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Notes to Accounts of Globus Power Generation Ltd.

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.

 
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