Mar 31, 2016
l) Deferred Tax:
Deferred income tax is accounted for by computing the tax
effect on timing differences which arise during the year and capable of reversal in subsequent periods. m) Foreign Currency Transaction:
The transactions in foreign currency are accounted at exchange rate prevailing on the date of transaction. Money items denominated in foreign currency outstanding at the yearend are translated at the yearend exchange rate and the unrealized exchange gain or loss is recognized in the profit and loss account.
3) Earnings in Foreign Exchange :
Sale of Entitlement from Wind Power : Rs. Nil (P.Y. - Rs. Nil) Expenditure in Foreign Exchange : Rs. Nil (P. Y. - Rs. Nil)
4) Disclosures required under Accounting Standard 15 "Employee Benefits as per Companies (Accounting Standards) Rules 2006 The Employee''s Gratuity Fund Scheme managed by Life Insurance Corporation of India is a defined benefit plan. The present value of obligation is determined based on actuarial valuation using the projected unit credit method.
5) Based on Information of status of suppliers to the extent received by the company there are no Small Scale Industrial undertakings included in Sundry Creditors to whom the payments are outstanding for a period more than 45 days. Further the company has not received any memorandum (as required to be filed by the suppliers with the notified authority under the micro, Small and Medium Enterprises Development Act, 2006) claiming their status as micro, small or medium enterprises. Consequently the amount paid/payable to these parties during the year is Nil.
6) DISCLOSURES AS PER REGULATION 34 (3) READ WITH SCHEDULE V OF SEBI LISTING REGULATIONS, 2015
a) Loans and Advances to Subsidiary Companies
b) Loans and Advances to Associate Companies - NIL
c) Loans and Advances to Companies / Firms in which Directors are interested (Excluding Subsidiary and Associate Companies) - NIL
d) Investment by the loanee in the shares of parent and subsidiary company - NIL
9) Related Party Disclosure for the year ended 31.03.2016
In accordance with the "Accounting Standard 18 - Related Party Disclosure", the details are as follows:
Key Management Personnel : Mr. Ganesh N. Kamath -Managing Director
conservative measure recorded the revenue for FY 2014-15 of the wind power generated and fed into the grid of the state utility, at a preferential tariff of Rs.2.52 per unit as fixed by MERC for sale of power to utilities from category of projects like that of the company.
Pursuant to a favorable disposal of the petition of the Wind Power Association by MERC on 08.02.2016 permitting sale of power to third parties under Open Access for FY 2014-15 and thereafter the state utility issuing approval for Open Access, the Company recorded the difference in revenue between sale of wind power to third parties under Open Success and recording of revenue at preferential tariff and the same is reflected at Rs. 519.59 lacs Net of Open Access Expenses under Exceptional Items in the Profit & Loss Account.
B Transactions with the related Parties (including transactions which are more than 10% of the total transactions of the same type with related
13) In respect of balances of Sundry Creditors / Debtors, Loans and Advances, Banks and Unsecured Loans / Inter Corporate Deposits confirmations were not received by the Company in few cases. In the opinion of management the balances as appearing in the books are fully payable / realizable, as the case may be, in the normal course of business.
14) Previous year figures have been regrouped and / or reclassified wherever necessary.
10) Joint Venture Disclosure
The company does not have any joint venture companies
11) Segment Information
The Primary Business activity of the Company is that of Generation of Power from Renewable Sources and hence there being only one reportable segment, segment reporting has not been furnished.
12) The company in respect of its 18 MW wind farm in the state of Maharashtra, as in past years had applied for open access approval to the state utility for sale of power to third parties in FY 2014-15. However the state utility unilaterally denied granting of open access to many wind farm developers including the company leading to a petition to be filed before State Electricity Regulatory Commission (MERC) through an Association of Wind Power Developers of which the Company is a member.
