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Notes to Accounts of Advance Metering Technology Ltd.

Mar 31, 2015

Company Overview :

1 Advance Metering Technology Limited ("AMTL" or "the Company") was incorporated on 7th February,2011 under the provisions of the Companies Act,1956. The Company operates in the Energy Sector and within the business segment Energy Generation, Energy Measurement and Energy Management. The Company is engaged in manufacturing and selling of Energy Meters, provides technical services relating to Energy Sector and in the business of Wind Power Generation through Wind Mills/ other renewable energy sources.Its shares are listed on the National Stock Exchange of India Limited and Bombay Stock Exchamge Limited.

The AMTL was incorporated as a Special Purpose Vehicle (SPV) to take over the Metering Division and proposed power generation business/undertakings of Eon Electric Limited ( formerly Indo Asian Fusegear Limited) as a going concern. The Hon'ble High Court for the States of Punjab & Haryana at Chandigarh vide its order dated 27th March 2012, has approved the Scheme of Arrangement ( 'Seheme' ) u/s 391 to 394 of the Companies Act,1956 between the Company and Eon electronic Limited ( Eon ) and their respective shareholders and creditors for demerger of the Metering Division and Power Generation Business ( "De-merged Undertaking") of Eon and transfer/ vesting of the said undertaking in favour of AMTL with effect from Ist April 2011 ( Apponited Date) on going concern basis. The scheme become effective on 8th April 2012 ( Effective Date) on filling of the Certified True Copy of the said Order of the Hon'ble High Court with the Registrar of Companies, NCT of Delhi & Haryana.

2.1 Terms/rights attached to the Equity Shares

2.1 (a) The Company now has only one class of equity shares having a par value of Rs 5 per share since the record date consequent to the scheme of arrangement. Each holder of equity shares is entitled to one vote per share. The Company declares and pay dividend in Indian rupees. The Board of Directors has not prescribed any dividend for the year ( Previous Year Nil ).

3.1 (b) In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity share held by the shareholders.

3.2 There is no other information required to be disclosed in respect to share capital.

4.1 Represents the provision made for dimunation in the value of receivables of Rs Nil (Previous Year Rs 31,070,351) in Saudi National Lamps and Electrical Company Limited.

4.2 Represents the provision made for dimunation in the value of Investment of Rs Nil (Previous Year Rs 25,475,027) in Saudi National Lamps and Electrical Company Limited.

5 Contingent Liabilities and Commitments:

a. Contingent Liabilities

I) Bank Guarantees- Rs 4,008,300 (Previous Year Rs 706,000)

ii) Guarantees to Bank and others on behalf of earstwhile Joint Venture Company for Rs Nil, (Previous year Rs Nil ).

iii) Standby Letter of Credit (SBLC) issued by Barclays Bank on behalf of Advance Metering Technology Limited for Global Power and Trading (GPAT) PTE Ltd., Singapore for USD 200,000 (Previous Year USD 200,000) for purpose of business transactions.

b. Commitments

Capital Commitments (net of advance) Rs 477,575 (Previous year Rs 4,054,768)

6 Provision for income tax has been made without considering some taxes and amounts which will be paid before filling of Income Tax Return as provided under section 43-B of the Income Tax Act, 1961.

7 In the opinion of the Board, the current assets, loans and advances are approximately of the value stated, if realised, in the ordinary course of business. The provision of depreciation and all known liabilities are adequate and not in excess of the amount reasonably necessary.

8 The balances of debtors, advances and creditors are subject to confirmation in some cases.

9 The Company has paid annual listing fees to Bombay Stock Exchange Limited and National Stock Exchange of India Limited where its equity shares are listed.

10 Information of Segment Reporting of the Company for the Year Ended 31st March 2014 Business Segments

In accordance with Accounting Standard (AS) 17 "Segment Reporting", the Company's operations have been categorised into the following business segment:-

Meter & Others includes manufacturing of Energy Meter and Technical Consultancy on energy savings.

