Mar 31, 2016
c) Rights, preferences and restrictions attached to equity shares
The Company has only one class of equity shares having a par value of Rs 10 per share. Each shareholder is eligible for one vote per share held by him. Dividend proposed if any by the Board of Directors is subject to the approval of shareholders in the Annual General Meeting, except in the case of interim dividend. In the event of liquidation, equity shareholders are eligible to receive any of the remaining assets of the Company after distribution of all preferential amounts in proportion to their shareholding.
Note 1(i)
(a) The company has availed a term loan of Rs. 10 crores from Small Industries Development Bank of India (SIDBI), repayable in 120 monthly instalments, carrying interest rate of 12.75% per annum.
(b) A first charge by way of mortgage in favour of SIDBI has been created by the company on the immovable properties located at Door No.62 & 63, Luz Church Road, comprised in survey numbers 1652/14, 1652/16 part, Mylapore Village and Triplicane - Mylapore tauk, Chennai district, Chennai - 600 004, admeasuring 5919 sq.ft.
(c) Pending registration, no specific charge has been created on the undivided portion either by the company or by M/s. PL Finance and Investments Limited.
(d) Additionally secured by irrevocable and unconditional corporate guarantees by the company and M/s. Shri Housing Private Limited and M/s. PL Finance and Investments Limited. Further guaranteed by M/s. Shriram Auto Finance (Firm) and by a Director of the company.
(e) Period and amount of continuing default :
No of Instalments - 12 (Monthly)
Principal Overdue - Rs. 99,96,000 Interest overdue - Rs. 1,32,66,487
Note 2(ii)
(a) The company has availed a term loan of Rs. 2.57 Crores from M/s. Indiabulls Housing Finance Limited (IHFL), repayable in 60 equated monthly instalments effective May 2015, carrying adjustable rate of interest of IHFL-LFRR base rate less 5.75% per annum.
(b) Secured by immovable property belonging to M/s. Chennai Power & Coke Private Limited.
(c) Additionally secured by corporate guarantees by the company and M/s. Chennai Power Coke & Private Limited. Further Guaranteed by a director and a relative of a director.
(d) Period and amount of continuing default :
No of Instalments - 1 (Monthly)
Principal Overdue - Rs. 3,41,238 Interest overdue - Rs. 2,43,598
Note No.3 (iii)
Includes 6 shares held by nominee (Previous Year 6 shares)
Note No.4 (iv)
Includes 91,74,860 equity shares pledged with a lender for amounts borrowed by the Associate Company. Also refer Note No. 26 and 24.
Note No.5 (v)
The Company had entered into a memorandum of understanding with a fellow subsidiary for sale of entire shares held at the actual cost to the company.
However during the year the same shares were pledged with a bank as security for moneys borrowed by its subsidiary EMAS. The said bank enforced the security and appropriated the proceeds towards the outstanding of EMAS. Hence, the entire balance held in investments account has been transferred to EMAS. Also refer Note 25.
Note 6 : Balance Confirmation:
Confirmation of balances had not been received from parties in respect of certain out standings. Pending confirmation, no adjustments have been carried out to the carrying values and the balances as per books of account have been adopted. In the opinion of the Management, the amounts stated in the Balance Sheet are fully receivable/payable.
Note 7 : Contingent Liabilities
a) The land at Door No.62 & 63, Luz Church Road, comprised in survey numbers 1652/14, 1652/16 part, Mylapore Village and Triplicane - Mylapore tauk, Chennai district, Chennai - 600004 (in joint name with another company) has not been registered in the name of the company. Liability towards registration charges for the land is not ascertained and quantified.
b) The Company has pledged part of its investment of 91,74,860 Equity shares of Haldia Coke and Chemicals Private Limited with a lender for moneys borrowed by another company. The liability, if any, that may arise on account of the pledge is not quantifiable.