Pending disposal of the petition with MERC, the company as a
Mar 31, 2015
1. Terms / rights attached to equity shares
a. The Company has only one class of equity shares having a par value
of Rs.10/- per share.
b. Each holder of equity shares is entitled to one vote per share.
c. The dividend on equity shares proposed by Board of Directors is
subject to approval of shareholders in the ensuing Annual General
Meeting.
d. In the event of liquidation of the company, the holders of equity
shares will be entitled to receive the 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
e. The company has not issued any bonus shares or bought back the
equity shares in the last 5 years immediately preceding the balance
sheet date.
f. With respect to amalgamation of the Transferor company Avirodh
Financial Services Ltd, the Company alloted 5561 equity shares of
Rs.10/- each in the ratio of 1 Equity share of Rs10/- each of the
Company for every 18 equity shares of Rs10/- each held by the Equity
shareholders in the Transferor company.
Security against Term Loan from State Bank of India is charged on
specific wind farm of 3.6 MW and guaranteed by Weizmann Ltd and
Weizmann Forex Ltd
2. Security against Term Loans from Axis Bank Ltd is charged on
receivables from specific wind farm of 18.0 MW
3. Security against Term Loan from Uco Bank is charged on receivables
from specific wind farm of 7.0 MW
4. Security against Term Loan from Saraswat Co-op Bank Ltd is charged
on specific vehicle
2) Contingent Liabilities: Rs Nil (Prev. Year - Rs. NIL)
3) Earnings in Foreign Exchange :
Sale of Entitlement from Wind Power : Rs Nil (Prev. Year - Rs. 127.84
Lakh)
Expenditure in Foreign Exchange : Rs Nil (Prev. Year - Rs. Nil)
4) Disclosures required under Accounting Standard 15 "Employee Benefits
as per Companies (Accounting Standards) Rules 2006 The Employee's
Gratuity Fund Scheme managed by Life Insurance Corporation of India is
a defined benefit plant. The present value of obligation is determined
based on acturial valuation using the projected unit credit method.
5) Based on Information of status of suppliers to the extent received by
the company there are no Small Scale Industrial undertakings included in
Sundry Creditors to whom the payments are outstanding for a period more
than 45 days. Further the company has not received any memorandum (as
required to be filed by the suppliers with the notified authority under
the micro, Small and Medium Enterprises Development Act, 2006) claiming
their status as micro, small or medium enterprises. Consequently the
amount paid/payable to these parties during the year is Nil.
10)Joint Venture Disclosure
The company does not have any joint venture companies
11) Segment Information
The Primary Business activity of the Company is that of Generation of
Power from Renewable Sources and hence there being only one reportable
segment, segment reporting has not been furnished.
12) The company has, on the basis of expected life of Fixed Assets, as
prescribed in Schedule II of the Companies Act, 2013, restated figures
of Written Down Value of each of such fixed asset, as on 01.04.2014 and
in accordance therewith the net difference arising there from
aggregating to Rs.6.01 lac has been transferred to the retained
earnings.
13) Exceptional item represents the difference of (i) an income of
Rs.380.20 lacs being difference in tarriff for sale value of wind power
sold to state power Distribution Licencee (DL) in Andhra Pradesh from
January 2011 to March 2014 as per order dated 06.09.2014 issued by
Hon'ble State Electricity Regulatory Commission and (ii) Net Present
Value compensation of Rs.240.90 lacs paid to Sahyadri Tiger Reserve
Conservation Foundation as per Order Dated 16.01.2015 of Hon'ble
Supreme Court of India against which the Company has filed petition
with Hon'ble Supreme Court of India.
14) The company in respect of its 18 MW wind farm in the state of
Maharashtra, as in past years had applied for open access approval to
the state utility for sale of power to third parties in FY 2014-15.
However the state utility unilaterally denied granting of open access
to many wind farm developers including the company leading to a
petition to be filed before State Electricity Regulatory Commission
(MERC) through an Association of Wind Power Developers of which the
Company is a member.
