Mar 31, 2018
1) COMPANY INFORMATION
Globus Power Generation Limited (the ''Company'') is a domestic public limited Company with registered office situated at D-199 PushpakMarg, Hanuman Nagar, Vaishali Nagar, Jaipur, Pin 302021. It is listed on Bombay Stock Exchange of India (BSE), in the name of Globus Constructors and Developers Ltd. The company is engaged in the business of making strategic investments in infrastructure sector and particularly power generation business and acquisition of portfolio of wind / bio mass power plants and to make them part of their group. The business includes making investment in other securities, derivatives, mutual funds and properties.
Other Notes to Accounts
FY 31.03.2018
2. The company has made investment in ICICI Portfolio of SFA (Small Financial Assets) joint with other two co-owners. The amount collected in this Portfolio Account is credited to the Investment Account after netting off the share of the co-owners. The share of the co-owners in the Portfolio collection is determined on the basis of actual amount paid to them during the year.
3. MSM Enterprises Recognition
The company has a system of identifying amounts due to micro enterprises or small enterprises on the basis of the Entrepreneurâs memorandum Number (EM Number) printed on their invoices, supply orders/letterheads/other relevant documents and also on the basis of any intimation received from suppliers in this regard.
4. Going Concern Assumption:
The company has incurred substantial losses of Rs. 92,444,970/- (LY Rs. 925,841,215/-). Out of this the cash loss is Rs. 7,348,050/- (LY Rs. 877,324,596/-). However, the management is of the opinion that there is no uncertainty for the company for continuing in business for the foreseeable future. The management has clear intention not to liquidate the company or cease the operations. The company is able to realize its assets and discharge its liabilities in the normal course of business.
5. Property, Plant and Equipment:
Vehicles of WDV Rs. 374,014/- ( FY 2017- 577,266/- ; FY 2016- 839,415/-) acquired in merger during 2013-14 are yet to be transferred in companyâs name.
6. Investments
a) During the last year (31.03.2017), the company has sold the entire investments in subsidiary TGPPL and GSPPL and associate SPGL at a price which is less than that at which the said investments were purchased by the company. The sales have however been made at prices which are not less than their fair market value. The company has obtained approval of the shareholders for disposal of the investments in their AGM held in the year 2016.
b) The small Financial Assets (SFA) Portfolio held by the company represents the two-wheeler loan portfolio and personal loan portfolio acquired from âICICI portfolio securities & Sub Accountâ in the year 2009-10 in co ownership with others. The repayment received (net of brokerages) are credited to the SFA account shown under long term investments. This portfolio is yet to be transferred in the name of the company.
Mar 31, 2016
1. Nature of Business:
The company is engaged in the business of making strategic investments in infrastructure sector and particularly power generation business and acquisition of portfolio of wind / bio mass power plants and to make them part of their group. The business includes making investment in other securities, derivatives, mutual funds and properties. The company is a listed entity on BSE in the name of Globus Constructors and Developers Ltd.
2. During the last year (31.03.2015) the balance lying in RBI reserve fund has been transferred to general reserve since the NBFC license of erstwhile CITCPL has already been surrendered to RBI.
3. The company has made investment in ICICI Portfolio of SFA (Small Financial Assets) joint with other two co-owners. The amount collected in this Portfolio Account is credited to the Investment Account after netting off the share of the co-owners. The share of the co-owners in the Portfolio collection is determined on the basis of actual amount paid to them during the year.
4. MSM Enterprises Recognition
The company has a system of identifying amounts due to micro enterprises or small enterprises on the basis of the Entrepreneurs memorandum Number (EM Number) printed on their invoices, supply orders/letterheads/other relevant documents and also on the basis of any intimation received from suppliers in this regard.
5. Segment Reporting
The primary reporting of the company is performed on the basis of business segments. During the current year (31.03.2016) the company has only one business segment that it has made sale of biomass fuel in the line of activity of power generation. Besides, the company has been making strategic investments in power generation business and acquisition of portfolio of wind / bio mass power plants. Accordingly, the amounts appearing in these financial statements relate to the primary business segments as such. Further, the company operates only in India and, accordingly, no disclosures are required under geographical segment as primary or secondary segment reporting.
