Annexure XIV Continuedâ¦ - Edelweiss

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The full capacity charges shall be payable based on the Contracted Capacity at normative availability and the incentive shall be for availability beyond 85% as provided in schedule six to the PPA. In case of availability being lower than the normative availability, the capacity charges shall be payable on proportionate basis. The PPA shall be valid from February 26, 2007 until the 25 th anniversary of the COD of the Korba Project unless terminated earlier in accordance with the PPA. 2. Power purchase agreement dated January 4, 2011 between our Company and Chhattisgarh State Power Trading Company Limited (“CSPTCL”) Our Company has entered into a power purchase agreement dated January 4, 2011 with CSPTCL (“PPA”) for sale of power from the coal based power project with an installed capacity of 270 MW at village Kasaipalli, Korba, State of Chhattisgarh (“Korba Project”). As per the PPA, our Company has undertaken to sell to CSPTCL the contracted power i.e. sum of 30% of the aggregate capacity of the Korba Project and 5% of the net power generated by the Korba Project on an annualized basis in accordance with the tariff structure laid down in the PPA. The obligations of our Company include executing the Korba Project in a timely manner so as to enable each of the units and the power station to be commissioned not later than its scheduled commercial operation date and making available the contracted output and contracted capacity through the use of prudent utility practices to CSPTCL. The term of the PPA is for a period of twenty years from the date of commencement of supply of electricity by our Company to CSPTCL, unless extended in accordance with the PPA. The PPA can be terminated upon the happening of events of default by either of the parties in accordance with the PPA. 3. Implementation agreement dated July 14, 2008 among our Company, the Government of Chhattisgarh (“Government”) and the Chhattisgarh State Electricity Board (“Board”) Our Company entered into an implementation agreement dated July 14, 2008 with the Government and the Board (“IA”) for the implementation of the thermal power project having an installed capacity of 250 (plus minus 20%) MW along with associated water pipelines, captive coal mines (if any), fuel transport systems, ash disposal system and transmission lines at Korba, State of Chhattisgarh (“Korba Project”). The IA replaces the memorandum of understanding dated June 19, 2006 among our Company, Government and the Board for the implementation of the Korba Project. As per the terms of the IA, our Company will provide, on an annualized basis, to the Government or agencies nominated by the Government (“Purchasing Entity”) five (5) per cent of the net power (i.e. gross power generated minus the auxiliary consumption) generated by the Korba Project at the energy (variable) charges, as determined by the appropriate electricity regulatory commission. In the event our Company is allocated captive coal block also in the State of Chhattisgarh for supply of coal to the Korba Project, then our Company will provide, on an annualized basis, to the Purchasing Entity seven and half (7.5) per cent of the net power (i.e. gross power generated minus the auxiliary consumption) generated by the Korba Project, at the energy (variable) charges, as determined by the appropriate electricity regulatory commission. The Government, the Board or their assignees have not guaranteed the purchase of power from our Company. In addition to the above, the Government shall have the first right to purchase power up to 30 (thirty) percent of the aggregate capacity of the generating unit(s) for a period of 20 (twenty) years, through its nominated agency, at the rate to be approved by the appropriate electricity regulatory commission. The manner in which offer shall be made by our Company for the sale of power has been detailed in the PPA. The IA shall continue in full force and effect for the life of the Korba Project. Our Company is required to prepare rehabilitation and resettlement plan for the Korba Project as per the prevalent policy of the state government and implement rehabilitation and resettlement of the project affected persons accordingly. Our Company shall bear all costs related to such rehabilitation and resettlement. Our Company is required to achieve the COD of the first unit of the Korba Project with 65 or 70 months from July 14, 2008. The IA can be terminated by serving a sixty (60) days notice by the Government in case of an event of default by the Company or by our Company in the event of a event of default by the Government. The IA can be terminated by either party or in the event where either party is unable to perform any obligations required to be performed due to force majeure (as defined in the IA) for a continuous period of eighteen (18) months. Our 371
Company can also terminate the IA, in the event of enactment of any law or regulation or any subsequent act of any Governmental Instrumentality, which makes the performance of this Agreement impossible for it. 4. Bulk power transmission agreement dated April 30, 2009 between our Company and Powergrid Corporation of India Limited (“PGCIL”) Our Company entered into a bulk power transmission agreement dated April 30, 2009 with PGCIL (“Transmission Agreement”) to avail long term open access in accordance with the Central Electricity Regulatory Commission (Open Access in Inter-State Transmission) Regulation, 2004 dated January 30, 2004 and Electricity Act, 2003 to the transmission system of PGCIL. The Transmission Agreement shall be valid for twenty five (25) years from April 30, 2009. The date from which open access is granted will be from the date of availability of the dedicated transmission system (i.e. Aryan Coal-WR Pooling Station near Sipat 400 KV D/C line) and availability of transmission system of various strengthening projects. Our Company shall bear the transmission charges corresponding to 270 MW permitted