Mar 31, 2015
1. CONTINGENT LIABILITIES NOT PROVIDED FOR
(All Figures in Rs.)
As at As at
31.03.2015 31.03.2014
i) Bills Discounted with Banks 174,310,291 190,758,602
ii) Bank Guarantees given
by Banks 2,190,998,109* 4,842,284,816
iii) Claims contested by
the Company 500,000 500,000
iv) Corporate Guarantee
Given to Banks on account of
Subsidiaries 500,240,000** 301,404,500**
*BGs taken for Release of Advance Money, Retention Money and as
security for procurement of Raw Material are not considered under
Contingent Liabilities as the same are already grouped under Other
Liabilities and Trade Payables.
**Corporate Guarantee of USD 8,000,000 (Previous Year 5,000,000) is
offered to UCO Bank, Singapore and Habib Bank, Singapore for the limits
granted to BS Global Resources Pvt. Ltd (100% Subsidiary of BS
Limited). 1 USD = Rs. 62.53/- (Previous Year 1 USD = Rs. 60.2809)
2. MICRO, SMALL AND MEDIUM ENTERPRISES DEVELOPMENT ACT
The Company has not received intimation from vendors regarding their
status under the Micro, Small and Medium Enterprises Development Act,
2006 and hence names of Micro, Small and Medium Enterprises to whom the
Company owes any sum together with interest unpaid as on the date of
Balance Sheet is not ascertainable.
The Company has issued Bonus Shares in the proportion of 1:1 on the
ESOP allotted during the Current Financial year in accordance with the
approval of Shareholders. EPS reported for the Year ended March 31,
2014 has been derived considering the increase in the number of Equity
Shares on account of Bonus Shares issued in the Current Financial Year
2014-15 in accordance with the Disclosure Requirements as per
Accounting Standard -20 on "Earning Per Share".
3. DEPRECIATION
In accordance with the provisions of Schedule II of the Act, in case of
Fixed Assets which has completed their useful life as at April 01,
2014, the Carrying Value (Net of Residual Value) amounting to Rs.
2,640,832/- as a transitional provision has been recognized in the
Retained Earnings.
Further, in case of Assets acquired prior to April 01, 2014, the
Carrying Value of Assets (Net of Residual Value) is depreciated over
the remaining useful life as determined effective April 01, 2014.
Depreciation expenses for the year would have been lower by Rs.
153,540,401/-, has the Company continued with the previous rates of
Depreciation as prescribed under Schedule XIV to the Companies Act,
1956.
4. Balances relating to Debtors, Creditors, Loans and Advances are
subject to reconciliation & confirmation.
5. During the Current Period the Company has made an Investment of Rs.
26,664,000/- in SPV for BOOM Project awarded by Rural Electrification
Corporation Limited and Rs. 6,272,669 in BS Limited FZE Dubai (100%
Subsidiary).
6. As per Section 135 of the Companies Act 2013, a Corporate Social
Responsibility Committee has been formed by the Company and Rs.
17,220,000/- allocated for CSR Activities. The areas for CSR activities
are eradication of Hunger and Malnutrition, Promoting education, Health
Care and Rural Development Projects. These funds were primarily
allocated to a corpus and yet to be utilized for the specified purposes.
7. Figures for the Previous Year have been rearranged/ regrouped /
recast wherever necessary to conform to the Current Year presentation/
classification.
8. Figures are rounded of to the nearest rupee.
Mar 31, 2014
1. CONTINGENT LIABILITIES NOT PROVIDED FOR
(Rs)
31.03.2014 31.03.2013
i) Bills Discounted with Banks 190,758,602 683,117,714
ii) Bank Guarantees given by Banks 4,842,284,816 3,162,098,824
iii) Claims contested by the Company 500,000 500,000
iv) Corporate Guarantee Given to Banks
on account of Subsidiaries 301,404,500 135,887,500
Estimated Amount of Contracts remaining to be executed on Capital
account NIL 54.355**
and not provided for (net of advances)
*Corporate Guarantee of USD 5,000,000 (Previous Year 2,500,000) is
offered to UCO Bank, Singapore for the limits granted to BS Global
Resources Private Ltd (100% Subsidiary of BS Limited). 1 USD = Rs
60.2809/- (Previous Year 1 USD = Rs 54.355)
** BS Limited has subscribed to the Share Capital of BS International
(Africa) Limited incorporated in Singapore amounting to 1 USD.
