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Notes to Accounts of Indsil Hydro Power and Manganese Ltd.

Jun 30, 2015

1. The Dividends proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

2. All figures are in Rupees unless otherwise stated Amounts have been rounded-off to the nearest Rupee and previous year's figures regrouped wherever necessary.

3. Interest In Joint Venture

The Company has entered into an agreement by which the Company is a party to a Joint Venture viz. Al - Tamman Indsil Ferro Chrome LLC.

The Company has invested 12,67,834 OMR in the capital of 47,62,746 equity shares of 1 OMR each which is equivalent to an ownership interest of 26.62%

The following represents the Group's share of assets and liabilities and Income and results of the Joint Venture included in the Balance Sheet and Statement of Profit and Loss.

Note: The audited accounts of Al-Tamman Indsil Ferro Chrome LLC., Joint Venture for the year ended 31st December, 2014 is based on the International Financial Reporting Standards (IFRS). For the purposes of consolidation with Indsil Hydro Power and Manganese Limited, certain expenses like project salaries/ electricity charges/ rent for the leased land for the factory under construction which have been charged-off in the Statement of Profit & Loss in the JV enterprises have been capitalised as pre-operative expenses (RO 10,10,978) in the consolidated financial statements as per Indian Accounting Standards as the same is specifically attributable to the Ferro Chrome Project.

STATEMENT IN PURSUANCE OF SECTION 129 OF THE COMPANIES ACT, 2013:

Name of the Subsidiary Company : Sree Mahalakshmi Smelters Private Ltd

Financial of the Subsidiary ended on : 31st March, 2015

Holding Company's interest in the subsidiary : 51% (21,88,847 Equity shares of Rs. 10/- each)

Net Aggregate amount of the Profit/(Loss) of the subsidiary and not dealt within the Holding Company's Accounts:

a) for the Current financial year of the subsidiary Company : Rs, (75,07,896/-)

b) for the previous financial year of the subsidiary Company : Rs, (1,89,35,898/-)

Net Aggregate amount of the Profit/(Loss) of the subsidiary dealt within the Holding Company's Accounts:

a) for the Current financial year of the subsidiary Company : Not Applicable

b) for the previous financial year of the subsidiary Company : Not Applicable

1. Name of the Wholly Owned Subsidiary Indsil Hydro Global (FZE)

2. Financial of the Wholly Owned Subsidiary ended on 30th April, 2015

3. Holding Company's interest in the WOS 100% (1,50,000 Equity shares of AED 1/- each)

4. Net Aggregate amount of the Profit/(Loss) of the WOS and not dealt within the Holding Company's Accounts:

a) for the Current financial year of the Wholly Owned Subsidiary Rs, 3,27,98,301/- b) for the previous financial year of the Wholly Owned Subsidiary Rs, 1,01,01,684/- 5. Net Aggregate amount of the Profit/(Loss) of the subsidiary dealt within the Holding Company's Accounts:

a) for the Current financial year of the Wholly Owned Subsidiary - Not Applicable

b) for the previous financial year of the Wholly Owned Subsidiary - Not Applicable

Disclosure of Information relating to Subsidiary Companies as required by the Ministry of Corporate Affairs, Government of India vide General Circular No.2/2011 dated 8th February 2011:


Jun 30, 2014

1.1 CONTINGENT LIABILITIES As at As at 30.04.2012 30.06.2013

a) Claims against the Company not acknowledged as debts - -

b) Contingent liabilities in respect of Bills discounted fully secured by LCC - 89,75,471

c) Letters of Credit issued by Banks on behalf of the Company 7,47,39,060 2,80,24,250

d) Guarantees issued by Banks on behalf of the Company 1,92,00,675 2,13,70,691

e)Corporate guarantee given 33,50,55,838 35,22,21,290

f) In the past, the Kerala State Electricity Board has raised certain demands on the Company relating to payment of electricity charges and other charges on account of working of the hydro electric power division of the Company. These charges were more than that warranted for, when specifically considering the working agreement between the Company and KSEB for operation of the hydro electric power plant. These demands remain in dispute and have been challenged by the Company in various forums including the Hon''ble High Court of Kerala.Such matters remain sub - judice and in some cases, where necessary, pending judgement, adequate provisions have been made. The Company is confident of positive redressal by the appropriate forums where no provisions has been made and in cases where the Company has deposited sums/advances, pending judgements, it is expected that those sums would be refunded.

1.2 RELATED PARTY DISCLOSURES:

a) Subsidiary : Sree Mahalakshmi Smelters Private Limited Indsil Hydro Global (FZE),

b) Associates : Sunmet Holdings India P. Ltd, Indsil Energy and Electrochemicals Ltd.

c) Key Management Personnel : Sri. S.N.Varadarajan Sri.Vinod Narsiman

d) Relatives of Key Management Personnel : Smt. D.Pushpa Varadarajan (W/o Sri S.N. Varadarajan)

e) Joint Venture : Al-Tamman Indsil Ferro Chrome LLC

1.3 Dividends recommended by Board of Directors is provided for in accounding pending Shareholder''s approval.

1.4 All figures are in Rupees unless otherwise stated Amounts have been rounded-off to the nearest Rupee and previous year''s figures regrouped wherever necessary.

