Enter the first few characters of Company and click 'Go'

Notes to Accounts of Olectra Greentech Ltd.

Mar 31, 2023

The company had entered into an MOU with MLR Motors Private Limited (MLR). As per the terms and conditions of MOU, Capital advance amount of Rs. 1000 lakhs was paid towards acquisition of land for setting up electric bus project. As MLR had failed to honour its obligations and failed to take appropriate measures and steps to implement the provisions of MOU in terms of completing the acquisition of land etc., the company had asked for refund of aforesaid advance paid to them. Instead of refunding the advance, MLR had fraudulently allotted shares for the aforesaid advance by creating back dated allotment of shares, which the Company has refused to accept and the matter has been referred to NCLT for declaring the alleged allotment of shares of the value of Rs. 1,000 lakhs to the company as null and void and direct MLR motors to refund the amount along with Interest. The Company believes that the above advance amount will be realised in due course.

(b) Terms / rights attached to the equity shares

Equity shares of the Company have a par value of '' 4 per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividend in Indian rupees. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

A. Term loan from Financial Institutions:

Term loan consists of loan taken from Rural Electrical Corporation Limited in December 2020 and April 2022 amounting Rs. 232.60 Lakhs and Rs.1,753.00 lakhs respectively, which was sanctioned for procurement of TSRTC project buses. The loan of Rs. 232.60 lakhs carries an interest rate of 9.32% repayable in 72 equal installments and Rs.1,753.00 lakhs carries an interest rate of 9.07% repayable in 45 equal installments secured by:

i. First charge by way of hypothecation of all 40 E-buses, covered in the project owned by SSISPL-OGL-BYD Consortium in respect of which the loan was sanctioned.

ii. First charge by way of hypothecation/ assignment of all present and future book debts, bills, receivables, monies including bank accounts, claims of all kinds and stocks including consumables and general stores in respect of the project of 40 E-buses.

The aforementioned loan was sanctioned for procurement of TSRTC project buses by SSISPL-OGL-BYD Consortium, Joint Venture of the Company. As per back to back arrangement between REC, OGL and SSISPL-OGL-BYD Consortium(JV), the loan was sanctioned to the Company which inturn was passed on to the JV carrying the same interest rate being charged by REC and the same is reflected as "Loan to Related Parties" in Note -7.

B. Vehicle loans from Banks:

The Company has the following 3 vehicle loans:

Vehicle loans of Rs. 22.46 Lakhs & Rs. 8.49 Lakhs taken from Yes Bank on 25-07-2018 repayable in 48 installments from August 2018 to July 2022 and a vehicle loan of Rs.56 Lakhs from Yes Bank on 18-09-2018 repayable in 60 installments from October 2018 to September 2023. These loans are secured by hypothecation of the vehicles for which the loan was taken.

C. Sales tax deferrment loan:

The Company has been granted an interest free sales tax deferrment loan by the Government of Andhra Pradesh. As per the terms of this scheme, the Company has repaid the amount in FY 2022-23.

D. Working facilities from State Bank of India:

Working Capital Facilities from Banks carries an interest rate ranging from 6.5% to 9.40% are secured by:

Insulator Division Lender- SBI:

i. Exclusive first charge to SBI on current assets of the company pertaining to Insulators division both present and future with 2nd charge in favour of e-bus division lenders (SBI,Yes Bank & ICICI).

ii. Exclusive first charge to SBI on movable assets of the company both present & future of Insulators Division for insulator division limits with 2nd charge in favour of other e-bus division lenders.

ii. Exclusive first charge to SBI by way of equitable mortgage of factory land & building of the Company with 2nd charge in favour of other e-bus division lenders.

iii. Exclusive first charge to SBI by way of equitable mortgage of immovable property of M/s Goldstone Technologies Limited for Insulator Division limits with SBI.

iv. Corporate guarantee given by M/s Trinity Infraventures Limited & M/s Goldstone technologies Limited for Insulator Division limits with SBI.

v. 2nd Charge to SBI on movable fixed assets of E-Bus division both present and future for insulator division''s limits with SBI.

E Bus Division Lenders- SBI,Yes Bank & ICICI:

i. Paripassu First Charge on current assets of the company s E-bus division for all the lenders in MBA both present and future

ii. Pari passu first charge on the Movable Fixed Assets of E-Bus Division both present & future for all the E-bus division lenders excluding e Buses (supplied to TSRTC 40 buses and PMPML 150 e buses with 5 spare buses) with 2nd charge in favour of working capital limits of insulator division with SBI.

iii. Exclusive Hypothecation of 150 Electric Buses with respect to PMPML contract for e-Bus division to SBI.

34 Segment information

Ind AS 108 "Operating Segment" ("Ind AS 108") establishes standards for the way that public business enterprises report information about operating and geographical segments and related disclosures about products and services, geographic areas, and major customers. Based on the "management approach" as defined in Ind AS 108, Operating segments and geographical segments are to be reported in a manner consistent with the internal reporting provided to the Chief Operating Decision Maker (CODM).The CODM evaluates the Company''s performance and allocates resources on overall basis.

The Company has two reportable segments during the year, i.e. Composite Polymer Insulators and Electric Buses.

36 Gratuity

The Company provides its employees with benefits under a defined benefit plan, referred to as the "Gratuity Plan". The Gratuity Plan entitles an employee, who has rendered at least five years of continuous service, to receive 15 days salary for each year of completed service (service of six months and above is rounded off as one year) at the time of retirement/exit.

The following tables summarize the components of net benefit expense recognised in the statement of profit or loss and the amounts recognised in the balance sheet for the plan:

Reconciliation of opening and closing balances of the present value of the defined benefit obligations:

These sensitivies have been calculated to show the movement in projected benefit obligation in isolation and assuming there are no other changes in market conditions.

37 Dues to Micro, small and medium enterprises

The Ministry of Micro, Small and Medium Enterprises has issued an office memorandum dated 26 August 2008 which recommends that the Micro and Small Enterprises should mention in their correspondence with its customers the Entrepreneurs Memorandum Number as allocated after filing of the Memorandum. Accordingly, the disclosure in respect of the amounts payable to such enterprises as at March 31,2023 has been made in the financial statements based on information received and available with the Company. Further in view of the management, the impact of interest, if any, that may be payable in accordance with the provisions of the Micro, Small and Medium Enterprises Development Act, 2006 (''The MSMED Acf) is not expected to be material. The Company has not received any claim for interest from any supplier.

38 Leases

Where the Company is a lessee:

The Company has elected not to apply the requirements of Ind AS 116 Leases to short term leases of all assets that have a lease term of 12 months or less and leases for which the underlying asset is of low value. The lease payments associated with these leases amounting to INR 283.16 Lakhs (INR 178.23 Lakhs Previous Year) are recognised as an expense on a straight-line basis over the lease term.

39 Earnings per share

Basic EPS amounts are calculated by dividing the profit for the year attributable to equity holders by the weighted average number of equity shares outstanding during the year.

Diluted EPS amounts are calculated by dividing the profit attributable to equity holders by the weighted average number of equity shares outstanding during the year plus the weighted average number of equity shares that would be issued on conversion of all the dilutive potential equity shares into equity Shares.

Fair value hierarchy

The carrying amount of the current financial assets and current financial liabilities are considered to be same as their fair values, due to their short term nature. In absence of specified maturity period, the carrying amount of the non-current financial assets and non-current financial liabilities such as security deposits (assets) are considered to be same as their fair values.

The fair value of mutual funds is classified as Level 2 in the fair value hierarchy as the fair value has been determined on the basis of Net Assets Value (NAV) declared by the mutual fund. The fair value of Financial derivative contracts has been classified as Level 2 in the fair value hierarchy as the fair value has been determined on the basis of mark-to-market valuation provided by the bank, The corresponding changes in fair value of investment is disclosed as ''Other Income''.

41 Financial risk management objectives and policies

The Company''s principal financial liabilities comprise loans and borrowings, trade and other payables. The main purpose of these financial liabilities is to finance and support Company s operations. The Company''s principal financial assets include inventory, trade and other receivables, cash and cash equivalents and refundable deposits that derive directly from its operations.

The Company is exposed to market risk, credit risk and liquidity risk. The Company s senior management oversees the management of these risks. The Board of Directors reviews and agrees policies for managing each of these risks, which are summarized below.

a) Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises two types of risk: interest rate risk and other price risk, such as commodity risk. Financial instruments affected by market risk include loans and borrowings and refundable deposits. The sensitivity analysis in the following sections relate to the position as at March 31,2023 and March 31,2022. The sensitivity analyses have been prepared on the basis that the amount of net debt and the ratio of fixed to floating interest rates of the debt.

The analysis excludes the impact of movements in market variables on: the carrying values of gratuity and other post retirement obligations; provisions.

