri Jinal Mehta() Whole-time Director (AA) Appointed as a member of the Audit and Risk Management Committee w. e.f. 28th July, 2014 () Ceased to be a member of the Committee effective from 28th July, 2014. During the year, the Board has accepted all the recommendations made by the Audit and Risk Management Committee. VIGIL MECHANISM The Company has adopted a Whistle Blower Policy since 2011. The same was amended during the year pursuant to the requirements of the Companies Act, 2013 and the Listing Agreement. The revised Policy empowers all the Stakeholders to raise concerns by making Protected Disclosures as defined in the Policy. The Policy also provides for adequate safeguards against victimization of Whistle Blower who avail of such mechanism and also provides for direct access to the Chairman of the Audit Committee, in exceptional cases. The functioning of the Whistle Blower mechanism is reviewed by the Audit Committee on a quarterly basis. The details of the Whistle Blower Policy are explained in the Report on Corporate Governance and the Policy is available on the website of the Company at torrentpower/investors/pdfs/2015/whistleblowerpolicy. pdf RISK MANAGEMENT POLICY The Board of Directors has developed and implemented Risk Management Policy for the Company. It has identified and assessed internal and external risks, with potential impact and likelihood, that may impact the Company in achieving its strategic objectives or may threaten its existence. The Policy lays down procedures for risk identification, assessment, monitoring, review and reporting. The Policy also lists the roles and responsibilities of Board, Risk Management Committee, Chief Risk Officer, Risk Champions and Co-ordinators. 11. CORPORATE SOCIAL RESPONSIBILITY (CSR) Concern for Society and Environment is a deeply rooted core value of the Company. As part of its CSR, the Company makes concentrated efforts in the fields of Community Healthcare, Sanitation Hygiene, Education Knowledge Enhancement and Social Care Concern. In line with the provisions of the Companies Act, 2013 and Rules made thereunder, a Corporate Social Responsibility Committee has been formed by the Board of Directors. The Composition of the CSR Committee is as under: Name of Director Category of Directorship Smt. Renu Challu, Chairperson(AA) Independent Director Shri Samir Mehta() Executive Vice-Chairman Shri Samir Barua Independent Director Shri Jinal Mehta Whole-time Director (AA) Appointed as a member of the Committee w. e.f 28th July, 2014. () Ceased to be a member of the Committee effective from 28th July, 2014. The CSR Policy formulated by the CSR Committee may be accessed at the below web-link: torrentpower/investors/pdfs/2014/csrpolicy. pdf During FY 2014-15, the following CSR initiatives were undertaken at the Group level: - The Group, having decided to establish a landmark healthcare institute in the area of paediatric care, has formed Tornascent Care Institute (a company formed under Section 8 of the Companies Act, 2013) and contributed alongwith Torrent Pharmaceuticals Limited Rs.12.00 Crore towards its initial corpus. - Based on the survey conducted during previous year, the Group initiated a Health Care, Sanitation and Hygiene related programme in urban slum areas of Sabarmati ward near AMGEN. - Shiksha Setu - teaching and learning enhancement programme, in its fourth year, included more than 6,500 students and 230 teachers as direct beneficiaries. Emphasis on capacity building and sustainability resulted into teachers taking lead as advanced trainers. - The construction of new High School building with state of the art facility for higher studies at Chhapi village in Gujarat is nearing completion. The students from nearby villages will also be benefitted. The Annual Report on CSR Activities is given as Annexure D to this Report which indicates that the Company has spent Rs.16.30 Crore (more than 2 of the average net profits of last three financial years) in this regard. Additionally, the following also form part of the CSR initiatives undertaken by the Company during FY 2014-15: - SWADHAR - the Medical and Health Care Centre at SUGEN continued to cater to the healthcare needs of locals. It also provided medicinal support and supplementary food to children through a School Health Care programme. Various health awareness sessions and camps were also conducted by SWADHAR for nearby residents and contract workers of SUGEN. - Paved shoulder along with the internal roads were constructed at Akhakhol village near SUGEN to prevent water spreading on the roads. - The Company had also made donations to various organizations involved in education, healthcare, providing relief to disaster victims and promotion of social welfare, harmony and nationalism. 