2. MICRO, SMALL AND MEDIUM ENTERPRISES DEVELOPMENT ACT
The Company has not received intimation from vendors regarding their
status under the Micro, Small and Medium Enterprises Development Act,
2006 and hence names of Micro, Small and Medium Enterprises to whom the
Company owes any sum together with interest unpaid as on the date of
Balance Sheet is not ascertainable.
* The Board approved the payment of remuneration in the form of
Commission to the Managing Director, Joint Managing Director and the
Whole-time Director. The same was fixed at 1% of Net profit after Tax but
before Director Commission or the remuneration already fixed whichever
is lower.
3. RELATED PARTY DISCLOSURES:
I) List of Related parties with whom transactions have taken place and
nature of Relationship:
i) Subsidiary : BS Global Resources Private Ltd
ii) Key management Personnel : Mr. Rakesh Agarwal
: Mr. Mukesh Agarwal
iii) Relatives of Key : Mrs. Reema Agarwal
Management Personnel
: Mrs. Shalini Agarwal
: Mrs. Shakuntala Devi Agarwal
: Mr. Dilip Kumar Agarwal
iv) Concerns in which Key
Management Personnel have : Shivaganga Infrastructures Ltd.
substantial interest -
significant interest entities : Agarwal Developers
: I-Vantage India Pvt Ltd
: I-Vantage Apac Pvt.Ltd.
* The Company has issued Bonus Shares in the proportion of 1:1 with the
approval of Shareholders. EPS reported for the Year ended 31st March
2013 has been derived considering the increase in the number of Equity
Shares on account of Bonus Shares issued on 3rd October 2013 in
accordance with the disclosure requirements as per Accounting Standard
-20 on " Earning Per Share
4. SEGMENT REPORTING
The Company is primarily engaged in the business of Engineering,
Procurement and Construction business (EPC) and Trading of Mineral
Resources.
5. Balances relating to Debtors, Creditors, Loans and Advances are
subject to reconciliation & confirmation.
6. During the current period the Company has made an investment of Rs
79,992,000/- in SPV for BOOM Project awarded by Rural Electrifcation
Corporation Limited. The Company has sold the investment in BS Enviro
Solutions Limited an BS Infratel Limited at Face Value and there is no
gain or loss in the transaction.
7. Statement of ESOP Vested and Exercised during the Current
Financial Year.
8. Figures for the previous year have been rearranged/ regrouped /
recast wherever necessary to conform to the current year presentation/
classifcation.
9. Figures are rounded off to the nearest rupee.
Mar 31, 2013
1. Long term Borrowings
a) Term Loans from Banks - Secured
Term Loans from Axis Bank, Punjab National Bank and Reliance Capital
Limited are secured by:
- First equitable mortgage and charge (on Pari-passu basis) on all
fixed assets, both present and future of the company situated at Survey
No. 82, 83, 92 - 95 & 107, Athvelly Village, Medchal Mandal, R.R.Dist.
- First equitable mortgage and charge (on Pari-passu basis) on all
fixed assets, both present and future of the company situated at Survey
No. 41 & 42/AA, Majeedpally (NK) village, Toopran Mandal, Medak
district, Andhra Pradesh
Term Loans from Axis Bank and Punjab National Bank & Reliance Capital
Limited are further collaterally secured by:
- Second pari-passu charge on entire current assets of the company.