6. Going Concern Assumption:
The company has negative working capital. Its current liabilities at Rs. 581,141,721/- (LY Rs. 580,328,815/-) are much higher than its current assets at Rs. 1,749,543/- (LY Rs. 5,957,326/-). The company has incurred substantial operating losses of Rs. 9,285,006/- (LY Rs. 5,573,817/-). Out of this the cash loss is Rs. 8,684,056/- (LY Rs. 4,529,378/-). The management is of the opinion that there is no uncertainty for the company for continuing in business for the foreseeable future. The management has clear intention not to liquidate the company or cease the operations. The company is able to realize its assets and discharge its liabilities in the normal course of business.
7. Fixed Assets:
Vehicles of WDV Rs. 8.39 Lacs (LY 12.21 Lacs) acquired in merger during 2013-14 are yet to be transferred in companyâs name.
8. Investments
a) Investment in TGPPL equity shares 2,966,402 Nos (PY 2,966,402 Nos) and SPGL equity shares 86,745,150 Nos (PY 86,745,150 Nos) are yet to be transferred in companyâs name.
During the last year (31.03.2015) the company purchased 77,276 Nos of equity shares of TGPPL by which TGPPL became WOS of the company.
b) In the opinion of the Board, the decline if any in the value of long term investments is not other than temporary in nature, unless stated otherwise.
c) The value of investments in the Balance sheet is at least equal to the amount at which they are stated unless specified otherwise.
d) The small Financial Assets (SFA) Portfolio held by the company represents the two wheeler loan portfolio and personal loan portfolio acquired from ICICI portfolio securities & Sub Account in the year 2009-10 in co ownership w ith others. The repayment received (net of brokerages) are credited to the SFA account shown under long term investments. This portfolio is yet to be recognized in the name of the company.
9. Related Party Transactions
In accordance with the requirements of CAS 18 on related party disclosures, the names of the related parties with whom there exists control or significant influence and/or with whom transactions have taken place during the year and description of relationships.
10. Prior Period Items (PPI):
During the last year (31.03.2015) the company capitalized its advance of Rs. 18.74 lacs into Car a/c which had been omitted to be capitalized in earlier years. The depreciation on this car up to the end of preceding year Rs. 15.86 lacs has been charged to PPI in the Statement of Profit & loss during the year , and the depreciation amount pertaining to CY Rs. 0.90 has been debited to depreciation a/c of current year.
11. Service Tax cenvat credit:
Cenvat credit in respect of service tax is accounted on accrual basis wherever available on eligible services. The balance of cenvat credit is reviewed at the end of each year and the amount estimated to be unutilized is charged to statement of profit & loss for the year.
12. In the opinion of Board of Directors, Current Assets, Loans and Advances have a value on realization in ordinary course of business at least equal to the amount at which they are stated in the balance sheet. Provision for all known liabilities has been made in the accounts.
13. Previous year figures have been regrouped/ rearranged wherever necessary for comparative purposes.
Mar 31, 2015
1. Nature of Business:
The company is engaged in the business of making strategic investments
in infrastructure sector and particularly power generation business and
acquisition of portfolio of wind / bio mass power plants and to make
them pari of their group. The business includes making investment in
other securities, derivatives, mutual funds and properties. The company
is a listed entity ot! BSE in the name of Globus constructors and
Developers Ltd.
2. a) During the previous year (51.03.2014) ,in Links of the
sanctioned merger scheme, the shareholders of erstwhile CITCPL had been
allotted the following shares of GPGL: 173 No. s equity shares of fact
value at Rs. 10 each and 922 No.s 0.01% compulsory convertible
preference shares (C'CJ'S) of face value of Its. 10 each in CJJ'GL for
every 100 No.s equity shares of the face value of Rs. 100 each of
C1TCPL
3. The merger was accounted as per pooling at interest method as
contained in CAS 14 Accounting for Amalgamation notified by MCA
4. During the current year the balance lying in RBI reserve fund has
been transferred to general reserve since (he NRFC license of erstwhile
CITCPF, has ;i I ready been surrendered lo RRF.
