Mar 31, 2015
Note 1 Corporate information
ICSA (INDIA) LIMITED (the "company") The company is engaged in the
business of Rural Electrification, Construction of Sub stations,
Conversion of LT line to HT lines etc and engaged in the business of
providing energy Audit solutions to bring down Transmission &
Distribution (T&D) losses by using its technologies for power
distribution companies and also engaged in the business of development
and maintenance of technology solutions which includes embedded
solutions and software for Power, Oil, Gas and other sectors. The
company registered office at Plot no.12, Software units layout ,
Cyberabad, Hyderabad-500081, Telangana.
a) Loans and advances, Sundry Debtors, Sundry Creditors and other
Advances are subject to confirmation and reconciliation from the
concerned parties. During the accounting period some of the projects
were cancelled by the customers and invoked Bank Guarantees and the
amounts were adjusted towards the Risk and Cost. The receivables and
advances which are not recoverable have been written off of provided
during the accounting period.
b) Foreign Currency Convertible Bonds (FCCBs) issue expenses are being
writen off in proportion to conversion of FCCBs into Equity Shares or
repayment of such FCCBs (as the case may be) as and when such
conversion/ repayment takes place.
c) Inventory is valued at cost or net realisable value, whichever is
lower on FIFO basis. Inventories has been physically verified by the
management and valued by the management. The diminution in the
inventories on account of very slow in the progress in the completion
of the projects amounting to Rs.3221.69 Lakhs has been written off
during the accounting period and the same have been accounted under the
consumption of the raw materials and changes in the
work-in-progress/finished goods.
d) The appointment of and payment of remuneration to Dr.TVS Prasad,
Executive Director w.e.f. 15.05.2012 has been declined by the
Government of India and the salary Rs.7.85 Lakhs paid during the year
(previouns accounting period Rs.13.76 Lakhs) has been considered under
advance. The company once again approached the Government of India for
approval of salary for Executive Director, the approval of which is yet
to be received. Dr. TVS Prasad has resinged from the directorship
w.e.f.24.03.2014.
e) Consolidated Accounts with the accounts of Subsidiary i.e. ICSA
International Pte Limited
ICSA International Pte Limited have been dissolved vide the letter
dated 21.11.2014 of Accounting and Corporate Regulatory Aauthority
(ACRA), Singapore and hence the consolidaed accounts has not been
prepared for the year.
f) Segment Information:
The company has identified three reportable segments Viz. contracts and
services, Embeded solutions and software services and Power Generation.
Segments have been identified and reported taking in to account nature
of products and services. The accounting policies adopted for segment
reporting are in line with the accounting policy of the company.
g) Deferred Tax has not been provided, as there is no certainty of
taxable profits in the near future.
h) CDR package
The CDR package sanctioned by the banks on 16.03.2012, could not be
implemented as per the sanctioned terms and correspondingly the banks
have revoked the package in November 2013.
i) Sickness of the company
The reference made by the company to the Hon'ble Board for Industrial
and Financial Reconstruction (BIFR) and the same has been registered
vide case no.70/2013 and the company has been declared as Sick
u/s.3(1)(o) of Sick Industrial Companies (Special Provisions) Act, 1985
on 12.02.2014. The company has submitted the Draft Rehabilitaion Scheme
(DRS), which is yet to be considered.
j) The previous accounting period figures are regrouped / reclassified
wherever necessary.
Jun 30, 2014
Note 1 Corporate information
ICSA (INDIA) LIMITED (the "company'''') The company is engaged in the
business of Rural Electrification, Construction of Sub stations,
Conversion of LT line to HT lines etc and engaged in the business of
providing energy Audit solutions to bring down Transmission &
Distribution (T&D) losses by using its technologies for power
distribution companies and also engaged in the business of development
and maintenance of technology solutions which includes embedded
solutions and software for Power, Oil, Gas and other sectors. The
company registered office at Plot No.12, Ground Floor, Softfro Heights,
Software units Layout, Cyberabad, Hyderabad-500081, Telangana.
Note 2
a) Contingent liabilities and commitments (to the extent not provided
for)
i) Income Tax & TDS (Rupees in Lakhs)
As At June 30, As At June 30,
Particulars 2014 2013
a) Income Tax for Assessment 2,188.06 2,188.06
Year 2010-11
b) Income Tax for Assessment 40,361.92 -
Year 2011-12
c) Interest on TDS for Fin. - 430.59
Year 2010-11 & 2011-12
Total 42,549.98 2,618.65
The appeal preferred with CIT(Appeals) for AY 2010-11 & AY 2011-12.