The below assumption has been made in calculating the sensitivity analysis:

The sensitivity of the relevant profit or loss item is the effect of the assumed changes in respective market risks. This is based on the financial assets and financial liabilities held at March 31,2023 and March 31,2022.

Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company''s exposure to the risk of changes in market interest rates relates primarily to the Company''s short-term debt obligations with floating interest rates.

The Company manages its interest rate risk by having a balanced portfolio of variable rate borrowings. The Company does not enter into any interest rate swaps.

b) Credit risk

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The credit risk arises principally from its operating activities (primarily trade receivables) and from its investing activities, including deposits with banks and financial institutions and other financial instruments.

Credit risk is controlled by analysing credit limits and creditworthiness of customers on a continuous basis to whom credit has been granted after obtaining necessary approvals for credit. The collection from the trade receivables are monitored on a continuous basis by the receivables team.

The top customers profile includes sale of e-buses under the Department of Heavy Industries (DHI) FAME-II frame work/GCC contracts to Special Purpose Vehicles (SPV''s) formed for execution of contracts with the STUs and hence the concentration of revenue risk is minimal.

Credit risk on cash and cash equivalent is limited as the Company generally transacts with banks and financial institutions with high credit ratings assigned by international and domestic credit rating agencies.

c) Liquidity risk

The Company s objective is to maintain a balance between continuity of funding and flexibility through the use of bank deposits and loans.

The table below summarises the maturity profile of the Company''s financial liabilities based on contractual undiscounted payments:

42 Capital management

The Company''s policy is to maintain a stable capital base so as to maintain investor, creditor and market confidence and to sustain future development of the business. Management monitors capital on the basis of return on capital employed as well as the debt to total equity ratio.

For the purpose of debt to total equity ratio, debt considered is long-term and short-term borrowings. Total equity comprise of issued share capital and all other equity reserves..

44 Recent Indian Accounting Standards

Ministry of Corporate Affairs (MCA), vide notification dated 31st March, 2023, has made the following amendments to Ind AS which are effective 1st April, 2023:

a. Amendments to Ind AS 1, Presentation of Financial Statements where the companies are now required to disclose material accounting policies rather than their significant accounting policies.

b. Amendments to Ind AS 8, Accounting policies, Changes in Accounting Estimates and Errors where the definition of ''change in account estimate'' has been replaced by revised definition of ''accounting estimate''.

c. Amendments to Ind AS 12, Income Taxes where the scope of Initial Recognition Exemption (IRE) has been narrowed down.

Based on preliminary assessment, the Company does not expect these amendments to have any significant impact on the Company''s financial statements.

45 Exceptional Items

During the previous year, the Company has recognised (a) Rs.255.81 Lakhs towards one time severance cost in Insulators Division and (b) Profit on sale of wholly owned subsidiary of the Company (TF Solar Power Private Limited) to Trinity Infraventures Ltd of Rs.1 Lakhs. Accordingly, the total amount of Rs. 254.81 Lakhs has been considered as "Exceptional Items".

46 The Company has performed a detailed assessment of its liquidity position and the recoverability of the assets as at the balance sheet date and has concluded that based on current indicators of future economic conditions, the carrying value of the assets will be recovered. Management believes that it has fully considered all possible impact of known events in the preparation of the standalone financial results. However, given the effect of the lockdown on the overall economic activity and in particular on the automotive industry, the impact assessment of COVID-19 is a continuing process, given the uncertainties associated with its nature and duration. The Company will continue to monitor any material changes to future economic conditions and the consequent impact on its business, if any, which may be different from those estimated on the date of approval of these financial statements.

47 The Code on Social Security, 2020 ("Code") received Presidential assent in September 2020. The Code has been published in the Gazette of India. However the related final rules have not yet been issued and the date on which the Code will come into effect has not been notified. The Company will assess the impact of the Code and the rules thereunder when they come into effect.

48 The Board of Directors have recommended a dividend of Rs 0.40 per share( Face value of Rs 4/- each) for the year ended March 31,2023.

49 the Company has elected to exercise the option permitted under section 115 BAA of the Income Tax Act, 1961, as introduced by the Taxation Laws (Amendment) Ordinance 2019. Accordingly, the Company had recognised Provision for Income Tax and re-measured its Deferred Tax Liabilities based on the rates prescribed in the aforesaid section. The corresponding impact of adopting this option has also been recognised in the Statement of Profit and Loss for the year ended March 31,2022.

50 Other statutory information

(i) The Company does not have any Benami property, where any proceeding has been initiated or pending against the Company for holding any Benami property.

(ii) The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.

(iii) The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.

(iv) The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall: (a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or (b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

(v) The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding that the Intermediary shall: (a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (Ultimate Beneficiaries) or (b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

(vi) The Company is in compliance with the number of layers prescribed under clause (87) of section 2 of the Companies Act,2013 read with the Companies (Restriction on number of Layers) Rules, 2017 (as amended).

(vii) The Company does not have any such transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961.

(viii) The Company has not been declared wilful defaulter by any bank or financial institution or government or any government authority.

(ix) The Company does not have any transactions with companies struck off.

51 Prior year comparitives

The figures of the previous year have been regrouped/reclassified, where necessary, to conform

with the current year''s classification.

Mar 31, 2022

A. Term loan from Financial Institutions:

Term loan consists of loan taken from Rural Electrical Corporation Limited in December 2020 amounting Rs. 232.60 Lakhs.The loan carries an interest rate of 10.25% repayable in 72 equal installments secured by:

i. First charge by way of hypothecation of all 40 E-buses, covered in the project owned by SSISPL-OGL-BYD Consortium in respect of which the loan was sanctioned.

B. Vehicle loans from Banks:

The Company has the following 3 vehicle loans::

C. Sales tax deferrment loan:

The Company has been granted an interest free sales tax deferrment loan by the Government of Andhra Pradesh. As per the terms of this scheme, the Company has to repay the amount till FY 2022-23.

D. Working facilities from State Bank of India:

Working Capital Facilities from State Bank of India carries an interest rate ranging from 8.95% to 9.50% are secured by:

i. Exclusive first charge on Current Assets of Insulator division of the Company both present and future

ii. Exclusive first charge by way of equitable mortgage of Project land, factory land & building of Company

iii. Exclusive first charge by way of equitable mortgage of immovable property of M/s Goldstone Technologies Limited

iv. First charge on fixed assets(excluding land mentioned in ii above) of Insulator division and Second charge on the fixed assets of E-Bus division of the Company both present and future on reciprocal basis

v. Corporate guarantee given by M/s Trinity Infraventures Limited & M/s Goldstone technologies Limited

E. Loan from Related party

The Company during the current year has taken a unsecured loan of Rs. 4900 Lakhs from the MEIL Holdings Limited (Holding Company).The loan carries an interest rate of 9% repayable within 3 years.The loan is taken for the purpose of acquisition of land allotted by the TSIIC.

34 Segment information

The Company has two reportable segments during the year, i.e. Composite Polymer Insulators and Electric Buses.

36 Gratuity

The following tables summarize the components of net benefit expense recognised in the statement of profit or loss and the amounts recognised in the balance sheet for the plan:

These sensitivies have been calculated to show the movement in projected benefit obligation in isolation and assuming there are no other changes in market conditions.

37 Dues to Micro, small and medium enterprises

The Ministry of Micro, Small and Medium Enterprises has issued an office memorandum dated 26 August 2008 which recommends that the Micro and Small Enterprises should mention in their correspondence with its customers the Entrepreneurs Memorandum Number as allocated after filing of the Memorandum. Accordingly, the disclosure in respect of the amounts payable to such enterprises as at March 31,2022 has been made in the financial statements based on information received and available with the Company. Further in view of the management, the impact of interest, if any, that may be payable in accordance with the provisions of the Micro, Small and Medium Enterprises Development Act, 2006 (''The MSMED Acf) is not expected to be material. The Company has not received any claim for interest from any supplier.

38 Leases

Where the Company is a lessee:

Effective 1st April 2019, the Company adopted Ind AS 116, Leases. This standard brings most leases on-balance sheet for lessees under a single model, eliminating the distinction between operating and finance leases. There is no significant impact of the standard on the financial results of the Company. During the previous year the Company has de-recognised an amount of Rs. 704.97 Lakhs Right of use asset (presented as part of Property, plant and equipment) and Rs. 753.52 Lakhs worth Lease liability (presented as part of Financial Liabilities) as the leases to which the standard applies are closed during the previous year.

The Company has elected not to apply the requirements of Ind AS 116 Leases to short term leases of all assets that have a lease term of 12 months or less and leases for which the underlying asset is of low value. The lease payments associated with these leases amounting to INR 178.23 Lakhs (INR 175.89 Lakhs Previous Year) are recognised as an expense on a straight-line basis over the lease term.

39 Earnings per share

Basic EPS amounts are calculated by dividing the profit for the year attributable to equity holders by the weighted average number of equity shares outstanding during the year.