Note 8 : Related Party Disclosure
The related parties have been identified by the management and relied upon by the auditors. a) List of related parties:
(i) Party where control exists a) Ultimate controlling entity Shriram Auto Finance (Partnership firm)
(i) Subsidiaries, Fellow Subsidiaries and Associates
a) Subsidiaries Emas Engineers & Contractors Pvt Ltd.
RCI Power Ltd.
RCI Power (AP) Ltd.
b) Step down subsidiaries RCI Wind Farm 30 MW Pvt. Ltd.
RCI Wind Farm 50 MW Pvt. Ltd.
c) Fellow subsidiary Shri Housing Pvt. Ltd.
d) Entities with common director Haldia Coke & Chemicals Pvt. Ltd.
S R Fabricators Pvt. Ltd.
e) Key managerial personnel / Relatives of M. Narayanamurthi, Managing Director
Key managerial personnel S. Krishnan, Managing Director (Until 12.09.2015)
R. Ramakrishnan, Director
Vikram Mankal, Director
K.N. Narayanan, Director
R. Kohila, Director
A. Sriram, Chief Financial Officer
V. Sriramalakshmi, Company Secretary
(Until 31.07.2015)
Note 9 : Operating Leases
The Company has its office premises under operating lease arrangement which is cancellable at the option of the Company, by providing 3 months prior notice.
Note 10 : The Company''s current liabilities exceeded its net realizable current assets and the company had defaulted in meetings its repayment obligations to its lenders. It has plans to sell its prime asset in the near term and thereby expects to settle all material dues. Further, it is working toward certain strategic alliances which are expected to produce improved business results. Considering these, the management has prepared the financial statements by applying the âGoing Concernâ assumption
Note 11: Previous year figures
In the previous period the company had changed its financial year closing date from 30th June to 31st March. Accordingly, the figures for the previous period are for the 9 month period from July 1, 2014 to March 31, 2015 and are therefore not comparable with those of the current year which is 12 months from April 1, 2015 to March 31, 2016. Previous period figures have been regrouped / rearranged wherever necessary to conform to current year classification.
Mar 31, 2015
Note 1 : Background
Premier Energy and Infrastructure Limited (PEIL) is focused on the
Construction, housing development and energy sector.
The following are the subsidiaries:
a) RCI Power Limited - 100 %
b) RCI Power AP Limited - 100 %
c) EMAS Engineers & Contractors Pvt Ltd - 50.1 %
Note 2 : Share Capital
a) Rights, preferences and restrictions attached to equity shares
The Company has only one class of equity shares having a par value of
Rs 10 per share. Each shareholder is eligible for one vote per share
held by him. Dividend proposed if any by the Board of Directors is
subject to the approval of shareholders in the Annual General Meeting,
except in the case of interim dividend. In the event of liquidation,
equity shareholders are eligible to receive any of the remaining assets
of the Company after distribution of all preferential amounts in
proportion to their shareholding.
Note 3 : Balance Confirmation:
Confirmation of balances had not been received from parties in respect
of certain outstandings. Pending confirmation, no adjustments have been
carried out to the carrying values and the balances as per books of
account have been adopted. In the opinion of the Management, the
amounts stated in the Balance Sheet are fully receivable/payable.
Note 4 : Taxation
Upon a review of the Income Tax provisions relating to ealier years, in
the opinion of the management, an excess provision of Rs. 2,82,10,852/-
has been made and the same is considered no longer payable. Hence, it
has been reversed during the current period.
Note 5 : Contingent Liabilities
a) The land at Door No.62 & 63, Luz Church Road, comprised in survey
numbers 1652/14, 1652/16 part, Mylapore Village and Triplicane -
Mylapore tauk, Chennai district, Chennai - 600 004, purchased during
the year 2007-08 (in joint name with another company) has not been
registered. Liability towards registration charges for the land is not
ascertained and quantified.
b) The Company has pledged part of its investment of 91,74,860 Equity
shares of Haldia Coke and Chemicals Private Limited with a lender for
moneys borrowed by the above company. The liability, if any, that may
arise on account of the pledge is not quantifiable.