5. In the earlier years the company had made l()() % provision lor
diminution in the value of long term investments of Mahajan Iron for Rs.
40 l.acs and SV Melaloys fur Rs 25 Lac. These investments do not have any reliable value. hence have been w/off during the year.
6. MSM Enterprises Recognition
The company has a system of identifying amounts due to micro
enterprises or small enterprises on die basis of the Entrepreneurs
memorandum Number |EM Number) printed on their invoices, supply
orders/letterheads/other relevant documents and also on the basis of
any intimation reserved from suppliers in this regard.
7. Segment Reporting
The primary reporting of the company is performed on tire basis of
business segments. The company has only one business segment, that it
is engaged in (he business of making strategic investments in power
generation business and acquisition of portfolio of wind f bio mass
power plants. Accordingly, the amounts appearing m these financial
statements relate to this primary business segment. Further. the
company operates only in India and, accordingly, no disclosures ate
required under geographical segment as primary or secondary segment
reporting.
8. Fixed Assets:
Vehicles of WDV 12.21 lacily 14.87 Lacs) acquired in merger during
2013-14 are yet to be transferred in companies name.
a- Investment in TGPPL equity shares 2,966,402 Nos of equity and SPGL
equity shares 86,745,150Nos-PY 86,745,150 Nos- are yet to be
transferred in company's name.
During the current year the company parched Y-£76 Nos of equity
shares of TCPPL by which Tipple became WAS of the company.
b) In the opinion of the Board, the decline if any in the value of long
arm investments is not other man friary in nature unify; stored
otherwise,
e) The value of invest mints up rare Balance sheet is hi least equal
to the amount at which they are slated unless sped tied otherwise.
d) The small Financial Asset (SFA- Portfolio held by the company
represents the two wither loan portfolio and personal loan portfolio
acquired from IOC portfolio securities &. Shih Accounting the year
2W9-IO in ownership with others. The repayment named of brokerages) are
credited to be SFA account shown under lung term investments.
9. Related Parry Transaction
In accordance wile the requirements of CAS IS an related party
disclosures, the names of the related parties with wham there exists
contra) or significant influence and/or with whom Iran& aliens have
oven place during in the war and description of relationships.
10. Prior Period Items (PPl)
During the year the company capitalized its advance of Rs. 18.74 lacs
(PY Nil) into Car a/c which had been omitted to be capitalized in
earlier years. The depreciation on this car upto the end of preceding
year Rs. 15.86 lacs has been charged to PPI in the Statement of Profit
& loss during the year . and the depreciation amount pertaining to C'Y
Rs. 0.90 has been debited to depreciation a/c of current year.
11. Service Tax envat credit:
Convert credit in respect of service tax is accounted on accrual basis
wherever available on eligible services. The balance of canvas readily
is reviewed al the end of each year and ihe amount estimated to be
unutilized s charged to statement of profit & loss for the year.
12. the either opinion of Board of Directors, Current Assets, Loans and
Advances have a value on Realization in ordinary course of business at
cash equal to the amount at which they are slated in the balance
sheet. Provision for all known liabilities have been made in the
accounts.
13. Previous year figures have been regrouped/ rearranged wherever
necessary for comparative purposes.
Mar 31, 2013
Current Year (Rs.) Previous Year (Rs.)
1. CONTINGENT LIABILITIES Nil Nil
2. Company has not issued any share capital whether equity or
preferance and there is no reduction of share capital during period
ended 5.The company does not have any information regarding the status
of suppliers under the micro. Development Act,2006 and hence
3. There is no micro, small & medium enterprises to whom the company
owes dues, which are outstanding for more than 45 days as at
4. Previous years figures has been regrouped rearranged wherever
considered necessary.
5. In the opinion of the Board of directors, Board of Directors, the
Current Assets, Loans and advances have a value of realisation at least
6. During the current reporting period Company has invested Rs.
1,60,384/- in Relience Money Manager Fund and Rs. 29,94,315/- in M/s
Gupta Carpet International 29,94,315/- respectively.