Fair value hierarchy

41 Financial risk management objectives and policies

a) Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises two types of risk: interest rate risk and other price risk, such as commodity risk. Financial instruments affected by market risk include loans and borrowings and refundable deposits. The sensitivity analysis in the following sections relate to the position as at March 31,2022 and March 31,2021. The sensitivity analyses have been prepared on the basis that the amount of net debt and the ratio of fixed to floating interest rates of the debt.

The analysis excludes the impact of movements in market variables on: the carrying values of gratuity and other post retirement obligations; provisions.

The below assumption has been made in calculating the sensitivity analysis:

Interest rate risk

The Company manages its interest rate risk by having a balanced portfolio of variable rate borrowings. The Company does not enter into any interest rate swaps.

b) Credit risk

The top 2 to 3 customers account for more than 50% of the revenue as of March 31,2022 and March 31,2021. However, the customers profile includes sale of e-buses under the Department of Heavy Industries (DHI) FAME - II frame work/ GCC Contracts to Special Purpose Vehicles(SPV''s) formed for execution of contracts with the STUs and hence the concentration of revenue risk is minimal.

c) Liquidity risk

The Company s objective is to maintain a balance between continuity of funding and flexibility through the use of bank deposits and loans.

42 Capital management

For the purpose of debt to total equity ratio, debt considered is long-term and short-term borrowings. Total equity comprise of issued share capital and all other equity reserves.

45 Exceptional Items

During the current year, the Company has recognised (a) Rs.255.81 Lakhs towards one time severance cost in Insulators Division and (b) Profit on sale of wholly owned subsidiary of the Company (TF Solar Power Private Limited) to Trinity Infraventures Ltd of Rs.1 Lakhs. Accordingly, the total amount of Rs. 254.81 Lakhs has been considered as "Exceptional Items".

48 The Board of Directors have recommended a dividend of Rs 0.40 per share( Face value of Rs 4/- each) for the year ended March 31,2022.

49 The Company has elected to exercise the option permitted under section 115 BAA of the Income Tax Act, 1961, as introduced by the Taxation Laws (Amendment) Ordinance 2019. Accordingly, the Company had recognised Provision for Income Tax and re-measured its Deferred Tax Liabilities based on the rates prescribed in the aforesaid section. The corresponding impact of adopting this option has also been recognised in the Statement of Profit and Loss for the year ended March 31,2022.

50 Other statutory information

(i) The Company does not have any Benami property, where any proceeding has been initiated or pending against the Company for holding any Benami property.

(ii) The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.

(iii) The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.

(vi) The Company is in compliance with the number of layers prescribed under clause (87) of

section 2 of the Companies Act,2013 read with the Companies (Restriction on number of Layers) Rules, 2017 (as amended).

(viii) The Company has not been declared wilful defaulter by any bank or financial institution or government or any government authority.

(ix) The Company does not have any transactions with companies struck off.

51 Prior year comparitives

The figures of the previous year have been regrouped/reclassified, where necessary, to conform

with the current year''s classification.

Mar 31, 2018

1 General Information

Goldstone Infratech Limited (âthe Companyâ) is a Public Limited Company incorporated in India, having its registered office at Hyderabad, India. The Company is primarily engaged in the manufacturing of composite polymer insulators. During the year, the Company has started manufacturing electrical buses. The Company is listed in the National Stock Exchange (NSE) and the Bombay Stock Exchage (BSE).

2 Basis of preparation of financial statements

2.1 Statement of Compliance

The financial statements have been prepared in accordance of Indian Accounting Standards (Ind AS) as per the Companies (Indian Accounting Standards) Rules 2015 notified under Section 133 of Companies Act 2013 (the âActâ) and other relevant provisions of the Act.

The Companyâs financial statements up to and for the year ended March 31, 2017 were prepared in accordance with the Companies (Accounting Standards) Rules 2006, notified under Section 133 of Companies Act 2013 (the âActâ) and other relevant provisions of the Act.

As these are the first financial statements prepared in accordance with Indian Accounting Standards (Ind AS), Ind AS 101, First-time Adoption of Indian Accounting Standards has been applied. An explanation of how the transition to Ind AS has affected the previously reported financial position, financial performance of the Company is provided in Note 42.

The financial statements were authorised for issue by the Companyâs Board of Directors on May 25, 2018.

Details of the accounting policies are included in Note 3.

2.2 Basis of measurement

These financial statements have been prepared on the historical cost convention and on an accrual basis, except for the following material items in the statement of financial position:

- certain financial assets and liabilities are measured at fair value;

- employee defined benefit assets/(liability) are recognized as the net total of the fair value of plan assets, plus actuarial losses, less actuarial gains and the present value of the defined benefit obligation;

- long term borrowings are measured at amortized cost using the effective interest rate method.

2.3 Functional currency

The financial statements are presented in Indian rupees Lakhs, which is the functional currency of the Company. Functional currency of an entity is the currency of the primary economic environment in which the entity operates.

All amounts are in Indian Rupee Lakhs except share data, unless otherwise stated.

2.4 Operating cycle

All the assets and liabilities have been classified as current or non-current as per the Companyâs normal operating cycle and other criteria set out in the Schedule III to the Companies Act, 2013.

Assets:

An asset is classified as current when it satisfies any of the following criteria

a) it is expected to be realized in, or is intended for sale or consumption in, the Companyâs normal operating cycle;

b) it is held primarily for the purpose of being traded;

c) it is expected to be realized within twelve months after the reporting date; or

d) it is cash or cash equivalent unless it is restricted from being exchanged or used to settle a liability for at least twelve months after the reporting date.

Liabilities:

A liability is classified as current when it satisfies any of the following criteria:

a) it is expected to be settled in the Companyâs normal operating cycle;

b) it is held primarily for the purpose of being traded;

c) it is due to be settled within twelve months after the reporting date; or

d) the Company does not have an unconditional right to defer settlement of the liability for at least twelve months after the reporting date. Terms of a liability that could, at the option of the counterparty, result in its settlement by the issue of equity instruments do not affect its classification.

Current assets/ liabilities include the current portion of non-current assets/ liabilities respectively. All other assets/ liabilities are classified as non-current.

2.5 Critical accounting judgements and key sources of estimation uncertainty

In the application of the Companyâs accounting policies, which are described in note 3, the management of the Company are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The following are the areas of estimation uncertainty and critical judgements that the management has made in the process of applying the Companyâs accounting policies and that have the most significant effect on the amounts recognised in the financial statements:

Provision and contingent liability

On an ongoing basis, Company reviews pending cases, claims by third parties and other contingencies. For contingent losses that are considered probable, an estimated loss is recorded as an accrual in financial statements. Loss Contingencies that are considered possible are not provided for but disclosed as Contingent liabilities in the financial statements. Contingencies the likelihood of which is remote are not disclosed in the financial statements. Gain contingencies are not recognized until the contingency has been resolved and amounts are received or receivable.

Useful lives of depreciable assets

Management reviews the useful lives of depreciable assets at each reporting. As at March 31, 2018 management assessed that the useful lives represent the expected utility of the assets to the Company. Further, there is no significant change in the useful lives as compared to previous year.

2.6 Measurement of fair values

A number of the Companyâs accounting policies and disclosures require the measurement of fair values, for both financial and non-financial assets and liabilities.

Fair values are categorised into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows:

- Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.

- Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

- Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).

When measuring the fair value of an asset or a liability, the Company uses observable market data as far as possible. If the inputs used to measure the fair value of an asset or a liability fall into different levels of the fair value hierarchy, then the fair value measurement is categorised in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. The Company recognises transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred.

A. Term loan from Financial Institutions:

Term loan consists of loan taken from Reliance Capital Limited on 25-10-2016.The loan carries an interest rate of 14% repayable in 36 equal installments. This loan is secured by hypothecation of the Equipments of the Company for which the loan was obtained.

B. Vehicle loans from Banks:

The Company has the following 2 vehicle loans:

1. Vehicle loan of Rs. 18 Lakhs from Kotak Mahindra Bank on 15-07-2014. The loan is repayable from July 2014 to June 2019. This loan is secured by hypothecation of the vehicle for which the loan was taken.

2. Vehicle loan of Rs. 7 Lakhs from Axis Bank on 14-07-2016. The loan is repayable from August 2016 to July 2019 and 2 vehicles loans of Rs. 3.89 Lakhs each from Axis Bank on 26-03-2014 repayable from April 2014 to March 2017. These loans are secured by hypothecation of the vehicle for which the loan was taken.

C. Sales tax deferrment loan:

The Company has been granted an interest free sales tax deferrment loan by the Government of Andhra Pradesh. As per the terms of this scheme, the Company has to repay the amount till FY 2022-23.