through long term open access from the date of commencement of the open access. Our Company is required to provide certain securities as detailed in the Transmission Agreement. During the tenure of the Transmission Agreement if any of the covenants and conditions recited in it are found inconsistent with the provisions of the Electricity Act, 2003 and/or applicable notifications/rules/ regulations issued either by CERC or by GOI as per the provisions of the Electricity Act, 2003 then notwithstanding anything contained in the Transmission Agreement, the said rules and regulations shall prevail. II.II 2x50 MW power project at Ratija, State of Chhattisgarh (Phase I and II) 1. Power purchase agreement dated April 27, 2009 between Spectrum Coal and Power Limited, our Subsidiary (“SCPL”) and Reliance Energy Trading Limited (“RETL”) SCPL has entered into a power purchase agreement dated April 27, 2009 with RETL (“PPA”) for sale of 15 MW power generated from its 50 MW coal based power project being setup at Ratija, State of Chhattisgarh (“Ratija Project”). As per the PPA, from the COD, SCPL shall offer saleable energy to RETL for sale and RETL shall purchase the energy. RETL shall have the first right of refusal on any energy generated from the Ratija Project to the extent of 15 MW. The obligations of SCPL include ensuring availability of the contracted capacity to RETL and ensuring that the performance bank guarantee remains valid through the term of the PPA. The obligations of RETL include purchasing and dispatching the saleable energy in accordance with the PPA. The tariff for sale of power would be a combination of fixed charge and energy charge. Fixed charge for the term of PPA has been defined in the PPA, which is within the range of Rs 1.288 per KWh to Rs. 1.437 per KWh, to be revised from time to time. Energy charge will be variable and shall depend upon the cost of coal used for generating the power. The PPA is effective from April 27, 2009, and shall remain effective for a period of fifteen years from the COD, renewable for another period of 10 years. However, the same may be terminated in the event of a default by either party as contemplated under the PPA. 2. Power purchase agreement dated January 4, 2011 between Spectrum Coal and Power Limited, our Subsidiary and Chhattisgarh State Power Trading Company Limited (“CSPTCL”) SCPL has entered into a power purchase agreement dated January 4, 2011 with CSPTCL (“PPA”) for sale of power from the coal based power project with an installed capacity of 100 MW at Ratija, State of Chhattisgarh (“Ratija Project”). As per the PPA, SCPL has undertaken to sell to CSPTCL the contracted power i.e. sum of 30% of the aggregate capacity of the Ratija Project and 5% of the net power generated by the Ratija Project on an annualized basis in accordance with the tariff structure laid down in the PPA. The obligations of SCPL include executing the Ratija Project in a timely manner so as to enable each of the units and the power station to be commissioned not later than its scheduled commercial operation date and making available the contracted output and contracted capacity through the use of prudent utility practices to CSPTCL. 372
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e) Enterprises over which key manag
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Annexure XIV continued... (Amount i
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For the year ended 31 March 2008 Pa
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Annexure XIV continued... For the y
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Statement of segment reporting, as
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FINANCIAL INDEBTEDNESS Set forth be
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Sr. No. Name of Lender Facility (in
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Sr. No. Bank Guarantees Name of Len
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MANAGEMENT’S DISCUSSION AND ANALY
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(2) Capacity refers to the normativ
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Availability and price of raw coal
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Impairment The carrying amounts of
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Finance cost Finance costs include
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Sale of Power \Sale of power income
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Spectrum Coal became our wholly-own
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products as charged by the customer
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Fiscal 2009 compared to Fiscal 2008
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Coal beneficiation and allied recei
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Provision for Tax The provision for
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For Fiscal 2008, our cash flow from
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Other contractual obligations The f
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Future Relationship Between Cost an
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conditions prescribed in clause 4.1
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duty. Further, the original land ow
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Section 73A of the Finance Act alon
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E/DL/28679/7AC-IV3622, dated Februa
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disputed his retirement claiming th
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Outstanding litigation and proceedi
Page 61 and 62: Civil Writ Petition No. 4982 of 201
Page 63 and 64: SCPL has filed an appeal no. 1880/M
Page 65 and 66: SFIL has filed 11 cases under secti
Page 67 and 68: Consequent to this merger, BCFL has
Page 69 and 70: 1. SHL v. Deputy Commissioner of In
Page 71 and 72: 3. Show cause notice dated April 20
Page 73 and 74: SMASL has filed a writ petition no.