- Pledge of equity shares (42,35,100) of promoters holding as
collateral security ranking pari-passu among Term lenders and WC
consortium of banks
- Personal Guarantees of Shri Rajesh Agrawal (Managing Director), Shri
Rakesh Agarwal (Joint Managing Director) and Shri Mukesh Agarwal (Whole
time Director) of the company
Further above Term Loans from Axis Bank and Punjab National Bank are
also collaterally secured by:
- Corporate Guarantee of i-Vantage India Private Ltd.
Corporate Loan from SBH is secured by:
- Pari-passu first charge on current assets of the Company along with
other working capital bankers lender & is further collaterally secured
by
- First pari passu charge on the fixed assets of the company along
with the existing term lender
- Personal guarantees of Shri Rajesh Agrawal (Managing Director), Shri
Rakesh Agarwal (Joint Managing Director) and Shri Mukesh Agarwal (Whole
time Director) of the company
Note : The competent authority of bank (SBH) has permitted 4 months''
time line for perfection of charge, further the company''s request for
diluting first charge stipulated on Fixed Assets of the company is
under consideration.
Interest Rate is Ranging between 14% to 16% and repayable between 2013
and 2018
b) Term Loans from Financial Institutions - Secured
- Car Loan from HDFC Bank is secured by the underlying asset ( Car
Make : Hyundai I 20)
- Car Loan is taken from Volswagen Finance Private Limited and the
same is secured by the underlying asset. ( Car Make : Audi Q5)
- Car Loan is taken from Daimler Financial Services India Pvt Ltd and
the same is secured by the underlying asset. ( Car Make : Mercedes
Benz W221 )
- Car Loan from Kotak Mahindra Finance is secured by the underlying
asset ( Car Make : Corolla Altis)
Interest Rate is Ranging between 10% to 12% and repayable between 2013
and 2015
c) Short Term Loan from IFCI Venture Capital Funds Limited is taken
against - Unsecured:
- Pledge of equity shares of promoters holding to the extent of
772,400 shares..
- Personal Guarantees of Shri Rajesh Agarwal (Managing Director), Shri
Rakesh Agarwal (Joint Managing Director) and Shri Mukesh Agarwal (Whole
time Director) of the company
Interest Rate is Ranging between 14% to 16% and repayable between 2013
and 2018
2. Short Term Borrowings
Working Capital Loans - Secured
Working Capital loans from Syndicate Bank, Axis Bank, Punjab National
Bank, State Bank of India, State Bank of Mysore ,State Bank of
Hyderabad and State Bank of Travancore ,State Bank of Bikaner and
Jaipur, and United Bank of India is under a working capital consortium
with State Bank of India being the consortium Leader.
The working capital loans are secured by first exclusive charge on
stocks, receivables, spares, consumables and other current assets of
the Company, present and future. Collateral security of equitable
mortage of property situated at Plot No. 42 (part) in Survey No. 258/1
& 259 situated at Jeedimetla Industrial Area, Shapurnagar, RR District,
AP admeasuring appx 22,439.26 sq. yrds in the name of Agarwal
Developers and equitable mortage of open agriculture land admeasuring
Ac. 3.10 gnts in survey situated at Survey No.119, 120, 121, 122 & 124
Athvelly Village, Medchal Mandal, Ranga Reddy District belonging to M/s
BS Limited (Formerly Known as B S Transcomm Ltd ) and Mr. Mukesh
Agarwal and Residential Flat No: 103, 2nd Floor Block "D", Trendset
Valley View Apartments at Banjara Hills Road Number 6 Hyderabad in the
name of Mr Rakesh Agarwal & Mr Mukesh Agarwal. The above loans are
further secured by Pari passu second charge on the entire fixed assets
of our Company, both present and future.