D. Working capital loan from State Bank of India:

Working Capital Facilities from State Bank of India carries an interest rate ranging from 10.5% to 13% are secured by:

i. Hypothecation against first charge on Current Assets of Insulator division of the Company both present and future

ii. Exclusive first charge by way of equitable mortgage of Project land, factory land & building of Company

iii. Exclusive first charge by way of equitable mortgage of immovable property of M/s Goldstone Technologies Limited

iv. First charge on fixed assets(excluding land mentioned in ii above) of Insulator division of the Company both present and future

v. Corporate guarantee given by M/s Trinity Infraventures Limited & M/s Goldstone technologies Limited

vi. Personal guarantee of a promoter of the Company

E. Buyers credit from Yes Bank:

LC/ LOU for buyerâs credit from Yes Bank which is LIBOR linked are secured by:

i. Hypothecation against first exclusive charge over current and fixed assets of electric bus division of the Company both present and future

ii. Equitable mortgage of 2.3 acres land owned by Goldstone Power Private Limited

iii. Corporate guarantee given by M/s Trinity Infraventures Limited & Goldstone Power Private Limited

iv. Pledge on shares of the company equivalent to Rs. 24 Crores held by M/s Trinity Infraventures Limited

F: Loan from Related party

This is an interest free loan repayable on demand from Trinity Infraventures Limited and is unsecured.

d) Terms and conditions of transactions with related parties:

The transactions with related parties are made on terms equivalent to those that prevail in armâs length transactions. Outstanding balances at the year-end are unsecured and interest free.

e) Others:

The Company has given Corporate Guarantee for the credit facilities of Rs. 900 lakhs availed by M/s. Trinity Infraventures Limited with Allahabad Bank.

3 Segment information

Ind AS 108 âOperating Segmentâ (âInd AS 108â) establishes standards for the way that public business enterprises report information about operating and geographical segments and related disclosures about products and services, geographic areas, and major customers. Based on the âmanagement approachâ as defined in Ind AS 108, Operating segments and geographical segments are to be reported in a manner consistent with the internal reporting provided to the Chief Operating Decision Maker (CODM).The CODM evaluates the Companyâs performance and allocates resources on overall basis.

During the year, the Company has started commercial operations of Electric Buses; and hence the Company has two reportable segments during the year, i.e. Composite Polymer Insulators and Electric Buses.

4 Gratuity

The Company provides its employees with benefits under a defined benefit plan, referred to as the âGratuity Planâ. The Gratuity Plan entitles an employee, who has rendered at least five years of continuous service, to receive 15 days salary for each year of completed service (service of six months and above is rounded off as one year) at the time of retirement/exit, restricted to a sum of Rs.20 lakhs.

The following tables summarize the components of net benefit expense recognised in the statement of profit or loss and the amounts recognised in the balance sheet for the plan:

Reconciliation of opening and closing balances of the present value of the defined benefit obligations:

These sensitivies have been calculated to show the movement in projected benefit obligation in isolation and assuming there are no other changes in market conditions.

5 Dues to Micro, small and medium enterprises

The Ministry of Micro, Small and Medium Enterprises has issued an office memorandum dated 26 August 2008 which recommends that the Micro and Small Enterprises should mention in their correspondence with its customers the Entrepreneurs Memorandum Number as allocated after filing of the Memorandum. Accordingly, the disclosure in respect of the amounts payable to such enterprises as at March 31, 2018 has been made in the financial statements based on information received and available with the Company. Further in view of the management, the impact of interest, if any, that may be payable in accordance with the provisions of the Micro, Small and Medium Enterprises Development Act, 2006 (âThe MSMED Actâ) is not expected to be material. The Company has not received any claim for interest from any supplier.

6 Leases Where the Company is a lessee:

The Company has taken various office premises under operating leases. The leases typically run for a term ranging from eleven months to five years, with an option to renew the lease after the term completion. The escalation clause in these arrangement ranges from 5% to 10%.

i) Future minimum lease payments under non-cancellable operating leases are as follows:

ii) Amounts recognised in statement of profit and loss:

7 Earnings per share

Basic EPS amounts are calculated by dividing the profit for the year attributable to equity holders by the weighted average number of equity shares outstanding during the year.

The following table sets out the computation of basic and diluted earnings per share:

8 Financial risk management objectives and policies

The Companyâs principal financial liabilities comprise loans and borrowings, trade and other payables. The main purpose of these financial liabilities is to finance and support Companyâs operations. The Companyâs principal financial assets include inventory, trade and other receivables, cash and cash equivalents and refundable deposits that derive directly from its operations.

The Company is exposed to market risk, credit risk and liquidity risk. The Companyâs senior management oversees the management of these risks. The Board of Directors reviews and agrees policies for managing each of these risks, which are summarized below.

a) Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises two types of risk: interest rate risk and other price risk, such as commodity risk. Financial instruments affected by market risk include loans and borrowings and refundable deposits. The sensitivity analysis in the following sections relate to the position as at March 31, 2018 and March 31, 2017. The sensitivity analyses have been prepared on the basis that the amount of net debt and the ratio of fixed to floating interest rates of the debt.

The analysis excludes the impact of movements in market variables on: the carrying values of gratuity and other post retirement obligations; provisions.

The below assumption has been made in calculating the sensitivity analysis:

Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Companyâs exposure to the risk of changes in market interest rates relates primarily to the Companyâs short-term debt obligations with floating interest rates.

The Company manages its interest rate risk by having a balanced portfolio of variable rate borrowings. The Company does not enter into any interest rate swaps.

Interest rate sensitivity

The following table demonstrates the sensitivity to a reasonably possible change in interest rates on that portion of loans and borrowings affected. With all other variables held constant, the Companyâs profit before tax is affected through the impact on floating rate borrowings, as follows:

b) Credit risk

The Company establishes an allowance for credit loss that represents its estimate of expected losses in respect of trade and other receivables based on the past and the recent collection trend. The maximum exposure to credit risk as at reporting date is primarily from trade receivables amounting to RS. 8801.58 Lakhs (March 31,2017: Rs. 3623.80 Lakhs April 1, 2016: Rs. 3817.76 Lakhs). The movement in allowance for credit loss in respect of trade and other receivables during the year was as follows:

The top 2 to 3 customers account for more than 50% of the revenue as of March 31, 2018, March 31, 2017 and April 1, 2016. However, since the Company has diversified into new business of electric buses, the concentration risk of revenue may come down in the future.

c) Liquidity risk

The Companyâs objective is to maintain a balance between continuity of funding and flexibility through the use of bank deposits and loans.

The table below summarises the maturity profile of the Companyâs financial liabilities based on contractual undiscounted payments:

9 Capital management

The Companyâs policy is to maintain a stable capital base so as to maintain investor, creditor and market confidence and to sustain future development of the business. Management monitors capital on the basis of return on capital employed as well as the debt to total equity ratio.

For the purpose of debt to total equity ratio, debt considered is long-term and short-term borrowings. Total equity comprise of issued share capital and all other equity reserves.

The capital structure as of March 31, 2018, March 31, 2017 and April 1, 2016 was as follows:

10 Explanation on transition to Ind AS

As stated in Note 2.1, these are the first standalone financial statements prepared in accordance with Ind AS. For the year ended March 31, 2017, the Company had prepared its standalone financial statements in accordance with Companies (Accounting Standards) Rules, 2006 notified under section 133 of the Act and other relevant provision of the Act (âPrevious GAAPâ). For the purpose of transition from Previous GAAP to Ind AS, the Company has followed the guidance prescribed under Ind AS 101-first time adoption of Indian Accounting Standards (âInd AS-101â), with effect from April 1, 2016 (âtransition dateâ).

The accounting policies set out in Note 3 have been applied in preparing these standalone financial statements for the year ended March 31, 2018 including the comparative information for the year ended March 31, 2017 and the opening standalone Ind AS balance sheet on the date of transition i.e. April 1, 2016

In preparing its standalone Ind AS balance sheet as at April 1, 2016 and in presenting the comparative information for the year ended March 31, 2017, the Company has adjusted amounts reported previously in standalone financial statement prepared in accordance with the Previous GAAP. This note explains how the transition from Previous GAAP to Ind AS has affected the Companyâs financial position and financial performance.

A. Mandatory exceptions to retrospective application

The Company has applied the following exceptions to the retrospective application of Ind AS as mandatorily required under Ind AS 101 âFirst Time Adoption of Indian Accounting Standardsâ.:

1) Estimates: As per Ind AS 101, an entityâs estimates in accordance with Ind AS at the date of transition to Ind AS shall be consistent with estimates made for the same date in accordance with the Previous GAAP unless there is objective evidence that those estimates were in error.

As per Ind AS 101, where application of Ind AS requires an entity to make certain estimates that were not required under Previous GAAP, those estimates should be made to reflect conditions that existed at the date of transition (for preparing opening Ind AS balance sheet) or at the end of the comparative period (for presenting comparative information as per Ind AS).

