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Notes to Accounts of Elgi Equipments Ltd.

Mar 31, 2016

1 Investment in SAS Belair

The Company in its letter to Bombay Stock Exchange Limited ("BSE'') and National Stock Exchange Limited (''NSE'') has intimated that business operations of SAS Belair, France are not smooth and the cost structures are challenging. The subsidiary has filed for protective action with the Commercial Court in Anncy, France. Pursuant to this the court has appointed an Administrator on April 26, 2016. Hence, the subsidiary is no longer under the control of the company and the company is under Legal redress as per the French Laws.

The Management is of the view that there will be no further liabilities on account of such restructuring. No provision has been considered for the carrying value of the investments, advances and receivables aggregating to Rs. 526.51 Million, as the same would be evaluated and provided depending upon the progress of the above said legal proceedings in France.

2 The annual accounts of the below listed Subsidiary Companies and the related detailed information will be made available on the website of the Company viz. www.elgi.com. Also, the accounts will be made available for inspection at the Registered Office of the Holding Company.

1 ATS Elgi Limited, Coimbatore, India

2 Adisons Precision Instruments Mfg.Co.Limited, Coimbatore, India

3 Elgi Equipments (Zhejiang) Limited, Jiaxing, China

4 Elgi Gulf (FZE), Sharjah, U.A.E.

5 Elgi Compressors Trading(Shanghai) Co.Ltd, China

6 SAS Belair, France

7 Elgi Compressores Do BRASIL IMP. E.EXP. Ltda, Brazil

8 Elgi Australia Pty Ltd, Australia

9 Elgi Compressors Italy S.r.l.

10 Elgi Compressors USA Inc

11 Rotair Spa, Italy

12 Patton''s Inc., USA

13 Patton''s Medical LLC., USA

14 PT Elgi Equipments Indonesia

15 Ergo Design Private Limited, from Jan 2016

3 Balances in the accounts of Sundry Debtors, Sundry Creditors, Security and other Deposits have been reconciled wherever letters of confirmation have been received and necessary effect has been given in the accounts.

4 Previous year figures have been regrouped and re-classified wherever necessary to make them comparable.


Mar 31, 2015

1 CONTINGENT LIABILITIES AND COMMITMENTS

a) Claims against the Company not acknowledged as debts:

Name of the Statute Nature of the Demand dues Amount [Rs. In Million]

Sales Tax LST& Penalty 8.49 LST& Penalty 59.79 CST & Penalty 29.87 CST 3.28

Central Excise Excise Duty & Penalty 0.29 Excise Duty & Penalty 5.46

Name of the Statute Amount Forum where disputes are Paid/Adj Pending [Rs. In Million]

Sales Tax 8.51 STAT (AB)-Cbe - The High Court of Madras 22.40 STAT (AB)-Cbe 2.28 JC (APPEALS)-Cbe Central Excise 0.01 Dy. Commnr.Appeals 0.34 CESTAT

The Company has filed appeals with the appropriate authorities of Central Excise and Sales Tax Department against their claims.

i) Guarantees and Letter of credit 298.80 334.08

ii) Estimated amount of contracts remaining to be executed on capital account 10.93 1066.97

In addition to the above, the Company has given SBLCs/ LOCs of USD 2 Million, USD 23.8 Million and Euro 8.95 Million in favour of its Subsidiaries Elgi Equipments (Zhejiang) Limited, Elgi Compressors USA Inc. and Elgi Compressors Italy S.r.l, respectively and Corporate Guarantee of USD 3 Million has been given in favour of Elgi Compressors USA Inc.

2 Details of security given for borrowings:

Borrowing from Banks Details of Security

Fund Based and Non-Fund Based Limits Pari-Passu charge on specified Fixed Assets and the Currrent Assets of the Company from Banks

The information has been given in respect of vendors to the extent they could be identified as "Micro and Small enterprises" on the basis of information available with the Company.