The company had continued to feed the wind power generated into the
grid of the state utility and had in the first quarter of the financial
year on a conservative basis recorded the revenue from generation at
the low preferential tariff of Rs.2.52 per unit. However, while the
hearing on the petition was in process MERC announced a new Open Access
Regulations incorporating most of the contentions of the State Utility
for refusing open access for FY 2014-15. The Company considering the
approach of MERC in interpreting the provisions of the Electricity Act
and expecting long legal uncertainty decided to reverse the revenue
recorded in the first quarter of FY 2014-15 and continued non recording
of revenue from the said 18 MW wind farm.
In view of recent pronouncement of certain judgments on Open Access for
Solar Energy by Appellate Tribunal for Electricity which is equally
applicable to the contention of the Association in the subject petition
before MERC and further since the MERC has finally heard the petition,
pending judgment that may be in favour of the company, in the absence
of receipt of the same at the time of finalization of the accounts for
the financial year ended as at 31.03.2015, the Company without
prejudice to the contentions in the said petition before MERC decided
to record the revenue at the lower tariff at Rs.2.52 per unit as
compared to better tariff that could be realized under open access in
respect of its aforesaid wind farm.
15) An Association of Wind Power Generators of which the Company is the
member has filed a petition before Hon'ble Maharashtra State
Electricity Regulatory Commission on the matter of refusal to grant
Open Access for sale of wind power to third parties by the State
Utility for Fy 2014-15. Though hearing is completed, order is yet to
be issued. If the order is in favour of the Association the Company
would stand benefitted in realising higher revenue from sale of wind
power to third parties from its 18 MW wind farm in state. If the
decision is against the Association, there would not be any adverse
impact as the company has recorded revenue for FY 2014-15 at lower
tariff which would be realised.
An Association of Wind Power Generators of which the Company is a
member is a respondent in a Civil appeal filed before Hon'ble Supreme
Court of India by State Utility in Maharashtra in the matter of payment
of interest on delayed remittance of wind power generation dues. The
company had in the earlier years recorded such interest of Rs.201.99
lacs as directed to be paid by Hon'ble Appelate Tribunal for
Electricity. In the event the Apex Court upholds the contention of
state utility the said revenue recorded may have to be provided for.
The Company has filed an Impleading Application before Hon'ble Supreme
Court of India in the matter of an Order issued by the Apex Court
directing payment of Net Present Value (NPV) with Wild Life Authorities
in respect of selected wind mills of the Company in Maharashtra. In
compliance with the order of the Apex Court the Company has paid and
charged to expenses in the financial statement an amount of Rs.240.90
lacs. If the Apex Court upholds the contention of the Company the said
payment has to be recovered and credited to revenue.
16) In respect of balances of Sundry Creditors / Debtors, Loans and
Advances, Banks and Unsecured Loans / Inter Corporate Deposits
confirmations were not received by the Company in few cases. In the
opinion of management the balances as appearing in the books are fully
payable / realisable, as the case may be, in the normal course of
business.
17) Previous year figures have been regrouped and / or reclassified
wherever necessary.
Mar 31, 2014
1) Contingent Liabilities: Rs Nil (Prev. Year - Rs. NIL)
2) Earnings in Foreign Exchange :
Sale of Entitlement from Wind Power :
Rs 127.84 Lakh (Prev. Year - Rs. 90.78 Lakh)
Expenditure in Foreign Exchange : Rs Nil (Prev. Year - Rs. Nil)
3) Disclosures required under Accounting Standard 15 "Employee Benefits
as per Companies (Accounting Standards) Rules 2006
The Employee''s Gratuity Fund Scheme managed by Life Insurance
Corporation of India is a defined benefit plant. The present value of
obligation is determined based on acturial valuation using the
projected unit credit method.