The Companyâs estimates under Ind AS are consistent with the above requirement. Key estimates considered in preparation of the standalone financial statements that were not required under the Previous GAAP are listed below:

- Impairment of financial assets based on the expected credit loss model.

- Determination of the discounted value for financial instruments carried at amortised cost.

2) Classification and measurement of financial assets: Ind AS 101 requires an entity to assess classification of financial assets on the basis of facts and circumstances existing as on the date of transition. Further, the standard permits measurement of financial assets accounted at amortised cost based on facts and circumstances existing at the date of transition if retrospective application is impracticable.

Accordingly, the Company has determined the classification of financial assets based on facts and circumstances that exist on the date of transition. Measurement of the financial assets accounted at amortised cost has been done retrospectively except where the same is impracticable.

B. Optional exemptions from retrospective application

1) Property, plant and equipment: The Company has elected to treat fair value as deemed cost for certain items of its property, plant and equipment

The aggregate fair value of property, plant and equipment where the exemption was availed amounted to Rs.1533.71 Lakhs with an aggregate adjustment of Rs.1533.71 Lakhs being recognised to the carrying value reported under the Previous GAAP.

2) Intangible assets: The Company has elected to treat fair value as deemed cost for all items of intangibles. The aggregate fair value of intangibles where the exemption was availed amounted to Rs.13.60 Lakhs with an aggregate adjustment of Rs.13.60 Lakhs being recognised to the carrying value reported under the Previous GAAP.

3) Business combination: Ind AS 101, provides the option to apply Ind AS 103, Business Combinations (âInd AS 103â) prospectively from the transition date or from a specific date prior to the transition date.The Company has elected to apply Ind AS 103 from transition date. Accordingly, business combinations occurring prior to the transition date have not been restated.

4) Investments in subsidiary: On transition, Ind AS 101 allows an entity to treat fair value as deemed cost for investments held in subsidiaries, associates and joint ventures.

Accordingly, the Company has elected to treat fair value as deemed cost for its investments held in its subsidiary. The fair value of such investments was considered as Nil with an adjustment of Rs.601.00 Lakhs being recognised to the carrying value reported under the Previous GAAP.

C. The following reconciliation provide the effect of transition to Ind AS from Previous GAAP in accordance with Ind AS 101:

(i) Reconciliation of total equity as at March 31, 2017 and April 1, 2016

a. Fair value as Deemed cost

Ind AS 101 âFirst time Adoption of Indian Accounting Standardsâ permits Companies adopting Ind AS for the first time to take certain exemptions from the full retrospective application of Ind AS during the transition. Accordingly on transition to Ind AS, the Company has elected to treat fair value as deemed cost for certain items of its property, plant and equipment; Intangible assets and Investments; the details of which are listed below:

(i) The aggregate fair value of property, plant and equipment (including capital work in progress) where the exemption was availed amounted to Rs.1541.00 Lakhs with an aggregate adjustment of Rs.1541.00 Lakhs being recognised to the carrying value reported under the Previous GAAP.

(ii) The aggregate fair value of Intangibles where the exemption was availed amounted to Rs.13.60 Lakhs with an aggregate adjustment of Rs.13.60 Lakhs being recognised to the carrying value reported under the Previous GAAP.

(iii) The aggregate fair value of Investments where the exemption was availed amounted to Rs.601.00 Lakhs with an aggregate adjustment of Rs.601.00 Lakhs being recognised to the carrying value reported under the Previous GAAP.

b. Reversal of depreciation on change in deemed cost of PPE

The depreciation provided on the adjusted value of the property, plant and equipment under the previous GAAP have been reversed.

c. Allowance for doubtful receivables

Under Previous GAAP, Provision for doubtful receivables were created based on actual loss, however on transition to Ind AS, allowance of receivables has been done based on expected credit loss method as required by Ind AS 109.

d. Fair Valuation/ Amortized Cost of Financial Assets/ Liabilities and Other Assets

Fair Valuation/ Amortized Cost of Financial Assets/ Liabilities & Other Assets relates to amortized cost of Financial Assets using the effective interest rate method and includes consequential impact on inventory valuation due to Ind AS transition.

e. Others

Others includes prior period adjustments corrected retrospectively as per the requirements of Ind AS 8.

f. Actuarial gain/loss on post employement benefit obligations

Re-measurement gain/loss on defined benefit plans are re-classified from statement of profit and loss to OCI.

(ii) Effect of Ind AS Adoption on the statement of profit and loss for the year ended March 31, 2017

11 Standards issued but not effective

The standards issued, but not effective up to the date of issuance of the financial statements is disclosed below:

Ind AS 115 - Revenue from contracts with customers

In March 2018, the Ministry of Corporate Affairs has notified Ind AS 115, âRevenue from Contracts with Customersâ, which is effective for accounting periods beginning on or after 1 April 2018. This comprehensive new standard will supersede existing revenue recognition guidance, and requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new standard also will result in enhanced disclosures about revenue, provide guidance for transactions that were not previously addressed comprehensively (for example, service revenue and contract modifications) and improve guidance for multiple-element arrangements.

Ind AS 115 is effective for annual reporting periods beginning on or after April 1, 2018. The Company intends to adopt Ind AS 115 effective April 1, 2018, using the modified retrospective method. The adoption of Ind AS 115 is not expected to have a significant impact on the Companyâs recognition of revenues.

Other amendments to Indian Accounting Standards

The Ministry of Corporate Affairs (MCA), on 28 March 2018, issued certain amendments to Ind AS. The amendments relate to the following standards:

Ind AS 21, The Effects of Changes in Foreign Exchange Rates - The amendment lays down the principle regarding advance payment or receipt of consideration denominated or priced in foreign currency and recognition of non-monetary prepayment asset or deferred income liability.

Ind AS 12, Income Taxes - The amendment explains that determining temporary differences and estimating probable future taxable profit against which deductible temporary differences are assessed for utilization are two separate steps and the carrying amount of an asset is relevant only to determining temporary differences.

Ind AS 28, Investments in Associates and Joint Ventures - The amendment clarifies when a venture capital, mutual fund, unit trust or similar entities elect to initially recognize the investments in associates and joint ventures.

Ind AS 112, Disclosure of Interests in Other Entities - The amendment clarifies that disclosure requirements for interests in other entities also apply to interests that are classified as Held for sale or discontinued operations in accordance with Ind AS 105.

Ind AS 40, Investment Property - The amendment clarifies when a property should be transferred to / from investment property.

The amendments are effective 1 April 2018. The Company believes that the aforementioned amendments will not materially impact the financial position, performance or the cash flows of the Company.

12 Prior year comparitives

The figures of the previous year have been regrouped/reclassified, where necessary, to conform with the current yearâs classification.

Mar 31, 2016

1. Other Long Term Liabilities:

The Company has availed Sales Tax deferment of '' NIL/- during the year (Previous Year: Rs, NIL/-). During this financial year the company has repaid an amount of Rs, 76,42,042/- ( Previous year: Rs, 1,07,82,935/-)

2. Confirmation of Balances with Sundry Debtors and Sundry Creditors

Company has taken necessary steps to get the confirmation of balances from the parties.

3. Investments:

Company has invested Rs, 6.01 Cr (Previous year Rs, 6.01 Cr) in TF Solar Power Private Limited towards Equity Share Capital and allotted 60,10,000 shares @ Rs, 10/- each.

4. Employee Benefits ( AS-15 )

Retirement benefits to employees the Company has made provision based on actuarial valuation in respect of Gratuity and Leave Encashment as per AS15. The details are as follows:

Defined contribution plan

During year ended March 31, 2016, the company contributed Rs, 27,43,682/-(Previous year Rs, 22,87,034/-) to Provident fund & Pension Fund.

Defined benefit plan - gratuity

The amounts recognized in the balance sheet as at March 31, 2016 are as follows: The valuation has been carried out using the projected Unit Credit Method.

Discount Rate:

The discount rate is based on the prevailing market yields of Indian government securities as at the balance sheet date for estimated term of the obligations.

Expected Rate of Return on Plan Assets:

This is based on our expectation of the average long term rate of return expected on investments of the Fund during the estimated term of the obligations.

Salary Escalation Rate:

The estimates of future salary increases considered takes into account the inflation, seniority, promotion and other relevant factors

5. Segment Reporting (AS - 17)

Since the Company Operate in one segment in manufacturing activities - Composite Polymer Insulators, segment reporting as required under Accounting Standard - 17 is not applicable.

6. Related Party Transactions ( AS - 18)

7. Deferred Tax Assets & Liabilities ( AS - 22 )

In accordance with Accounting Standard 22 (AS22) issued by the ICAI, the Company has accounted for deferred income tax during the year. The deferred income tax provision for the current year amounting to the Rs, 61,01,740/- towards deferred Income Tax Asset. (Previous year Rs, 48,89,684/- towards Deferred Tax Asset).