Power Generation includes generation of electrcity from Wind

Segment Revenue relating to each of the above business segments includes Other Income, where applicable The above business segments have been identified considering:

a) the nature of products and services;

b) the differing risk and returns;

c) the organisation structure, and

d) the internal financial reporting systems.

There are no geographical segments as the operations of the Company's existing business segments take place in India only.

Notes:-

i. Segment result represents Profit/(loss) before Interest and Tax.

ii. Capital Expenditure pertains to gross additions made to the Fixed Assets during the year including capital work in progress.

iii. Segment Assets includes Fixed Assets, Current Assets and Loan and Advances directly attributable to respective business segments.

iv. Segmental Liabilities include Current Liabilities and Provisions directly attributable to respective business segments.

v. The accounting polices used to derive reportable segment results are consistent with those described in the "Significant Accounting Policies" being note no. 2 to the financial statements.

11 Related Party Disclosures

Disclosures as required by Accounting Standard (AS-18) "Related Party Disclosures" are given below:

A. Subsidiary Companies

PKR Energy Ltd. - wholly owned subsidiary

Global Power and Trading (GPAT) PTE Ltd., Singapore - subsidiary

Advance Power and Trading GMBH., Germany - wholly owned subsidiary

B. Investing Parties with whom the company is a JV Partner

Saudi National Lamps and Electrical Company Limited - ceased to be a Joint Venture with effect from 21st January 2014.

C. Directors, Key Management Personnel

Mr. Pranav Kumar Ranade - Chairman cum Managing Director

Mr. Vikram Ranade - Executive Director

Mr. Prashant Ranade - Executive Director

Mr. Ravinder Singh - Chief Financial Officer

Mr. Rakesh Dhody - AVP-Corporate Affairs & Company Secretary

D. Relatives of Directors, Key Management Personnel

Mrs. Ameeta Ranade ( Wife of Mr. Pranav Kumar Ranade)

Mrs. Ashima Ranade ( Wife of Mr. Vikram Ranade )

Mrs. Natasha Tara Ranade ( Wife of Mr. Prashant Ranade )

E. Enterprises over which directors exercise significant influence PKR Infrastructure Private Limited

PKR Technologies Private Limited PKR Power Private Limited RS Infosystems Pvt Ltd

F. LLP firms in which directors and their relatives are partners

PKR Hitech Industrial Corporation LLP Circular Industrial Corporation LLP

12 Operating leases:

a) The company had taken commercial premises under cancellable operating lease. These lease agreements provided an option to the Company to renew the lease period at the end of the expiry. There were no exceptionas/restrictive covenants in the lease agreement.The Company had terminated these lease agreements during the year.There are no further disclosure requirements in this regard.

b) Lease Payments under an operating lease are recognised as an expense in the statement of Profit & Loss on a straight line basis over the lease term, Accordingly Rs 4,406,014 has been charged to Statement of Profit and Loss during the year (Previous year Rs. Rs 8,492,722)

13 The Company is engaged in the business of manufacturing of energy meters. However, maintenance of cost records and cost audit is not applicable on the Company in view of Section 148 of the Companies Act, 2013 read with Companies (cost records and audit) Rules, 2014.

14 Financial Reporting of Interests in Joint Venture Company had a joint venture share of interest of 20% in Saudi National Lamps and Electricals Company Limited, Saudi Arabia that has been terminated during the previous year ended on 31st March 2014. As at the date of termination, the Company had following in the said joint venture

- Investment in share capital - Rs 25,732,351

- Receivables - Rs.42,754,347

In the opinion of the management of the Company, the aforesaid investment stands impaired and needs to be written off subject to regulatory approvals. Therefore, the Company has made the provision of 99% of value thereof as under- - for investment in share capital of Rs. Nil, previous year (Rs 25,475,027 ).

- for receivables of Rs.Nil previous year ( Rs. 42,326,804 )

As the joint venture stands terminated, no additional disclosures as per Accounting Standard (AS) 27- 'Financial Reporting of Interest in Joint Venture' are made.