Company has received order from the CIT (Appeals) with no liability of
TDS and hence there is no liability of interest on TDS. The IT
department has preferred an appeal with ITAT, which is yet to be
disposed. The company is expecting that the appeals will be disposed in
favour of the company.
d) Loans and advances, Sundry Debtors, Sundry Creditors and other
Advances are subject to confirmation and reconciliation from the
concerned parties. During the year some of the projects were cancelled
by the customers and invoked Bank Guarantees and the amounts adjusted
towards the Risk and Cost. The receivables and advances which are not
recoverable has been written off / provided during the year.
e) Foreign Currency Convertible Bonds (FCCBs) issue expenses are being
writen off in proportion to conversion of FCCBs into Equity Shares or
repayment of such FCCBs (as the case may be) as and when such
conversion/ repayment takes place.
f) Inventory is valued at cost or net realisable value, whichever is
lower on FIFO basis. Inventories has been physically verified by the
management and valued by the management. The diminution in the value of
Rs.7238.51 Lakhs on the inventories has been accounted under the
consumption of the raw materials and changes in the
work-in-progress/finished goods.
g) The appointment of and payment of remuneration to Dr. TVS Prasad,
Executive Director w.e.f. 15.05.2012 has been declined by the
Government of India and the salary Rs.7.85 Lakhs paid during the year
(previous accounting period Rs.13.76 Lakhs) has been considered under
advance. The company once again approached the Government of India for
approval of salary for Executive Director, the approval of which is yet
to be received. Dr. TVS Prasad has resigned from the directorship
w.e.f.24.03.2014.
h) Consolidated Accounts with the accounts of Subsidiary i.e. ICSA
International Pte Limited
ICSA International Pte Limited has applied for dissolution of the
company with the appropriate authorities at Singapore and hence the
consolidated accounts has not been prepared for the year.
i) Segment Information:
The company has identified three reportable segments Viz. contracts and
services, Embeded solutions and software services and Power Generation.
Segments have been identified and reported taking in to account nature
of products and services. The accounting policies adopted for segment
reporting are in line with the accounting policy of the company.
l) CDR package
The CDR package sanctioned by the banks on 16.03.2012, could not be
implemented as per the sanctioned terms and correspondingly the banks
have revoked the package in November 2013.
m) Sickness of the company
The reference made by the company to the Hon''ble Board for Industrial
and Financial Reconstruction (BIFR) and the same has been registered
vide case no.70/2013 and the company has been declared as Sick
u/s.3(1)(o) of Sick Industrial Companies (Special Provisions) Act, 1985
on 12.02.2014. The company has submitted the Draft Rehabilitation
Scheme (DRS), which is yet to be considered.
n) The previous accounting period figures are regrouped / reclassified
wherever necessary.
Jun 30, 2013
Note 1
a) Contingent liabilities and commitments (to the extent not provided
for)
i) Income Tax & TDS (Rupees in Lakhs)
As At As at
Particulars 30 June,2013 31 March, 2012
a) Income Tax for
Assessment Year 2009-10 - 848.12
b) Income Tax for
Assessment Year 2010-11 2,188.06 -
c) Interest on TDS for
Fin. Year 2010-11 & 2011-12 430.59 -
Total 2,618.65 848.12
The appeal preferred with CIT(Appeals) for AY 2010-11 and appeal
prefered with CIT (Appeals) for interest on TDS. The company is
expecting that the appeals will be disposed in favour of the company.
ii) Sales Tax and Service Tax: The assessment of Sale Tax & Service Tax
for the years 2010-11, 2011- 12 & 2012-13 is under progress. The
additional liability would be Rs.428.23 Lakhs towards sales tax and Rs.