8. Impairment of Assets (AS - 28) Nil

9. During the year Company has made an additional provision of Rs, 8.13 lacs (Previous Year Rs, 49.97 lacs) for Late Delivery charges.

10. Prior Period Adjustments & Extra ordinary items: (AS - 5)

Prior period adjustment of (Rs, 88,85,568/-) ( Previous year (Rs, 16,64,866/-) ) shown in the Profit and Loss account is the net amount of the debits and credits pertaining to previous years, which were not provided during those periods.

11. Contingent Liabilities not provided for

a) Letter of credit - Rs, 712.45 lakhs (Previous year: Rs, 892.18 lakhs)

b) Bank Guarantees - Rs, 3,521.31 lakhs (Previous year: Rs, 3069.54 lakhs)

c) Commitments on capital contracts remaining to be executed Rs, 62.00 lakhs (Previous year: Rs, 230.00 lakhs)

d) Un-claimed dividend amount for the years 2008-09, 2009-10, 2010-2011 and 2011

12 is lying in the Dividend Account at Axis Bank for an amount of Rs, 2,19,474/-, Rs, 1,29,468/-, Rs, 1,31,124/- and Rs, 1,08,848/- respectively. During the year Company has closed Dividend warrant account for the year 2007-2008 and DD bearing No. 062463 taken for Rs, 2,23,540/- in favour of Pay & Accounts officer , Ministry of Corporate Affairs, New Delhi. on dt 06.11.2015

e) Corporate Guarantee given to Trinity Infraventures Limited for availing Non Funded limits with Allahabad Bank, Himayat Nagar, Hyderabad for an amount of Rs, 900.00 lacs.

13. During the year company has not made any provision for Intangible Assets - Goodwill.

14. Figures have been rounded off to the nearest rupee.

15. Previous year''s figures have been regrouped / rearranged wherev

Mar 31, 2015

1. Term Loan from State Bank of Hyderabad is secured by

2. Hypothecation of plant and machinery acquired out of the said loan.

3. Hypothecation against first charge on all unencumbered fixed assets of the company both present and future.

4. Equitable Mortgage of immovable property of M/s Goldstone Technologies Limited

5. Corporate Guarantees of M/s Trinity Infraventures Limited & M/s Goldstone Technologies Limited.

6. Personal guarantee of a promoter director of the company.

7. Working Capital Facilities from State Bank of Hyderabad are secured by:

8. Hypothecation against first charge on Current Assets of the company both present and future.

9. Equitable Mortgage of immovable property of M/s Goldstone Technologies Limited.

10. Corporate Guarantee given by M/s Trinity Infraventures Limited & M/s Goldstone Technologies Limited for above loan.

11. Personal guarantee of a promoter director of the company.

12. Vehicles loans availed are secured by hypothecation of vehicles acquired out of the said loans.

13. Other Long Term Liabilities:

The Company has availed Sales Tax deferment of Rs. NIL/- during the year (Previous Year: Rs. NIL/-). During this financial year the company has repaid an amount of Rs. 1,07,82,935/-( Previous year : Rs. 89,72,704/-)

14. Confirmation of Balances with Sundry Debtors and Sundry Creditors Company has taken necessary steps to get the confirmation of balances from the parties.

15. During the year company has computed Depreciation on Fixed Assets based on the useful life in the manner prescribed in part C of Schedule II of new companies Act 2013. In accordance with the transitional provisions under note 7(b) to Part C of Schedule II of the act, Rs. 67,90,021/-(net of deferred tax of Rs. 32,61,079/-) has been adjusted against retained earnings pertaining to assets whose balance useful life was NIL as at 1st April 2014.

16. Investments:

Company has invested Rs. 6.01 Cr (Previous year Rs. 6.01 Cr) in TF Solar Power Private Limited towards Equity Share Capital and allotted 60,10,000 shares @ Rs. 10/- each.

17. Employee Benefits ( AS-15 )

Retirement benefits to employees the Company has made provision based on actuarial valuation in respect of Gratuity and Leave Encashment as per AS15.

18. Defined contribution plan

During year ended March 31,2015, the company contributed Rs. 22,87,034/- to Provident fund & Pension Fund.

19. Defined benefit plan - gratuity

The amounts recognized in the balance sheet as at March 31, 2015 are as follows: The valuation has been carried out using the projected Unit Credit Method.

20. Discount Rate:

The discount rate is based on the prevailing market yields of Indian government securities as at the balance sheet date for estimated term of the obligations.

21. Expected Rate of Return on Plan Assets:

This is based on our expectation of the average long term rate of return expected on investments of the Fund during the estimated term of the obligations.

22. Salary Escalation Rate:

The estimates of future salary increases considered takes into account the inflation, seniority, promotion and other relevant factors

23. Segment Reporting (AS - 17)

Since the Company Operate in one segment in manufacturing activities - Composite Polymer Insulators, segment reporting as required under Accounting Standard - 17 is not applicable.

24. Related Party Transactions ( AS - 18)

25. Deferred Tax Assets & Liabilities ( AS - 22 )

In accordance with Accounting Standard 22 (AS22) issued by the ICAI, the Company has accounted for deferred income tax during the year. The deferred income tax provision for the current year amounting to the Rs. 48,89,684/- towards deferred Income Tax Asset. (Previous year Rs. 69,52,226/- towards Deferred Tax Asset). An amount of Rs. 32,61,079/-has been adjusted towards deferred tax asset (Net) which has been calculated in the manner prescribed in Part C of Schedule II of new companies Act 2013.

26. Impairment of Assets (AS - 28) Nil

27. During the year Company has made an additional provision of Rs. 49.97 lacs for Late Delivery charges.

28. Prior Period Adjustments & Extra ordinary items: (AS - 5)

Prior period adjustment of Rs. (16,64,866) ( Previous year Rs. 44,09,937) shown in the Profit and Loss account is the net amount of the debits and credits pertaining to previous years, which were not provided during those periods.

29. Contingent Liabilities not provided for

a) Letter of credit - Rs. 892.18 lakhs (Previous year: Rs. 802.53 lakhs)

b) Bank Guarantees - Rs. 3,069.54 lakhs (Previous year: Rs. 2,087.48 lakhs)

c) Commitments on capital contracts remaining to be executed Rs. 230.00 lakhs (Previous year: Rs. 170.00 lakhs)

d) Un-claimed dividend amount for the years 2007-08, 2008-09, 2009-10, 2010-2011 and 2011-12 is lying in the Dividend Account at Axis Bank for an amount of Rs. 2,24,140, Rs. 2,19,954, Rs. 1,29,968, Rs. 1,31,219 and Rs. 1,08,923 respectively.

30. During the year company has not made any provision for Intangible Assets - Goodwill.

31. Figures have been rounded off to the nearest rupee.

32. Previous year's figures have been regrouped / rearranged wherever necessary.

Mar 31, 2014

1. Long Term & Short Term Borrowings

a) Term Loan from State Bank of Hyderabad is secured by

i) Hypothecation of plant and machinery acquired out of the said loan.

ii) Hypothecation against first charge on all unencumbered fixed assets of the company both present and future.

iii) Equitable Mortgage of immovable property of M/s Goldstone Technologies Limited

iv) Corporate Guarantees of M/s Trinity Infraventures Limited & M/s Goldstone Technologies Limited.

v) Personal guarantee of a promoter director of the company.

b) Working Capital Facilities from State Bank of Hyderabad are secured by:

i) Hypothecation against first charge on Current Assets of the company both present and future.

ii) Equitable Mortgage of immovable property of M/s Goldstone Technologies Limited.

iii) Corporate Guarantee given by M/s Trinity Infraventures Limited & M/s Goldstone Technologies Limited for above loan.

iv) Personal guarantee of a promoter director of the company.

c) Vehicles loans availed are secured by hypothecation of vehicles acquired out of the said loans.

2. Other Long Term Liabilities:

The Company has availed Sales Tax deferment of Rs.Nil during the year (Previous Year: Rs. 80,645/- ) . During this financial year the company has repaid an amount of Rs. 89,72,704/- ( Previous year : Rs. 46,28,977/-)

3. Confirmation of Balances with Sundry Debtors and Sundry Creditors

Company has taken necessary steps to get the confirmation of balances from the parties.

4. Investments :

Company has invested Rs. 6.01 Cr (Previous year Rs. 6.01 Cr) in TF Solar Power Pvt Limited towards Equity Share Capital and allotted 60,10,000 shares @ Rs. 10/- each.

5. Employee Benefits ( AS - 15 )

Retirement benefits to employees The Company has made provision based on actuarial valuation in respect of Gratuity and Leave Encashment as per AS 15. The details are as follows:

Defined contribution plan

During year ended March 31,2014, the Group contributed Rs. 16,48,406/- to Provident fund & Pension Fund .

