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Notes to Accounts of Bharat Bijlee Ltd.

Mar 31, 2015

1 GENERAL INFORMATION

Bharat Bijlee Limited is one of the leaders in the electrical engineering industry in India. A multi-product, multi-divisional organisation, its main products are transformers, projects, electric motors, elevator systems and drives. The Company has a well established all-India marketing network that ensures responsive pre and after sales service.

(a) Rights, preferences and restrictions attached to shares

Equity Shares: The Company has one class of equity shares having a par value of Rs.10 per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in an Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

(a) Disclosure under the Micro, Small and Medium Enterprises Development Act, 2006

There are no Micro and Small Enterprises to whom the Company owes dues which are outstanding for more than 45 days as at 31st March, 2015. This information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company which has been relied upon by the auditors.

As at As at 31st March, 2015 31st March, 2014 2. Contingent Liabilities:

Disputed Sales Tax Demands 225.33 225.33

Disputed Excise Duty Demands 215.54 423.60

Disputed Custom Duty Demand 126.12 126.12

Disputed Income Tax Demands 28.01 228.43

It is not practicable for the Company to estimate the timings of cash outflows, if any, in respect of the above pending resolution of the respective proceedings.

1. Segments have been identified in line with Accounting Standard AS 17 on the basis of production and distribution process and regulatory environment.

2. Company has disclosed Business segments as Primary segments.

Composition of Business Segments:

a. Power Systems

This segment comprises the design, commissioning and marketing of power transformers; EPC projects for electrical substations including delivery, rectification, commissioning and servicing of transformers and marketing of maintenance products.

b. Industrial Systems

This segment comprises the development, marketing and manufacture of a wide range of standard and customized electric motors; synchronous gearless machines for the elevator industry and the engineering and supply of AC variable-speed drives and drive systems.

3. Segment Revenue, Result, Assets & Liabilities include respective amounts directly attributable to each segment & other relevant amounts allocated on reasonable basis.

While presenting the segment results, common expenses, common assets and liabilities to the extent not directly identifiable with any one segment have been grouped as unallocable.

4. Company does not have any secondary segments since risk and return are not significantly dependent on geographical locations. Further since the revenue from within India and the assets within India are greater than 90% of the total revenues and total assets, respectively, of the Company, the disclosure requirements for secondary segment as per the aforesaid standard is also not applicable.

3. Related Party Disclosures:

3.1 RELATED PARTIES

A. Key Management Personnel

A1. Mr. Nikhil J. Danani, Vice Chairman & Managing Director

A2. Mr. Nakul P Mehta, Vice Chairman & Managing Director

A3. Mr. Shome N. Danani, Executive Director (son of Mr. Nikhil J. Danani)

B. Relatives of the Key Management Personnel

B1. Late Mr. Jaisingh R. Danani, a non-executive Director (father of Mr. Nikhil J. Danani & Grandfather of Mr. Shome N. Danani)

B2. Mr. Anand J. Danani (brother of Mr. Nikhil J. Danani)

B3. Ms. Avanti P Mehta (sister of Mr. Nakul P Mehta)

B4. Ms. Sita P Mehta (sister of Mr. Nakul P Mehta)

C. Enterprises over which any of (A) or (B) can exercise control or significant influence C1. Danmet Chemicals Pvt. Ltd.

C2. Nasivan Investments Pvt. Ltd.

Related parties' relationship as stated in (A) to (C) above are as identified by the Company and relied upon by the Auditors.

4. Disclosure pursuant to Accounting Standard - 19 : Leases

As a lessee in an Operating Lease:

Non-cancellable

5. Previous year's figures have been regrouped/recast/reclassified, wherever necessary.


Mar 31, 2014

1 GENERAL INFORMATION

Bharat Bijlee Limited is one of the leaders in the electrical engineering industry in India. A multi-product, multi-divisional organisation, its main products are transformers, projects, electric motors, elevator systems and drives. The Company has a well established all-India marketing network that ensures responsive pre and after sales service.