1.5 Operating Lease:

The Company has entered into operating lease, having a lease period ranging from 1-5 years, with an option to renew the lease. The future minimum lease payments are as follows

1.6 Interest In Joint Venture

The Company has, during the year, entered into an agreement by which the Company is a party to a Joint Venture viz. Al Tamman Indsil Ferro Chrome LLC.

The Company has invested 12,67,834 OMR in the capital of47,62,746 equity shares of 1 OMR each which is equivalent to an ownership interest of26.62% ( Previous year: OMR 37,500 in the capital of 1,50,000 equity shares of 1 OMR each which is equivalent to an ownership interest of 25%)

The Following represents the Group''s share of assets and liabilities and Income and results of the Joint Venture included in the Balance Sheet and Statement of Profit and Loss.

Note: The audited accounts of Al-Tamman Indsil Ferro Chrome LLC., Joint Venture for the year ended 31st December 2013 is based on the International Financial Reporting Standards (IFRS). For the purposes of consolidation with Indsil Hydro Power and Managanese Limited, certain expenses like project salaries/ electricity charges/ rent for the leased land for the factory under construction which has been charged-off in the Statement of Profit & Loss in the JV enterprises have been capitalised as pre-operative expenses (RO 10,97,183) in the consolidated financial statements as per Indian Accounting Standards as the same is specifically attributable to the Ferro Chrome Project.


Jun 30, 2013

1.1 CONTINGENT LIABILITIES

As at 30.6.2013 As at 30.6.2012 a) Claims against the Company not acknowledged as debts

b) Contingent liabilities in respect of Bills discounted (fully secured by LCs) 89,75,471 2,70,91,558

c) Letters of Credit issued by Banks on behalf of the Company 2,80,24,250 11,28,59,194

d) Guarantees issued by Banks on behalf of the Company 2,13,70,691 2,13,71,840

e) Corporate guarantee given on behalf of subsidiary 9,00,00,000 17,00,00,000

f) In the past, the Kerala State Electricity Board has raised certain demands on the Company relating to payment of electricity charges and other charges on account of working of the hydro electric power division of the Company. These charges were more than that warranted for, when specifically considering the working agreement between the Company and KSEB for operation of the hydro electric power plant. These demands remain in dispute and have been challenged by the Company in various forums including the Hon''ble High Court of Kerala. Such matters remain sub - judice and in some cases, where necessary, pending judgement, adequate provisions have been made. The Company is confident of positive redressal by the appropriate forums where no provisions have been made and in cases where the Company has deposited sums/advances, pending judgements, it is expected that those sums would be refunded.

1.2 Dividends recommended by Board of Directors is provided for in accounding pending Shareholder''s approval.

1.3 All figures are in Rupees unless otherwise stated

Amounts have been rounded-off to the nearest Rupee and previous year''s figures regrouped wherever necessary.

1.4 Interest In Joint Venture

The Company has, during the year, entered into an agreement by which the Company is a party to a Joint Venture viz. Al Tamman Indsil Ferro Chrome LLC.

The Company has invested OMR 37,500 in the capital of 1,50,000 equity shares of OMR 1 each which is equivalent to an ownership interest of 25%

The Following represents the Group''s share of assets and liabilities and Income and results of the Joint Venture included in the Balance Sheet and Statement of Profit and Loss.

Note: The audited accounts of Al-Tamman Indsil Ferro Chrome LLC., Joint Venture for the year ended 31st December 2012 is based on the international Financial Reporting Standards (IFRS). For the purposes of consolidation with Indsil Hydro Power and Managanese Limited, certain expenses like project salaries/rent for the leased land for the factory under construction which has been charged-off in the Statement of Profit & Loss in the JV enterprises have been included as a part of construction work in progress (CWIP - RO.11,964 Previous year - RO. 58,525) in the consolidated financial statements as per Indian Accounting Standards as the same is specifically attributable to the Ferro Chrome Project.


Jun 30, 2011

1. a) The Term Loan (ECB from Standard Chartered Bank) is secured by first pari passu charge on the fixed assets funded out of ECB and second charge on the current assets of the Company.

b) Working capital facilities from Banks are secured by hypothecation of stocks of raw materials, consumables, finished goods, book debts etc., and also by a second charge on the fixed assets of the Company. A portion of these facilities are further guaranteed by the personal guarantee of Sri Vinod Narsiman, Managing Director to the extent of Rs.4,065 lakhs.

2. CONTINGENT LIABILITIES

As at As at 30.6.2011 30.6.2010 (Rs. in Lakhs) (Rs. in Lakhs)

a) Claims against the Company not acknowledged as debts - -

b) Contingent liabilities in respect of Bills discounted 218.63 668.28 (fully secured by LCs)

c) Letters of Credit issued by Banks on behalf of the Company 465.00 449.31

d) Guarantees issued by Banks on behalf of the Company 281.49 152.66

3. The Kerala State Electricity Board (KSEB) has raised certain demands on the Company towards payment of maximum demand charges and certain other charges related to the working of the hydro electric power division of the Company. The Company has disputed these demands on account of the fact that these demands are not in line with the existing agreement between the Company and KSEB for operation of the hydro electric power plant. The Company is confident of getting these demands withdrawn, waived or cancelled at various forums and hence no provision is made for these disputed amounts.