363.80 Lakhs towards service tax. The company will prefer appeals to
the appellant authorities and confident of getting order in favour of
the company.
iv) The banks has reduced the interest rate to 11% p.a. from 15% p.a.
in sanctioning CDR package. The differential interest at 4% p.a. is
payable as Right of Recompense to banks after completion of 7 years
from the cutoff date of CDR package. The liability towards the
differential interest as on 30th June 2013 would be Rs.6427.58 Lakhs.
d) Loans and advances, Sundry Debtors, Sundry Creditors and other
Advances are subject to confirmation and reconciliation from the
concerned parties. During the year many projects was cancelled by the
customers and invoked the Bank Guarantees and the customers has
adjusted the amount of Bank Guarantees, pending receivables and
retention amounts towards the Risk & Cost as per the conditions of the
contracts. The effect of this is Rs.20781 Lakhs, which has been written
off during the year.
e) FCCB issue expenses are being written off in proportion to conversion
of FCCBs into Equity Shares or repayment of such FCCBs (as the case may
be) as and when such conversion/repayment takes place.
f) Inventory is valued at cost or net realizable value, whichever is
less on FIFO basis. Inventories at some of the projects have been
physically verified by an independent auditors and balance have been
verified by the management. The difference in the value of book stock
and physical stock of raw materials Rs. 9463.13 Lakhs is accounted as
consumption of raw materials and difference in work-in-progress Rs.
14646.76 Lakhs included in the change in inventories finished goods &
work-in-progress in the statement of profit & loss.
g) The ESOP options in force as on 31.03.2012 under ESOP scheme 2008 &
ESOP scheme 2009 of 1,75,000 options & 3,50,000 options respectively
could not be exercised by the employees due to reduction in the market
price of shares of the company. The time limit for exercise of the
options is available for scheme 2008 & scheme 2009 till September 2014
& September 2015 respectively.
h) The appointment of and payment of remuneration to Dr. Venkata Satya
Prasad Tholada as Executive Director w.e.f. 15.05.2012 has been
declined by the Government of India and the salary Rs.13.76 Lakhs paid
has been considered under advance. The company once again approaching
the Government of India for approval of salary for Executive Director.
i) While reconciliation of the advances to suppliers for materials and
sub-contractors, the bills relating to the earlier years for an amount
of Rs.17674.36 Lakhs were received and accounted during the accounting
period.
# Figures in Italic represents Previous Year amount m) Deferred Tax has
not been provided, as there is no certainty of taxable profits in the
near future.
o) CDR package
The loans of the company have been restructured under the Corporate
Debt Restructuring (CDR) System. The CDR package was sanctioned by the
CDR Empowered Group, at their meeting held on 16.03.2012 and approval
letter has been given by the CDR Cell on 31.03.2012. The CDR package
could not be implemented completely during the accounting period. The
company has approached the bankers for the revised CDR package, which
is yet to be considered by the consortium of banks.
p) Legar matters
i) India Factoring and Finance Solutions Pvt Limited file suit for
recover of dues of Rs.231.20 Lakhs and winding up petition u/s. 433 &
u/s.434 of Companies Act, 1956.
ii) The suppliers has filed the suits u/s. 138 for bouncing of cheques
for Rs.2203.82 Lakhs, civil suits for recovery of the dues of Rs.602.28
Lakhs and winding up petitions u/s.433 & u/s.434 of Companies Act, 1956
with a dues of Rs. 989.17 Lakhs which are pending for disposal at
various courts.
Note 2 1. Corporate information
ICSA (INDIA) LIMITED (the " company " ) The company is engaged in
the business of Rural Electrification, Construction of Sub stations,
Conversion of LT line to HT lines etc and engaged in the business of
providing energy Audit solutions to bring down Transmission &
Distribution (T&D) losses by using its technologies for power
distribution companies and also engaged in the business of development
and maintenance of technology solutions which includes embedded
solutions and software for Power, Oil, Gas and other sectors. The
company registered office at Plot No. 12, Software units layout,
Cyberabad, Hyderabad-500081, Andhrapradesh.
Mar 31, 2011
1. All amounts presented in the financial statements are in "Rupees in
Lakhs", except per share data as other wise stated.
2. The company has no contingent liabilities as on March 31, 2011
acknowledged as debts except the Bank Guarantees given to various
government departments to the extent of Rs. 38,043.18 Lakhs and letters
of credit of Rs. 11,043.73 Lakhs.
3. The company has no dues outstanding more than 30 days to any of the
Small Scale Industrial undertakings as on March 31, 2011.
4. Certain balances of loans and advances, sundry debtors and sundry
creditors are subject to confirmation from the concerned parties.