7. The company has not incurred any expenditure in foreign currency
during the year.
8. During the current period no equity share capital has been issued
by the company.
9. During the previous financial year the company had an authorised
share capital of Rs. thiry one crores twenty eight lacs divided into
Three crores twelve lacs eighty thousand equity shares of Rs. 10/-
each.
10. DEFERRED TAX
No provision for Deferred tax is created in the books as per AS-22, in
view of the fact that it is not virtually certain that sufficient
taxable income will be available against which deferred tax asset can
be realised
11. SEGMENT INFORMATION
The company is engaged in business in India only , which in the context
of Accounting Standard 17 of the Segment Reporting issued by the ICAI,
is considered as only geographical segment.
12. RELATED PARTY DISCLOSURES
As per Accounting Standard-18 "Related Party Disclosures" issued by the
Institute of Chartered Accountants of [ndia,
A.Names of related parties and description of relationship
a. Holding Company
(i) Pandora Developers and Infrastructure Pvt. Ltd.
b. Individual''s owning indirectly interest in the enterprise
(i) Akash Khanna (ii) Arush Tandon
c. Key Management Personnel-Whole Time Directors
(i) Akash Khanna
(ii) Pawan Kumar Agarwal
Dec 31, 2011
1. Current Year (Rs.) Previous Year (Rs.)
CONTINGENT LIABILITIES Nil Nil
2. DETAILS OF PAYMENT MADE TO DIRECTORS INCLUDING MANAGING DIRECTOR -
NIL
3. Shareholders in their Extraordinary General Meeting held on 16th
January 2009 approved the Reduction of capital by 92% and set off of
Share Forfeiture Account of Rs.780,000/- against the Accumulated
losses. The Company had filed a petition to the High Court of Delhi For
reduction of its share capital under section 101 to Section 105 of the
Companies Act 1956, against which High Court has pronounced its
affirmative order on 15th December 2009 which has been registered with
Registrar of Companies on 31st December 2009. The effect of the same
has been taken in the balance sheet of the company for the previous
financial year.
4. There is no micro, small & medium enterprises to whom the company
owes dues, which are outstanding for more than 45 days as at 31st
December 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. Previous years figures has been regrouped rearranged wherever
considered necessary.
6. In the opinion of the Board of directors, Board of Directors, the
Current Assets, Loans and advances have a value of realization at least
equal to the amount at which they are stated in the Balance Sheet and
provisions for all known liabilities has been made
7. During the current financial year the Company has invested Rs. 3.5
cores in project with M.K. Residency Private Limited. Further it has
withdrawn its investment with K M Realtech Private Limited due to
unsatisfactory performance returns.
8. The company has not incurred any expenditure in foreign currency
during the year.
9. During the current financial year 36,00,000 Equity Shares of Rs.
10/- each have been allotted against application money of Rs.3.6
crores.
10. During the previous financial year the company had an authorized
share capital of Rs. five crores divided into 40 lakhs equity shares of
Rs. 10/- each worth four crores and 10 lakh preference shares of Rs.
10/- each worth Rs. one crore. During the current financial year the
unutilized portion of authorized preference share capital was converted
into equivalent authorized equity cental and the authorised equity
share capital was further raised by Rs. 28 lakhs for infusion of funds
into the Company.
11. During the current financial year 680,000 (Six Lakh Eighty
Thousand) 1% non-convertible redeemable preference shales have been
converted into equivalent equity shares and allotted to M/s Kannyogi
Homes Private Limited belonging to non promoter group under approval of
the shareholders in their meeting on 22nd April 2011 after obtaining
consent of the preference shareholders.
12. DEFERRED TAX
No provision for Deferred tax is created in the books as per AS-22, in
view of the fact that it is not virtually certain that sufficient
taxable income will be available against which deferred tax asset can
be realized
13. SEGMENT INFORMATION
The company is engaged in business in India only, which in the context
of Accounting Standard 17 of the Segment Reporting issued by the ICAI,
is considered as only geographical segment.