12. ENVIRONMENT, HEALTH AND SAFETY The Company accords the highest priority to Environment, Health and Safety. The developments during FY 2014-15 in this context include completion of Lost Time Accident free 1.98 million working hours (812 calendar days) as on 31st March, 2015 at SUGEN. 13. HUMAN RESOURCES Our underlying belief is that Human Resource Development today is about nurturing human resources and leveraging human capital towards the achievement of business goals. The Company is committed towards creation of opportunities for its employees that help attract, retain and develop a diverse workforce. During the year, our focus was on strengthening the conducive work culture for our employees. To re-inforce our core values and the belief in the concept of Family First, various policies for employees empowerment were re-defined so as to enrich their professional, personal social life. As part of our gender diversity initiatives, we continue to encourage employment of women as well as create a positive and safe working environment for them. Enhancing awareness and reinforcement of the Whistle Blower Policy were focus areas to reiterate to employees, that the organization encourages reporting of unethical / wrong practices and is committed to creating a constructive and open work environment. During the year under review, one case was filed pursuant to the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013, the disposition of which is under process. On the industrial front, the Company continued to foster cordial industrial relations with its workforce during the year. The Company has a diverse workforce of 6,835 employees as on 31st March, 2015 vis-a-vis 6,800 employees as on 31st March, 2014. 14. CUSTOMER INITIATIVES Aligned to the exponential growth in internet penetration, the Company has recently launched a user-friendly Customer Self Service Portal connect. torrentpower where customers can directly transact with the Company through an online portal. This portal virtually eliminates the need for the customers to visit a service centre or a payment outlet for any service need. The Company has also implemented the Interactive Voice Response (IVR) system, eBill for power consumption, SMS alert system and introduction of Self Service Kiosks for improved customer satisfaction. With a view to further enhance customer experience, all zonal service centres are being upgraded to offer best in class service with well trained staff, climate controlled environment comfortable infrastructure. 15. CORPORATE GOVERNANCE The Corporate Governance philosophy of the Company rests on five basic principles viz. protection of rights interests of members, equality in treatment of all members, disclosure of timely accurate information, strategic guidance effective monitoring by the Board and accountability of the Board to the Company its members. As stipulated by Clause 49 of the Listing Agreement, Report on Corporate Governance forms part of this Annual Report. Certificate of the Auditors regarding compliance with the conditions of Corporate Governance as stipulated in Clause 49 of the Listing Agreement is also annexed to the Boards Report. 16. MANAGEMENT DISCUSSION AND ANALYSIS As stipulated by Clause 49 of the Listing Agreement, the Management Discussion and Analysis Report forms part of this Annual Report. 17 CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO The details relating to conservation of energy, technology absorption, foreign exchange earnings and outgo prescribed under section 134(3)(m) of the Companies Act, 2013 read with Companies (Accounts) Rules, 2014 are given in the Annexure E and form part of this Report. 18. THE EXTRACT OF THE ANNUAL RETURN The extract of the Annual Return in Form MGT-9 is appended herewith as Annexure F to this Report. 19. APPRECIATION AND ACKNOWLEDGEMENTS The Board of Directors is pleased to place on record its appreciation for the continued guidance and support received from the Government of India, the State Governments, the Central and State Electricity Regulatory Commissions / Authorities, the National, Regional and State Load Dispatch Centres, Regional Power Committees, Chief Electrical Inspectors of Gujarat, Uttar Pradesh and Maharashtra, State Energy Developers, State Discoms, National and State Transmission Companies, the Corporation and Municipal Authorities of the areas of Companys operation, Contractors, Fuel Suppliers and Transporters, Power Exchanges, Banks, Financial Institutions and Security Trustees. The Board is thankful to the Members, Auditors, Consultants, Vendors, Service Providers, Insurers and all its Employees for their unstinted support and contribution. The Board also recognizes the contribution of the esteemed Consumers to the growth of the