Note 6 : Related Party Disclosure
The related parties have been identified by the management and relied
upon by the auditors.
a) List of related parties:
(i) Party where control exists
a) Ultimate controlling entity Shriram Auto Finance (Partnership
firm)
(i) Subsidiaries, Fellow Subsidiaries
and Associates
a) Subsidiaries Emas Engineers & Contractors Pvt
Ltd.
RCI Power Ltd.
RCI Power (AP) Ltd.
b) Step down subsidiaries RCI Wind Farm 30 MW Pvt. Ltd.
RCI Wind Farm 50 MW Pvt. Ltd.
c) Fellow subsidiary Shri Housing Pvt. Ltd.
d) Entities with common director Vaata Infra Limited (Until 30th
December, 2014)
S R Fabricators Pvt. Ltd.
Ennore Coke Limited
Haldia Coke & Chemicals Pvt. Ltd.
e) Key managerial personnel / Vikram Mankal, Managing Director
Relatives of Key & CEO (Until 31st March, 2015)
managerial personnel
M. Narayanamurthi, Relative of
Managing Director
A. Sriram, Chief Financial
Officer
V. Sriramalakshmi, Company
Secretary
Note 7 : Operating Leases
The Company has its office premises under operating lease arrangement
which is cancellable at the option of the Company, by providing 3
months prior notice.
Note 8 : Previous year figures
Previous year figures have been regrouped / rearranged wherever
necessary to conform to current year classification. The current year
figures comprise of 9 months operation, hence are not comparable with
previous year figures.
Jun 30, 2014
Notes forming part of Standalone Financial Statements for the year
ended June 30, 2014 General information
a) The financiai statements have been prepared and presented as per the
revised Schedule VI notified under the Companies Act 1956.
b) Ail amounts in the financial statements are presented in rupees,
except as otherwise stated
c) Premier Energy and Infrastructure Limited (PEIL) is focused on the
Construction, housing development and energy sector.
The following are the subsidiaries:
a) RCI Power Limited -100 %
b) RCI Power AP Limited -100 %
c) EMAS Engineers & Contractors Pvt Ltd - 50.1 %
Note 2 : Balance Confirmation:
The Company has not obtained confirmation of balances in respect of
Trade Receivables amounting to Rs 10,12,00,000/-and Trade payables
amounting to Rs 59,45,250/-
Pending receipt of confirmation/reconciliation of balances, no
adjustments have been carried out to the carrying values of the above
amounts for the year ended 30 June 2014. In the opinion of the
Management, the amounts stated in the Balance Sheet are fully
receivable/payable.
Note 3:The Company has made a provision for cost for an amount of Rs
12,16,00,000, based on a memorandum of understanding to erect and
commission wind power projects at Tadipatri.
Note 4: Taxation
a) Provision for Income tax made during the year is Rs.2,21,44,760
under the provisions of the Income Tax Act 1961.
b) Excess provision created for the assessment year 2010-11 of
Rs.3,83,498 and for the assessment year 2011-12 of Rs.22,00,000 have
been reversed during the period.
Note 5 : Contingent Liabilities
a) HUDCO has filed a case against the company for recovery of Rs
21,251,771 (Previous year Rs 21,251,771) as against Rs 5,600,000
(Previous year Rs. 5,600,000) payable by the Company as per the Scheme
sanctioned by Hon''ble High Court of Madras vide CP 367/2003. The
company has won the case at the DRT, Chennai. Matter is now sub judice
before DRAT Chennai.
b) The Company has entered into agreement with a Company M/s Orient
Green Power Limited and its associates/ subsidiaries to erect and
commission wind power projects at Tadipatri. The Company executes this
through Vaata Infra Limited. The Company has not provided for Works
contract tax on the said transactions.