All Working Capital Loans are further secured by:
- Pledge of equity shares (42,35,100) of promoters holding as
collateral security ranking paripassu among Term lenders and WC
consortium of banks
- Pledge of equity shares (14,79,146) of promoters holding as
additional collateral security
- Corporate guarantee of i-Vantage India Private Ltd and Agarwal
Developers
- Personal guarantees of Shri Rajesh Agrawal (Managing Director), Shri
Rakesh Agarwal (Joint Managing Director) and Shri Mukesh Agarwal (Whole
time Director) of the company
- Land admeasuring 3.10 gnts situated at Sy. 119,120,121,122 & 124 at
village Athvelly Interest Rate is Ranging between 10% to 12% and
repayable on demand
3. Contingent Liabilities not provided for
As at
31.03.2013 As at
31.03.20112
Particulars (Rs.) (Rs.)
i) Bills Discounted with banks 68,31,17,714 1,26,36,10,720
ii) Bank Guarantees given by Banks 3,16,20,98,824 2,11,70,60,818
iii) Claims contested by the company 5,00,000 5,00,000
iv) Corporate Guarantee Given to Banks
on account of subsidiaries 13,58,87,500* NIL
v) Claims by Sales Tax Authorities -
contested by the company NIL 33,891,667
Estimated amount of Contracts
remaining to be executed 54.355** 2,25,59,000
on Capital account and not provided for (net of advances
Corporate Guarantee of USD 25,00,000 is offered to UCO Bank, Singapore
for the limits granted to BS Global Resources Pte Ltd (100% Subsidiary
of BS Limited). (1 USD = Rs. 54.355/-)
** BS Limited has subscribed to the Share Capital of BS International (
Africa) Limited incorporated in Singapore amounting to 1 USD.
4. Micro, Small and Medium Enterprises Development Act
The Company has not received intimation from vendors regarding their
status under the Micro, Small and Medium Enterprises Development Act,
2006 and hence names of Micro, Small and Medium Enterprises to whom the
company owes any sum together with interest unpaid as on the date of
balance sheet is not ascertainable.
5. Related Party Disclosures:
I) List of Related parties with whom transactions have taken place and
nature of relationship:
i) Subsidiary : BS Infratel Ltd
: BS Global Resources Pte Ltd
: BS Enviro Solutions Limited
ii) Key management personnel : Mr. Rajesh Agarwal
: Mr. Rakesh Agarwal
: Mr. Mukesh Agarwal
iii) Relatives of Key Management Personnel : Mrs. Reema Agarwal
: Mrs. Rakhee Agarwal
: Mrs. Shalini Agarwal
: Mrs. Shakuntala Devi Agarwal
: Mr. Dilip Kumar Agarwal
iv) Concerns in which Key Management Personnel have substantial
interest : Shivganga Infrastructures Ltd.
(significant interest entities) : Agarwal Developers
: I-Vantage India Pvt. Ltd
: I-Vantage Apac Pvt. Ltd.
6. Balances relating to Debtors, Creditors, Loans and Advances are
subject to reconciliation & confirmation.
7. During the current period the Company has made an investment of
Rs. 4,49,950/- in BS Enviro Solutions acquiring 90% of its equity and
made further investment of Rs. 12,68,25,000 in BS Global Resources Pte.
Ltd. and Rs. 9,02,07,080/- in SPV for BOOM Project awarded by Rural
Electrification Corporation.
8. Provision for Income Tax is inclusive of Rs. 3,50,00,000/- towards
provision made for earlier year based on the Assessment Orders received
from Income Tax Department. Due to the same the profit after tax for
the current financial year is understated to that extent.
9. Figures for the previous year have been rearranged/ regrouped /
recast wherever necessary to conform to the current year presentation/
classification.
10. Figures are rounded off to the nearest rupee.
Mar 31, 2012
1. Long term Borrowings
a) Term Loans from Banks - Secured
Term Loans from IDBI Bank, Axis Bank and Punjab National Bank are
secured by:
- first equitable mortgage and charge on all fixed assets, both
present and future of the company situated at Survey No. 82,83, 92 - 95
& 107, Athvelly Village, Medchal Mandal, R.R.Dist.
- first equitable mortgage and charge on all fixed assets, both
present and future of the company situated at Suvrey No. 41, Majidpally
Village, Toopran Mandal, Medak District. Andhra.