Company and takes this opportunity to pledge the Companys commitment to serve them better. For and on behalf of the Board of Directors Ahmedabad Sudhir Mehta 12th May, 2015 Executive Chairman The Directors present the 10th Annual Report of the Company together with the Audited Accounts for the Financial Year (FY) ended 31st March, 2014. The key highlights for the FY 2013-14 are: - Financial performance of the Company: - Increase in Revenue by 6.62 to Rs.8,817.46 Crore - Increase in PBDIT by 1.32 to Rs.1,458.14 Crore - Decrease in PAT by 75.36 to Rs.94.84 Crore - Honble Central Electricity Regulatory Commission (CERC) has issued fnal tariff order for SUGEN 40 (an expansion of SUGEN Mega Power Plant) on 6th December, 2013. Pending adoption of this tariff by Honble Gujarat Electricity Regulatory Commission (GERC), the recovery of this cost by the regulated distribution business is in abeyance. - The 110 MW coal based E station, part of AMGEN, has been successfully uprated to 121 MW and synchronised with the grid on 21st October, 2013. - The continued non-availability of domestic gas including from KG-D6 basin has adversely impacted the operations at SUGEN and has resulted into non-operation of SUGEN 40 and Vatva plant of AMGEN. - Reduced supply of power from Companys gas based plants to its regulated distribution business at Ahmedabad and Surat, due to decline in domestic gas availability and its unwillingness to off-take power based on expensive LNG, necessitated purchase of short term power. The resultant additional cost could not be recovered fully for a good part of the year, despite a correction in the Fuel and Power Purchase Price Adjustment (FPPPA) mechanism providing for pass through of mix variance. - Honble GERC vide its orders dated 29th April, 2014 on the petitions of the Company for Mid-term Review of Business Plan for FY 2014-15 and FY 2015-16 along with petitions for True up of FY 2012-13 and Tariff Determination for FY 2014-15 allowed increase in tariff for Ahmedabad Distribution and Surat Distribution by average 44 paise per kWh (7.5), which after reduction of positive difference between incremental base power purchase rate and base FPPPA is 29 paise per kWh. This increase is effective from 1st May, 2014 and is not applicable to BPL consumers, Agricultural consumers Residential consumers using electricity up to 50 units per month. - Honble Appellate Tribunal for Electricity (APTEL) has allowed carrying cost on regulatory gap for the regulated distribution business of the Company considering it as a legitimate claim and has also confirmed the ruling of Honble GERC in favour of the Company to revise RPO for FY 2010-11 at the actual level of compliance. - Transmission Distribution (TD) loss in Ahmedabad and Surat distribution circles has marginally increased to 6.54 in FY 2013-14 against 6.52 in FY 2012-13 one of the lowest in the country. Aggregate Technical Commercial (ATC) loss at Agra reduced to 43.47 in FY 2013-14 from 51.26 in FY 2012-13. ATC loss at Bhiwandi has increased to 22.68 in FY 2013-14 as against 21.68 in FY 2012-13 pursuant to continuation of agitation by the powerloom consumers against the tariff hike. - Open access has adversely impacted the sales growth of Companys Ahmedabad license area to the tune of 323 MUs in FY 2013-14. - DGEN and SUGEN 40 have been successfully registered with United Nations Framework Convention on Climate Change (UNFCCC) under the Clean Development Mechanism (CDM). - SUGEN 40 has been integrated with the Integrated Management System (IMS) certification of SUGEN covering ISO 9001:2008, ISO 50001:2011, ISO 14001:2004 and BS OHSAS 18001:2007. - AMGEN was certified for ISO 50001:2011 (Energy Management System) and the same was integrated with IMS. 2. FINANCIAL RESULTS Summary of the financial results for the year under review is as under: For the year For the year Particulars ended on ended on 31st March, 2014 31st March, 2013 Total Income 8,817.46 8,269.97 Profit before Depreciation, Interest and Tax 1,458.14 1,439.15 Depreciation 534.52 407.93 Interest 677.18 408.48 Profit before Tax 246.44 622.74 Current Tax 33.50 126.15 Deferred Tax 124.62 111.17 (Excess) / Shortfall in provision for Taxation for earlier years (6.52 0.46 Profit After Tax 94.84 384.96 Add: Balance brought forward 1,462.41 1,241.68 Balance available for appropriation 1,557.25 1,626.64 Transfer to Contingency Reserve 1.00 1.00 Transfer to Debenture Redemption Reserve 23.81 23.81 Transfer to General Reserve - 28.87 Proposed Dividend 23.62 94.49 Dividend Distribution Tax on Proposed Dividend 4.02 16.06 Balance carried to Balance Sheet 1,504.80 1,462.41 The Company, as a policy, endeavours to distribute approx. 