15 There is no other material item that needs to be disclosed in accordance with Listing Agreement/ Companies Act, 2013.


Mar 31, 2014

Company Overview :

1 Advance Metering Technology Limited ("AMTL" or "the Company") was incorporated on 7th February,2011 under the provisions of the Companies Act,1956. The Company operates in the Energy Sector and within the business segment Energy Generation, Energy Measurement and Energy Management. The Company is engaged in manufacturing and selling of Energy Meters, provides technical services relating to Energy Sector and in the business of Wind Power Generation through Wind Mills/ other renewable energy sources. Its shares are listed on the National Stock Exchange of India Limited and Bombay Stock Exchange Limited.

The AMTL was incorporated as a Special Purpose Vehicle (SPV) to take over the Metering Division and proposed power generation business/undertakings of Eon Electric Limited ( formerly Indo Asian Fusegear Limited) as a going concern. The Hon''ble High Court for the States of Punjab & Haryana at Chandigarh vide its order dated 27th March 2012, has approved the Scheme of Arrangement ( ''Seheme'' ) u/s 391 to 394 of the Companies Act,1956 between the Company and Eon electronic Limited ( Eon ) and their respective shareholders and creditors for demerger of the Metering Division and Power Generation Business ( "De-merged Undertaking") of Eon and transfer/ vesting of the said undertaking in favour of AMTL with effect from Ist April 2011 ( Apponited Date) on going concern basis. The scheme become effective on 8th April 2012 ( Effective Date) on filling of the Certified True Copy of the said Order of the Hon''ble High Court with the Registrar of Companies, NCT of Delhi & Haryana.

1.1 Reconciliation of the number of Shares outstanding at the beginning and at the end of year

1.2 Terms/rights attached to the Equity Shares

1.3 (a) The Company had a class of equity shares having a par value of Rs 10 per share in the preceding year ending 31st March 2013 which has been extinguished consequent to the scheme of arrangement on record date. Each holder of equity shares was entitled to one vote per share.

1.4 (b) The Company now has only one class of equity shares having a par value of Rs 5 per share since the record date consequent to the scheme of arrangement. Each holder of equity shares is entitled to one vote per share. The Company declares and pay dividend in Indian rupees. The Board of Directors has not prescribed any dividend for the year ( Previous Year Nil ).

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity share held by the shareholders.

1.5 Margin Money Deposits are kept with banks against issuance of Bank Guarantees and Letter of Credit.

1.6 Represents the provision made for dimunation in the value of receivables of Rs 31,070,351 (Previous Year Rs 11,256,453) in Saudi National Lamps and Electrical Company Limited.

1.7 Represents the provision made for dimunation in the value of Investment of Rs 25,475,027 (Previous Year Rs Nil) in Saudi National Lamps and Electrical Company Limited.

2 Contingent Liabilities and Commitments:

a. Contingent Liabilities

i) Bank Guarantees- Rs 706,000 (Previous Year Rs 1,000,000)

ii) Guarantees to Bank and others on behalf of earstwhile Joint Venture Company for Rs Nil, (Previous year Rs.54,416,548 (SR 3,759,347)).

b. Commitments

Capital Commitments (net of advance) Rs 4,054,768 (Previous year Rs 275,380)

3 Provision for income tax has been made without considering some taxes and amounts which will be paid before filling of Income Tax Return as provided under section 43-B of the Income Tax Act, 1961.

4 In the opinion of the Board, the current assets, loans and advances are approximately of the value stated, if realised, in the ordinary course of business. The provision of depreciation and all known liabilities are adequate and not in excess of the amount reasonably necessary.

5 The balances of debtors, advances and creditors are subject to confirmation in some cases.

6 The Company has paid annual listing fees to Bombay Stock Exchange Limited and National Stock Exchange of India Limited where its equity shares are listed.

7 Information of Segment Reporting of the Company for the Year Ended 31st March 2014 Business Segments

In accordance with Accounting Standard (AS) 17 " Segment Reporting" , the Company''s operations have been categorised into the following business segment:-

Meter & Others includes manufacturing of Energy Meter and Technical Consultancy on energy savings.