- further secured by second paripassu charge on entire current assets
of the company.
Term Loans from IDBI Bank, Axis Bank and Punjab National Bank are
further secured by:
- 30% pledge of equity shares of promoters holding as collateral
security ranking paripasu among Term lenders and WC consortium of
banks.
- Corporate guarantee of i-Vantage India Private Ltd and Agarwal
Developers.
- Personal guarantees of Shri Rajesh Agrawal (Managing Director), Shri
Rakesh Agarwal (Joint Managing Director) and Shri Mukesh Agarwal (Whole
time Director) of the company.
b) Term Loans from Financial Institutions - Secured
- Car Loan from HDFC Bank is secured by the underlying asset.
- Car Loan is taken from Volswagen Finance Private Limited and the
same is secured by the underlying asset.
Short Term Loan taken from IFCI Venture Capital Funds Limited is
secured by :
- Pledge of equity shares of promoters holding for a cover of 0.5
times of the loan amount.
First Mortgage of immovable properties of M/s Shivganga Infrastructures
Pvt Ltd
O Personal guarantees of Shri Rajesh Agrawal (Managing Director), Shri
Rakesh Agarwal (Joint Managing Director) and Shri Mukesh Agarwal (Whole
time Director) of the company
2. Short Term Borrowings
Working Capital Loans - Secured
Working Capital loans from Syndicate Bank, Axis Bank, Punjab National
Bank, State Bank of India, State Bank of Mysore ,State Bank of
Hyderabad and State Bank of Travancore is under a working capital
consortium with State Bank of India being the consortium Leader.
The working capital loans are secured by first exclusive charge on
stocks, receivables, spares, consumables and other current assets of
the Company, present and future. Collateral security of equitable
mortage of property situated at Plot No. 42 (part) in Survey No. 258/1
& 259 situated at Jeedimetla Industrial Area, Shapurnagar, RR District,
AP admeasuring appx 22,439.26 sq. yrds in the name of Agarwal
Developers and equitable mortage of open agriculture land admeasuring
Ac. 3.10 gnts in survey situated at Survey No.119, 120, 121, 122 & 124
Athvelly Village, Medchal Mandal, Ranga Reddy District belonging to M/s
BS TransComm Ltd and Mr. Mukesh Agarwal and Residential Flat No: 103,
2nd Floor Block "D", Trendset Valley View Apartments at Banjara Hills,
Road Number 6, Hyderabad in the name of Mr Rakesh Agarwal & Mr Mukesh
Agarwal. The above loans are further secured by Pari passu second
charge on the entire fixed assets of our Company, both present and
future.
All Working Capital Loans are further secured by:
- 30% pledge of equity shares of promoters holding as collateral
security ranking paripasu among Term lenders and WC consortium of banks
Exclusive 10.48% pledge of shares of the Promoters holding as
collateral security ranking paripasu
- Corporate guarantee of i-Vantage India Private Ltd and Agarwal
Developers
- Personal guarantees of Shri Rajesh Agrawal (Managing Director), Shri
Rakesh Agarwal (Joint Managing Director) and Shri Mukesh Agarwal (Whole
time Director) of the company.
3. Contingent Liabilities not provided for
As at 31.03.
2012 As at 31.
03.2011
Particulars (Rs.) (Rs.)
i) Bills Discounted with banks 1,26,36,10,720 68,95,38,265
ii) Bank Guarantees given by Banks 2,11,70,60,81 1,22,99,22,189
iii) Claims contested by the company 5,00,000 5,00,000
iv) Claims by Customs & Income Tax NIL NIL
v) Claims by Sales Tax Authorities
-contested by the company 33,891,667 3,38,91,667
Estimated amount of Contracts
remaining to be executed on Capital
account and not provided for 35,23,538 2,25,59,000
(net of advances)
4. Balances relating to Debtors, Creditors, Loans and Advances are
subject to reconciliation & confirmation.