5. a) FCCB issue expenses are being written off in proportion to
conversion of FCCBs into Equity Shares or repayment of such FCCBs (as
the case may be) as and when such conversion/repayment takes place.
b) The product development expenditure incurred during the current
financial year of Rs. 460.49 Lakhs is amortised over a period of Five
years on a straight line basis.
6. Inventory:
Inventory is valued at cost or net realisable value, whichever is less
on FIFO basis. Inventories are physically verified and certified by the
management.
7. The Company has allotted 462,497 Equity shares of Rs. 2 each to its
employees on exercise of Employees Stock Options. During the year, the
company has issued 2,500,000 fully convertible warrants to promoter
group and 500,000 fully convertible warrants to others at an issue
price of Rs. 145 per warrant, convertible to 3,000,000 equity shares
within eighteen months from the date of issue.
8. Related parties information:
a) Information regarding related party transactions as per Accounting
Standard 18 is given below:
Names of related parties and description of relationship:
Party Relationship
ICSA International PTE Limited 100% Subsidiary
B R G Energy Limited Associate
Sahasra Investments Pvt Limited Associate
Cura Technologies Limited Associate
Key Management Personnel as on March 31, 2011
Name Designation
G Bala Reddy Chairman and Managing Director
P Kodanda Ramaiah Director (Technical)
14. a) The Company has availed various working capital credit
facilities under multiple banking arrangement from:
- State Bank of India, CAG Branch, Punjagutta, Hyderabad.
- Bank of India, Large Corporate Branch, Hyderabad.
- Union Bank of India, Khairatabad Branch, Hyderabad.
- Punjab National Bank, Large Corporate Branch, Annasalai, Chennai.
- IDBI Ltd, Chapel Road Branch, Hyderabad.
- Andhra Bank, Sultan Bazaar Branch, Hyderabad.
The following securities were offered for availing regular Working
Capital limits:
i. First Charge on both present and future current & fixed assets of
the Company ranking pari passu with other banks under multiple banking
arrangements.
ii. Exclusive charge to SBI on Flat No: 1092 situated at Sector à A,
Pocket A, (SAS Category à III), Vasant Kunj, New Delhi and pledge of
625,000 shares held by promoters of the Company.
iii. Second charge on Wind mill project assets financed by Andhra
Bank.
b) The Company has availed term loan facilities from Andhra Bank,
Sultan Bazaar Branch, Hyderabad for setting up of wind mills at
Tamilnadu and Karnataka. The following securities were offered in this
regard :
i. The term loan is secured by hypothecation of wind mills at
Tamilnadu and Karnataka and Mortgage of the land pertaining to these
wind mill plants.
ii. Second Charge on existing fixed assets of the Company.
c) The Company has availed credit limits for specific projects from
State Bank of India, CAG Branch, Punjagutta, Hyderabad. The following
securities were offered for availing these credit limits :
i. First charge on project specific current assets of the Company
ii. Pledge of 100,000 shares held by promoters of the Company.
d) The Company has availed short term loans from:
- Canara Bank, Prime Corporate Branch, Secunderabad.
- IDBI Ltd, Chapel Road Branch, Hyderabad.
The following securities were offered for availing the short term
loans:
i. Canara Bank: Pledge of 714,300 shares held by promoters of the
Company.
ii. IDBI LTD: First Charge on the current assets of the Company on
pari passu basis under multiple banking arrangements.
e) The Company has also availed adhoc cash credit limits from:
- Bank of India, Large Corporate Branch, Hyderabad.
- Union Bank of India, Khairatabad Branch, Hyderabad.
- Punjab National Bank, Large Corporate Branch, Annasalai, Chennai.
- Andhra Bank, Sultan Bazaar Branch, Hyderabad.
The following securities were offered in this regard:
i. First charge on the current assets of the Company ranking pari
passu under multiple banking arrangements.
9. Investments comprising shares in other listed companies are valued
at cost and classified as long term investments. Provision for
diminution in value of Investments is made to recognise the decline.
10. Additional information pursuant to provisions of the Para 3 and 4
of Part II of Schedule VI of the Companies Act, 1956.
a) The company is engaged in the business of development and
maintenance of technology solutions which includes embedded solutions
and software for Energy Sector. The production and sale of such
solutions cannot be expressed in any generic units and hence, it is not
possible to give quantitative details.
b) The company is also engaged in the business of providing energy
Audit solutions to bring down Transmission & Distribution (T&D) losses
by using its technologies for power distribution companies. Wherein
there are number of components involved in production / assembling
execution and it is not possible for us to give quantitative details of
purchase of such components which are small in value and large in
quantity.
c) The company is also engaged in the business of Rural
Electrification, Construction of Sub stations, Conversion of LT line to
HT lines and generation of wind power. Due to the nature of job, it is
difficult to furnish quantitative details.