30 of its annual Profits after tax as dividend in one or more tranches. In line with the said policy, the Board of Directors has, on 12th May, 2014, recommended dividend of 5 i. e. Rs.0.50 per equity share (Previous Year Rs.2.00 per equity share) on 47,24,48,308 equity shares of Rs.10/- each for FY 2013-14, amounting to Rs.23.62 Crore (Previous Year Rs.94.49 Crore). With Dividend Distribution Tax (DDT) of Rs.4.02 Crore (Previous Year Rs.16.06 Crore), the total outflow on account of dividend works out to Rs.27.64 Crore (Previous Year Rs.110.55 Crore). The distributed Profits including DDT are 29 (Previous Year 29) of annual Profits after tax. The aforesaid dividend would be tax free in the hands of the shareholders. During the year under review, the Company raised long term loans from various Financial Institutions and Banks to the tune of Rs.1,698.74 Crore (including Rs.198.74 Crore for SUGEN 40). Outstanding amount towards long term loans, NCDs and APDRP loans as on 31st March, 2014 was Rs.6,148.96 Crore (Previous Year Rs.4,919.46 Crore). An amount of Rs.469.24 Crore (Previous Year Rs.520.68 Crore) was repaid by the Company during the year. The Companys long term loans, cash credit and NCDs are rated at AA/Negative by CRISIL, indicating high degree of safety with regard to timely servicing of financial obligations. Letters of credit / bank guarantees of the Company is rated A1 indicating very strong degree of safety regarding timely servicing of the financial obligations. 5. UPCOMING PROJECTS The status on DGEN Mega Power Project is as follows:- The 1,200 MW Combined Cycle gas based DGEN Mega Power Project at Dahej SEZ, District Bharuch, Gujarat, is being developed by Torrent Energy Limited (TEL), a wholly owned subsidiary of the Company. TEL has been granted status of Co-Developer of Dahej SEZ area by the Ministry of Commerce Industry and the DGEN Project has been granted Provisional Mega Power Status by the Ministry of Power. The Project has been successfully registered with UNFCCC under CDM on 9th July, 2013 w. e.f. 29th December, 2012. The Project is expected to be completed in the second quarter of fY 2014-15. the original project cost along with additional works undertaken viz. transmission system, dedicated gas pipeline, gas receiving station, augmenting water supply system, dedicated effuent disposal line and reactor bay in the switchyard amounts to Rs.5,724 crore. However, the project cost is expected to be Rs.6,503 crore on completion, additionally due to factors beyond the control of the company including increase in forex rates, commissioning fuel, IDc etc. project completion has been delayed and as per Epc contract clause on damages, the company has received Rs.506 crore towards Liquidated Damages for delay, from Siemens India and Siemens aG. this has enabled the company to reduce the project cost to Rs.5,997 crore. The Company has three subsidiary companies viz. Torrent Power Grid Limited, Torrent Energy Limited and Torrent Pipavav Generation Limited. Torrent Power Grid Limited is yet to receive tariff order for Phase III of the power evacuation facilities for SUGEN. Torrent Energy Limited besides developing the 1,200 MW gas based DGEN Mega Power Project at Dahej SEZ, District Bharuch, Gujarat also distributed 85.07 MUs to Dahej SEZ units during FY 2013-14 (Previous Year 66.48 MUs) as a distribution licencee. Coal based Project being developed by Torrent Pipavav Generation Limited in phases at Pipavav village in Amreli District of Gujarat is currently stalled due to non co-operation from erstwhile land owners. 7. COMPOSITE SCHEME OF AMALGAMATION The Board in its meeting on 29th October, 2013 had accorded its approval to carry out a Study and thereby evolve a suitable and optimum business model along with desirable capital structure for the power sector operations of the Torrent Group covering, inter alia, the possibility of appropriate re-organisation including merger, demerger, forward / backward integration, sale of any division, etc. Based on the outcome of the Study, the amalgamation of Torrent Energy Limited and Torrent Cables Limited with the Company along with appropriate re-organisation of consolidated long-term fnancing arrangements was found to be a suitable and optimum business model for the power sector operations of the Torrent Group. Torrent Energy Limited, wholly owned subsidiary of Torrent Power Limited is engaged in the similar business as that of Torrent Power Limited and Torrent Cables Limited is one of the major suppliers of power cables for the power transmission and distribution activities of Torrent Power Limited as well as Torrent Energy Limited. Besides, these companies being part of the Torrent Group, in view of similar business of Torrent Energy Limited and Torrent Power Limited and complementary business relationship between Torrent Cables