Name of related parties and description of relationship

1 Holding Company Elgi Equipments Limited

2 Subsidiaries including step down subsidiaries

Elgi Equipments Limited

a. Adisons Precision Instruments Manufacturing Company Limited

b. ATS Elgi Limited

c. Elgi Gulf (FZE)

d. Elgi Equipments (Zhejiang) Limited (China)

e. Elgi Compressors Trading (Shanghai) Co. Ltd (China)

f. SAS Belair (France)

g. Elgi Compressors Do Brasil Imp.E.Exp. Ltda. h

ElgiEquipmentsAustraliaPtyLtd.

i. Elgi Compressors Italy S.r.l.

j. ElgiCompressorsUSAInc.

k. Rotair Spa. (Italy)

l. Patton''s Inc. (USA)

m. Patton''s Medical LLC.(USA)

n. PT.ElgiEquipmentsIndonesia

3 Joint Venture Elgi Sauer Compressors Limited

4 Other Companies / Firms in which Directors or their relatives are interested

a. Elgi Ultra Industries Limited

b. Elgi Rubber Company Limited

c. LG.Balakrishman&BrosUmited

d. Ellargi&Co

e. LGB Forge Limited

f. Ergo Designs Private Limited

g. Pricol Travels Limited

h. Festo Controls Pvt Limited

i. LGB Fuel Systems Pvt Ltd

j. Magna Electro Castings Limited

5 Firms in which the Company is a partner a. Elgi Services

b. LG.Balakrishnan&Bros

6 Key Managerial Personnel

Mr. Jairam Varadaraj, Managing Director

Mr. S. Sriram, Chief Financial Officer

Ms.Vaishnavi PM, Company Secretary from 1st August 2014

Mr. R. Syam Kumar, Company Secretary till 29th May 2014


Mar 31, 2014

[ Rs.. In Million]

1 CONTINGENT LIABILITIES AND COMMITMENTS a) Claims against the company not acknowledged as debts:

Name of the Statute Nature of the Demand Amount Forum where disputes is dues Amount Paid / Adj Pending [In Million][In Million]

Sales Tax LST & Penalty 8.49 8.51 STAT (AB) -Cbe LST & Penalty 574.36 - High Court, Madras CST & Penalty 29.87 20.66 STAT (AB) -Cbe CST 3.28 3.28 JC (APPEALS) -Cbe Central Excise Excise Duty & Penalty 11.60 0.00 Dy. Commnr. Appeals Excise Duty & Penalty 3.01 0.10 CESTAT

The Company has filed appeals with the appropriate authorities of Central Excise and Sales Tax Department against their claims.

2.0 There was no forfeiture of shares during the year ended 31/03/2014.

2.1 Purchases include machining charges of Rs..63.66 Million (Previous year Rs..62.66 Million)

3 As required by Ministry of Corporate Affairs General Circular No.2/2011 dated 8th February 2011, the Board of Directors has given its consent for not attaching the Balance Sheet of the Subsidiary Companies listed below:

1) Adisons Precision Instruments Mfg.Co.Limited, Coimbatore, India

2) Elgi Equipments (Zhejiang) Limited, Jiaxing, China

3) Elgi Gulf (FZE), Sharjah, U.A.E.

4) Elgi Compressors Trading(Shanghai) Co.Ltd, China

5) SAS Belair, France

6) Elgi Compressores Do BRASIL IMP. E.EXP. Ltda, Brazil

7) Elgi Australia Pty Ltd, Australia

8) Elgi Compressors Italy S.r.l.

9) Elgi Compressors USA Inc

10) Rotair Spa, Italy

11) Patton''s Inc., USA

12) Patton''s Medical LLC, USA

13) PT Elgi Equipments Indonesia

However, the Company undertakes that the annual accounts of the Subsidiary Companies and the related detailed information will be made available to the Company''s investors seeking such information at any point of time. The annual accounts of the subsidiary companies are kept open for inspection by any investor at the registered office of the Holding and Subsidiary Companies.

4 Balances in the accounts of Sundry Debtors, Sundry Creditors, Security and other Deposits have been reconciled wherever letters of confirmation have been received and necessary effect has been given in the accounts.

Name of related parties and description of relationship

1 Subsidiaries including step down subsidiaries :

a. Adisons Precision Instruments Manufacturing Company Limited

b. ATS Elgi Limited

c. Elgi-Gulf (FZE)

d. Elgi Equipments (Zhejiang) Limited (China)

e. Elgi Compressors Trading (Shanghai) Co. Ltd. (China)

f. SAS Belair (France)

g. Elgi Compressores DO BRASIL IMP. E.EXP. Ltda h. Elgi Australia Pty Ltd.

i. Elgi Compressors Italy S.r.l.

j. Elgi Compressors USA Inc

k. RotairSpa (Italy)

l. Patton''s Inc (USA)

m. Patton''s Medical LLC. (USA)

n. PT Elgi Equipments Indonesia

2 Joint Venture : Elgi Sauer Compressors Limited

3. Other Companies / Firms in which Directors are interested

a. Elgi Ultra Industries Limited

b. Elgi Rubber Company Limited

c. L.G. Balakrishnan & Bros Limited

d. Ellargi &Co

e. LGB Forge Limited

f. Magna Electro Castings Limited

g. LGB Fuel Systems (P) Ltd.

h. Festo Controls (P) Ltd.

i. Mape Advisory Group (P) Ltd.

j. Mape Securities (P) Ltd.