c) The land at Luz Church Road purchased during the year 2007-08 (in
joint name with another company) has not been registered. Liability of
registration charges for the land amount is not quantifiable. The land
has been provided as a security for the term loan of Rs.10 crores taken
from SIDBI.
d) The Company had acquired land for development from M/s Amrit
Technologies Private Limited at Rs. 145,672,313 and a sum of
Rs.48,071,313 is still due to them . Subsequently the Company has sold
the land to Beta Wind Farms Limited. The purchase of the land and its
sale have not been registered. Liability of registration charges for
land amount is not quantifiable.
e) The Company has pledged part of its investment viz., 91,74,860
Equity shares of Haldia Coke and Chemicals Private Limited with a
lender for moneys borrowed by the above company. The liability, if any,
that may arise on account of the pledge is not quantifiable.
f) Corporate Guarantee given by the Company in favour of the Bank
towards moneys borrowed by the subsidiary- Rs.17 Crores.
Note 6 : The company received during the year.an amount of
Rs.1,20,00,000 from parties for onward remittance to a fellow
subsidiary. Further an amount of Rs 5,40,00,000/-has been shown as
payables/receivables .The receipts and payments also include cases
where receipts and payments from/ to a party have been treated as a
settlement of payables/ receivables of another party based on mutual
understanding.
Confirmation of balances from the above mentioned parties is available.
The management is confident of recovering the receivables stated in the
accounts.
Note 7 : Impairment of Assets
There is no impairment of cash generating assets during the year in
terms of Accounting Standards (AS-28) "Impairment of Assets".
* Note :
Consequent to the merger of M/s Valagam Power Projects Pvt. Limited and
M/s Black Gold Chemicals Private Limited with the Company with effect
from 1 st July 2010, the Company has ceased to be a subsidiary of Shri
Housing Private Limited and here after Shri Housing Private Limited
holds 32.08% and Shriram Auto Finance (the 100% owner of Shri Housing
Private Limited) holds 33.49% in the capital.
The related parties have been identified on the basis of the
requirements of the Accounting Standards 18 ''Related Party Disclosures''
under the Companies (Accounting Standards) Rules, 2006, by the
management and the same have been relied upon by the auditors,
Note 8 : Derivatives and foreign currency exposure
The Company has not entered into any derivative contracts during the
year under review and also does not have any foreign currency exposure
as at June 30, 2014.
Note 9 : foreign currency transactions
There are no inflows in foreign currency during the reporting period
June 30,2014 and during ihe previous reporting period June 30,2013.
Expenditure in Foreign Currency on account of Foreign Travel -
Rs.3,86,881/ - (Previous Year: Rs. 1,150,227/-)
Note 10 : Operating Leases
The Company has its office premises under operating lease
arrangement which is cancellable at the option of the Company, by
providing 3 months prior notice.
Note 11 : Previous year figures
Previous year figures have been regrouped / rearranged wherever
necessary to conform to current year classification.
Jun 30, 2013
Note 1 : Contingent Liabilities:
a HUDCO has filed a case against the company for recovery of Rs
21,251,770 (Previous year 21,251,770 ) as against Rs 5,600,000
(Previous year Rs. 5,600,000 ) payable by the Company as per the Scheme
sanctioned by Hon''ble High Court of Madras vide CP 367/2003. The
company has won the case at the DRT, Chennai. Matter is now sub judice
before DRAT Chennai
b The Company has entered into agreement with OGPL and its associates
or subsidiaries to erect and commission wind power projects at
Tadipatri. The Company executes this through Vaata Infra Private
Limited. The Company has not provided for Works contract tax on the
said transaction.
c The land at Luz Church Road purchased during the year 2007-08 (in
joint name with another company) has not been registered. Liability of
registration charges for land amount indeterminate.
d The company has given the Luz Church Road land as security for a loan
of Rs. 120,000,000 availed by subsidiary company M/s Emas Engineers &
Contractors Pvt Ltd.
e The Company had acquired land for development from M/s Amrit
Technologies Private Limited at Rs. 145,672,313 and a sum of
Rs.48,071,313 is still due to them . Subsequently the Company has sold
the land to Beta Wind Farms Limited for Rs.195,672,313 and
Rs.48,071,313 crores will be remitted directly to Amrit Technologies
Private Limited. The purchase and Sale are not registered. Liability of
registration charges for land amount indeterminate.