Limited on one hand and Torrent Energy Limited Torrent Power Limited on the other hand, it is proposed to consolidate the activities of the Torrent Cables Limited, Torrent Energy Limited and Torrent Power Limited by way of amalgamation. The proposed amalgamation is expected to benefit all the three companies and their stakeholders in terms of synergies of operations, higher integration, concentrated management focus, increased shareholders value and enhanced reputation of Torrent Group. In this regard, a composite scheme of amalgamation of Torrent Energy Limited and Torrent Cables Limited with Torrent Power Limited (Scheme) under the provisions of Sections 391-394 of the Companies Act, 1956 including the share exchange ratio was recommended by the Audit Committee and approved by the Board of Directors at their respective meetings held on 12th May, 2014. The Appointed Date of the Scheme is 1st April, 2014. The Share exchange ratio determined by the valuer, M/s. Price Waterhouse Co. LLP, Chartered Accountants and the fairness opinion provided by M/s IDFC Securities Limited, Merchant Bankers, on the same, is as under: - Every shareholder holding 20 (Twenty) fully paid up equity shares of Rs.10/- each of Torrent Cables Limited, shall be entitled to receive 19 (Nineteen) fully paid up equity shares of Rs.10/- each of Torrent Power Limited. - Since Torrent Energy Limited is a wholly owned subsidiary of Torrent Power Limited, the investment of the Company in Torrent Energy Limited shall stand cancelled. The Scheme is conditional upon, inter alia, various regulatory and other necessary approvals and sanctions from the lenders on re-organisation of consolidated long term fnancing arrangements on such terms and conditions as may be acceptable to the Board. 8. HUMAN RESOURCES Committed and motivated employees are one of the most important assets for the Company. The Company is committed towards excellence in action through development and administration of opportunities for its employees that helps attract, retain and develop a diverse workforce. Performance management area is also given prime attention. Contribution of each individual employee in the organizations growth is evaluated and their efforts are rewarded. The Company is committed towards creating a healthy, conducive and safe working environment. During the year, there were significant areas of achievement around processes and policy development. Continuous efforts were taken to implement Gender Diversity initiatives, undertaken by the Company, in various areas to ensure enhanced representation of women employees. On the industrial front, the Company continued to strengthen cordial industrial relations during the year. The Company has taken special initiatives to communicate more with its employees and to foster unity on occasions like Independence Day, Republic Day and Founders Day. The Company has a diverse workforce of 6,800 as on 31st March, 2014 vis--vis 7,077 as on 31st March, 2013. 9. CORPORATE SOCIAL RESPONSIBILITY (CSR) Concern for Society and Environment is a deeply rooted core value of the Company. As a part of its CSR, the Company makes concentrated efforts in the felds of Community Healthcare, Sanitation Hygiene, Education Knowledge Enhancement and Social Care Concern. During the year, the Company was involved in following CSR activities taken up on its own or along with other Torrent Group Companies: - The Company continued to cater to the needs of locals (as of date 9,500 patients) from surrounding 26 tribal villages around SUGEN through SWADHAR, the Medical Centre. SWADHAR is equipped to provide treatment for general ailments and in specialities such as obstetrics, gynaecology and paediatrics. Various awareness sessions on oral hygiene, adolescent health, anti-natal health and communicable diseases as well as health camps were conducted for residents of nearby villages and contract workers of SUGEN. - Various initiatives like cleanliness drives, distribution of dustbins etc. have been undertaken at villages surrounding SUGEN to create general awareness and a hygienic environment. - Constructed 4 classrooms and 2 toilet blocks as part of expansion work at Akhakhol School near SUGEN. - Shiksha Setu. Teaching Learning Enhancement Programme in its third year included more than 4,800 students and more than 200 teachers as benefciaries. Outcomes included increase in participation of parents in parents - teachers meetings especially in rural areas, 55 cumulative learning level improvement over baseline year, enhanced learning interest in ICT based adaptive tool and improvement in attendance. 