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Notes to Accounts of IMP Powers Ltd.

Mar 31, 2015

1. The Company and the Greater Bombay Co. Op. Bank Ltd. Filed their consent term with the Hon'ble High Court of juridiction at Mumbai on 2nd September, 2014. Based on the Consent terns and as per the order of the High Court of Mumbai dated 2nd September, 2014 both the parties have withdrawn the cases filed against each others for various matters. The Company has agreed to repay The Greater Bombay Co-op. Bank Ltd., the principal amount in 24 Monthly equal installments with interest starting from September, 2014 as per the consent terms.

2. Contingent liabilities and commitments (to the extent not provided for)

(i) Contingent liabilities

(a) Claims against the Company not acknowledged as debt 1,21,05,657 2,62,13,817

(b) Performance ,Counter & Advance Guarantees EMD 1,23,05,01,048 97,88,16,626

(c) Corporate guarantees given to the Banks on behalf of related Party - IMP Energy Ltd. 22,00,00,000 22,00,00,000

(d) Other money for which the Company is contingently liable Nil Nil

3. Disclosures under Accounting Standards 18 " Related Party Disclosures"

Note Particulars

1. Details of related parties:

Description of relationship Names of related parties

Subsidiaries IMP Energy Limited

Other Related Parties Raga Organics P. Ltd

Advance Transformers & Equipments Pvt. Ltd Shree Kishoriju Trading & Investments Pvt. Ltd Shree Rasbihari Electricals Pvt. Ltd Shree & Sons. Universal Transformers Pvt. Ltd Shree Rasbihari Trading and Investments Pvt. Ltd Raj Exports Pvt. Ltd. Mangalam Laboratories Pvt. Ltd. Ramniwas R Dhoot (HUF)

Key Management Personnel (KMP) Chairman : Shri Ramniwas R Dhoot

Vice-Chairman : Shri Ajay R Dhoot

Managing Director : Shri Aaditya R Dhoot

Director Marketing : Shri Rajendra mimani (Resigned with w.e.f. 2.03.2015)

Relatives of KMP Mrs. Rajkumari R Dhoot (wife of Shri R. R. Dhoot),

Mrs. Smita A Dhoot (wife of Shri Aaditya. R. Dhoot),

Mrs. Radhika A Dhoot (wife of Shri Ajay R. Dhoot),

Mrs. Saroj Mimani (wife of Shri Rajendra MImani),

Note: Related parties have been identified by the Management.

4. Previous year's figures

5. Previous year's figures have been regrouped / reclassified wherever necessary to correspond with the current year.S


Mar 31, 2014

1. Note:-

1) Equity Shares includes 11,27,000 shares issued as fully paid up Bonus Shares during 1994-95 by Capitalisation of Revaluation Reserve.

2) 4% Redeemable Preference Shares along with dividend will be redeemed from 1st April 2013 to 31st March 2016 in twelve quarterly equal installments.

3) Corporate Debt Restructuring (CDR CELL) approved the recompense amount towards interest liabilities amounting to Rs. 443.50 lacs for the Company to exit from CDR scheme in the September 2011. Pursuant to terms & conditions of the CDR cell, 25% of the total amount was paid by the company in cash & for balance 75%, the Company has issued 1% Cumulative Redeemable Preference Shares, which were redeemable in 3 half yearly equal installments beginning from April 2012 To April 2013.

4) The Authorised Share Capital was reclassified and subsequently clause V substituted vide Ordinary Resolution passed by the Shareholders of the company at their Extra ordinary General Meeting held on Monday,19th September 2011 at the Registered Office of the Company.

2. Notes:-

1) The Company had not received the balance 90% amount on 450000 warrants, thus the Company has forfeited Warrant Application money of Rs. 74,45,000 of these Warrants and transferred to Capital Reserve.

2) The Company had created excess Capital Redemption Reserve from the profits of earlier year and accordingly has transferred this excess amount to the General Reserve.

