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«TABLE OF CONTENTS DEFINITION, TECHNICAL GLOSSARY AND ABBREVIATIONS FORWARD-LOOKING STATEMENTS RISK FACTORS SUMMARY SUMMARY OPERATING AND FINANCIAL ...»

-- [ Page 30 ] --

b)The figures for the current period ended September 30, 2004 are not comparable with that of previous period as the period under report is from April 1, 2004 to September 30, 2004 as that of the previous period from May 24, 2003 to March 31, 2004.

17. (a) All the figures have been rounded off to the nearest million rupees.

(b) Previous Year's figures have been regrouped/ re-arranged wherever considered necessary to make them conform to the figures for the period April 1, 2004 to September 30, 2004.

–  –  –

Note: The provision for Income Tax has been Calculated Based on Income Earned during Six Months Period ended September 30, 2004. However, Tax Year end of the Company being March 31, 2005. The Final liability for the assessment year 2005-2006 will be determined on the Total Income of the Company for the Year ended March 31, 2005.

ANNEXURE VI - CAPITALISATION STATEMENT

–  –  –

Jaiprakash Associates Limited is selling its stake in the Company and accordingly no money will be received by the Company from this offer. Therefore, there is no change in Capitalisation Statement, pre and post issue except that the changes occurred due to normal operations of the company.

ANNEXURE VII - CASH FLOW STATEMENT

–  –  –

All the Debts are due from Himachal Pradesh State Electricity Board. Please also refer to Note No. 11 to the Notes forming part of Accounts.

ANNEXURE XI - LOANS AND ADVANCES

–  –  –

The Figures for the previous year ended March 31, 2003, March 31, 2002 & March 31, 2001 have not been given as the Interest Earned/ Other Income was credited to Incidental Expenditure During Construction.

SUMMARY OF SIGNIFICANT DIFFERENCES BETWEEN INDIAN GAAP AND US GAAP

The following is a general summary of certain significant differences between Indian GAAP and U.S. GAAP so far as they are relevant to the financial statements of the Issuer.

The differences identified below are limited to those significant differences that are appropriate to the Issuer's financial statements. However, they should not be construed as exhaustive, and no attempt has been made to identify possible future differences between Indian GAAP and US GAAP as a result of prescribed changes in accounting standards nor to identify future differences that may affect the Issuer’s financial statements as a result of transactions or events that may occur in the future.

The Company has not prepared financial statements in accordance with U.S. GAAP. Accordingly, there can be no assurance that the table below is complete or that the differences described would give rise to the most material differences between Indian and U.S. GAAP. In addition, the Company cannot presently estimate the net effect of applying U.S. GAAP on its results of operations or financial position.

The effect of such differences may be material for the net results and shareholder's equity prepared on the basis of U.S.

GAAP compared to Indian GAAP.

–  –  –

Auditors’ Certificate We hereby certify that the enclosed annexure states the tax benefits available to the shareholders of Jaiprakash HydroPower Limited (the ‘Company’) under the provisions of the Income Tax Act, 1961 and other direct tax laws are presently in force.

The contents of this annexure is based on information, explanations and representations obtained from the Company and on the basis of our understanding of the business activities and operations of the Company.

The shareholder is advised to consider in his/her/its own case the tax implications of an investment in the equity shares particularly in view of the fact that certain recently enacted legislations may not have a direct legal precedent or may have a different interpretation on the benefits which an investor can avail.

R. Nagpal Partner For and on behalf of R. Nagpal Associates Chartered Accountants Place: New Delhi Date: January 23, 2005 A. To the Members of the Company – Under the Income Tax Act, 1961 A.1 Resident Members

• By virtue of section 10(23G) of Income Tax Act, 1961, exemption from Income Tax is available in respect of any income by way of dividends (other than dividends referred to section 115-O) or long term capital gains of an infrastructure capital fund or an infrastructure capital company or a co-operative bank from investment by way of shares in any enterprises or undertaking wholly engaged in the business referred to in sub- section (4) of section 80-IA and which has been approved by the Central Government. However, the income, by way of dividends, other than dividends referred to in section 115-O, interest or long-term capital gains of an infrastructure capital company, shall be taken into account in computing the book profit and income-tax payable under section 115JB.

In our opinion the equity shares under this offer constitute eligible shares and the benefits as stated above would be available as the Company is wholly engaged in the business referred to in sub-section (4) of section 80-IA and which has been approved by the Central Government.

• By virtue of section 10(23D) of the Income Tax Act, 1961 all Mutual Funds set up by Public Sector Banks or Public Financial Institution or Mutual funds registered under the Securities and Exchange Board of India or authorized by the Reserve Bank of India, subject to the conditions specified therein are eligible for exemption from income tax on all their income, including income form investment in the shares of the company.





• By virtue of Section 10(34) any income by way of dividends referred to in section 115-O is exempt from tax in the hands of the shareholders.

• By virtue of Section 10(38) any income arising from the transfer of a long-term capital asset, being an equity share in a company where, (a) the transaction of sale of such equity share is entered into on or after the date on which Chapter VII of the Finance (No.2) Act, 2004 comes into force; and (b) such transaction is chargeable to securities transaction tax under that Chapter, is exempt from tax.

• Under section 48 of the Income Tax Act, 1961 if the company’s shares are sold after being held for not less than twelve months, [in cases not covered under section 10(38) of the Act] if any will be treated as long term capital gains and the gains shall be calculated by deducting from the sale consideration, the indexed cost of acquisition. No deduction shall be allowed in computing the income chargeable under the head “Capital gains” in respect of any sum paid on account of securities transaction tax under Chapter VII of the Finance (No. 2) Act, 2004.