Defined benefit plan - gratuity

The amounts recognized in the balance sheet as at March 31,2014 are as follows: The valuation has been carried out using the projected Unit Credit Method.

Discount Rate:

The discount rate is based on the prevailing market yields of Indian government securities as at the balance sheet date for estimated term of the obligations.

Expected Rate of Return on Plan Assets:

This is based on our expectation of the average long term rate of return expected on investments of the Fund during the estimated term of the obligations.

Salary Escalation Rate:

The estimates of future salary increases considered takes into account the inflation, seniority, promotion and other relevant factors

6. Segment Reporting ( AS - 17 )

Since the Company Operate in one segment in manufacturing activities - Composite Polymer Insulators, segment reporting as required under Accounting Standard - 17 is not applicable.

7. Deferred Tax Assets & Liabilities ( AS - 22 )

In accordance with Accounting Standard 22 (AS 22) issued by the ICAI, the Company has accounted for deferred income tax during the year. The deferred income tax provision for the current year amounting to the Rs.69,52,226/-towards deferred Income Tax Liability. (Previous year Rs.66,87,107/- towards Deferred Tax Liability )

8. Impairment of Assets ( AS - 28) Nil

9. Prior Period Adjustments & Extra ordinary items: ( AS - 5)

Prior period adjustment of Rs. 44,09,937/- ( Previous year Rs. 2,13,922/-) shown in the Profit and Loss account is the net amount of the debits and credits pertaining to previous years, which were not provided during those periods.

10. Contingent Liabilities not provided for

a) Letter of credit - Rs. 802.53 lakhs (Previous year: Rs. 664.07 lakhs)

b) Bank Guarantees - Rs. 2087.48 lakhs (Previous year: Rs. 1853.63 lakhs)

c) Commitments on capital contracts remaining to be executed Rs. 170.00 lakhs ( Previous year: Rs. 210.00 lakhs)

d) Un-claimed dividend amount for the years 2006-07, 2007-08, 2008-09,

2009-10, 2010-2011 and 2011-12 is lying in the Dividend Account at ,ICICI & Axis Bank for an amount of Rs. 2,07,646/-, Rs. 2,24,540/-, Rs. 2,19,954/- Rs.1,29,968/-, Rs. 1,31,419/- and Rs. 1,09,123/- respectively.

11. During the year company has not made any provision for Intangible Assets - Goodwill.

12. Figures have been rounded off to the nearest rupee.

13. Previous year''s figures have been regrouped / rearranged wherever necessary.

Mar 31, 2013

1. Segment Reporting ( AS Â 17 )

Since the Company Operate in one segment in manufacturing activities Â Composite Polymer Insulators, segment reporting as required under Accounting Standard Â 17 is not applicable.

2. Deferred Tax Assets & Liabilities ( AS Â 22 )

In accordance with Accounting Standard 22 (AS 22) issued by the ICAI, the Company has accounted for deferred income tax during the year. The deferred income tax provision for the current year amounting to the Rs. 66,87,107/-towards deferred Income Tax Liability. (Previous year Rs. 1,88,368/- towards Deferred Tax Asset )

3. Contingent Liabilities not provided for

a) Letter of credit Â Rs. 664.07 lakhs (Previous year:Rs. 789.76 lakhs)

b) Bank Guarantees Â Rs. 1,853.63 lakhs (Previous year:Rs. 1,033.86 lakhs)

c) Commitments on capital contracts remaining to be executed Rs. 210.00 lakhs ( Previous year: Rs. 170.00 lakhs)

d) Un-claimed dividend amount for the years 2006-07, 2007-08, 2008-09, 2009-10, 2010-2011 and 2011-12 is lying in the Dividend Account at, ICICI & Axis Bank for an amount of Rs. 2,07,645.60, Rs. 2,25,260.00, Rs. 2,20,673.55 Rs. 1,30,928.00, Rs. 1,31,779.00 and Rs. 1,09,323.00 respectively

4. During the year company has not made any provision for Intangible Assets Â Goodwill.

5. Figures have been rounded off to the nearest rupee.

6. Previous year''s figures have been regrouped / rearranged wherever necessary.

Mar 31, 2012

1: Long Term Borrowings

a) Term Loan from State Bank of Hyderabad is secured by

i) Hypothecation of plant and machinery acquired out of the said loan.

ii) Hypothecation against first charge on all unencumbered fixed assets of the company both present and future.

iii) Equitable Mortgage of immovable property of Trinity Infraventures Limited

iv) Corporate Guarantees of Trinity Infraventures Limited

v) Personal guarantee of a promoter director of the company.

b) Term Loan from Technology Development Board is secured by

i) Hypothecation of fixed assets acquired out of the said loan.

ii) Corporate Guarantees of Trinity Infraventures Limited.

iii) Personal guarantee of a promoter director of the company.

c) Working Capital Facilities from State Bank of Hyderabad are secured by:

i) Hypothecation against first charge on Current Assets of the company both present and future.

ii) Equitable Mortgage of immovable property of Trinity Infraventures Limited

iii) Corporate Guarantee given by Trinity Infraventures Limited for above loan.

iv) Personal guarantee of a promoter director of the company.

d) Vehicles loans availed are secured by hypothecation of vehicles acquired out of the said loans.

2.Other Long Term Liabilities:

The Company has availed Sales Tax deferment of Rs. 19,18,811/- during the year ( Previous Year: Nil). During this financial year the company has repaid an amount of Rs. 20,00,020/-.

3. Confirmation of Balances with Sundry Debtors and Sundry Creditors Company has taken necessary steps to get the confirmation of balances from the parties.

4.Investments:

Company has invested Rs. 6.01 Cr in TF Solar Power Pvt Limited towards Equity Share Capital and allotted 60,10,000 shares @ Rs. 10/- each.

5. Employee Benefits ( AS - 15 )

Retirement benefits to employees The Company has made provision based on actuarial valuation in respect of Gratuity and Leave Encashment as per AS 15. The details are as follows:

Defined contribution plan

During year ended March 31, 2012, the Group contributed Rs. 16,53,801/- to Provident fund & Pension Fund .

Defined benefit plan - gratuity

The amounts recognized in the balance sheet as at March 31, 2012 are as follows:

The valuation has been carried out using the projected Unit Credit Method.

Discount Rate:

The discount rate is based on the prevailing market yields of Indian government securities as at the balance sheet date for estimated term of the obligations.

Expected Rate of Return on Plan Assets:

This is based on our expectation of the average long term rate of return expected on investments of the Fund during the estimated term of the obligations.

Salary Escalation Rate:

The estimates of future salary increases considered takes into account the inflation, seniority, promotion and other relevant factors

6. Segment Reporting ( AS - 17 )

Since the Company Operate in one segment in manufacturing activities - Composite Polymer Insulators, segment reporting as required under Accounting Standard - 17 is not disclosed here separately.

7. Deferred Tax Assets & Liabilities ( AS - 22 )

In accordance with Accounting Standard 22 ( AS 22) issued by the ICAI, the Company has accounted for deferred income tax during the year. The deferred income tax provision for the current year amounting to the Rs.1,88,368/- towards deferred Income Tax Asset. (Previous year Rs. 51,93,811/- towards Deferred Tax Liability )

8. Impairment of Assets ( AS - 28)

The company had discontinued lines of business Telecom Jointing Kits and BPO Division and also had recognized obsolete value in respect of certain Fixed Assets for a sum of Rs. 27,21,69,530/- has been written off since there is no realizable value. The same obsolete value has been recognized as impairment of Assets and written off to Profit and Loss appropriation (Refer note No. 2 of notes to financial statements) as per AS-28.

9. Prior Period Adjustments: ( AS - 4)

Prior period adjustment of Rs. 5,60,790/- ( Previous year Rs. 1,10,116/-) shown in the Profit and Loss account is the net amount of the debits and credits pertaining to previous years, which were not provided during those periods.