3) Based on valuation report submitted by a professional valuer appointed for the purpose of valuing Factory Lease Hold Land & Building at Kandivali works & building Head office, the same have been revalued as at 31st March, 1994 on current cost basis. The resultant increase in net book value on such revaluation amounting to Rs. 67.70 million was transferred to Revaluation Reserve account.

3. Notes

1) Term loan & Bonds from Financial Institutions and Banks are secured by way of first charge on all Fixed Assets of the Company both present & future on pari-passu basis with member banks of consortium and Second charge on all Current Assets of the company both present & future on pari-passu basis with member banks of consortium and personal guarantee of promoter Directors Shri Ajay R Dhoot and Shri Aaditya R Dhoot.

2) Non Convertible Redeemable Bonds including interest redeemed from 1st April 2013 to 31st March 2016 in twelve quarterly equal installment. Out of which Rs. 18552433/- to be redeemed in the next 12 months considered under current liabilities.

3) Vehicle Loan are secured by hypothecation of vehicles.

4. The IMP Powers Ltd filed Company Petition No.395 of 2006 before the Hon''ble High Court of Judicature at Bombay seeking approval of CDR Scheme under Section 391 to 394 of the Companies Act, 1956. The said Petition was allowed by the Hon''ble High Court of Judicature at Bombay. The Greater Bombay Co- operative Bank Ltd. challenged the said Order by filing Company Application No.966 of 2007. By an Order dated 22nd April, 2009 the Hon''ble High Court of Judicature at Bombay allowed the said Company Application filed by The Greater Bombay Co-operative Bank Ltd. The said Order is challenged by IMP Powers Ltd by filing an Appeal being Appeal No.409 of 2009 before the Hon''ble High Court of Judicature at Bombay. The said Appeal is admitted by the Hon''ble High Court and is pending for final hearing. In the meanwhile, The Greater Bombay Co-operative Bank Ltd. sold 380000 shares pledged without notice to Party. In view of the above, there are multiple litigations pending among the Parties before DJR, Mumbai, Cooperative Court, Mumbai and City Civil Court, Mumbai. Apart from the above Appeal, there are claims and counter claims which are yet to be adjudicated between the Parties. Therefore, as an abundant caution the Company has provided provision for interest as well as balance principle amount on the basis of CDR Scheme approved by the Hon''ble High Court of Judicature at Bombay subject to the final outcome of all pending litigations. The above amount is provided without prejudice to IMP Powers Limited''s right and contentions in all pending matters and also without admitting that there is any debt admittedly due and payable to The Greater Bombay Co-operative Bank Ltd.

5. Note : Additional information to the financial statements

Particulars For the year ended For the year ended 31st March, 2014 31st March, 2013 Rs. Rs. 5.1 Contingent liabilities and commitments(to the extent not provided for)

(i) Contingent liabilities

(a) Claims against the Company not acknowledged as debt

Crogat Electronics Pvt. Ltd. was supplying raw materials and there was delay in supplying the material and there were rejections and several complaints from IMP''s Customers due to substandard materials and non compliance of technical norms. IMP had to procure materials from other sources resulting in loss , IMP held back payment and Crogat filed suit. 474,731 474,731

Asea Brown Boveri Ltd. Filed by ABB Recovery as Counter suit against IMP. 14,108,160 14,108,160

(b) Performance, Counter & Advance Guarantees EMD 1,174,581,697 978,816,626

(c) Corporate guarantee given to the banks on behalf of related party - IMP Engery Ltd. 220,000,000 220,000,000

(d) Other money for which the Company is contingently liable

(i) Income Tax Demands (A.Y 2008-2009) Nil 18,789,885

6. Note : Previous year''s figures

Previous year''s figures have been regrouped / reclassified wherever necessary to correspond with the current year''s classification / disclosure. Figures are not comparable to Previous year figures as the Previous financial year is for a period of 9 months.