Page 75 and 76: 8. Sindhu Realtors Private Limited
Page 77 and 78: Appeal, Bharatpur who disallowed th
Page 79 and 80: efore Commissioner of Central Excis
Page 81 and 82: GOVERNMENT AND OTHER APPROVALS In v
Page 83 and 84: Sr. No. Issuing Authority 10. Comme
Page 85 and 86: Sr. No. Issuing Authority State Ele
Page 87 and 88: Sr. No. Issuing Authority 1. Inspec
Page 89 and 90: Sr. No. Issuing Authority Organisat
Page 91 and 92: Sr. No. Issuing Authority 5. Office
Page 93 and 94: Sr. No. Issuing Authority 3. Chhatt
Page 95 and 96: Sr. No. Issuing Authority 8. Office
Page 97 and 98: S. No . Issuing Authority License N
Page 99 and 100: S. No . Issuing Authority License N
Page 101 and 102: Sr. No. Issuing Authority assistanc
Page 103 and 104: 2. Ministry of Environment, GoI Ter
Page 105 and 106: KEY PROVISIONS OF CERTAIN AGREEMENT
Page 107 and 108: 5. Coal Supply Agreement dated Sept
Page 109 and 110: 3. Agreement dated June 28, 2006 be
Page 111: not remedied by SWSL within 90 days
Page 115 and 116: 5. Fuel Supply Agreement between Re
Page 117 and 118: costs related to such rehabilitatio
Page 119 and 120: 2. Power purchase agreement dated J
Page 121 and 122: • Mr. Rudra Sen Sindhu and Mr. Vi
Page 123 and 124: (b) Our Company has applied to the
Page 125 and 126: AGREEMENT ENTERED INTO BETWEEN THE
Page 127 and 128: observe, any such restrictions. Any
Page 129 and 130: form and context in which they appe
Page 131 and 132: Except as stated in the sections ti
Page 133 and 134: For further details please refer to
Page 135 and 136: • right to receive offers for rig
Page 137 and 138: ISSUE STRUCTURE This public issue o
Page 139 and 140: @ In case of ASBA Bidders, the SCSB
Page 141 and 142: ISSUE PROCEDURE This section applie
Page 143 and 144: electronic form, the ASBA Bidder sh
Page 145 and 146: documents to hold and invest in equ
Page 147 and 148: Bids by Non Residents including Eli
Page 149 and 150: • Eligible Employees who bid for
Page 151 and 152: The maximum and minimum Bid size ap
Page 153 and 154: the Floor Price and at the Cap Pric
Page 155 and 156: 1. The members of the Syndicate and
Page 157 and 158: finalization of the Basis of Allotm
Page 159 and 160: the Anchor Investors, the Anchor In
Page 161 and 162: 2. Ensure that you use the ASBA Bid
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should be signed by the ASBA Accoun
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The Bidders should note that the es
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the Bids clearly indicate the schem
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• Bids at Cut-off Price by Non-In
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Bidders can contact the Compliance
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BASIS OF ALLOTMENT A. For Retail In
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Method of Proportionate Basis of Al
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Please note: 1. The illustration pr
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• They shall not have recourse to
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RESTRICTIONS ON FOREIGN OWNERSHIP O
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MAIN PROVISIONS OF OUR ARTICLES OF
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fulfillment or discharge of such de
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notarially certified copy thereof h
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(a) (b) (c) (d) (e) the power to ma
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Proposed Issuance is first offered
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OTHER INFORMATION MATERIAL CONTRACT
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through its investment manager, ICI
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Annexure XIV Continuedâ¦ - Edelweiss