10. Contingent Liabilities not provided for

a) Letter of credit - Rs. 789.76 lakhs (Previous year:Rs. 403.97 lakhs)

b) Bank Guarantees - Rs.1033.86 lakhs (Previous year: Rs. 1166.21 lakhs)

c) Commitments on capital contracts remaining to be executed Rs. 170.00 lakhs ( Previous year: Rs. 350.00 lakhs)

d) Un-claimed dividend amount for the years 2006-07, 2007-08, 2008-09 , 2009-10 and 2010-2011 is lying in the Dividend Account at ,ICICI & Axis Bank for an amount of Rs. 2,07,645.60, Rs.2,25,360, Rs.2,21,009.55 Rs.1,33,458 and Rs.1,41,903 respectively

11. During the year company has not made any provision for Intangible Assets - Goodwill.

12. Figures have been rounded off to the nearest rupee.

13. Previous year's figures have been regrouped / rearranged wherever necessary.

Mar 31, 2011

1. Secured Loans

a) Term Loan from State Bank of Hyderabad is secured by

i) Hypothecation of plant and machinery acquired out of the said loan.

ii) Hypothecation against first charge on all unencumbered fixed assets of the company both present and future.

iii) Equitable Mortgage of immovable property of Trinity Infraventures Limited (formerly known as Goldstone Exports Limited)

iv) Corporate Guarantees of Trinity Infraventures Limited (formerly known as Goldstone Exports Limited)

v) Personal guarantee of a promoter director of the company.

b) Term Loan from Technology Development Board is secured by

i) Hypothecation of fixed assets acquired out of the said loan.

ii) Corporate Guarantees of Trinity Infraventures Limited (formerly known as Goldstone Exports Limited.)

iii) Personal guarantee of a promoter director of the company.

c) Working Capital Facilities from State Bank of Hyderabad are secured by

i) Hypothecation against first charge on Current Assets of the company both present and future.

ii) Equitable Mortgage of immovable property of Trinity Infraventures Limited (formerly known as Goldstone Exports Limited)

iii) Corporate Guarantee given by Trinity Infraventures Limited (formerly known as Goldstone Exports Limited) for above loan.

iv) Personal guarantee of a promoter director of the company.

d) Vehicles loans availed are secured by hypothecation of vehicles acquired out of the said loans.

2. Unsecured Loan

The Company has availed Sales Tax deferment of Rs. Nil during the year (Previous Year : Rs. 9,56,849/-). During this financial year the company has started repayment of Deferment and paid an amount of Rs. 38,51,285/-.

3. Confirmation of Balances with Sundry Debtors and Sundry Creditors Company has taken necessary steps to get the confirmation of balances from the parties.

4. Investments:

Company has invested Rs. 6.00 Cr in TF Solar Power Pvt Limited towards Equity Share Capital and allotted 60,00,000 shares @ Rs. 10/- each on 14.04.2010.

Company has acquired 10000 Shares of TF Solar Power Pvt Ltd from its Promoters on payment of Rs. 1,00,000/-.

Defined contribution plan

During year ended March 31, 2011, the Group contributed Rs. 17,22,754/-.to provident fund.

Discount Rate:

The discount rate is based on the prevailing market yields of Indian government securities as at the balance sheet date for estimated term of the obligations.

Expected Rate of Return on Plan Assets:

This is based on our expectation of the average long term rate of return expected on investments of the Fund during the estimated term of the obligations.

Salary Escalation Rate:

The estimates of future salary increases considered takes into account the inflation, seniority, promotion and other relevant factors

5. Segment Reporting ( AS - 17 )

Since the Company Operate in one segment Ã Composite Polymer Insulators , segment reporting as required under Accounting Standard Ã 17 is not disclosed here separately.

6. Deferred Tax Assets & Liabilities ( AS - 22 )

In accordance with Accounting Standard 22 ( AS 22) issued by the ICAI, the Company has accounted for deferred income tax during the year. The deferred income tax provision for the current year amounting to the Rs. 51,93,811/- towards deferred Income Tax Liability. ( Previous year Rs. 40,68,065/- towards Deferred Tax Liability )

7.Impairment of Assets (AS - 28)

There is no impairment Loss on any assets that has occurred in terms of AS 28.

8.Prior Period Adjustments: (AS-4)

Prior period adjustment of Rs. 1,10,116/- (Previous year 6,53,208/-) shown in the Profit and Loss account is the net amount of the debits and credits pertaining to previous years, which were not provided during those periods.

9.Contingent Liabilities not provided for

a) Letter of credit - Rs. 403.97 lakhs (Previous year: Rs. 263.34 lakhs)

b) Bank Guarantees - Rs. 1166.21 lakhs (Previous year: Rs. 955.37 lakhs)

c) Commitments on capital contracts remaining to be executed Rs. 350 lakhs ( Previous year: Rs. 25.00 lakhs)

d) Un-claimed dividend amount for the years 2006-07, 2007-08,2008-2009 and 2009-2010 is lying in the Dividend Account at ,ICICI & Axis Bank for an amount of Rs. 2,07,645.60, Rs. 2,25,440.00 Rs. 2,21,975.00 and Rs. 1,34,205.00 respectively

10.During the year company has not made any provision for Intangible Assets - Goodwill.

11.Figures have been rounded off to the nearest rupee.

12.Previous year's figures have been regrouped / rearranged wherever necessary.

Mar 31, 2010

1. Share Capital

During the year Company has allotted 57,432 Nos. of Equity Shares @ 4/- each amounting to Rs. 2,29,728/- to remaining shares holders of Sun Plast O Met Limited pursuant to Scheme of Amalgamation.

2. Secured Loans

a) Term Loan from State Bank of Hyderabad is secured by

i) Hypothecation of plant and machinery acquired out of the said loan.

ii) Hypothecation against first charge on all unencumbered fixed assets of the company both present and future.

iii) Equitable Mortgage of immovable property of Trinity Infraventures Limited ( formerly known as Goldstone Exports Limited)

iv) Corporate Guarantees of Trinity Infraventures Limited (formerly known as Goldstone Exports Limited)

v) Personal guarantee of a promoter director of the company.

b) Term Loan from Technology Development Board is secured by

i) Hypothecation of fixed assets acquired out of the said loan.

ii) Corporate Guarantees of Trinity Infraventures Limited ( formerly known as Goldstone Exports Limited.)

iii) Personal guarantee of a promoter director of the company.

c) Working Capital Facilities from State Bank of Hyderabad are secured by

i) Hypothecation against first charge on Current Assets of the company both present and future.

ii) Equitable Mortgage of immovable property of Trinity Infraventures Limited ( formerly known as Goldstone Exports Limited)

iii) Corporate Guarantee given by Trinity Infraventures Limited ( formerly known as Goldstone Exports Limited ) for above

iv) Personal guarantee of a promoter director of the company.

d) Vehicles loans availed are secured by hypothecation of vehicles acquired out of the said loans.

3. Unsecured Loan

The Company has availed Sales Tax deferment of Rs. 9,56,849/- during the year (Previous Year : Rs. 67,19,686).

4. Confirmation of Balances with Sundry Debtors and Sundry Creditors

Company has taken necessary steps to get the confirmation of balances from the parties.

5. Investments:

Company has invested Rs. 6.29 Cr in TF Solar Power Pvt. Limited towards share application money. Allotment of Shares will be taken place during the next financial year.

6. Employee Benefits (AS Ã 15)

Retirement benefits to employees The Company has made provision based on actuarial valuation in respect of Gratuity and Leave Encashment as per AS 15. The details are as follows:

Particulars 31.03.2010 31.03.2009

During year ended March 31, 2010, the Group contributed Rs. 13,90,626/-.to provident fund.

Discount Rate:

The discount rate is based on the prevailing market yields of Indian government securities as at the balance sheet date for estimated term of the obligations.

Expected Rate of Return on Plan Assets:

This is based on our expectation of the average long term rate of return expected on investments of the Fund during the estimated term of the obligations.

Salary Escalation Rate:

The estimates of future salary increases considered takes into account the inflation, seniority, promotion and other relevant factors

7. Segment Reporting ( AS - 17 )

Since the Company Operate in one segment - Composite Polymer Insulators , segment reporting as required under Accounting Standard Ã 17 is not disclosed here separately.

8.Deferred Tax Assets & Liabilities ( AS - 22 )

In accordance with Accounting Standard 22 (AS 22) issued by the ICAI, the Company has accounted for deferred income tax during the year. The deferred income tax provision for the current year amounting to the Rs. 40,68,065/- towards deferred Income Tax Liability. ( Previous year Rs.2,76,881/- towards Deferred Tax Liability)

9.Impairment of Assets (AS - 28)

There is no impairment Loss on any assets that has occurred in terms of AS - 28.

10.Contingent Liabilities not provided for

a) Letter of credit - Rs 263.34 lakhs (Previous year: Rs.72.53 lakhs)

b) Bank Guarantees - Rs 955.37 lakhs (Previous year: Rs.562.25 lakhs)

c) Commitments on capital contracts remaining to be executed Rs 25.00 lakhs (Previous year: Rs.40.00 lakhs)

d) Un-claimed dividend amount for the years 2006-07, 2007-08 and 2008-2009 is lying in the Dividend Account at ICICI & Axis Bank for an amount of Rs.2,07,645, Rs. 2,26,000 & Rs. 2,22,855, respectively.

11.Figures have been rounded off to the nearest rupee.

12.Previous years figures have been regrouped / rearranged wherever necessary.

Disclaimer: This is 3rd Party content/feed, viewers are requested to use their discretion and conduct proper diligence before investing, GoodReturns does not take any liability on the genuineness and correctness of the information in this article