5. During the year the Company has made an investment of Rs.
13,86,44,429 in BS Global Resouces Pte Ltd acquiring 100% of its equity
and made further investment of Rs 68,32,650/- in SPV for BOOM Project
awarded by Rural Electrification Corporation.
During the year the company had sold its investments held in Sugan
Automatics Private Limited for an amount of Rs. 3,03,42,017 due to this
Sugan Automatics Private Limited is ceased to be an subsidiary of BS
Transcomm Limited.
6. Figures for the previous year have been rearranged/ regrouped /
recast wherever necessary to conform to the current year presentation/
classification.
Mar 31, 2011
1.Contingent Liabilities not provided for
As at 31.03.2011 As at 31.03.2010
(Rs.) (Rs.)
i) Bills Discounted with banks 689,538,265 243,961,947
ii) Bank Guarantees given by Banks 1,229,922,189 343,929,658
iii) Claims contested by the company 500,000 500,000
iv) Claims by Customs & Income Tax NIL NIL
v) Claims by Sales Tax Authorities
à contested by the company 33,891,667 NIL
3. Share capital
The company has during the financial year 2009-10 issued 7,679,410
equity shares of 10/- each at a premium of Rs. 238/- per share pursuant
to companies Initial Public Offering.
4. Security Premium
The paid up capital of the company stands increased in the financial
year 2009-10 consequent to Issue and allotment of Shares under the
Initial Public Offering of the company at Rs 248/- per share of Rs 10/-
each at a premium of Rs 238/- per share.
Consequent to the above the security premium account under Reserves &
Surplus stands at Rs.1,987,404,580/- for the financial year 2009-10.
5. Secured Loans Term Loans
a) Term Loans from IDBI Bank, Axis Bank and Punjab National Bank are
secured by:
o first equitable mortgage and charge on all fixed assets, both present
and future of the company situated at Survey No. 82,83, 92 - 95 & 107,
Athvelly Village,
Medchal Mandal, R.R.Dist. o first equitable mortgage and charge on all
fixed assets, both present and future of the company situated at Suvrey
No. 41, Majidpally Village, Toopran Mandal, Medak District. Andhra.
o further secured by second paripassu charge on entire current assets
of the company.
b) Term Loan from Tata Capital Limited (TCL) taken on 30th Oct 2009 to
fund the long term working capital requirement of the company. The loan
is secured by unconditional and Irrevocable Personal Guarantees of Mr.
Rajesh Agarwal and Mr. Mukesh Agarwal. Promoters have also pledged
shares held by them in the company to the tune of 2.0 times of the loan
amount till the time of satisfactory clearance of security
documentation as prescribed by TCL. Post this, the 0.5 times of such
shares pledged would be revoked back by TCL.
Further the above loan is secured by a charge on Land situated at
Sy.No. 119, 120, 121 and 122 at athvelly village, Medchal Mandal, Ranga
Reddy District admeasuring Ac.3.10 guntas.
Term Loan from Tata Capital Limited (TCL) has been paid back during the
year.
Working Capital loans
Working Capital loans from Syndicate Bank, Axis Bank, Punjab National
Bank, State Bank of India and State Bank of Mysore & State Bank of
Hyderabad is under a working capital consortium with State Bank of
India being the consortium Leader. The working capital loans are
secured by first exclusive charge on stocks, receivables, spares,
consumables and other current assets of the Company, present and
future. Collateral security of equitable mortage of property situated
at Plot No. 42 (part) in Survey No. 258/1 & 259 situated at Jeedimetla
Industrial Area, Shapurnagar, RR District, AP admeasuring appx
22,439.26 sq. yrds in the name of Agarwal Developers and Residential
Flat No: 103, 2nd Floor Block "D", Trendset Valley View Apartments at
Banjara Hills, Road Number 6, Hyderabad in the name of Mr Rakesh
Agarwal & Mr Mukesh Agarwal. The above loans are further secured by
Pari passu second charge on the entire fixed assets of our Company,
both present and future. All Term Loan (except Tata Capital Limited) &
Working Capital Loans are further secured by: o 30% pledge of equity
shares of promoters holding as collateral security ranking paripasu
o Exclusive 10.48% pledge of shares of the Promoters in favour of State
Bank of India
o Corporate guarantee of i-Vantage India Private Ltd,
o Personal guarantees of Shri Rajesh Agrawal (Managing Director), Shri
Rakesh Agarwal (Joint Managing Director) and Shri Mukesh Agarwal (Whole
time Director) of the company
6. Un-Secured Loans
Short Term Loan from Punjab National Bank taken on 31st Dec 2009 to
build up the Net working capital and for meeting the deficit on account
of cash flow mismatches.