Mar 31, 2013

1 Previous year''s figures have been regrouped / reclassified wherever necessary to correspond with the current year''s classification / disclosure.Figures are not comparable to perivious year figures as the current financial year is for a period of 9 months.


Jun 30, 2012

Note:-

1) Equity Shares includes 11,27,000 shares issued as fully paid up Bonus Shares during 1994-95 by Capitalisation of Revaluation Reserve.

2) 4% Redeemable Preference Shares along with dividend will be redeemed from 1st April 2013 to 31st March 2016 in twelve quarterly equal installments.

3) Corporate Debt Restructuring (CDR CELL) has approved the recompense amount towards interest liabilities amounting to ` 443.50 lacs for the Company to exit from CDR scheme in the previous financial year. Pursuant to terms & conditions of the CDR cell, 25% of the total amount has been paid by the company in cash & for balance 75% ,the Company has issued 1% Cumulative Redeemable Preference Shares, which are redeemable in 3 half yearly equal installments beginning from March 2012 To March 2013. 1st instalment of ` 1,10,87,380/- was paid during the year.

4) The Authorised Share Capital was reclassified and subsequently clause V substituted vide Ordinary Resolution passed by the Shareholders of the Company at their Extra ordinary General Meeting held on Monday,19th September 2011 at the Registered Office of the Company.

Notes:- 1) The Company had not received the balance 90% amount on 450000 warrants, thus the Company has forfeited Warrant Application money of ` 74,45,000 of these Warrants and transferred to Capital Reserve. 2) Based on valuation report submitted by a professional valuer appointed for the purpose of valuing Factory Lease Hold Land & Building at Kandivali works & building Head office, the same have been revalued as at 31st March, 1994 on current cost basis. The resultant increase in net book value on such revaluation amounting to ` 67.70 million was transferred to Revaluation Reserve account.

Notes

1) Term loan & Bonds from Financial Institutions and Banks are secured by way of first charge on all Fixed Assets of the Company both present & future on pari-passu basis with other member bank of consortium and Second charge on all Current Assets of the company both present & future on pari-passu basis with other member bank of consortium and personal guarantee of promoter Directors.

2) Non Convertible Redeemable Bonds including interest will be redeemed from 1st April 2013 to 31st March 2016 in twelve quarterly equal installment. Out of which ` 4638108/- will be redeemed in the next 12 months considered under current liabilities.

3) Vehicle Loan are secured by hypothecation of vehicles.

Defined Benefits Plans :

a. Contribution to Gratuity Fund -

The Company regularly contributes to the gratuity fund called the " Industrial Meters Private Limited Gratuity Fund” framed under the Payment of Gratuity Act, 1972, which is a defined benefit plan.

1.1 Contingent liabilities and commitments (to the extent not provided for) (i) Contingent liabilities

(a) Claims against the Company not acknowledged as debt

Crogat Electronics Pvt. Ltd.was supplying raw materials and there was delay in supplying the material and there were rejections and several complaints from IMP's Customers due to substandard materials and non compliance of technical norms. IMP had to procure materials from other sources resulting in loss, IMP held back payment and Crogat filed suit. 474,731 474,731 Asea Brown Boveri Ltd. Filed by ABB Recovery as Counter suit against IMP. 14,108,160 14,108,160

(b) Performance ,Counter & Advance Guarantees 708,418,165 532,830,000

(c) Other money for which the Company is contingently liable

(i) Income Tax Demands (A.Y. 2008-2009) 18,789,885 18,789,885

2 The Revised Schedule VI has become effective from 1 July, 2011 for the preparation of financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. Previous year's figures have been regrouped / reclassified wherever necessary to correspond with the current year's classification disclosure.


Jun 30, 2010

1. Estimated amount of contracts (net of advances) remaining to be executed on capital Account and not provided for Rs. NIL. (Previous Years. NIL).