4. The Company has not received information from vendors regarding their status under the "Micro, Small and Medium Enterprises Development Act, 2006". Consequently the amount paid/payable to these parties during the year is Nil. During the year the Company has paid no interest in terms of Section 16 of the said Act.

5. The Extraordinary item represents the loss of investment in Good Earth Indsil Natural Resources Limited amounting to Rs. 22,50,000/-.

6. Deferred tax liability of Rs.14.15 lakhs as on 30.6.2011 is on account of timing difference relating to depreciation.

7. Amounts have been rounded off to the nearest rupee and previous year figures regrouped wherever necessary.


Jun 30, 2010

1. a) The Term Loans from Banks are secured by first equitable mortgage on all Companys immovable properties, both present and future and a second charge by way of hypothecation of all Companys movable properties including book debts and subject to prior charges created or to be created in favour of Companys Bankers on Companys stocks of raw materials, consumables and such other movables for securing Companys working capital requirements. The term loans are further guaranteed by personal guarantees of Sri S.N.Varadarajan, Chairman. Aggregate of such personal guarantees is Rs.2,200 lakhs. A portion of the term loans to the extent of Rs. 1,000 lakhs have also been guaranteed by Sri Vinod Narsiman, Managing Director.

b) Working capital facilities from State Bank of Travancore, The Federal Bank Ltd. IDBI Bank Ltd and Standard Chartered Bank are secured by hypothecation of stocks of raw materials, consumables, book debts etc., and also by a second charge on immovable properties of the Company. A portion of these facilities are further guaranteed by the personal guarantee of Sri Vinod Narsiman, Managing Director to the extent of Rs.4,065 lakhs.

2. CONTINGENT LIABILITIES As at As at 30.6.2010 30.6.2009 (Rs. in Lakhs) (Rs. in Lakhs)

a) Claims against the Company not acknowledged as debts

b) Contingent liabilities in respect of Bills discounted (fully secured by LCs) 443.06 668.28

c) Letters of Credit issued by Banks on behalf of the Company 1,808.45 449.31

d) Guarantees issued by Banks on behalf of the Company 232.03 152.66

3. SEGMENT REPORT

4. RELATED PARTY DISCLOSURES:

a) Associates Sunmet Holdings India P. Ltd, Indsil Energy and Electrochemicals Ltd.

b) Key Management Personnel Sri. S.N.Varadarajan

Sri. Vinod Narsiman

c) Relatives of Key Management Personnel : Smt. D.Pushpa Varadarajan

d) Joint Venture : Al-Tamman Indsil Ferro Chrome LLC

Joint Venture is expected to commence operations during next year. Investment made represents initial capital contribution.

5. REMUNERATION TO STATUTORY AUDITORS (excluding service tax):

6. COMPUTATION OF COMMISSION PAYABLE TO CHAIRMAN, MANAGING DIRECTOR AND NON-EXECUTIVE DIRECTORS :

7. a) During the financial year 2008-09, the Company has granted 64,500 options under the Indsil Employees Stock Options Scheme 2008 (ESOS) to the eligible employees of the Company as approved by the Compensation Committee of the Board and the Board of Directors pursuant to the said Scheme. Accordingly, the Company has allotted 64,500 shares to the Indsil ESOS Trust during the current year. As per the scheme, the vesting being graded vesting 25% of the total Options were exercised by the eligible employees resulting in transfer of 16,125 shares from the Trust out of the 64,500 shares allotted. The remaining 75% of the options are still to be exercised till January 2012 and appropriate number of shares would be transferred to the eligible employees based on their exercising their options through the vesting period.

b) During the year yet another 18,500 options were granted to another batch of eligible employees under the Scheme. Such options have a graded vesting as perthe Scheme. The vesting period has not yet been completed.

8. The Kerala State Electricity Board (KSEB) has raised certain demands on the company towards payment of maximum demand charges and certain other charges related to the working of the hydro electric power division of the company. The company has disputed these demands on account of the fact that these demands are not in line with the existing agreement between the company and KSEB for operation of the hydro electric power plant. The company is confident of getting these demands withdrawn, waived or cancelled at various forums and hence no provision is made for these disputed amounts.

9. The Company has not received information from vendors regarding their status under the "Micro, Small and Medium Enterprises Development Act, 2006". Consequently the amount paid/payable to these parties during the year is nil. During the year the Company has paid no interest in terms of Section 16 of the said Act.

10. Deferred tax liability of Rs.2.30 lakhs as on 30.6.2010 is on account of timing difference relating to depreciation.

11. Amounts have been rounded off to the nearest rupee and previous year figures regrouped wherever necessary.

 
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