Power Generation includes generation of electricity from Wind

Segment Revenue relating to each of the above business segments includes Other Income, where applicable The above business segments have been identified considering:

a) the nature of products and services;

b) the differing risk and returns;

c) the organisation structure, and

d) the internal financial reporting systems.

There are no geographical segments as the operations of the Company''s existing business segments take place in India only.

Notes:-

i. Segment result represents Profit/(loss) before Interest and Tax.

ii. Capital Expenditure pertains to gross additions made to the Fixed Assets during the year including capital work in progress.

iii. Segment Assets includes Fixed Assets, Current Assets and Loan and Advances directly attributable to respective business segments.

iv. Segmental Liabilities include Current Liabilities and Provisions directly attributable to respective business segments.

v. The accounting polices used to derive reportable segment results are consistent with those described in the "Significant Accounting Policies" being note no. 2 to the financial statements.

8 Related Party Disclosures

Disclosures as required by Accounting Standard (AS-18) "Related Party Disclosures" are given below:

A. Subsidiary Companies

PKR Energy Ltd. - wholly owned subsidiary

Global Power and Trading PTE Ltd., Singapore - wholly owned subsidiary Advance Power and Trading GMBH., Germany - wholly owned subsidiary RS Infosystems Pvt Ltd. - subsidiary with effect from 19th July 2013

B. Investing Parties with whom the company is a JV Partner

Saudi National Lamps and Electrical Company Limited - ceased to be a Joint Venture with effect from 24th January 2014.

C. Directors, Key Management Personnel

Mr. Pranav Kumar Ranade - Chairment cum Managing Director

Mr. Vikram Ranade - Executive Director

Mr. Prashant Ranade - Executive Director

D. Relatives of Directors, Key Management Personnel

Mrs. Ameeta Ranade ( Wife of Mr. Pranav Kumar Ranade)

Mrs. Ashima Ranade ( Wife of Mr. Vikram Ranade )

Mrs. Natasha Tara Ranade ( Wife of Mr. Prashant Ranade )

E. Enterprises over which directors exercise significant influence PKR Infrastructure Private Limited

PKR Technologies Private Limited PKR Power Private Limited

F. LLP firms in which directors and their relatives are partners

PKR Hitech Industrial Corporation LLP

9 Operating leases:

a) The company has taken commercial premises under cancellable operating lease. These lease agreements provides an option to the Company to renew the lease period at the end of the expiry. There are no exceptional/restrictive covenants in the lease agreement.

b) Lease Payments under an operating lease are recognised as an expense in the statement of Profit & Loss on a straight line basis over the lease term, Accordingly Rs 8,492,722 has been charged to Statement of Profit and Loss during the year (Previous year Rs.9,204,779)

10 Financial Reporting of Interests in Joint Venture

Company had a joint venture share of interest of 20% in Saudi National Lamps and Electricals Company Limited, Saudi Arabia that has been terminated during the year. As at the date of termination, the Company had following in the said joint venture

- Investment in share capital - Rs 25,732,351

- Receivables - Rs.42,754,347

In the opinion of the management of the Company, the aforesaid investment stands impaired and needs to be written off subject to regulatory approvals. Therefore, the Company has made the provision of 99% of value thereof as under- - for investment in share capital of Rs 25,475,027 during the year ended 31st March 2014.

- for receivables of Rs.42,326,804 (Rs 31,070,351 during the year ended 31st March 2014 and Rs 11,256,453 during the year ended 31st March 2013.

As the joint venture stands terminated, no additional disclosures as per Accounting Standard (AS) 27- ''Financial Reporting of Interest in Joint Venture'' are made.