4) Based on Information of status of suppliers to the extent received
by the company there are no Small Scale Industrial undertakings
included in Sundry Creditors to whom the payments are outstanding for a
period more than 45 days. Further the company has not received any
memorandum (as required to be filed by the suppliers with the notified
authority under the micro, Small and Medium Enterprises Development
Act, 2006) claiming their status as micro, small or medium enterprises.
Consequently the amount paid/payable to these parties during the year
is Nil.
c) Loans and Advances to Companies / Firms in which Directors are
interested (Excluding Subsidiary and Associate Companies) - NIL
d) Investment by the loanee in the shares of parent and subsidiary
company - NIL
9) Related Party Disclosure for the year ended 31.03.2013
In accordance with the "Accounting Standard 18 - Related Party
Disclosure", the details are as follows:
A Related Party and their RelationshiD Subsidiaries
Almi Hydro Electric Projects Limited Baledh Energy Projects Limited
Batot Hydro Power Limited Brahmanvel Energy Limited Greenweiz Projects
Limited Joiner Hydro Power Projects Limited Khandesh Energy Projects
Limited Vajharpada Energy Limited
Joint venture :
Weizmann Energy Ltd Associates
Parmatma Power Projects Pvt Ltd
Weizmann Corporate Services Ltd
upto 21.03.2014 upto 07.03.2014 wef 30.11.2013
Key Management Personnel :
Mr.Ganesh N.Kamath Managing Director
5) In respect of balances of Sundry Creditors / Debtors, Loans and
Advances, Banks and Unsecured Loans / Inter Corporate Deposits
confirmations were not received by the Company in few cases. In the
opinion of management the balances as appearing in the books are fully
payable / realisable, as the case may be, in the normal course of
business.
6) Segment Information
The Primary Business activity of the Company is that of Generation of
Power from Renewable Sources and hence there being only one reportable
segment, segment reporting has not been furnished.
7) Previous year figures have been regrouped and / or reclassified
wherever necessary.
Mar 31, 2013
1) Contingent Liabilities: Rs Nil (Prev. Year - Rs. NIL )
2) Consequent to the petition filed by Central Power Distribution
Company of A.P. Ltd (APCPDCL), the distribution licensee, Andhra
Pradesh Electricity Regulatory Commission (APERC) dated 16.11.2012
reviewed its earlier tariff order of Rs.3.37 per unit and fixed interim
ad-hoc rate of Rs.1.69 per unit for the wind power supplied by the
company. In view of the said order, amount unpaid for sale of power by
APCPDCL for the period January 2011 to March 2012 the company reversed
the portion of sale of wind power being difference of Rs.3.37 per unit
to ad-hoc tariff of Rs.1.69 per unit totalling to Rs.127.28 lac and is
shown as exceptional item. Further adjustments, if any, would be given
effect to on APERC issuing the final order in the matter.
3) Earnings in Foreign Exchange :
Sale of Entitlement from Wind Power : Rs 90.78 Lac (Prev. Year - Rs.
Nil)
Expenditure in Foreign Exchange : Rs Nil (Prev. Year - Rs. Nil )
4) Disclosures required under Accounting Standard 15 "Employee Benefits
as per Companies (Accounting Standards) Rules 2006
The Employee''s Gratuity Fund Scheme managed by Life Insurance
Corporation of India is a defined benefit plant. The present value of
obligation is determined based on acturial valuation using the
projected unit credit method.
5) Based on Information of status of suppliers to the extent received
by the company there are no Small Scale Industrial undertakings
included in Sundry Creditors to whom the payments are outstanding for a
period more than 45 days. Further the company has not received any
memorandum (as required to be filed by the suppliers with the notified
authority under the micro, Small and Medium Enterprises Development
Act, 2006) claiming their status as micro, small or medium enterprises.
Consequently the amount paid/payable to these parties during the year
is Nil.