Note 2 : Related Party Disclosure
List of related parties and the relationship.
(a) Ultimate controlling entity Shriram Auto Finance (Partnership firm)
(b) Subsidiaries Emas Engineers & Contractors Pvt Ltd.
RCI Power Ltd.
RCI Power (AP) Ltd.
(c) Step down subsidiaries RCI Wind Farm 30 MW Pvt. Ltd.
RCI Wind Farm 50 MW Pvt. Ltd.
(d) Fellow subsidiary Shri Housing Pvt. Ltd.
(e) Entities with common director Vaata Infra Limited
S R Fabricators Pvt. Ltd.
Haldia Coke & Chemicals Pvt. Ltd.
(ceased to be an associate during the reporting period consequent to
changes in Composition of its Board of Directors) Ennore Coke Limited
(f) Key managerial Personnel Vikram Mankal, Managing Director & CEO
Note 3 : Disclosure as per Clause 32 of Listing agreement
(Loans & Advances to Subsidiaries, Associates & Others) - Refer Note 28
above.
Note 4 : Micro, Small and Medium Enterprises
The company has not received any intimation on any of its suppliers
regarding their registration under Micro, Small and Medium Enterprises
Development Act, 2006. Accordingly there are no identified Micro, Small
and Medium Enterprises vendors to the company.
Note 5 : Previous year figures
Previous year figures have been regrouped / rearranged wherever
necessary to conform to current year classification.
Notes:
1. Total Liabilities include: Secured Loans, Unsecured Loans, Current
Liabilities & Provisions and Deferred Tax Liability.
2. Total Assets include: Net Fixed Assets, Investments, Current
Assets, Loans & Advances, Deferred Tax Assets and Miscellaneous
Expenditure.
3. Emas Engineers & Contractors'' figures are based on the Unaudited
Financial Results as on 30th June 2013.
4. Details financial statements, Directors'' Report and Auditors''
Report of the individual subsidiaries are available for inspection at
the Registered Office of the Company. Upon writtten request from a
Share Holder we will arrange to deliver copies of the Financial
Statemments, Directors Report and Auditors Report for the individual
subsidiaries.
Jun 30, 2012
Note 1: Disclosures as per Accounting Standard requirements
i. Contingent Liabilities:
Claims against the Company not acknowledged as debts:
(a) HUDCO has filed a case against the Company for recovery of Rs.2.10
Crores (Previous year 2.10 Crores) as against Rs.56 lacs (Previous year
Rs. 56 lacs) payable by the Company as per the Scheme sanctioned by
Hon''ble High Court of Madras vide CP 367/2003. The Company has won the
case at the DRT, Chennai. Matter is now sub judice before DRAT Chennai
(b) The Company has entered into agreement with OGPL and its associates
or subsidiaries to erect and commission wind power projects at
Tadipatri. The Company executes this through Vaata Infra Private
Limited. The Company has not provided for Works contract tax on the
said transaction.
(c) The land at Luz Church Road purchased during the year 2007-08 (in
joint name with another company) has not been registered. Liability of
registration charges for land amount indeterminate.