11 There is no other material item that needs to be disclosed in accordance with Listing Agreement/ Companies Act,1956.


Mar 31, 2013

1. Company Overview :

Advance Metering Technology Limited ("AMTL" or "the Company") was incorporated on 7th February,2011 under the provisions of the Companies Act, 1956. It has been incorporated as a Special Purpose Vehicle(SPV) to take over the Metering Division and proposed power generation business/undertakings of Eon Electric Limited (formerly Indo Asian Fusegear Limited) as a going concern. The Hon''ble High Court for the States of Punjab & Haryana at Chandigarh vide its order dated 27th March, 2012, has approved the Scheme of Arrangement ("Scheme") u/s 391 to 394 of the Companies Act, 1956 between the company and Eon Electric Limited ( "Eon") and their respective shareholders and creditors for demerger of the Metering Division and Power Generation Business ("De-merged Undertaking") of Eon and transfer / vesting of the said undertaking in favour of AMTL with effect from 1st April, 2011 (Appointed Date) on a going concern basis. The Scheme became effective on 8th April, 2012 (Effective Date) on filing of the Certified True Copy of the said Order of the Hon''ble High Court with the Registrar of Companies, NCT of Delhi & Haryana. Its shares are listed on the National Stock exchange of India Limited and Bombay Stock Exchamge Limited. The Company is engaged in manufacturing and selling of Energy Meters. The Company has also entered into the business of Wind Power Generation.

2.1 The Company, during the year, has changed the method for providing depreciation on Power Generation assets (Windmills) from W.D.V to S.L.M with effect from the date of capitalisation of such assets (Jan, 2012), as a result of which a sum of Rs.49,16,414/-has been written back as exceptional item in the Profit and Loss account for the year 2012-13. Had this change not been made, the profit for the year would have been lower by Rs. 2,21,65,929/- on account of current depreciation and the value of net fixed assets would have been lower by Rs.2,70,82,343/-.

2.2 Represent the provision made for dimunation in the value of receivables of Rs. 1,12,56,453/- in Saudi National Lamps and Electrical Company Limited, a Joint Venture Company.

3 Contingent Liabilities and Commitments:

a. Contingent Liabilities

i) Bank Guarantees- Rs.10,00,000/- (Previous year Nil)

ii) Guarantees to Bank and others on behalf of Joint Venture Company of Rs.5,44,16,548(SR 37,59,347),(Previous year Nil)

b. Commitments

Capital Commitments (net of advance) Rs.2,75,380/- (Previous year Rs.13,64,48,289/- )

4 Provision for income tax has been made without considering some taxes and amounts which will be paid before filling of Income Tax Return as provided under Section 43-B of the Income Tax Act, 1961.

5 In the opinion of the Board, the current assets, loans and advances are approximately of the value stated, if realised, in the ordinary course of business. The provision of depreciation and all known liabilities is adequate and not in excess of the amount reasonably necessary.

6 The balances of Debtors, Advances and Creditors are subject to confirmation in some cases.

7 The company has paid annual listing fees to Bombay Stock Exchange Limited and National Stock Exchange of India Limited where its equity shares are listed.

8 Information of Segment Reporting of the Company for the year ended 31st March 2013 Business Segments

In accordance with Accounting Standard (AS) 17 " Segment Reporting" , the Company''s operations have been categorised into the follwing business segment:-

Meter & Others includes manufacturering of Energy Meter and Technical Consultancy on energy savings. Power Generation includes generation of electrcity from Wind

Segment Revenue relating to each of the above business segments includes Other Income, where applicable The above business segments have been identified considering:

a) the nature of products and services

b) the differing Risk and returns

c) the organisation structure, and

d) the internal financial reporting systems.

There are no geographical segments as the operations of the company''s exsiting Business Segments take place in india only.

Notes:-

i. Segment result represents Profit/(Loss) before Interest and Tax.

ii. Capital Expenditure pertains to gross additions made to the Fixed Assets during the year including capital work in progress.

iii. Segment Assets includes Fixed Assets, Current Assets and Loan and Advances directly attributable to respective business segments.

iv. Segmental Liabilities include Current Liabilities and Provisions directly attributable to respective business segments.

v. The accounting polices used to derive reportable segment results are consistent with those described in the "Significant Accounting Policies" note to the financial statements.

9 Related Party Disclosures

Disclosures as required by Accounting Standard (AS-18) "Related Party Disclosures" are given below:

A. Subsidiary Companies

PKR Energy Ltd.( formerly IAF Cables Ltd.)