6) In respect of balances of Sundry Creditors / Debtors, Loans and
Advances, Banks and Unsecured Loans / Inter Corporate Deposits
confirmations were not received by the Company in few cases. In the
opinion of management the balances as appearing in the books are fully
payable / realisable, as the case may be, in the normal course of
business.
7) Segment Information
The Primary Business activity of the Company is that of Generation of
Power from Renewable Sources and hence there being only one reportable
segment, segment reporting has not been furnished.
8) Previous year figures have been regrouped and / or reclassified
wherever necessary.
Mar 31, 2012
1) Pursuant to the scheme of Amalgamation u/s 391 to 394 of the
Companies Act, 1956, sanctioned by The Honorable High Court of Bombay
on 13.04.2012, the company Avirodh Financial Services Limited
(Transferor Company) stands amalgamated with the company w.e.f.
01.04.2011. Accordingly, the Assets and Liabilities of the said
Transferor Company stands vested in the Company and the transaction
post 1st April,2011 have been incorporated in the accounts of the
Company. Consequently, the figures for the year are not comparable with
those of the previous year.
With respect to amalgamation of the Transferor company Avirodh
Financial Services Limited, the Company proposes to issue and allot
5561 equity shares of Rs.10/- each computed in the ratio of 1 Equity
shares of Rs.10/- each of the Company for every 18 equity shares of
Rs.10/- each in the Transferor Company Avirodh Financial Services
Limited held by the Equity shareholders of the Transferor company on
the record date. The net increase in Paid up Capital after the proposed
allotment as above is represented as "Share Capital Suspense" under
Share Capital in the Accounts. The difference between the consideration
to the shareholders of the Transferor Company and net assets of the
Transferor Company acquired is represented as Capital Reserve on
Amalgamation account at Rs.9.45 lakh as per the scheme approved by
Honorable High Court of Bombay.
2) Contingent Liabilities: Rs Nil (Prev. Year - Rs. NIL)
3) Estimated amount of contracts remaining to be executed on capital
account and not provided for Rs 15.54 lakh (Prev. Year - Rs.131.07
lakh).
4) Earnings in Foreign Exchange :
Sale of Entitlement from Wind Power : Rs Nil (Prev. Year - Rs. 153.38
Lakh).
Expenditure in Foreign Exchange : Rs Nil (Prev. Year - Rs. NIL)
5) Disclosures required under Accounting Standard 15 "Employee Benefits
as per Companies (Accounting Standards) Rules 2006.
The company has covered its gratuity liabilities with Life Insurance
Corporation of India w.e.f. 01.04.2011. On follow up with LIC for
statement under AS 15, the company has been informed by them that as
per their system though the company would be paying the premium
annually on the Annual Renewal date as per their notice, the
information as per AS 15 can be obtained from their system only after
the fund subsists for minimum three years.
Therefore, the disclosure required under AS 15 has not been given even
though the liability has been provided for as per their Annual renewal
notice.
6) Based on Information of status of suppliers to the extent received
by the company there are no Small Scale Industrial undertakings
included in Sundry Creditors to whom the payments are outstanding for a
period more than 45 days. Further the company has not received any
memorandum (as required to be filed by the suppliers with the notified
authority under the micro, Small and Medium Enterprises Development
Act, 2006) claiming their status as micro, small or medium enterprises.
Consequently the amount paid/payable to these parties during the year
is Nil.
7) In respect of balances of Sundry Creditors / Debtors, Loans and
Advances, Banks and Unsecured Loans / Inter Corporate Deposits
confirmations were not received by the Company in few cases. In the
opinion of management the balances as appearing in the books are fully
payable / realisable, as the case may be, in the normal course of
business.
8) Segment Information
The Primary Business activity of the Company is that of Generation of
Power from Renewable Sources and hence there being only one reportable
segment, segment reporting has not been furnished.
9) Previous year figures have been regrouped and / or reclassified
wherever necessary to correspond with current year's classification /
disclosure in consonance with the revised schedule VI of the Companies
Act, 1956.