As at As at 31st March 2014 31st March 2013

2 Contingent Liabilities not provided for in respect of :

Disputed Sales Tax Demands 225.33 189.90

Disputed Excise Duty Demands 423.60 423.60

Disputed Custom Duty Demand 126.12 191.12

Disputed Income Tax Demands 228.43 162.03

It is not practicable for the Company to estimate the timings of cash outfl ows, if any, in respect of the above pending resolution of the respective proceedings.

3 RELATED PARTY DISCLOSURES:

3.1 RELATED PARTIES

A. Key Management Personnel A1. Mr. Nikhil J. Danani, Vice Chairman & Managing Director A2. Mr. Nakul P. Mehta, Vice Chairman & Managing Director A3. Mr. Shome N. Danani, Executive Director (son of Mr. Nikhil J. Danani)

B. Relatives of Key Management Personnel B1. Late Mr. Jaisingh R. Danani, a non-executive Director (father of Mr. Nikhil J. Danani & Grandfather of Mr. Shome N. Danani) B2. Ms. Avanti P. Mehta (sister of Mr. Nakul P. Mehta) B3. Ms. Sita P. Mehta (sister of Mr. Nakul P. Mehta)

C. Enterprises over which any of (A) or (B) can exercise control or signifi cance infl uence C1. Danmet Chemicals Pvt. Ltd. C2. Nasivan Investments Pvt. Ltd.

Related parties'' relationship as stated in (A) to (C) above are as identifi ed by the Company and relied upon by the Auditors.

4 Previous year''s figures have been regrouped / recast / reclassifi ed, wherever necessary.


Mar 31, 2013

1 GENERAL INFORMATION

Bharat Bijlee Limited is one of the leaders in the electrical engineering industry in India. A multi-product, multi-divisional organisation, its main products are transformers, projects, electric motors, elevator systems and drives. The Company has a well established all- India marketing network that ensures responsive pre and after sales service.

(a) Rights, preferences and restrictions attached to shares

Equity Shares : The Company has one class of equity shares having a par value of Rs 10 per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend . In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

Secured by hypothecation of all tangible moveable assets including stock of Raw Materials and Components , Stores, Spares, Fuel, Work-in-Progress, Finished Goods, Stock-in-trade and Book Debts. The oral equitable mortgage, ranking second and subservient to mortgages created, on immovable properties excluding vacant land at Company''s Kalwe factory is in the process of being satisfied as the same has been waived by the banks.

(a) Disclosure under the Micro, Small and Medium Enterprises Development Act, 2006

There are no Micro and Small and Medium Enterprises to whom the Company owes dues which are outstanding for more than 45 days as at 31st March, 2013 This information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company which has been relied upon by the auditors.

1. Segments have been identified in line with Accounting Standard AS 17 on the basis of production and distribution process and regulatory environment.

2. Company has disclosed Business segments as Primary segments.

Composition of Business Segments :

a. Power Systems

This segment comprises the design, commissioning and marketing of power transformers; EPC projects for electrical substations including delivery,rectification,commissioning, and servicing of transformers and marketing of maintenance products.

b. Industrial Systems

This segment comprises the development, marketing and manufacture of a wide range of standard and customized electric motors;synchronous gearless machines for the elevator industry and the engineering and supply of AC variable-speed drives and drive systems.

3. Segment Revenue, Result, Assets & Liabilities include respective amounts directly attributable to each segment & other relevant amounts allocated on reasonable basis.

While presenting the segment results, common expenses, common assets and liabilities to the extent not directly identifiable with any one segment have been grouped as unallocable.

4. Company does not have any secondary segments since risk and return are not significantly dependent on geographical locations. Further since the revenue from within India and the assets within India are greater than 90% of the total revenues and total assets, respectively, of the Company, the disclosure requirements for secondary segment as per the aforesaid standard is also not applicable.