Global Power and Trading PTE Ltd., Singapore Advance Power and Trading GMBH., Germany

B. Investing Parties with whom the company is a JV Partner

Saudi National Lamps and Electrical Company Limited

C. Directors, Key Management Personnel

Mr. P. K. Ranade -Director Mr. Vikram Ranade -Director Mr. Prashant Ranade -Director

D. Relatives of Directors, Key Management Personnel

Mrs. Ameeta Ranade Mrs. Ashima Ranade Mrs. Natasha Tara Ranade

E. Enterprises over which directors exercise significant influence

Indo Asian Marketing Private Limited PKR Technologies Private Limited PKR Power Private Limited Indo Nordex Lighting Private Limited Gard Tools Private Limited IAFL Switchgear Private Ltd.

Indo Asian Capital Finance Private Limited

10 During the year the Company has incorporated 2 wholly owned subsidiary Companies. The Company has paid Share Application Money of Rs. 4,41,337/- to Global Power and Trading Pte.Ltd., Singapore and Rs. 8,84,379/- to Advance Power and Trading Gmbh, Germany. The WOS has not yet alloted the shares pending completion of certain formalities. The WOS companies have not yet commenced their opeartions.

11 Lease Payments under an operating lease are recognised as an expense in the statement of Profit & Loss on a straight line basis over the lease term, Accordingly Rs.92,04,779/- has been charged to Statement of Profit and Loss during the year (Previous year Nil)

12 Earning in Foreign Exchange: - -

13 There is no other items to be disclosed in accordance with Listing Agreement/ Companies Act,1956 that is material in nature.

14 Previous year figures are not comparable due to the first year of opeartions after the De-merger.


Mar 31, 2012

Company Overview :

1. Advance Metering Technology Limited ("AMTL" or "the Company") was incorporated on 7th February, 2011 under the provisions of the Companies Act, 1956. It has been incorporated as a Special Purpose Vehicle(SPV) to take over the Metering Division and proposed power generation business/undertakings of Eon Electric Limited(formerly Indo Asian Fusegear Limited) as a going concern. The Hon'ble High Court for the States of Punjab & Haryana at Chandigarh vide its order dated 27th March, 2012, has approved the Scheme of Arrangement ("Scheme") u/s 391 to 394 of the Companies Act, 1956 between the company and Eon Electric Limited ("Eon") and their respective shareholders and creditors for demerger of the Metering Division and Power Generation Business ("De-merged Undertaking") of Eon and transfer/vesting of the said undertaking in favour of AMTL with effect from 1st April, 2011 (Appointed Date) on a going concern basis. The Scheme became effective on 8th April, 2012 (Effective Date) on filing of the Certified True Copy of the said Order of the Hon'ble High Court with the Registrar of Companies, NCT of Delhi & Haryana.

2. SHARE CAPITAL

2.1 Terms/rights attached to Equity Shares

The Company has only one class of equity shares having a par value of Rs. 10/- per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees.

In the event of liquidation of company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

2.2 In accordance with the scheme of demerger approved by Hon'ble High Court for the States of Punjab & Haryana, these shares will be paid back at par in cash to the shareholders on the record date upon the scheme becoming effective from 8th April, 2012. In the merged Balance sheet of the year 31.03.2013, the new share capital coming out of demerger will replace the above equity share capital.

3. DEFERRED TAX ASSETS

3.1 Deferred Tax Asset have been created as under the Income Tax Act, 1961, the Company is required to file the return of income after considering the operations of Advance Metering Technology Limited from the appointed date April 01, 2011. (In view of the decision of Hon'ble Supreme Court vide order dated November 27, 1996 in the matter of Marshall Sons & Co. (India) Limited vs Income Tax officer in Civil Appeal No. 1661 and 1662 of 1992)