(d) The Company has acquired land for development from Amrit
Technologies Private Limited at 14.56 crores. The Company has not
registered the land in the name of the company. Liability for
registration charges for land - Amount indeterminate.
ii. Sale of investment:
The Company has made an off-market sale of 31,11,750 shares of Orient
Green Power Co. Limited on 30th June 2012. The transfer has been made
at a price above the market value. The transfer has been registered on
7th September 2012.
iii. Capital Commitments:
Estimated amount of contracts remaining to be executed on capital
account and not provided for (net of advance) - Nil. (Previous Year -
Nil)
iv. Short Term Loans (Unsecured Loans) includes Rs.21,876,120 (Previous
year Rs. 21,876,120) /and other current Liabilities includes
Rs.31,370,885 (Previous year Rs.3,13,70,885) representing Unclaimed
amounts by some parties under the scheme of arrangement to be settled
as and when claims are received.
v. Segmental Reporting:
The Company has carried out business operations during the reporting
year only in one segment. Hence, segmental reporting does not arise.
vi. Impairment of Assets:
There is no impairment of cash generating assets during the year in
terms of Accounting Standards (AS -28) "Impairment of Assets".
vii. Information regarding value of direct imports ( CIF Value),
expenditure , earnings in foreign currency - NIL ( Previous year NIL)
viii. Exposure on Derivatives & Un hedged foreign currency exposure - NIL
( Previous year NIL)
ix. Managerial Remuneration: Rs 2,00,000 p.m. (Total Rs. 8 lacs plus
perquisites) ( Previous year- Nil)
x. Disclosure as per Clause 32 of the Listing Agreement (Loans &
Advances to Subsidiaries, Associates & Others) - Refer Note 24 (vi)
above.
xi. Micro, Small and Medium Enterprises:
The company has not received any intimation on any of its suppliers
regarding their registration under Micro, Small and Medium Enterprises
Development Act, 2006. Accordingly there are no identified Micro, Small
and Medium Enterprises vendors to the company.
xii. Expenditure in Foreign Currency on account of Foreign Travel -
Rs.20,57,342 (Previous Year: 2,54,169/-)
xiii. Supplementary Profit and Loss information:
Information with regard to other matters specified in Part II of New
Schedule VI to the act is either nil or not applicable to the company
for the year.
xiv. Previous period comparatives:
Previous year figures have been regrouped / rearranged wherever
necessary to conform to current year classification.
Jun 30, 2011
(1) M/s. Valagam Power Projects Private Limited and M/s. Blackgold
Chemicals Private Limited have merged with Premier Energy and
Infrastructure Ltd pursuant to provisions of Section 391 to 394 of the
Companies Act, 1956 with effect from 01.07.2010. Valagam Power Projects
Pvt Ltd has two subsidiaries viz: 1) RCI Power Ltd and 2) RCI Power
(AP) Ltd and two step down subsidiaries RCI Windfarm 50 MW Pvt. Ltd.
And RCI Windfarm 30 MW Pvt. Ltd.
Order of Scheme of amalgamation was passed by the Hon''ble Madras High
Court on 30th November 2011 Consequent to the amalgamation, 5 equity
shares of Premier Energy of Rs. 10/- each fully paid up were issued in
exchange for 1 equity share of Valagam Power Projects Pvt Ltd of Re. 1
each fully paid up and 1 equity share of Premier Energy of Rs. 10 each
fully paid up was issued in exchange for 1 equity share of Black Gold
Chemicals Pvt Ltd of Re. 1 each fully paid up. The share price of
Premier Energy was valued at Rs. 50/- per share.
(2) Contingent Liabilities:
Claims against the Company not acknowledged as debts:
(a) HUDCO has filed a case against the company for recovery of Rs 2.10
Crores (Previous year 2.10 Crores) as against Rs 56 lacs (Previous year
Rs. 56 lacs) payable by the Company as per the Scheme sanctioned by
Hon''ble High Court of Madras vide CP 367/2003. The company has won the
case at the DRT, Chennai. Matter is now sub judice before DRAT Chennai
(b) The land at Luz Church Road purchased during the year 2007-08 (in
joint name with another company) has not been registered. Liability of
registration charges for land amount indeterminate.