5 RELATED PARTY DISCLOSURES:

5.1 RELATED PARTIES

A. Key Management Personnel

A1. Mr. Nikhil J. Danani, Vice Chairman & Managing Director

A2. Mr. Nakul P Mehta, Vice Chairman & Managing Director

A3. Mr. Shome N. Danani, Executive Director (son of Mr. Nikhil J. Danani)

B. Relatives of Key Management Personnel

B1. Mr. Jaisingh R. Danani, a non-executive Director (father of Mr. Nikhil J. Danani)

B2. Ms. Avanti P Mehta (sister of Mr. Nakul P Mehta)

B3. Ms. Sita P Mehta (sister of Mr. Nakul P Mehta)

C. Enterprises over which any of (A) or (B) can exercise control or significant influence C1. Danmet Chemicals Pvt. Ltd.

C2. Nasivan Investments Pvt. Ltd.

6 Previous year''s figures have been regrouped / recast / reclassified, wherever necessary.


Mar 31, 2012

1. GENERAL INFORMATION:

Bharat Bijlee Limited is one of the leaders in the electrical engineering industry in India. A multi-product, multi-divisional organisation, its main products are transformers, projects, electric motors, elevator systems and drives. The Company has a well established all-India marketing network that ensures responsive pre and after sales service.

Contingent liabilities are disclosed by way of note to the Financial Statements after careful evaluation by the management of the facts and legal aspects of the matter involved.

2. Contingent Assets are neither recognised nor disclosed.

As at As at 31st March 2012 31st March 2011

30. Contingent Liabilities not provided for in respect of: Disputed Sales Tax Demands 88.55 153.66

Disputed Excise Duty Demands 423.60 410.09

Disputed Custom Duty Demand 191.12 305.83

Disputed Income Tax Demands 226.29 204.47

Claims against the Company not acknowledged as debts 1.30 3.56

3. Segments have been identified in line with Accounting Standard AS 17 on the basis of production & distribution process and regulatory environment.

4. Company has disclosed Business segments as Primary segments. Composition of Business Segments :

a. Power Systems

This segment comprises the design, commissioning and marketing of power transformers, EPC projects for electrical substations commissioning, erection and servicing of transformers and marketing of maintenance products.

b. Industrial Systems

This segment comprises the development, marketing and manufacture of a wide range of standard and customized electric motors, synchronous gearless machines for the elevator industry and the engineering and supply of AC variable-speed drives and drive systems.

5. Segment Revenue, Result, Assets & Liabilities include respective amounts directly attributable to each segment & other relevant amounts allocated on reasonable basis.

While presenting the segment results, common expenses, common assets & liabilities to the extent not directly identifiable with any one segment have been grouped as unallocable.

6. Company does not have any secondary segments since risk and return are not significantly dependent on geographical locations. Further since the revenue from within India and the assets within India are greater than 90% of the total revenues and total assets, respectively, of the Company, the disclosure requirements as per the aforesaid standard is also not applicable.

7. Related Party Disclosures:

7.1 RELATED PARTIES

A. Key Management Personnel.

A1. Mr. Nikhil J. Danani, Vice Chairman & Managing Director

A2. Mr. Nakul R Mehta, Vice Chairman & Managing Director

A3. Mr. Shome N. Danani, Executive Director (son of Mr. Nikhil J. Danani)

B. Relatives of the Key Management Personnel

B1. Mr. Jaisingh R. Danani, a non-executive Director (father of Mr. Nikhil J. Danani)

B2. Ms. Avanti R Mehta (sister of Mr. Nakul R Mehta)

B3. Ms. Sita R Mehta (sister of Mr. Nakul R Mehta)

C. Enterprises over which any of (A) or (B) can exercise control or significant influence C1. Danmet Chemicals Pvt. Ltd.

C2. Nasivan Investments Pvt. Ltd.

Related parties' relationship as stated in I (A) to l(C) above are as identified by the Company and relied upon by the Auditors.

8. The financial statements for the year ended March 31, 2011 had been prepared as per the then applicable, pre-revised Schedule VI to the Companies Act, 1956. Consequent to the notification of Revised Schedule VI under the Companies Act, 1956, the financial statements for the year figures have also been reclassified to conform to this year's classification. The adoption of Revised Schedule VI for previous year figures does not impact recognition and measurement principles followed for preparation of financial statements.