14. RELATED PARTY DISCLOSURES
As per Accounting Standard-18 "Related Party Disclosures" issued by the
Institute of Chartered Accountants of India, Olin of related parties
and description of relationship
A. Names of related parties and description of relationship
a. Holding Company
(i) Pandora Developers and Infrastructure Pvt. Ltd.
b. Individual's owning Indirectly Interest In the enterprlae
(I) Akash Khanna
(II) Arush Tandon
c. Key Management Personnel-Whole Time Director
(I) Akash Khanna
(II) Pawan Kumar Agarwal
Dec 31, 2009
1. CONTINGENT LIABILITIES
a) Disclosure of Contingent Liabilities:- NIL
4)Shareholders in their Extraordinary General Meeting held on 16th
January 2009 approved the Reduction of Capital by 92% and set off of
Share Forfeiture Account of Rs. 780,000/- against the Accumulated
Losses. The Company had filed a petition to the High Court of Delhi for
reduction of its Share Capital under Section 101 to Section 105 of the
Companies Act 1956, against which High Court has pronounced its
affirmative order on 15th December 2009 which has been registered with
Registrar of Companies on 31st December 2009. The effect of the same
has been taken in the Balance Sheet of the Company for the current
financial year.
2.The Company does not have any information regarding the status of
suppliers under the Micro, Small and Medium Enterprises Development
Act, 2006 and hence disclosures, if any, relating to amount unpaid at
the end of the year together with interest paid / payables as required
under the said Act have not been provided.
3 Previous years figures has been regrouped and rearranged wherever
considered necessary.
4 In the opinion of the Board of Directors, the Current Assets, Loans
and advances have a value of realisation at least equal to the amount
at which they are stated in the Balance sheet and provision for all
known liabilities has been made
5. DEFERRED TAX
During the current year, there is no deferred tax asset on account of
depreciation/Losses/ B/f Losses. Thus no provision for this is created
in the books as per AS-22, in view of the fact that it is not certain
that sufficient taxable income will be available against which deferred
tax asset can be realised
6. SEGMENT INFORMATION
The Company is engaged in business in India only, which in the context
of Accounting Standard 17 of the Segment Reporting issued by the ICAI,
same is considered as only geographical Segment.
7. RELATED PARTY DISCLOSURES
As per Accounting Standard-18 " Related Party Disclosure" issued by the
Institute of Chartered Accountants of India,
(a) Key Management Personnel: Santosh Gupta Director
During the year, no transactions were carried out with the related
parties mentioned above.
Mar 31, 2009
1. CONTINGENT LIABILITIES
a)Disclosure of contingent liabilities:- NIL
2) The Company has filed a petition to the High Court of Delhi for
reduction of its Share Capital u/s 101 to Sec 105 of the Companies Act
1956, The same will effect the balance sheet as an when the Hon. High
Court pronounces its decision for Capital Reduction.
3. The Company does not have any information regarding the status of
suppliers under the Micro, Small and Medium Enterprises Development
Act, 2006 and hence disclosures, if any, relating to amount unpaid at
the end of the year together with interest paid / payables as required
under the said Act have not been provided.
4 Previous years figures has been regrouped and rearranged wherever
considered necessary to correspond to those of current year
5. DEFERRED TAX
During the current year, there is deferred tax asset on account of
depreciation/Losses/ B/F Losses. Thus no provision for this is created
in the books as per AS-22, in view of the fact that it is not certain
that sufficient taxable income will be available against which deferred
tax asset can be realised
6. SEGMENT INFORMATION
The Company is engaged in business in India only, which in the context
of Accounting Standard 17 of the Segment Reporting issued by the ICAI,
same is considered as only Geographical Segment.
7.RELATED PARTY DISCLOSURES
As per Accounting Standard-18" Related Party Disclosure" issued by the
Institute of Chartered Accountants of (a) Key Management Personnel: Mr.
Santosh Gupta Director
During the year, no transactions were carried out with the related
parties mentioned above.