4. Advance Metering Technology Limited ("AMTL" or "the Company") was incorporated on 7th February, 2011 under the provisions of the Companies Act, 1956. It has been incorporated as a Special Purpose Vehicle (SPV) to take over the metering division and proposed power generation business/undertakings of Eon Electric Limited (formerly Indo Asian Fusegear Limited) as a going concern. The Hon'ble High Court for the States of Punjab & Haryana at Chandigarh vide its order dated 27th March, 2012, has approved the Scheme of Arrangement ("Scheme") u/s 391 to 394 of the Companies Act,1956 between the Company and Eon Electric Limited ("Eon") and their respective shareholders and creditors for demerger of the Metering Division and Power Generation Business ("De-merged Undertaking") of Eon and transfer/vesting of the said undertaking in favour of AMTL with effect from 1st April, 2011 (Appointed Date) on a going concern basis. The Scheme became effective on 8th April, 2012 (Effective Date) on filing of the Certified True Copy of the said Order of the Hon'ble High Court with the Registrar of Companies, NCT of Delhi & Haryana.

In terms of the Scheme, the Authorized, Issued, Subscribed and Paid up Share Capital of Eon, as on the Record Date, will be reduced to half by changing the face value of the shares from Rs. 10/- to Rs. 5/- each. All the members whose name appear in the records of Eon on the Record Date shall become the holders of the same number of Equity Shares of the face value of Rs. 5/- each credited as fully paid up of Eon and AMTL on the same terms, conditions and rights in the records of the respective companies.

Upon the coming into effect of Scheme and in terms of the Scheme :

a) The business and operations of the De-merged Undertaking shall be deemed to be vested and transferred with the company with retrospective effect from 1st April, 2011.

b) The related assets and liabilities of the De-merged Undertaking at the opening of business on 1st April, 2011 shall be deemed to have been vested and transferred with the company with effect from that date at their respective book values.

c) The business of the De-merged Undertaking shall be deemed to have been carried out by Eon, in trust for and on behalf of AMTL from the appointed date till the effective date.

Necessary effects in respect of the aforesaid scheme of arrangement would be given in the books of accounts of the company such as :-

a) Eon Electric Limited has bought back and extinguished 17,84,162 fully paid-up Equity Shares of the face value of Rs. 10/- each from its existing shareholders. A total sum of Rs. 11,59,64,056/- has been spent towards the said buy-back out of the free reserves of the company. As per the scheme of arrangement, the said amount has to be apportioned equally between Eon and AMTL. Accordingly a sum of Rs 5,79,82,028/- has been paid to Eon towards the said buy-back out of the General Reserve of the company.

b) Eon Electric limited has also allotted 8,90,000 Equity Shares of Rs. 10/- on conversion of 8,90,000 Zero Coupon Convertible Warrants allotted by it on preferential basis by private placement to the promoters of the company as per Securities and Exchange Board of India (Issue of Capital & Disclosure Requirements) Regulations, 2009.

5. Contingent Liabilities and Commitments:-

a. Contingent Liabilities - Nil

b. Commitments

Capital Commitments Rs. 13,61,15,500/-

6. Since no commercial activity has been undertaken during the period ended March 31, 2012, there is no reportable segment referred to in the statement of Accounting Standard (AS-17) for segmental reporting.

7. Related Party Disclosures

Disclosures as required by Accounting Standard (AS-18) "Related Party Disclosures" are given below:

A. Directors, Key Management Personnel

Mr. P. K. Ranade - Director

Mr. Vikram Ranade - Director

Mr. V. P. Mahendru - Director

Mr. Vinay Mahendru - Director

Mr. Prashant Ranade - Additional Director

B. Relatives of Directors, Key Management Personnel

Mrs. Ameeta Ranade

Mrs. Ashima Ranade

Mrs. Natasha Ranade

C. Enterprises over which directors exercise significant influence

Indo Asian Marketing Private Limited

D. LLP firms in which directors and their relatives are partners

PKR Hitech Industrial Corporation LLP

8. There is no other information apart from the information already disclosed above required to be disclosed pursuant to the relevant clauses of New Schedule VI as inserted to Companies Act by the Notification No. S.O. 447(E), Dated 28-2-2011 (As amended by Notification No. F.NO. 2/6/2008-CL-V, Dated 30-3-2011).

9. The Company was incorporated on February 07, 2011 and this, being the first financial statements of the Company, previous year figures are not given.

 
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