Mar 31, 2011

31st March, 2011 31st March, 2010 Rs. in Lakhs Rs. in Lakhs Rs. in Lakhs

1. Contingent Liabilities not provided for in respect of:

(i) Disputed Sales Tax demands 153.66 135.95

(ii) Disputed Excise Duty demands 410.09 410.09

(iii) Disputed Custom Duty Demand 305.83 305.83

(iv) Disputed Income Tax Demands 204.47 100.00

(v) Claims against the Company not acknowledged as debts 3.56 3.56

2. Estimated amount of contracts remaining to be executed on 872.42 143.51 capital account and not provided for (net of advances)

3. Professional Charges include :

(a) To Auditors : (net of Service Tax)

(i) Audit Fees 13.00 13.00

(ii) Tax Audit Fee 1.20 1.20

(iii) Company Law and other matters 0.23 0.23

(iv) Certifications 0.15 0.15

(v) Reimbursement of Out of Pocket Expenses 0.32 0.18

14.90 14.76

(b) To Cost Auditors (net of Service Tax) 0.36 0.33

4. Disclosure under the Micro, Small and Medium Enterprises Development Act.

(a) There are no Micro and Small enterprises to whom the Company owes dues which are outstanding for more than 45 days as at 31st March, 2011. This information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company.

5 RELATED PARTY DISCLOSURES:

I. RELATED PARTIES

A. Key Management Personnel.

A1. Mr. Nikhil J. Danani, Vice Chairman & Managing Director

A2. Mr. Nakul R Mehta, Vice Chairman & Managing Director

A3. Mr. Shome N. Danani, Executive Director (son of Mr. Nikhil J. Danani)

B. Relatives of the Key Management Personnel

B1. Mr. Jaisingh R. Danani, a non-executive Director (father of Mr. Nikhil J. Danani) B2. Ms. Avanti R Mehta (sister of Mr. Nakul R Mehta) B3. Ms. Sita P. Mehta (sister of Mr. Nakul P. Mehta)

C. Enterprises over which any of (A) or (B) can exercise control or significant influence C1. Danmet Chemicals Pvt. Ltd.

C2. Nasivan Investments Pvt. Ltd.

Related parties relationship as stated in l(A) to l(C) above are as identified by the Company and relied upon by the Auditors.

6. Previous Years figures have been regrouped wherever necessary.


Mar 31, 2010

1. Disclosure under the Micro, Small and Medium Enterprises Development Act, 2006

a) There are no Micro and Small enterprises to whom the Company owes dues which are outstanding for more than 45 days as at 31st March, 2010. This information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company.

2. RELATED PARTY DISCLOSURES:

I. RELATED PARTIES

A. Key Management Personnel.

Mr. Nikhil J. Danani, Vice Chairman & Managing Director Mr. Nakul P. Mehta, Vice Chairman & Managing Director Mr. Shome N. Danani, Executive Director ( son of Mr. Nikhil J. Danani )

B. Relatives of the Key Management Personnel

Mr. Jaisingh R. Danani, a non-executive Director (father of Mr. Nikhil J. Danani)

Mr. Anand J. Danani, a non-executive Director (brother of Mr. Nikhil J. Danani)

Ms. Avanti P. Mehta (sister of Mr. Nakul P. Mehta)

Ms. Sita P. Mehta (sister of Mr. Nakul P. Mehta)

C. Enterprises over which any of (A) or (B) can exercise control or significant influence Danmet Chemicals Pvt. Ltd.

Nasivan Investments Pvt. Ltd.

Gayatri Education, Medical & Research Foundation Pvt. Ltd.

Related parties relationships as stated in I (A) to I (C) above are as identified by the Company and relied upon by the Auditors.

3. The Company has only one reportable business segment viz. "Industrial Products" in terms of the Accounting Standard - 17 on "Segment Reporting". The Company mainly operates in the domestic market and hence there is no reportable secondary segment.

4. Previous Years figures have been regrouped wherever necessary.

 
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