(3) Capital Commitments:
Estimated amount of contracts remaining to be executed on capital
account and not provided for (net of advance) - 12.06 crores. (Previous
Year - Nil)
(4) Rights Issue:
During the period ended 30th June,2010, pursuant to the decision of the
shareholders of the Company at the Extra Ordinary General Meeting held
on December 22, 2009; 10,000,000 equity shares of Rs 10/- each for cash
at a price of Rs 20/- per share (including a share premium of Rs 10/-
per equity share) aggregating to Rs 200,000,000 on rights basis to the
existing shareholders ( with renunciation rights) in the ratio of 1
equity shares for every 1 equity share held by the existing
shareholders on the record date, i.e. May 7,2010.
M/s Premier Energy and Infrastructure Limited entered into a Memorandum
of Understanding dated September 14, 2009 with M/s EMAS Engineers and Contractors Private Limited for subscription of 6,024,050 equity shares
fully paid up equity shares having face value of Rs 10/- each at a price
of Rs 30.71/- per equity share (including equity share premium of Rs
20.71/- per share) for Rs 1,850 lacs as per valuation report duly
certified by a chartered accountant dated September 10, 2009. After
investment of equity shares, Premier will hold and control 50.1% of
equity share capital in M/s EMAS Engineers and Contractors Private
Limited.
(5) Unsecured Loans (Other than Short Term Borrowings) include
Rs.21,876,120 (Previous year Rs. 21,876,120) / and current liabilities
include Rs.31,370,885 (Previous year Rs.35,120,885) representing
Unclaimed amounts by some parties under the scheme of arrangement to be
settled as and when claims are received.
(6) Segmental Reporting:
The Company has carried out business operations during the reporting
period only in one segment. Hence, segmental reporting does not arise.
(7) Impairment of Assets:
There is no impairment of cash generating assets during the year in
terms of Accounting Standards (AS - 28) "Impairment of Assets".
(8) Information regarding value of direct imports ( CIF Value),
expenditure , earnings in foreign currency - NIL (Previous year NIL)
(9) Exposure on Derivatives & Un hedged foreign currency exposure -
NIL ( Previous year NIL)
(10) Disclosure as per Clause 32 of the Listing Agreement (Loans &
Advances to Subsidiaries, Associates & Others)
- Refer Note 10 above.
(11) Micro, Small and Medium Enterprises:
The company has not received any intimation on any of its suppliers
regarding their registration under Micro, Small and Medium Enterprises
Development Act, 2006. Accordingly there are no identified Micro, Small
and Medium Enterprises vendors to the company.
(12) Expenditure in Foreign Currency on account of Foreign Travel - Rs.
2,54,169/- (Previous Year: Nil)
(13) Supplementary Profit and Loss information:
Information with regard to other matters specified in Part II of
Schedule VI to the act is either nil or not applicable to the company
for the period.
(14) Previous period comparatives:
Previous period accounts have been drawn up for a cumulative period of
15 months and hence previous year figures are not comparable.
Previous year figures have been regrouped / rearranged wherever
necessary to conform to current year classification.
Jun 30, 2010
(1) Contingent Liabilities:
Claims against, the Company not acknowledged as debts:
(a) HUDCO has filed a case against the company for recovery of Rs 2.10
Crores as against Rs 56 lacs payable by the Company as per the Scheme
sanctioned by Honble High Court of Madras vide CP 367/2003. The
company has won the case at the DRT, Chennai, Matter is now sub judice
before DRAT Chennai.
(b) The land at Luz Church Road purchased during the year 2007-08 (in
joint name with another company) has not been registered Liability of
registration charges for land amount indeterminate.
(c) As per Scheme of Arrangement, the company needs to pay 70% of total
liability to all creditors. However, in case of money due to a public
limited company, the company has shown payables as 100% ( i.e Rs
12,500,000) instead of 70% payable (i.e 8,750,000) as per scheme of
arrangement dated February, 2004.