4. Firms in which the Company is a partner a. Elgi Services

b. LG. Balakrishnan & Bros

5 Key Managerial Personnel : Mr. Jairam Varadaraj, Managing Director

5 Previous year figures have been regrouped and re-classified wherever necessary to make them comparable.


Mar 31, 2013

1 As required by Ministry of Corporate Affairs General Circular No.2/2011 dated 8th February 2011, the Board of Directors has given its consent for not attaching the Balance Sheet of the Subsidiary Companies listed below:

1 Adisons Precision Instruments Mfg.Co.Limited, Coimbatore, India

2 Elgi Equipments (Zhejiang) Limited, Jiaxing, China

3 Elgi Gulf (FZE), Sharjah, U.A.E.

4 Elgi Compressors Trading(Shanghai) Co.Ltd, China

5 SAS Belair, France

6 Elgi Compressores Do BRASIL IMP. E.EXP. Ltda, Brazil

7 Elgi Australia Pty Ltd, Australia

8 Elgi Compressors Italy S.r.l.

9 Elgi Compressors USA Inc

10 Rotair Spa, Italy

11 Patton''s Inc., USA

12 Patton''s Medical LLC., USA

However, the Company undertakes that the annual accounts of the Subsidiary Companies and the related detailed information will be made available to the Company''s investors seeking such information at any point of time. The annual accounts of the subsidiary companies are kept open for inspection by any investor at the registered office of the Holding and Subsidiary Companies.

2 Balances in the accounts of Sundry Debtors, Sundry Creditors, Security and other Deposits have been reconciled wherever letters of confirmation have been received and necessary effect has been given in the accounts.

Name of related parties and description of relationship

1 Holding Company : Elgi Equipments Limited

2 Subsidiaries including step down subsidiaries : a. Adisons Precision Instruments Manufacturing Company Limited

b. ATS Elgi Limited

c. Elgi-Gulf (FZE)

d. Elgi Equipments (Zhejiang) Limited (China)

e. Elgi Compressors Trading (Shanghai) Co. Ltd. (China)

f. SAS Belair (France)

g. Elgi Compressores DO BRASIL IMP. E.EXP. Ltda

h. Elgi Australia Pty Ltd.

i. Elgi Compressors Italy S.r.l.

j. Elgi Compressors USA Inc

k. Rotair Spa (Italy)

l. Patton''s Inc (USA)

m. Patton''s Medical LLC. (USA)

3 Fellow Subsidiaries : Nil

4 Joint Venture : Elgi Sauer Compressors Limited

5. Other Companies / Firms in which Directors : a. Elgi Ultra Industries Limited are interested b. Elgi Rubber Company Limited

c. L.G. Balakrishnan & Bros Limited

d. Ellargi & Co

e. LGB Forge Limited

6. Firms in which the Company is a partner a. Elgi Services

b. L.G. Balakrishnan & Bros.

7 Key Management Personnel : Dr. Jairam Varadaraj, Managing Director

3 Previous year figures have been regrouped and re-classified wherever necessary to make them comparable.


Mar 31, 2012

1 As required by Ministry of Corporate Affairs General Circular No. 2/2011 dated 8th February, 2011, the Board of Directors has given its consent for not attaching the Balance Sheet of the Subsidiary companies listed below :

1. Adisons Precision Instruments Mfg.Co.Limited, Coimbatore, India

2. Elgi Equipments (Zhejiang) Limited, Jiaxing,China

3. Elgi Gulf (FZE), Sharjah, UAE.

4. Elgi Compressors Trading (Shanghai ) Co. Ltd.

5. SAS Belair (France)

6. Elgi Compressors DO BRAZIL IMPD.E.EXP, Brazil

7. Elgi Australia Pty Ltd. Australia

However, the Company undertakes that the annual accounts of the Subsidiary Companies and the related detailed information will be made available to the Holding and Subsidiary Companies investors seeking such information at any point of time. The annual accounts of the Subsidiary Companies are kept open for inspection by any investor at the registered office of the Holding and Subsidiary Companies.

2 Balances in the accounts of Sundry Debtors, Sundry Creditors, Security and other Deposits have been reconciled wherever letters of confirmation have been received and necessary effect has been given in the accounts.