523 employee volunteers participated in the project activities during the year. - Construction work is in progress for new building for high school comprising 24 class rooms, science computer lab, library, administrative block, assembly dining hall, kitchen area, sports complex, etc. for accommodating 1,500 students of class 9 - 12 at Chhapi village in Gujarat. - Reconstruction activities at Memadpur school were completed during the year which included renovation of existing school building and construction of new facilities including assembly hall and utility facility. - A survey of 1,769 households was conducted by 154 employee volunteers to understand women health issues and child health aspects, in order to conceptualize and design a community healthcare programme in the vicinity of Sabarmati area in Ahmedabad. Besides the above, the Company has also made donations to the tune of Rs.1.77 Crore (Previous Year. Rs.2.62 Crore) to various organizations involved in education, healthcare, providing relief to disaster victims and promotion of social welfare, harmony and nationalism. In line with the provisions of the Companies Act, 2013 and rules made thereunder, a CSR Committee has been formed by the Board of Directors. The Board of Directors at their meeting held on 12th May, 2014 approved the CSR Policy as recommended by the CSR Committee which includes, inter alia, the CSR activities falling under the purview of Schedule VII of the Companies Act, 2013. 10. ENVIRONMENT, HEALTH AND SAFETY The Company accords the highest priority to Environment, Health and Safety. The developments during the FY 2013- 14 in this context include: SUGEN 40 integrated with IMS certification of SUGEN covering ISO 9001:2008, ISO 50001:2011, ISO 14001:2004 and BS OHSAS 18001:2007. Renovation and Modernisation (RM) work completed at E and F stations at AMGEN. The increased efficiency on account of such RM work will result into reduction of greenhouse gases. Electro Static Precipitators (ESPs) were modifed at E station of AMGEN to reduce the emission of suspended particulate matter. AMGEN is certified for Energy Management System ISO 50001:2011 (EnMS) from August 2013. Adoption of safety improvement measures including undergrounding of overhead lines at Bhiwandi Agra, replacement of old oil type switchgears with SF6 switchgears, replacement of old relays with protective relays and provision of DTC fencing and earthing. Shri T P Vijayasarathy and Shri Murli Ranganathan, Whole-time Directors have resigned from the Board with effect from 25th January, 2014 and 31st March, 2014 respectively. Shri V K Kukreja, Nominee Director of LIC of India resigned from the Board w. e.f. 22nd August, 2013. The Board places on record its appreciation for the valuable services rendered by Shri Murli Ranganathan, Shri T P Vijayasarathy and Shri V K Kukreja during their tenure as Directors of the Company. LIC of India has nominated Shri R Ravichandran as its nominee in place of Shri V K Kukreja and the Company has appointed him as an Additional Director on the Board w. e.f 29th October, 2013 till the commencement of ensuing Annual General Meeting (AGM). It is proposed to appoint him as a Nominee Director, liable to retire by rotation, with effect from the ensuing AGM i. e. 28th July, 2014. Subsequent to the notifcation of Section 149 and other applicable provisions of the Companies Act, 2013, Shri Pankaj Patel, Shri Samir Barua, Shri Kiran Karnik and Shri Keki Mistry are proposed to be appointed as Independent Directors for a term of five consecutive years starting from 1st April, 2014 and ending on 31st March, 2019. Smt. Renu Challu is also proposed to be appointed as Independent Director for a period of three consecutive years w. e.f. ensuing AGM on 28th July, 2014. Shri Jinal Mehta has been appointed as Whole-time Director for a period of 5 consecutive years effective from 5th April, 2014. Shri Samir Mehta, Executive Vice Chairman, retires by rotation and being eligible, has offered himself for re-appointment. For your perusal, a brief resume of the Directors being appointed / re-appointed and other relevant details are given in the Explanatory Statement to the Notice convening the AGM. The Board of Directors recommends their appointment / re-appointment for the approval of the shareholders at the ensuing AGM. 12. CORPORATE GOVERNANCE The Corporate Governance philosophy of the Company rests on five basic principles viz. protection of rights and interests of shareholders, equality in treatment of all shareholders, disclosure of timely and accurate information, strategic guidance and effective monitoring by the Board and accountability of the Board to the Company and its shareholders. As stipulated by Clause 49 of the Listing Agreement, the Management Discussion Analysis Report and Report on Corporate Governance form part of this Annual Report. Certificate of the Auditors regarding compliance with the conditions of Corporate Governance as stipulated in Clause 49 of the Listing Agreement is also annexed to the Directors Report. 