2. Contingent liabilities are not provided in the accounts in respect of the followings:-

(Rs. in Million)

Particulars Year Ended Year Ended 30.06.2010 30.06.2009

a) Guarantees Given 381.88 224.75

b) Income Tax Demands

( A.Y. 1998-99, 2000-01 & 2007-08 ) NIL 1.52

c) Claims Made against Company not acknowledged as Debts 18.83 14.14

II. Defind Benefits Plans:

a. Contribution to Gratuity Fund

b. The Company regularly contributes to the gratuity fund called the "Industrial Meters Private Limited Gratuity Fund" framed under the Payment of Gratuity Act, 1972, which is a defined benefit plan.

3. The Gross depreciation for the year amounting to Rs. 36.36 million (Previous year Rs. 27.01 million) from which has been deducted a sum of Rs. 1.33 million (Previous year Rs. 1.33 million) being the extra Depreciation arising on Revaluation of some of the Fixed Assets which has been drawn from Revaluation Reserve Account. The net charge to Profit & Loss Account towards depreciation for the year amounts to Rs. 35.03 million (Previous year Rs. 25.68 million).

4. The Company has undertaken export & deemed exports of its products, by using indigenous raw materials. Against such exports the Company has received Quantity Based Advance Licenses entitling them to import certain raw materials at NIL customs Duty. The unutilized portion of these licenses amounting to Rs. 1.57million (Previous year Rs. 6.78 million) has been valued at prevailing Customs Duty rates as on 30th June, 2010 and taken credit in the books of accounts in accordance with the matching principle of accountancy.

5. The Company is primarily engaged in the business of Electrical Products like Power & Distribution Transformers, Meters and its parts, which together constitute a single Segment in accordance with the accounting standard on "Segment Reporting" (AS 17). Therefore segment wise information as required by AS-17 on "Segment Reporting" is not applicable.

6. Provision for taxation has been made with reference to profit for the year ended 30th June, 2010 in accordance with provision of Income Tax Act, 1961 and rules framed there under. The Ultimate tax liability for the Assessment Year 2010-2011 will be determined on the basis of total Income for the year ending on 31st March, 2010.

7. The carrying amount of Assets does not exceeds the recoverable amount of Assets, hence no Provision is required to be made for impairment of assets as required under the Accounting Standard-28-Impairment of Assets.

8. Based on valuation report submitted by a professional valuer appointed for the purpose of valuing Factory free hold Land & Building at Kandivali works & building Head office, the same have been revalued as at 31st March, 1994 on current cost basis. The resultant increase in net book value on such revaluation amounting to Rs. 67.70 million was transferred to Revaluation Reserve account.

9. The Greater Bombay Co-operative Bank Ltd (GBCB) did not join the CDR Scheme which was considered and approved by other consortium bankers/ financial institution in the year 2004-05. GBCB did not work out on the revised repayment plan. Instead GBCB initiated the legal actions against the company. The company has filed petition u/s 391 of the Companies Act in the High court and the matter is pending in the court. However the company has provided interest in the books of accounts.

10. Related party Disclosure –

A. Associated & Other Parties :

Raga Organics Pvt. Ltd.

Universal Transformers Pvt.Ltd.

Advance Transformers & Equipments Pvt. Ltd.

Shree Rasbihari Trading and Investments Pvt. Ltd.

Shree Kishoriju Trading and Investments Pvt. Ltd.

Raj Exports Pvt. Ltd.

Shree Rasbihari Electricals Pvt. Ltd.

Mangalam Laboratories Pvt. Ltd.

Eco Media Infosystems Pvt. Ltd.

Shree & Sons.

Ramniwas R Dhoot (HUF).

B. Key Management Personnel :

i) Chairman : Shri Ramniwas R Dhoot

ii) Managing Director : Shri Ajay R Dhoot

iii) Jt .Managing Director : Shri Aaditya R Dhoot

C. Relatives of Key Management Personnel:

i) Rajkumari R Dhoot ii) Smita A. Dhoot iii) Radhika A. Dhoot

11. Previous Years figures have been regrouped and rearranged wherever necessary to make them comparable with the current years figures.

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