• Under section 54EC of the Income Tax Act, 1961 and subject to the conditions and to the extent specified therein, long term capital gains [in cases not covered under section 10(38) of the Act] arising on the transfer of shares of the Company will be exempt from capital gains tax if the capital gains are invested within a period of 6 months after the date of such transfer for a period of at least 3 years in bonds issued by ‰ National Bank for Agriculture and Rural Development established under section 3 of the National Bank for Agriculture and Rural Development Act,1981 ‰ National Highway Authority of India constituted under section 3 of The National Highway Authority of India Act,1988;

‰ Rural Electrification Corporation Limited, the company formed and registered under the Companies Act 1956.

‰ National Housing Bank established under section 3(1) of the National Housing Bank Act, 1987 and ‰ Small Industries Development Bank of India established under section 3(1) of the Small Industries Development Bank of India Act,1989.

• By virtue of 54ED of the Income Tax Act, 1961 and subject to the conditions and to the extent specified therein, long term capital gains [in cases not covered under section 10(23G), 10(23D), 10(36) and 10(38) of the Act] on the transfer of shares of the Company, as and when it is listed, will be exempt from capital gains tax if the capital gains are invested in shares of an Indian company forming part of an eligible public issue, with in a period of 6 months after the date of such transfer and held for a period of at least one year. Eligible public issue means issue of equity shares which satisfies the following conditions, namelya) The issue is made by a public company formed and registered in India;

(b) The shares forming part of the issue are offered for subscription to the public;

• Under section 54F of the Income Tax Act, 1961 long term capital gains [in cases not covered under section 10(38) of the Act] arising to an individual or Hindu Undivided Family (HUF) on transfer of shares of the company will be exempt from capital gain tax subject to other conditions, if the net consideration from such shares are used for purchase of residential house property with in a period of one year before and two years after the date on which the transfer took place or for construction of residential house property with in a period of three years after the date of transfer.

• Under section 112 of the Income Tax Act, 1961 and other relevant provisions of the Act, long term capital gains, i.e., if shares are held for a period exceeding 12 months, [in cases not covered under section and 10(38) of the Act], arising on transfer of shares of the company, shall be taxed at a rate of 20% (plus applicable surcharge & education cess) after indexation as provided in the second proviso to section 48. The amount of such tax could however, be limited to 10% (plus applicable surcharge & education cess) without indexation, at the option of the shareholder, if the transfer is made after listing of shares.

• By virtue of section 111A of the Income Tax Act, 1961 if the Company’s equity shares are sold within twelve months from date of acquisition, and, (a) the transaction of sale of such equity share is entered into on or after date n which Chapter VII of the Finance (No.2) Act, 2004 comes into force; and (b) such transaction is chargeable to securities transaction tax under that Chapter, the short term capital gains arising therefrom shall be taxed at a rate of 10% (plus applicable surcharge & education cess).

A.2 Non-Resident Indians/ Non –Residents Members [Other than FIIs and Foreign Venture Capital Investors]

• By virtue of section 10(23G) of Income Tax Act, 1961, exemption from Income Tax is available in respect of any income by way of dividends (other than dividends referred to section 115-O) or long term capital gains of an infrastructure capital fund or an infrastructure capital company or a co-operative bank from investment by way of shares in any enterprises or undertaking wholly engaged in the business referred to in sub- section (4) of section 80-IA and which has been approved by the Central Government. However, the income, by way of dividends, other than dividends referred to in section 115-O, interest or long-term capital gains of an infrastructure capital company, shall be taken into account in computing the book profit and income-tax payable under section 115JB.

In our opinion the equity shares under this offer constitute eligible shares and the benefits as stated above would be available as the Company is wholly engaged in the business referred to in sub-section (4) of section 80-IA and which has been approved by the Central Government.

• By virtue of Section 10(34) any income by way of dividends referred to in section 115-O is exempt from tax in the hands of the shareholders.

• By virtue of Section 10(38) any income arising from the transfer of a long-term capital asset, being an equity share in a company where, (a) the transaction of sale of such equity share is entered into on or after the date on which Chapter VII of the Finance (No.2) Act, 2004 comes into force; and (b) such transaction is chargeable to securities transaction tax under that Chapter, is exempt from tax.

• Under the first proviso to section 48 of the Income Tax Act, 1961, in case of a non-resident, in computing the capital gains [in cases not covered under section 10(38) of the Act] arising from transfer of shares of the Company acquired in convertible foreign exchange (as per Exchange Control regulations), protection is provided from fluctuations in the value of rupee in terms of foreign currency in which the original investment was made. Cost indexation benefits will not be available in such a case. The capital gains/loss in such a case is computed by converting the cost of acquisition, sales consideration and expenditure incurred wholly and exclusively in connection with such transfer into the same foreign currency which was utilised in the purchase of the shares. No deduction shall be allowed in computing the income chargeable under the head “Capital gains” in respect of any sum paid on account of securities transaction tax under Chapter VII of the Finance (No. 2) Act, 2004.

• Under section 54EC of the Income Tax Act, 1961 and subject to the conditions and to the extent specified therein, long term capital gains [in cases not covered under section 10(38) of the Act] arising on the transfer of shares of the Company will be exempt from capital gains tax if the capital gains are invested within a period of 6 months after the date of such transfer for a period of at least 3 years in bonds issued by ‰ National Bank for Agriculture and Rural Development established under section 3 of the National Bank for Agriculture and Rural Development Act,1981 ‰ National Highway Authority of India constituted under section 3 of The National Highway Authority of India Act,1988;

‰ Rural Electrification Corporation Limited, the company formed and registered under the Companies Act 1956.

‰ National Housing Bank established under section 3(1) of the National Housing Bank Act,1987 and ‰ Small Industries Development Bank of India established under section 3(1) of the Small Industries Development Bank of India Act,1989.



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