13. AUDITORS AND AUDITORS REPORT M/s. Deloitte Haskins Sells, Chartered Accountants, the Statutory Auditors of the Company retire at the ensuing AGM and are eligible for re-appointment. They have furnished a Certificate regarding their eligibility for re-appointment as Statutory Auditors of the Company, pursuant to Section 139 (1) of the Companies Act, 2013 read with rules. The Board of Directors recommends their re-appointment for one year. Observations made in the Auditors Report are self-explanatory and therefore, do not call for any further explanation. 14. COST AUDITORS M/s. Kirit Mehta and Co. Cost Accountants, Mumbai have been appointed as the Cost Auditors of the Company for FY 2013-14. Cost audit report for FY 2012-13 was fled on 30th September, 2013 with the Central Government (within the prescribed time limit) pursuant to Section 233B of the Companies Act, 1956. 15. DIRECTORS RESPONSIBILITY STATEMENT In terms of Section 217(2AA) of the Companies Act, 1956, in relation to the financial statements for FY 2013-14, the Board of Directors states that: i. In preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures, if any ii. The Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as on 31st March, 2014 and of the Profits for the year ended 31st March, 2014 iii. The Directors have taken proper and suffcient care for maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities and iv. The financial statements have been prepared on a going concern basis. 16. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS OUTGO The details relating to technology absorption and foreign exchange earnings outgo prescribed under the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 (Rules) are given in the Annexure to and form part of this Report. As the Company is not a scheduled industry, details in respect of conservation of energy pursuant to the said Rules are not furnished. 17. PARTICULARS OF EMPLOYEES The information required under Section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975 as amended, forms part of this Report. However, as per the provisions of Section 219(1) (b)(iv) of the Companies Act, 1956, the report is being sent to all the shareholders of the Company excluding the aforesaid information. Any shareholder interested in obtaining the particulars may obtain it by writing to the Company Secretary of the Company. 18. APPRECIATION AND ACKNOWLEDGEMENTS The Board of Directors is pleased to place on record their appreciation for the continued guidance and support received from the Government of India, the State Governments, the Central and State Electricity Regulatory Commissions / Authorities, the National, Regional and State Load Dispatch Centres, Regional Power Committees, Chief Electrical Inspectors of Gujarat, Uttar Pradesh and Maharashtra, State Energy Developers, State Discoms, National and State Transmission Companies, the Corporation and Municipal authorities of the areas of Companys operation, EPC Contractors, Fuel Suppliers and Transporters, Power Exchanges, Banks, Financial Institutions and Security Trustees. The Board is thankful to the Shareholders, Auditors, Consultants, Vendors, Service Providers, Insurers and all its Employees for their unstinted support and contribution. The Board also recognizes the contribution of the esteemed Consumers to the growth of the Company and takes this opportunity to pledge the Companys commitment to serve them better. For and on behalf of the Board of Directors Ahmedabad Sudhir Mehta 12th May, 2014 Executive Chairman CIN: U67190WB2003PTC096617. Trading in Commodities is done through our Group Company Dynamic Commodities Pvt. Ltd. The company is also engaged in Proprietory Trading apart from Client Business. Disclaimer: There is no guarantee of profits or no exceptions from losses. The investment advice provided are solely the personal views of the research team. You are advised to rely on your own judgment while making investment / Trading decisions. Past performance is not an indicator of future returns. Investment is subject to market risks. You should read and understand the Risk Disclosure Documents before trading/Investing. Disclosure: We, Dynamic Equities Private Limited are also engaged in Proprietory Trading apart from Client Business. We also trade in NIFTY Options, Bank Nifty Options in our own account apart from, our Investment Advisory Division providing advisory services in NIFTY Options, Bank Nifty Options to clients as per the relevant Regulations. In case of any complaints/grievances, clients may write to us at compliancedynamiclevels
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