Home  »  Company  »  Premier Energy and I  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of Premier Energy and Infrastructure Ltd.

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.

 
Subscribe now to get personal finance updates in your inbox!