Name of related parties and description of relationship:

1 Holding company Elgi Equipments Limited

2 Subsidiaries

a. Adisons Precision Instruments Manufacturing Company Limite

b. ATS Elgi Limited

c. Elgi-Gulf(FZE)

d. Elgi Equipments Zhejiang Limited (China)

e. Elgi Compressors Trading (Shanghai) Co.Ltd.(China)

f. SAS Belair (France)

g. Elgi Compressors DO BRAZIL IMPD.E.EXP h. Elgi Australia Pty Ltd.

3 Fellow Subsidiaries Nil

4 Associates

a. Elgi Ultra Industries Limited.

b. Elgi Rubber Company Limited

c. LG.Balakrishnan & Bros Limited.

d. Ellargi & co

e. Elgi Services.

f. L.G. Balakrishnan & Bros.

g. LGB Forge Limited

5. Joint Venture Elgi Sauer Compressors Limited.

6 Key Management Personnel Dr. Jairam Varadaraj, Managing Director

3 Previous year figures have been regrouped and re-classified where ever necessary to make them comparable.


Mar 31, 2011

1) Estimated amount of contracts remaining to be executed on capital account is Rs.214.06 million (Previous year Rs.116.86 million).

2) Contingent Liabilities not provided for

Particulars 31/03/2011 31/03/2010 (Rs. In Million)(Rs. In Million)

a) Guarantees and Letter of Credit 192.16 86.14

b) Uncalled liability in respect of Partly paid shares 0.39 0.39

3) During the year, the Company issued 78935454 nos. of Bonus Shares at the ratio of 1:1, by capitalization of Share Premium. Further, 583600 nos of shares at Re.1 each were issued under Employees Stock Purchase Scheme to the eligible employees.

4) Rent includes Rs.0.12 million paid to Subsidiary Company, M/s. Adisons Precision Instruments Manufacturing Company Limited. (Previous year Rs.0.12 million)

5) As required by Ministry of Corporate Affairs General Circular No. 2/2011 dated 8th February 2011, the Board of Directors has given its consent for not attaching the Balance Sheet of the Subsidiary companies listed below :

1. Adisons Precision Instruments Mfg.Co.Limited, Coimbatore, India

2. Elgi Equipments (Zhejiang) Limited, Jiaxing,China

3. Elgi Gulf (FZE), Sharjah, UAE.

4. Elgi Compressors Trading (Shanghai ) Co. Ltd.

5 SAS Belair (France)

However, the Company undertakes that the annual accounts of the Subsidiary Companies and the related detailed information will be made available to the Holding and Subsidiary Companies investors seeking such information at any point of time. The annual accounts of the Subsidiary Companies are kept open for inspection by any investor at the registered office of the Holding and Subsidiary Companies.

6) Balances in the accounts of Sundry Debtors, Sundry Creditors, Security and Other Deposits have been reconciled wherever letters of confirmation have been received and necessary effect has been given in the accounts.

Names of related parties and description of relationship:

1. Holding Company Elgi Equipments Limited

2. Subsidiaries Adisons Precision Instruments Manufacturing Company Limited

ATS Elgi Limited

Elgi-Gulf (FZE).

Elgi Equipments Zhejiang Limited (China)

Elgi Compressors Trading (Shanghai) Co. Ltd. (China)

SAS Belair (France)

3. Fellow Subsidiaries Nil

4. Associates a. Elgi Ultra Industries Limited.

b. Elgi Rubber International Limited

c. L.G.Balakrishnan & Bros Limited.

d. Ellargi & Co.

e. Elgi Services.

f. L.G.Balakrishnan & Bros .

5. Joint Venture Elgi Sauer Compressors Limited.

6. Key Management Personnel Dr.Jairam Varadaraj , Managing Director

20) The under noted companies constitute the "Group" in terms of Regulation 3(1) (e)( i ) of SEBI Substantial (Acquisition of Shares & Takeovers) Regulation,1997,as amended, with effect from 09.09.2002.

a) Elgi Ultra Industries Limited

b) Elgi Rubber International Limited.

c) L.G.Balakrishnan & Bros.Limited

d) Elgi Securities Limited

e) Dark Horse Portfolio Investments Limited

f) Madura Public Conveyance Private Limited

g) Premier Industrial Drives Private Limited

h) Elgi Sauer Compressors Limited.

i) Salem Services Private Limited

7) Previous year Figures have been regrouped and re-classified wherever necessary to make them comparable.