Mar 31, 2010
1. The company has no contingent liabilities as on 31-03-2010
acknowledged as debts except the Bank Guarantees given to various
Government departments to the extent of Rs. 37316.52 Lakhs and Letters
of credit of Rs. 5783.77 Lakhs.
2. The company has no dues outstanding more than 30 days to any of the
Small Scale Industrial undertakings as on 31-03-2010.
3. Certain balances of loans and advances, sundry debtors and sundry
creditors are subject to confirmation from the concerned parties.
4. a) The company has amortized FCCB issue expenses in proportion to
conversion of FCCBs into Equity Share Capital as and when the
conversion has taken place.
b) The product development expenditure incurred during the current
financial year of Rs. 903.58 Lakhs is amortized over a period of Five
years on a straight line basis.
5. Inventory:
Inventory is valued at cost or net realizable value, whichever is less
on FIFO basis. Inventories are physically verified and certified by the
management.
6. The Company has allotted 3,37,495 Equity shares of Rs. 2 each to
its employees on exercise of Employees Stock Options.
7. Depreciation charged to profit and loss account for the year
consists of Rs. 232.02 Lakhs pertaining to the previous year 2008-2009.
8. a. The Company has availed various credit limits from State Bank of
India, CAG Branch, Punjagutta, Hyderabad, Bank of India, Khairatabad
Branch, Hyderabad, Union Bank of India, Khairatabad Branch, Hyderabad,
Punjab National Bank, Chennai and Andhra bank, Sultan Bazar Branch,
Hyderabad. Under the multiple banking arrangements, the following
securities were offered for availing credit limits:
i. First Charge on both current ft fixed assets of the company ranking
pari passu with other banks under multiple banking arrangements.
ii. Exclusive Charge to SBI on Flat No.: 1092 situated at Sector - A,
Pocket A, (SAS Category - III), Vasant Kunj, New Delhi and pledge of
6,25,000 shares held by promoters of the company.
b. The Company has availed term loan facilities from Andhra Bank,
Sultan Bazar, Hyderabad Branch and the following securities were
offered in this regard:
i. The term loan is secured by hypothecation of wind mills at Tamil
Nadu and Karnataka and Mortgage of the land pertaining to these wind
mill plants.
ii. Second charge on the existing fixed assets of the company
c. The company has availed credit limits for specific projects from
State Bank of India CAG branch, Hyderabad and Andhra bank Sultan Bazar
Branch, Hyderabad. The following securities were offered for availing
these credit limits:
i. SBI Specific Project:
First charge on project specific current assets of the company and
pledge of 1,00,000 shares held by promoters of the company.
ii. Andhra Bank Specific Project:
First charge on project specific current assets of the company, second
charge on present and future current ft fixed assets of the company
ranking pari passu under multiple banking arrangements.
9. Investments comprising shares in other listed companies are valued
at cost and classified as long term investments. Long term investments
are measured at cost, however provision for diminution in value is made
to recognize the decline other than temporary in the value of the
investments.
10. Additional information pursuant to provisions of the Para 3 and 4
of Part II of Schedule VI of the Companies Act, 1956.
a) The company is engaged in the business of development and
maintenance of technology solutions which includes embedded solutions
and software for Power, Oil, Gas and other sectors. The production and
sale of such solutions cannot be expressed in any generic units and
hence, it is not possible to give quantitative details.
b) The company is also engaged in the business of providing energy
Audit solutions to bring down Transmission & Distribution (TEtD) losses
by using its technologies for power distribution companies, wherein
there are number of components involved in production /assembling/
execution and it is not possible for us to give quantitative details of
purchase of such components which are small in value and large in
quantity.
c) The company is also engaged in the business of Rural
Electrification, Construction of Substations, Conversion of LT line to
HT lines etc. Due to the nature of job, it is difficult to furnish
quantitative details.
The directors submit their report together with the audited financial
statements of the Company for the year ended 31 March 2010
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