Mr. Rajesh Agarwal, Mr Rakesh Agarwal and Mr. Mukesh Agarwal have given
personal security for the above loan by way of postdated cheque.
This loan has been paid back during the current year.
8. Micro, Small and Medium Enterprises Development Act The Company has
not received intimation from vendors regarding their status under the
Micro, Small and Medium Enterprises Development Act, 2006 and hence
names of Micro, Small and Medium Enterprises to whom the company owes
any sum together with interest unpaid as on the date of balance sheet
is not ascertainable.
11. Related Party Disclosures :
I) List of Related parties with whom transactions have taken place and
nature of relationship:
i) Subsidiary : BS InfraTel Ltd
: Sugan Automatics Private Limited
ii) Key management personnel : Mr. Rajesh Agrawal
: Mr. Rakesh Agarwal
: Mr. Mukesh Agarwal
: Mr. D G Sohony
(Executive Director till Feb 2011)
iii) Relatives of Key management personnel : Mrs. Reema Agarwal
: Mrs. Rakhee Agarwal
: Mrs. Shalini Agarwal
: Mrs. Shakuntala Devi Agarwal
iv) Concerns in which Key management personnel have substantial
interest - (significant interest entities)
: Shivganga Infrastructures Ltd.
: Agarwal Developers
: I-Vantage India Pvt. Ltd.
: I-Vantage Apac Pvt. Ltd.
17. Employee stock purchase plan (ESPP)
During the year 2008-09 the company announced an Employee Stock
Purchase Plan (ESPP) to its eligible employees as defined in Employee
Stock Purchase Plan Scheme approved by the Shareholders at the
Extraordinary General Meeting of the Company held on 20th May 2008. On
7th June 2008, 64,250 equity shares of Rs.10/- each at a price of
Rs.50/- per share including premium of Rs.40/- per share were allocated
to the eligible employees in terms of the Scheme. The fair value of
share as valued by the merchant banker as on 31st March 2008 is
Rs.33.13 per share. Since, the fair value of the share is less than the
allotted price; no disclosure is made for Employee Stock compensation
as per the "Employee stock option scheme and Employee Stock Purchase
Scheme Guidelines 1999 (as amended) issued by Securities and Exchange
Board of India.
18. Segment Reporting
The Company is primarily engaged in the business of Engineering,
Procurement and Construction business (EPC). As such there is no other
separate reportable segment as defined by Accounting Standard - 17
"Segmental Reporting".
19. Misc. Expenditure Share issue expenses:
Expenditure related to the public issue of shares amounting to Rs.
95,044,740/- will be written off / adjusted commencing with the current
year and as such an amount of Rs. 19,008,948/- is charged to Profit &
Loss account in the current financial year.
20. Balances relating to Debtors, Creditors, Loans and Advances are
subject to reconciliation & confirmation.
21. During the year the Company has made an investment of Rs 166,650/-
by acquiring 1/3rd share in SPV for BOOM Project awarded by Rural
Electrification Corporation.
23. Figures for the previous year have been rearranged/ regrouped /
recast wherever necessary to conform to the current year presentation/
classification.
24. Figures are rounded off to the nearest rupee.
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