Mar 31, 2010

1) Amalgamation of Elgi Industrial Products Ltd. with the company

a) In accordance with the scheme of amalgamation approved by the Honorable High Court of Madras vide its order dated 24th Sep 2010 the entire undertaking of Elgi Industrial Products Ltd. (EIPL) with all its assets liabilities and reserves stand transferred to and vested in the company as a going concern with effect from 01/04/2009. The Amalgamation has been accounted under the "Pooling of Interest Method" as per accounting standards 14 -Accounting for Amalgamation issued by Institute of Chartered Accountants of India

b) Consequent to the above 7,62,600 Equity shares are proposed to be issued to the shareholders of EIPL as per the Scheme of Amalgamation.

c) In view of this amalgamation of the company by the High Court Order, the figures for the current year are not comparable with that of the previous year

2) Estimated amount of contracts remaining to be executed on capital account is Rs.1.16 million (previous year Rs.8.80 million).

3) Contingent Liabilities not provided for

Particulars 31.03.2010 31.03.2009

Particulars (Rs.in Million) Rs. In Millionn)

a) Guarantees and Letter of Credit 86.14 108.34

b) Uncalled liability in respect of Partly paid shares 0.39 0.39

4) As per the profit share scheme effective from 01.04.05 which is available to employees below the level of officers, a sum of Rs 22.10 million has been provided under head of Salaries, wages, bonus and gratuity (previous year Rs 28.20 million)

5) Rent includes Rs.0.12 million paid to Subsidiary Company, M/s.Adisons Precision Instruments Manufacturing Company Limited. (Previous year Rs.0.12 million)

6) The Company has been exempted by the Ministry of Corporate Affairs under section 211 (4) vide letter No. 46/40/2010-CL-l 11 Dt. 12/3/2010 from furnishing information under para 3(i) (a) and 3 (ii) (a) (1) & (2) of part II of Schedule VI to the Companies Act,1956 for the year ended 31/03/10.

7) a) The Company has been exempted by the Ministry of Corporate affairs vide letter No, 47/79/2010-CL-I 11 Dt.

24/02/2010 from publishing annual accounts of its following Subsidiary Companies as required under Section 212(8) of the Companies Act,1956.

1. Adisons Precision Instruments Mfg.Co.Limited, Coimbatore, India

2. Elgi Equipments Zhejiang Limited, China

3. Elgi Gulf (FZE), Sharjah, UAE.

4. Elgi Compressors Trading (Shanghai) Co. Ltd. (China)

b) The Company has been exempted by the Ministry of Corporate affairs vide letter No, 47/79/2010-CL-l 11 Dt. 07/05/2010 from publishing annual accounts of its following Subsidiary Company as required under Section 212(8) of the Companies Act,1956.

1. SABelair-France

However the Company undertakes that the annual accounts of the Subsidiary Companies and the related detailed information will be made available to the Holding and Subsidiary Companies investors seeking such information at any point of time. The annual accounts of the Subsidiary Companies are kept open for inspection by any investor at the registered office of the Holding and Subsidiary Companies.

8) Balances in the accounts of Sundry Debtors, Sundry Creditors, Security and Other Deposits have been reconciled wherever letters of confirmation have been received and necessary effect has been given in the accounts.

Note:

Names of related parties and description of relationship:

1. Holding Company Elgi Equipments Limited

2. Subsidiaries Adisions Precision Instruments Manufacturing Company Limited

ATS Elgi Limited

ELGI-GULF (FZE).

Elgi Equipments Zhejiang Limited (China).

Elgi Compressors Trading (Shanghai) Co.Ltd (China).

SA Belair- France

3. Fellow Subsidiaries Nil

4. Associates a. Elgi Ultra Industries Limited.

b. Treadsdirect Limited.

c. Elgi Rubber Company Ltd.

d. L.G.Balakrishnan & Bros Limited.

e. Ellargi & Co.

f. Elgi Services.

g. L.G.Balakrishnan & Bros .

5. Joint Venture Elgi Sauer Compressors Limited.

6. Key Management Personnel Dr.Jairam Varadaraj , Managing Director

9) The under noted companies constitute the "Group" in terms of Regulation 3(1) (e)( i ) of SEBI Substantial (Acquisition of Shares & Takeovers) Regulation, 1997,as amended.with effect from 09.09.2002.

a) Elgi Ultra Industries Limited

b) Treadsdirect Limited

c) Elgi Rubber Company Limited.

d) L.G.Balakrishnan & Bros.Limited

e) Elgi Securities Limited

f) Dark Horse Portfolio Investments Limited

g) Madura Public Conveyance Private Limited h) Premier Industrial Drives Private Limited

i) Elgi Sauer Compressors Limited.

 
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