Mar 31, 2014
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 and are ranking pari-passu amongst them. Each holder of
equity shares is entitled to one vote per share. The Company declares
and pays dividends in Indian rupees. The dividend if any, proposed by
the Board of Directors is subject to the approval of the shareholders
in the ensuing Annual General Meeting.
During the year ended 31st March 2014, the company has not declared any
dividend on equity shares
2. Related Party Disclosures
As per Accounting Standard 18, the disclosures of transactins with the
related parties are given below:
(i) List of related parties where control exists and related parties
with whom transactions have taken place and relationships:_
Sr. No. Name of the Related Party Relationship
1 GEI Power Limited Subsidiary Company
2 Vemaa Industries Limited Enterprises Related to Key
Management Personnel
3 JBL Engineering Pvt. Ltd. Enterprises Related to Key
Management Personnel
4 Mr. C E Fernandes Key Management Personnel
5 Mr. Bernard John Key Management Personnel
6 Mr. P L Mundhra Key Management Personnel
7 Mr. Robinson Fernandez Key Management Personnel
3. CONTINGENT LIABILITIES AND COMMITMENTS
As at As at
31st March, 2014 31st March, 2013
(i) Contingent Liabilities
(A) Claims against the company
not acknowledged
as debts NIL NIL
Income Tax 3576166 15723813
Sales Tax 6783704 6888704
Interest cost not considerd from the
date of litigation against the
litigation filed by the lenders & Bank 105383183
(B) Guarantees
(i) guarantees to banks and financial
institutions against credit
facilities extended to third parties
(Corporate guarantee given to bank
/ financial institutions against loans
to subsidiary company GEI Power Limited) 1157575000 1157575000
(ii) Performance Guarantees NIL NIL
(a) In respect of joint ventures
(b) In respect of others 997871380 1076865317
(iii) Outstanding guarantees furnised
to Banks and financial institutions
including in respect of letters of
credits
(a) In respect of joint ventures NIL NIL
(b) In respect of others NIL NIL
(C) Others Money for which the
company is contingently liable
(i) Liability in respect of bills
discounted with banks (Including
third party bills discounting)
(a) In respect of joint ventures NIL NIL
(b) In respect of others
(II) Commitments
(A) Estimated amount of contacts
remaining to be executed on capital
account and not provided for:
Tangible assets NIL NIL
Intangible assets N,L NIL
(B) Uncalled Liability on shares
and other investments
partly paid NIL NIL
(C) Others commitments
(a) Sales tax deferred liability
assigned NIL NIL
(b) Guarantee against future cash
calls* NILp
Mar 31, 2012
1 CONTINGENT LIABILITIES AND COMMITMENTS
31.03.2012 31.03.2011
(I) Contingent Liabilities
(A) Claims against the Company,
not acknowledged as debts
Income Tax 143244445 6532306
Sales Tax 6721845 4234344
The Income tax Assessment of the Company have been completed upto
Assessment Year 2009 - 2010. A disputed demand of Rs.139870903 has been
related A.Y. 2008 - 2009 & 2009 - 2010 on the basis of apparent errors
in the order the Company has been legally adviced that demand is likely
to be deleted by appropriate authorities and accordingly no provision
is required to be made.
Mar 31, 2011
1 The Company operates in two business segments viz. "Air Cooled Heat
Exchangers & Finned Tubes" and "Power Transmission Projects".
Segment Reporting
As per Para 27 of AS 17 (segment reporting), a reportable segment is
identifed if its revenue from sale is 10% or more of the total revenue
of all the segments, whether profit or loss is 10% or more of the
combined result of all segments in profit or combined result of all
segments in loss. Accordingly, Power Transmission Projects which
constitute 1.05% of total revenue, is not reported as a separate
segment.
2Contingent Liabilities
All liabilities have been provided for in the accounts except
liabilities of a contingent nature, which have been disclosed at their
estimated value as under :
(Amount in Rs.)
i) Guarantees and/or counter
guarantees given by Banks 1147018218/-
ii) Corporate Guarantee given to
financial institutions against loans
to subsidiary company GEI Power Limited
IDBI Bank Ltd 440000000
Union Bank of India 300000000
L&T Finance Ltd 8100000
3 Related Party disclosure
Related party disclosures as required by AS-18 - "Related Party
Disclosures" are given below:
i) Key Management Personnel (KMP) Mr. C E Fernandes
Mr. Bernard John
Mr. P.L.Mundhra
Mrs. Everlyn Fernandes
Mr. D.Laxminarayan
Ms. Irene Valentine
# Parties in which one or more of the Key Management Personnel(KMP) are
interested.
* The Company has invested in shares of GEI Power Limited, a wholly
owned subsidiary company in accordance with the resolution passed by
the Board of Directors on 27.12.2007 and 14.07.2009
4 Previous year's figures have been regrouped/rearranged wherever
necessary to conform to the current years' classification.
Mar 31, 2010
1. The Company operates in Two Business Segment of "Manufacturing of
Air Cooled Heat Exchanger and Fin Tubes" and "Power Transmission
Project". The Company manufactures the products on tender basis and
supplies its products to only those customers from whom the Company
receives confirmed orders.
Segment Reporting
As per Para 27 of AS17 (segment reporting) a reportable segment is
identified if its revenue from sale is 10% or more of the total revenue
of all the segments results, whether profit or loss is 10% or more of
the combined result of all segments in profit or combined result of all
segments in loss. Accordingly the power segment which constitute 2.07%
of total revenue, is not reported as a separate segment
2. Contingent Liabilities
All liabilities have been provided for in the accounts except
liabilities of a contingent nature, which have been disclosed at their
estimated value as under :
i) Guarantees and/or counter guarantees
given by Banks Rs 790128000
ii) Corporate Guarantee given for M/s GEI
POWER LIMITED Rs 206000000
3. Related Party disclosure
Related party Disclosures as required by AS-18."Related Party
Disclosures" are given below:
i) Key Management Personnel (KMP) Mr C E Fernandes
Mr Bernard John Mr P.L.Mundhra Mrs Everlyn Fernandes Mr D.Laxminarayan
Ms Irene Valentine
# Parties in which one or more of the Key Management Personnel (KMP)
are interested.
* The Company has invested in shares of GEI Power Limited in accordance
with the resolution passed by the Board of Directors on 27.12.2007 and
14.07.2009.
4. Managerial Remuneration
Schedule 13 - Remuneration paid to Mr. Bernard John à Joint Managing
Director, Mrs. Everlyn Fernandes - Whole Time Director and Mr. D.
Laxminarayan - Executive Director to the extent indicated therein, has
been approved by the shareholders in the Annual General Meeting held on
29th September 2008 and the Company has got the approval of the Central
Government. In the case of Mr. C E Fernandes the Central Government
letter has not quantified the remuneration and hence, the Company is
seeking review/quantification of the remuneration as applied for.
* Installed capacity and Production quantities have been certified by
the management and not verified by the auditors, being technical
matters.
5. Previous years figures have been regrouped/rearranged wherever
necessary to conform to the current years classification.