(2) Capital Commitments:
Estimated amount of contracts remaining to be executed on capita!
account and not provided for (net of advance) nil
(3) Rights Issue:
During the period ended 30th June,2010, pursuant to the decision of the
shareholders of the company at the Extra Ordinary General Meeting held
on December 22, 2009; 10,000,000 equity shares of Rs 10/- each for cash
at a price of Rs 20/- per share ( including a share premium of Rs 10/-
per equity share) aggregating to Rs 200,000,000 on rights basis to the
existing share holders ( with renunciation rights) in the ratio of 1
equity shares for every 1 equity share held by the existing
shareholders on the record date , i.e May 7,2010
(4) Unsecured Loans ( Other than Short Term Borrowings) includes Rs
56,997,005/- represents settlement to be made to 5 parties under Scheme
of Arrangement vide Court Order dated 3rd Feb,2004 Vide Company
Petition No 367 of 2003.
(5) The Company (Transferor Company; in its Board Meeting held on June
25,2010 , have approved the Scheme of Amalagmation between \alagam
Power Projects Limited ., (the Transferor Company), subject to the
approval of the Share holders, Creditors and the Statutory Authorities
and sanction of the Honble High Court of Madras for the development of
115 MW Putlur Wind Farm Project in terms of letter dated 25th
June,2010.
(6) Segmental Reporting:
The Company has not carried out business operations during the
reporting period. Hence, segmental reporting does not arise.
(7) Impairment of Assets:
There is no impairment of cash generating assets during the year in
terms of Accounting Standards ( AS -28) " Impairment of Assets".
(8) Related Party Disclosure
List of related parties and the relationship.
Shri Housing Private Limited - Holding Co.
Related Party Transactions:
Loan takan from Shri Housing Private Limited amounting to Rs.
3,000.000/-
(13) Information regarding value of direct imports ( CIF Value),
expenditure, earnings in foreign currency - NIL ( Previous year NIL)
(9) Exposure on Derivatives & Un hedged foreign currency exposure -
NIL ( Previous year NIL)
(10) Managerial Remuneration: The Company has not appointed the
Managing Director as required under Sec 269 of the Companies Act, 1956.
Hence, no remuneration paid during the year
(11) Disclosure as per Clause 32 of the Listing Agreement ( Loans &
Advances to Subsidiaries. Associates & Others) -Nil
(12) Micro, Small and Medium Enterprises
The company has sought information from all its existing suppliers
regarding tneir registration under Micro, Small and Medium Enterprises
Development Act, 2006. Due to non receipt of information from
suppliers, we could not identity / disclose the information sought for.
(13) Supplementary Profit and Loss information:
Information with regard to other matters specified in Part II of
Schedule VI to the act is either nil or not applicable to the company
for the period.
(14) Previous period comparatives:
Accounts have been drawn up for a cumulative period of 15 months and
hence previous year figures are not comparable.
Previous year figures have been regrouped / rearranged wherever
necessary to conform to current year classification.
Mar 31, 2009
1. The company has converted Fixed Assets amounting to Rs. 11.46 lacs
to Property Development Projects.
2. The company has no lease transactions during the year
3. Since there are no employees, contribution to Provident Fund and
other recognized funds, Gratuity and leave encashment are not
applicable.
4. No amount exceeding Rs. 1 lakh is due for more than 30 days to any
small scale undertaking and the total outstanding amount due is nil.
5. The company operated in only one segment
6. A sum of 25.25 lacs has been provided for taxation.
7. The company has revalued all the Fixed Asset and the revalued
amount is credited to Revaluation reserve.
8. intangible Assets (AS 26) - Goodwill Rs. 9.47 lacs
9. Expenses in Foreign Currency Rs. 2.95 Lacs
10. Contingent Liabilities -Nil
11. The Company has not appointed a Managing Director under section
269 of the companies Act, 1956.
12. The Company is in process of appointing a qualified Company
Secretary under Section 383A of the companies Act, 1956.
13. Comparative figures for the previous year have been regrouped and
reclassified where ever necessary to confrom to this years
classification.